Frasers Centrepoint Trust Q3 distributable income up 19% on year

Frasers Centrepoint Trust said its third quarter distributable income came to S$12.2 million, up 19% on year.

Third quarter gross revenue grew 10% to S$20.8 million while net property income increased 12% to S$14.1 million. This was driven by strong rental renewals at its Causeway Point and Anchorpoint malls.

Causeway Point renewed rentals at 17% above previous rates in the third quarter.

Anchorpoint’s third quarter gross revenues more than tripled to S$1.7 million from a year ago, as rents increased over 40% while the mall reverted to close to full occupancy with the completion of enhancement work.

According to Frasers Centrepoint, for the second straight quarter, unitholders can benefit from the current enhancement of the Northpoint mall, which will be completed in June next year.

Construction of Northpoint 2 is also in the final stages of completion. Northpoint 2 is expected to be injected into Frasers Centrepoint Trust between the end of this year and first quarter of 2009.

Source : Channel NewsAsia – 23 Jul 2008

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