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On an annual basis, gross revenue dropped seven percent mainly due to Alexandra Technopark’s lower occupancy rate, divestment of 55 Market Street and the effects of the weaker Australian dollar.
Frasers Commercial Trust posted a distributable income of $21.8 million for the financial quarter ended 30 June 2019 (Q3 2019).
This translates to a distribution per unit of 2.40 Singapore cents, unchanged from the preceding quarter and the year before.
Gross revenue dipped 0.6 percent quarter-on-quarter to $30.2 million, while net property income fell 1.7 percent to $19.8 million.
On an annual basis, gross revenue dropped seven percent mainly due to Alexandra Technopark’s lower occupancy rate, divestment of 55 Market Street and the effects of the weaker Australian dollar.
Net property income also declined by three percent year-on-year, primarily due to “the lower gross revenue, higher property tax expense for Alexandra Technopark and higher amortisation of lease incentives for Central Park and 357 Collins Street”.
In a release, the trust’s manager revealed that the average committed occupancy rate increased by 12.6 percentage point to 94.1 percent in Q3 2019 from the previous quarter’s 81.5 percent.
“Occupancy rates for the Singapore portfolio, the Australia portfolio and FBP as at 30 June 2019 were 93.9 percent, 93.5 percent and 97.4 percent, respectively,” said Frasers Commercial Asset Management.
“The Singapore portfolio saw a significant uplift in committed occupancy by 26.4 percentage-points from the end of the previous quarter. This was mainly due to committed occupancy at Alexandra Technopark rising to 93.7 percent from 59.2 percent, on the back of lease commitments secured from Google Asia Pacific Pte. Ltd. (for around 344,100 sq ft of space) and several other tenants during the quarter.”
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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