Frasers Centrepoint Trust (FCT) to distribute 2.07 cents in Q3

Frasers Centrepoint Trust (FCT) has announced a third quarter distribution per unit of 2.07 cents.

That’s 6.7 per cent higher than the DPU of 1.94 cents achieved in the same quarter last year.

Distributable income over the period rose 34.6 per cent to S$16.3 million while net property income jumped 46.3 per cent to S$21.5 million.

FCT said the increase in revenue was helped by contributions from its Northpoint 2 and YewTee Point properties, and a strong recovery in Northpoint’s performance after the completion of enhancement works.

Separately, FCT said the revamp of its biggest asset, Causeway Point, will help to increase unit-holder returns.

Causeway Point’s upgrade will span 30 months and cost S$72 million, translating to a return on investment of 13 per cent, based on the incremental net property income.

FCT said the enhancement to increase its net property income by 22 per cent to S$51.5 million.

FCT said to unlock value at the seven-storey shopping complex, the space occupied by big-box tenants will be downsized from 65 per cent of net lettable area to 50 per cent.

As specialty tenants pay higher rentals in view of their smaller footprint, this will help raise average rental at the mall.

Source : Channel NewsAsia – 23 Jul 2010

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