Ascott Residence Trust's unit revenue grew 5% in 4Q2017

This was highly driven by a RevPAU growth of 22% in Belgium.

OCBC Research reported that Ascott Residence Trust (ART)’s portfolio revenue per available unit (RevPAU) rose by 5% in the last quarter of 2017.

A 22% YoY increase in Belgium’s RevPAU drove this growth, followed by a 13% YoY RevPAU increase in the Philippines.

ART’s Singapore’s RevPAU also grew by 6% to $185, which was due to higher corporate demand, increasing both ADR and occupancy growth, OCBC said.

Meanwhile, RevPAU declined by 5% to 6% in Japan, USA, and Indonesia.

Here’s more from OCBC Research:

For FY18, ART management is still cautious of any residual effect of the injection in the local hotel supply in 4Q17. Comparatively, we are more bullish on the supply-demand dynamics for Singapore serviced residences in 2018 and take ART’s 6% growth in 4Q17 as an indication of a rebound – which supports our Buy thesis for Far East Hospitality Trust (FEHT).