News

GVREIT completes 1QFY2024 with consistent performance and pays dividend of THB 0.2044 per unit

BANGKOK, 15 FEBRUARY 2024

Frasers Property Commercial Asset Management (Thailand) Company Limited (“FPCAMT”), as the REIT Manager of Golden Ventures Leasehold Real Estate Investment Trust (“GVREIT”), announced the Trust’s operating results for the first quarter of fiscal year 2024 (October-December 2023), with total revenue of THB 293.4 million, an increase of 0.83% compared to the same period last year. The dividend payment for 1QFY2024 to be paid on 13 March 2024 is set at THB 0.2044 per trust unit, totalling over THB 166.55 million.

Mr. Thanarat Boonyakosol, Managing Director of FPCAMT, as the REIT Manager of GVREIT, said: “For the first quarter of FY2024, GVREIT attained an average occupancy rate of 89%, demonstrating its resilience above the market average, with Park Ventures and Sathorn Square recording occupancy rates of 94% and 88%, respectively. We are committed to maintaining our position as a leading provider of Grade A office spaces in Bangkok’s CBD, and will be commencing Asset Enhancement Initiative plans for both properties this year, in response to the highly competitive market, that will further improve our operational efficiency and elevate the experiences of tenants and visitors alike.”

In FY2024, FPCAMT is committed to maintaining its robust operational plan, focusing on sustaining a high occupancy rate through the selective choice of quality tenants, underscored by a strong emphasis on building maintenance to deliver seamless services to building users. As part of the Asset Enhancement Initiative (AEI), commencing at Sathorn Square and Park Ventures buildings in March and April 2024 respectively, advance technological features will be introduced to enhance operational efficiency and sustainable performance. Tenants and visitors alike can look forward to upgrades to public spaces for a more contemporary, elegant and conduce working environment as well as new innovative services upon completion.

FPCAMT, as the REIT manager, is committed to implementing a prudent management approach aligned with its established plan. This includes effective cost management and appropriate expense control measures aimed at maximising efficiency and fostering sustainable returns for trust unitholders now and into the future.