Stable quarter for CapitaLand Mall Trust
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With its well-located shopping malls, CapitaLand Mall Trust (CMT) has continued to deliver stable results in its first quarter.
This was despite industry headwinds, says CEO Tony Tan of CapitaLand Mall Trust Management (CMTML), CMT’s manager.
“Portfolio occupancy was resilient at 98.9 per cent as at 31 March.”
During the quarter, Raffles City Singapore completed interior enhancement works with the revamped Level 3 Atrium featuring a new garden-themed cafe. Meanwhile, the next phase of upgrading Tampines Mall has started and will include a new F&B duplex. This work is expected to be complete before year’s end.
Meanwhile, says Tan, the group has signed an agreement to divest Sembawang Shopping Centre, with the sale proceeds expected to enhance CMT’s financial flexibility.
CMT achieved net property income of S$125.7 million for the quarter to the end of March, up 4.7 per cent. Gross revenue grew 1.8 per cent, mainly because of higher occupancy for IMM Building, Clarke Quay, The Atrium@Orchard and Plaza Singapura, as well as higher car-park income.
Questions & Answers
Q.What were the key financial results for CapitaLand Mall Trust in the first quarter?
What were the key financial results for CapitaLand Mall Trust in the first quarter?
CapitaLand Mall Trust achieved a net property income of S$125.7 million for the quarter ending March, marking a 4.7 per cent increase. Gross revenue also saw growth of 1.8 per cent during this period.
Q.Which specific properties contributed to the increase in gross revenue for the trust?
Which specific properties contributed to the increase in gross revenue for the trust?
The growth in gross revenue was primarily due to higher occupancy rates at IMM Building, Clarke Quay, The Atrium@Orchard, and Plaza Singapura. Increased car-park income also played a role.
Q.What is the status of the upgrading works at Tampines Mall?
What is the status of the upgrading works at Tampines Mall?
The next phase of upgrading has commenced at Tampines Mall, which will include the addition of a new F&B duplex. These works are anticipated to be finished before the year's end.
Q.Which property is CapitaLand Mall Trust planning to divest, and what is the reason for this sale?
Which property is CapitaLand Mall Trust planning to divest, and what is the reason for this sale?
CapitaLand Mall Trust has agreed to divest Sembawang Shopping Centre. The proceeds from this sale are expected to improve the financial flexibility of the trust.
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