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Tag: Bedok Mall

  • Calm water for Singapore’s CapitaLand Mall Trust quarter

    Calm water for Singapore’s CapitaLand Mall Trust quarter

    CapitaLand Mall Trust Management (CMTML), the manager of CapitaLand Mall Trust (CMT), says CMT has achieved a distributable income of S$103.5 million (US$75 million) for the quarter to September 30. That marks an increase of 4.9 per cent over the $98.7 million for the same period last year.

    Year to date, distributable income was $302.5 million, an increase of 3.3 per cent.

    CMTML CEO Tony Tan says the portfolio continued to deliver stable returns during the quarter, despite uncertain market conditions. Occupancy was 98.5 per cent, “well above the market occupancy level of 92.7 per cent”, he said.

    Asset enhancement initiatives to uplift the customer experience at Tampines Mall and Westgate are on track to complete in the fourth quarter of this year.

    During the third quarter, CMT’s gross revenue and net property income rose by 0.7 per cent and 1.1 per cent respectively year-on-year. Gross revenue was higher from Junction 8, IMM Building, Plaza Singapura, Bedok Mall and Tampines Mall, partially offset by lower gross revenue from Sembawang Shopping Centre, which was sold in June, and lower occupancy and rental rates contracted on new and renewed leases from JCube and Bukit Panjang Plaza.

  • CapitaLand Mall Trust remain stable despite challenges as retail sector stalls

    CapitaLand Mall Trust remain stable despite challenges as retail sector stalls

    Despite challenges in the retail sector, CapitaLand Mall Trust (CMT) maintained stability in its fourth quarter.

    “This points to the underlying strength of our well-located malls, and the management’s continuous focus on enhancing their offering as well as improving efficiency,” says CMT management company CMTML chairman Professor Richard Magnus.

    CMT achieved net property income (NPI) of S$119.3 million (US$90.6 million) for the period, to the end of December, up 2.6 per cent from the final quarter the previous year.

    With Singapore’s GDP growth expected to be stable this year, competition in the retail sector will remain intense, with new retail space coming onstream, says Magnus. “To stay at the forefront of a dynamic retail landscape, CMT will continue to push the boundaries and explore new ways to future-enable its malls.”

    CMT’s malls had an occupancy rate of 99.2 per cent at December 31, says CMTML CEO Tony Tan.

    “As part of our ongoing effort to enhance the offline and online shopping experience in our malls, we introduced seven click-and-collect lounges under CapitaLand’s partnership with e-commerce player Lazada. They are in Bedok Mall, Bugis+, IMM Building, JCube, Plaza Singapura, Tampines Mall and Westgate.”

    He says construction for Funan is progressing well. “With less than two years to target opening, Funan has received strong leasing interest for its retail and office components.”

    For its fourth quarter, CMT recorded growth of 1.8 and 2.6 per cent in gross revenue and NPI respectively year on year. The increase was mainly because of higher occupancy for Bugis Junction and The Atrium@Orchard, partially offset by lower gross revenue from Bedok Mall because of lower rental rates and reduced occupancy.

    For the full year, CMT recorded S$682.4 million in gross revenue, down 1.1 per cent. This was mainly because of the closure of Funan mall for redevelopment, lower rental rates and the lower occupancy at Bedok Mall. This was partially offset by higher rental from IMM Building, JCube and Clarke Quay.

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  • CapitaLand to manage SingPost Centre

    CapitaLand to manage SingPost Centre

    CapitaLand, through its wholly owned shopping-mall business CapitaLand Mall Asia, has signed its first third-party shopping centre-management contract in Singapore to run the new SingPost Centre.

    Described as a world-first, Singapore Post is currently building the 25,000 sqm shopping centre which will allow online and offline retailers to showcase their products, side by side.

    The SingPost mall marks the third management contract CapitaLand has inked in about six months, the other two being in China.

    With this contract, CapitaLand’s network in Singapore will increase to 20 malls with a combined gross floor area (GFA), excluding parking, of about 14.2 million sqft (1.3 million sqm).

    CapitaLand Mall Asia CEO Jason Leow says the signing of its first third-party mall management contract in Singapore – also its third across Asia in quick succession – shows the scalability of the group’s asset-light expansion strategy to grow assets under management.

    SingPost Centre is in the eastern part of Singapore, where CapitaLand owns and manages three malls – Tampines Mall in Tampines Regional Centre, Bedok Mall in the rejuvenated Bedok Town Centre and Jewel Changi Airport, scheduled to open in early 2019.

    Five-storey mall

    Under the contract, CapitaLand will oversee the pre-opening and retail management for the five-storey SingPost Centre mall, which has 269,000 sqft of GFA, excluding parking, and a net lettable area of about 175,000 sqft.

    “With CapitaLand as our mall manager, we will be able to optimise the returns from this property while we focus our attention on our core business of postal services and e-commerce logistics,” says SingPost covering group CEO Mervyn Lim.
    Targeted to open in the second half of this year, SingPost Centre will house the new General Post Office, which combines traditional counter service with technology-enabled innovations such as PopStations.

    Other tenants at SingPost Centre include Golden Village, Kopitiam, NTUC FairPrice, retail brands, family entertainment outlets and enrichment centres.

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  • CapitaLand Mall Trust overcomes ‘soft’ retail market

    CapitaLand Mall Trust overcomes ‘soft’ retail market

    CapitaLand Mall Trust (CMT) has overcome what it describes as a “soft” Singapore retail market to increase its profit and distribution.

    A 3.7 per cent increase in distributable income to S$193.9 million (US$143 million) for the first half-year coincides with a second quarter distributable income of S$97.1 million, a 3.3 per cent increase over the $94 million for the same period last year.

    “Despite a soft retail market, CMT continued to produce steady operational results in the first half,” says CMTML CEO Wilson Tan. “Backed by our portfolio of well-located shopping malls and extensive network of retailers, CMT had year-on-year increases of 3.6 and 2.3 per cent in shopper traffic and tenants’ sales per square foot respectively.

    “As at June 30, portfolio occupancy remained high at 97.9 per cent.”

    CMT’s Funan DigitaLife Mall, which closed from July 1, will undergo a three year redevelopment to become a lifestyle destination in the revitalised Civic and Cultural District, says Tan. Scheduled to be ready in the fourth quarter of 2019, the integrated development will include retail, office and serviced residences. The mall redevelopment is expected to achieve a return on investment of 6.5 per cent.

    For the second quarter, CMT registered higher gross revenue and net property income (NPI) of 7.1 and 6 per cent respectively year-on-year, mainly through a contribution of $14.5 million to gross revenue from Bedok Mall, acquired on October 1, and higher rental revenue from IMM Building, Tampines Mall and Bukit Panjang Plaza after asset enhancement.

    This was partially offset by the divestment of Rivervale Mall in December and lower gross revenue from Funan DigitaLife Mall.

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  • CapitaLand Malls ‘resilient’ to tough times

    CapitaLand Malls ‘resilient’ to tough times

    CapitaLand Mall Trust says its portfolio of “necessity malls” has proven resilient to the challenging economic and retail period of the last year.

    CapitaLand Mall Trust Management (CMTML), the manager of CapitaLand Mall Trust (CMT), has reported a distributable income for 2015 of S$392.0 million, up 4.4 per cent on 2014.

    Danny Teoh, Chairman of CMTML, said CMT has delivered a good set of financial results in 2015.

    “Distribution per unit to unitholders for 2015 increased 3.8 per cent to 11.25 cents, underscoring the underlying strength of our portfolio – made up of predominantly necessity shopping malls connected to or near transportation hubs serving large catchment areas.”

    Teoh says the trust reinforced its leadership position as Singapore’s largest real estate investment trust with the acquisition of Bedok Mall on October 1.

    “In addition, we unlocked value for unitholders with the sale of Rivervale Mall on December 15, where we recognised a gain of about S$72.7 million. Going forward, CMT’s established track record in proactive mall and asset management will ensure that we remain well-positioned to continually create value for our unitholders.”

    Wilson Tan, CEO of CMTML, said tenants’ sales per square foot and shopper traffic increased by 5.3 per cent and 4.9 per cent respectively last year.

    “Portfolio occupancy remained high, registering 97.6 per cent at December 31.”

    Clarke Quay achieved more than 90 per cent committed occupancy for the reconfigured space in Block C. Anchored by Zouk, a world-class dance club, Block C also comprises popular food and beverage (F&B) and entertainment outlets such as DV8 Club, a top notch live Mandopop concert club; Warehouse, a restaurant and bar with live music; Privé Clarke Quay, a new bar concept by lifestyle group Privé Group; Maziga Café & Bollywood Club, an Indian restaurant helmed by the team behind the Punjab Grill; and the highly anticipated Ramen Keisuke Lobster King, the latest offshoot of the well-known ramen chain Ramen Keisuke.

    “Singapore’s largest outlet mall IMM Building further enhanced its shopping experience and increased its total number of outlet stores to 85 with new designer brands such as Outlet by Club 21, Juicy Couture and Cole Haan. It also boosted its F&B offerings with additions such as Dôme Café. We will continue to transform our malls through asset enhancement initiatives and reinforce our relevance to the communities that we operate in,” said Tan.

    CapitaLand Mall Trust owns 16 shopping malls, strategically located in the suburban areas and downtown core of Singapore, comprise Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, Raffles City Singapore (40.0% interest), Lot One Shoppers’ Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, The Atrium@Orchard, Clarke Quay, Bugis+, Westgate (30 per cent interest) and Bedok Mall.

    CMT also owns 122.7 million units in CapitaLand Retail China Trust, the first China shopping mall REIT listed on SGX-ST in December 2006.

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  • CapitaLand sells Bedok Mall

    CapitaLand sells Bedok Mall

    CapitaLand has sold its 18 month old Bedok Mall in Singapore to a trust.

    CapitaLand subsidiaries Brilliance Residential and CMA Singapore Investments have entered into a sale and purchase agreement with HSBC Institutional Trust Services, trustee of CapitaLand Mall Trust (CMT), for the sale of the entire unitholding interest of Brilliance Mall Trust, which owns Bedok Mall. The sale is based on an agreed value of Bedok Mall of S$780.0 million and other net assets of Brilliance Mall Trust of about S$3.1 million. At the last valuation commissioned by CapitaLand, Bedok Mall was valued at S$775 million.

    Opened in December 2013 on New Upper Changi Rd, Bedok Mall has a net lettable area of 222,464 sq ft and is 99.3 per cent leased. Anchor tenants include Fairprice Finest, Uniqlo, Best Denki, Canton Paradise, Popular, McDonald’s and Din Tai Fung.

    It is the first major mall in the heart of Bedok Town Centre, serving Singapore’s largest estate of about 300,000 residents as well as other residents in the east of Singapore. It is part of an integrated retail-residential-transport development, which also includes the 583-unit condominium Bedok Residences developed by CapitaLand that received its Temporary Occupancy Permit in May 2015. The mall’s Basement 2 is directly linked to the Bedok MRT station while the new air-conditioned Bedok bus interchange, which began operations in January, is integrated with the mall on Level 2.

    Lim Ming Yan, president and group CEO of CapitaLand, said the proposed divestment, which remains subject to unitholder approval, as well as the ongoing divestment of a group of serviced residences and rental housing properties to Ascott Residence Trust and CapitaLand’s 30 per cent stake in PWC Building announced last month, are all examples of the company’s “robust capital recycling strategy”.

    “These transactions allow us to realise our investment value and development profit, and enhance our financial flexibility as we redeploy our capital into other ventures that will generate stronger returns for our shareholders.”

    Jason Leow, CEO of CapitaLand Mall Asia, said his company will continue to manage Bedok Mall.

    “We remain confident in the retail growth prospects in Singapore where we are the market leader with the largest network of 20 shopping malls. We are committed to the Singapore retail market and continue to be on the lookout for suitable new opportunities in Singapore and the region as we seek to strengthen our leadership position as Asia’s leading shopping mall developer, owner and manager.”