Funan, Westgate boost CapitaLand Mall Trust income
CapitaLand Mall Trust has reported a third-quarter revenue gain of 17.6 per cent year on year.
According to CapitaLand Mall Trust Management Limited (CMTML), the manager of CapitaLand Mall Trust (CMT), net property income reached S$144.2 million for the three months to September 30 compared with $122.7 million during the same period last year. Distributable income was $113 million, up 9.1 per cent.
CMTML CEO Tony Tan said the result was underpinned by the first full quarter contribution of Funan, which opened on June 28, as well as the 100-per-cent contribution of Westgate after the trust acquired the balance 70 per cent interest late last year.
“The rejuvenation of Lot One Shoppers’ Mall is underway. Shoppers can look forward to an expanded public library and reformatted cinema which will offer more entertainment variety for moviegoers progressively from the second half of next year.”
Tan said the opening of three major malls this year, including Funan, has intensified the competition for consumer dollars.
“We will leverage CapitaLand’s lifestyle and rewards programmes – CapitaStar, CapitaVoucher and CapitaCard – and work closely with our tenants to drive retail sales at our malls. As one of Singapore’s leading lifestyle app offering the widest acceptance and largest multi-mall rewards platform, CapitaStar allows us to better understand shoppers’ needs and drive spending behaviours.”
CMT owns and invests in 15 Singapore shopping malls: Tampines Mall, Junction 8, Funan, IMM Building, Plaza Singapura, Bugis Junction, JCube, Raffles City Singapore (40 per cent interest), Lot One Shoppers’ Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, The [email protected], Clarke Quay, Bugis+, Bedok Mall and Westgate.