Frequently asked questions


What are Frasers Property Limited's core businesses?

We are a multi-national developer-owner-operator of real estate products and services across the property value chain.

Our multi-national businesses operate across five asset classes, namely, residential, retail, commercial & business parks, industrial & logistics as well as hospitality. The Group has businesses in Southeast Asia, Australia, Europe and China, and its well-established hospitality business owns and/or operates serviced apartments and hotels in over 70 cities and 20 countries across Asia, Australia, Europe, the Middle East and Africa.

Listed on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") and headquartered in Singapore, Frasers Property is also the sponsor of two real estate investment trusts ("REITs") and one stapled trust listed on the SGX-ST. Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust are focused on retail, and industrial & commercial properties, respectively. Frasers Hospitality Trust (comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust) is a stapled trust focused on hospitality properties.

In Thailand, Frasers Property (Thailand) Public Company Limited ("FPT") is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT ("FTREIT"), which is focused on industrial & logistics properties in Thailand, and Golden Ventures Leasehold Real Estate Investment Trust ("GVREIT"), which is focused on commercial properties. FPT, FTREIT and GVREIT are listed on the Stock Exchange of Thailand.

What is Frasers Property Limited's dividend policy?

The Company’s policy is to recommend dividends of up to 75% of the Company’s net profit after tax after considering a number of factors, including the Company’s level of cash and reserves, results of operations, business prospects, capital requirements and surplus, general financial condition, contractual restrictions, the absence of any circumstances which might reduce the amount of reserves available to pay dividends and other factors considered to be relevant by the Board, including the expected financial performance of the Company.

How often does Frasers Property Limited disclose its financial results?

Following the amendments to Rule 705(2) of the Listing Manual of the Singapore Exchange Securities Trading Limited which took effect from 7 February 2020, Frasers Property Limited changed to half-yearly reporting with immediate effect as of 13 May 2020.

We remain committed to engaging the investment community through clear, timely, as well as consistent communications, and will provide first and third quarter business updates. We will continue to keep shareholders updated on material developments relating to the Group in compliance with our continuing disclosure obligations.

How can I get a copy of Frasers Property Limited's annual report?

Online versions of published annual reports can be accessed here.

The mailing of annual reports to shareholders en masse has been discontinued in line with our sustainability strategy, and we hope you will join us in our sustainability efforts and embrace e-communications. Nonetheless, if you would like a hard copy of the annual report, you can request for one via the "Contact us" page or write in to ir@frasersproperty.com.

Where can I get information about Frasers Property Limited's retail bonds?

Information on our retail bonds can be found on the "Retail bonds" page.


The big picture

How have Frasers Property Limited's business operations and priorities evolved over the past decade?

In the last decade, we have embarked on a business transformation journey – one that would transform the business into one that can deliver value to stakeholders over the long term, to withstand the ups and downs of property cycles and continue to deliver sustainable returns.

Our key imperative in the initial years post-listing was to achieve balanced and diversified growth – by growing our portfolio outside Singapore and broadening our asset class mix. We then turned our attention to building business platforms driven by local expertise with deep domain knowledge.

In the recent five years between FY19 and FY23, we have primarily focused our investments in I&L and Singapore suburban retail assets, sectors where we see robust long-term fundamental demand. Today, I&L and retail across our markets comprise over 50% of our total property assets. In addition to continued growth in Europe on the back of our I&L investments, we increased our exposure in Thailand and Vietnam, markets where we have a natural competitive advantage given Frasers Property's heritage. Together with our sizeable business in Singapore, we now have a strong Southeast Asia presence.

After a decade of reshaping our portfolio and building competitive business platforms, we are entering the next phase of our journey with a focus on harnessing our Group synergies to enhance value. Hence, we have set up asset class centres of excellence this year to leverage collective asset class strengths, such as customer networks and expertise across the Group, while focusing on competitive advantage and customer centricity. From acquisition, design, capital planning, development and asset management, the centres of excellence will sharpen our core capabilities.

We hope to continuously improve the quality of our real estate space and services to our customers, enhancing our ability to be a trusted partner to our stakeholders.

For more information on our history, please visit https://www.frasersproperty.com/who-we-are/our-history.

How does Frasers Property Limited ensure that its business platforms remain competitive?

We have methodically built business platforms that are scalable, agile and well-equipped to capture growth opportunities and maintain relevance to customers.

Industrial & Logistics

The industrial and logistics (I&L) sector will continue to generate long-term value for the Group. I&L is part of the backbone of many businesses, from retail to pharmaceuticals, manufacturing and e-commerce. Given the multinational nature of many I&L tenants, we focused on building a multinational network that is positioned to support our customers' businesses and capture opportunities across geographies.

Our capabilities, coupled with our portfolio that has a strong sustainability and innovation focus valued by our tenants, have allowed us to achieve strong performance metrics across our markets.

Singapore suburban retail

Singapore suburban retail is another area of strength for us. The suburban retail sector in Singapore has unique characteristics that makes it a defensive asset class. Through strategic initiatives undertaken in recent years, we enlarged our portfolio of suburban retail assets and further deepened our presence in the Singapore suburban retail market, serving approximately half of Singapore's population.

We are now a leading suburban retail malls owner, manager and operator in Singapore. With scale comes operating efficiencies and an improved value proposition for tenants and shoppers. Importantly, our suburban malls are well-connected to the public transport network and this underpins our malls' positions as the go-to place for the local community to shop, play, meet and even work.

Southeast Asia presence

As a thriving global gateway city, Singapore is a magnet for global talent and many multinational firms. This makes Singapore a location of choice for asset and wealth managers. It is also the central hub for us to grow and diversify from. Our multi-asset class capabilities in Singapore creates a strong Frasers Property brand presence and network. This gives us immensely valuable market insights, while allowing us to undertake strategic partnerships with our stakeholders, such as industry and capital partners.

Similarly, we have multi-asset class capabilities in Thailand, where we are one of the largest I&L and mixed-used real estate players. We are fast expanding our I&L business in Vietnam to take advantage of the influx of foreign direct investments into the country. Of course, Frasers Hospitality has been in this region for 25 years and we have been actively growing management contracts.

Southeast Asia is the world's fastest growing region, and our Group is well-positioned to capture opportunities as it continues to attract investments.

For more information on our portfolio, please visit https://www.frasersproperty.com/what-we-do.

What steps have Frasers Property Limited taken to maintain the resilience of its business portfolio amid the current macroeconomic landscape?

Recurring income asset classes provide a stable earnings base for the Group. In FY23, thanks to the hard work of our teams, we achieved around 1.8 million sqm of renewals and new leases across our portfolio with positive rental reversions overall. With robust demand, we have been able to maintain healthy occupancy rates across the portfolio. The quality and differentiated offerings of our assets, with a strong focus on sustainability and innovation, are important factors in our ability to continue to attract demand.

Over the past five financial years, we have completed around 1.8 million sqm of non-residential development projects, most of which are now part of our investment properties portfolio. This build-to-hold approach has allowed us to build our asset portfolio in the best locations, while delivering target returns.

On the hospitality front, driven by the sustained recovery of global travel demand, we achieved higher occupancies and room rates in most markets. However, the recovery trajectory of the hospitality business has been challenged by inflationary pressures globally as well as manpower constraints and ongoing geopolitical tensions. Meanwhile, residential sales in FY23 were in line with our historical average of 5,000 to 7,000 residential units sold annually Group-wide.

The demand outlook for many of the Group's key markets remains resilient despite prevailing macro headwinds. We see generally favourable fundamentals in our selected markets and will continue to focus on the deeper end of the market where there is robust underlying demand.

For more information on business updates, please visit https://investor.frasersproperty.com/financial_information.html for the Group's half-yearly financial results and interim quarters business updates.

How will Frasers Property Limited's unlock value from its portfolio?

As at 30 September 2023, we have $48.6 billion of assets under management across our five asset classes. Being able to enhance value is important, as is being able to unlock value. Between FY18 to FY22, we have successfully unlocked $7.8 billion in total value through recycling to the Group's REITs, capital partnerships and sales of non-REIT assets to third parties. In FY23, we unlocked $0.3 billion. Unlocking value and capital recycling have been a key aspect of the Group's capital optimisation strategy and will continue to be so.

Redevelopment is another avenue to unlock the highest and best use returns for our existing assets. We have a sizeable portfolio of around $19.0 billion of non-REIT property assets in good locations. There is significant embedded value in many of these assets that can potentially be unlocked in time to come.

For more information on unlocking of value, please visit https://investor.frasersproperty.com/financial_information.html for the Group's FY23 full year results presentation.

What are Frasers Property Limited's strategic priorities for FY24 and beyond?

Frasers Property's capabilities and business platforms in our selected asset classes and markets provide us with a strong footing, as we embark on the next phase of our value creation journey. Over the years, our investment properties have provided the Group with a stable earnings base, while our development exposure has boosted our returns. Given where we are with interest rates and in line with our focus on improving the Group's returns, we will continue to leverage the Group's capabilities to increase our development exposure, which we believe can give us better risk-adjusted returns.

We will remain selective on the asset classes and geographies to be active in, with a focus on risk-adjusted returns, visibility of earnings and cash flows for each investment and at the Group level. Owning our investment properties through capital efficient structures continues to be a key focus area, be it on balance sheet, through listed REITs or private capital partnerships. This helps to improve capital efficiency and manage net gearing downwards while allowing more capital headroom for development projects that are expected to deliver better risk-adjusted returns.

We have all seen how life can change very quickly and unpredictably. We will continue to grow our core capabilities for future readiness and amplify them with technology and innovative solutions to produce excellence with the right speed. This is further supported by making further progress on the right management processes and systems, people and culture.

By anchoring to our Group's Purpose of and focusing on engaging with and delivering better for our stakeholders, Frasers Property can deliver long-term value creation and be resilient.

For more information on the integration of the Group's Purpose, sound governance and sustainability to underpin value creation at Frasers Property, please visit https://www.frasersproperty.com/who-we-are/sustainability for the Group's Integrated ESG Reports.


Our latest announced financial results

How did Frasers Property Limited perform in FY23?

Frasers Property's revenue for the financial year ended 30 September 2023 (FY23) increased 1.8% year-on-year to S$3,947.1 million, while profit before interest, fair value change, tax and exceptional items (“PBIT”) grew 5.1% year-on-year to S$1,313.2 million on the back of improved residential business performance, maiden contributions from NEX and better hospitality performance.

Despite stronger PBIT, the Group's attributable profit fell 81.3% year-on-year to S$173.1 million, mainly due to non-cash, unrealised net1 fair value losses on the Group's commercial properties in the UK and industrial and logistics properties in Australia and the EU, as a result of higher capitalisation rates amid a high interest rate environment.

Click here for Frasers Property Limited's results announcements and here to view a webcast of Frasers Property Limited's results briefing.

How is Frasers Property Limited's balance sheet position?

The Group ended FY23 with net debt to total equity of 75.8% and net debt to property assets of 40.4%, which the Group believes to be within acceptable levels given its property assets mix. Fixed rate debt comprised 72.4% of the Group's total debt, which had an average weighted debt maturity of 2.6 years. The Group's high proportion of fixed rate debt helps mitigate the effects of high interest rates, although there will be an impact on its average cost of debt as the Group refinances its debt moving forward. As at 30 September 2023, average cost of debt on a portfolio basis was 3.5% per annum, up from 2.7% per annum as at 30 September 2022.

Frasers Property has strong working relationships with its principal bankers with sufficient untapped banking facilities and coupled with the S$2.7 billion in cash and bank deposits as well as unrecognised residential sales revenue of S$2.6 billion2, the Group has ample liquidity headroom to meet its near-term and long-term operational needs.

Click here for Frasers Property Limited results announcements.

What is the proposed dividend for FY23?

Taking into consideration the Group's financial performance and cash flow requirements, and in keeping with the Group's efforts to maintain financial flexibility amid macro developments, Frasers Property's board of directors has proposed a first and final dividend of 4.5 Singapore cents per share for FY23, up from 3.0 Singapore cents per share for FY22.

Click here for Frasers Property Limited's dividend payment history.

What are some key developments during the financial year?

Amid the evolving macroeconomic environment, the Group's commitment to strengthening its foundation and investing in its core capabilities has equipped Frasers Property with the skills and experience to remain relevant in a rapidly changing world.

The Group's stable base of recurring income is supported by active asset management, stable occupancy rates and positive rental reversions. In FY23, the Group achieved around 1.8 million square metres of renewals and new leases across its investment properties portfolio, underpinned by demand for high-quality assets.

Over the course of FY23, Frasers Property completed around 312,000 square metres worth of development projects3 for its non-residential portfolio, with over 1.1 million square metres of pipeline projects under development for FY24 and beyond, mainly driven by industrial and logistics development projects. The Group is well progressed in its industrial and logistics expansion in northern Vietnam and has completed the acquisition of approximately 446,000 square metres of land (out of 776,000 square metres secured) through a joint venture with a local partner. Meanwhile, Frasers Property Industrial acquired four greenfield development sites totalling about 388,000 square metres across Australia and Germany over the course of FY23.

On the residential front, the Group remains focused on markets with strong underlying demand. In Singapore, the business has delivered healthy residential sales results with few units remaining for sale despite property cooling measures. In China, selective investments in Shanghai have led to successful sales launches with most projects fully sold. In Australia and Thailand, the level of sales and settlements have adjusted in tandem with market conditions. Against a backdrop of favourable supply-demand dynamics that underpin demand over the long term in its key residential markets, the Group will continue to selectively replenish land banks. As at 30 September 2023, the Group's pre-sold revenue for its residential business amounted to S$2.6 billion2.

Driven by the sustained recovery of global travel demand, Frasers Hospitality achieved PBIT growth of 27.8% year-on-year for FY23 on the back of higher occupancies and room rates.

While the Group recorded unrealised net1 fair value losses on its commercial properties in the UK and industrial and logistics properties in Australia and the EU in FY23, on the back of years of continual efforts to drive longer-term value creation from its investment properties, the Group's cumulative net1 fair value change from FY18 to date stands at a healthy S$3 billion4.

Focusing on ESG to enable sustainable and resilient growth remains at the core of Fraser Property's strategy. Frasers Property Industrial received its first 6-star Green Star Communities rating for The YARDS, an industrial estate in Australia, and was recognised as Regional Sector Leader for its existing assets in Australia in the Standing Investments assessment in the 2023 GRESB5 results. Meanwhile, Frasers Property Singapore saw the highest increase in scores among 5-star rated entities, improving from its 4-star rating in 2022. It was named Regional Sector Leader in the Asia's Diversified – Office/Retail (non-listed) category in the Standing Investments assessment. Frasers Property has also continued to expand its green and sustainable financing portfolio, raising over S$11 billion6 of green or sustainability-linked loans and bonds as at 30 September 2023.

Click here to view a webcast of Frasers Property Limited's results briefing.

What will Frasers Property Limited focus on in FY24?

Since Frasers Property's listing in January 2014, it has embarked on a value creation journey. While its financial performance may be affected by external forces in certain years including the recent high interest rate environment and ongoing global economic uncertainties, Frasers Property will continue to work on enhancing the resilience of its portfolio to deliver sustainable value to stakeholders over the long-term. After a decade of reshaping the Group's portfolio and building competitive business platforms, Frasers Property has leading business platforms in industrial and logistics, Singapore suburban retail, and a strong Southeast Asia presence.

With assets under management of S$48.6 billion as at 30 September 2023, and in line with its focus on improving its earnings, the Group will continue to enhance its development exposure in selected asset classes and geographies as well as driving better returns from recurring income asset classes. The Group will continue to build on the foundation it has developed over the years to drive value creation and sustainable portfolio returns.

  1. Net of gains and losses
  2. Includes subsidiaries at gross (100%) and equity-accounted joint ventures and associates, and joint operations at their effective share.
  3. Comprises industrial & logistics, commercial & business parks and retail developments.
  4. Before tax and non-controlling interests.
  5. Global ESG Benchmark for Real Assets, a mission-driven and industry-led organisation that provides actionable and transparent environmental, social and governance (ESG) data to financial markets.
  6. Includes joint venture entities debts' which are not included in the FPL group consolidated financial statements.

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