CapitaMall Trust hurt by 3% less shoppers
Blame it on competitive pressures at Lot 1 and Funan Centre.
According to OCBC Investment Research, the portfolio kept up a healthy occupancy rate of 98.6% on a combined basis, as of end 2Q12, with most of the slack coming from the Atrium@Orchard (70.7% occupancy) now undergoing enhancement works.
Here's more from OCBC:
For 1H12, 11% of total NLA has had their leases renewed, of which 84.1% of the tenants were retained. We also saw a 6.4% positive rental reversion, on average, across the new leases.
We understand that shopper traffic in 1H12 fell 3% YoY, mostly due to construction works near the IMM, Plaza Singapura and competitive pressures at Lot 1 and Funan Centre. Enhancement works at Bugis+, the Atrium@Orchard and Clarke Quay are on track to completion as planned.
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