News

Commercial Property

Staff Reporter

, Singapore

Published:

1 year ago

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Photo by Pixabay from Pexels

Lendlease REIT SG portfolio sees good rental growth in 2024

As of 31 December 2024, its retail portfolio achieved 99.9% occupancy.

Lendlease REIT’s Singapore portfolio, which accounts for 90% of the company portfolio by valuation, has delivered good rental growth in 2024.

As of 31 December 2024, its retail portfolio achieved 99.9% occupancy with a positive rental reversion of 10.7% and a healthy tenant retention rate of 86.1%.

The group also secured a 13% increase over Jem office's prevailing base rent for five years effective 3 December 2024.

Jem office is fully leased to Singapore’s Ministry of National Development (MND) until 2044. By gross rental income, the MND is the top tenant contributing 11.2%, and is expected to increase to 12% on a proforma basis.

Looking ahead, the group said it will continue to focus on leasing Building 3 in Milan, proactive asset management, and optimisation of capital cost.

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