Far East Hospitality net property income slips 8.4%
Lower occupancy rates led to lower revenues.
Far East Hospitality Trust (FEHT) posted a net property income of $18.19m for the first quarter, 8.4% lower than the $19.86 registered for the same period last year.
Gross revenue, which was at $21.3m, 6.9% lower than the same period last year due to lower occupancies in serviced residences and rental assistances given to tenants at commercial premises. Master lease rentals for the hotel segment remained the same.
FEHT will still push through with upgrading the rooms and common areas of The Elizabeth Hotel, enhancing the outdoor refreshment area of the Orchard Rendezvous Hotel, and redecloping the Central Square.
Moving forward, it plans to future-proof its infrastructures, grow its business hubs and expand its tourism offerings as the economy tries to recover from the pandemic.