REIT AsiaPac

Sign up for our FREE news and magazine on Asia Pacific REITs

Mapletree Commercial Trust Singapore

Mapletree Commercial Trust Performance Impacted by Retightened COVID-19 Measures, But Less Severe Than in 2020

July 26, 2021 – Mapletree Commercial Trust Management reporter that its gross revenue rose 23.7% and its net property income (NPI) was up 22.9% in the first quarter of its financial year 2021/2022.

This was mainly due to lower rental rebates compared to a year ago, as well as compensation received from a pre-terminated lease at mTower.

Ms Sharon Lim, Chief Executive Officer of the Manager, said, “Our performance in 1Q FY21/22 was dampened by the re-imposition of COVID-19 measures in Singapore, including a five-week cessation of dining-in at all F&B establishments1. Thankfully, the impact was less severe than a year ago. Notwithstanding, we have swiftly rolled out rental assistance. During the quarter, we rendered rebates amounting to approximately 0.6 month of fixed rents to eligible retail tenants, and we stand ready to render additional assistance where warranted.”

“These disruptions have not derailed us from seizing opportunities to curate exciting concepts for our shoppers. Just to name a few, we welcomed tenants including DJI, a world-renowned maker of camera drones, and Foot Locker, which retails popular sneaker brands. These additions cater to hobbyists and will certainly enhance the mall’s appeal to an even wider range of shoppers.”

Read more here..

Related News

Mapletree Commercial Trust Expresses Readiness To Support Tenants Through Phase 2 Heightened Alert