,Singapore

Frasers Centrepoint Trust reports 96.4% retail occupancy in Q1

Tenant sales have remained near pre-pandemic levels.

Frasers Centrepoint Trust (FCT) said it has remained resilient throughout the pandemic with a 96.4% retail portfolio occupancy in Q1 FY21.

Tenant sales have remained stable despite falling for 1.3% YoY in December 2020. During the height of the pandemic in May 2020, tenant sales dropped by 57.1 YoY.

The business update also said shopper traffic has remained between 60% and 70% of pre-pandemic level with safe distancing and mall capacity control measures in force.

FCT said it has renewed nearly one quarter of expiring leases due FY21 in Q1.

The company expects to have a stable suburban retail sales and shopper traffic as long as the COVID-19 situation in Singapore remains under control with the transition to Phase 3 and easing of more measures having a positive impact on retail performance.

According to an analysis by OCBC, they predict a recovery in FY21 due to FCT’s portfolio of suburban malls to have a defensive and resilient with the addition of the PGIM ARF portfolio on a 100% basis that boosted the company’s scale and profile within the Singapore retail landscape.

OCBC also said gross revenue to gain more traction from $164.4m in FY20 to $370.6 FY21.
 

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Around 56% of Singaporeans overspend their money during the season.
In 2021, GDP growth hit 7.1%.
The spectrum boost will deliver significant 5G coverage Australia-wide.
Over 270 entries were received from more than 25 countries.
Micro-businesses cited lack of funds as a barrier to technology adoption.
Winners will be awarded from the first to the second week of December.
Singtel had the most growth for the day.
Its performance improved in two categories.
The expected increase will be driven by three factors.
The two also discussed post-pandemic recovery.
It also recorded a strong performance for H1 2021, despite a net loss of $150.6m.
Jigger & Pony found itself retaining its ninth ranking.
The moderate increase was driven by expansions in five out of six indicators.