CapitaMall Trust Q2 Income Up 20% On Retail Rents

Source : The Business Times, July 17, 2008

CapitaMall Trust, Singapore's largest property trust by market value, reported on Thursday a 20 per cent rise in quarterly distributable income, and projected continued growth in retail rents.

The property trust said in a presentation that it projects retail rentals to rise 17.5 per cent by 2012 in Singapore's main Orchard Road shopping district, and for for rents to go up 16.1 per cent in suburban areas over the same period.

CapitaMall, 27-per cent owned by Southeast Asia's largest developer CapitaLand , said it will continue to grow its assets in Singapore through acquisitions, and boost income by enhancing its malls.

It announced in May that it will pay S$850 million to parent CapitaLand for office-and-mall complex AtriumzOrchard.

CapitaMall will pay S$58.6 million (US$43 million) in distributable income for the April to June period, or 3.52 cents per unit. That compares with S$48.8 million a year ago.

CapitaMall competes with other Singapore-listed real estate investment trusts that own offices and retail malls, including Suntec Reit , Macquarie Prime and Frasers Centrepoint Trust. -- REUTERS