On the other hand, it booked fair value gains on some of its industrial and logistics assets in other markets in Europe, and Australia, which enjoyed higher rental.
Lower residential sales in Singapore and Thailand, plus higher financing costs, weighed on the numbers as well, the company says.
PBIT, meanwhile, was down 15.7% y-o-y to $577.6 million.
"Continual market headwinds have created ongoing challenges for us, which are reflected in these results," says CEO Panote Sirivadhanabhakdi.
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To cope with the challenges, Frasers Propertyis looking at ways to build up its recurring income stream.
It is also actively recycling its assets, with a total of $1.1 billion recorded in 1HFY2024.
As at March 31, it has a portfolio of $48.9 billion in assets under management.
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Frasers Property says that 87% of its property assets in recurring income asset classes, while 86% of its PBIT was generated from these assets.
As at March 31, its NAV per share was $2.44.
In contrast, Frasers Property shares closed at 80 cents on May 10, unchanged for the day but down 11.11% year to date.
