“We see more upside from the repositioning 313@somerset’s tenant mix in view of its enlarged footprint to approximately 330k sq ft and shopper base following the launch of Grange Road carpark redevelopment in 2Q2022,” says Tan.
A new development along Somerset is set to enlarge the dominance of 313@somerset mall and the profile of its owner Lendlease Global Commercial REIT (LREIT), with acquisitions on the horizon expected to boost DPU (distribution per unit), says DBS Group Research.
Analyst Derek Tan likens the REIT to a “lotus flower in bloom” in a September 17 note, maintaining his “buy” call on the REIT with a raised target price of 90 cents from 85 cents previously.
