REVIEW
OPERATIONS REVIEW
As at 31 December 2014, Sabana REIT’s portfolio consisted of 23 industrial properties in Singapore.
These include 10 Changi South Street 2, which was acquired in December 2014. Master-tenanted and
multi-tenanted properties accounted for 57.8% and 42.2% respectively of the portfolio’s total NLA of
3,730,255 sq ft.
During the financial year under review, the leases of three master-tenanted properties namely, 3A Joo Koon
Circle
1
, 6 Woodlands Loop
2
and 2 Toh Tuck Link
3
, expired. We secured a new five-year master lease for
3A Joo Koon Circle with an existing sub-tenant, ST Synthesis Pte Ltd. For 6 Woodlands Loop, we renewed the
master lease with Wayne Burt Precision Technologies Pte. Ltd. for another three years. 2 Toh Tuck Link was
converted into a multi-tenanted property.
During the year, we had directly or in collaboration with our master tenants, secured a total of 86 lease
transactions (new leases and renewals) across the entire portfolio. The portfolio occupancy as at
31 December 2014 was 90.7%, with the 16 master-tenanted properties fully occupied and the seven
multi-tenanted properties approximately 78.0% occupied. The weighted average lease term to expiry by
sub-tenancy gross rent was at 32.1 months, a significant improvement from the 24.4 months at the time
of listing. The shift to multi-tenancies in FY 2013 and FY 2014 had provided greater diversification and
resilience to the Trust’s portfolio.
1
Master lease expired on 21 November 2014.
2
Master lease expired on 14 December 2014
3
Master lease expired on 21 November 2014.
LEASE TYPE BY NLA (%) (AS AT 31 DECEMBER 2014)
Master-tenanted
57.8
Multi-tenanted
42.2
SABANA REIT
|
ANNUAL REPORT 2014
51
