CapitaMall Singapore shrugs off retail gloom

CapitaMall Singapore’s shopping centres have improved their performance despite a lacklustre first quarter retail market in the city state.

CapitaMall Trust Management Limited (CMTML), the manager of CapitaMall Trust (CMT), has reported first quarter distributable income of S$92.9 million, a 4.2 per cent increase over the same quarter last year.

Wilson Tan, CMTML CEO, said shopper footfall in the three months to March 31 rose 4.7 per cent and tenant’s sales by 2.5 per cent. The occupancy rate of its portfolio “remained resilient” at 97.2 per cent.

CMT has 16 shopping malls and almost 3000 tenants, strategically located in the suburban areas and downtown Singapore. Its centres are Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, Raffles City Singapore (40 per cent), Lot One Shoppers’ Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, Rivervale Mall, The Atrium@Orchard, Clarke Quay, Bugis+ and Westgate (30 per cent).

“We constantly reinvent and rejuvenate our malls with a view to reap future benefits for our unitholders,” said Tan in a statement.

“We are pleased to update that Clarke Quay has completed its reconfiguration works at Block A. New-to-market brands include McGettigan’s, an authentic modern Irish pub from Ireland; Motorino, a popular pizza joint from New York; and Catch!, a new homegrown eatery offering fish and chips.

“In addition, the asset enhancement works for IMM Building, Bukit Panjang Plaza and Tampines Mall have made good progress and are on track to be completed as scheduled.”

CMT’s gross revenue grew 1.6 per cent year-on-year to S$167.3 million in the first quarter, mainly due to the completion of the second phase of the Bugis Junction refurbishment last September.

Net property income increased three per cent to S$117.7 million.