Frasers Centrepoint Trust retail portfolio occupancy hits 99.9% in Q3

[SINGAPORE] Committed occupancy in the retail portfolio of Frasers Centrepoint Trust (FCT) reached 99.9 per cent in the third quarter ended Jun 30, 2025. This was a growth of 0.2 percentage point year on year, and 0.4 percentage point quarter on quarter.

The Q3 2024 figure excludes the Tampines 1 mall, and the Q3 2025 figure excludes Hougang Mall, due to asset enhancement initiative (AEI) works, its manager said in a business update on Thursday (Jul 24).

The committed occupancy at all of its malls – excluding Hougang Mall – remained above 99 per cent, with several seeing full occupancy.

Both shopper traffic and tenants’ sales across its retail portfolio increased in the period. Shopper traffic was up 2.1 per cent on a yearly basis; tenants’ sales were up 4.4 per cent. The manager expects government support measures, such as Community Development Council and SG60 vouchers, to boost retail spending.

The trust’s recent acquisition of Northpoint City South Wing further strengthened the portfolio, added the manager, noting that it offers organic growth through potential AEIs and cost-savings over time.

This acquisition “consolidates FCT’s position as Singapore’s leading prime suburban retail space owner”, it said, adding that Northpoint City is well-positioned to benefit from the north region’s revitalisation, underpinned by substantial new homes and its transformation into a “work-live-play hub”.

The trust has completed equity fundraising of S$421.3 million, and issued S$200 million of perpetual securities, at a “competitive pricing” of 3.98 per cent.

FCT’s manager also noted its healthy financial position, with an improved cost of debt at 3.7 per cent in Q3 2025. This is against 3.8 per cent in the preceding quarter and 4.1 per cent in the corresponding year-ago period.

Its average leverage was 42.8 per cent as at Jun 30, or 40.4 per cent on a proforma basis, based on total assets as at Jun 30, assuming the repayment of loans from the proceeds of the perpetual securities.

Rents and retail sales remain resilient, amid geopolitical tensions and economic uncertainty, the manager said. It noted limited new retail space in the pipeline, with the private retail supply pipeline between 2025 and 2028 estimated to increase by about 2 per cent from the existing private stock.

“Limited supply and healthy demand continue to underpin the Singapore suburban retail market,” it added.

The counter closed at S$2.20, down S$0.01 or 0.5 per cent on Thursday, before the announcement.