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CapitaLand Mall Trust income edges up

CapitaLand Mall Trust (CMT), has achieved net property income (NPI) of S$246.4 million (US$181.08 million) for the six months to June 30, an increase of 3.7 per cent over the same period last year.

CMT’s manager, CapitaLand Mall Trust Management Limited (CMTML), says distributable income for the half was about $199 million, 2.5 per cent higher than last year’s first half.

CEO Tony Tan said CMT overcame soft market conditions to deliver stable results.

“Underpinned by our well-located shopping malls and proactive asset management, CMT’s portfolio occupancy remained resilient at 98 per cent as at June 30, well above the average market occupancy of 92.5 per cent.”

During the last quarter, CMT completed the sale of Sembawang Shopping Centre, the proceeds of which were used to repay existing loans, reducing gearing to 31.5 per cent.

In the second quarter, CMT’s gross revenue and net property income edged up 1.6 per cent and 2.8 per cent respectively year on year. “The stronger performance was mainly due to higher gross rental income from Plaza Singapura, Bedok Mall, Bugis Junction and Tampines Mall. The increase was partially offset by lower occupancy and rental rates contracted on new and renewed leases at JCube and Bukit Panjang Plaza, and lower gross revenue from Sembawang Shopping Centre which was divested on June 18.”

CMT owns 15 shopping malls, strategically located in the suburban areas and downtown core of Singapore.

Besides those mentioned above are Junction 8, Funan, IMM Building, Raffles City Singapore (40 per cent interest), Lot One, The Atrium@Orchard, Clarke Quay, Bugis+ and Westgate (30 per cent interest).

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