FCOT's Q1 DPU rises 21%

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Frasers Commercial Trust (FCOT) posted a distribution per unit (DPU) of 1.51 cents in the first quarter ended 31 December 2011, up 21 percent year-on-year after factoring in the consolidation of every unit held by unitholders.

Meanwhile, distributable income to unitholders rose 22 percent to S$9.6 million, while total distributable income to both CPPU holders and unitholders climbed 13 percent to S$14.3 million. This was mainly attributed to higher net property income, which surged seven percent year-on-year to S$24.6 million.

The trust also managed to grow its topline, which increased six percent to S$30.7 million in the first quarter, driven by better occupancy rates and higher rentals achieved for Central Park. The average occupancy rate stood at 97.6 percent, boosted by strong take-up rate in both the Singapore and Australian portfolios, which hit 98.1 percent and 97.8 percent respectively.

Looking forward, Low Chee Wah, CEO of FCOT's manager, said the trust “will be taking over the management of China Square Central (pictured) upon the expiry of the master lease on 29 March, 2012.”

He noted that transformation plans for the trust’s asset will be explored to capitalise on the opening of Telok Ayer MRT station in 2013.

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