Frasers Centrepoint's net property income jumped 12.8% to $32.9m in Q3

Thanks to contributions from Changi City Point.

Frasers Centrepoint reported that its net property income grew 12.8% to $32.9m in the third quarter.

The increase was mainly due to the addition of Changi City Point to FCT’s portfolio since mid-June, as well as higher rental income from step-up rents of existing leases and higher rentals achieved for new and renewed leases.

“Shopper traffic at our malls, excluding Changi City Point which was acquired last June, improved 3.6% during the quarter compared to the same period a year ago. Causeway Point and Northpoint registered good shopper traffic growth of 4.4% and 6.6%, respectively. Tenants’ sales rose about 2.2% year-on-year for the 3-month period ended May 2015, driven mainly by our largest mall Causeway Point," said Dr Chew Tuan Chiong, Chief Executive Officer of Frasers Centrepoint Asset Management.