Bookmark & Share
Mapletree Commercial Trust (MCT) announced that gross revenue for the third quarter of financial year 2011/12 exceeded forecasts by 4.4 percent to achieve S$49.72 million, while net property income hit S$33.78 million.
“I am pleased that the strong endorsement by our valued tenants and shoppers is showing through in this set of financial results,” said Amy Ng, Chief Executive of Mapletree Commercial Trust Management (MCTM), the manager of the trust.
“Our operations team has also delivered better operating performance despite sharp increases in utility rates and labour costs in the industry, leading to property expenses that were 2.7 percent lower than forecast. VivoCity achieved its best ever performance in many ways in December 2011.”
Shopper traffic and tenant sales at VivoCity surged 14.8 percent and 9.0 percent respectively in the April-December period. The mall also beat the gross revenue and net property income forecast for Q3 by 5.8 percent and 9.3 percent respectively.
Meanwhile, Alexandra Retail Centre (pictured), which was completed in mid-November last year, helped increase the net lettable area (NLA) of the trust’s retail portfolio by 89,600 sq ft.
“We had also opened ARC early to provide a safer and more convenient pedestrian connection from the Labrador Park MRT station to PSA Building and the Alexandra Precinct,” noted Ng.
The trust said several F&B and retail tenants at ARC progressively opened soon after completion to cater for the office tenants at PSA Building and the working and residential population in the area.
Related Stories:
More shops springing up at HDB void decks
S'pore-based architect is master planner for Qatar project
Starhill Global REIT posts higher results
