Asset enhancement is a continual process to create value for our shoppers, tenants and the community in our neighbourhoods. Over the years, to raise the value of our portfolio, our ongoing asset enhancement works have supported our asset management strategy related to trade mix, customer service and promotional activities through improving the layouts, efficiency and facilities of the properties that comprise the portfolio.
The main objective of our asset enhancement projects is to create a proper retail environment that attracts new retailers, addresses the changing needs of consumers and delivers satisfactory returns for investors. We adopt a strategic approach in identifying our asset enhancement projects. In order to capitalise on projects with the best potential, we have taken a macro view of individual districts and focused on population growth, household income, spending trends, transportation network connectivity and the local competitive environment.
As these asset enhancement projects progress, our portfolio offers customers a better shopping experience with more choices while improving the returns for unitholders of Link REIT.
We will continue to develop our asset enhancement pipeline with a clear focus by continuing our district strategy approach to capture projected growth in different districts, as well as by upgrading partially renovated properties further to fulfil the needs of the ever-changing retail market. We also seek to extend the asset enhancement coverage to our fresh markets and to properties ranked outside our top 50 properties (by valuation) to unlock the hidden potential of these assets.