SPH REIT has provided their key business and operational updates for 1QFY2022 on 7th January 2022. The key highlight of the updates is focused on SPH REIT’s portfolio occupancy and tenant sales.

In Singapore, occupancy improved to 99.8% from 98.9% in 4Q FY21. Tenants’ sales stayed resilient in 1Q FY22 despite a 6 weeks restriction in dining-in (limited 2 pax vs 5 pax in 1Q FY21) with sales reaching 97% of 1Q FY21 for Paragon and The Clementi Mall.

In Australia, Westfield Marion Shopping Centre continued to demonstrate its dominance in Adelaide, South Australia, with tenant sales increasing 6% year-on-year in the midst of COVID-19.

Figtree Grove Shopping Centre, located in Wollongong, New South Wales, was in lockdown for approx. 3.5 months until 10 Oct 21. Tenant sales have recovered close to pre-COVID-19 levels for Nov 2021 post lifting of lockdown.

Occupancy

Overall portfolio occupancy stood healthily at 98.8% with a Weighted Average Lease Expiry (WALE) at 5.5 years.