FCT’s retail portfolio occupancy reaches 99.9% in 1Q24

The latest figure is 1.5%-pt higher than the 1Q23 record.

Frasers Centrepoint Trust (FCT) reported a 99.9% retail portfolio occupancy in 1Q24.

Based on its 1Q24 business update, the latest occupancy rate translates to a 1.5%-pt YoY and 0.2%-pt QoQ increase.

FCT also reported that each of its retail malls has achieved a committed occupancy of at least 99.0%.

Amongst retail malls which saw an increase in committed occupancy include the Northpoint City North Wing (+0.3%-pt), Century Square (+0.7%-pt), White Sands (+0.3%-pt), and Central Plaza (+½%-pt).

Meanwhile, NEX, Waterway Point, and Houghsan Mall remain 100% occupied. 

In 1Q24, FCT also recorded a 3.1% YoY higher portfolio shopper traffic. Despite this, FCT’s portfolio tenants’ sales were 0.7% lower YoY.

FCT attributed the decline in tenants’ sales to “renovation of several key anchor tenants ahead of the festive season.”