Singapore Press Holdings’ (SPH) overall business saw improvements in the 1QFY2022 ended November.
In its business update released on the evening of Jan 11, the group attributed the overall growth with the economy's gradual recovery from Covid-19. “However, the impact of the evolving Omicron Covid-19 variant on travel, government-imposed restrictions and consumer sentiment is being closely monitored,” says the group in its statement.
Segmentally, SPH REIT reported an improvement in its tenants’ sales performance. The Woodleigh Residences saw some 84% of units sold as at Jan 6, with an improved average price psf of $1,997 as at December 2021 from $1,970 psf in September 2021.
See more: SPH REIT reports occupancy rate of 98.8% in 1QFY2022
Its purpose-built student accommodation (PBSA) achieved 98.6% of its target revenue for the academic year (AY) 2021/2022 as at Dec 22, 2021. It has also reached 31.1% of its target revenue for the AY2022/2023 as at Dec 20, 2021. The group’s 13 out of its 28 assets are also at full occupancy.
In the AY2022/2023, the group says its repeat booking rates have doubled compared to the AY2021/2022. The better performance was chalked up to intensive marketing campaigns that were targeted at current year students.
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In its aged care business, SPH reported an improved bed occupancy rate (BOR) at 87% from 84% for its Orange Valley assets in December 2021.
The group’s sgCarMart business has “continued to perform strongly” amid the recovery in the economy, with its used car listings achieving higher pricing and volume. sgCarMart’s auction subsidiary Quotz sold 50% more vehicles y-o-y, reaching a record sales volume.
Its restaurant-booking platform Chope raised US$15 million ($20.3 million) from Ant Group’s Alipay, which was part of a broader strategic partnership to boost the digitalisation of food and beverage (F&B) businesses in the region.
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The group’s media business was formally hived off to SPH Media Trust on Dec 1, 2021.
See also: SPH to cut loose former core media business with $351.3 million send-off package
Shares in SPH closed at $2.34 on Jan 11.
