On 3 February 2026, Frasers Logistics & Commercial Trust (“FLCT”) released their first quarter business update for FY2026. FLCT demonstrated significant operational momentum this quarter, most notably within its Singapore commercial segment. Alexandra Technopark (“ATP”) saw a substantial recovery in its leasing profile, with secured occupancy surging to 83% from the previous quarter’s 58%. While this aggressive backfilling mitigates vacancy risk, it has come at the cost of negative rental reversions. This suggests a defensive posture, prioritizing the stabilization of the Singapore commercial segment over pricing power by securing tenants at lower effective rents compared to expiring leases. Management has reaffirmed its commitment to “best-in-class” assets within core Logistics and Industrial (“L&I”) hubs. Following recent commercial divestments, there is a clear strategic pivot toward restoring FLCT’s original identity as a pure-play L&I vehicle. This transition aims to capture the superior growth and resilience seen in the industrial sector prior to the commercial merger, effectively “high-grading” the...