Acquisition boosts Dasin Retail Trust income 23 per cent
Singapore’s Dasin Retail Trust has posted a 23.1 per cent year-on-year increase in net property income to S$57.3 million, largely due to the full-year contribution from Shiqi Metro Mall which was acquired in June 2017.
Dasin Retail Trust is the only China retail property trust providing direct exposure to the fast-growing Guangdong-Hong Kong-Macau Greater Bay Area listed on the SGX main board.
In a statement the trust said a better performance from Xiaolan Metro Mall also helped the solid result.
Li Wen, CEO of the trustee-manager of DRT, said the trust’s retail portfolio continues to perform well despite the challenging operating environment, a testament to the quality and resiliency of our assets.
“Our strategy of proactive asset management has enabled us to consistently maintain a strong portfolio occupancy rate. As December 31, our portfolio registered 99.1 per cent occupancy with healthy-weighted average lease to expiry of 6.4 years by net lettable area.”
Last year, 288 new leases were signed and renewed with an average increase of 8.2 per cent over preceding rents. The valuation of the trust’s portfolio, which comprises four retail malls located in Zhongshan City, stood at about S$1.5 billion at year’s end.