Link: https://links.sgx.com/1.0.0/corporate-announcements/G4YROWT9APBWNIIW/0041dde65f160b19ad901ec9de27a0268369aa2be79fe3acb9517dc0f494a372

Summary:

• Total portfolio value reached S$3.76 billion as at 30 June 2025, including Singapore malls Jem and 313@somerset, Milan Grade A commercial buildings, and new event space development.

• Reported FY2025 financials: S$206.5 million gross revenue, S$148.8 million net property income, S$87.6 million distributable income, and 3.60 cents distribution per unit.

• Occupancy rates are strong at 99.5% for retail assets and 86.6% for offices, with a portfolio-wide committed occupancy of 92.1%.

• Major strategic divestment: Sale of Jem office component for S$462 million, enabling lower gearing (~35% proforma) and sharpening focus on Singapore retail.

• Retail portfolio shows robust tenant retention (83.3%), new experiential brands added, and 10.2% positive rental reversion.

• Emphasis on sustainability: Net zero carbon achieved since FY2023, 86% of debt is sustainable financing, and green building certifications in Singapore/Milan.

• Board and management refreshed, with new CEO appointed in 2025; continued strategy for disciplined capital management and tech-driven, sustainable business growth.