Latest news with #SasseurReit
Business Times
3 days ago
- Business
- Business Times
Sasseur Reit posts 3.1% lower H1 DPU of S$0.03055
[SINGAPORE] The manager of Sasseur Real Estate Investment Trust (Reit) on Thursday (Aug 14) said that its distribution per unit (DPU) for the first half of FY2025 fell 3.1 per cent to S$0.03055, from S$0.03153 in the same period a year prior. Rental income under the Reit's entrusted management agreement (EMA) model stood at 336.2 million yuan (S$59.9 million) in H1 2025, up 2.2 per cent year on year from 329 million yuan, underpinned by a solid rebound in second-quarter sales. The fixed component increased 3 per cent year on year, while the variable component rose marginally by 0.3 per cent, supported by 0.8 per cent year-on-year growth in portfolio outlet sales. In Singapore dollar terms, EMA rental income declined 1.6 per cent year on year to S$61.3 million from S$62.3 million, primarily due to the 3.7 per cent year-on-year depreciation of the yuan. Distributable income stood at S$42.4 million for the period, down 0.6 per cent from S$42.7 million in H1 2024. The distribution will be paid on Sep 26, with a record date of Sep 12. The initial portfolio of the Reit consists of four retail outlet mall assets located in Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area (NLA) of 310,241 square metres. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The Reit's portfolio occupancy in the second quarter stood at 98.5 per cent. Its Chongqing Liangjiang outlet remained fully occupied, while its Kunming outlet recorded a 99.9 per cent occupancy level following asset enhancement works completed in 2024. The manager said on Thursday that this is due to active asset management initiatives, including tenant mix optimisation, strategic collaborations with leading brands, and enhanced loyalty engagement through tailored VIP services and promotions. Aggregate leverage stood at 25.8 per cent, with an interest coverage ratio of 4.7 times as at Jun 30. Its weighted average cost of borrowings for the period ended Jun 30 was 4.8 per cent. The Reit's weighted average lease expiry by NLA is 1.7 years as at Jun 30. On Feb 19 and Jun 6, Sasseur Reit obtained two tranches of five-year unsecured interest-bearing loans from a wholly owned subsidiary of the sponsor. The first offshore sponsor loan tranche was valued at 430 million yuan, and the second at 508 million yuan. Additionally, on May 14, the manager of the Reit said its wholly owned subsidiary Kunming Sasseur Commercial Management secured its maiden onshore green loan of 308 million yuan from OCBC China for a tenure of 10 years from the first utilisation date. Vito Xu, chairman of Sasseur Asset Management, the manager of Sasseur Reit, said that he remains 'cautiously optimistic' about the second half of 2025, even though China's gross domestic product expanded 5.3 per cent year on year in H1 2025, closely tracking the government's full-year growth target of around 5 per cent. 'While macroeconomic uncertainties remain, China's stable growth and policy support provide a favourable backdrop (for the Reit),' he added. Units of Sasseur Reit ended Wednesday 0.7 per cent or S$0.005 higher at S$0.695.
Business Times
3 days ago
- Business
- Business Times
Sasseur Reit posts 3.1% lower Q2 DPU of S$0.03055
[SINGAPORE] The manager of Sasseur Real Estate Investment Trust (Reit) on Thursday (Aug 14) said that its distribution per unit (DPU) for the second quarter of FY2025 fell 3.1 per cent to S$0.03055, from S$0.03153 in the same period a year prior. Rental income under the Reit's entrusted management agreement (EMA) model stood at 336.2 million yuan (S$60 million) in H1 2025, up 2.2 per cent year on year from 329 million yuan, underpinned by a solid rebound in second-quarter sales. The fixed component increased 3 per cent year on year, while the variable component rose marginally by 0.3 per cent, supported by 0.8 per cent year-on-year growth in portfolio outlet sales. In Singapore dollar terms, EMA rental income declined 1.6 per cent year on year to S$61.3 million from S$62.3 million, primarily due to the 3.7 per cent year-on-year depreciation of the Chinese yuan. Distributable income stood at S$42.4 million for the period, down 0.6 per cent from S$42.7 million in H1 2024. The distribution will be paid on Sep 26. The Reit's portfolio occupancy in Q2 stood at 98.5 per cent. Its Chongqing Liangjiang outlet remained fully occupied, while its Kunming outlet recorded a 99.9 per cent occupancy level following asset enhancement works completed in 2024. Vito Xu, chairman of Sasseur Asset Management, the manager of Sasseur Reit, said that he remains 'cautiously optimistic' about the second half of 2025, even though China's gross domestic product expanded 5.3 per cent year on year in H1 2025, closely tracking the government's full-year growth target of around 5 per cent. 'While macroeconomic uncertainties remain, China's stable growth and policy support provide a favourable backdrop (for the Reit),' he added. Units of Sasseur Reit ended Wednesday 0.7 per cent or S$0.005 higher at S$0.695.
Business Times
06-07-2025
- Business
- Business Times
S-Reits with best debt profiles have an average gearing ratio of 33.5%
[singapore] Last month, the US Federal Reserve opted to maintain its benchmark interest rate, adopting a cautious stance despite speculation about a potential rate cut as early as July, with chair Jerome Powell stating that future decisions will be data-dependent. Market analysts now predict a 75-basis-point (bps) cut in 2025, up from the previously anticipated 50 bps. Singapore real estate investment trusts (S-Reits) have delivered a commendable performance, closing the first half of 2025 with a 4.2 per cent total return, as indicated by the iEdge S-Reit Index. Over the past 12 months, S-Reits have delivered a 10.5 per cent total return. Notably, the top 10 best-performing S-Reits have delivered double-digit returns in H1 2025. They include Frasers Hospitality Trust (21.5 per cent), CapitaLand Integrated Commercial Trust (14.3 per cent), Frasers Centrepoint Trust (11.4 per cent), CapitaLand Ascendas Reit (10.1 per cent) and Parkway Life Reit (10 per cent). The iEdge S-Reit Index concluded H1 2025 at 1,021 and touched 1,030 on Jul 3, a level which was previously tested three times – in November 2024, January 2025 and April 2025. The consensus estimate target price for the next 12 months is pegged at 1,159. From a balance-sheet standpoint, the S-Reit sector maintains an average gearing ratio of 40 per cent, reflecting prudent capital management; it is also well below the regulatory limit of 50 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The 10 S-Reits with the lowest gearing ratios are Sasseur Reit , Aims Apac Reit , Keppel DC Reit , Far East Hospitality Trust , Frasers Hospitality Trust, Frasers Logistics & Commercial Trust , Parkway Life Reit, Starhill Global Reit , IReit Global and Mapletree Pan Asia Commercial Trust . On average, these 10 have a gearing ratio of 33.5 per cent. Sasseur Reit, notable for its low gearing ratio of 25.9 per cent for the first quarter of 2025, reported a slight year-on-year (yoy) dip of 0.2 per cent in its entrusted management agreement (EMA) rental income for the same period. This was primarily due to weaker foreign exchange rates and lower variable income. However, in renminbi terms, Q1 2025 EMA rental income saw a 1.6 per cent yoy increase. The Reit's portfolio occupancy rate improved to 98.9 per cent, up from 97.9 per cent in the previous year, with higher occupancy recorded at its Chongqing Bishan and Kunming outlet malls in China. Its management remains committed to maintaining a healthy balance sheet to seize potential opportunistic acquisitions. Sasseur Reit has the right of first refusal on two assets in Xi'an and Guiyang, and could also look for acquisition opportunities within other assets managed by its sponsor. As at Q1 2025, its sponsor Sasseur Group manages a total of 18 outlet malls, including the four properties owned by the group. UOB Kay Hian research noted that the recent preference for quality names resulted in the three-month compounded Singapore Overnight Rate Average easing by 98 bps to 2.09 per cent in H1 2025. Despite this significant drop, there has been no positive price movement or re-rating for S-Reits. The research house expects broader recovery in liquidity from possible Fed rate cuts at the end of 2025 to lift the sector. However, global geopolitical uncertainties and tariff risks remain in focus, and investors should stay nimble and watch data as they head into the second half of the year. SGX RESEARCH The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the S-Reits & Property Trusts Chartbook.
Business Times
06-07-2025
- Business
- Business Times
S-Reits with lowest relative gearing have an average ratio of 33.5%
[singapore] Last month, the US Federal Reserve opted to maintain its benchmark interest rate, adopting a cautious stance despite speculation about a potential rate cut as early as July, with chair Jerome Powell stating that future decisions will be data-dependent. Market analysts now predict a 75-basis-point (bps) cut in 2025, up from the previously anticipated 50 bps. Singapore real estate investment trusts (S-Reits) have delivered a commendable performance, closing the first half of 2025 with a 4.2 per cent total return, as indicated by the iEdge S-Reit Index. Over the past 12 months, S-Reits have delivered a 10.5 per cent total return. Notably, the top 10 best-performing S-Reits have delivered double-digit returns in H1 2025. They include Frasers Hospitality Trust (21.5 per cent), CapitaLand Integrated Commercial Trust (14.3 per cent), Frasers Centrepoint Trust (11.4 per cent), CapitaLand Ascendas Reit (10.1 per cent) and Parkway Life Reit (10 per cent). The iEdge S-Reit Index concluded H1 2025 at 1,021 and touched 1,030 on Jul 3, a level which was previously tested three times – in November 2024, January 2025 and April 2025. The consensus estimate target price for the next 12 months is pegged at 1,159. From a balance-sheet standpoint, the S-Reit sector maintains an average gearing ratio of 40 per cent, reflecting prudent capital management; it is also well below the regulatory limit of 50 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The 10 S-Reits with the lowest gearing ratios are Sasseur Reit , Aims Apac Reit , Keppel DC Reit , Far East Hospitality Trust , Frasers Hospitality Trust, Frasers Logistics & Commercial Trust , Parkway Life Reit, Starhill Global Reit , IReit Global and Mapletree Pan Asia Commercial Trust . On average, these 10 have a gearing ratio of 33.5 per cent. Sasseur Reit, notable for its low gearing ratio of 25.9 per cent for the first quarter of 2025, reported a slight year-on-year (yoy) dip of 0.2 per cent in its entrusted management agreement (EMA) rental income for the same period. This was primarily due to weaker foreign exchange rates and lower variable income. However, in renminbi terms, Q1 2025 EMA rental income saw a 1.6 per cent yoy increase. The Reit's portfolio occupancy rate improved to 98.9 per cent, up from 97.9 per cent in the previous year, with higher occupancy recorded at its Chongqing Bishan and Kunming outlet malls in China. Its management remains committed to maintaining a healthy balance sheet to seize potential opportunistic acquisitions. Sasseur Reit has the right of first refusal on two assets in Xi'an and Guiyang, and could also look for acquisition opportunities within other assets managed by its sponsor. As at Q1 2025, its sponsor Sasseur Group manages a total of 18 outlet malls, including the four properties owned by the group. UOB Kay Hian research noted that the recent preference for quality names resulted in the three-month compounded Singapore Overnight Rate Average easing by 98 bps to 2.09 per cent in H1 2025. Despite this significant drop, there has been no positive price movement or re-rating for S-Reits. The research house expects broader recovery in liquidity from possible Fed rate cuts at the end of 2025 to lift the sector. However, global geopolitical uncertainties and tariff risks remain in focus, and investors should stay nimble and watch data as they head into the second half of the year. SGX RESEARCH The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the S-Reits & Property Trusts Chartbook.
Business Times
06-07-2025
- Business
- Business Times
Top S-Reits with lowest gearing ratios average 33.5% as investors await rate cuts
[singapore] Last month, the US Federal Reserve opted to maintain its benchmark interest rate, adopting a cautious stance despite speculation about a potential rate cut as early as July, with chair Jerome Powell stating that future decisions will be data-dependent. Market analysts now predict a 75-basis-point (bps) cut in 2025, up from the previously anticipated 50 bps. Singapore real estate investment trusts (S-Reits) have delivered a commendable performance, closing the first half of 2025 with a 4.2 per cent total return, as indicated by the iEdge S-Reit Index. Over the past 12 months, S-Reits have delivered a 10.5 per cent total return. Notably, the top 10 best-performing S-Reits have delivered double-digit returns in H1 2025. They include Frasers Hospitality Trust (21.5 per cent), CapitaLand Integrated Commercial Trust (14.3 per cent), Frasers Centrepoint Trust (11.4 per cent), CapitaLand Ascendas Reit (10.1 per cent) and Parkway Life Reit (10 per cent). The iEdge S-Reit Index concluded H1 2025 at 1,021 and touched 1,030 on Jul 3, a level which was previously tested three times – in November 2024, January 2025 and April 2025. The consensus estimate target price for the next 12 months is pegged at 1,159. From a balance-sheet standpoint, the S-Reit sector maintains an average gearing ratio of 40 per cent, reflecting prudent capital management; it is also well below the regulatory limit of 50 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The 10 S-Reits with the lowest gearing ratios are Sasseur Reit , Aims Apac Reit , Keppel DC Reit , Far East Hospitality Trust , Frasers Hospitality Trust, Frasers Logistics & Commercial Trust , Parkway Life Reit, Starhill Global Reit , IReit Global and Mapletree Pan Asia Commercial Trust . On average, these 10 have a gearing ratio of 33.5 per cent. Sasseur Reit, notable for its low gearing ratio of 25.9 per cent for the first quarter of 2025, reported a slight year-on-year (yoy) dip of 0.2 per cent in its entrusted management agreement (EMA) rental income for the same period. This was primarily due to weaker foreign exchange rates and lower variable income. However, in renminbi terms, Q1 2025 EMA rental income saw a 1.6 per cent yoy increase. The Reit's portfolio occupancy rate improved to 98.9 per cent, up from 97.9 per cent in the previous year, with higher occupancy recorded at its Chongqing Bishan and Kunming outlet malls in China. Its management remains committed to maintaining a healthy balance sheet to seize potential opportunistic acquisitions. Sasseur Reit has the right of first refusal on two assets in Xi'an and Guiyang, and could also look for acquisition opportunities within other assets managed by its sponsor. As at Q1 2025, its sponsor Sasseur Group manages a total of 18 outlet malls, including the four properties owned by the group. UOB Kay Hian research noted that the recent preference for quality names resulted in the three-month compounded Singapore Overnight Rate Average easing by 98 bps to 2.09 per cent in H1 2025. Despite this significant drop, there has been no positive price movement or re-rating for S-Reits. The research house expects broader recovery in liquidity from possible Fed rate cuts at the end of 2025 to lift the sector. However, global geopolitical uncertainties and tariff risks remain in focus, and investors should stay nimble and watch data as they head into the second half of the year. The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the S-Reits & Property Trusts Chartbook.
