Mapletree Commercial Trust's VivoCity. (Photo: REITsWeek)

Mapletree Commercial Trust has achieved a distribution per unit (DPU) of 2.24 Singapore cents for its 2Q FY17/18, an increase of 9.3% compared to the 2.05 cents achieved in the corresponding period of the previous financial year.

The REIT’s gross revenue and net property income (NPI) for 2Q FY17/18 grew 21.7% and 23.4% year-on-year respectively, while total income available for distribution for the period was SGD64.7 million, a 20.6% growth from 2Q FY16/17.

The Singapore-listed mixed office and retail REIT attributed the results to full quarter contribution from Mapletree Business City Phase 1, and continued resilient performance of its shopping mall property, VivoCity.

The mall recorded stable shopper traffic, saw a 1.1% growth in tenant sales for 1H FY17/18, and as at 30 September 2017, feature a committed occupancy of 99.9%.

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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.