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CapitaLand Mall Trust’s (CMT) distribution per unit (DPU) inched up by 0.7 percent to 2.71 cents in Q2 2015 from 2.69 cents for the same period last year, according to a press release from its manager.
During the period, distributable income climbed by 0.7 percent to S$94.0 million from S$93.4 million previously. However, net property income fell by 4 percent to S$109.5 million, while gross revenue dropped by 2.9 percent to S$159.6 million.
As a result, gross revenue for 1H 2015 dipped by 0.6 percent to S$326.96 million on an annual basis, while net property income slipped by 0.5 percent to S$227.19 million. Nevertheless, DPU grew by 2.5 percent to 5.39 cents compared to 5.26 cents in the corresponding six-month period in 2014.
“For the first half of 2015, we continued to deliver good operational performance. We registered year-on-year increases of 3.4 percent in shopper traffic and 2.9 percent in tenants’ sales. Portfolio occupancy as at 30 June 2015 remained high at 96.4 percent, despite ongoing asset enhancement initiatives and reconfiguration works at some of our malls,” said Wilson Tan, CEO of CapitaLand Mall Trust Management Limited (CMTML).
“As part of our proactive asset management strategy, Clarke Quay has been undergoing reconfiguration works at Block C. About 57,000 sq ft of space is being reconfigured to house new entertainment and food & beverage (F&B) tenants including Zouk, a world-class club, which will take up about 31,000 sq ft. This will further strengthen Clarke Quay’s position as Singapore’s most popular riverfront F&B and entertainment hub.”
Furthermore, CMT will start the interior rejuvenation works at Plaza Singapura in Q3 2015 to strengthen the mall’s position as a prime shopping venue in Orchard Road for families and friends.
Earlier this week, CMT announced that it could sell or redevelop Funan DigitaLife Mall. This follows the trust’s acquisition of Bedok Mall from CapitaLand for S$780 million last week.
Image: Artist’s impression of Plaza Singapura. (Source: CapitaLand Mall Trust)
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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