- Frasers Centrepoint Trust (SGX:J69U)’s 3QFY24 business update showed stable operational numbers across its malls, with no major surprises. Tenant sales growth is starting to plateau, which could result in softer rent reversions ahead.
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- The risk-reward profile is finely balanced, and investors should accumulate on dips.
Stable occupancy and mid-single-digit rent reversions.
- Its retail portfolio’s committed occupancy rate dipped by 0.2ppt to 99.7%, and management attributed this mainly to transitional vacancies.
- On retail rent reversions, Frasers Centrepoint Trust guided that these are similar levels to that of 1HFY24’s +7.5%. Tenant sales growth for the quarter, however, softened to +0.7% y-o-y (2QFY24: +4.3% y-o-y) – a sign of sales normalising from the post-pandemic spurt last year.
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Tampines 1 has achieved a full committed occupancy rate
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