Bookmark & Share
CapitaLand Mall Trust’s (CMT) distribution per unit held firm in the first quarter of 2017 at 2.73 cents.
Gross revenue fell 4.3 percent from S$179.8 million to S$172 million, mainly due to the closure of Funan for redevelopment. Net property income dropped 6.1 percent from S$127.9 million to S$120.1 million.
The distribution yield was 5.51 percent, based on the trust’s closing price of S$2.010 per unit on 20 April 2017. Unitholders can expect to receive their Q1 DPU on 29 May, with the books closure date set at 28 April.
“Against a backdrop of global uncertainties and subdued business sentiment, CMT continues to deliver stable financial returns to unitholders,” said Wilson Tan, chief executive officer of the trust’s manager.
In fact, CMT’s portfolio occupancy has remained high at 97.7 percent as at 31 March 2017.
In an SGX filing, he revealed that Funan’s construction is progressing according to schedule, with piling works well underway.
“In response to the public’s excitement about the new integrated development, Funan will be unveiling its experiential showsuite at the end of this month,” he said.
“As the first retail showsuite in Singapore to be open to the public, it will allow our shoppers and partners to experience the dynamism of Funan’s new live-work-play paradigm even before its completion in Q4 2019.”
Moving forward, CMT will continue to carry its “three-pronged approach of active asset management (including asset enhancements), proactive capital management and operational excellence to maintain our lead in Singapore’s retail market,” added Tan.
This article was edited by Denise Djong.
Related Articles:
CapitaLand Mall Trust DPU up 0.7%