High occupancy rates for CMTML
With high occupancy rates, CapitaLand Mall Trust Management (CMTML) has had its income edge up for its third quarter to the end of September.
The manager of CapitaLand Mall Trust (CMT) says CMT had net property income of S$121.4 million (US$89.1 million) for the period – up 1.6 per cent from the same period last year..
CMTML CEO Tony Tan says the results are “stable” amid soft market conditions with shopper traffic for the first nine months rising just 0.2 per cent.
Portfolio occupancy at September 30 reached a high of 99 per cent, up from 98.6 per cent at the end of the previous quarter. It’s not quite a record, having hit 100 per cent before.
During the quarter, CMT divested its units in Victory SR Trust, which owns the serviced residence component of the Funan complex, at an agreed land value of $90.5 million. This is aimed at improving the return on investment for Funan’s redevelopment.
Gross revenue dropped because of the Funan mall closing in July last year for redevelopment. There was also lower rental return from Bedok Mall, Junction 8 and Plaza Singapura.
As at September 30, CMT’s portfolio comprised about 2900 leases with local and international retailers. CMT’s 16 shopping malls include Bugis+, Bugis Junction, Clarke Quay, IMM Building, JCube, Lot One Shoppers’ Mall, Raffles City Singapore (40 per cent interest), Sembawang Shopping Centre, Tampines Mall, The [email protected], Westgate (30 per cent interest) and 90 out of 91 strata lots in Bukit Panjang Plaza.
CMT also owns 122.7 million units in CapitaLand Retail China Trust.