Ascendas REIT posts 86.9% portfolio occupancy in Q1

The QoQ decline was largely due to non-renewals at the TÜV SÜD PSB Building.

Ascendas REIT registered an 86.9% portfolio occupancy in Singapore for Q1, with a positive rental reversion of 2.9% during the period, according to an announcement.

It declined both QoQ from 88.4%, and YoY from 88.6%. The decrease was largely attributed to non-renewals at TÜV SÜD PSB Building, as it is planned for redevelopment.

Amidst the Singapore economy’s 5.4% contraction in 2020, Ascendas REIT noted that demand is expected to remain subdued as companies are likely to stay cautious due to global uncertainties.

“Our priority is to keep building a stronger and profitable portfolio for the longer term. Ascendas REIT’s strong financial profile allows us to seize good opportunities to grow. We will maintain our long-standing strategy of diversifying across multiple developed countries and asset classes,” it said.

The REIT has also recorded a healthy balance sheet for Q1, with a 38% aggregate leverage.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Is HDB resale a good investment?
OrangeTee’s Dallas Hassan and Huttons Asia Real Estate Groups’ Lee Sze Teck answer frequently-asked questions on HDB.
Spoof proof: How the new SMS Sender ID Registry prevents phishing
Phishing remains a huge problem in Singapore, with reported incidents jumping from 16 to 5,020 within four years.