SEO Version
For FY12/13, about 13.8% of A-REIT’s gross revenue will be due for renewal and the balance 86.2% of portfolio revenue, barring
any unexpected tenant failure, is committed for the fnancial year. The current market rental rate for the space due for renewal in
FY12/13 and FY13/14 is between 16% and 32% higher than the weighted average passing rental. This provides opportunities for
potential positive rental reversions for its leases due for renewal or signifcant buffer against potential market decline.
MANAGER’S REPORT
Notes :
1.
A-REIT’s Singapore portfolio only
2.
FY11/12 renewal rental rates versus previous contracted rates
3.
Rental rates for new take up (including expansion by existing tenants) in 4QFY11/12 versus new take-up rental rates achieved in 3QFY11/12
4.
Rental rates for new take up (including expansion by existing tenants) in FY11/12 versus new take-up rental rates achieved in FY10/11
5.
New take up rate in the Hi-Tech Industrial segment declined by 9.1% due to quantity discount given to a new large space user
6.
New take up rate in the Logistics & Distribution Centres segment increased by 21.1% due to ground foor warehouse space leased in the eastern part of Singapore which
typically commands a higher rental rate
7.
New take up rate in the Logistics & Distribution Centres segment declined by 3.3% due to higher rental rate transacted for a ft out unit in the prior fnancial year
Multi-tenanted
properties
(1)
Net lettable area
(sqm)
Vacant space (sqm) FY11/12 increase in
renewal rates
(2)
4Q FY11/12
Increase /
(decrease) in new
take up rates
(3)
Increase /
(decrease) in new
take up rates for
the Financial Year
(4)
As at 31 Mar 2012
Business &
Science Park
357,687
25,151
6.0%
2.3%
8.5%
Hi-Tech Industrial
259,933
39,414
5.2%
(9.1)%
(5)
9.0%
Light Industrial /
Flatted Factories
271,791
43,725
11.0%
3.7%
11.5%
Logistics &
Distribution
Centres
297,489
18,847
15.7%
21.1%
(6)
(3.3)%
(7)
A-REIT China
Increase in renewal rates
Ascendas Z-Link
42.9%
Conclusion
Positive rental reversions of between 5.2% and 15.7% were achieved throughout all segments of A-REIT’s Singapore portfolio in
FY11/12. For A-REIT’s China property in Beijing, a rental reversion of 42.9% over the existing passing rental rate was achieved due
to the strong demand and tight supply of quality business park in the vicinity.
39
A DECADE OF ENABLING BUSINESSES
Powered by FlippingBook Publisher