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PR Newswire
21-01-2014, 10:05 PM
SINGAPORE - Frasers Centrepoint Trust’s (FCT) fiscal first-quarter distribution per unit (DPU) rose 4.2 per cent from the corresponding period last year to 2.50 cents, the company said on Tuesday, as its Causeway Point and Northpoint malls enjoyed strong rental growth.
Distributable income for the three months ended Dec 31 increased 4.3 per cent year-on-year to S$20.6 million. Net property income was up 4.4 per cent at S$28.3 million during the period as gross revenue rose 5 per cent to S$38.9 million, mainly coming from Causeway Point.
“During the first quarter, 90 leases accounting for 146,599 square feet or 16.7 per cent of FCT’s total net lettable area were renewed. Causeway Point and Northpoint achieved positive rental reversions of 15.4 and 7.3 per cent, respectively. For the entire portfolio, average rental renewals registered a 2.5 per cent increase over the preceding leases contracted three years ago,” the trust manager said.
FCT’s malls achieved a 96.7 per cent occupancy rate as at Dec 31, a decline of 1.7 percentage points from the preceding quarter, it said.
Occupancy at Causeway Point and Northpoint remained stable at 98.5 and 99.1 per cent, respectively. YewTee Point’s occupancy improved sharply to 97.1 per cent from 92.7 per cent in the preceding quarter, but Bedok Point’s occupancy declined to 80.2 per cent from 96.7 per cent because of renovation and vacancy from expired leases.
Distributable income for the three months ended Dec 31 increased 4.3 per cent year-on-year to S$20.6 million. Net property income was up 4.4 per cent at S$28.3 million during the period as gross revenue rose 5 per cent to S$38.9 million, mainly coming from Causeway Point.
“During the first quarter, 90 leases accounting for 146,599 square feet or 16.7 per cent of FCT’s total net lettable area were renewed. Causeway Point and Northpoint achieved positive rental reversions of 15.4 and 7.3 per cent, respectively. For the entire portfolio, average rental renewals registered a 2.5 per cent increase over the preceding leases contracted three years ago,” the trust manager said.
FCT’s malls achieved a 96.7 per cent occupancy rate as at Dec 31, a decline of 1.7 percentage points from the preceding quarter, it said.
Occupancy at Causeway Point and Northpoint remained stable at 98.5 and 99.1 per cent, respectively. YewTee Point’s occupancy improved sharply to 97.1 per cent from 92.7 per cent in the preceding quarter, but Bedok Point’s occupancy declined to 80.2 per cent from 96.7 per cent because of renovation and vacancy from expired leases.