Lendlease Global Commercial (JYEU) Q1 2027 TU earnings summary

Executive summary

• Strong start to FY2027, with portfolio committed occupancy at 94.4%, retail occupancy at 98.2%, and retail rental reversion at 10.0%.

• Priorities include PLQ Mall reconfiguration, Milan Building 3 leasing, Singapore acquisition opportunities, and selective non-core disposals.

Financial highlights

• Tenant sales rose 45.5% YoY; like-for-like sales excluding PLQ Mall increased 8.1% YoY.

• Visitation increased 27.4% YoY; like-for-like visitation excluding PLQ Mall rose 6.7% YoY.

• Portfolio value was S$4.2bn, market capitalisation S$1.8bn, and NAV per unit S$0.70 as at 30 September 2026.

Outlook and guidance

• PLQ Mall’s ~16,000 sq ft reconfiguration was on track for end-2026 completion; new tenants and a full-quarter contribution are expected to support income and momentum.

• FY2027 supports include lower funding costs, lower contracted electricity tariffs, and positive rental reversions; Building 3 leasing or a potential sale remains under consideration.

• Initiatives include a Discovery Walk refresh, Building 3 leasing, Singapore acquisition opportunities, and selective non-core disposals.

• CBRE Research projected prime Singapore retail rents to rise 1%–2% in 2026, supported by tourism spending, events, and limited supply.