Australia’s chronic undersupply of housing and strong demand for industrial property in Sydney, Melbourne and Brisbane will be big profit drivers for property giant Frasers, as it weathers downturns in the UK office market and the impact of higher interest rates globally, the Singaporean company said on Monday.

Half-year results published by Frasers Property Limited, which manages $55 billion of assets globally across listed and unlisted funds, showed a 20 per cent drop in revenue to $S1.55 billion ($1.67 billion) in the six months to March 31 and a 16 per cent slump in profits before interest and tax to $S578 million.