I was reading the latest quarterly financial results for CapitaLand Integrated Commercial Trust
(CICT) and Frasers Centrepoint Trust
They are an absolute treasure trove of information on the Singapore commercial real estate market, so I highly recommend that investors take a look every quarter.
In any case, I wanted to share my 3 key takeaways in this article:
1) Suburban malls still performing very well
- Suburban malls still performing very well
- Tenant Sales have surpassed pre-COVID
- Office Rental market is still recovering
I was pretty surprised by this one actually.
I would have expected that after the COVID work from home trends played out, and people started returning to offices, suburban malls would underperform downtown malls.
But interestingly – this dynamic has not played out at all.
From CapitaLand Integrated Commercial Trust’s
- Average incoming rents for Suburban malls are up 1.2%from outgoing rents
- Average incoming rents for Downtown malls are down 1.9%from outgoing rents