The manager of Mapletree Commercial Trust (MCT) has reported gross revenue of $348.7 million for the 3QFY2020/2021 ended December some 1.9% lower y-o-y.
3QFY2020/2021 net property income (NPI) also fell 1.2% y-o-y to $275.9 million.
Year-to-date (y-t-d) FY2020/2021 or 9MFY2020/2021 gross revenue and NPI contracted 29.1% and 30.1% respectively y-o-y, mainly due to the rental rebates that were given out to the REIT’s tenants.
The declines were mainly due to the rental rebates granted to eligible tenants who were affected by Covid-19.
The lower figures were, however, offset by contribution from MBC II, which was acquired on Nov 1, 2019.
SEE:Mapletree North Asia Commercial Trust sees 1H DPU drop 26% to 2.876 cents
As at Dec 31, 2020, MCT’s committed occupancy stood at 98.1% with a weighted average lease expiry (WALE) of 2.5 years.
Since phase two of Singapore’s re-opening, MCT says it has seen a “progressive recovery” in shopper traffic and tenant sales at VivoCity, which was boosted by festivities during the period.
This led the mall to record some $232.2 million in tenant sales or 85.9% of 3QFY2019/2020. The higher figures marked q-o-q improvements over sales in 1QFY2020/2021 and 2QFY2020/2021, which stood at 78.0% and 36.6% respectively of the corresponding periods last year.
Its revitalised food and beverage (F&B) area on level one was “well-received” by shoppers since its opening in September 2020, says the manager.
On capital management, the REIT says its facilities are “in place” to refinance all borrowings due in FY2021/2022, and that it has no more than 24% of debt due for refinancing.
As at Dec 31, 2020, the REIT has over $500.0 million of cash and undrawn committed facilities to meet working capital and financial obligations.
“Notwithstanding the Covid-19 disruptions to-date, we persisted in our efforts to enhance VivoCity. We are pleased that the revitalised promenade-facing F&B cluster on Level 1, that houses names like Shake Shack and Hoshino Coffee, has been completed and warmly received by shoppers,” says Sharon Lim, CEO of the manager.
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Lim adds that the mall welcomed the store expansion of its existing tenant, Adidas, with the opening of its flagship store on basement one.
“Spanning 6,000 square feet, this is the largest in Southeast Asia and carries the most extensive selection including exclusive and limited-edition pieces. It is also the first in Singapore to have a sneakers collectors lounge where fans can showcase their collections. Work is also in progress to introduce adidas’ second flagship store on Level 1, slated to open in 1QFY2021/2022. These additions will further define VivoCity’s position as a key destination mall,” she adds.
Units in MCT closed 2 cents lower or 0.9% down at $2.10 on Jan 27.
