Frasers Centrepoint Trust’s retail portfolio occupancy rises to 98.7% in 3Q23

Compared to 3Q22, the REIT’s occupancy was up by 1.6 percentage points. 

The committed occupancy of Frasers Centrepoint Trust’s retail portfolio rose by 1.6 percentage points to 98.7% in 3Q23.

Based on the REIT’s operational update for 3Q23, occupancy rose for four of its retail properties: Waterway Point (+0.2%-pt to 99.7%), Northpoint City North Wing including Yishun 10 (+0.1%-pt to 100%), Tiong Bahru Plaza (1.3%-pt to 99.4%), and White Sands (1.6%-pt to 98.6%).

Amongst its retail properties, Changi Point saw the biggest drop in occupancy. The REIT said the  6.4%-pt drop in Changi Point’s occupancy is due to “pending documentation of negotiated leases.”

On the flipside, FCT said shopper traffic and retail portfolio tenants’ sales growth remained robust in 3Q23.

During the quarter, shopper traffic increased 16% YoY, whilst tenants’ sales increased 5% YoY.