- OUE REIT's 3Q24 business update saw net property income down 3.7% y-o-y. Higher property taxes for hotels, lower contribution from Lippo Plaza Shanghai and high base effect for hotels from prior year led to the decline.
Stable performance; mixed drivers
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- Among sub-segments, net property income for commercial grew 0.3% y-o-y. This was due to better cost management despite a 1.1% drop in revenue. NPI for hotels fell 8.9% y-o-y (-3.2% excluding impact of taxes).
Singapore office occupancy inched up
- Singapore office occupancy inched up to 95.4% from 95.2%; accompanied by +10.8% rent reversion (+11.7% in 2Q). Mandarin Gallery occupancy fell to 95.3% (vs. 97.7% in 2Q) and reversion was +16% (2Q +28.4%). Office in Lippo Plaza Shanghai saw occupancy weaken further along with negative reversions.
Hotel RevPAR stayed relatively flat
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- RevPAR for Crowne Plaza Changi Airport was up 30.3% to S$259 as AEI affected performance last year.
Focus on tenant retention
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