While most REITs are announcing their 4Q2016 or FY2016 financial results, Frasers Commercial Trust is actually announcing their 1Q2017 financial results.
Net Property Income fell by estimated 1% due to lower occupancy for China Square Central and Central Park. We understand that China Square Central has started the development of a 16 storey hotel and the construction works will definitely affect occupancy at China Square Central. The income disruption is supplemented by S$0.9 million capital distribution. Development work is expected to be completed by mid-2019.
There are certainly many construction works going on for Frasers Commercial Trust with hotel development works at China Square Central and Alexandra Technopark performing asset enhancement works soon.