- Strong demand for suburban retail space enabled Frasers Centrepoint Trust (SGX:J69U) to sustain positive rental reversion and improve committed retail occupancy by 1.5ppt y-o-y and 0.2ppt q-o-q to 99.9% in 1QFY24.
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- NEX could potentially be enhanced by decanting existing carpark space for conversion into commercial space.
- Frasers Centrepoint Trust provides defensive FY24 distribution yield of 5.2%. Maintain BUY.
Frasers Centrepoint Trust (FCT) provided 1QFY24 business update.
Strong demand drives occupancies higher.
- Portfolio occupancy for retail properties improved 1.5ppt y-o-y and 0.2ppt q-o-q to 99.9%. NEX, Waterway Point, Northpoint City North Wing and Hougang Mall were fully occupied.
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Continues to maintain positive rental reversion.
- Frasers Centrepoint Trust clocked positive rental reversion of 4.7% in FY23. Rental reversion improved substantially in 1QFY24 compared with that of FY23.
- Occupancy cost, which was 15.6% in FY23, remains healthy as both rents and prices of products and services have increased in tandem.
Buoyant retail scene at suburban malls.
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