ASEAN Real Assets: Forum takeaways

研报英文原文证据摘录

ASEAN Real Assets: Forum takeaways

after which management expects leasing momentum to

improve. Vacancies such as the former Hai Di Lao unit have already been backfilled.

Nightlife continues to be a more challenging category, although management remains

committed to preserving Clarke Quay’s entertainment identity. The reopening of Zouk

and a renewed focus on marketing activities should help rebuild traffic while the mix

gradually broadens toward a more balanced day-night destination.

Portfolio recycling remains a strategic focus, with Germany identified as the highest-

priority divestment target, though transaction conditions remain challenging given the

broader European interest rate environment, while the Main Airport asset continues to

perform relatively well within its submarket despite some occupancy volatility.

Australia sits lower on the divestment priority list, with two of the three assets

performing well at mid-90% occupancy and 100 Arthur Street showing improvement,

leaving no immediate pressure to dispose of the Australian portfolio. One Raffles Place

was highlighted as a particularly complex acquisition opportunity, likely requiring a

future redevelopment strategy and involving multiple leasehold interests, making

execution considerably more challenging than other CBD opportunities.

Longer-term redevelopment opportunities. Management will only pursue

redevelopments that makes economic sense where there is a meaningful increase in

gross floor area or a sufficiently attractive return on capital. Simply demolishing and

rebuilding an asset without additional GFA generally does not generate acceptable

returns. As an example, Junction 8 cannot realistically be redeveloped in its current

form unless additional land can be amalgamated or higher plot ratios secured.