SINGAPORE - Frasers Centrepoint Trust (FCT) reported a distribution per unit of 2.815 cents for the fourth quarter, down 1.5 per cent from a year ago.

Distribution to unit holders slipped 1.2 per cent to S$25.9 million, from the S$26.2 million posted in the previous year.

Gross revenue for the three months to Sept 30 was 6 per cent lower year on year at S$44.6 million.

The decline in turnover was largely due to asset enhancement works at Northpoint mall in Yishun and a vacancy from a changeover in an anchor tenant at Changi City Point, its trust manager said on Friday (Oct 21).

Fourth quarter net property income dipped by 0.9 per cent to S$31.4 million.

The net asset value per unit came in at S$1.93 as at the end of September, up from S$1.91 a year ago.

Despite the weaker economic outlook and challenges facing the retail sector, Frasers Centrepoint Asset Management (FCAM) said it expects well located suburban malls to remain resilient.

Dr Chew Tuan Chiong, chief executive of FCAM, said: "FY2016 is a significant milestone for FCT as we celebrate its 10th year since its listing on the Singapore Exchange. Over the 10 years, FCT has maintained steady growth, stable performance and delivered higher DPU every year at a compounded annual growth rate of almost 7 per cent. The NAV per unit this year has also hit a new high at S$1.93."

The trust manager added that asset enhancement works and acquisition strategies will remain the key growth drivers for FCT.

Dr Chew told a briefing on Friday that FCT is also looking at acquiring some third party assets should the opportunities arise.