Capitaland Mall Trust (CMT)

After fun at Funan, will CapitaLand Mall Trust turn its sights to Jewel Changi for added shine?

SINGAPORE (July 25): The reopening of CapitaLand Mall Trust’s (CMT) Funan shopping mall after a three-year redevelopment was met with much fanfare late last month.

Comprising a six-storey retail mall, two six-storey office blocks and a Lyf-branded serviced residence, the mixed-use development on North Bridge Road is one of 15 properties owned by CMT.

The retail portion comprises 507,000 sq ft of gross floor area and 320,000 sq ft of net lettable area, while the office component consists of 260,000 sq ft of GFA and around 210,000 sq ft of NLA.

CapitaLand Mall Trust records 3.9% rise in 2Q DPU to 2.92 cents

SINGAPORE (July 23): The manager of CapitaLand Mall Trust (CMT) has announced distribution per unit (DPU) of 2.92 cents for the 2Q19 ended June, some 3.9% higher than DPU of 2.81 cents a year ago.

Distributable income to unitholders rose 7.7% to $107.7 million, from $100.0 million a year ago.

2Q19 gross revenue grew 10.6% to $189.5 million, from $171.4 million a year ago, mainly due to the completion of the acquisition of the remaining 70% interest in Westgate in November last year.

New Funan gives CMT an immediate boost in AUM, subsequent lift to NAV, NPI and DPU

(July 8): On June 27, Will Butler-Adams, CEO of Brompton Bikes, could be seen around Funan, where -Brompton Bikes was readying its flagship store in Southeast Asia called Brompton Junction. One of the bikes is a Lion City Special Edition bike. On June 29, Butler-Adams led a group of some 300 local Brompton bike owners for a cycle ride from Labrador Park to Funan, where there are end-of-trip facilities. For a free shower, the QR code on the CapitaStar app can be used to enter the shower/changing rooms.

Will Funan find favour with the millennial crowd?

SINGAPORE (July 5): Three years after it closed its doors for a $560 million renovation and redesign, the new Funan finally welcomed its first visitors on June 28.

Standing in the middle of the atrium is Climb Central, a rock climbing wall. There is also an unmanned futsal facility and a farm on the rooftop terrace.

Among the new shops are Brompton Bikes’ first flagship store in Southeast Asia, Alibaba Group Holding’s Taobao new offline-and-online store; and the world’s first Dyson demo store – Beauty Lab.

New Funan gives CMT an immediate boost in AUM, subsequent lift to NAV, NPI and DPU

(July 8): On June 27, Will Butler-Adams, CEO of Brompton Bikes, could be seen around Funan, where -Brompton Bikes was readying its flagship store in Southeast Asia called Brompton Junction. One of the bikes is a Lion City Special Edition bike. On June 29, Butler-Adams led a group of some 300 local Brompton bike owners for a cycle ride from Labrador Park to Funan, where there are end-of-trip facilities. For a free shower, the QR code on the CapitaStar app can be used to enter the shower/changing rooms.

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CapitaLand's Funan achieves 95% committed occupancy for retail component ahead of opening

SINGAPORE (June 25): The fully revamped Funan, Singapore’s first omnichannel shopping mall, has secured 95% committed occupancy for its retail component ahead of its Friday opening, bringing the total number of brands to more than 190.

Some of the mall’s newly signed tenants include Taobao, which will provide consumers with an integrated online-and-offline shopping experience, offering a wide range of products including furniture, household items, textiles, fashion and more.

CapitaLand Mall Trust to deliver higher returns in near-term, but positives already priced in: OCBC

SINGAPORE (June 6): OCBC Investment Research is maintaining “hold” on CapitaLand Mall Trust (CMT) while raising its fair value estimate by a cent to $2.33 on the faster-than-expected ramp up of Funan.  

This comes after CMT’s manager announced the impending opening of the integrated development on June 28, two months ahead of the original scheduled date.  

CapitaLand Mall Trust upgraded to 'buy' by UOB on Jurong Lake District plans, Funan launch

SINGAPORE (May 27): CapitaLand Mall Trust will benefit from the development of Jurong Lake District (JLD) as it has three retail malls located within Jurong Gateway, says UOB KayHian.

See: CapitaLand Mall Trust declares 3.6% higher DPU of 2.88 cents on higher income

Why investors love Singapore's struggling malls

SINGAPORE (May 7): Singaporeans aren’t spending like they used to, at least not in shopping malls. There are too many already and more are being built. But investors still have good reasons to back mall owners.

The city-state has 6.1 million sqm of retail space, of which 8.7% is vacant. Yet companies are forecast to add a further 364,000 sqm, with the biggest chunk hitting the market this year. This is when online shopping is catching on, retailers such as Crabtree and Evelyn are closing physical stores, and rents are scraping the bottom.

CapitaLand Mall Trust kept at 'hold' by OCBC and Maybank on higher mall supply, soft retail sector

SINGAPORE (Apr 26): OCBC Investment Research says CapitaLand Mall Trust’s (CMT) 1Q19 results met its expectations.

Gross revenue rose 10.0% y-o-y to $192.7 million while NPI jumped 11.5% to $140.1 million, forming 25.1% of its FY19 forecast.

See: CapitaLand Mall Trust declares 3.6% higher DPU of 2.88 cents on higher income

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