Income sags for Frasers Commercial Trust
Final-quarter income dipped for property investment group Frasers Commercial Trust, with the overall decrease for the year being more moderate.
As at the end of September, its property portfolio included China Square Central (retail), Alexandra Technopark (offices) and 55 Market Street (offices/retail) plus interests in Australia.
Net property income for the fourth quarter was S$26.7 million (US$19.6 million), a 9 per cent drop from the same period last year. The decrease has been mainly attributed to repair and maintenance works in Australia as well as lower occupancy rates for Alexandra Technopark, China Square Central and another of its three properties in Australia.
The decrease was partially offset by a stronger Australian dollar.
For the year, the net property income was $113.8 million, 2 per cent lower, with the company citing the same reasons as the final-quarter drop.