Meanwhile, Tampines 1 has achieved a leasing commitment of 97% of its AEI spaces. The first batch of completed units were handed over and commenced operations in December 2023, with overall AEI on track for completion by September.
Shopper traffic during the quarter was also 3.1% higher y-o-y while tenant sales for the same period was down 0.7% y-o-y. Adjusting for tenants under renovation, tenants’ sales would have been up1.1% y-o-y, says FCT’s manager.
On the capital management front, gearing lowered to 37.2% as at Dec 31, 2023, compared to 39.3% as at end-September last year at 33.9%.
With average cost of debt rising to 4.3 % during the quarter from 4.1% in the quarter ended Sept 30, 2023, FCT’s adjusted interest coverage ratio in 1QFY2024 fell to 3.35x versus 3.47x in 4QFY2023.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
Units in FCT closed 4 cents higher or 1.82% up at $2.24 on Jan 22.
