- Frasers Centrepoint Trust's 1QFY23 (Oct-Dec 2022) retail portfolio committed occupancy rose 0.9 percentage points (ppt) q-o-q to 98.4%.
- Cost of debt increased 50 basis points (bps) to 3.5%.
- - Read this at SGinvestors.io -
Solid and resilient operating metrics
- Frasers Centrepoint Trust (SGX:J69U) provided a business update for 1QFY23.
- Retail portfolio committed occupancy rate increased by 0.9 ppt q-o-q to 98.4%, and this was broad-based across its assets. The biggest increase came from Changi City Point, which registered an improvement of 4.1 ppt to 97.8%. Century Square was the only mall with an occupancy lower than 90% (88.7%), but Frasers Centrepoint Trust is in negotiations with a prospective tenant for ~8% of the mall’s net lettable area (NLA), which is an anchor space.
- - Read this at SGinvestors.io -
- Frasers Centrepoint Trust highlighted an asset enhancement initiative (AEI) for Tampines 1, which would entail ~8k square feet of additional NLA due to various bonus gross floor area (GFA) schemes. Management estimates a return on investment of 8%, based on an enhancement cost component of S$31m. The AEI would commence in phases from 2Q23 to 3Q24, with the mall remaining open for operations.
Jump in average cost of debt to 3.5%
- Read more at SGinvestors.io.
