Mapletree Industrial Trust says it has achieved a maiden Distribution Per Unit of 1.52 cents from its listing date on 21 October to 31 December 2010, exceeding forecast by 13.4%.

Distributable income and net property income at $22,282,000 and $29,593,000 was 13.6% and 8.7% higher than forecasted.

The industrial property trust says renovation works is underway at Redhill 2 cluster to convert another floor (7th floor) of a flatted factory into e-business space, featuring small modular fitted units complete with common amenities, which generally command higher rental rates compared to conventional flatted factory space. The additional space will help to meet strong demand from enterprises and start-ups in the e-business sector. The conversion is slated for completion by end March 2011.

Mapletree Industrial Trust says its IPO portfolio of 70 properties in Singapore is valued at $2.1 billion as at 31 August 2010, and has a total gross floor area of 1.5 million square metres. It also has a large and diversified tenant base of more than 1,500 multi-national companies and local enterprises.

As the manufacturing sector is expected to grow steadily with the general economy, Mapletree Industrial Trust believes that the demand for industrial properties will remain stable in 2011.

Barring any unforeseen developments, Mapletree Industrial Trust expects to continue to do well.