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CapitaCommercial Trust : annual report 2007

Singapore Portfolio

Starhub Centre

5

7

Bugis Village

Raffles City

4 6

Robinson Point

8

Golden Shoe Car Park Market Street Car Park

9

2

6 Battery Road

1

Capital Tower

3

HSBC Building

10

Wilkie Edge

5

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7

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8 29

1 63

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Raffles Place MRT

City Hall MRT

Bugis MRT10

Dhoby Ghaut MRT


page 49

Total Net Lettable Area (excludes licence area) 258,106 sq m- Office 215,412 sq m

- Retail 42,694 sq m

Average Committed Occupancy 99.6%- Office 99.6%

- Retail 99.4%

Purchase Price On Acquisition S$3,472 mValuation as at 1 December 2007 S$5,110 m(Both purchase price and valuation include the Trust’s 60.0% interest in Raffles City)

Total No. of Tenants 491- Office 227

- Retail 263

- Hotels and Convention Centre 1

No. of Car Park Lots 3,536

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page 51

Capital Tower


The Manager’s objective for Capital Tower is to optimise its financialperformance and strengthen the building’s position as the leading corporateheadquarters and office in Singapore’s Central Business District (“CBD”) fordiscerning tenants who appreciate its award-winning architectural design,environmentally sustainable measures and unsurpassed tenant and buildingmanagement services.

LOCATION

Capital Tower is well located in Singapore’s CBD, at

the junction of Cecil Street, Maxwell Road and Robinson

Road, with access to the Tanjong Pagar MRT Station.

Its prime location and being one of Singapore’s tallest

Grade A commercial buildings in the Shenton Way belt

makes Capital Tower a compelling choice for companies

seeking to establish corporate headquarters and offices

in Singapore.

KEY FEATURES

Completed in 2000, as the first of a new generation of

intelligent buildings, the 52-storey Capital Tower has

won prestigious accolades from Singapore's BCA for

its design and construction excellence as well as the

Green Mark Gold Award, for its environmental-friendly

features. The property also exhibits colourful sculptures

by the famous local sculptor, Ms Han Sai Por, as well

as water features on the first storey urban plaza. There

is also an art gallery with paintings for sale on display

along the walls of the building’s transit floor. Capital

Tower is reputedly the first commercial building in

Singapore to have LCD screens in high-speed lifts.

The office tower also houses a 230-seat auditorium,

a fitness centre on the ninth floor, as well as a penthouse

dining club, the China Club. Level one features retail

amenities such as food and beverage outlets, branded

fashion retailers and a showroom for sophisticated

audio and visual systems. There are 415 car park lots

in the building.

Capital Tower


page 53

Another key feature of Capital Tower is the intelligent

building management system which allows its tenants

to have access to many smart office features such as

the electronic booking of meeting rooms, reservation

of car park lots, and monitoring of the office environment.

INNOVATIVE ASSET ENHANCEMENT

Part of the level one space at Capital Tower was

reconfigured and leased to a few retailers. They are:

Ermenegildo Zegna, the world leader in luxury men’s

clothing; The Marmalade Group, a food and beverage

enterprise that delivers quality food in an upscale but

relaxed environment; Bang & Olufsen, a world wide

manufacturer of exclusive, high quality audio and video

products; and Thomas Pink, which is part of the luxury

goods group LVMH and well-known for their immaculately

tailored shirts.

PROPERTY INFORMATIONAS AT 31 DECEMBER 2007

Location 168 Robinson Road

Net Lettable Area 68,827 sq m

Title Leasehold estate expiring31 December 2094

Committed Occupancy 100.0%

Purchase Price onAcquisition S$ 793.9 m

Valuationas at 1 December 2007 S$ 1,224.0 m

No. of Tenants 25

No. of Car Park Lots 415

Gross Rental Income S$ 39.1 m (FY 2007)

Gross Revenue S$ 43.5 m (FY 2007)

Net Property Income S$ 29.3 m (FY 2007)

LEASE EXPIRY PROFILE

48.0%

8.7%

36.0%

7.3%0.0%

2008 2009 2010 2011 2012 andBeyond

TENANT BUSINESS SECTOR ANALYSIS

AncillaryFood &

Beverage5.3%

Banking,Insurance &

Financial Services36.2%

BusinessManagement/Consultancy

Services/Business Activities

5.2%

IT Services &Consultancy/

Internet TradingActivities12.0%

Legal3.8%

Others1.1%

Real Estate &Property Services

3.7%

Government &GovernmentLinked Office

32.7%

Information for the lease expiry profile, tenant business sector analysis and the top 10 tenants are based on

gross rental income as at 31 December 2007.

Capital Tower


TOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007

LEASE EXPIRY % OF GROSSTENANT DATE RENTAL INCOME

Government of Singapore Investment Corporation Pte Ltd Jan 2008 32.7%

JPMorgan Chase Bank, N.A. Dec 2010 19.5%

CISCO Systems (USA) Pte. Ltd. Feb 2010 12.0%

Calyon Sep 2010 7.0%

Mizuho Corporate Bank, Ltd. Jun 2011 5.9%

BHP Billiton Marketing Asia Pte Ltd Jun 2009 5.0%

Lee & Lee Sep 2008 3.8%

Wachovia Bank, National Association Jul 2010 3.4%

CapitaLand Limited Jul 2009 3.4%

China Club Investment Pte Ltd Jan 2011 1.7%

Top 10 Tenants 94.5%

Other Tenants 5.5%

Total 100.0%

Capital Tower


page 55

6 Battery Road


LOCATION

6 Battery Road is strategically situated in the heart of

Raffles Place, Singapore's financial and commercial

hub, offering excellent views of the Singapore River and

Marina Bay.

KEY FEATURES

6 Battery Road is a landmark 42-storey office building

that boasts an enviable location, excellent amenities,

with direct basement access to the Raffles Place MRT

station. The building’s proximity to Raffles Place, and

easy access to public transport has made it the top

choice among prestigious local and multinational

companies seeking to set up their corporate offices in

Singapore. Although the building is more than 20

years old, it has gone through extensive retrofitting

between 2000 and 2002, to maintain its attractiveness.

Additional building improvement works have begun

since last year, to enhance the mechanical and electrical

equipments as well as to upgrade the lift systems in

the building.

A key offering of the building is its column-free office floor

area of 12,500 sq ft each, providing tenants an opportunity

for efficient use of space and allowing flexibility of layout.

Besides a stylish café for meals and meetings, concierge

services are also offered to assist tenants in receiving

their guests. The main entrance lobby features the

concierge service counter, sofa seating area, water feature

and expansive back-lit onyx walls.

The Manager’s objective for 6 Battery Road is to optimise its financialperformance and consolidate its standing as the choice Grade A office strategicallylocated in the heart of Singapore’s CBD, by providing unparalleled tenant andbuilding management services and focusing on its environmental sustainability.

6 Battery Road


page 57


Location 6 Battery Road


Title Leasehold estateexpiring 19 April 2825




No. of Tenants 67





Information for lease expiry profile, tenant business sector analysis and top 10 tenants are based on grossrental income as at 31 December 2007.

6 Battery Road


22.4%26.9%28.4%

5.2%

17.1%

2008 2009 2010 2011 2012 andBeyond


AncillaryFood &

Beverage0.8%

Banking, Insurance &Financial Services

69.8%

Business Management/Consultancy Services/

Business Activities5.5%


Internet Trading1.1%

Legal4.6%

Others10.9%

Real Estate& PropertyServices

7.3%



LEASE EXPIRY % OF GROSSTENANT DATES RENTAL INCOME

Standard Chartered Bank Jan 2008, Oct 2009, 30.4%Dec 2009, Feb 2010,

Jan 2020

Nomura Singapore Limited May 2008, Nov 2011 12.3%

ICAP AP (Singapore) Pte. Ltd. Dec 2007, Dec 2009 4.6%

Servcorp Battery Road Pte Ltd Jun 2009, Sep 2009 4.0%

Allianz Global Investors Singapore Limited May 2010 3.2%

CB Richard Ellis (Pte) Ltd Nov 2010 3.0%

Singapore Mercantile Exchange Pte. Ltd. Jun 2010 2.5%

TSMP Law Corporation Oct 2010 2.0%

Landsbanki Islands hf. Sep 2010 1.9%

Crosby Capital Partners (Singapore) Pte. Limited Jan 2010 0.6%


Other Tenants 35.6%

Total 100.0%

6 Battery Road


page 59

HSBC Building



Location 21 Collyer Quay


Title Leasehold estate expiring18 December 2849



Valuationas at 1 December 2007 S$ 270.0 m

No. of Tenant 1




Tenant Business Banking, Insurance &Sector Analysis Financial Services

The Manager’s objective for HSBC Building is to ensure that it remains astrategic fit to the Trust’s portfolio as a well located and environmentallysustainable prime office building that provides stable returns with its annualstep-up rental rates.

LOCATION

The HSBC Building is located opposite the Fullerton

Hotel and amidst the hustle and bustle of Singapore’s

financial and commercial hub with Raffles Place MRT

station within five minutes walk away.

KEY FEATURES

The HSBC Building comprises a 21-storey office building

and three basement levels, and houses a single tenant,

The Hongkong and Shanghai Banking Corporation

Limited (“HSBC”). The building was given Green Mark

Award by the BCA in May 2007.

The property has an excellent frontage, offering

panoramic views of Fullerton Square and Marina Bayfront

and in close proximity to dining and entertainment

venues like Boat Quay, One Fullerton, and the

Esplanade-Theatres on the Bay.

Built in the 1980’s, the mechanical and engineering

systems of the building were upgraded in 2006, while

the façade of the building’s podium and tower block

have been refurbished in 2007, thus enhancing the

image of the building.

The property was acquired on 29 April 2005 from HSBC,

and fully leased to HSBC for a period of seven years

expiring in 2012. Under the terms of the seven-year

lease, HSBC is responsible for the property operating

expenses (including property tax), while the Trust is

responsible for the insurance and structural maintenance

of the building.

HSBC Building


page 61

Raffles City


LOCATION

Raffles City is located in the downtown core at the fringe

of Singapore’s CBD and within the Civic and Cultural

District. The building is strategically located adjacent to,

and directly connected to the City Hall MRT interchange

station and the proposed Esplanade station on the Circle

Line of the MRT system, which is expected to be fully

operational by 2010.

KEY FEATURES

Raffles City is a prime landmark, an integrated development

and one of the largest developments in Singapore. The

mixed-use development comprises:

42-storey Raffles City Tower;

four-storey Raffles City Shopping Centre (“RCSC”);

73-storey Swiss tel The Stamford and 28-storey

Fairmont Singapore hotel; and

Raffles City Convention Centre.

The Manager and the manager of CapitaMall Trust’s objective for Raffles Cityis to optimise the financial performance of the property and to strengthen itsmarket position as the leading integrated asset in Singapore’s downtown core,leveraging on the complementary and synergistic sectors of office, retail, hoteland convention centre.

Raffles City

(From left to right) : Mr Poon Chiew Foo, Deputy General Manager and Head, Property Services (effective from

15 February 2008); Mr Kwong Wing Kwee, Senior Manager, Building Services; Mr Tan Kee Yong, General Manager

(up to 14 February 2008); Ms Teresa Teow, General Manager (effective from 15 February 2008); Ms Eugenie Yap,

Deputy General Manager and Head, Leasing (effective from 15 February 2008); Ms Phyllis Goh, Head, Marcom

(effective from 15 February 2008); Ms Lee Mun Ling, Head, Marcom (up to 14 February 2008) and Ms Carol Liew,

Manager, Leasing (Office)


page 63

The Trust and CapitaMall Trust jointly own the integrated

development through the RCS Trust, the special purpose

vehicle that holds Raffles City. RCS Trust was constituted

on 18 July 2006 and is 60.0% owned by CapitaCommercial

Trust and 40.0% owned by CapitaMall Trust. Raffles City

was acquired on 1 September 2006.

Raffles City was given the Green Mark Award by the BCA

in May 2007.

RAFFLES CITY TOWER

As an integral part of Raffles City, the Raffles City Tower

office offers tenants an integrated business environment

complete with the convenience of having retail shops,

hotels and convention space all at one location. Major

tenants at Raffles City Tower include the Economic

Development Board, Phillip Securities and Accenture.

RAFFLES CITY SHOPPING CENTRE

RCSC is a prime retail mall spread over four floors,

including one basement level. The mall is anchored by

Robinsons (department store) and Jasons Market Place

(gourmet supermarket). RCSC also houses over 180

specialty shops, including international and high street

fashion, branded lifestyle products and kiosks.


RCSC began its Phase 1 asset enhancement works in

April 2007, decanting over 65,000 sq ft of gross floor

area from mechanical and equipment space, to create

new retail space. The newly-created net lettable area of

approximately 41,000 sq ft was transferred to Basement

1 (26,606 sq ft), Level 1 (5,994 sq ft) and Level 2 (8,164

sq ft), significantly increasing the net lettable area on

these levels. The works encompassed the construction

of a three-storey island podium in the atrium of RCSC

completed in December 2007, extension of The Raffles

Marketplace in Basement 1, completing in the first quarter

of 2008 and the reconfiguration and extension of lease

lines of some shops on Levels 1 and 2.

Levels 1 and 2 of the island podium are designated for

retail, whilst Level 3 is the new elevated atrium space for

events and promotions. A new three-storey high water

feature integrated into the design of the island podium

serves as an iconic focal point and meeting area.

Following the enhancement, The Raffles Marketplace was

expanded by 30.0% to 116,174 sq ft, with part of the

Basement 1 car park converted to retail space to facilitate

this expansion. Based on a capital expenditure of S$62.4

million, the enhancements resulted in an incremental net

property income of S$7.6 million and produced an

ungeared return on investment of 12.2%.

POSITIONING AND TENANCY MIX

With the completion of phase one of asset enhancement

works, the tenant mix on Level 1 is strengthened with

more international fashion brands such as Bally and

Aigner, as well as concept stores which are new to

Singapore such as Kate Spade, Stage, Cortefiel and

Pedro Del Hierro. The revamped mall is also home to

familiar brands like British India, Dockers and Raoul.

Level 2 now features a wide variety of high street labels

like Naf Naf, FCUK, River Island, Topshop and Dorothy

Perkins. Appealing to home owners and families with

children, Level 3 boasts new brands such as ZONE

which retails chic home accessories from Denmark, and

Okaidi & Obaibi which is a French label for comfy

children’s fashion.

We also intend to further fine tune the retail mix and

elevate the positioning of the mall a notch higher. By

widening the retail offering and introducing innovative

concepts and renowned brand names, RCSC is well

poised to continue to attract local shoppers and tourists

as well as to be the premier shopping mall in the

Marina area.

Raffles City


PROPERTY INFORMATION AS AT 31 DECEMBER 2007

Location 250/252 North BridgeRoad; 2 Stamford Road;80 Bras Basah Road

Net Lettable Area 68,977 sq m- Office 35,330 sq m- Retail 33,647 sq m

Title Leasehold estate expiring15 July 2078

No. of Hotel Rooms 2,030

Committed Occupancy 99.3%- Office 98.7%- Retail 100.0%

Purchase Price onAcquisition S$ 2,166.0 m


No. of Tenants 226- Office 47- Retail 178- Hotels and Convention

Centre 1


Shoppers’ Traffic 29.8 m




THE HOTELS AND CONVENTION CENTRE

The two hotels and the Raffles City Convention Centre

are on a long term master lease to RC Hotels. RC Hotels

is an indirect subsidiary of Colony Capital, LLC. The master

lease is for 20 years, commencing from 7 November 1996,

with an option to renew for a further term expiring on 31

December 2036.

The master lease provides cash flow stability through

minimum rental and service charge components, which

is projected to contribute at least 70% of the gross rental

income from the lease to RC Hotels. The minimum rent

component ranges from S$36 million to S$44 million

per annum.

In addition, the master lease provides good organic

growth with the step-up rent structure and variable rent

pegged to the gross operating revenue of the hotels

and convention space (RC Hotel’s revenue). For the

period from November 2006 to November 2011, the

variable rent is 8.5% of gross operating revenue up to

S$250.0 million plus 13.0% of gross operating revenue

over S$250 million.

The property information shown in relation to Raffles

City is as a whole and not the Trust s 60.0% interest

in Raffles City.

Raffles City

RAFFLES CITY MAJOR USAGE MIX

Raffles City Tower19.0%

Hotels andConvention Centre

33.9%

Raffles CityShopping Centre

47.1%


page 65

RAFFLES CITY LEASE EXPIRY PROFILE

2.0%

2008 2009 2010 2011 2012 and Beyond

6.6%

12.6%10.0% 8.8%

16.8%

0.4% 0.5% 0.9%

41.4% Office Retail Hotels and Convention Centre

Raffles City

RAFFLES CITY TOWER LEASE EXPIRY PROFILE

36.9%

53.2%

8.3%1.6% 0.0%

2008 2009 2010 2011 2012 andBeyond

RAFFLES CITY SHOPPING CENTRELEASE EXPIRY PROFILE

48.3%

28.7%

18.9%

1.4% 2.7%

2008 2009 2010 2011 2012 andBeyond

RAFFLES CITY TOWERTENANT BUSINESS SECTOR ANALYSIS

Banking,Insurance &





InternetTrading13.5%

Others20.1%


5.0%

Government &GovernmentLinked Office

26.5%

Telecommunications1.5%

RAFFLES CITY SHOPPING CENTRETENANT BUSINESS SECTOR ANALYSIS

Food & Beverage/Food Court

18.3%

Books/Gifts& Specialty/

Hobbies/Toys5.1%

Services9.1%

Department Store15.6%

Fashion45.4%

Supermarket2.8%

Leisure & Entertainment/Sports & Fitness

2.3%

Electronics0.6%

Home Furnishing0.8%

Information for lease expiry profile, major usage mix, tenant business sector analysis and top 10 tenants are based

on gross rental income (excluding turnover rent) as at 31 December 2007.


RAFFLES CITY TOWER - TOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007


Economic Development Board Feb 2008, Jun 2009 23.6%

Accenture Pte Ltd Aug 2010 12.9%

Phillip Securities Pte Ltd Dec 2009 11.1%

AAPC Hotels Management Pte. Ltd. Oct 2010 4.2%

Raffles International Limited Jun 2010 3.9%

Chinaoil (Singapore) Int'l Pte Ltd Jul 2010 3.8%

Total Trading Asia Pte. Ltd. Dec 2009 3.3%

LVMH Watch & Jewellery Singapore Pte Ltd Jun 2010 2.6%

Dentsu Asia Pte Ltd Jan 2009 2.0%

Noonday Asset Management Asia Pte. Ltd. Dec 2009 1.8%


Other Tenants 30.8%

Total 100.0%

RAFFLES CITY SHOPPING CENTRE - TOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007


Robinson & Co (S) Pte Ltd Mar 2010 15.6%

Wing Tai Retail Pte. Ltd. May 2009, Jul 2009, 3.8%Aug 2010, Dec 2010

Jay Gee Enterprises (Pte.) Ltd Dec 2008, Sep 2010, 3.1%Oct 2010, Dec 2010

Ossia International Limited Oct 2010 3.1%

Cold Storage Singapore (1983) Pte Ltd Nov 2008 2.8%

Esprit Retail Pte Ltd May 2013 2.7%

Food Junction Management Pte Ltd Nov 2008 2.2%

The Looking Glass Pte Ltd May 2010 2.1%

DBS Bank Ltd. Jul 2010 2.1%

Cortina Watch Pte Ltd Apr 2009, Jun 2010 2.0%


Other Tenants 60.5%

Total 100.0%

Raffles City


page 67

Starhub Centre


LOCATIONStarhub Centre is located at Cuppage Road, off OrchardRoad with access to the Central Expressway and retailshopping centres, serviced apartments and hotels inthe vicinity of the Somerset MRT station.

KEY FEATURESCompleted in 1998, Starhub Centre is a ten-storeyoffice building with a leading educational and professionaltraining institution on the second floor, and retail andfood and beverage outlets on its first floor. The buildinghas 281 car park lots located over four levels to servethe tenants and visitors.

The Manager’s objective for Starhub Centre is to optimise its financialperformance, ensure its environmental sustainability and strengthen its positionas a preferred office address for companies located in the Orchard Road belt.


Location 51 Cuppage Road


Title Leasehold estate expiring31 January 2095




No. of Tenants 21





Starhub Centre


page 69


12.7%

26.5%

52.7%

0.0%8.0%




StarHub Ltd. Feb 2009, Nov 2010 26.6%

Kaplan Financial (S) Pte. Ltd. Feb 2008, Feb 2012 21.7%

Intel Technology Asia Pte Ltd Apr 2008 12.9%

STT Communications Ltd Aug 2008 11.8%

Prudential Assurance Company Singapore (Pte) Limited Feb 2010 10.4%

Singapore Technologies Engineering Ltd Aug 2008 4.8%

Vertex Management (II) Pte Ltda Jul 2008 1.9%

More World System (Singapore) Pte Ltd Apr 2008 1.5%

ST Asset Management Ltd. Jul 2008 1.4%

Aimin Acupuncture & Weight Loss Centre Pte Ltd Aug 2009 1.2%


Other Tenants 5.8%

Total 100.0%

Ancillary Food & Beverage1.5%

Banking,Insurance &

FinancialServices10.4%





Others10.2%

Telecommunications38.3%

Education21.7%


2008 2009 2010 2011 2012 andBeyond

Starhub Centre


Robinson Point


page 71

LOCATIONRobinson Point is sited strategically along RobinsonRoad and close to Singapore’s financial and commercialhub at Raffles Place. It is within 10 minutes’ walk toRaffles Place MRT station and near the popular Lau PaSat Festival Market.

KEY FEATURESRobinson Point is a 21-storey office building that wascompleted in 1997. The regular size, column free officespace provides flexible configuration of office layout anda computerised building management system that ensureseffective and efficient monitoring of fire protection, security,elevators and air conditioning systems.

The building currently houses the offices of CapitaLand’ssubsidiaries as well as law firms and businessconsultancy companies. The first floor of the buildingis occupied by the banking hall of CIMB Bank Berhadand the popular Ya Kun Kaya Toast and Spinelli’s Coffee.

The 57 car park lots located over three levels of theproperty are for tenants’ use.

The Manager’s objective for Robinson Point is to optimise its financial performanceand further enhance its value as a strategically located prime office building inthe heart of Singapore’s CBD, while ensuring its environmental sustainability.


Location 39 Robinson Road


Title Freehold




No. of Tenants 19





Robinson Point



TENANT LEASE EXPIRY % OF GROSSDATES RENTAL INCOME

CapitaLand Commercial Limited Jun 2008, Jan 2010 47.0%

Shinryo Singapore Pte Ltd Sep 2010 10.8%

CIMB Bank Berhad May 2008 9.0%

Alban Tay Mahtani & De Silva LLP Apr 2010 8.9%

Maxxium Singapore Fine Wines & Spirits Pte Ltd Nov 2009 3.0%

Redington Distribution Pte. Ltd. Jun 2010 2.6%

Decillion Solutions Pte Ltd Apr 2009 2.4%

Freehills Apr 2008 2.4%

Esri South Asia Pte Ltd Dec 2008 2.3%

Jacobs Philip Oct 2008 2.1%


Other Tenants 9.6%

Total 100.0%




Robinson Point


38.2%

8.5%

53.3%

0.0%


0.0%

Ancillary Food & Beverage2.4%

Banking,Insurance &


Legal11.2%

Others21.9%


47.0%

IT Services& Consultancy/

InternetTrading5.7%

2008 2009 2010 2011 2012 andBeyond


page 73

Bugis Village


LOCATION

Bugis Village is located in the bustling Bras Basah/

Bugis area, Singapore’s Civic and Cultural District, just

opposite the Bugis MRT station.

KEY FEATURES

Bugis Village comprises 34 three-storey pre-Second

World War conservation shop houses that were restored

in 1991. The offices are typically on the higher floors

while retail shops are usually on the lower floors. The

diverse mix of retail shops offer fast food, sundries,

fashion, as well as hairstyling and fitness services.

The charming Bugis Village will get a further boost in

shoppers’ traffic when the planned Urban Entertainment

Centre is completed in 2011. The Singapore Government

has committed to transform Selegie/Bras Basah/Bugis

area into an Arts, Culture, Learning and Entertainment

hub. The Urban Entertainment Centre and the

surrounding educational institutions, art centres and

the National Library will increase the buzz and shoppers’

traffic in the vicinity. Visitors to the area can expect

cinemas, thematic restaurants, live show dinner theatres,

and indoor theme parks to locate next to fine art galleries,

TV, film and video studios and production facilities.

The Manager’s objective for Bugis Village is to continue optimising its financialreturns and further enhancing its position as a unique office and shoppingaddress within the Bras Basah/Bugis zone.

Bugis Village


page 75


Location 62 to 67 Queen Street,151 to 166 Rochor Road,229 to 253 (odds nos.only) Victoria Street

NLA 11,139 sq m

Title Leasehold estate expiring30 March 2088




No. of Tenants 72




The leasehold title and the valuation takes into account

the right of the President of the Republic of Singapore,

as lessor under the State Lease, to terminate the

State Lease on 1 April 2019 upon payment of

S$6,610,208.53 plus accrued interest.


33.7%39.6%

24.3%

0.0%2.4%

Information for lease expiry profile, tenant business sector analysis and top 10 tenants are based on gross

rental income as at 31 December 2007.

Bugis Village

2008 2009 2010 2011 2012 andBeyond


Home Furnishing6.1%

BusinessManagement/

Consultancy Services/Business Activities

1.4%

DepartmentStore4.7%



Education1.1%

Real Estate& PropertyServices

0.3%

Books/Gifts &Specialty/

Hobbies/Toys2.1%

FoodBeverage/Food Court

34.4%

Fashion22.6%

Others18.5%

Services8.1%



TENANT LEASE EXPIRY % OF GROSSDATE RENTAL INCOME

Bon-Food Pte Ltd Dec 2010 4.4%

Kentucky Fried Chicken Management Pte Ltd Sep 2009 4.0%

This Fashion Holdings Pte Ltd Sep 2009 4.0%

McDonald's Restaurants Pte. Ltd. Jan 2010 3.5%

Japan Home Pte Ltd Jul 2010 3.5%

Bee Cheng Hiang Hup Chong Foodstuff Pte Ltd Jun 2008 3.3%

J & R Bossini Fashion Pte Ltd Aug 2008 2.8%

Cold Storage Singapore (1983) Pte Ltd Dec 2010 2.7%

Chapter 2 Hairdressing Private Limited Sep 2009 2.7%

Starbucks Coffee Singapore Pte. Ltd. Nov 2009 2.7%


Other Tenants 66.5%

Total 100.0%

Bugis Village


page 77

Golden Shoe Car Park


LOCATION

Golden Shoe Car Park is located near Raffles Place,

the heart of Singapore CBD, with easy access to the

Raffles Place MRT station.

KEY FEATURES

Golden Shoe Car Park is a 10-storey car park building

that serves the parking needs of office workers and

visitors at the Raffles Place area. Nearby commercial

buildings include 6 Battery Road, UOB Plaza, Republic

Plaza, OCBC Centre and OUB Centre. The newly

refurbished space at Golden Shoe Car Park houses

retail tenants that boast a variety of food and beverage

choices for the lunch time crowd and offer convenience

services outlets like 7-Eleven and Times the Bookshop.

The property has been given the Green Mark Award

for its environmentally-friendly features by BCA in 2007.


With the expiry of the lease of the petrol station, the

space has been reconfigured and leased to retailers

offering services such as telecommunications and fashion.

The Manager’s objective for Golden Shoe Car Park is to optimise its financialreturns and strengthen its position as a dedicated car park facility and a retailhub for office people in the vicinity.



page 79


Location 50 Market Street


Title Leasehold estate expiring31 January 2081




No. of Tenants 33

No. of Car Park Lots 1,053


Car Park Income S$ 5.5 m (FY 2007)





33.2%

61.3%

5.5%0.0%0.0%

2008 2009 2010 2011 2012 andBeyond


BusinessManagement/

Consultancy Services/Business Activities

2.4%Others8.5% Food &

Beverage/Food Court

32.7%

IT Services & Consultancy/Internet Trading

2.5%

Services30.1%

Books/Gifts & Specialty/

Hobbies/Toys5.5%

Fashion18.4%

Information for lease expiry profile, tenant business sector analysis and top 10 tenants are based on gross

rental income as at 31 December 2007.


Golden Shoe Car ParkTOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007


Mei Xin Food Centre Pte. Ltd. Jan 2010 14.2%

DCA Architects Pte Ltd Sep 2010 6.6%

GG<5 Pte Ltd Sep 2009 6.1%

Osahime Sushi Restaurant Pte Ltd Oct 2009 5.5%

Telecom Equipment Pte Ltd Dec 2010 4.8%

Joe Koh Holdings Pte Ltd Jul 2009 4.7%

Healthy Harvest Pte. Ltd. Dec 2008 4.5%

Ong Tee Wee T/A Architetto International Dec 2010 4.3%

Times The Bookshop Pte Ltd Sep 2009 3.7%

YHWH Corp Pte Ltd Jun 2009 3.5%


Other Tenants 41.9%

Total 100.0%


page 81

Market Street Car Park


The Manager’s objective for Market Street Car Park is to optimise its financial returns.

LOCATION

Market Street Car Park is situated close to the heart of

Singapore’s CBD, Raffles Place, bounded by Market

Street, Cross Street and Cecil Street, and diagonally

opposite Lau Pa Sat Festival Market.

KEY FEATURES

Market Street Car Park is an eight-storey car park which

has served the parking needs of visitors and tenants of

the financial district. The property has retail and food and

beverage outlets on the first floor, a spa on the second

floor and car parking lots for the rest of the levels. The

property has been given the Green Mark Award for its

environmentally friendly features by BCA in 2007.

REDEVELOPMENT POTENTIAL

The Manager has received Outline Planning Permission

to redevelop Market Street Car Park into a Grade A office

building subject to the conditions that (i) the site must

be developed for office use only with activity generating

uses on the first storey and (ii) the proposed commercial

use be at gross plot ratio of 12.6+ (equivalent to 14.49)

subject to approval to rezone the site from transport to

commercial use.

The lifting of land use restriction to rezone from “transport

facilities” to “commercial use”, is subject to the two

conditions, (i) that the Trust pays 100.0% of the

enhancement in land value as assessed by the Chief

Valuer in a spot valuation and (ii) there will be no extension

of the existing land lease.

The decision to proceed with the project is subject to its

financial viability. If after completing a full assessment

and the project is considered viable, the Manager plans

to commence redeveloping Market Street Car Park from

late 2008/early 2009. The estimated total gross floor

area for the proposed office building is about 850,000

sq ft, with a maximum height of up to 240 metres above

mean sea level.

The Manager will continue to evaluate the viability of the

redevelopment plan, pursue the necessary approvals

required, including Unitholders’ approval.



page 83


Location 146 Market Street


Title Leasehold estate expiring

31 March 2073




No. of Tenants 28



Car Park Income S$ 3.4 m (FY 2007)




89.6%

10.4%0.0%0.0% 0.0%


Information for lease expiry profile, tenant business sector analysis and top 10 tenants are based on gross rentalincome as at 31 December 2007.



Rogues Pte. Ltd. Mar 2009 13.6%

Cold Storage Singapore (1983) Pte Ltd Sep 2009 9.5%

Coffee Club Pte Ltd Oct 2009 7.1%

Chakuan Pte. Ltd. Oct 2009 7.1%

Raku Ninja Pte. Ltd. Oct 2009 5.5%

Shao Tai Pte. Ltd. Oct 2009 4.8%

The Soup Spoon Pte Ltd Sep 2009 4.6%

Ho Lee Yuen T/A Moodz Salon Sep 2009 3.9%

Senses Renaza Pte. Ltd. Nov 2009 3.6%

Thian Sin Nam T/A Yi Lang Art Centre Sep 2009 3.2%


Other Tenants 37.1%

Total 100.0%

Food &Beverage/Food Court

54.4%

Services33.3%

Books/Gifts &Specialty/Hobbies

/Toys5.9%

Fashion6.3%


2008 2009 2010 2011 2012 andBeyond


Wilkie Edge


page 85

LOCATION

Wilkie Edge is located along Selegie Road, near the

junction of Wilkie Road and Sophia Road. The site is

within a 10-minute walk from the Dhoby Ghaut MRT

station, the only MRT interchange in Singapore for the

North-South and North-East MRT Line and the future

Circle Line. The area is a major civic, arts and cultural

centre of Singapore and has increasing concentration

of educational institutions within the vicinity.

KEY FEATURES

Acquired from CapitaLand Selegie for a total purchase

consideration of S$182.7 million, Wilkie Edge will be a

12-storey mixed-use property which is currently under

development. The property will comprise retail shops

on levels 1 and 2; offices from levels 3 to 8; serviced

apartment units from levels 6 to 12 and car parks at

basements 1 and 2.

As at January 2008, foundation works have been

completed and partial reinforced concrete works are in

progress. Pre-marketing has commenced and about

50% of the office space has been committed.

The Manager’s objective for Wilkie Edge is to optimise its financial performancewith its quality office and retail space in the Selegie/Bras Basah/Bugis area,when the building is completed in the fourth quarter of 2008.

PROPERTY INFORMATION AS AT 31 DECEMBER 2007

Location 8 Wilkie Road

Land Area 7,097 sq m

Gross Floor Area Total : 29,812 sq m

Commercial : 20,412 sq m

Serviced Apartments : 9,370 sq m

Net Lettable Area Total : 20,680 sq m

Office : 9,588 sq m

Retail : 3,341 sq m

Serviced Apartments : 7,751 sq m

Title Leasehold estate expiring 20 February 2105

Purchase Price on Acquisition S$182.7 m

No. of Car Park Lots Approximately 215

Serviced Apartments Units 154

Temporary Occupation Permit Expected to be issued in fourth quarter of 2008

Wilkie Edge

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