Singapore-based mall operator Paragon Reit has reported a modest increase in revenue for the first quarter, along with plans to add new properties to its existing line-up.
The company owns three malls in Singapore – Paragon, The Clementi and The Rail, and two shopping centres in Australia – Westfield Marion and Figtree Grove.
For the three months ended March 31, gross revenue rose 3 per cent to US$54.5 million, mainly driven by Paragon mall, whose revenue grew 4.2 per cent to US$32.9 million, and The Rail, with revenue up 7.4 per cent to US$8.5 million. The results of the remaining three properties were relatively flat.
Portfolio occupancy stood at 98.1 per cent, with a weighted average lease expiry of five years by net lettable area and 2.9 years by gross rental income.
Regarding the Singapore operation, tenant sales increased 1.4 per cent to US$175.2 million, with all three malls in the city-state posting a 100 per cent occupancy rate.
Australia’s tenant sales were down 0.8 per cent to US$158 million, with the Westfield Marion and Figtree Grove shopping centres reporting occupancy rates of 97 per cent and 97.8 per cent respectively.
Paragon Reit also shared its plans for future acquisitions, including Singapore’s The Woodleigh Mall to which the firm has a right of first refusal.
The company added it will explore acquisition opportunities that will add value to its portfolio and improve returns to unitholders.
