Gross revenue from the hospitality segment increased 6.3% in 3Q 2016 as compared with 3Q2015.
However, gross revenue from the retail segment (rental and other income from Mandarin Gallery Shopping Mall) was S$0.8 million lower as compared to 3Q2015. This is a decrease of 8.9%. Effective rent per square foot per month of S$24.6 for 3Q2016 was lower as compared to S$25.0 for 3Q2015.
As of 30th September 2016, occupancy at Mandarin Gallery was approximately 89% committed.
Two big fashion players Michael Kors and Victoria Secrets have finally opened their stores at Mandarin Gallery. with Michael Kors occupying 7,000 square feet space and Victoria Secret occupying 12,000 square feet at Mandarin Gallery. The lease signed is 7 years and 10 years respectively.
The manager of OUE Hospitality Trust claims that the long lease with the tenant is part of their strategy of enhance income stability for the trust. (more…)