Asset enhancement at Northpoint City North Wing drives growth at FCT

Singapore

FRASERS Centrepoint Trust's (FCT) distribution per unit (DPU) edged up 1.8 per cent year on year to 3.053 Singapore cents for the third quarter ended June 30, while the enhanced Northpoint City North Wing drove net property income growth.

Gross revenue rose 10.9 per cent year on year to S$48.32 million on the back of higher contributions from its three larger malls, especially Northpoint City North Wing. Meanwhile, net property income was 13.7 per cent higher at S$35 million as revenue growth outpaced the increase in property expenses. Property expenses for the quarter totalled S$13.3 million, an increase of 4.3 per cent, mainly due to higher utilities tariff rates and property manager's fees.