Mapletree Greater China Commercial Trust DPU up 0.1% to 1.9 S-cents

Higher shopper traffic and sales from Festival Walk pushed the revenue up.

Mapletree Greater China Commercial Trust’s (MAGIC) distribution per unit (DPU) picked up by 0.1% YoY to 1.9 S-cents.

According to CIMB, MAGIC also reported a 4.6% increase in gross revenue, largely due to positive rental reversions and a higher portfolio occupancy at 98.8%.

The net property income (NPI) margin was at 0.81% after lower marketing costs at Festival Walk (FW) offset higher property tax at Gateway Plaza (GP).

FW rental revenue went up 2.9% to $61.8m. Tenant sales and shopper traffic also rose by 2.1% and 4.6% thanks to special events in the mall.

Additionally, CIMB analysts Lock Mun Yee and Yeo Zhi Bin said, "80% of FY18 retail expiries have been renewed/leased and the tenant mix has been strengthened with more international and popular brands such as Dr Kong, eGG, LACOSTE and Michael Kors. As such, we anticipate a continued strong showing."

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