Frasers Centrepoint Trust's tenant sales jump 23% YoY

Amongst Frasers' assets, Tampines 1 and Waterway Point had the highest sales growth.

Frasers Centrepoint Trust's (FCT) tenant sales jumped 23% YoY in Q322,  its latest business update showed.

Amongst FCT's assets, Tampines 1 and Waterway Point had the highest sales growth.

The higher tenant sales can be attributed to the strong shopper traffic (+32% YoY) in FCT's malls in Q3.

Whilst tenant sales grew during the Q3, FCT saw a marginal drop in its portfolio occupancy from the previous quarter, mainly due to "pre-termination by an anchor tenant."

FCT, however, assure shareholders that the company is already in negotiations to replace tenants for the spaces being vacated. 

As of 30 June, FCT said there will be 83 leases, equivalent to 112,860 square feet of space, which will expire for Fy2022.