FCT’s aggregate leverage as of June 30 is 40.2%, an increase from 39.6% in the previous quarter. Green loans account for about 49.8% of its total borrowings.
The year-to-date cost of borrowing all-in is at 3.7%, due to higher interest rates. Meanwhile, the average debt maturity has been extended to 2.53 years from 1.91 years in the previous quarter.
FCT is the first in Singapore to collaborate with Oversea-Chinese Banking Corporation (OCBC) on its green loan offering with carbon credits, which will see the decarbonisation of Tampines 1 mall.
This is in line with Frasers Property’s goal to be a net-zero carbon company by 2050, across scope one, two and three emissions.
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Meanwhile, the group says that the works for its asset enhancement initiatives (AEIs) in Tampines 1 commenced in 2QFY2023 and are on schedule for completion in 3QFY2024. More than 90% of AEI spaces have been pre-committed to date.
Shares in FCT closed at 1 cent lower or 0.45% down at $2.19 on July 25.
