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Frasers Centrepoint Trust clocks 3.8% growth in Q1 DPU

FRASERS Centrepoint Trust (FCT) reported a 3.8 per cent year-on-year rise in distribution per unit (DPU) to three Singapore cents for the fiscal first quarter ended Dec 31, 2017.

Gross revenue for the period rose 8.7 per cent to S$47.9 million and net property income grew 9.1 per cent to S$34.5 million, thanks to higher rental revenue and higher occupancy upon the completion of asset enhancement initiative (AEI) at Northpoint City North Wing.

The integration of Northpoint City North Wing with the South Wing has been completed, with 99 per cent of the reconfigured areas leased and handed over to tenants, said FCT's manager Frasers Centrepoint Asset Management Ltd.

Revenue from Northpoint City North Wing during the quarter ended Dec 31, 2017 jumped 39.5 per cent from a year ago to S$12.93 million.

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The other two major malls in FCT's portfolio also registered revenue growth, with revenue from Causeway Point up 1.9 per cent to S$21.53 million and Changi City Point up 5.8 per cent to S$6.06 million.

During the fiscal first quarter, 97 leases accounting for 8.8 per cent of FCT's total net lettable area were renewed at an average 1 per cent higher than what was clocked previously for the same retail space.

FCT enjoyed an improvement in portfolio occupancy to 92.6 per cent as at end-December 2017, from 91.3 per cent as at end-2016 and 92 per cent as at end-September 2016; Northpoint City North Wing's occupancy improved to 86.8 per cent as at end-December 2017 from 81.9 per cent a year ago.

Excluding Northpoint City North Wing, the portfolio shopper traffic in the three-month period ended Dec 31, 2017 was 1.4 per cent higher year-on-year. Shopper traffic through Northpoint City North Wing was 32.6 per cent lower compared to the same period last year due to closure of some entrances for temporary renovation.

Tenant sales from September to November 2017 in FCT's portfolio malls, excluding Northpoint City North Wing, grew 0.2 per cent from a year ago. Causeway Point and Changi City Point registered positive tenant sales growth while the performance at the three smaller malls Bedok Point, YewTee Point and Anchorpoint was mixed.

Total tenant sales at Northpoint City North Wing were 41 per cent higher compared to the same period a year ago, as more tenants commenced trading in the AEI-reconfigured area during the quarter.

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