Challenges, but CapitaLand Mall Trust proves steady
CapitaLand Mall Trust had net property income of S$117.5 million (US$86 million) for its second quarter to the end of last month – 1.2 per cent higher than the $116.1 million for the same period last year.
“Notwithstanding the challenges in Singapore’s retail sector, the trust has produced yet another steady set of results,” says CEO Tony Tan of CapitaLand Mall Trust Management, which manages the trust.
Its portfolio occupancy at June 30 was 98.6 per cent, outperforming the average market occupancy level, says Tan.
During the quarter, a major asset-enhancement initiative was completed for Bukit Panjang Plaza, with the rooftop garden and level-four public library being expanded. Other improvements include new dual-file escalators and a skylight roof.
At the end of April, Funan blazed a trail with the launch of its one-of-a-kind experiential show suite, a first for Singapore retail, says Tan. “Two months later, and with more than two years to go before its target opening, Funan’s retail component is already 30 per cent committed.”
He says the decreases in gross revenue for the year’s first two quarters were mainly because of Funan as it closed in July last year for the redevelopment.