SPH Reit, which owns Paragon and The Clementi Mall, reported a 0.7 per cent rise in distribution per unit (DPU) for the third quarter ended May 31 to 1.36 Singapore cents.
This came on the back of higher net property income, which rose 1.8 per cent to S$40 million in Q3. Gross revenue was up 1.9 per cent to S$52.2 million.
Both malls achieved 100 per cent occupancy. Paragon achieved a moderate rental uplift of 4.9 per cent for new and renewed leases during the three quarters ended May 31. The Clementi Mall recorded positive rental reversion of 4.5 per cent over the same period.
Susan Leng, CEO of SPH Reit Management, said the asset enhancement initiative involving the decanting of air handling units at Paragon is progressing well and tenancies have been secured for all the newly created units ahead of its year-end opening.
"We have received strong demand from retailers for the reconfiguration of Basement 1 at The Clementi Mall," she added. "In this exercise, we will create an additional seven food kiosks giving us a total of 21 kiosks, of which four are new food concepts. The revamped food cluster will be a refreshing destination for our shoppers."
This article was first published on July 7, 2016.
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