Mapletree Greater China Commercial Trust's Sandhill Plaza (Photo: Colliers International)

Mapletree Greater China Commercial Trust has recorded a distribution per unit (DPU) of 1.868 Singapore cents for its 2Q FY17/18, an increase of 5.8% compared to the same quarter last year.

Gross revenue and net property income (NPI) increased by 5.4% and 4.5% year-on-year to SGD177 million and SGD142.9 million respectively, while distributable income came in at SGD104.4 million, 4.1% higher than the corresponding period of 2016.

The REIT has attributed the quarter’s results mainly to higher average rental rates from Festival Walk and Gateway Plaza, and lower accrued revenue for Gateway Plaza in 2Q FY16/17 due to the uncertainty in the applicable VAT rate then.

“The portfolio achieved a high occupancy rate of 98.2%, as well as healthy average rental reversion for each asset”, said Cindy Chow, CEO of the REIT’s manager.

“As of 30 September 2017, about 81% of our expired and expiring leases in FY17/18 at the portfolio level have been renewed or re-let. These reflect the resilience of the assets and the efforts of proactive portfolio management”, she added.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.