This could boost the group’s future earnings.
Whilst Singapore Post's postal business continues to face declines due to e-substitutions, its mall segment is seen to boost its earnings in the coming years.
According to DBS Group Research Sachin Mittal, the redeveloped Singapore Post Centre mall will have a net lettable area of around 176,500 sqft.
"We believe that the mall will open progressively in 2H18 and full rental income contribution for the mall will kick in from FY19," Mittal said.
With this, it is estimated that the group could realise an additionally $17m per annum generated by SPC mall.
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