Singapore, 22 October 2007 – Frasers Centrepoint Asset Management Ltd. (“FCAM”), the Manager of Frasers Centrepoint Trust (“FCT”), completed its first full year of operations with sterling results, and is well positioned for the new financial year.

FCT’s distributable income for fourth quarter 2007 (period 1 July to 30 September 2007), was S$10.3 million, 13.5% higher than the forecast of S$9.1 million. This translates to a distribution per unit (“DPU”) of 1.67 cents. Full year DPU was 6.55 cents, an increase of 12.0% above the forecast of 5.85 cents.

In fourth quarter 2007, gross revenue was S$19.8 million with net property income at S$12.8 million. In spite of the Anchorpoint asset enhancement programme which began in May 2007, the weighted average occupancy rate of FCT’s portfolio was 94.5% as at 30 September 2007. Causeway Point and Northpoint achieved occupancy rates of 99.9% and 100.0% respectively. Anchorpoint’s occupancy rate was 52.0% as sections of the mall had been vacated for asset enhancement and repositioning works. There was strong rental reversion, with new and renewed leases recording an increase of over 12% above preceding rates. “This demonstrates the trend for strong and sustainable rents for FCT’s malls, and our asset enhancement initiatives will benefit tenants and pave the way for further rental growth,” said Mr Christoper Tang, CEO, Frasers Centrepoint Asset Management Ltd, the Manager of Frasers Centrepoint Trust.

“We are firing well on all cylinders. FCT’s primary focus is to be a leading retail mall owner and manager delivering sustainable DPU growth through four strategic growth thrusts. And on all four we have a healthy state of report,” he says. The four thrusts are building up a pipeline of quality malls for future injection into FCT; growth through increasing rental reversions; growth through asset enhancement initiatives; and growth through overseas expansion.

Source : SGX