COMMERCIAL PROPERTY | Staff Reporter, Singapore

Mapletree Greater China Commercial Trust’s net income jumps by 22.3% to $72.5m

On back of its resilient rental demand.

The commercial property firm continued its strong showing in the third quarter as expected, as it saw its revenue leap by 19.8% to $88.2m.

According to a report by OCBC, Mapletree Greater China Commercial Trust was boosted by additional contribution from its new acquisition, Sandhill Plaza.

OCBC added that the stellar showing was also due to rental uplifts from its other malls, as well as other positive FX movements. MGCCT’s distribution per unit also grew 11.6% to 1.854 cents.

“Management achieved strong positive rental reversions of 42% and 29% at Festival Walk’s retail and Gateway Plaza’s office segments, respectively, as at 31 Dec 2015. Overall portfolio occupancy stood at 98.7%, a slight increase of 0.3 ppt on a QoQ basis,” OCBC said.

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