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Mapletree NAC Trust posts 3.2% rise in Q3 DPU

MAPLETREE North Asia Commercial Trust on Friday posted a 3.2 per cent rise in distribution per unit (DPU) for its fiscal third quarter, lifted by higher distributable income.

DPU for the three months ended Dec 31, 2008 stood at 1.927 Singapore cents, up from 1.868 Singapore cents in the same period a year ago. 

Its distributable income for the fiscal third quarter rose 15.9 per cent to S$61 million, driven by acquisition of Japan properties and higher contribution from existing properties.

In its press statement, the trust said that in Hong Kong, market uncertainties together with the volatile stock and softer residential property markets have resulted in a moderation in retail sales momentum. Its Hong Kong property, Festival Walk, is expected to maintain a stable performance, as it is "well supported by local shoppers".

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For Beijing, tenants are taking a more cautious approach towards lease renewal and expansion given the uncertain economic environment, putting downward pressure on the city-wide occupancy rate. It added that while Gateway Plaza has been maintaining high occupancy rates, the weaker office market may pose challenges to the occupancy levels going forward.

Over in Shanghai, the expanding metro connectivity is expected to improve accessibility and continue to stimulate demand for business park space, even as more business park supply is expected to increase, the trust said.

Units of Mapletree North Asia Commercial Trust closed on Friday at S$ 1.23, up two Singapore cents.