Link: https://links.sgx.com/1.0.0/corporate-announcements/3KZP4FM3MB2WFJHN/3132cbb8defadc8db049cc606d2da050ebfc9ddfb665e4570a26180722863731

Summary:

• Revenue and net property income (NPI) grew 1.2% and 2.0% year-on-year on a like-for-like basis, driven by prime Singapore-located assets.

• Commercial segment saw revenue and NPI rise 4.2% and 3.8% YoY, with office portfolios achieving positive rental reversions and 95.3% occupancy.

• Hospitality segment remained stable despite the F1 Grand Prix shifting to October; marginal NPI decline of 0.4% YoY, RevPAR decreased by 5.7%.

• Finance costs dropped 19.7% YoY due to disciplined capital management and lower interest rates.

• S$150 million of 7-year Green Notes issued at 2.75%, with average debt term extended and only 16% of debt due in 2026.

• Outlook remains cautiously optimistic with strong lineup of concerts/events and continued proactive asset and revenue management.