Shopper traffic for CapitaMalls Asia's Chinese malls dipped 0.9%

Will it be badly hit by bird flu scare?

According to OCBC Investment Research, given the H7N9 bird flu outbreak, shopper traffic for CMA’s Chinese malls showed a decrease of -0.9% YoY. On a same mall basis, however, total tenant sales were up +15.9% YoY (up 8.3% on a per sqm basis).

Here's more:

We see worsening H7N9 fears potentially reducing retail traffic over the nearer term but a sustained long-term business impact, in our view, is unlikely. NPI performance in its Chinese malls continue to show improvement, with a 15.2% YoY increase in same-mall NPI seen in 1Q13.

CapitaMall Meilicheng in Chengdu began operations on 28 Apr 2013 and is 90% leased with an expected NPI yield of 5% after its first year of operations. CMA expects to open two more Chinese malls in Chengdu this year.

Singapore portfolio showing stable growth Singapore malls in the pipeline, Westgate (>50% committed) and Bedok Mall (>70% committed), remain on track for completion in 4Q13.

Singapore same mall NPI also increased 1.3% YoY, while tenant sales per sqm and shopper traffic increased 3.6% and 3.7%, respectively.

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