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CapitaLand Mall Trust (CMT) saw its gross revenue increase 1.8 percent to $175.2 million during the first quarter of 2018 from $172 million over the same period last year.
Net property income rose 4.7 percent to $125.65 million from $120 million previously. CMT attributed the increase to higher occupancy at Clarke Quay, IMM Building, Plaza Singapura and The Atrium@Orchard, as well as higher car park income.
With this, distributable income stood at $99 million, up 2.1 percent from Q1 2017’s $97 million, while distribution per unit (DPU) improved 1.8 percent to 2.78 cents.
The annualised distribution yield for the period was 5.37 percent, based on the trust’s closing price of $2.10 per unit on 20 April. Unitholders can expect to receive their DPU for Q1 2018 on 30 May.
“CMT continued to deliver a set of stable results for the first quarter of 2018, despite industry headwinds. Portfolio occupancy was resilient at 98.9 percent as at 31 March, underpinned by CMT’s portfolio of well-located shopping malls and proactive asset management,” said Tony Tan, CEO of CMT’s manager.
He revealed that Raffles City Singapore has completed enhancement works for the interior of its mall, including lift lobbies, while the revamped Level 3 Atrium has been well-received by the public.
“To reinforce Tampines Mall’s position as a leading mall in Singapore’s most established regional centre, we have embarked on the next phase of asset enhancement works to create a new food and beverage duplex and refresh the walkway. This is part of our continual asset enhancement programme to refresh our properties and bring greater convenience to our shoppers. The current round of enhancement works for Tampines Mall is slated to complete by Q4 2018.”
To maximise returns for unitholders, the trust has also agreed to divest Sembawang Shopping Centre (pictured), the proceeds of which is expected to further enhance CMT’s financial flexibility, he added.
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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