Frasers Centrepoint Trust’s net income down

Frasers Centrepoint Trust’s (FCT) net property income (NPI) slipped 1.1 per cent to $34.6 million in the third quarter. 

However, the company says revenue edged up 1.6 per cent year on year from $48.32 million to $49.1 million.

The property operator blamed its low NPI performance on higher property expenses arising from the absence of property tax refund, which occurred in the same period in 2018. The increased revenue was attributed to higher contributions from Northpoint City North Wing and Changi City Point. 

The portfolio occupancy rate of the properties as at June 2019 was 96.8 per cent, higher than the 94 per cent recorded for the same period last year.

Shopper traffic to the trust’s properties rose 6.1 per cent, primarily due to Northpoint City North Wing and YewTee Point. 

“We are excited to have executed two significant acquisitions during the quarter,” said Richard Ng, CEO of Frasers Centrepoint Asset Management.

“First, the completion of the acquisition of a 21.13-per-cent stake in PGIM ARF which owns and operates five suburban malls in Singapore and second, and the acquisition of the one-third stake in Waterway Point.”

FCT’s retail properties also include Causeway Point and Yishun 10 Retail Podium, Anchorpoint, YewTee Point, Bedok Point and Changi City Point.

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