Frasers Centrepoint Trust (FCT) has announced that its gross revenue for the first quarter ended 31 December, 2010 surged 19 percent year-on-year to S$27.6 million, mainly due to the acquisitions of YewTee Point and Northpoint 2.
The company’s net property income rose 17 percent to S$18.6 million, which pushed distribution to unitholders up 25 percent to S$15 million. FCT’s distribution per unit (DPU) also increased by 2.1 percent to 1.95 cents in Q1.
Its portfolio occupancy rate stood at 92 percent as of 31 December, lower than the 98 percent in the previous quarter, as vacancies were driven up by refurbishment works at Causeway Point.
The makeover is “proceeding smoothly”, said FCT. As of December, 13 percent of construction had been completed and retailers had committed to take up 92 percent of the space on the first level, where most of the renovation works are being undertaken.
The refurbishment is expected to be completed by December 2011 and the company expects that net property income at Causeway Point will increase.
“Although income is expected to be affected in the short term, the rejuvenated Causeway Point will provide enhanced income sustainability and growth prospects in years to come,” said Chew Tuan Chiong, CEO of the manager of FCT.