AsiaMalls' portfolio holding up in retail downturn

Singapore

DESPITE battling headwinds in the retail sector, property management company AsiaMalls Management turned in a decent performance last year for the six shopping malls that it manages in Singapore, meeting the target of the fund holding these assets.

Revenue for the malls, excluding two that were undergoing asset enhancements, grew 2.1 per cent in 2015 from a year ago. Net property income inched up 2.8 per cent from a year ago while a 5.6 per cent positive rental reversion was achieved. Tenant sales also improved by 1.3 per cent year on year despite a 2 per cent drop in shopper traffic or footfall.

If the two malls that were under renovation, Tiong Bahru Plaza and White Sands, were included, there would have been a "drag" on the overall portfolio performance, …