HIGHER portfolio occupancy rate of its properties, increased revenue from Northpoint City and Changi City Point, and lower property expenses delivered a second-quarter boost to retail landlord Frasers Centrepoint Trust .
Distribution per unit for the three months ended March 31 came in at 3.137 Singapore cents, up 1.2 per cent from 3.10 Singapore cents in the year-ago period. Gross revenue rose 2.3 per cent to S$49.7 million mainly due to higher revenue from Northpoint City North Wing and Changi City Point, while net property income grew 4.8 per cent to S$36.4 million.
FCT's property portfolio in Singapore comprises Causeway Point, Northpoint City North Wing , Anchorpoint, YewTee Point, Bedok Point and Changi City Point.As at end-March, the portfolio occupancy rate of its properties stood at 96 per cent, up from 94 per cent in the preceding year.Property expenses for the quarter fell 3.8 per cent to S$13.
Looking ahead, the manager said that the focus on necessity shopping, healthy mall occupancy and steady shopper traffic will help to underpin the stable performance and resilience of its portfolio.Units in FCT closed at S$2.36 on Tuesday, down 0.4 per cent, or one Singapore cent.
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