Frasers Commercial Trust (FCOT) yesterday posted a 2.4 per cent rise in distribution per unit for the second quarter to 2.51 cents, compared with 2.45 cents for the same period a year ago.
No management fees were taken in units for the quarter.
Distributable income for the three months to March 31 rose 3.5 per cent to $20 million.
The positive performance was underpinned by overall stronger results from FCOT's Australian portfolio, coupled with the stronger Australian dollar, despite lower occupancy rates at China Square Central and Alexandra Technopark, said the trust's manager.
This boosted gross revenue for the quarter by 3.2 per cent to $40.2 million year on year, with net property income rising 4.1 per cent to $30 million.
FCOT's portfolio had a committed occupancy rate of 91.8 per cent at end-March. The overall rate for the Singapore portfolio was 89 per cent, while in Australia, it was 95.3 per cent because of continued full occupancies at Caroline Chisolm Centre and 357 Collins Street.
In an update on China Square Central, FCOT's manager said construction work for the development of a 16-storey hotel and additions and alterations for the commercial component are on track for completion by mid-2019.
AT A GLANCE
$40.2 million (+3.2%)
NET PROPERTY INCOME:
$30 million (+4.1%)
DISTRIBUTION PER UNIT:
2.51 cents (+2.4%)
As for the $45 million upgrading of Alexandra Technopark, the main construction contract has been awarded and preliminary work has begin, with completion expected around the middle of next year.
Mr Jack Lam, chief executive of the trust manager, said: "(The improvements will) greatly boost the marketability and long-term competitiveness of the property for the benefit of FCOT."
The manager will be applying the distribution reinvestment plan for the second-quarter distribution, which will be paid out on May 30.
FCOT units yesterday ended one cent higher at $1.335.
A nn Williams