Sure, let’s shake things up a bit and dive into the nitty-gritty, with all its messy, beautifully chaotic details.
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## Lower net property income
Alright, so here’s the deal. OUE REIT—they’re waving around this report saying they pulled in S$53.2 million in net property income for the first quarter of 2025. Sounds decent, right? But hold your horses. That’s a cool 12.1% nosedive from last year. Yikes.
Now, if we shove Lippo Plaza Shanghai out of the picture—yeah, they dumped it in December 2024—the picture kinda changes. Instead of that scary 12.1%, we’re looking at a slightly less terrifying 4.1% drop. Not totally rosy, but better, I guess.
Guess what? While their offices are chugging along happily, their hospitality game took a hit. Blame it on the Hilton Singapore Orchard’s hiccups. It’s like, the office folks are partying, but the hotel’s having a rough night.
## Singapore Office Triumphs
Switch to the commercial side—things are spicier here. Net property income in their office sector actually nudged up 2.2% YoY. Score for 1Q 2025. It’s all happening in Singapore’s shiny skyscrapers—things are sizzling.
Check this: occupancy rates for those office spaces shot up to 96.3% by the end of March 2025. Compare that with the slightly meh 94.6% from December 2024. Almost like anyone and everyone wants a piece of this pie.
Rental reversions? Oh boy. They’re not just positive—they’re popping at 9.9% in 1Q25, compared to a still respectable 6.4% in 4Q24. Seems like they’re dancing to the beat and leveling up, so kudos to them!
## Hospitality Blahs
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Life’s a mixed bag, huh? One step forward, a few steps back. But hey, isn’t that what makes it interesting?
