Event

■ CapitaMall Trust presented at Day One of our Asean conference in Singapore.

Impact

■ Rent growth of 6.4% in 1H13. Management expected some slowdown in rent reversions but was pleasantly surprised by achieving 6.4% reversions in 1H13. Shopper traffic +4.8% whilst tenant sales +3.3%. Whilst the portfolio is 99.1% occupied, it also means there is little retail space left to meet demands of new to market retailers. There are macro headwinds to contend with going forward, like slower population growth, control of foreign workers and difficulty in getting staff from the tenants' perspective.