Frasers Centrepoint Trust portfolio occupancy at 96.4% in Q3

The Singapore-focused mall operator sees its suburban properties recovering faster than its counterparts.

Occupancy at Frasers Centrepoint Trust properties was at 96.4% in the third quarter of the financial year ending September 2021.

In a bourse disclosure, the Singapore mall operator said its portfolio tenants’ sales started recovering back to pre-COVID levels despite the Phase 2 (Heightened Alert) period implemented from April to June.

This is despite shopper traffic falling to around 60% of pre-COVID levels during that period.

Amongst its properties, it saw its 9 suburban retail malls as the first to recover in tenant’s sales due to their focus on providing essential services.

Amongst its tenants’ expiring leases due within the year, only 8% have yet to renew in the fourth quarter.

Its top 10 tenants based on gross rental are NTUC Fairprice, Dairy Farm, Kopitiam, Breadtalk, Metro, Mcdonalds, Courts, OCBC, Yum!, and UOB.

According to the firm, its gearing level is at 33.9%, which along with its staggering debt maturity, gives it ample debt headroom.