Mission accomplished: More than half of KepLand's lease expiries already addressed
Lease renewals were done at rates that are 6-7% higher than previously contracted one.
According to Nomura, CMT signed a total of 129,682 sq ft of new and renewal leases in 2QFY12 (vs. 264,123 sq ft in 1QFY12) and about half of these were for space at Funan, Plaza Singapura and Bugis Junction.
Here's more from Nomura:
Renewals at these three buildings were done at rates that are 6-7% higher than previously contracted ones during the quarter and committed occupancy remained relatively unchanged. Overall, more than half of the 2012 lease expiries have already been addressed.
Good demand for space under AEI
About 90% of the new retail space at The Atrium is now pre-committed, up from 73% the previous quarter, and the AEI is on track to be completed by 4Q this year. Blocks C and E at Clarke Quay, which are also doing asset enhancement, are 100% leased.