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FCT's retail portfolio committed occupancy rises to 98.4% in Q123
The REIT attributed the increase to healthy leasing demand.
Frasers Centrepoint Trust (FCT) saw improved occupancy in the first quarter of the financial year 2023 (Q123).
In a bourse filing, the REIT reported that its retail portfolio committed occupancy rose by 0.9%-pt QoQ and 1.2%-pt YoY to 98.4%, thanks to healthy leasing demand.
In Changi Point, occupancy rose 4.1%-pt, whilst Century Square saw a 1.9%-pt increase in occupancy.
In the same quarter, the REIT saw an increase in its tenants' sales (+13.4% YoY) and shopper traffic (+38.3% YoY).
FCT said its tenants' sales are 12% above the pre-COVID level.
"This shift to the future of work also reflects the trend of mall visitations becoming more purposeful," FCT said.
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