In Q1, revenue from VivoCity fell 56.7 per cent on the year to S$23.1 million. This came as shopper traffic and tenant sales at the mall fell 78.5 per cent and 63.4 per cent respectively on a year-on year basis.
MCT in April waived fixed rent for eligible tenants; it later provided rental rebates amounting to S$6 million in June.On the other hand, revenue from the office and business park assets were up 31.4 per cent on the year to S$77.2 million. This was largely driven by MBC II and Mapletree Anson, due to higher occupancy and the effects of step-up rents in existing leases, MCT said.
As at June 30, the committed occupancy for MCT’s office and business park assets ranged from 90.4 per cent at PSA Building to full commitment at MBC II. Mapletree Anson and Bank of America Merrill Lynch HarbourFront reported full occupancy.MCT added that new facilities were secured during the quarter to put it on track to refinance all borrowings due in FY20 and FY21. It held more than S$1 billion of cash and undrawn committed facilities at June 30.
Source: News Formal (newsformal.com)
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