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Tag: CMTML

  • CapitaLand Mall Trust’s 2018 Full-Year Earnings: Steady Growth in Distribution Per Unit

    CapitaLand Mall Trust’s 2018 Full-Year Earnings: Steady Growth in Distribution Per Unit

    CapitaLand Mall Trust (CMT) has achieved a distributable income of S$108.1 million for the December quarter, up 5.1 per cent on the same period a year earlier. CMT’s manager, CapitaLand Mall Trust Management (CMTML), says full-year distributable income reach S$410.7 million, up 3.8 per cent year on year. CMTML chairman Richard R Magnus said the results were achieved through “proactive asset and capital management” and reflect the quality of CMT’s portfolio, underpinned by attractive locations and diverse tenant mix.

    “Cognisant of the challenges ahead – which include slowdowns in the global and Singapore economies, uncertainty in the interest rate environment and competition from the completion of new shopping malls – we remain vigilant and will continually explore new ways to differentiate our malls from the competition and increase customer engagement.”

    CMTML CEO Tony Tan said the portfolio was rejuvenated last year by through the sale of Sembawang Shopping Centre and redeploying the proceeds into acquiring the remaining interest in Westgate – a higher-yielding quality asset.

    “During the fourth quarter, we completed the asset enhancement initiatives at Tampines Mall and Westgate, which are targeted at expanding their retail offerings and improving comfort and accessibility for visitors. In the same quarter, Plaza Singapura welcomed NomadX,

    CapitaLand’s first multi-label concept store featuring digital sensors, ePayment systems and unmanned store technology. By immersing our physical retail space with digital technology, we are empowering our tenants to strengthen interactions with a new set of customers while getting to know our shoppers better,” said Tan.

    “Through continual efforts to refresh CMT’s tenant mix and elevate the shopping experience, we ended the year with a high portfolio occupancy of 99.2 per cent.”

    Tan said the Funan redevelopment continues its leasing momentum and is on track to open in the second quarter of this year.

    “Including leases under active negotiations, the leasing for Funan has reached more than 80 per cent.”

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  • 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.