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Overview
Frasers Centrepoint Trust's portfolio comprises high quality suburban retail malls and an office building, all located in Singapore. The retail malls include Causeway Point, Century Square, Changi City Point, Hougang Mall, NEX (effective 25.50%-interest), Northpoint City North Wing (including Yishun 10 Retail Podium), Tampines 1, Tiong Bahru Plaza, Waterway Point (50.00%-interest) and White Sands. The office building is Central Plaza, which is connected to the retail mall Tiong Bahru Plaza.
FCT's properties are located next to or near the MRT stations and bus interchanges and in populous residential areas. The retail malls enjoy high shopper traffic comprising residents and the commuters. FCT strives to offer pleasant and comfortable shopping experiences for all its shoppers that will encourage them to keep coming to its malls. FCT strives to be a fair and value-adding landlord through competitive lease rates, upkeep and enhancement of its retail and office properties, and be the preferred choice of tenants and stakeholders.
FCT Property Portfolio
FCT Property Portfolio
Investment in Hektar
As at 31 March 2023, FCT holds 30.97% of the units in Hektar Real Estate Investment Trust (“H-REIT”). H-REIT, an associate of FCT, is a retail-focused REIT in Malaysia listed on the Main Market of Bursa Malaysia Securities Berhad.
H-REIT’s property portfolio consists of six shopping centres in the Northern, Central and Southern Regions of Peninsular Malaysia. These six shopping centres are Subang Parade (Selangor), Mahkota Parade (Melaka), Wetex Parade (Johor), Central Square (Kedah), Kulim Central (Kedah) and Segamat Central (Johor).
The properties in H-REIT portfolio have a total NLA of approximately 2.0 million square feet and a combined value of approximately RM1,164.5 million (or approximately S$361 million assuming a currency exchange rate of approximately S$1:MYR 3.229 as at 30 September 2022).
Hektar Property Profile1
| Subang Parade | Mahkota Parade | Wetex Parade | Central Square | Kulim Central | Segamat Central | |
|---|---|---|---|---|---|---|
| State | Selangor | Melaka | Johor | Kedah | Kedah | Johor |
| Title | Freehold | Leasehold (expires 2101) |
Freehold | Freehold | Freehold | Leasehold (expires 2116) |
| Net Lettable Area (Retail), square feet as at 31 Dec 2022 |
527,139 | 521,142 | 174,651 | 310,564 | 299,781 | 211,919 |
| Tenancies as at 31 Dec 2022 | 74 | 84 | 54 | 45 | 73 | 35 |
| Occupancy as at 31 Dec 2022 | 70.3% | 86.9% | 88.1% | 82.3% | 96.4% | 73.7% |
| Visitor Traffic FY2022 (million) | 4.7 | 6.0 | 2.9 | 2.7 | 2.9 | 1.8 |
| Acquisition Price (million RM) | 280.0 | 232.0 | 117.5 | 83.0 | 98.0 | 104.0 |
| Valuation (million RM) as at 31 Dec 2022 | 417 | 338.5 | 156.6 | 91.0 | 138.0 | 65.0 |
| Gross revenue (RM million) | 32.5 | 38.0 | 16.8 | 9.5 | 15.9 | 4.8 |
| Net property income (RM million) | 13.1 | 20.8 | 8.7 | 4.6 | 11.1 | 0.4 |
HEKTAR REIT'S TOP 10 TENANTS1
The top ten tenants in the portfolio contributed approximately 39.9% of total monthly rental income, providing a diversified revenue base. Aside from the top tenant, Parkson, which contributed approximately 13.0% of monthly rental income, no other tenant contributed more than 10%.
| Tenant | Trade Category | NLA (sq ft) | % of total NLA | % of monthly rental income* |
|---|---|---|---|---|
| Parkson | Department Store/Supermarket | 252,515 | 12.3% | 13.0% |
| The Store | Department Store/Supermarket | 273,198 | 13.4% | 9.2% |
| GSC | Leisure & Entertainment/Sports & Fitness | 88,670 | 4.3% | 2.6% |
| Mr D.I.Y | Houseware & Furnishing | 74,301 | 3.6% | 2.3% |
| Seleria Food Court | Food & Beverage/Food Court | 47,760 | 2.3% | 2.2% |
| Watson's | Health & Beauty | 11,965 | 0.6% | 2.5% |
| Guardian | Health & Beauty | 12,164 | 0.6% | 2.1% |
| Giant Superstore | Department Store/Supermarket | 72,140 | 3.5% | 2.1% |
| MM Cineplexes | Leisure & Entertainment/Sports & Fitness | 75,928 | 3.7% | 1.9% |
| KFC | Food & Beverage/Food Court | 15,792 | 0.8% | 1.8% |
| Top 10 Tenants (by monthly rental income) | 924,432 | 45.2% | 39.9% | |
| Other Tenants | 1,120,764 | 54.8% | 60.1% | |
| Total | 2,045,196 | 100.0% | 100.0% | |
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1 Source: H-REIT Annual Report 2022 and its website at http://www.hektarreit.com/
PORTFOLIO TENANCY MIX1
As at 31 December 2022
The largest rental contributors to the portfolio are tenants from the Department Store/Supermarket and the Food & Beverage/Food Court segments. Both segments contributed 46% of the portfolio's total rental income. In terms of NLA occupancy, Department Store/Supermarket tenants continue to dominate the portfolio by taking up 41% of all available NLA.
| Segment | As % of overall portfolio NLA | As % of portfolio rental income (based on monthly rental income in December 2021) |
|---|---|---|
| Department Store/Supermarket | 41% | 26% |
| Food & Beverage/Food Court | 12% | 20% |
| Fashion & Footwear | 11% | 20% |
| Health & Beauty | 3% | 10% |
| Leisure & Entertainment/Sports & Fitness | 18% | 7% |
| Electronics & IT | 4% | 8% |
| Homewares & Furnishing | 7% | 4% |
| Gifts/Books/Toys/Specialty | 2% | 4% |
| Education/Services | 1% | 1% |
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Note: Numbers may not add up to 100% due to rounding
PORTFOLIO LEASE EXPIRY PROFILE1
As at 31 December 2022
A total of 213 tenancies will expire in 2023 representing approximately 47.1% of NLA and 57.5% of monthly rental income as at 31 December 2022.
| For year ending 31 December | No. of tenancies expiring | NLA of tenancies expiring (sq ft) | NLA of tenancies expiring as % of total NLA | As % of monthly rental income* |
|---|---|---|---|---|
| 2023 | 213 | 962,565 | 47.1% | 57.5% |
| 2024 | 94 | 528,121 | 25.8% | 30.5% |
| 2025 | 58 | 187,202 | 9.2% | 12.0% |
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* Based on monthly rental income for December 2022.
