Singapore

MAPLETREE Commercial Trust (MCT) on Thursday reported a 10.7 per cent year-on-year decline in net property income to S$78.9 million for the first quarter, attributing it largely to rental rebates given to retail tenants at its core VivoCity property during the Covid-19 pandemic.

Gross revenue for the three months ended June 30 was down 10.5 per cent at S$100.4 million, while property operating expenses were 9.7 per cent lower at S$21.5 million.