Atrium@Orchard to finish renovations in 4Q12

An additional 110,000 sq ft of new retail and dining options await Singapore shoppers.

According to Nomura, with the issuance of HKD1.15bn 10-yr FRMTN in June and the sale of Hougang Plaza for SGD119mn in May, it appears CT has fully addressed the SGD783mn CMBS loan that is due in October (together with the proceeds raised via the earlier issuance of USD400mn FRMTN in March).

According to CapitaMall Trust, when enhancement works at Atrium@Orchard are completed in the fourth quarter of 2012, shoppers can look forward to an additional 110,000 sq ft of exciting new retail and dining options, as well as seamless integration with Plaza Singapura.

"Atrium@Orchard is on track to open in 4QFY12 and was 73% committed at end-March, while the 450,000 sq ft of retail space at 30%-owned Westgate will be seeking tenants for its scheduled opening by end-FY13. CT’s NPI margin though remains vulnerable, in our view, with utilities, maintenance and marketing expenses representing 16% of FY11 revenue (up from 14% in FY10), the highest amongst the REITs that we cover," says Nomura.

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