Singapore-listed office REIT, Frasers Commercial Trust, has reported a DPU of 2.51 Singapore cents for its 2Q 2017, an increase of 2.4% year-on-year from the 2.45 cents achieved in 2016.

Gross revenue and net property income increased by 3.2% and 4.1% to SGD40.2 million (USD 28.7 million) and SGD30 million respectively, while distributable income rose 3.5% to SGD20.0 million.

“These positive performances were underpinned by overall stronger results from the Australian portfolio coupled with the stronger Australian dollar, despite an offset by effects of lower occupancy rates at China Square Central and Alexandra Technopark”, said the REIT in a statement on 21 April.

Portfolio committed occupancy rate was at 91.8% as at 31 March 2017 with an income weighted average lease expiry (WALE) of 3.7 years.

The REIT also announced on the same day that a contract for asset enhancement works on Alexandra Technopark, which was first announced in January 2017, has been awarded and that preliminary works have begun.

“These improvements will at the same time greatly boost the marketability and long-term competitiveness of the property for the benefit of [Frasers Commercial Trust]”, said Jack Lam, CEO of the REIT’s manager.

Units of Frasers Commercial Trust are currently listed on the Singapore Exchange at SGD1.33.