Frasers Centrepoint Trust’s Q1 DPU up 25 per cent

Frasers Centrepoint Trust (FCT) has announced a distribution per unit (DPU) of 1.95 cents for its first quarter of financial year 2011 which ended on December 31 last year.

Distributable income for the quarter grew by 25 per cent on-year to hit S$15.01 million.

As for net property income, it increased 16.8 per cent on-year to S$18.6 million.

Gross revenue rose 18.5 per cent on-year to reach S$27.6 million due to the accretive acquisitions of Northpoint 2 and YewTee Point.

Occupancy of FCT’s entire property portfolio stood at 92 per cent as of December 31, despite a dip in occupancy for Causeway Point. This was because other FCT malls maintained close to full occupancy.

Causeway Point has seen lower occupancy due to ongoing refurbishment, as some sections of the malls were closed to facilitate construction works, said FCT.

FCT added that Causeway Point’s refurbishment is expected to be completed by December 2012, and 13 per cent of refurbishment works have been completed as of end-December last year.

Causeway Point’s tenants have also pre-committed to 92 per cent of the space on level one, where most of the refurbishment works are taking place, said FCT.

Source : Channel NewsAsia – 24 Jan 2011

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