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Frasers Centrepoint Trust reports improved committed occupancy in business update

By Goola Warden

/ The Edge Singapore |

January 26, 2023 7:23 PM SGT

Frasers Centrepoint Trust reported better operating metrics for its malls (Picture: Samuel Isaac Chua/The Edge Singapore)

SINGAPORE (EDGEPROP) - Frasers Centrepoint Trust reported all round better performance for its malls. The portfolio’s committed occupancy improved 0.9%-pt q-o-q and 1.2%-pt y-o-y to 98.4% as leasing demand remains firm, FCT’s manager said. This was underpinned by improved occupancy at Changi City Point with a reconfigured food court space which is fully leased; and a 1.9%pt improvement in occupancy at Century Square.

Shopper traffic during CY2022 averaged around 80% of pre-Covid levels but tenant sales in the same period is 12% above pre-Covid levels, FCT’s manager says.

On the capital management front, gearing remained low as at Dec 31, 2022 at 33.9%, albeit marginally higher than the 33% as at Sept 30, 2022 (FCT has a Sept year-end). With average cost of debt rising to 3.5% during the quarter ended Dec 31, 2022 from 3% from the quarter ended Sept 30, 2022, interest coverage ratio in 1QFY2023 fell to 4.73x versus 5.19x in 4QFY2022 (for the three months to Sept 30, 2022).

Check out the latest listings near Century Square, Changi City Point

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