Suntec REIT is likely to retain its Managed Investment Trust (MIT) status, following the reduction of Gordon Tang (9.9%) and Celine Tang’s (9.1%) ownership to below 10% each. This enables Australia's effective tax rate to revert from 45% to 10–15%, pending regulatory confirmation.
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Suntec REIT remains committed to its S$100mil divestment target for FY25e, with pricing expected to be 20–25% above book value. We anticipate valuations for overseas assets, particularly in the UK, to remain stable in FY25e, except for the Melbourne office market, which may face downward pressure due to negative net absorption.
The Positives
Healthy operating metrics from Singapore.
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Suntec REIT has not observed any downsizing or early lease terminations, with tenants adopting a wait-and-see approach. Demand in the CBD continues to be healthy, supported by financial sector players such as hedge funds and asset management firms looking to capitalise on Southeast Asia’s growing investment needs.
Suntec Convention back in the spotlight.
Read more at SGinvestors.io.
Above is an excerpt from a report by Phillip Securities Research. Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
