SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

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Equity Bottom-Up

<ul><li>REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth in rental reversions and improvements in occupancy rates.</li><li>Its Singapore offices recorded a 7.9 per cent growth in rent reversion in 9M 2022 while portfolio occupancy increased from 92.9 per cent in Q2 2022 to the current 96 per cent.</li></ul>

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth in rental reversions and improvements in occupancy rates.Its Singapore offices recorded a 7.9 per cent growth in rent reversion in 9M 2022 while portfolio occupancy increased from 92.9 per cent in Q2 2022 to the current 96 per cent.

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions

<div><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.</strong>&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></div>
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<h2>OUE Commercial REIT</h2>
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<p>PRICE PERFORMANCE</p>
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<h3>COMPANY DESCRIPTION</h3>
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<p>OUE Commercial Real Estate Investment Trust (collectively defined herein as OUE C-REIT) is a real estate investment trust listed on the Mainboard of Singapore Exchange Limited (SGX) since 27 January 2014. It has a portfolio of seven properties across the commercial and hospitality segments in Singapore and Shanghai. OUE C-REIT's property portfolio comprises more than 2.0 million square feet of prime office and retail space and 1,640 upscale hotel rooms.</p>
<h3>SUMMARY</h3>
<p>For the financial year ended 31 December 2021 (FY2021) OUE C-REIT recorded revenue of S$249.9 million, a 14.4% decrease from S$292.0 million over the same period a year ago. Net property income (NPI) also decreased by 11.9% from S$231.9 million in FY2020 to S$204.2 million in FY2021. This was mainly due to the deconsolidation of OUE Bayfront’s performance post the divestment of a 50% interest in the property on 31 March 2021. Meanwhile, due to the redistribution of S$5.0 million retained in FY2020 and S$5.4 million capital gain distribution from the divestment of OUE Bayfront, amount to be distributed increased by 6.9% yoy to S$142.0 million in FY2021. This led to a distribution per unit (DPU) of 2.60 cents for FY2021. For the second half of 2021 (2H2021), OUE C-REIT declared a dividend of 1.37 cents per unit to be paid on 30 March 2022. Further, the total return attributable to unitholders and CPPU holder amounted to S$38.9 million, translating to an earnings per share of 0.67 cents for FY2021.</p>
<h3>RECOMMENDATION</h3>
<p>Based on OUE C-REIT reported NAV of S$0.57, OUE C-REIT currently has a P/B multiple of 0.71x and is trading at a discount of approximately 29% to NAV. Our peer comparison results show that OUE C-REIT could be undervalued, given a lower P/B of 0.71x compared to its peer average P/B of 0.86x. In addition, we note that OUE C-REIT is relatively attractive in terms of dividend yield. Adopting a relative valuation approach, we estimate a target price of S$0.490 and S$0.515 based on our P/B and dividend yield peer comparison analysis. By taking the average of the estimated target price of S$0.490 and S$0.515, we derived an estimated target price of S$0.503 based on our peer comparison analysis. Further, according to our Dividend Discount Model (DDM) analysis, with a cost of equity of 5.83% and a terminal growth of 1.00%, we derived an estimated target price of S$0.528. Given the above, we estimate a target price of S$0.516, which is the average of the estimated target price from our peer comparison and DDM analysis. This target price is a 27.41% upside from the current share price of S$0.405. We believe this upside could be justified by a potential improvement in OUE C-REIT’s earnings as supported by the positive outlook of Singapore’s economy, potential growth in office rental and the improvement in hospitality sector. Further, the re-branding of Hilton Singapore Orchard could also underpin revenue and profit growth. Given the above, we believe a buy recommendation is warranted on OUE C-REIT.</p>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.






OUE Commercial REIT




PRICE PERFORMANCE




COMPANY DESCRIPTION




OUE Commercial Real Estate Investment Trust (collectively defined herein as OUE C-REIT) is a real estate investment trust listed on the Mainboard of Singapore Exchange Limited (SGX) since 27 January 2014. It has a portfolio of seven properties across the commercial and hospitality segments in Singapore and Shanghai. OUE C-REIT's property portfolio comprises more than 2.0 million square feet of prime office and retail space and 1,640 upscale hotel rooms.
SUMMARY
For the financial year ended 31 December 2021 (FY2021) OUE C-REIT recorded revenue of S$249.9 million, a 14.4% decrease from S$292.0 million over the same period a year ago. Net property income (NPI) also decreased by 11.9% from S$231.9 million in FY2020 to S$204.2 million in FY2021. This was mainly due to the deconsolidation of OUE Bayfront’s performance post the divestment of a 50% interest in the property on 31 March 2021. Meanwhile, due to the redistribution of S$5.0 million retained in FY2020 and S$5.4 million capital gain distribution from the divestment of OUE Bayfront, amount to be distributed increased by 6.9% yoy to S$142.0 million in FY2021. This led to a distribution per unit (DPU) of 2.60 cents for FY2021. For the second half of 2021 (2H2021), OUE C-REIT declared a dividend of 1.37 cents per unit to be paid on 30 March 2022. Further, the total return attributable to unitholders and CPPU holder amounted to S$38.9 million, translating to an earnings per share of 0.67 cents for FY2021.
RECOMMENDATION
Based on OUE C-REIT reported NAV of S$0.57, OUE C-REIT currently has a P/B multiple of 0.71x and is trading at a discount of approximately 29% to NAV. Our peer comparison results show that OUE C-REIT could be undervalued, given a lower P/B of 0.71x compared to its peer average P/B of 0.86x. In addition, we note that OUE C-REIT is relatively attractive in terms of dividend yield. Adopting a relative valuation approach, we estimate a target price of S$0.490 and S$0.515 based on our P/B and dividend yield peer comparison analysis. By taking the average of the estimated target price of S$0.490 and S$0.515, we derived an estimated target price of S$0.503 based on our peer comparison analysis. Further, according to our Dividend Discount Model (DDM) analysis, with a cost of equity of 5.83% and a terminal growth of 1.00%, we derived an estimated target price of S$0.528. Given the above, we estimate a target price of S$0.516, which is the average of the estimated target price from our peer comparison and DDM analysis. This target price is a 27.41% upside from the current share price of S$0.405. We believe this upside could be justified by a potential improvement in OUE C-REIT’s earnings as supported by the positive outlook of Singapore’s economy, potential growth in office rental and the improvement in hospitality sector. Further, the re-branding of Hilton Singapore Orchard could also underpin revenue and profit growth. Given the above, we believe a buy recommendation is warranted on OUE C-REIT.


















(Non-SGX Report) OUE Commercial REIT - PRICE PERFORMANCE

Far East Hospitality Trust / Equity Bottom-Up

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    <div class='content-caption'>Top 10 performing SREITs</div>
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<p>Singapore announced the easing of Covid-19 measures on March 24 as the country takes a "decisive but measured step forward" towards living with Covid-19.</p>

<p>With the risk of outdoor transmission significantly lower, it will soon be optional to wear masks outdoors in Singapore while the maximum group size for social gatherings as well as dining in will double from 5 to 10. Certain large-scale social gatherings are also permitted to resume.</p>

<p>Office spaces are expected to be filled up again, as up to 75 per cent of those who can work from home are now allowed to return to their workplaces, up from 50 per cent previously.<br><br>
Cross-border travel is also expected to ease substantially from Apr 1, as travellers no longer have to take designated vaccinated travel lanes (VTL) to enter Singapore quarantine-free.<br><br>
Such moves will help to "reconnect Singapore with the world" and "give a much-needed boost to businesses, particularly the tourism sector, and help Singapore reclaim its position as a business and aviation hub" said Prime Minister Lee Hsien Loong during his speech.<br><br>
Following the announcement, the Straits Times Index (STI) gained 1.1 per cent during Thursday's (Mar 24) trading session, driven by a rally in aviation, transport, tourism and retail-related stocks.<br><br>
Similarly, S-Reits recorded gains, with the iEdge S-Reit Index increasing 1 per cent in the trading session, led by trusts with significant exposure to Singapore related retail, hospitality, and office assets.</p>

<p>Hospitality S-Reits gained 3.5 per cent while retail S-Reits gained 1.5 per cent. More notably, hospitality and retail S-Reits saw a surge in trading activities on Thursday with S$27.4 million and S$21.4 million in traded value respectively.</p>

<p>This represents over 211 per cent and 58 per cent increases respectively, against their 3-month average daily traded value.<br><br>
Diversified S-REITs also gained an average of 1.8 per cent over Thursday, led by trusts (Lendlease Global Commercial REIT, OUE Commercial REIT and Suntec REIT) with substantial exposure to the retail and office segments in Singapore.<br><br>
Lendlease Global Commercial Reit (LReit), which owns prime retail properties in Singapore and grade-A office buildings in Milan, was the top performer for the day with over 7 per cent gains.<br><br>
In February, LReit proposed to acquire the remaining interest in JEM mall for close to S$2 billion.<br><br>
LReit expects the acquisition to further boost the Reit's portfolio income diversification and provide approximately 10.5 per cent distribution per unit (DPU) accretion upon completion.<br><br>
Post-acquisition, LReit's exposure to the resilient suburban retail sector is expected to increase from 16.3 per cent to 46.8 per cent and its Singapore-centric asset base to be close to 88 per cent of its total portfolio value.<br><br>
CDL Hospitality Trusts (CDLHT), which owns hotel properties across Asia Pacific and Europe, rose 6 per cent over the trading day following the announcement of easing travel restrictions.<br><br>
CDLHT's Singapore portfolio (approximately 64.9 per cent by total portfolio valuation) continued to be impacted by the absence of major meetings, incentives, conferences, and exhibitions (MICE) events, large wedding banquets and social functions in FY 2021.</p>

<p>The trust remains optimistic in Singapore's commitment to reopening and returning to normalcy.<br><br><strong><em>REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/green-shoots-for-retail-and-hospitality-s-reits-amid-new-pandemic-phase"> </a><a href="https://www.businesstimes.com.sg/companies-markets/retail-hotel-office-s-reits-gain-with-relaxed-covid-rules-0">read</a><a href="https://www.businesstimes.com.sg/companies-markets/pure-play-china-s-reits-record-strong-2021-growth-0"> </a>the original version.</em></strong></p>
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    Top 10 performing SREITs


Singapore announced the easing of Covid-19 measures on March 24 as the country takes a "decisive but measured step forward" towards living with Covid-19.

With the risk of outdoor transmission significantly lower, it will soon be optional to wear masks outdoors in Singapore while the maximum group size for social gatherings as well as dining in will double from 5 to 10. Certain large-scale social gatherings are also permitted to resume.

Office spaces are expected to be filled up again, as up to 75 per cent of those who can work from home are now allowed to return to their workplaces, up from 50 per cent previously.  
Cross-border travel is also expected to ease substantially from Apr 1, as travellers no longer have to take designated vaccinated travel lanes (VTL) to enter Singapore quarantine-free.  
Such moves will help to "reconnect Singapore with the world" and "give a much-needed boost to businesses, particularly the tourism sector, and help Singapore reclaim its position as a business and aviation hub" said Prime Minister Lee Hsien Loong during his speech.  
Following the announcement, the Straits Times Index (STI) gained 1.1 per cent during Thursday's (Mar 24) trading session, driven by a rally in aviation, transport, tourism and retail-related stocks.  
Similarly, S-Reits recorded gains, with the iEdge S-Reit Index increasing 1 per cent in the trading session, led by trusts with significant exposure to Singapore related retail, hospitality, and office assets.

Hospitality S-Reits gained 3.5 per cent while retail S-Reits gained 1.5 per cent. More notably, hospitality and retail S-Reits saw a surge in trading activities on Thursday with S$27.4 million and S$21.4 million in traded value respectively.

This represents over 211 per cent and 58 per cent increases respectively, against their 3-month average daily traded value.  
Diversified S-REITs also gained an average of 1.8 per cent over Thursday, led by trusts (Lendlease Global Commercial REIT, OUE Commercial REIT and Suntec REIT) with substantial exposure to the retail and office segments in Singapore.  
Lendlease Global Commercial Reit (LReit), which owns prime retail properties in Singapore and grade-A office buildings in Milan, was the top performer for the day with over 7 per cent gains.  
In February, LReit proposed to acquire the remaining interest in JEM mall for close to S$2 billion.  
LReit expects the acquisition to further boost the Reit's portfolio income diversification and provide approximately 10.5 per cent distribution per unit (DPU) accretion upon completion.  
Post-acquisition, LReit's exposure to the resilient suburban retail sector is expected to increase from 16.3 per cent to 46.8 per cent and its Singapore-centric asset base to be close to 88 per cent of its total portfolio value.  
CDL Hospitality Trusts (CDLHT), which owns hotel properties across Asia Pacific and Europe, rose 6 per cent over the trading day following the announcement of easing travel restrictions.  
CDLHT's Singapore portfolio (approximately 64.9 per cent by total portfolio valuation) continued to be impacted by the absence of major meetings, incentives, conferences, and exhibitions (MICE) events, large wedding banquets and social functions in FY 2021.

The trust remains optimistic in Singapore's commitment to reopening and returning to normalcy.  REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - Retail, hotel, office S-Reits gain with relaxed Covid rules

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<div class="content-caption">Insti investors continue to net buy sreits</div>
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<p>The iEdge S-Reit Index recovered 2.5 per cent in total returns over the past 5 sessions (Feb 25, 2022 through to Mar 3, 2022), after a 2 per cent decline seen last Thursday (Feb 24) as global markets saw major moves amid the market volatility.</p>
<p>Despite the dip, the iEdge S-Reit Index has returned 0.6 per cent in total returns for the whole period from Feb 24, 2022 through to Mar 3, 2022.</p>
<p>This means it outperformed the FTSE EPRA Nareit Asia ex-Japan Index which declined 0.7 per cent during the same period.<br><br>Within the S-Reit sub-sectors, gainers were led by the specialised, healthcare and office Reits while decliners were led by hospitality, retail and diversified Reits.</p>
<p>During the period, institutional investors have been a key driver in S-Reits' fund flow activities, accumulating net institutional inflows of S$30.4 million.</p>
<p>Retail investors on the other hand, net sold S$42.6 million for the sector.<br><br>In terms of sub-sectors, institutional flows were driven by inflows seen in diversified S-Reits (+S$16.7 million), specialised/data centre S-Reits (+S$6.9 million), and office S-Reits (+S$6.7 million).</p>
<p>The largest retail outflows were seen in diversified S-Reits (-S$22.8 million), office S-Reits (-S$6.6 million), and industrial S-Reits (-S$5.5 million).</p>
<p>On a year-to-date basis, S-Reits have seen a 2 per cent decline, against the Straits Times Index's 4.4 per cent total returns, while the FTSE EPRA Nareit Asia ex-Japan Index has seen a decline of 2.3 per cent.</p>
<p>Interest rates continue to be a key focus for the sector, as expectations of a rate hike grow.</p>
<p>As the earnings season concludes for the sector, broad based distribution per unit growth and healthy occupancy rates remain a common theme.<br><br><strong><em>REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/green-shoots-for-retail-and-hospitality-s-reits-amid-new-pandemic-phase" target="_blank" rel="noopener">&nbsp;</a><a href="https://www.businesstimes.com.sg/companies-markets/institutional-investors-continue-to-net-buy-s-reits" target="_blank" rel="noopener">read&nbsp;</a>the original version.</em></strong></p>


Insti investors continue to net buy sreits

The iEdge S-Reit Index recovered 2.5 per cent in total returns over the past 5 sessions (Feb 25, 2022 through to Mar 3, 2022), after a 2 per cent decline seen last Thursday (Feb 24) as global markets saw major moves amid the market volatility.
Despite the dip, the iEdge S-Reit Index has returned 0.6 per cent in total returns for the whole period from Feb 24, 2022 through to Mar 3, 2022.
This means it outperformed the FTSE EPRA Nareit Asia ex-Japan Index which declined 0.7 per cent during the same period.  Within the S-Reit sub-sectors, gainers were led by the specialised, healthcare and office Reits while decliners were led by hospitality, retail and diversified Reits.
During the period, institutional investors have been a key driver in S-Reits' fund flow activities, accumulating net institutional inflows of S$30.4 million.
Retail investors on the other hand, net sold S$42.6 million for the sector.  In terms of sub-sectors, institutional flows were driven by inflows seen in diversified S-Reits (+S$16.7 million), specialised/data centre S-Reits (+S$6.9 million), and office S-Reits (+S$6.7 million).
The largest retail outflows were seen in diversified S-Reits (-S$22.8 million), office S-Reits (-S$6.6 million), and industrial S-Reits (-S$5.5 million).
On a year-to-date basis, S-Reits have seen a 2 per cent decline, against the Straits Times Index's 4.4 per cent total returns, while the FTSE EPRA Nareit Asia ex-Japan Index has seen a decline of 2.3 per cent.
Interest rates continue to be a key focus for the sector, as expectations of a rate hike grow.
As the earnings season concludes for the sector, broad based distribution per unit growth and healthy occupancy rates remain a common theme.  REIT Watch is a weekly column on The Business Times,&nbsp;read&nbsp;the original version.

REIT Watch - Institutional Investors Continue to Net Buy S-Reits

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    <div class='content-caption'>Singapore office assets</div>
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<p>According to data from the Urban Redevelopment Authority (URA), office rental prices in Q4 2021 have improved by 0.9 per cent quarter on quarter. The improvement in Q4 2021 comes after a decline of 3.5 per cent in the previous quarter. On a year-on-year basis, office rents have improved by 1.9 per cent in 2021, after dipping over 8.5 per cent in 2020.</p>

<p>Office vacancy rates have also shown a slight improvement in the latest Q4 2021 at 12.8 per cent.<br><br>
Listed in Singapore are five S-REITs with significant exposure to local office assets: CapitaLand Integrated Commercial Trust (CICT), Mapletree Commercial Trust (MCT), Suntec REIT, Keppel REIT, and OUE Commercial REIT. Three have reported full year 2021 results.<br><br>
CICT is a diversified S-Reit which has 36.8 per cent of its portfolio value in office-related assets with a majority located in Singapore. It reported a full-year 2021 gross revenue exceeding S$1.3 billion and net property income of over S$951 million from its enlarged portfolio since the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020.</p>

<p>CICT's office portfolio has seen average office rentals improve 2.6 per cent quarter on quarter to S$10.33 psf on Dec 31, 2021 and improving from S$10.27 psf on Dec 31, 2020. The Reit's office occupancy rate stands at 91.5 per cent and it notes that the gap between committed rents and expired rents is expected to narrow as office market rentals look to improve.</p>

<p>CICT's major new leases and renewals completed in Q4 2021 and January 2022 included GIC, Mabanaft and Satellite (International) Singapore, and the Reit aims to continue to backfill vacancy in the portfolio as well as manage leases expiring in 2022.<br><br>
Suntec Reit has 82.2 per cent of its diversified portfolio in the office sector. It reported a full year 2021 gross revenue of over S$358 million, increasing 13.5 per cent year on year, and a net property income of over S$254 million, expanding 27.4 per cent year on year.</p>

<p>Suntec Reit's 3 Singapore office properties - Suntec City Office, One Raffles Quay, and MBFC Towers 1 and 2 - have an overall occupancy rate of 97.5 per cent, improving from 97.0 per cent the year before and exceeding that of Singapore's Core CBD occupancy rate of 93.3 per cent. Rent reversions grew 3.2 per cent in 2021 and its top 3 new tenants in 2021 include sectors from technology, media and telecommunications, banking, insurance and financial services, and manufacturing &amp; distribution.</p>

<p>Suntec Reit expects the outlook for its Singapore office portfolio to improve in tandem with economic recovery and income contribution to increase driven by cumulative positive rent reversions achieved in the past 14 quarters. However, the Reit notes that high expiry rents may result in weak positive rent reversion.</p>

<p>Keppel Reit is a pure-play office S-Reit with 78.4 per cent of its portfolio in Singapore office assets. It declared full year net property income of over S$172 million, increasing 27.3 per cent year on year and driven by acquisitions of Keppel Bay Tower in Singapore and Blue &amp; William in North Sydney and divestment of 275 George Street in Brisbane.</p>

<p>Keppel Reit has an occupancy rate of 95.4 per cent and its tenant retention rate was 62 per cent for FY2021.</p>

<p>OUE Commercial Reit is due to report second half and financial year ended Dec 31, 2021 after trading hours on Feb 16, 2022. <br><br><strong><em>REIT Watch is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/real-estate/keppel-groups-s-reits-average-36-dpu-growth-for-fy2021"> </a><a href="https://www.businesstimes.com.sg/companies-markets/s-reits-with-singapore-office-assets-sanguine-on-rental-outlook">read </a>the original version.</em></strong></p>
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    Singapore office assets


According to data from the Urban Redevelopment Authority (URA), office rental prices in Q4 2021 have improved by 0.9 per cent quarter on quarter. The improvement in Q4 2021 comes after a decline of 3.5 per cent in the previous quarter. On a year-on-year basis, office rents have improved by 1.9 per cent in 2021, after dipping over 8.5 per cent in 2020.

Office vacancy rates have also shown a slight improvement in the latest Q4 2021 at 12.8 per cent.  
Listed in Singapore are five S-REITs with significant exposure to local office assets: CapitaLand Integrated Commercial Trust (CICT), Mapletree Commercial Trust (MCT), Suntec REIT, Keppel REIT, and OUE Commercial REIT. Three have reported full year 2021 results.  
CICT is a diversified S-Reit which has 36.8 per cent of its portfolio value in office-related assets with a majority located in Singapore. It reported a full-year 2021 gross revenue exceeding S$1.3 billion and net property income of over S$951 million from its enlarged portfolio since the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020.

CICT's office portfolio has seen average office rentals improve 2.6 per cent quarter on quarter to S$10.33 psf on Dec 31, 2021 and improving from S$10.27 psf on Dec 31, 2020. The Reit's office occupancy rate stands at 91.5 per cent and it notes that the gap between committed rents and expired rents is expected to narrow as office market rentals look to improve.

CICT's major new leases and renewals completed in Q4 2021 and January 2022 included GIC, Mabanaft and Satellite (International) Singapore, and the Reit aims to continue to backfill vacancy in the portfolio as well as manage leases expiring in 2022.  
Suntec Reit has 82.2 per cent of its diversified portfolio in the office sector. It reported a full year 2021 gross revenue of over S$358 million, increasing 13.5 per cent year on year, and a net property income of over S$254 million, expanding 27.4 per cent year on year.

Suntec Reit's 3 Singapore office properties - Suntec City Office, One Raffles Quay, and MBFC Towers 1 and 2 - have an overall occupancy rate of 97.5 per cent, improving from 97.0 per cent the year before and exceeding that of Singapore's Core CBD occupancy rate of 93.3 per cent. Rent reversions grew 3.2 per cent in 2021 and its top 3 new tenants in 2021 include sectors from technology, media and telecommunications, banking, insurance and financial services, and manufacturing &amp; distribution.

Suntec Reit expects the outlook for its Singapore office portfolio to improve in tandem with economic recovery and income contribution to increase driven by cumulative positive rent reversions achieved in the past 14 quarters. However, the Reit notes that high expiry rents may result in weak positive rent reversion.

Keppel Reit is a pure-play office S-Reit with 78.4 per cent of its portfolio in Singapore office assets. It declared full year net property income of over S$172 million, increasing 27.3 per cent year on year and driven by acquisitions of Keppel Bay Tower in Singapore and Blue &amp; William in North Sydney and divestment of 275 George Street in Brisbane.

Keppel Reit has an occupancy rate of 95.4 per cent and its tenant retention rate was 62 per cent for FY2021.

OUE Commercial Reit is due to report second half and financial year ended Dec 31, 2021 after trading hours on Feb 16, 2022.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - S-Reits with Singapore office assets sanguine on rental outlook

Singapore

OUE Real Estate Investment Trust (“OUE REIT”) is one of the largest diversified Singapore REITs (“S-REITs”) with total assets of S$6.0 billion as at 31 December 2022. With seven properties across the commercial and hospitality segments in Singapore and Shanghai, the property portfolio comprises more than 2.1 million square feet of prime office and retail space, and 1,643 upper upscale hotel rooms.

OUE REIT invests in income-producing real estate used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs, hospitality and/or hospitality-related purposes, as well as real estate-related assets.

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OUE REIT (OUECT SP)

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions

REIT Watch - Singapore-based office S-Reits see growth in occupancy and rent reversions S-Reits with Singapore based office assets reported growth...

Singapore Exchange Ltd (SGX)

(Non-SGX Report) OUE Commercial REIT - PRICE PERFORMANCE

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)

REIT Watch - Retail, hotel, office S-Reits gain with relaxed Covid rules

Singapore announced the easing of Covid-19 measures on March 24 as the country takes a "decisive but measured step forward"...

Singapore Exchange Ltd (SGX)

REIT Watch - Institutional Investors Continue to Net Buy S-Reits

The iEdge S-Reit Index recovered 2.5 per cent in total returns over the past 5 sessions (Feb 25, 2022 through to Mar 3, 2022), after a 2 per...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits with Singapore office assets sanguine on rental outlook

According to data from the Urban Redevelopment Authority (URA), office rental prices in Q4 2021 have improved by 0.9 per cent...

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