FCT's retail portfolio committed occupancy rises to 98.4% in Q123

The REIT attributed the increase to healthy leasing demand.

Frasers Centrepoint Trust (FCT) saw improved occupancy in the first quarter of the financial year 2023 (Q123).

In a bourse filing, the REIT reported that its retail portfolio committed occupancy rose by 0.9%-pt QoQ and 1.2%-pt YoY to 98.4%, thanks to healthy leasing demand.

In Changi Point, occupancy rose 4.1%-pt, whilst Century Square saw a 1.9%-pt increase in occupancy.

In the same quarter, the REIT saw an increase in its tenants' sales (+13.4% YoY) and shopper traffic (+38.3% YoY).

FCT said its tenants' sales are 12% above the pre-COVID level.

"This shift to the future of work also reflects the trend of mall visitations becoming more purposeful," FCT said.