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CapitaLand Mall Trust’s (CMT) gross revenue and net property income (NPI) edged up year-on-year by 0.7 percent and 1.1 percent to $170.53 million and $122.68 million in Q3 2018 respectively.
At the same time, its distributable income increased by 4.9 percent to $103.54 million, while distribution per unit (DPU) rose 5.0 percent to 2.92 cents.
“CMT continued to deliver stable returns in Q3 2018 despite uncertain market conditions. Portfolio occupancy as at 30 September 2018 was 98.5 percent, well above the market occupancy level of 92.7 percent,” said Tony Tan, CEO of CapitaLand Mall Trust Management.
He added that CMT’s asset enhancement initiatives (AEI) at Tampines Mall and Westgate are on track to be completed later this year.
“In Q3 2018, we announced our intention to acquire the remaining 70 percent interest in Westgate to reinforce CMT’s market leadership in Jurong Lake District while enhancing portfolio resilience and income diversification,” he noted.
“An Extraordinary General Meeting will be held on 25 October 2018 to seek approval from Unitholders on the proposed acquisition. Assuming approval is obtained at the meeting, the acquisition of Westgate is expected to be completed on 1 November 2018.”
Furthermore, he said Funan mall (pictured) is anticipated to open ahead of schedule by Q2 2019 and start contributing to the trust by H2 2019.
Touted as Singapore’s first online-and-offline shopping mall, the integrated project’s office and retail components have recorded occupancy levels of 60 percent and 70 percent respectively, which includes leases under advanced negotiations.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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