SINGAPORE (June 26): DBS Group Research is maintaining its “buy” call on Frasers Commercial Trust (FCOT) with a Street-high target price of $1.70, on account of its five-year tenancy lease deal with Google at Alexandra Technopark (ATP).
See: Google Asia Pacific is new tenant at Alexandra Technopark
The average gross rent for Google is expected to be kept at ATP’s recent monthly signing rates of about $4 to low $4s psf, save for some step-ups that might occur in the lease.
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