Sasseur REIT’s Q1 portfolio sales hit record $261.7b

EMA rental income rose 5.7% in RMB terms, driven by double-digit outlet sales growth.

Sasseur REIT’s portfolio sales rose 11.4% YoY to $261.7b (RMB1.39b) in Q1 2026, marking its highest first-quarter portfolio sales since listing.

The growth was driven by stronger sales across all four outlets, supported by Chinese New Year promotional campaigns and shopper engagement activities.

Chongqing Liangjiang sales increased 11.1% YoY to 137.8m (RMB732.2m), whilst Chongqing Bishan rose 16.4% to $23.3m (RMB124.0m). Hefei sales grew 14.5% to $61.3m (RMB325.4m), and Kunming sales climbed 5.3% to $39.3m (RMB208.8m).

Chongqing Liangjiang and Hefei each achieved record first-quarter sales since listing, whilst Kunming recorded growth despite ongoing tenant repositioning.

EMA rental income in RMB rose 5.7% YoY to $34.9m (RMB185.5m). In Singapore dollar terms, EMA rental income increased 5.1% YoY to $34.2m.

The higher EMA rental income was supported by an 11.5% YoY increase in variable component income, in line with the 11.4% rise in outlet sales, as well as a 3.0% annual increase in fixed component income.

Portfolio occupancy remained high at 98.5% in 1Q 2026. Chongqing Liangjiang maintained full occupancy at 100%, whilst Chongqing Bishan stood at 99.3%, Kunming at 98.7%, and Hefei at 97.2% amid ongoing asset enhancement works.

Sasseur REIT also reported continued growth in its VIP base, which crossed the 5 million mark to reach 5.05 million members as at 31 March. VIP members contributed more than 60% of the portfolio’s 1Q 2026 outlet sales.

On capital management, the REIT lowered its weighted average cost of debt to 3.9% as at 31 March, from 4.4% at the end of 2025. Aggregate leverage remained low at 25.4%, whilst the interest coverage ratio improved to 5.0 times from 4.7 times.

Sasseur REIT had gross borrowings of $444.1m and an average debt maturity of 5.1 years. Its debt headroom stood at $862.5m.

For 2026, the REIT said it will focus on proactive asset management, prudent capital management, and acquisition-led growth, including strengthening brand partnerships, growing its VIP base, reducing finance costs, and seeking accretive acquisitions.

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