Capitaland Commercial Trust Q3 DPU up 7.5%, submits plans to redevelop Golden Shoe Car Park

Plans have been submitted to redevelop Golden Shoe Car Park at Raffles Place into a higher-value commercial development.
Plans have been submitted to redevelop Golden Shoe Car Park at Raffles Place into a higher-value commercial development. PHOTO: CAPITALAND COMMERCIAL TRUST

SINGAPORE - CapitaLand Commercial Trust (CCT) reported a 7.5 per cent rise year on year in distribution per unit (DPU) to 2.30 Singapore cents for the quarter ended Sept 30.

This works out to a distribution yield of 5.7 per cent, based on CCT's closing price per unit of S$1.555 on Oct 18.

Year on year, third quarter gross revenue increased by 8.9 per cent to S$74.4 million and net property income (NPI) grew by 8.3 per cent to S$57.0 million.

CCT credited this to CapitaGreen's 100 per cent contribution to gross revenue and NPI since the completion on Aug 31 of CCT's acquisition of a 60 per cent stake in MSO Trust which owns CapitaGreen, a Grade A office building. The completion was ahead of the projected date of Oct 1.

CCT's 60 per cent interest in Raffles City Singapore also registered additional contribution to the group's third-quarter distributable income which rose 8.1 per cent to S$68.3 million.

Separately on Wednesday (Oct 19), the manager of CCT announced that it has submitted plans to the relevant government authorities to redevelop Golden Shoe Car Park - a 10-storey building located at Raffles Place, in the heart of Singapore's Central Business District (CBD) - into a higher-value commercial development which will include an office tower.

The redevelopment could potentially create commercial gross floor area of approximately one million square feet and comprise an office tower of up to 280m above ground, on par with the tallest buildings in the CBD, said the manager.

A new food centre owned by the government is expected to replace the existing food centre and adjoin the new office tower.