CapitaLand Malaysia Trust NPI surges 42.6% YoY in 2023
Its gross revenue also saw a 43.4% increase during the period.
CapitaLand Malaysia Trust (CLMT) reported a solid net property income growth of 42.6% year-on-year (YoY) to reach $61.6m (RM217.4m), boosted by revenue contributions from Queensbay Mall and stronger performance of its existing portfolio.
In a disclosure, CLMT said its gross revenue grew 43.4% to around $111.2m (RM392.4m), with a portfolio valuation of $1.4b (RM5b).
“This resilient performance is a testament to the quality of CLMT’s portfolio despite challenges in the retail environment such as rising costs, uncertainties in the interest rate environment and the influx of new shopping malls in Klang Valley,” said Lui Chong Chee, chairman of CapitaLand Malaysia REIT Management (CMRM).
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“To ensure that CLMT’s malls remain attractive, we have been making continual improvements to our operations and executing asset enhancement initiatives (AEI) to optimise our retail portfolio and enhance the shopping experience for visitors,” he added.
CMRM CEO Tan Choon Siang added that the company’s retail portfolio saw an increase in occupancy of 91.7% as of 31 December 2023, with a positive rental reversion of 7% during the period.
Shopper traffic also increased 25.1%, whilst its tenant sales per square foot rose 7.8% YoY.
$1 = RM3.53