Mapletree Greater China Commercial Trust’s (MGCCT) 2Q DPU rose 12.6% to 1.808 cents despite a volatile market environment.
Distributable income rose 14% to $49.5 million, while net property income rose 26% to $69.5 million for the period. DPU for the half year ended September increased 10.7% to 3.499 cents.
The better performance was mainly due to the new contribution from Sandhill Plaza, rental reversions from Festival Walk and Gateway Plaza, as well as better cost management.
Despite the volatility of the Chinese stock market that affected the overall retail environment in Hong Kong, Festival Walk delivered 20.9% and 21.2% growth in revenue and net property income respectively in 2Q.
As at end-September, 98% of the retail leases with expiry dates in FY2015/16 had been committed. Tenants’ sale at Festival Walk also increased 1.8% and shopper traffic rose 2.9% from April to September.
Gateway Plaza’s occupancy rate remained high at 96.3% in September. Its gross revenue and net property income increased 10.3% and 9.2% respectively for the quarter. For the half year ended September, MGCCT will distribute 3.499 cents, representing 100% of the income available for distribution.
This article first appeared in The Edge Singapore Market Report.
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