, Singapore
303 views
Photo from CapitaLand China Trust

CapitaLand China Trust retail occupancy soars 96.4% in Q1

But its gross revenue declined by 2.9% to $91.8m.

CapitaLand China Trust recorded a 96.4% increase in its retail occupancy in the first quarter of 2023, a one percentage point growth from 95.4% in the fourth quarter of 2022.

The company's retail rental reversion became positive at 3.1%, boosted by CapitaMall Yuhuating AEI's completion.

Shopper traffic grew by 10.6% year-over-year (YoY), whilst tenant sales rose 15.4% YoY, with Sales from Services having a sizeable percentage with 101.3%, followed by Leisure and Entertainment (26.3%), Food and Beverages (18.2%), and Beauty and Health (10.3%).

READ MORE: SG retail capital value growth remains stable

CapitaLand China Trust said the recovery of the company's retail operating metrics in the first quarter of the year reflected its improving business environment, with its asset enhancement initiatives underway to bolster its portfolio.

However, the company's gross revenue declined by 2.9% to SG$91.8m (RMB475.5m) YoY from SG$94.6m (RMB489.9m), whilst its net property income fell 1.6% to SG$77.1m (RMB339.1m) from SG$66.5m (RMB344.5m).

The closure of CapitaMall Qibao, downtime from malls undergoing AEI and unit reconfiguration, and lag time from committed occupancy handovers drove the slight decrease.

Meanwhile, the occupancy for business and logistics parks increased to 89.8% and 95.6%, respectively.

Follow the link for more news on

Join Singapore Business Review community
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!