In yesterday’s OUE Hospitality 1st quarter results, we are seeing more data showing the challenging scenario: Retail segment pertains to rental and other income from the Mandarin Gallery (“MG”) shopping mall. Retail revenue for 1Q2016 was $1.5 million lower than 1Q2015 mainly due to landlord fit out periods for incoming tenants and lower average occupancy rate. As at 31 March 2016, approximately 13% of the net lettable area is under landlord fit out period. The mall recorded an effective rent per square foot per month of $24.4 for 1Q2016 as compared to $24.6 for 1Q2015. The retail scene ......
OUE Hospitality is a unique hospitality trust that owns the Mandarin Orchard Hotel, the Changi Crowne Plaza Hotel and a retail shopping front in Mandarin Gallery.
In recent times we seen much reporting of the retail mall downturns including this report and a recent Middle Ground vacant malls article.
