FRASERS Property registered S$1 billion in pre-sold revenue across Singapore, Australia, Thailand and China, as at Dec 31, 2024, its business update on Friday (Feb 7) indicated.
Net gearing stood at 86.4 per cent as at end-2024, up from 83.4 per cent as at Sep 30, 2024.
The increase in net gearing was mainly due to capital expenditure, especially for Frasers Logistics and Commercial Trust’s acquisition of an industry property in Singapore.
The group noted that it is “well-positioned to repay and/or refinance all debt due over the next 12 months” and a high proportion of fixed rate debt partially mitigates the effects of high interest rates.
Its net debt, as at end-2024, came in at S$14.9 billion, up 2.4 per cent from S$14.6 billion as at Sep 30, 2024.
On the residential portfolio in Singapore, its Toa Payoh joint development The Orie sold 86 per cent of residential units at an average price of S$2,704 per square foot over the launch weekend of Jan 18, 2025.
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A new project from the redevelopment of Robertson Walk and Fraser Place Robertson Walk, with 51 per cent effective interest owned by Frasers Property, is expected to launch in 2025.
“Singapore’s residential market remains resilient, driven by strong homeownership and investment appeal, while developers remain cautious on land bids amid increased housing supply to local demand,” said the group.
In Singapore, the operating performance of both retail and commercial portfolios remain healthy. As at end-2024, the committed average occupancy rate as a percentage of net leasable area was 98.5 per cent for its retail portfolio, and 89.1 per cent for its commercial portfolio.
The group also highlighted a steady development pipeline of industrial and logistics projects, which total to about 343,000 square meters (sq m) across Australia and Europe, about 118,000 sq m across Thailand, and about 158,000 sq m across Vietnam planned for completion in FY2025 and FY2026.
On the hospitality sector, Frasers Hospitality opened Modena by Fraser Vinh Yen, Vietnam and Yotel Tokyo Ginza, Japan in the first quarter of 2025.
The group plans to open a sub-cluster office in Bangkok, Thailand, to drive expansion in the South-east Asian region, as part of its efforts to enhance presence in core markets.
Shares of Frasers Property closed Friday flat at S$0.85, before the business update.
