News

GVREIT remains strong with 92% occupancy rate and attains global connectivity standard Distribution of 0.1950 baht per unit

BANGKOK, 16 MAY 2023

Frasers Property Commercial Asset Management (Thailand) Company Limited or “FPCAMT” as the REIT Manager of Golden Ventures Leasehold Real Estate Investment Trust or “GVREIT” announced its operating results of the Trust for the second quarter of the fiscal year 2023 (January – March 2023), generating total revenue of 289.63 million baht, an increase of 3.32% compared to the same period of last year. The distribution payment for Q2/2023 will be paid at the rate of 0.1950 baht per trust unit, totaling over 158.89 million baht, which will be paid on 12 June 2023.

Ms. Chantraporn Chan, Managing Director of Frasers Property Commercial Asset Management (Thailand) Company Limited, said “The office rental business is gradually recovering as a result of the ongoing economic rebound. With the pandemic situation subsiding, companies are urging employees to return to regular office routines. A recent survey found that 40% of employers now want their employees to return to working in the office daily, compared to 26% in 2021. This suggests that the office environment remains a crucial aspect of the business sector”

In Q2 FY2023, GVREIT attained an average occupancy rate of 92% with Park Ventures Ecoplex and Sathorn Square recording an occupancy rate of 96% and 91% respectively. FPCAMT plans to continuously improve the quality of its assets to maintain its growth and competitive edge in the market. In anticipation of changing market demands, the Trust has taken steps to ensure that our prime-grade office buildings meet the highest standards of quality, sustainability, community support as well as providing integrated flexible services to meet the needs of modern business.

Park Ventures Ecoplex has recently undergone WiredScore evaluation to assess its digital connectivity and future-proof technology infrastructure, making this prime-grade commercial building become the first completed office building in Thailand to receive the highest level of certification, the Platinum standard. This achievement demonstrates the company's commitment to developing and operating buildings that cater to the needs and preferences of tenants and occupiers. Sathorn Square is currently undergoing  WiredScore evaluation, with results expected to be announced by the end of 2023.

To achieve steady growth and provide reliable returns to its investors, FPCAMT strives to maintain a high occupancy rate, keeps costs and revenue consistent, builds a strong relationship with tenants and follows an ESG roadmap. This approach ensures that GVREIT is recognized for its responsible business practice and trusted by its investors.