FrasersCT – UOBKH

3Q07: Topline In Line With Forecast

Gross revenue of S$18.9m and NPI of S$12.6m in line with forecast. FCT reported a gross revenue of S$18.9m and NPI of S$12.6m, in line with forecast. DPU, however, was 14.4% above forecast at 1.67 Scts. Revenue growth was mainly a result of more than 90% of new and renewed leases from Causeway Point, which secured rental renewal rates of more than 10% above preceding rates. Northpoint also extended five expiring leases for a period of one year in anticipation of its pending asset enhancement in FY08.

Key driver from acquisitions and asset enhancements. FCT completed its acquisition of 27% stake in Hektar REIT in Jun 07, Malaysia’s only pure retail REIT listed consisting of suburban regional malls, Subang Parade in Selangor and Mahkota Parade in Malacca. Going forward for the next three years, we believe that the growth driver will come from acquisitions of Northpoint 2, Yew Tee Mall, Bedok Mall and Centrepoint, and also continued asset enhancements to Causeway Point, Northpoint and Anchorpoint.