SINGAPORE – CapitaMall Trust, Singapore’s largest property trust by market value, reported on Tuesday a 24 per cent rise in first-quarter distributable income, helped by stronger rentals at its shopping malls.

CapitaMall, 27 per cent owned by South-east Asia’s largest developer, CapitaLand, will pay $58 million (US$42.9 million) in distributable income for the January-to-March period, or 3.48 Singapore cents per unit.

That compares with $46.9 million in the year-earlier period.

CapitaMall competes with other Singapore-listed real estate investment trusts that own offices and retail malls, including Suntec Reit, Macquarie MEAG Prime and Frasers Centrepoint. — REUTERS