Singapore
CAPITALAND Mall Trust (CMT) reported a 0.4 per cent rise in distribution per unit for the second quarter ended June 30 to 2.75 cents, notwithstanding a challenging retail landscape and the closure of Funan for redevelopment.
Tony Tan, CEO of the Reit manager, said he sees a bumpy ride ahead in terms of rental performance, as the Reit is focused on getting the right tenants that will do well in this competitive environment rather than those that can pay the higher rents in the short term.
It is now looking at ways to reposition malls that are not operating at the optimal level, he told analysts and reporters at a briefing on Friday.
CMT is already redeveloping former IT mall Funan into a...