Sabana REIT's property near Serangoon, New Tech Park. (Photo: REITsWeek)

Sabana REIT has witnessed a slight improvement in its occupancy level despite the loss of a major tenant at its flagship property, New Tech Park, in 1Q 2019.

The loss was exacerbated by the termination of the master tenancy at 10 Changi South Street 2 in 3Q 2019, and the expiry of the master lease at 3A Joo Koon Circle in 4Q 2019.

As a result, the overall occupancy for Sabana REIT is now at 77%, which is the lowest among all industrial REITs as seen in the Singapore REITs table.

However, this is an improvement from the 75.4% seen in the previous reporting period.

New Tech Park is currently undergoing refurbishment as part of efforts to incorporate a retail component.

Related: Sabana REIT evaluates tenants, mulls impact to Shari’ah compliant investors

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.