- Committed occupancy for Starhill Global REIT (SGX:P40U)’s Singapore and office retail portfolio stood at 100% for a second consecutive quarter.
Healthy demand for Orchard Road office and retail space
- - Read this at SGinvestors.io -
- Starhill Global REIT's management guided that 2HFY24 reversion would likely be in the single-digit range for both retail and office (due to higher passing rents for leases expiring in 1H) segments.
Will Orchard Road come alive again?
- - Read this at SGinvestors.io -
- Similarly, the Orchard Road district could see more footfall upon completion of Stage 4 of the Thomson East Coast Line (TEL) in 2024F (7 stations), which will provide easier access to the city for residents living in the east and along the North-South Corridor, it said.
- The increased footfall could result in higher incidental spending at Starhill Global REIT’s malls, boosting tenant sales and lowering occupancy cost, which would allow it to lift rents, in our view.
1H DPU of 1.82 cents (-2.2% y-o-y) was in line at 50.2% of our FY24F
- Read more at SGinvestors.io.
