Starhill Global REIT
Starhill Global REIT is a Singapore-listed REIT (SGX: P40U) that owns 9 mid-to-high-end retail and commercial properties across Singapore, Malaysia, Australia, China, and Japan, generating recurring rental income from international retail brand tenants and distributing earnings to unitholders via DPU.
- Company typePublic
- Founded2005
- HeadquartersSingapore, Singapore
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Starhill Global REIT does
Starhill Global REIT is a Singapore-listed real estate investment trust (SGX: P40U), established in 2005 and sponsored by Malaysia's YTL Corporation. It invests in a portfolio of 9 mid-to-high-end retail and commercial properties located in prime, transportation-supported districts across 6 Asia-Pacific countries: Singapore (Wisma Atria, Ngee Ann City), Malaysia (The Starhill, Lot 10 in Kuala Lumpur), Australia (Myer Centre Adelaide, David Jones Building, and Plaza Arcade in Perth), China (Chengdu), and Japan (Ebisu Fort in Tokyo). The REIT positions itself as a landlord of choice for international retail brands, leasing prime retail and commercial units to enterprise tenants.
The business model is a recurring rental income model typical of Singapore REITs. Revenue is generated almost entirely through property rental income from its stabilized asset base; for H1 FY2026 (ended December 31, 2025) revenue was S$96.3 million with net property income of S$75.1 million, and Q3 FY2026 revenue was S$47.9 million with NPI of S$37.9 million. Earnings are distributed to unitholders via Distribution Per Unit (DPU), which was held flat at S$0.018 for H1 FY2026. Q3 FY2026 committed occupancy improved to 96.4% from 94.6%, though H1 portfolio occupancy dipped to 91.9% after the sole China tenant terminated its lease in December 2025; a conditional replacement tenant has been signed to restore occupancy to an expected 96.5%.
Recent strategic activity has been primarily defensive and transitional rather than growth-oriented. The REIT won arbitration in January 2026 against anchor tenant Myer over a lease dispute at Myer Centre Adelaide that began in March 2023, protecting its Australian income stream. It completed the divestment of Wisma Atria office strata units in 2026, contributing to a 0.8% YoY decline in H1 NPI. The REIT also announced a CEO succession: long-serving CEO Ho Sing (16-year tenure) retired effective August 10, 2026, with Kemmy Tan succeeding him effective July 1, 2026. The REIT has 51–100 employees, is headquartered in Singapore, and does not develop proprietary technology products.
Starhill Global REIT firmographics
Firmographics- Name
- Starhill Global REIT
- Legal name
- Starhill Global Real Estate Investment Trust
- Website
- https://starhillglobalreit.com
- Company type
- Public
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Starhill Global REIT is a Singapore-listed REIT (SGX: P40U) that owns 9 mid-to-high-end retail and commercial properties across Singapore, Malaysia, Australia, China, and Japan, generating recurring rental income from international retail brand tenants and distributing earnings to unitholders via DPU.
- Ownership category
- akta.pro rank
Starhill Global REIT industry classification
Industry- Product category
- Retail and Commercial Real Estate Investment Trust (REIT)
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)
- SIC
- Real Estate Investment Trusts (6798), Investors, Nec (6799)
- akta.pro primary industry
- REITs & Listed Real Estate Securities (FSAAAKAD)
- akta.pro secondary industry
- Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)
Keywords
Where Starhill Global REIT is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices1 record
Markets served
Starhill Global REIT business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Others
Revenue model
- Property Rental Income: Starhill Global REIT generates revenue primarily through rental income from its portfolio of retail and commercial properties across Asia Pacific. Revenue is derived from leasing retail mall spaces and commercial units to tenants, with contributions varying by property and geographic market.
- Distribution to Unitholders: The REIT distributes earnings to unitholders through Distribution Per Unit (DPU). Distribution is derived from net property income after deducting operating expenses and management fees.
Distribution channels2 records
Marketing channels4 records
Starhill Global REIT product offering
Product offeringCore offering
Starhill Global REIT is a Singapore-listed Real Estate Investment Trust that owns and operates a portfolio of mid-to-high-end retail and commercial properties across Asia Pacific. The trust generates revenue by leasing prime-location real estate assets—including Orchard Road properties in Singapore, Kuala Lumpur retail properties, Australian shopping centres, and assets in China and Japan—to international retail brands and commercial tenants, then distributes net property income to unitholders as Distribution Per Unit (DPU).
Product overview
Starhill Global REIT is a real estate investment trust with a portfolio of mid-to-high-end retail and commercial assets across Asia Pacific. The REIT operates as a single unified investment vehicle holding multiple properties: two prime assets in Singapore (Wisma Atria and Ngee Ann City), two properties in Kuala Lumpur Malaysia (The Starhill and Lot 10), three assets in Australia (Myer Centre Adelaide, David Jones Building, and Plaza Arcade), one property in Chengdu China, and one in Tokyo Japan. The portfolio focuses on well-located retail properties in key transportation nodes, serving as landlord for international retail brands.
Differentiator
Problem solved
Functional benefit
Products and services
- Wisma Atria Property Premium retail property located in Singapore, leased to retail tenants as part of Starhill Global REIT's Singapore portfolio.
- Ngee Ann City Property Flagship retail property in Singapore's Orchard Road shopping district, contributing stronger performance to the REIT's Singapore portfolio through high-traffic retail leasing.
- The Starhill Premium retail destination in Kuala Lumpur, Malaysia, part of the REIT's Malaysian portfolio and delivering stronger contributions to the trust's net property income.
- Lot 10 Property Retail property in Kuala Lumpur, Malaysia, leasing space to retail tenants and delivering stronger contributions alongside The Starhill.
- Myer Centre Adelaide Shopping center in Adelaide, Australia, that was subject to a lease dispute with department store chain Myer, ultimately resolved in Starhill Global REIT's favor through arbitration proceedings concluded in January 2026.
- David Jones Building Commercial property in Perth, Australia, part of Starhill Global REIT's Australian portfolio and contributing to commercial leasing income.
- Plaza Arcade Retail arcade property in Perth, Australia, contributing to Starhill Global REIT's Australian retail leasing portfolio.
- China Property Commercial property in Chengdu, China, part of the REIT's Chinese portfolio, currently facing higher operating expenses and rental arrears provisions.
- Ebisu Fort Commercial property in Tokyo, Japan, contributing to Starhill Global REIT's Japanese market portfolio and commercial leasing activity.
Quantifiable outcome
- 96.4% committed occupancy rate achieved in Q3 FY2026
- +2 more outcomes
Companies that use Starhill Global REIT
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
Starhill Global REIT technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Starhill Global REIT partnerships and signals
Strategic signalScale indicators7 records
Recent moves6 records
Expansion highlights4 records
Starhill Global REIT competitors and assessment
Company assessmentDirect peers
- CapitaLand Integrated Commercial Trust: Large Singapore-listed REIT with mixed retail and commercial assets across Singapore. Most directly comparable S-REIT peer given Singapore listing, retail mall exposure (Bugis Junction, Funan, IMM), and Asia-Pacific institutional investor base.
- Suntec REIT: Singapore-listed REIT holding Suntec City and other commercial/retail assets. Comparable Singapore listing, mixed retail-office exposure, and similar DPU-driven investment thesis.
- Frasers Centrepoint Trust: Singapore-listed REIT focused on suburban retail malls in Singapore. Comparable as a retail-heavy S-REIT with similar tenant base of international brands, offering a close read-through on Singapore retail rents and occupancy trends.
- Mapletree Pan Asia Commercial Trust: Singapore-listed REIT with retail and office assets in Singapore and Asia (Vivocity, Mapletree Business City). Comparable diversified Asia-Pacific retail and commercial exposure and similar mid- to high-end tenant mix.
- YTL REIT (now YTL REIT Berhad): Malaysia-listed REIT focused on retail and commercial assets including Starhill Gallery in Kuala Lumpur, owned by YTL Corporation — the same sponsor as Starhill Global REIT. Closely comparable sponsor relationship, geographic focus, and asset overlap in Kuala Lumpur.
Broad incumbents
- Link REIT: Hong Kong-listed Asia-Pacific retail REIT, one of the largest in the region. Comparable as a pan-Asian retail REIT landlord with focus on high-traffic mall destinations and similar institutional yield-driven investor base.
Regional players
- IREIT Global: Singapore-listed REIT focused on European retail and office properties. Comparable as a smaller S-REIT with retail exposure, yield-driven mandate, and international portfolio approach — though operating in Europe rather than Asia Pacific.
- CapitaLand China Trust (CLCT): Singapore-listed REIT focused on retail and commercial properties in China. Comparable exposure to Chinese retail dynamics and serves as a leading indicator for Starhill Global REIT's Chengdu asset performance.
- Lippo Malls Indonesia Retail Trust: Singapore-listed REIT focused on Indonesian retail malls. Comparable as an S-REIT with pan-Asian retail focus and similar yield-seeking investor base, though primarily serving a different geography.
Emerging players
- Fortress REIT (now merged into NewRiver REIT): Was a South Africa / UK retail REIT with comparable smaller-cap retail focus and yield-oriented structure. Relevant as a reference point for how small retail REITs reposition in the face of tenant headwinds and anchor lease disputes similar to Myer.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Starhill Global REIT social profiles
Digital presenceStarhill Global REIT financial estimates
Financial estimateRevenue estimate
Valuation estimate
Starhill Global REIT leadership team
Management profileNumber of profiles
Profiles1 record
Starhill Global REIT funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Starhill Global REIT M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Starhill Global REIT
What does Starhill Global REIT do?
Starhill Global REIT is a Singapore-listed Real Estate Investment Trust that owns and operates a portfolio of mid-to-high-end retail and commercial properties across Asia Pacific. The trust generates revenue by leasing prime-location real estate assets—including Orchard Road properties in Singapore, Kuala Lumpur retail properties, Australian shopping centres, and assets in China and Japan—to international retail brands and commercial tenants, then distributes net property income to unitholders as Distribution Per Unit (DPU).
Is Starhill Global REIT a public or private company?
Starhill Global REIT is a public company. It is classified as public and is currently operating.
When was Starhill Global REIT founded?
Starhill Global REIT was founded in 2005. It employs 51 to 100 people.
Where is Starhill Global REIT based?
Starhill Global REIT is headquartered in Singapore, Singapore, in the Asia region.
How does Starhill Global REIT make money?
Two revenue lines are on record. Property Rental Income is the primary driver. The others are distribution to Unitholders.
Who are Starhill Global REIT's main competitors?
Direct peers on record are CapitaLand Integrated Commercial Trust, Suntec REIT, Frasers Centrepoint Trust, Mapletree Pan Asia Commercial Trust and YTL REIT (now YTL REIT Berhad). Link REIT is listed as a broad incumbent. Regional players are IREIT Global, CapitaLand China Trust (CLCT) and Lippo Malls Indonesia Retail Trust. Fortress REIT (now merged into NewRiver REIT) is listed as an emerging player.
Does Starhill Global REIT have an API?
No public API is recorded for Starhill Global REIT.
What industry is Starhill Global REIT in?
Starhill Global REIT's product category is Retail and Commercial Real Estate Investment Trust (REIT). Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities, with a secondary code of FSAAAKAA, Core Real Estate (Stabilized/Core-Plus). Its NAICS code is 525 and its SIC code is 6798.