- Results from the 20 S-REITs under our coverage were mostly in line with forecasts. The hospitality sub-sector registered the strongest NPI growth averaging 26% y-o-y. We saw resiliency from Singapore with positive rental reversions across retail, office and industrial properties despite external uncertainties.
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- Frasers Centrepoint Trust,
- Far East Hospitality Trust,
- Keppel REIT,
- Lendlease REIT and
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Hospitality sub-sector saw the strongest recovery
- The hospitality sub-sector saw the strongest recovery, benefitting from recovery and reopening in a seasonally stronger 3Q23. In Singapore, the average length of stay increased 0.28 days to 3.55 days, which is 9% above pre-pandemic levels.
- CapitaLand Ascott Trust (SGX:HMN) reported 17% y-o-y growth in RevPAR globally, while CDL Hospitality Trusts (SGX:J85) and Far East Hospitality Trust (SGX:Q5T) registered growth in RevPAR of 20% and 44% y-o-y respectively for assets in Singapore in 3Q23.
- CapitaLand Ascott Trust’s gross profit grew 13% y-o-y, while CDL Hospitality Trusts and Far East Hospitality Trust saw NPI growth of 23% and 42% y-o-y respectively.
- Far East Hospitality Trust has committed to utilising additional incentive fee of S$18m from the divestment of Central Square to cushion the negative impact from higher interest rates.
- See
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