News
GVREIT announces 3QFY23 results with steady increase in revenue to THB 296.02 million
- Declares 3QFY23 dividend of 0.2015 baht per trust unit, to be paid on 14 September 2023
- 3QFY23 average occupancy rate of 92% underpinned by heightened demand for prime CBD office space
BANGKOK, 16 August 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 operating results of the Trust for the third quarter of the fiscal year 2023 (April – June 2023). Total revenue for the quarter was 296.02 million baht, an increase of 3.32% compared to the corresponding period last year. The distribution payment for 3QFY23 amounts to over 164.18 million baht, or 0.2015 baht per trust unit, which will be paid on 14 September 2023.
Ms. Chantraporn Chan, Managing Director of Frasers Property Commercial Asset Management (Thailand) Company Limited, said: “The total office supply in Bangkok has witnessed a gradual increase in both CBD and non-CBD segments. As a result, there has been a notable uptick in the demand for quality office spaces, prompted by organisational expansion and relocations to the city centre by established occupiers seeking to upgrade. FPCAMT is well-positioned to capitalise on this heightened demand for prime CBD office spaces, which has notably contributed to FPCAMT’s sustained high occupancy rate.”
In 3QFY23, GVREIT attained an average occupancy rate of 92% with Park Ventures and Sathorn Square recording occupancy rates of 95% and 91% respectively. FPCAMT is committed to continuously monitor and assess evolving market trends to improve the performance of its assets by delivering high-quality buildings strategically located in the prime CBD area.
The flight to quality trend has seen leading organisations opt for high-quality office buildings that seamlessly integrate technology and innovation to enhance overall convenience for users while remaining flexible with service packages that cater to various working styles. Moreover, tenants are seeking buildings that operate in alignment with Environmental, Social, and Governance (ESG) principles.
Looking ahead, the REIT remains focused on maintaining a high portfolio occupancy rate by proactively acquiring new tenants with a more up-to-date approach while sustaining good tenant engagement efforts. To deliver continued long-term value to unitholders, FPCAMT will exercise prudence in managing costs while seeking to enhance asset quality in its portfolio by optimising rental spaces.
