Festival Walk continued to perform well, with full occupancy and an average rental reversion of 14% for retail leases that expired within 1Q18. However, due to the lower average rate of HKD during 1Q18 compared to 1Q17, gross revenue and NPI for 1Q18 declined by 1.5% and 1.1% respectively.
SINGAPORE (July 30): The manager of Mapletree North Asia Commercial Trust (MNACT), formerly known as Mapletree Greater China Commercial Trust, has reported a DPU of 1.881 cents for 1Q18 ended June, 1.6% higher compared to 1Q17 ended June.
Mapletree North Asia Commercial Trust Management says MNACT’s 1Q18 NPI of $76.8 million was 6.7% higher than 1Q17 NPI of $72.0 million mainly due to higher revenue growth from Festival Walk, Gateway Plaza and Sandhill Plaza as a result of higher rental rates, and new contribution from the Japan Properties from May 25, offset by the lower average rate of HKD.
