Sasseur REIT outlet project sales fell 14.0% in the third quarter
Sasseur REIT outlet Recently, Sasseur REIT, list on the SGX, disclos its third-quarter results ending September 30, 2024. In the third quarter of 2024, the store sales of Sasseur REIT’s four outlet projects fell 14.0% year-on-year, from 1.114 billion yuan in the same period last year to 958 million yuan.
As sales fell, Sasseur REIT’s rental income also fell, recording 159 million yuan in the third quarter of 2024, a year-on-year decline of 2.0%. Among them, the variable income portion was 43.4 million yuan, a year-on-year decrease of 13.2%, while the fix income increas by 3% year-on-year to 115.2 million yuan.
It should be not that Sasseur REIT income is mainly divid into two parts
Fix income and variable income. Fix income is paid by Sasseur Group and increases by 3% per year; variable income is charg at different vp safety mailing lead proportions according to the sales performance of specific outlet projects, and the latter can better reflect the project operation status and current market changes.
Data source: Sasseur REIT announcement, compil by Business Insider
Looking at specific projects, the four projects Sasseur REIT outlet of Sasseur (Chongqing Liangjiang) Outlets, Sasseur (Chongqing Bishan) Outlets, Sasseur (Hefei) Outlets and Sasseur (Kunming) Outlets all record a decline in sales. Among them, the two projects in Chongqing saw the largest decline, both exce ing 17%. Chongqing Liangjiang Outlets, which account for the largest share of sales, record a drop of 17.8%.
In terms of occupancy rate
Except for a slight month-on-month to make Google’s marketing more inclusive decline of 0.3% at Sasseur (Chongqing Bishan) Outlet, the other three projects all record month-on-month increases or remain flat, so the overall occupancy rate reach 98%, maintaining a high level.
Regarding the decline in project sales
Sasseur REIT explain in the announcement Sasseur REIT outlet that the mobile lead sharp decline in sales of the Chongqing project was mainly due to the high temperature weather, which r uc consumers’ desire to travel and shop, thus affecting customer flow and sales. In addition, the decline in demand for international brand fashion goods also affect the overall project sales.
