Frasers Commercial Trust's net property income rises

Thanks to the stronger AUD and high contribution from 357 Collins St.

Frasers Commercial Trust reported a slight growth in its net property income for the quarter ending in June, up 1.5% to $27.9m.

According to CIMB analyst Lock Mun Yee, this is due to the stronger Australian dollar and higher contribution from 357 Collins St.

"This more than offset the lower occupancies at China Square Central (CSC), Alexandra Technopark (ATP) and Central Park in Perth, as well as negative rental reversion at CSC," Lock noted. 

The group's distribution per unit of 2.4 S-cents was marginally lower compared to last year.

For the said quarter, the portfolio occupancy crept up to 92.6%, with higher occupancy at the Singapore portfolio more than offset the decline in the Australian portfolio take-up at 94.4%.

Its Singapore portfolio was 91.2% leased, dragged by renovation works at ATP and CSC. During the quarter about 51,000 sqft of space in the Singapore portfolio was leased/renewed at 2.5% lower over preceding levels.