Basic Profile & Key Statistics

OUE Commercial Trust (OUECT) is a diversified REIT that invests in office, hospitality and retail properties. OUECT owns 7 properties in Singapore and China.
Performance Review

Gross revenue, NPI and Distributable income increased YoY by 12%, 11.4% and 15.8% because of contributions from the hospitality properties after the merger with OUE Hospitality Trust (OUEHT) in September 2020. OUECT had retained S$13.8 million of distribution in 1H, of which S$3.0 million is retained for working capital. The remaining S$ 10.8 million retention is equivalent to 0.20 cents of DPU.

OUECT achieve positive rental reversion for Singapore office properties which range from 2.9% to 22.1%. However, Lippo Plaza in Shanghai has a negative rental reversion.

Shopper traffic and tenants’ sales for Mandarin Gallery have recovered to 70% and 80% of pre-COVID level respectively.

Lease Profile

Occupancy is moderate at 92.6%. WALE is slightly low at 3.6 years where the highest lease expiry of 38.8% falls in 2024 and beyond, without breakdown. Weighted average land lease expiry is moderate at 61.94 years.

Advertisements