It also secured positive rental reversion of 12.6% in its Singapore offices and achieved a committed occupancy of 97.6% in Mandarin Gallery, what Tee describes as showcasing stability and competitiveness in the market.
KGI Group Research (KGI) has initiated coverage with an “outperform” call on OUE (SGX:LJ3
) REIT, citing “resilience amid challenging market conditions” as its reason, with a target price of 30.9 cents.
Analyst Alyssa Tee notes that OUE REIT in its 1QFY2024 ended March 31 results reported a revenue of $74.9 million, a 9.5% y-o-y growth, and net property income of $60.5 million, a 6.9% y-o-y growth.
