CapitaMall Trust to distribute 3.52 cents per unit for Q2

CapitaMall Trust will distribute 3.52 cents per unit for its second quarter, up 13 per cent on year.

The figure was slightly higher than expected.

The mainboard-listed REIT booked a 20 per cent on-year increase in distributable income to S$58.7 million in the second quarter.

CapitaMall Trust said on Thursday it is optimistic it can deliver its projected distribution of 13.9 cents for 2008.

It cited strong retailers’ sales despite the weak economic environment.

The Trust said it expects retail rental rates in the Orchard Road shopping area to rise 17.5 per cent by 2012.

The other city areas, including the downtown Marina Bay, could see about 17 per cent higher rentals.

Rentals at malls in suburban areas could increase by about 16 per cent.

CapitaMall Trust said it plans to grow its assets in Singapore through acquisitions and increase income through asset enhancements to its properties.

Source : Channel NewsAsia – 17 Jul 2008

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