Northpoint City gives Frasers Centrepoint Trust first-quarter boost

Increased rental revenue and higher occupancy at Northpoint City delivered a first-quarter boost for retail landlord Frasers Centrepoint Trust (FCT).

Gross revenue was up 8.7 per cent to $47.9 million, while net property income grew 9.1 per cent to $34.5 million.

Following the integration of the North Wing with the South Wing at Northpoint City, 99 per cent of the reconfigured areas have been leased and handed over to tenants, says FCT. Revenue from the North Wing jumped 39.5 per cent in the quarter to $12.93 million.

There was also revenue growth for the other two major malls in FCT’s portfolio: Causeway Point was up 1.9 per cent to $21.53 million, while Changi City Point added 5.8 per cent to reach $6.06 million.

FCT reports that the 97 leases accounting for 8.8 per cent of its total net lettable area were renewed at an average 1 per cent higher. An exception was Bedok Point, where rents for new leases fell 31.2 per cent. But for this, the portfolio rental reversion for the quarter would have been up 3.3 per cent.

There was a 92.6 per cent boost in portfolio occupancy at the end of December, up from 91.3 per cent a year earlier, mainly because of the Northpoint City North Wing improvement and Causeway Point.

Total sales at Northpoint City North Wing were up 41 per cent because of the increase in tenants. The mix has also shifted to become more focused on F&B, with 36.9 per cent of the leased area taken up by food and restaurants.

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