SINGAPORE (July 28): The manager of Mapletree Greater China Commercial Trust (MGCCT) has declared a distribution per unit (DPU) of 1.851 cents for 1Q17/18, marginally higher than the 1.85 cents reported in the same period a year ago.
Gross revenue for the quarter grew 4.6% to $88.9 million from $85 million in the previous year on higher revenue contributions from Festival Walk and Gateway Plaza.
Net property income (NPI) grew 3.7% to $72 million compared to $69.4 million in the previous year.
Notably, Festival Walk remained at full occupancy over the quarter and recorded rental reversions averaging 9% for retail leases that expired by end-June. For retail leases with expiries in FY17/18, about 80% have been renewed or re-let, says the manager.
The mall’s retail sales and footfall were up 2.1% and 4.6% respectively during 1Q17/18 against the same quarter last year, partly due to contributions from two mini-anchors, MUJI, and Festival Grand cinema.
The manager adds that during the quarter, Festival Walk continued to strengthen its tenant mix and brought in international and popular brands including Dr. Kong, eGG*, LACOSTE, La Prairie and Michael Kors.
On the other hand, Gateway Plaza’s occupancy rate improved from 96.9% as at end March to 98.8% as of June 30. Leases which expired by end June have been renewed or re-let with an average rental reversion of 10%.
Sandhill Plaza’s gross revenue remained stable at $5.9 million and occupancy rate was 97.5% as of June 30.
MGCCT’s manager says it continues to maintain a prudent and proactive approach on capital management, and that all the refinancing requirements – including the remaining HK$510 million of debt – due in March 2018 have been completed ahead of expiry.
“Going forward, we remain committed to deliver long-term returns to our Unitholders, as we optimise opportunities presented by emerging trends to enhance and add to the value of our portfolio,” says Cindy Chow, CEO of the manager.
Units in MGCCT closed flat at $1.11 on Friday.
