OUE C-REIT’s Singapore Office Portfolio Sees High Occupancy

SINGAPORE – The local office properties of OUE Commercial Real Estate Investment Trust (OUE C-REIT) recorded occupancies of more than 93 percent during the 3rd quarter, according to filings published by the local bourse on Thursday evening (3 November, SGT).

For instance, the committed office occupancy at OUE Bayfront increased by 2.5 percentage points quarter-on-quarter to 98.7 percent in Q3 2022. That in One Raffles Place climbed 4.2 percentage points to 94.8 percent, while that in OUE Downtown Office inched up by 0.7 percentage points to 93.7 percent, stated OUE C-REIT’s manager in the trust’s latest business update.

As a result, the trust’s Singapore office portfolio registered a consecutive rise in occupancy of 2.5 percentage points quarter-on-quarter to 95.4 percent in Q3 2022.

In addition, the average passing rents for all of OUE C-REIT’s Singapore office assets remained stable at the end of September 2022, with that in OUE Bayfront reaching a high of S$12.57 psf per month thanks to positive rental reversions over the past quarters. As for One Raffles Place and OUE Downtown Office, their average passing rents reached S$9.99 psf per month and S$7.97 psf per month respectively.

During the period under review, all of the trust’s Singapore office properties attained positive rental reversions –1.6 percent for OUE Downtown Office, 4.2 percent for One Raffles Place, and 9.2 percent for OUE Bayfront.

By segment, OUE C-REIT’s Singapore office assets contributed 55.8 percent of its revenue in Q3 2022.

Notably, the trust’s revenue edged up by 1.7 percent year-on-year to S$59.5 million during the 3rd quarter compared to the same period last year. At the same time, its net property income (NPI) rose by 4.4 percent to S$48.3 million.