News
GVREIT announces its Q2/2024 performance, approving a distribution payment of THB 0.1915 per unit
BANGKOK, 16 May 2024
Frasers Property Commercial Asset Management (Thailand) Co., Ltd., or “FPCAMT”, the REIT manager of Golden Ventures Leasehold Real Estate Investment Trust (“GVREIT”), unveiled the trust's performance for the second quarter of fiscal year 2024 (January-March 2024), with total revenue amounting to THB 281.92 million. GVREIT announced a distribution for the second quarter of fiscal year 2024 at a rate of THB 0.1915 per trust unit, totalling over THB 156.03 million, with a payment scheduled to be paid on 13 June 2024.
Mr. Thanarat Boonyakosol, Managing Director of Frasers Property Commercial Asset Management (Thailand) Co., Ltd., stated: “During the second quarter of fiscal year 2024, the trust has maintained an average portfolio occupancy rate of 89%, higher than the market average. The average occupancy rate for Park Ventures is 95%, and 86% for Sathorn Square. GVREIT continues to execute its strategy to enhance competitiveness by focusing on tenant retention, attracting new tenants, efficiently managing leased space, and optimising costs. Currently, a key priority is overseeing the ongoing Asset Enhancement Initiative (AEI) to deliver an improved experience for tenants’ satisfaction.”
AEI projects currently underway are expected to be completed by the final quarter of fiscal year 2024. Users of both properties will experience office services at international standards, complemented by enhancements in convenience and quality of life through additional technology applications. Additionally, solutions for fully furnished office space are being prepared to facilitate rapid tenant relocation.
Looking ahead, the trust will closely monitor the office property market to address increased competition due to new supply and price competition. GVREIT aims to maintain high-quality office services that meet the needs of leading clients, along with delivering stable long-term returns for unit holders.
