The ongoing COVID-19 pandemic had a minimal impact of Frasers Property Thailand as the fully-integrated real estate platform announced strong results for the third quarter of the current fiscal year. The performance was led by the firm’s residential property business.
Golden Land, the residential arm of Frasers Property Thailand, saw a 12.8 percent year-on-year revenue increase thanks in large part to significant demand for townhomes and townhouses. The developer specializes in detached housing projects located in Bangkok and upcountry. Pre-sales at Golden Land’s 58 active projects totaled THB8.8 billion during the third quarter of the 2020 fiscal year.
Frasers Property Thailand did see a decline when it came to its commercial property portfolio, but that was expected. The firm granted rental relief granted to tenants during the COVID-19 outbreak while its hospitality business has taken a significant hit due to the travel restrictions that remain in place. However, there were several bright spots as well.
The developer’s office AUM occupancy is 94 percent while new tenants continue to move into its Samyan Mitrtown and The Parq retail spaces. The former has now reached 91 percent occupancy. Retail traffic has started to recover with Frasers Property Thailand having conducted several marketing events to bring in shoppers.
In July, the company’s Board of Directors approved a THB6 million divestment of industrial assets to the Frasers Property Thailand Industrial Freehold & Leasehold REIT in order. This will provide liquidity for future business ventures.
“Frasers Property Thailand will continue to closely monitor the COVID-19 situation and ensure that operations are carried out in a safe, effective and responsive manner for the well-being for our customers and employees. Overall, Frasers Property Thailand maintained a cautious outlook in the near-term given ongoing uncertainties on macro factors, despite better-than-expected performance in selective real estate sub-sectors,” the company announced in a press release.