Frasers Centrepoint Trust achieves 99.5% retail portfolio occupancy in Q1

Shopper traffic increased by 2.7% YoY.

Frasers Centrepoint Trust (FCT) achieved a 99.5% committed occupancy rate for its retail portfolio in the first quarter ended 31 December 2024.

Shopper traffic increased by 2.7% year-on-year (y-o-y), and tenants’ sales rose by 2.5% YoY, driven by proactive asset and property management efforts.

FCT maintained a healthy financial position, with aggregate leverage improving to 39.3% as of December 31, 2024, compared to 38.5% at the end of September. The all-in cost of debt stood at 4.0%, down from 4.1% in 4Q24, whilst the average debt maturity was extended to 3.03 years, ensuring no refinancing risks for FY25.

Additionally, the $51m asset enhancement initiative at Hougang Mall reached 50% pre-commitment before works began, targeting a 7% return on investment. The project remains on schedule and within budget while the mall continues operations.

Community engagement efforts also contributed to increased footfall, with festive events during Christmas 2024 drawing 500,000 more visitors compared to 2023.

FCT said it remains focused on sustaining growth through high occupancy rates, effective financial management, and initiatives that enhance shopper and tenant experiences.