Frasers Property Limited (“Frasers Property”, and together with its subsidiaries, the “Group”) today announced its financial results for the first half-year ended 31 March 2025 (“1H FY25”).

FINANCIAL HIGHLIGHTS

The Group’s 1H FY25 earnings were driven by higher residential contributions from Singapore. Additionally, the absence of an impairment recorded in 1H FY24 and the reversal of tax provisions further boosted the Group’s attributable profit. Excluding one-off reversal of tax provisions, attributable profit was 13% lower year-on-year mainly due to higher net interest expense. 

Mr Panote Sirivadhanabhakdi, Group Chief Executive Officer of Frasers Property, commented, “Amid global uncertainties, we remain vigilant and proactive in assessing the health of our business and financial position, and we are confident Frasers Property is well-positioned to navigate these challenges. Our strength lies in the resilience of our business platforms, anchored on our three pillars to sustainable value creation – creating, sustaining and unlocking value – and the discipline instilled into our operations and our people. We will stay focused on strengthening our balance sheet, improving risk-adjusted returns and ensuring our operating model remains agile and fit for purpose.” 

As at 31 March 2025, the Group’s net debt³ to property assets ratio stood at 44.0% (30 September 2024: 42.1%), while net debt to total equity⁴ ratio rose to 88.5% (30 September 2024: 83.4%). The higher net debt was mainly due to capital expenditure and the acquisition of an industrial property in Singapore by one of the Group’s REITs. 70.3% of the Group’s total debt was either on fixed rates or hedged, with an average weighted debt maturity of 2.6 years and blended cost of debt of 4.0%. Net asset value per share and net tangible asset per share stood at S$2.38 and S$2.24, respectively.

1H FY25 KEY HIGHLIGHTS AND LOOKING AHEAD

Increasing development exposure to deliver better risk-adjusted returns

The Group’s residential development pipeline continues to generate earnings visibility, with unrecognised revenue of S$1.4 billion as at 31 March 2025. The successful sales launch of The Orie in Singapore in January and improving land sales in Australia reflect the Group’s residential development capabilities. Additionally, Frasers Property maintains a robust non-residential development pipeline, focusing on I&L assets across developed and emerging markets. This enables the Group to offer tailored logistics solutions amid evolving supply chain needs. In 1H FY25, the Group delivered approximately 402,500 square metres of development projects for its I&L portfolio, with approximately 682,000 square metres of I&L development projects in the pipeline. 

Driving returns through active asset and portfolio management

Frasers Property continues to strengthen its high-quality recurring income base. In 1H FY25, approximately 83% of the Group’s PBIT was generated from these recurring income asset classes. Active portfolio management remains a key strategic focus to enhance resilience of the Group’s investment properties portfolio. Over the past 18 months, the Group has selectively added approximately one million square metres of quality income-generating assets in sectors with favourable long-term market dynamics, while divesting non-core properties or those where values have been optimised. 

Consistently unlocking asset value and enhancing capital efficiency

In 1H FY25, the Group announced the proposed divestment of its stake in Northpoint City South Wing to Frasers Centrepoint Trust, subject to unitholders’ approval. In addition, the Group acquired a residential site in Shanghai, China via a 51%-held joint venture. In April 2025, the Group brought in a capital partner and placed a portfolio of eight industrial and logistics assets in Australia into a 50-50 joint venture. Additionally, the Group completed the divestment of Capri by Fraser, Barcelona, which is non-core to the Group’s hospitality portfolio, and progressed plans for strategic redevelopment within its non-REIT portfolio, with the Robertson Walk project in Singapore scheduled to launch in the second half of calendar year 2025.

Advancing on Frasers Property’s ESG commitments

The Group continued to progress towards its ESG goals in 1H FY25. To enhance data quality and stakeholder accessibility, Frasers Property obtained independent assurance of all of its Scopes 1, 2, and 3 carbon data and published an ESG databook and Carbon Data Basis of Preparation in 1H FY25. Several strategic partnerships, crucial to the Group’s ESG advancement, also came to fruition in 1H FY25. Notably, Singapore's first brownfield distributed district cooling network has commenced operations in March 2025. Led by SP Group, this network is expected to reduce carbon emissions by approximately 1,000 tonnes annually, with the Group’s Tampines 1 and Century Square retail malls serving as key injection nodes.

Adapting to evolving macroeconomic conditions

Frasers Property remains prudent in navigating a challenging macroeconomic landscape shaped by volatile interest rates, heightened geopolitical tensions, and shifting trade dynamics. With a diversified portfolio, disciplined capital management, and a clear focus on sustainable value creation, Frasers Property is confident in its ability to leverage its integrated investor, developer, manager business model to respond and deliver long-term returns across cycles.

¹ Profit before interest, fair value change, tax and exceptional items

² Profit after interest, fair value change, tax and exceptional items attributable to owners of the company 

³ Includes net debt of consolidated SGX-listed REITs

⁴ Includes non-controlling interests (primarily related to consolidated SGX-listed REITs) and perpetual securities