FCT maintains occupancy rate of 97.2% for Q1

Thanks to the healthy demand in retail spaces with the malls.

Frasers Centerpoint Trust (FCT) saw a stable occupancy rate at 97.2% for the first quarter of 2022.

The group attributed this performance to a healthy demand for retail spaces within the malls owned by FCT.

Other figures reported include good leasing traction over the same period with 22.8% gross rental income to be renewed over the financial year 2022 and the recovery of shopper traffic due to an easing of restrictions.

Tenant sales were close to the pre-COVID levels in October and November 2021. It finally exceeded said levels in December 2021.

The gearing level was at 34.5%, signifying a strong financial position with debt headroom.

38% of expiring leases were also committed by the end of first quarter, resulting in an improvement to weighted average lease expiry.

Aside from figures reported in their highlights, a five-star rating was also awarded to FCT for its GRESB 2021 assessment, whilst the group also established its Sustainable Finance Framework on 17 December 2021.

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