Brief Overview:
Frasers Centrepoint Trust (SGX: J69U), or FCT, is Singapore’s largest suburban retail mall REIT.
As at 30 September 2025, its portfolio comprises of the following retail malls: Causeway Point, Century Square, Hougang Mall, NEX (50% interest), Northpoint City, Tampines 1, Tiong Bahru Plaza, Waterway Point (50% interest), and White Sands. This is in addition to an office property in Central Plaza in Tiong Bahru.
Collectively, its properties are worth approximately S$8.3 billion.
Portfolio Occupancy (4Q FY2024/25 vs. 1Q FY2025/26):
| 4Q FY2024/25 | 1Q FY2025/26 | |
| Portfolio Occupancy (%) | 98.1% | 99.9% |
| Portfolio WALE (by NLA – years) | 1.8 years | 1.7 years |
| Portfolio WALE (by Gross Rent – years) | 1.8 years | 1.8 years |
FCT’s portfolio occupancy continued to remain very strong, where it improved by another 1.8 percentage points (pp) from the previous quarter (i.e., 4Q FY2024/25) to a high of 99.9%. This can be attributed to improvements in the occupancy rates of Causeway Point (from 92.9% in 4Q FY2024/25 to 100.0% in 1Q FY2025/26), Tampines 1 (from 99.8% in 4Q FY2024/25 to 100.0% in 1Q FY2025/26), as well as Century Square (from 91.8% in 4Q FY2024/25 to 100.0% in 1Q FY2025/26).
In terms of occupancy levels by individual properties, 6 of its 9 retail malls (NEX, Causeway Point, Waterway Point, Tampines 1, Century Square, and White Sands) are fully occupied, with the remaining 3 malls having an occupancy rate of at least 99.3%.
As far as lease expiries are concerned, they are also well-spaced out – in the remaining 3 quarters of FY2025/26, 17.5% of the leases will be due for renewal, with an average of 32.3% of the leases will be due for renewal each year in the 2 years thereafter (i.e., FY2026/27 and FY2027/28), and the remaining 17.9% of leases only due for renewal in FY2028/29 or later.
Debt Profile (4Q FY2024/25 vs. 1Q FY2025/26):
| 4Q FY2024/25 | 1Q FY2025/26 | |
| Aggregate Leverage (%) | 39.6% | 40.3% |
| Interest Coverage Ratio (times) | 3.5x | 3.5x |
| Average Cost of Debt (%) | 3.8% | 3.5% |
| Average Term to Debt Maturity (years) | 3.2 years | 2.9 years |
| % of Borrowings Hedged at Fixed Rates (%) | 83.4% | 81.2% |
3 slight changes to highlight – a 0.7pp increase in its aggregate leverage to 40.3% (still considered healthy), a 0.3pp drop in its average cost of debt to 3.5%, along with a 2.2pp drop in the percentage of borrowings hedged at fixed rates at 81.2% (at this percentage, it is considered to be at a very high level).
On the REIT’s debt maturity in the coming years ahead, I note that in the next 3 financial years (from now till the end of FY2027/28), it has just 14% (in the remaining 3 quarters of FY2025/26), 3.4% (in FY2026/27), and 7.4% (in FY2027/28) of borrowings due for refinancing, which is minimal. A huge bulk (75.2%) of its borrowings will only be due for refinancing in FY2028/29 or later.
Closing Thoughts:
As expected, FCT’s portfolio occupancy continued to remain at a very high level, with 6 out of its 9 retail malls being fully occupied, which is impressive in my opinion.
While the REIT’s aggregate leverage inched up slightly, but it’s of no concern (at least for me) as it’s still within a healthy range. On debt maturity, I note that more than 75% of its borrowings will only be due for refinancing only in FY2028/29 or later.
Finally, no distribution payout is declared as the REIT has a half-yearly distribution payout frequency.
Related Documents:
Disclaimer: At the time of writing, I am a unitholder of Frasers Centrepoint Trust.
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