Funan

Analysts neutral on CapitaLand Mall Trust on weak retail outlook, but AEIs may help spur growth

SINGAPORE (Oct 23): Analysts are keeping a rather neutral stance on CapitaLand Mall Trust (CMT) following its results announcement on Oct 21.

The trust posted a 4.8% increase in its 3Q19 DPU to 3.06 cents from 2.92 cents in 3Q18, with distributable income increasing 9.1% y-o-y to $113.0 million.

Gross revenue also grew 17.9% y-o-y to $201.1 million, mainly due to the completion of the acquisition of the remaining 70.0% interest in Westgate on Nov 1, 2018, and the opening of Funan after a three-year redevelopment on June 28, 2019.

CapitaLand Mall Trust posts 4.8% rise in 3Q DPU to 3.06 cents

SINGAPORE (Oct 21): The manager of CapitaLand Mall Trust (CMT) has announced distribution per unit (DPU) of 3.06 cents for the 3Q19 ended September, some 4.8% higher than DPU of 2.92 cents a year ago.

Distributable income for 3Q19 was 9.1% higher at $113.0 million, compared to $103.5 million in 3Q18.

3Q19 gross revenue jumped 17.9% to $201.1 million, from $170.5 million a year ago.

Co-working here to stay, even if WeWork does not work out

SINGAPORE (Oct 4): Things have not been working out these past couple of weeks for co-working space operator WeWork.

First, its controversial co-founder and CEO, Adam Neumann, stepped down following concerns about corporate governance and the money-losing startup’s aggressive spending. Then, WeWork withdrew the prospectus for its initial public offering (IPO), pulling the rug from under one of the most hotly anticipated IPOs this year.

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.

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.

Categories: 

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.  

Funan to reopen on June 28 after undergoing three-year redevelopment

SINGAPORE (June 3): The manager of CapitaLand Mall Trust (CMT), an indirect wholly-owned subsidiary of CapitaLand, says Funan is slated to open its doors on June 28 this year – two months ahead of its original scheduled date.

Be informed of the stories that matter