- For the 21 S-REITs under our coverage, two were above expectations with three below expectations. The hospitality segment registered the strongest NPI growth averaging 9% y-o-y.
- We saw double-digit positive rental reversions for downtown malls, offices and logistics properties.
- - Read this at SGinvestors.io -
Retail: Recovery from downtown malls while suburban malls stay resilient.
- Most downtown malls achieved positive double-digit rental reversion, such as Suntec City Mall (1Q24: +21.7%), Mapletree Pan Asia Commercial Trust (SGX:N2IU)’s VivoCity (FY24: +14.0%) and Lendlease REIT (SGX:JYEU)’s 313@Somerset (3QFY24: +20%) due to a recovery in tourism and back-to-office momentum. Unfortunately, occupancy at Suntec City Mall was maintained at 95.8% in 1Q24 as Suntec REIT (SGX:T82U) struggled to backfill space vacated by Pure Fitness and Pure Yoga.
- - Read this at SGinvestors.io -
- See report:
- Read more at SGinvestors.io.
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 @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-05-21
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