Elite Commercial REIT portfolio valuation drops to $697.5m 

The valuation covers 150 properties.

Elite Commercial REIT reported a portfolio valuation of $697.5m (£412.5m) for 150 properties as of 1 December.

According to the REIT, the portfolio value translates to a 9.5% drop from December 2022 based on the carrying value of investment properties on a like-for-like comparison of the 150 properties.

Meanwhile, the REIT also reported a gearing ratio of 49.6%, which is within the Monetary Authority Singapore's (MAS) limit.

To uplift asset valuations and lower its gearing ratio, the REIT will focus on strategic divestments to recycle capital and asset conversions.

“The proceeds from the asset divestments to date were primarily utilised to pare down loans to lower gearing and reduce interest costs,” the REIT said.

 £0.59 = 1 SGD