Frasers Centrepoint Trust (FCT) has posted a Distribution Per Unit (DPU) of 1.95 cents for the third quarter. This represents a fall of 5.8 per cent compared to the same period a year ago.
The trust posted gross revenue of S$27.3 million and net property income of S$18.7 million, which represents year-on-year decreases of 11.1 per cent and 13.4 per cent respectively.
FCT said that this was mainly due to lower contribution from Causeway Point, which is undergoing planned refurbishment works.
Overall, the trust’s portfolio occupancy rose to 88 per cent, from 83 per cent in March.
This came as occupancy rate at Causeway Point increased to 78 per cent from 69 per cent.
The other malls in the portfolio continue to maintain close to full occupancy.
FCT said 51.5 per cent of the construction works at Causeway Point have been completed, and the works are scheduled for completion by December 2012.
It said the basement and the first two levels of Causeway Point have re-opened, and tenants at these levels started moving-in around late June.
The trust said retailers continue to show keen interest, with pre-commitment levels running at close to 95 per cent.
When completed, FCT said the enhancement initiative will increase the net property income of Causeway Point.
Source : Channel NewsAsia – 26 Jul 2011