Calm water for Singapore’s CapitaLand Mall Trust quarter

CapitaLand Mall Trust Management (CMTML), the manager of CapitaLand Mall Trust (CMT), says CMT has achieved a distributable income of S$103.5 million (US$75 million) for the quarter to September 30. That marks an increase of 4.9 per cent over the $98.7 million for the same period last year.

Year to date, distributable income was $302.5 million, an increase of 3.3 per cent.

CMTML CEO Tony Tan says the portfolio continued to deliver stable returns during the quarter, despite uncertain market conditions. Occupancy was 98.5 per cent, “well above the market occupancy level of 92.7 per cent”, he said.

Asset enhancement initiatives to uplift the customer experience at Tampines Mall and Westgate are on track to complete in the fourth quarter of this year.

During the third quarter, CMT’s gross revenue and net property income rose by 0.7 per cent and 1.1 per cent respectively year-on-year. Gross revenue was higher from Junction 8, IMM Building, Plaza Singapura, Bedok Mall and Tampines Mall, partially offset by lower gross revenue from Sembawang Shopping Centre, which was sold in June, and lower occupancy and rental rates contracted on new and renewed leases from JCube and Bukit Panjang Plaza.