PETALING JAYA: Despite a slight improvement in its topline, Sunway Real Estate Investment Trust’s (Sunway-REIT) performance for the fourth quarter of financial year 2023 (4Q23) was dragged by higher costs.
However, several research houses remain optimistic on the REIT’s performance in financial year 2024 (FY24), led by the recovery in the country’s tourism sector as higher tourist arrivals continue to boost its hotel occupancies and support tenant sales and footfall among its prime malls.
Hong Leong Investment Bank (HLIB) Research said it cut its FY24 and FY25 forecasts by 1.5% for both years to account for higher property operational expenditure.
Kenanga Research said the occupancy rates are expected to keep improving in FY24.
This will be primarily driven by growth in domestic leisure, corporate, and meetings, incentives, conferences and exhibitions activities, along with a return to…
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