New CapitaMalls securing impressively high tenant commitments

Almost-full committed occupancies for Bedok Mall, Westgate.

"Bedok Mall, which is set to open in 4Q13, has already achieved ~100% committed occupancy. The mall will have a wide range of retail and F&B offerings, including Tim Ho Wan, the immensely popular dim sum restaurant. Westgate, scheduled to open before Christmas, is >80% committed," said Maybank Kim Eng in its CapitaMalls update.

"Among the committed tenants are COS (Collection of Style) – the upmarket line from H&M, and Coach, which will open its first suburban boutique in Westgate. By our estimates, these two malls will contribute ~SGD20m of net property income per annum on a stabilized basis," it added.

The research firm expects that in the near-term, the opening of new malls will continue to be a key earnings driver, supported by positive rental reversions.

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