Tenant sales have remained near pre-pandemic levels.
Frasers Centrepoint Trust (FCT) said it has remained resilient throughout the pandemic with a 96.4% retail portfolio occupancy in Q1 FY21.
Tenant sales have remained stable despite falling for 1.3% YoY in December 2020. During the height of the pandemic in May 2020, tenant sales dropped by 57.1 YoY.
The business update also said shopper traffic has remained between 60% and 70% of pre-pandemic level with safe distancing and mall capacity control measures in force.
FCT said it has renewed nearly one quarter of expiring leases due FY21 in Q1.
The company expects to have a stable suburban retail sales and shopper traffic as long as the COVID-19 situation in Singapore remains under control with the transition to Phase 3 and easing of more measures having a positive impact on retail performance.
According to an analysis by OCBC, they predict a recovery in FY21 due to FCT’s portfolio of suburban malls to have a defensive and resilient with the addition of the PGIM ARF portfolio on a 100% basis that boosted the company’s scale and profile within the Singapore retail landscape.
OCBC also said gross revenue to gain more traction from $164.4m in FY20 to $370.6 FY21.