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.