Ascendas Real Estate Investment Trust (A-REIT) has reported record occupancy for its tenanted properties.
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Its overall portfolio occupancy rate increased to a record high of 98.7 percent as at 31 December, compared to 96.1 percent a year ago. The occupancy rate for A-REIT's multi-tenanted buildings also rose to 97 percent in the quarter ended December, compared with 96.2 percent in the previous three months.
This is mainly due to the continued healthy demand for business space in the business & science parks and hi-tech industrial sectors.
A-REIT secured leases for a total net lettable area of 46,933 square metres in the three months to December. The space leased out has brought in an annualised rental income of S$11.1 million.
Looking ahead, A-REIT said demand for industrial space is likely to remain healthy, particularly for the business parks and hi-tech industrial sectors, due to the tight supply in office space in the central business district and the fact that a number of multinational companies is setting up facilities in Singapore.
A-REIT said the anticipated high supply of 702,000 square metres in the logistics and distribution centres sector for the next two years is expected to dampen rental rate.
The Trust's portfolio comprises 51 percent multi-tenanted buildings and 49 percent sale-and-leaseback properties based on portfolio value. - CNA/so
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