Mapletree Greater China Commercial Trust NPI up 5.4% to $70.90m in Q2

Higher rental rates from Festival Walk and Gateway Plaza boosted revenue.

Mapletree Greater China Commercial Trust's (MGCCT) net property income grew by 5.4% YoY from $67.28m to $70.90m in Q2.

According to its financial statement, distributable income rose 7.1% YoY from $49.07m to $52.53m, whilst distribution per unit (DPU) went up 5.8% YoY to $1.868.

Gross revenue rose 6.1% YoY to $88.1m due to higher average rental rates from Festival Walk and Gateway Plaza.

Festival Walk, Gateway Plaza and Sandhill Plaza made up 70%, 23%, and 7% of the portfolio gross revenue respectively.

Meanwhile, property operating expenses rose by 9.1% YoY to $17.2m due to Festival Walk's marketing events and higher property tax at Gateway Plaza.