Against all odds, we have achieved stellar performance and continued to balance and serve the best interest of all our stakeholders, says outgoing manager of Sabana Industrial REIT in its farewell message on Oct 23.
The outgoing manager, overseen by Chairman Tan Cheong Hin and CEO Donald Han, wrote in a bourse filing that the REIT attained 19 consecutive quarters of positive rental reversion since 1QFY2021, an “outstanding track record of consistent performance”.
“The REIT’s income available for distribution per unit in 3QFY2025 of 1.01 cents, which matched the same high as 2QFY2025, was the strongest quarterly performance since 1QFY2018,” the note reads.
The managers add that the REIT is the best performing S-REIT in terms of total return of 34.2% for the first nine months of this year. The REIT also outperformed both the iEdge S-Reit Index and FTSE ST All-Share REIT Index from Jan 1, 2018 to Sept 30, 2025 with total return of 96.7%.
On July 21, 2023, Sabana REIT called for an extraordinary general meeting (EGM) to remove its manager “as soon as practicable” after the resolution is passed.
On Aug 7, 2023, unitholders of the REIT voted to remove the REIT’s manager at the time, Sabana Real Estate Investment Management (SREIM).
See also: FCT reports 6.059 cents DPU for 2HFY2025, up 0.6% y-o-y
Sabana REIT, on Aug 5, 2024, said it had identified and executed letters of intent with candidates whom it intends to propose as directors and senior management of the REIT’s new internal manager.
This August, the board announced that it will appoint Karen Lee as the CEO of its new internalised manager, and Goo Li Ling as chief financial officer (CFO) of the internalised manager.
The REIT also appointed two directors of the board, Quartz’s Havard Chi and One Hill Capital’s Bhavik Umesh Doshi, on Aug 22. The rest of the director elect will be appointed subsequently.
See also: First REIT divests hospitality asset for $25.9 million
“Your steadfast support, as stakeholders, has enabled us to build a REIT that now stands on an even higher, stronger and firmer ground than at the time the reconstitution took place in early 2018. We are heartened that our hard work and effort have been validated by the portfolio’s stellar performance as one of the best performing S-REITs in Singapore. As we step forward and look upwards to the future, we will be ever grateful for the opportunity to have shared the Sabana journey with all of you,” the outgoing manager’s note concludes.
Units in Sabana REIT closed 2.5 cents higher or 5.814% up at 45.5 cents on Oct 23.
