Sasseur REIT malls re-open with 129% surge in sales

The first-day sales of its Bishan outlet mall soared 228% to $390,910.

Sasseur REIT saw a 129% YoY surge in sales on the first days of the reopening of its four Outlet malls, according to a press release. Their first day sales hit a total of $2.33m (RMB11.46m).

Its Bishan outlet mall recorded the highest rise in sales at 228% to $390,910 (RMB1.92m). It is followed by Kunming (171%) and Chongqing (132%) outlet malls, recording first day sales of $386,840 (RMB1.9m) and $1.15m (RMB5.64m), respectively. The Hefei outlet mall sales grew 57% to $407,200 (RMB2m).

These malls were closed between 44 to 49 days since 26 and 27 January in an effort to control the COVID-19 outbreak in China. The Kunming outlet reopened on 11 March, whilst the Hefei outlet resumed on 13 March. The Chongqing and Bishan malls returned on 15 March.

“Whilst there will be impact to Q1 2020 sales performance due to the closure of approximately seven weeks, the sponsor will ensure Sasseur REIT continue to receive the fixed component in accordance with the Entrustment Management Agreement and variable component, which is pegged to actual sales,” Sasseur Asset Management’s CEO Anthony Ang said.

Further, all customers, tenants and employees will be required to wear face masks when they enter the malls, and will also have their temperature screened.

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