OUE REIT expects upcoming Singapore performances by Lady Gaga and Elton John to help lure more visitors to the city state, brightening the group’s outlook.
The real estate investment trust said it’s “cautiously optimistic” the country’s concert and event line-up for the year could counter what it called “macroeconomic uncertainties” and help Singapore compete for tourists with lower-cost destinations in the region.
Singapore expects to welcome 17 million to 18.5 million international arrivals this year, bringing in an expected S$29.0 billion ($22.1 billion) to S$30.5 billion in tourism receipts, OUE said, citing statistics from the Singapore Tourism Board.
OUE’s first-quarter net property income fell 12% to S$53.2 million, according to a Thursday filing, weighed by lower contributions from the hospitality segment due to a weaker pipeline. Overall retail rents should recover to pre-pandemic levels by 2025, it said.
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