Frasers Property posts ‘steady’ operational performance in Singapore

Its commercial portfolio occupancy grew for the fifth consecutive quarter.

Frasers Property reported a “steady” operational performance in its Singapore assets in the nine months of the financial year ending on 30 June by a stable business environment.

In a statement, Frasers Property said its retail portfolio occupancy and tenants sales remained strong with an average occupancy rate of 97.3% during the quarter ending on 30 June, whilst the leases due to expire were at 6.1%.

Commercial portfolio occupancy rose for the fifth straight quarter to reach 95.1%, with the leases due to expire at 2.5%.

ALSO READ: Frasers Property Limited’s attributable profit grew 42.8% in H1

Frasers Property secured around 105,000 square metres of retail and commercial new leases and renewables, around 37,000 sqm of which were bagged in the quarter ending on 30 June.

Meanwhile, in its residential portfolio activity, Frasers Property was able to sell 105 units. Its launched projects also continue to “progress amidst macroeconomic headwinds," noting that 100% of the Rivière units and  Parc Greenwich Executive Condominium units were sold, and 82% of the Sky Eden@Bedok residential units were also sold.

Frasers noted that the country’s residential markets continue to be resilient but the developers are more cautious about land bids due to the recent rise in land supply by the government and higher interest rate environment.