MANY Singapore residents shop online and overseas, including across the Causeway in Johor Bahru, Malaysia.
Still, Singapore malls, especially suburban malls, have been highly resilient. Excluding the impact due to divestment of Changi City Point and asset enhancement works at Tampines 1, suburban mall-focused Frasers Centrepoint Trust (FCT) posted year-on-year (yoy) rises in gross revenue and net property income of 3.5 per cent and 3.4 per cent, respectively, for the financial year ended Sep 30. Growth contributors included higher rental income from renewed and new leases signed, as well as turnover rent.
Appraised values of major suburban malls such as Causeway Point in Woodlands, Nex in Serangoon and Waterway Point in Punggol rose from a year ago to S$1.34 billion, S$2.13 billion and S$1.32 billion as at end-September, respectively. FCT’s retail portfolio occupancy was 99.7 per cent as at end-September. Rental reversion for the retail portfolio in FY2024 was superior to that of the previous financial year.
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