Higher rents boost CapitaMall Trust’s Q1 DPU

SINGAPORE — CapitaMall Trust (CMT) yesterday reported a 4.3 per cent rise in first-quarter distribution per unit (DPU) from the corresponding period a year earlier, as Singapore’s largest shopping-mall landlord achieved higher rents following renovation work.

For the three months ended March 31, CMT reported a DPU of 2.68 cents, up from 2.57 cents in the year-earlier period. Gross revenue rose 1.6 per cent to S$167.4 million, mainly because of the completion of the second phase of the asset enhancement initiative at Bugis Junction last September.

That helped boost net property income by 3 per cent to S$117.7 million, which lifted distributable income by 4.2 per cent to S$92.9 million during the period.

“CMT started the year on a strong footing, registering year-on-year increases of 4.7 per cent in shopper traffic and 2.5 per cent in tenants’ sales. Portfolio occupancy as of March 31 remained resilient at 97.2 per cent,” said Mr Wilson Tan, CEO of the real estate investment trust’s manager.

The REIT said it had completed reconfiguration work at Clarke Quay’s Block A. New-to-market brands include McGettigan’s, a modern Irish pub; Motorino, a pizza joint from New York; and Catch!, a new home-grown eatery offering fish and chips.

Meanwhile, asset-enhancement work for IMM Building, Bukit Panjang Plaza and Tampines Mall has made good progress and is on track to be completed as scheduled, CMT added.

CMT’s other properties include Junction 8, Funan DigitaLife Mall, Plaza Singapura, Sembawang Shopping Centre, JCube, Atrium@Orchard, Lot One Shoppers Mall, Bugis+, Rivervale Mall and stakes in Raffles City Singapore and Westgate.

CMT also owns 122.7 million units in CapitaRetail China Trust, the first China shopping mall REIT listed on the Singapore Exchange. As of March 31,the total property portfolio of CMT amounted to about S$10.9 billion.