Data from Mapletree North Asia Commercial Trust’s latest announcement have been updated into the Singapore REITs table.
Mapletree North Asia Commercial Trust (MNACT) reported on 28 January that its YTD FY20/21 net property income (NPI) has declined by 2.3% to SGD215.4 million.
“In view of COVID-19, higher rental reliefs were granted to support tenants at Festival Walk mall”, said the REIT.
“Average rental rates at Festival Walk mall and Gateway Plaza were also lower in YTD FY20/21”.
“However, the decline was buffered by the full nine months of contributions from MBP and Omori”, the REIT added.
“At Festival Walk mall, our priority is to continue to maintain a high occupancy, and we are prepared to continue to support our tenants, including providing further rental reliefs where required, and through various sales-boosting marketing initiatives along with the rollout of the mall’s loyalty/reward programmes”, said Cindy Chow, CEO of the REIT’s manager.
“Our consistent efforts to support and sustain the longstanding relationships with our tenants has helped in achieving a high occupancy rate of close to 99% as of 31 December 2020”, she remarked.
“At Gateway Plaza, protecting the occupancy is a key priority given the increase in supply in the Beijing office market and weaker rental rates”, Chow warned.
“As of 31 December 2020, the occupancy rate has edged up to 92.9%. Both Sandhill Plaza and the Japan Properties have also achieved marginally higher occupancy levels at 97.4% and 97.9% respectively”, she added.
As REITsWeek reported in November 2020, the REIT has sounded the alarm on the Beijing office market
Related: Mapletree North Asia Commercial Trust sees challenges ahead in Beijing’s office market
The REIT’s full statement on its latest business update can be found here.
MNACT was last done on the SGX at SGD0.975, which implies a distribution yield of 5.9% according to data compiled on the Singapore REITs table.