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What could offset Singapore Land's negative rental reversions?
Strong occupancies of more than 97% sounds like a good answer.
According to CIMB, 2012 is likely to see further negative rental reversion for 25-30% of office leases up for renewal. This is offset by strong occupancies of >97% following relocation of tenants from the redevelopment of UIC Building (office completion in 2015). "We see less room for downside with signing rent 20-50% below 2007/08 peak levels, and limited financial sector tenants, largest of which stands at 50% of NLA for Singapore Land Tower and 40% at SGX Centre. Conversely, rental upside is also likely to lag peers in the event of a financial services-led turnaround," it added.
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