SINGAPORE (Aug 6): Frasers Centrepoint Trust’s portfolio of suburban malls remains relatively resilient. Its distribution per unit of 3.053 cents for its third quarter to June 30 was 1.8% higher y-o-y, and also the highest for a third quarter. Nine-month DPU was 9.153 cents, up 2.5% y-o-y.
Net property income for 3Q rose 13.7% y-o-y to $35.01 million. It was largely underpinned by a surge from Northpoint City North Wing, which benefited from a second full quarter after significant asset enhancement initiatives (AEIs) that were completed last September to integrate it with North Point City South Wing, owned by Frasers Property. Northpoint City North Wing’s NPI, which includes that from Yishun 10, rose 59.8% to $10.4 million for 3QFY2018.
Yishun 10 is adjacent to Northpoint City North Wing. FCT acquired 10 strata units at Yishun 10 for $37.8 million in 2016. At some point, FCT could integrate Yishun 10 into a larger Northpoint City North Wing and increase their net lettable area (NLA).