Singapore REITs 4Q23 Round-up - UOB Kay Hian 2024-03-13: The Quarter Of Hard Knocks

Singapore REITs 4Q23 Round-up - The Quarter Of Hard Knocks

Singapore REITs - UOB Kay Hian Research | SGinvestors.ioFrasers Logistics & Commercial Trust (SGX:BUOU) FRASERS CENTREPOINT TRUST (SGX:J69U) CAPITALAND ASCOTT TRUST (SGX:HMN)

Retail: Steeper recovery from downtown malls.

  • Most downtown malls achieved positive double-digit rental reversion, such as Suntec City Mall (4Q23: +25.7%) and Mapletree Pan Asia Commercial Trust (SGX:N2IU)'s VivoCity (3QFY24: +14.2%), due to recovery in tourism and back-to-office momentum.
  • CapitaLand Integrated Commercial Trust (SGX:C38U)'s retail leases saw pick-up in positive rental reversions by 1.2ppt q-o-q to 12.3% in 4Q23 (downtown: 11.1%, suburban: 13.0%).
  • Lendlease REIT (SGX:JYEU) also experienced strong positive rental reversion of 15.7% in 2QFY24 (313@Somerset: >20%, Jem: 10%).
  • Unfortunately, occupancy at Suntec City Mall eased 3.1ppt q-o-q to 95.6% in 4Q23 due to the closure of Pure Fitness and Pure Yoga on 8 Oct 23.

Office: Continued resiliency.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Jonathan KOH CFA UOB Kay Hian Research | 2024-03-13

Read More Analysis On Singapore REITs (S-REITs):
Analyst Reports on Singapore REIT Sector

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