CapitaLand Commercial Trust NPI up 10.5% to $77.2m in Q1

It received higher income from Asia Square Tower 2, Capital Tower, and 6 Battery Road.

CapitaLand Commercial Trust's (CCT) net property income (NPI) jumped by 10.5% YoY from $69.86m to $77.2m in the first quarter of 2018. According to its financial statement, it received higher contributions from Asia Square Tower (AST) 2 which offset the loss in gross revenue due to the divestment of One George Street, Golden Shoe Car Park, and Wilkie Edge.

Distributable income grew 7.5% YoY from $71.29m to $76.6m due to contribution from AST2 as well as higher NPI from Capital Tower and 6 Battery Road. Gross revenue jumped 7.7% to $96.4m.

However, distribution per unit (DPU) fell slipped 11.7% YOY to 2.12 cents.

CCT CEO Kevin Chee noted that the portfolio had a committed occupancy rate of 97.3%. "With a focus on achieving a balance between higher rentals and lower vacancy, we will also leverage the momentum of rising office market rents to manage our lease expiries in the upcoming years... To continue delivering sustainable distribution growth, CCT will also look at core assets in select global gateway cities across developed markets, in addition to exploring opportunities in Singapore,” he added.

CCT noted that the State will take back Bugis Village on 1 April 2019. When Bugis Village is returned, CCT will receive compensation based on an amount of $6.6m plus accrued interest compounded from 1989. Bugis Village accounted for about 2.2% of CCT’s NPI.

Within the quarter, CCT was able to secure J.P. Morgan as tenant of its upcoming development CapitaSpring. "Scheduled for completion in 1H 2021, we aim to replicate the successful value creation achieved with CapitaGreen," Chee added.

Join Singapore Business Review community
Join Singapore Business Review community
A NOTE FROM SINGAPORE BUSINESS REVIEW

You're the reader we write for. You're also the person our partners want to reach.

If that sentence describes you — a founder, a C-suite, someone whose attention companies pay good money for — then you already understand why SBR works. We've spent twenty years earning the trust of readers exactly like you. Which is exactly what makes this an interesting place for your company to show up, too.

The ways it can show up are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The right fit depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If your company has something this audience should know about, we'd like to hear what you're working on.

No rate cards until we understand the brief. It's a better use of everyone's time.

Top News

30 One-Sentence Stories From People Who Have Built Better Habits
None of these stories are mine. They were sent to me by readers of Atomic Habits. My hope is that these examples will illustrate how real people are putting the book into practice. They will show you what people are actually doing to build good habits and break bad ones. And hopefully, they will spark some ideas for how you can do the same.
SBR 5 Lorem Ipsum News 2 [8 May]
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
SBR 4 Lorem Ipsum [8 May Top Stories]
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Exclusives

How Experts Figure What to Focus On
eliminate the distractions. Commit to one thing and become great at that thing.”
Exclusive three SBR 12 Lorem Ipsum [8 May]
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
SBR 3 Lorem Ipsum [ Exclusive 2]
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Event News

Video [Event News]
Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley