Keppel REIT posts net property income rises 3.7% YoY in FY23

It saw a positive rental reversion of 9.9%.

Keppel REIT reported a 3.7% year-on-year net property income increase in financial year 2023 to $182.4m due to positive rental reversions as the prime office space saw healthy demand from diverse sectors.

In a disclosure, Keppel REIT said its property income rose by 6.3% to reach $233.1m, with its portfolio achieving a positive rental reversion of 9.9%.

It also saw a higher committed occupancy of 97.1% as of December 2023, compared to the 95.9% recorded by the end of the third quarter. Its portfolio and top 10 tenants have a remaining long weighted average lease expiry of 5.5 years and 9.7 years, respectively.

ALSO READ: Keppel inks multi-year PPA with GlobalFoundries

Its assets in Singapore and South Korea also have high ocupact at 99% and 95.8%, respectively.

Its Australia portfolio also achieved higher occupancy with 100% at 8 Chiefly Square during the fourth quarter, whilst 2 Blue Street’s committed occupancy rose to 66.4% from 42.5% in the previous quarter.

Follow the link for more news on

Keppel Corporation

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia