Available distributable income better than projectionMAPLETREE Greater China Commercial Trust (MGCCT) posted available distribution per unit of 1.迷你倉沙田73 cents for the period March 7 to June 30, beating its forecast of 1.6 cents by 8.3 per cent. Available distributable income beat its forecast by 8.3 per cent, at $46.1 million. Gross revenue for the period was 3.4 per cent higher than forecast, at $73.8 million, while net property income was 7.4 per cent higher, at $59.7 million. The first distribution will be for the period from the listing date to Sept 30 and will be paid on or before Dec 31. MGCCT was listed on March 7. Its initial portfolio comprises Festival Walk (a retail and office building) in Kowloon Tong, Hong Kong; and Gateway Plaza (a Grade A office development with a retail atrium) in Beijing, China. Festival Walk's gross revenue grew by 3 per cent and contributed 35 per cent of the increase in period-on-period portfolio gross revenue. Gateway Plaza contributed 65 per cent of the increase in portfolio gross revenue and grew 21 per cent as compared to the same period last year. Said Cindy Chow, chief executive of Mapletree Greater China Commercial Trust Management: "Leasing activities for both properties, Fe迷你倉價錢tival Walk and Gateway Plaza, are progressing well with strong support from both new and existing tenants. We will continue to drive performance of our properties through pro-active asset and cost management, and creating value through asset enhancement initiatives." Festival Walk's occupancy rate was 99.1 per cent. As at June 30, 84 per cent of the retail leases expiring in this financial year have been renewed or re-let with a rental uplift of 21 per cent. Gateway Plaza's occupancy rate was 97.8 per cent. Of the leases expiring in this financial year, 43 per cent have been committed, registering positive rental reversions of about 86 per cent. Looking ahead, MGCCT said that its commercial properties are well positioned to benefit from the positive demand dynamics in Greater China. For the first five months in 2013, total retail sales in Hong Kong increased by 15 per cent in value and 14.5 per cent in volume year-on-year. Favourable job and income conditions, coupled with sustained growth in inbound tourism are expected to continue to provide firm support to the retail sector in the near term. Beijing's office sector on the other hand should see consolidation and expansion activities contribute to office space demand.迷你倉庫
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