On 29th April 2025, Frasers Centrepoint Trust announced its 1H25 financial results. Frasers Centrepoint Trust is the largest suburban retail mall owner by net lettable area in Singapore with assets under management of approximately $7.1 billion. Frasers Centrepoint Trust makes up 6.91% of my stock portfolio.
What are the assets under Frasers Centrepoint Trust? Frasers Centrepoint Trust’s portfolio comprises of Causeway Point, Century Square, Hougang Mall, NEX (50.0% effective interest), Northpoint City
North Wing (including Yishun 10 Retail Podium), Tampines 1, Tiong Bahru Plaza, Waterway Point (50.0% interest), White Sands and an office property (Central Plaza).
With the recent acquisition of Northpoint City South Wing, I believe you would want to know how Frasers Centrepoint Trust had performed in 1H25. Let us take a look at its financial results below.
Frasers Centrepoint Trust 1H25 Financial Results
In 1H25, Gross Revenue rose 7.1% year-on-year to $184.4 million and Net Property Income (NPI) was 7.3% higher at $133.7 million. The increase was attributed to higher rental income from renewed and new leases signed.
Distributable income to unitholders was 4.9% higher year-on-year, mainly due to higher NPI, full six-month contribution from the acquisition of an additional 24.5% interest in Gold Ridge Pte Ltd and better performance from Waterway Point and NEX.
As a result of Frasers Centrepoint Trust’s robust performance, 1H25 Distribution per Unit (DPU) of 6.054 cents was announced which was 0.5% higher as compared to 1H24 DPU of 6.022 cents.
| 1H25 (S$’000) |
1H24 (S$’000) |
Change (%) | |
| Gross Revenue | 184,391 | 172,212 | 7.1 |
| Net Property Income | 133,690 | 124,612 | 7.3 |
| Property expenses |
(50,701) | (47,600) | (6.5) |
| Amount Distributable to Unitholders | 110,077 | 104,906 | 4.9 |
| Distribution Per Unit (“DPU”) (cents) | 6.054 | 6.022 | 0.5 |
Debt
Aggregate leverage, also known as gearing ratio, refers to the ratio of a real estate investment trust’s (REIT) debt to its total assets. As of 31st March 2025, Frasers Centrepoint Trust’s aggregate leverage stood healthy at 38.6%.
The average cost of borrowing for 1H25 was 3.9%, a decline from 4.0% in 1Q25. As you can see from the above, debt maturity is well-spread and there is no refinancing risk in FY25.
Moody has given Frasers Centrepoint Trust a Baa2 (Stable). A Moody’s “Baa2” credit rating, with an outlook of “Stable”, indicates a medium-grade obligation with moderate credit risk.
Occupancy
Overall portfolio occupancy stood high at 99.5%. You may have noticed Hougang’s occupancy is not include because it is undergoing Asset Enhancement Initiative (AEI) works. The AEI works at Hougang Mall is expected to complete by calendar 3Q 2026.
The above charts show which malls under Frasers Centrepoint Trust’s portfolio is contributing the most revenue. The top 3 malls in terms of revenue contributed are NEX, Causeway Point and Waterway Point.
Frasers Centrepoint Trust had achieved an average rental reversion of +9.0% as compared to +7.5 in 1H24. Rental reversion refers to the process of adjusting the rental rate of a property at the end of a lease term. This adjustment is typically based on the current market rates and the terms of the original lease agreement. The goal of rental reversion is to ensure that the property owner is receiving fair market value for their rental property.
During a rental reversion process, the property owner may negotiate with the tenant to agree on a new rental rate that reflects the current market conditions. This negotiation may involve factors such as the condition of the property, the location, and any improvements that have been made since the original lease agreement was signed.
Frasers Centrepoint Trust Current Share Price and Dividend Yield
Frasers Centrepoint Trust share price closed at S$2.20 on 22nd May 2025. As observed from the above price chart, Frasers Centrepoint Trust share price is on the uptrend.
Based on Frasers Centrepoint Trust FY24 full year distribution of 12.042 cents, Frasers Centrepoint Trust dividend yield is 5.47%.
Summary of Frasers Centrepoint Trust 1H25 Financial Results
To help you decide whether Frasers Centrepoint Trust is a good investment or bad investment, let me summarize the pros and cons based on its 1H25 financial results.
The pros are:
- Gross Revenue rose 7.1% year-on-year to $184.4 million.
- Net Property Income (NPI) rose 7.3% higher year-on-year to $133.7 million.
- 1H25 DPU was 0.5% higher year-on-year at 6.054 cents.
- Healthy gearing at 38.6%.
- Debt is well-spread.
- High overall portfolio occupancy of 99.5%.
- In 1H25, achieved positive rental reversion of 9.0%.
- Acceptable current dividend yield of 5.47% based on S$2.20 per share.
The cons are:
- Loss of contribution from Hougang Mall due to AEI works which is expected to complete by 3Q 2026.