- Starhill Global REIT has a portfolio of nine mid-to high-end, predominantly retail properties in six Asia Pacific cities, including Wisma Atria and Ngee Ann City – two trophy assets located in the heart of Orchard Road in Singapore.
Cautious sentiment likely to prevail amidst trade policy uncertainty.
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- Policy uncertainty from the White House will remain an overhang on consumer sentiment, in our view, and the flowthrough to retail and especially luxury goods will be negative.
S-REITs are seen to be more defensive given that their leases tend to be locked in.
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- That being said, Starhill Global REIT still has actively managed leases and is not immune to a recessionary environment. If corporates consolidate their office space and a reduction in consumer spending hurts retailers, occupancy may dip, and this will weigh on distributions.
Master lease renewals to kick in around the end of FY25 (financial year ending 30 Jun 2025).
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