CMMT posts net property income of RM24.9 million for 1Q 2021
Distribution per unit of 0.36 sen for the quarter
Kuala Lumpur, 16 April 2021 – CapitaLand Malaysia Mall REIT Management Sdn. Bhd. (CMRM), the manager of CapitaLand Malaysia Mall Trust (CMMT), announced today a net property income (NPI) of RM24.9 million for the quarter ended 31 March 2021 (1Q 2021), 36.7% lower than the same period last year. This mainly reflected the effect of the nationwide Movement Control Order (MCO) that was reintroduced in January 2021 to contain the spread of COVID-19. Distributable income for 1Q 2021 was RM7.6 million and distribution per unit (DPU) was 0.36 sen.
Mr David Wong, Chairman of CMRM, said: “Although COVID-19 containment measures remain in place, the current measures are less stringent on businesses compared to a year ago. It is also encouraging that the restrictions have gradually been eased and almost all trades in the retail sector have been allowed to resume operations since March 2021.”
“Malaysia’s national vaccination plan is expected to be completed by early 2022, and the reopening of travel borders remains uncertain. Coupled with ongoing concerns about the increasing supply of shopping malls, rental reversion and occupancy continue to be under pressure. As operating challenges are expected to persist in the near-term, we are focused on CMMT’s operational recovery and aim to stabilise the portfolio through proactive asset and lease management while prioritising the safety and well-being of our stakeholders.”
Malaysian diners can enjoy their meals in the new 600-seater Gurney Plaza Food Hall spanning four zones representing key landmarks in Penang.
Ms Low Peck Chen, CEO of CMRM, said: “The reinstatement of MCO in 1Q 2021 had coincided with the pre-festive season shopping period. This impacted the recovery of tenant sales from the previous quarter and CMMT’s performance for 1Q 2021. In line with our commitment to ride out the COVID-19 challenges with our tenants, we provided rental rebates in a targeted manner.”
“As the leading shopping destinations in the Northern and East Coast regions, Gurney Plaza and East Coast Mall respectively have signed up several new international beauty and IT-related brands despite the disruptions from COVID-19. At 3 Damansara, anchor tenant, GSC, has completed its upgrading works and reopened with the largest Play+ lounge and hall suitable for families and children. The store’s revamp is part of the mall’s ongoing efforts to enhance its offerings and vibrancy.”
“Amidst the pandemic challenges, we have rolled out flexible leasing strategies to retain and attract good retailers. We are also exploring potential tenants in non-retail trades as part of a long-term plan to optimise the use of space and attract a wider catchment of patrons for our Klang Valley malls.”
CMMT will continue to leverage CapitaStar and develop digital marketing initiatives to boost tenant sales. For the safety and well-being of shoppers, tenants, visitors and employees, precautionary measures in accordance with relevant authorities’ guidelines will continue at all CMMT properties.
