- Mapletree Pan Asia Commercial Trust reported 2QFY25 DPU of S$1.98 cents, -5.3% q-o-q/-11.6% y-o-y, in the absence of a one-off property tax refund recorded in 2QFY24.
- - Read this at SGinvestors.io -
Soft trends across overseas assets
- Occupancy at MBC largely held stable, as tech tenants continue to backfill space vacated by Unilever, Google and Julius Baer.
- Ongoing AEI and tenant fit-outs led to a 50bps movement in vacancy at VivoCity. While shopper traffic is sequentially higher in 2Q, shopper traffic and tenant sales in 1H25 were 2.0%/4.1% y-o-y lower.
- - Read this at SGinvestors.io -
- Japan portfolio saw a large drop in occupancy after Seiko vacated most of MBT.
- An office tenant accounted for a 4.1% dip in occupancy at TPG Korea. We expect positive reversions from re-letting this space at market rents.
- Lingering supply headwinds in Shanghai continued to pressure occupancy and rental reversions in its China portfolio.
Challenges ahead
- Read more at SGinvestors.io.
