CapitaLand Ascendas REIT Provides Clarification Regarding Changi Business Park Article

CapitaLand Ascendas REIT (CLAR) has responded to recent reports regarding the occupancy rate of one of its properties at Changi Business Park. The company clarified that despite the challenges faced by some units at Hansapoint, its overall portfolio remains well-diversified and robust.

According to a report by Bloomberg, Hansapoint’s occupancy dropped to 36.5% after financial firm UBS downsized at the business park. In response, CLAR has been offering incentives such as a 3-for-2 rate to attract new tenants and retain existing ones.

CLAR emphasized that its properties in Changi Business Park contribute less than 4% to its monthly revenue and that its overall occupancy rate in Singapore stands at 83.8%, exceeding the industrial average. The company is actively engaging with prospects for the business park and remains confident in the resilience of its portfolio.

Furthermore, CLAR has undertaken proactive measures to enhance the performance of its properties, with successful asset enhancement initiatives leading to increased revenue. The company is also undergoing redevelopments and enhancements at five properties in Singapore to attract new tenants and address changing market demands.

In conclusion, CLAR remains committed to providing high-quality locations for diverse business sectors in Singapore. Despite the challenges faced at Changi Business Park, the company is optimistic about the future and the opportunities that lie ahead in the dynamic business landscape of Singapore.