SINGAPORE - Frasers Commercial Trust (FCOT) posted on Friday (April 21) a 2.4 per cent rise in distribution per unit (DPU) for the second quarter of this year to 2.51 Singapore 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, 2017, rose 3.5 per cent to S$20 million.
The positive performance was underpinned by overall stronger results from FCT's Australian portfolio coupled with the stronger Australian dollar, despite an offset by effects of lower occupancy rates at China Square Central and Alexandra Technopark, said the trust's manager.
This boosted gross revenue for the quarter 3.2 per cent to S$40.2 million year on year, with net property income (NPI) saw a rising 4.1 per cent to S$30 million.
FCOT's portfolio had a committed occupancy rate of 91.8 per cent as end-March. The overall rate for the Singapore portfolio was 89 per cent while that for the Australian portfolio was 95.3 per cent due to continued full occupancies at Caroline Chisolm Centre and 357 Collins Street.
Updating on its hotel construction at China Square Central, FCOT's manaer said construction works for the development of a 16-storey hotel and additions and alterations for the commercial component are on track for completion by mid-2019.
In respect of the S$45 million upgrading of Alexandra Technopark, the main construction contract has been awarded and preliminary works have begin, with completion expecetd around mid-2018. Mr Jack Lam, CEO of FCOT's manager, said the improvements will "greatly boost the marketability and long-term competitiveness of the property."