In a business update, Frasers Centrepoint Trust announces increased committed occupancy - Marina View Residences Condo at Marina View By IOI Properties (Hot Launch 2023)

In 1H2023, the investment market will continue to be in a price-discovery mode

Frasers Centrepoint Trust reported all general improvement in its malls. The portfolio’s committed occupancy grew by 0.9%-pt in the last quarter and 1.2%-pt year-over-year up to 98.4% as leasing demand is still strong, the FCT’s managing director reported. This was bolstered by the increased the occupancy of Changi City Point by reconfiguring the food court that is completely leased, as well as the 1.9%pt increase in occupancy in Century Square.

The number of shoppers in CY2022 averaged about eighty% from pre-Covid rates. However, the number of tenant sales during the same time frame are 12% higher than pre-Covid levels FCT’s management states.

On the front of capital management the gearing ratio was low at December 31, 2022 with 33.9%, albeit marginally higher than the 33% at the end of September 2022 (FCT has a September year-end). The average cost of debt increasing up to 3.5% during the quarter which ended December 31, 2022, up from 3% from the quarter ending September 30, 2022. the interest coverage ratio for 1QFY2023 dropped to 4.73x against 5.19x in the 4QFY2022 (for the period from September 30 2022).).