MGCCT’s Q1 income spikes 11.2% to $69.4m

Boosted by Festival Walk, Sandhill Plaza contributions.

Thanks to increased earnings across its properties, Mapletree Greater China Commercial Trust’s (MGCCT) net property income for 1QFY17 jumped 11.2% YoY to $69.4m.

According to a report by OCBC, MGCCT’s earnings also enjoyed additional contribution from Sandhill Plaza (SP), which was acquired on 17 June 2015. Festival Walk (FW) also registered higher revenue for the quarter

Meanwhile, revenue spiked 11.2% YoY to $85m in Q1, with DPU climbing 9.1% YoY to 1.85 S cents.

On the flip side, MGCCT saw moderation in its operating metrics in Q1.

“During the quarter, management secured positive rental uplifts of 13% at FW (retail) and 11% at FW (office), while rental reversions of 6% and 28% were achieved for Gateway Plaza (GP) and SP, respectively,” OCBC revealed.

“Overall portfolio occupancy stood at 97.8%, as at 30 Jun 2016, which was relatively stable versus the 98.6% level at end 4QFY16. Both FW and SP were fully leased, but GP’s vacancy rate increased slightly from 3.2% to 5%,” it added.

Also Read

One Sophia sells 30% of units at weekend launch

SLA launches tender to revitalise Tanjong Katong Complex

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit