CapitaMall Trust (CMT), Singapore’s largest shopping mall landlord, reported a higher distribution per unit for the first quarter ended March as shopper traffic and tenants’ sales rose amid a weak retail market.
CMT said on Tuesday (Apr 21) that it made a higher distribution of 2.68 Singapore cents per unit for three months ended Mar 31, 2015, up 4.3 per cent over the same period in 2014.
Its gross revenue grew 1.6 per cent year-on-year to S$167.3 million for the first quarter, mainly due to the completion of the second phase of the asset enhancement initiative at Bugis Junction in September 2014.
“CMT started the year on a strong footing, registering year-on-year increases of 4.7 per cent in shopper traffic and 2.5 per cent in tenants’ sales. Portfolio occupancy as at Mar 31, 2015, remained resilient at 97.2 per cent,” said Mr Wilson Tan, CEO of the real estate investment trust’s manager, in the press release.
CMT had reported a 0.9 per cent fall in shopper traffic and 1.9 per cent drop in tenants’ sale for 2014.
The REIT added that it has completed reconfiguration works at Clarke Quay’s Block A. New-to-market brands include McGettigan’s, a modern Irish pub from Ireland; Motorino, a popular pizza joint from New York; and Catch!, a new homegrown eatery offering fish and chips.
In addition, the asset enhancement works for IMM Building, Bukit Panjang Plaza and Tampines Mall have made good progress and are on track to be completed as scheduled, CMT added.
Its other properties include Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Sembawang Shopping Centre, JCube and stakes in Raffles City Singapore and Westgate.
Source : Channel NewsAsia – 21 Apr 2015