CapitaMalls’s distributable income swells by 6.5% in 2014

Occupancy rate is at an astonishing 98.6%.

CapitaMalls (CMT) never tires in asset enhancement over its portfolio of 16 malls. The efforts prove to be worthwhile, as the company’s distributable income per unit (DPU) increased to 2.69 cents, a 6.3% increase over the 2.53 cents for 2Q 2013.

CapitaMall Trust Management Limited (CMTML) announced in a release that CMT’s distributable income of $93.4 million for this quarter was 6.5% higher than the $87.7 million for the same period last year.

Here’s more from CMT:

“Ongoing asset enhancement works for Bugis Junction, Tampines Mall and IMM Building are progressing well. Over at JCube, the mall began marketing its new Level 2 retail zone called J.Avenue – a trendy cluster of shops with a street shopping ambience – and the response from retailers has been very encouraging. To date, two-thirds of the 70 shops at J.Avenue have been taken up. J.Avenue is targeted to open progressively from September.”

“In addition, we plan to commence asset enhancement works for Bukit Panjang Plaza in the third quarter. The works involve creating a new two-storey food and beverage (F&B) block on Level 2, where the existing roof garden is located. The roof garden will be relocated to Level 4 beside the expanded public library and a new childcare centre, to create a new community and recreational zone. We will continue to proactively identify asset enhancement and acquisition opportunities to create more value for our unitholders.”