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CapitaLand Commercial Trust (CCT) posted a strong set of financial results on Tuesday (24 Apr), with its net property income (NPI) up 10.5 percent year-on-year to $77.21 million in Q1 2018.
Over the same period, its gross revenue grew 7.7 percent to $96.42 million, while distributable income rose 7.5 percent to $76.61 million.
“The positive results are due to higher income from CapitaGreen, Capital Tower and Six Battery Road, as well as a full quarter contribution from Asia Square Tower 2. This was offset by lower contributions arising from the divestments of One George Street (50 percent stake), Golden Shoe Car Park and Wilkie Edge in 2017,” said CCT.
While its distribution per unit (DPU) fell 11.7 percent from 2.4 cents a year ago to 2.12 cents, it increased by 7.6 percent from 1.97 cents to 2.12 cents if it’s adjusted for the enlarged 3,611.7 million CCT units in the quarter under review compared to 2,969 million shares in Q1 2017.
As of 31 March, CCT’s overall portfolio committed occupancy rate hit 97.3 percent. The value of its deposited properties also reached $10.7 billion and its adjusted net asset value per unit stood at $1.74.
Meanwhile, CapitaLand Commercial Trust Management CEO Kevin Chee revealed that the 51-storey tower (pictured) being built on the site of the former Golden Shoe Car Park has secured its first anchor tenant.
“We are delighted that our upcoming integrated development in Singapore’s CBD – now known as “CapitaSpring” – has secured its first anchor tenant, J.P. Morgan, taking up close to a quarter of the development’s net lettable area,” he said.
The US-based financial giant has agreed to occupy 155,000 sq ft out of the 635,000 sq ft net leasable space on the 24th up to the 30th floor of CapitaSpring, which is expected to be completed by the first half of 2021.
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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