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) showed.
Its net gearing was 86.4 per cent as at end-2024, up from 83.4 per cent as at Sep 30, 2024.
This increase was due mainly to capital expenditure, especially for Frasers Logistics and Commercial Trust’s acquisition of an industrial 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 mitigates the effects of high interest rates.
Its net debt as at end-2024 was S$14.9 billion, up 2.4 per cent from S$14.6 billion as at Sep 30, 2024.
Regarding its Singapore residential portfolio, the group noted that The Orie – its joint development in Toa Payoh – sold 86 per cent of its residential units at an average price of S$2,704 per square foot over its launch weekend in January 2025.
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The group also plans to launch a new project comprising residential and retail components this year via the redevelopment of Robertson Walk and Fraser Place Robertson Walk, with Frasers Property holding 51 per cent effective interest.
“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.
It also noted that the operating performance of both its retail and commercial portfolios in Singapore remained 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 in other markets. Slated for completion in FY2025 and FY2026, these projects span some 343,000 square meters (sq m) across Australia and Europe, 118,000 sq m in Thailand, and 158,000 sq m in Vietnam.
On the hospitality front, Frasers Hospitality opened Modena by Fraser Vinh Yen in Vietnam and Yotel Tokyo Ginza in Japan in the first quarter of 2025.
The group plans to open a sub-cluster office in Bangkok, Thailand, to drive its expansion in South-east Asia, as part of its efforts to enhance its presence in core markets.
Shares of Frasers Property closed Friday flat at S$0.85, before the business update.
