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Tag: Bukit Panjang Plaza

  • 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.

  • Japan Food Holding trims offshore outlets

    Japan Food Holding trims offshore outlets

    Singapore-based Japanese restaurant chain Japan Food Holding achieved 10.8 per cent growth in net profit for the six months to September 30.

    This took its net profit to S$2.7 million (US$1.95 million) on the back of a 5.5 per cent increase in revenue to S$33.5 million.

    At the end of the period it had 51 outlets, up six from the same time a year ago.

    On a quarterly basis, the group maintained its net profit at about $1.4 million, while its revenue eased up by 4.7 per cent to $16.6 million.

    Japan Foods says its improved performance was driven mainly by it having more restaurants, with encouraging performances from its new brands including Dutch Baby Cafe, Ginza Kushi-Katsu and New ManLee Bak Kut Teh. There was also a higher gross profit margin for the second quarter, up from 84.3 per cent last year to 85.1 per cent, thanks to constant cost-management efforts such as bulk purchasing and product pricing.

    Outside Singapore, the group’s network dropped to 19 restaurants from 24 with the closure of three Ajisen Ramen restaurants in Malaysia and Vietnam. In Hong Kong, the group’s associated companies closed two Menya Musashi restaurants when their leases expired.

    Takahashi says the coming 12 months are expected to remain challenging in Singapore because of intense competition, tight labour supply, rising business costs and the uncertain economic outlook.

    Executive chairman/CEO Takahashi Kenichi says that consumer sentiment turning “bearish” because of recession fears has been tough on F&B businesses. “However, I believe we are offering good-quality food at reasonable price points, and this has enabled us to continue attracting diners.”

    Despite the solid overall result, the group’s flagship brand and main revenue generator, Ajisen Ramen, as well as its Keika Ramen brand, had a fall in revenue from $6.9 million in last year’s second quarter to $6.5 million for the latest period. This was a result of two Singapore restaurants – at Compass Point and Tiong Bahru Plaza – having to close for mall renovation works.

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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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