• Available DPU edged 0.2% higher year-on-year supported by resilient portfolio performance
• Healthy operating metrics: 96.4% occupancy and 2.3% rental reversion outside China
• Active portfolio rejuvenation with proposed divestments of two properties in China and a property
in Singapore for approximately S$155 million.
Financial Highlights
Gross revenue and net property income (“NPI”) for 1Q FY26/27 increased by 0.8% and 2.0% year-
on-year (“y-o-y”) to S$178.9 million and S$156.4 million respectively. The increase was largely driven
by contribution from the recent acquisition in India and full-quarter contribution from the completed
redevelopment project in Singapore, partly offset by the absence of contribution from divested
properties and weaker regional currencies.
Borrowing costs declined 2.7% y-o-y driven by proactive refinancing efforts and paying down of debt
with proceeds from divestments. Accordingly, the amount distributable to Unitholders grew 1.1%
y-o-y, while available distribution per unit (“DPU”) was 0.2% higher.
Compared with the preceding quarter 4Q FY25/26, gross revenue and NPI were 1.3% and 3.3%
higher quarter-on-quarter (“q-o-q”) respectively mainly due to full-quarter contribution from the India
acquisition and higher contribution from existing properties in Singapore and Hong Kong SAR.
Amount distributable to Unitholders remained stable at S$93.0 million as improved operating
performance was partly weighed down by higher borrowing costs, while DPU was marginally lower
by 0.2% due to an enlarged unit base.
The portfolio achieved an average rental reversion of about 2.3% in 1Q FY26/27 excluding China,
and 0.9% including China. Continuing its improving trend, China recorded negative rental reversion of -1.8% vs -2%.
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