- Frasers Centrepoint Trust (SGX:J69U) reported top-line 1H24 gross revenue of S$172.2m and NPI of S$124.6m. On a same-store basis, with the exclusion of contributions from Changi City Point and Tampines 1 (undergoing AEI), gross revenue and NPI would have been 2.9% and 2.1% higher y-o-y, respectively.
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Underlying trading metrics in line
- Underlying trading metrics of Frasers Centrepoint Trust continue to perform in line with expectations, with an 8.1% y-o-y increase in shopper traffic to surpass pre-COVID levels for the first time in the CNY month of February (102% of 2019 levels).
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- Occupancy maintained its upward momentum to reach the unseen levels of 99.9% (+0.7 ppt q-o-q and flat q-o-q).
- Overall reversionary rents signed during 1H24 were above expectations at 7.5% (excluding Tampines 1; vs 1H23: +4.3%).
NEX continues to perform well
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