CapitaMall Trust (CMT) has announced that its distribution per unit (DPU) for the first quarter of the year has increased 13.2 percent on-year to 2.23 cents from 1.97 cents a year ago.
The net property income during the first quarter rose 5.7 percent to S$97.6 million, while distributable income gained 13.6 percent on-year to S$71.1 million.
CMT said the improved performance came largely from higher gross revenue. It booked full contribution from the Sembawang Shopping Centre, after asset enhancement works were completed.
Lower operating and interest expenses, as well as higher rental rates for new and renewed leases, has boosted its Q1 results.
The trust added that construction has begun on a new two-storey food and beverage annex block at Junction 8, which is expected to yield a net lettable area of 3,500 square feet.
It would also reconfigure some of the retail units and relocate the existing taxi stand for its property at Tampines Mall.
Such developments are expected to be completed by the end of this year.