COMMERCIAL PROPERTY | Staff Reporter, Singapore

Energy firms enrich OUE Commercial REIT's portfolio

Customers from the sectors boosted rental income by 9.8%.

OUE Commercial REIT (OUECT) found more customers from the energy and commodities sectors in Q4, CIMB Research said.

According to a report, there was a greater appetite from the energy, commodities, maritime, and logistics sectors, which boosted rental income 9.8%, up from 8.5% last quarter.

Overall portfolio occupancy improved to 96.8% by the end of Q4.

Meanwhile, OUE Bayfront retained higher occupancy of 98.2%, albeit average passing rent fell to $11.43 psf per month.

One Raffles Place's office occupancy remained high at 96.5% with an average passing rate of $9.92 psf per month. Retail revenue made up a larger 15.7% share of gross revenue, thanks to a slightly better retail occupancy at 86.4%. 

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