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Gross revenue rose 3.3 percent to $103.8 million year-on-year, while net property income climbed 0.9 percent to $81.1 million from $80.4 million in the same period.
CapitaLand Commercial Trust (CCT) saw its distributable income increase 2.6 percent year-on-year to $84.8 million in the third quarter ended 30 September, while distribution per unit (DPU) held flat at 2.20 Singapore cents.
The Q3 DPU “comprised an advanced distribution of 0.62 cents for the period from 1 July to 28 July 2019, which was paid out on 29 August 2019 and 1.58 cents for the period from 29 July to 30 September 2019, to be paid out with the Q4 2019 DPU in February 2020,” revealed CCT’s manager in an SGX filing.
In Q3 2019, gross revenue rose 3.3 percent to $103.8 million from $100.5 million over the same period last year, while net property income climbed 0.9 percent to $81.1 million from $80.4 million previously.
The stronger performance was mainly due to higher rental from Asia Square Tower 2, 21 Collyer Quay, Gallileo and Capital Tower.
This was offset by lower revenue from Bugis Village and Six Battery Road, increased operating expenses and the divestment of Twenty Anson in August 2018.
The trust also completed its acquisition of Main Airport Center in Frankfurt, Germany, which contributed income starting 18 September to 30 September 2019.
As at 30 September 2019. CCT’s portfolio comprises 10 assets, eight of which are in Singapore and two in Frankfurt, Germany.
“Singapore assets account for 92 percent of CCT’s portfolio property value while the German properties make up the remaining eight percent. Portfolio occupancy remained high at 97.6 percent as at 30 September 2019 through proactive engagement and negotiating lease renewals ahead of expiries to meet tenants’ space requirements,” said Kevin Chee, CEO of the trust’s manager.
The manager shared that committed occupancy for CCT’s 51-storey integrated development, CapitaSpring, has increased to around 30 percent ahead of its completion in 1H 2021.
It added that CapitaSpring also signed a memorandum of understanding with The Work Project (Commercial) Pte Ltd – which is one of its tenants – to tap “on their ‘Work-Meet-Host’ capabilities to operate flex (flexible spaces and amenities) solutions and curate exciting new offerings unique to the development”.
“As flex solutions become an increasingly essential component of tenants’ real estate requirements, CapitaSpring will offer integrated solutions comprising core (conventional workspaces) and flex,” said the manager.
“Going beyond coworking, CapitaSpring’s flex offerings will include spaces with lifestyle experiences such as a lounge, bespoke office suites, conference rooms and activity-based workspaces.”
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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