CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaMall Trust — FY2007 Earnings Presentation
99 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Jan 22, 2008
Slide 1: CapitaMall Trust Full Year 2007 Financial Results
CAPITAMALL TRUST FULL YEAR 2007 FINANCIAL RESULTS 22 January 2008
Slide 2: Disclaimers
Disclaimers This presentation is focused on comparing actual results versus forecasts for the CMT malls as stated in the CMT OIS to Unitholders dated 29 August 2006 and for RCS Trust as stated in the forecast shown in the joint announcement with CCT on 9 November 2007. This shall be read in conjunct
Slide 3: Financial Highlights
Cap/taMall P Trust Financial Highlights
Slide 4: Financial Results: 7 Nov – 31 Dec 2007
Financial Results: 7 Nov – 31 Dec 2007 Distribution Per Unit of 2.34 Cents Exceeds Forecast1 by 30.0% 7 Nov to 31 Dec 2007 Actual Forecast1 Variance % Change 2 Distributable income S$39.1 m S$28.3 m S$10.8 m 38.1 Distribution per unit 2.34 ¢ 1.80 ¢ 0.54 ¢ 30.0 Comprise: Taxable Income Distribution 2
Slide 5: Financial Results DPU Comparison
Financial Results DPU Comparison FY 2007 Distribution Per Unit Increased 14.1% over FY 2006 FY 2007 FY 2006 Variance % Change Full year distribution per unit 13.34¢ 1 11.69¢ + 1.65¢ +14.1 Distribution yield (Based on unit price of S$2. 65 on 21 Jan 2008) 5.03% 4.41% +0.62% +14.1 5
Slide 6: Distribution Details
Distribution Details Distribution Period 7 November to 31 December 2007 Distribution Rate Distribution of 2.34 cents comprising: i. distribution out of capital of 0.03 cents; and ii. distribution of taxable income of 2.31 cents. Notice of Book Closure Date 22 January 2008 Last Day of Trading on “cum
Slide 7: Steady DPU Growth Since Listing in July 2002
Steady DPU Growth Since Listing in July 2002 Multi-Pronged Strategy Delivers Continuous DPU Growth 14 13.34 ¢ +14.1% 12 +14.3% 11.69 ¢ +7.9% 10.23 ¢ 10 +18.1% 9.48 ¢ +9.4% 1 8.03 ¢ 8 7.34 ¢ FY2007 FY2006 Actual 6 FY2005 Actual FY2004 DPU Actual DPU FY2003 Actual 4 FY2002 DPU Actual DPU DPU1 DPU 2 0
Slide 8: CMT Unit Price Performance January 2007 to December 2007
CMT Unit Price Performance 1 January 2007 to 31 December 2007 9 19% Unit Price Appreciation 9 27% Growth In Market Cap 9 23% Total Return % change in unit price/index value 9 Outperformed STI and Property Stocks 65 1 Jan 07 to 31 Dec 07 CMT + 18.9% STI + 16.6% 55 SESPROP + 11.7% 45 35 25 CMT STI 15
Slide 9: Leading in Market Capitalisation
0 2 3 4 5 6 7 1 SGD Billlions Capi taMal lTrust Market Capitalisation in Capi taCommerci alTrust Ascendas REI T SuntecREI T Source : Bloomberg, CMTML CDLHospi tal i tyTrust Mapl etreeL. TrustREI T 1. Based on market capitalisation as at 31 Dec 2007. Macquari eMEAG Pr imeREI T Capi taRetai lChi na Tr
Slide 10: Strong FY2007 Total Returns
-20% -10% 0% 10% 20% 30% 40% 50% 2 3. 2. 1. Macarthurcook Indust. REIT 3 % Total Returns CDL Hospitality Trust CapitaMall Trust Ascendas IndiaTrust First REIT Source : Macquarie Research. Suntec REIT MacquarieMEAGPrime REIT CDL Hospitality Trust was listed on 19 Jul 2006. CapitaRetail ChinaTrust Mac
Slide 11: Steady Annual Total Return Growth Since Listing in July 2002
Steady Annual Total Return Growth Since Listing in July 2002 Multi-Pronged Strategy Delivers Continuous Annual Total Return Growth1 % % 49.6% % 35.1 % 33.1 % 29.7 % % 23.5 % % 12.9 %2 % % 2002 2003 2004 2005 2006 2007 1. Total Return for the year is based on returns from price appreciation and retur
Slide 12: Breakdown of DPU Growth Since IPO (Jul 2002)
Breakdown of DPU Growth Since IPO (Jul 2002) Acquisitions, Asset Enhancements & Active Leasing form Core Components of Growth 13.34 ¢2 Asset Enhancements / Reconfiguration & Others 35% Upfront Payment of IMM Land Premium 6% Active Leasing Acquisitions 19% 6.78 ¢1 40% 1. Annualised forecast based on
Slide 13: Potential for Growth in Singapore
Potential for Growth in Singapore Ownership of Private Retail Stock in Singapore (by NLA) Private Fund CapitaCommercial Trust 5.7% 1.3% Strata owned CapitaLand 7.0% 3.9% Developers 34.4% CapitaMall Trust 13.0% Other REITS 9.6% Fragmented ownership 25.1% Source : UBS Research , December 2007 13
Slide 14: Financial Results
Cap/taMall Financial Results
Slide 15: Distribution Statement: Nov – Dec 2007
Distribution Statement: 7 Nov – 31 Dec 2007 Actual1 Forecast2 Variance S$’000 S$’000 (%) Gross Revenue 69,917 58,862 18.8 Less property operating expenses (25,246) (20,104) 25.6 Net property income 44,671 38,758 15.3 Interest Income 179 808 N.M Administrative expenses (4,655) (3,944) 18.0 Interest e
Slide 16: Property Gross Revenue: Nov – Dec 2007
Property Gross Revenue: 7 Nov – 31 Dec 2007 Portfolio Gross Revenue Outperformed Forecast1 by 4.9% CMT Portfolio2 61.7 58.8 4.9% Tampines Mall 8.4 8.3 Junction 8 6.7 6.5 Funan 4.4 DigitaLife Mall 4.0 10.4 IMM Building 8.9 10.5 Plaza Singapura 10.5 Bugis Junction 8.8 8.6 Other Assets3 1.8 1.6 40% int
Slide 17: Property Operating Expense: Nov – Dec 2007
Property Operating Expense: 7 Nov – 31 Dec 2007 Portfolio Operating Expenses Exceeded Forecast1 by 0.1% CMT Portfolio2 20.3 20.1 2.8 0.1% Tampines Mall 2.7 2.5 Junction 8 2.3 Funan 1.3 DigitaLife Mall 1.6 3.4 IMM Building 3.6 3.1 Plaza Singapura 3.1 3.0 Bugis Junction 2.9 Other Assets3 0.8 0.8 40% i
Slide 18: Net Property Income Nov – Dec 2007
Net Property Income 7 Nov – 31 Dec 2007 Portfolio Net Property Income Outperformed Forecast1 by 7.0% CMT Portfolio2 41.4 38.7 7.0% Tampines Mall 5.6 5.6 4.2 Junction 8 4.2 Funan 3.1 DigitaLife Mall 2.4 7.0 IMM Building 5.3 7.4 Plaza Singapura 7.4 Bugis Junction 5.8 5.7 Other Assets3 1.0 0.8 40% inte
Slide 19: Property Gross Revenue 4Q 2007 vs 4Q 2006
Property Gross Revenue 4Q 2007 vs 4Q 2006 Gross Revenue Outperformed by 5.2% on Comparable Malls Basis 84.8 CMT Portfolio1 5.2% 80.6 Tampines Mall 14.0 13.2 Junction 8 11.2 10.7 Funan 7.3 DigitaLife Mall 6.4 IMM Building 17.1 14.6 Plaza Singapura 17.5 16.7 Bugis Junction 14.6 14.3 Other Assets2 3.1
Slide 20: Property Operating Expense 4Q 2007 vs 4Q 2006
Property Operating Expense 4Q 2007 vs 4Q 2006 Portfolio Operating Expenses Dropped by 4.7% on Comparable Malls Basis 26.6 CMT Portfolio1 4.7% 27.9 Tampines Mall 4.4 3.8 Junction 8 3.7 3.1 Funan 2.2 DigitaLife Mall 2.7 IMM Building 5.4 6.0 Plaza Singapura 4.8 5.5 Bugis Junction 4.8 5.1 Other Assets2
Slide 21: Net Property Income 4Q 2007 vs 4Q 2006
Net Property Income 4Q 2007 vs 4Q 2006 Net Property Income Outperformed by 10.4% on Comparable Malls Basis 58.2 CMT Portfolio1 10.4% 52.7 Tampines Mall 9.6 9.4 Junction 8 7.5 7.6 Funan 5.1 DigitaLife Mall 3.7 IMM Building 11.7 8.6 Plaza Singapura 12.7 11.2 9.8 Bugis Junction 9.2 1.8 4Q 2007 4Q 2006
Slide 22: Property Gross Revenue FY 2007 vs FY 2006
Property Gross Revenue FY 2007 vs FY 2006 Gross Revenue Registered Strong Growth of 6.9% on Comparable Malls Basis 1 332.4 CMT Portfolio 311.0 6.9% 55.2 Tampines Mall 53.8 Junction 8 44.5 42.1 Funan 27.4 DigitaLife Mall 24.5 64.7 IMM Building 54.2 Plaza Singapura 68.5 64.2 Bugis Junction 58.7 53.7 1
Slide 23: Property Operating Expenses FY 2007 vs FY 2006
Property Operating Expenses FY 2007 vs FY 2006 Property Operating Expenses Increased by 3.1% on Comparable Malls Basis 1 111.5 CMT Portfolio 108.0 3.1% 16.8 Tampines Mall 16.0 Junction 8 15.0 13.2 Funan 9.7 DigitaLife Mall 9.8 24.4 IMM Building 24.2 19.6 Plaza Singapura 19.7 20.6 Bugis Junction 17.9
Slide 24: Net Property Income FY 2007 vs FY 2006
Net Property Income FY 2007 vs FY 2006 Robust Net Property Income Growth of 8.8% on Comparable Malls Basis CMT Portfolio1 220.9 8.8% 203.0 Tampines Mall 38.4 37.8 29.5 Junction 8 28.9 Funan 17.7 DigitaLife Mall 14.7 40.3 IMM Building 30.0 48.9 Plaza Singapura 44.5 Bugis Junction 38.1 35.8 Others2 8.
Slide 25: Debt Capital Information as at December 2007
Debt Capital Information as at 31 December 2007 (including 40% share in RCS Trust and 100% share in CRS) Key Statistics Debt Maturity Profile Commercial Mortgage Back Security (“CMBS”) under Silver Maple 783.0 CMT (excluding 40% share in 800.00 Class A – D Bonds and RCF of CRS (38.2%) RCS Trust and
Slide 26: Valuation and Property Yield
Valuation and Property Yield CMT Portfolio As at 31 December 2007 Previous Valuation 2007 2 Variance Property Yield3 S$ million Valuation 1 Tampines Mall 703.0 720.0 17.0 5.7% Junction 8 510.0 521.0 11.0 5.9% Funan DigitaLife Mall 303.0 304.5 1.5 5.8% IMM Building 584.0 600.0 16.0 7.5% Plaza Singapu
Slide 27: Valuation and Property Yield
Valuation and Property Yield S$ million Less additions for the period 1 Jul to 31 Dec 2007 6 (80.2) Net increase in valuations for the period 1 Jul to 31 Dec 2007 91.0 Add revaluation surplus as at 30 Jun 2007 1,080.2 Surplus as at 31 Dec 2007 1,171.2 1. In respect of CMT’s properties and CMT’s 40%
Slide 28: Balance Sheet
Balance Sheet 1 As at 31 December 2007 S$’000 Non Current Assets 5,877,328 Net Asset Value per unit S$2.24 Current Assets 79,940 (as at 31 Dec 2007) Total Assets 5,957,268 Adjusted Net Asset Value per unit S$2.21 (excluding distributable income) Current Liabilities 267,811 Non-Current Liabilities 1,
Slide 29: Year on Year Net Asset Value per Unit Growth
Year on Year Net Asset Value per Unit Growth Net Asset Value Per Unit Registered an Average Annual Growth of 21% Since 2003 3 2.4 S$ 2.21 +18% 2 +14% S$ 1.872 1 S$ 1.64 1.6 1 +25% S$ 1.31 +27% 1.2 S$ 1.03 0.8 0.4 0 2003 2004 2005 2006 2007 1. NAV computations were based on CMT and its associates’ re
Slide 30: Portfolio Update
Cap/taMall Portfolio Update
Slide 31: Summary of Renewals / New Leases
Summary of Renewals / New Leases Strong Rental Rates Achieved vs Forecast & Preceding Rentals From 1 January to 31 December 2007 (Excluding Newly Created Units) No. of Increase/(Decrease) in Net Lettable Area Renewals Retention Current Rental Rates VS /New Rate Area % Total % Forecast % Preceding Pr
Slide 32: Strong Renewals Achieved Year-on-Year
Strong Renewals Achieved Year-on-Year Net Lettable Area Increase in Current Rental Rates Vs CMT Portfolio No. of (Year) Renewals/ Area % of Preceding New Leases (Sq Ft) Total Forecast Rental NLA1 Rental Rates Rates 20072,3 346 660,397 23.7 5.0% 12.0% 20064 299 505,857 17.8 4.7%5 8.3% 20056 189 401,2
Slide 33: Portfolio Lease Expiry Profile for 2008 By Property
Portfolio Lease Expiry Profile for 2008 By Property Net Lettable Area Gross Rental Income No. of Leases % of % of As at 31 Dec 2007 Sq. ft. S$’000 total1 total2 Tampines Mall 58 59,151 18.3% 989 22.7% Junction 8 36 48,885 19.8% 654 19.7% Funan 39 46,134 15.7% 427 20.5% DigitaLife Mall IMM Building 1
Slide 34: Gross Turnover Rent & Step-Up Leases
Gross Turnover Rent & Step-Up Leases % of Total Portfolio of Tenants1 No. of Tenants1 in the Portfolio 100% 1600 2 2 1,482 2 1,420 87.0% 2 1400 83.3% 3 80% 78.2% 1200 1,1613 3 60.4% 1000 3 60% 897 800 40% 600 400 20% 200 0% 0 Tenants with Step- Tenants Paying Tenants w ith Step- Tenants Paying GTO U
Slide 35: High Committed Occupancy Rates at All Malls
High Committed Occupancy Rates at All Malls Achieved Close to 100% Occupancy Rate as at 31 Dec 2007 As at As at As at As at As at As at 31 Dec 02 31 Dec 03 31 Dec 04 31 Dec 31 Dec 06 31 Dec 07 05 Tampines Mall 100.0 99.3% 100.0% 100.0% 100.0% 100.0% Junction 8 100.0 100.0% 99.8% 100.0% 100.0% 100.0%
Slide 36: Portfolio Lease Expiry Profile by Year
Portfolio Lease Expiry Profile by Year Gross Rental Income As at 31 December 20071 No. of Leases S$’000 % of Total2 2008 465 6,671 22.2 2009 666 9,994 33.2 2010 726 11,047 36.7 2011 and 65 2,364 7.9 Beyond Weighted Average Lease Term to Expiry by Rental & NLA CMT Portfolio As at 31 December 20071 By
Slide 37: Top 10 Tenants
Top 10 Tenants1 10 largest tenants by total gross rental contribute 21.6% of total gross rental No one tenant contributes more than 4% of total gross rental % of % of Net Trade Expiry Area Gross Tenant Rental Lettable Sector Date 2 (sq ft) Income Area BHG (Singapore) Pte. Ltd3 Department store Mar 0
Slide 38: Well Diversified Trade Mix Across the Portfolio
Well Diversified Trade Mix Across the Portfolio1 Portfolio By Net Lettable Area By Gross Rent as at 31 December 2007 as at 31 December 2007 2.1% 1.8% 0.6% 3.5% 5.1% 4.1% 3.3% 16.6% 5.4% 25.0% 8.3% 6.0% 8.5% 13.0% 6.6% 9.6% 7.7% 12.2% 21.5% 9.6% 11.5% 18.0% Food & Beverage/Food Court Educational/Serv
Slide 39: Occupancy Cost
Occupancy Cost Occupancy Cost Within Healthy Range & In Line with Market Norms Sales per sq. Sales per sq. ft. ft. Occupancy Occupancy Variance Cost in 2007 Cost in 2006 Malls1 In 2007 (S$) In 2006 (S$) Tampines Mall 89.52 85.41 4.8% 13.6% 13.9% Junction 8 78.79 70.58 11.6% 15.2% 16.1% Plaza Singapu
Slide 40: Gross Turnover and Gross Rent Comparison
Gross Turnover and Gross Rent Comparison Tenants’ Sales Growth Outpaces Increase in Gross Rent1 Tampines Mall (Sample Size2: 121 ) Sales Gross Rent Increase Increase (in’000s) (in ‘000s) 2006 222,486 3.5% 35,619 1.9% 2007 230,164 36,294 Plaza Singapura (Sample Size2 : 94 ) Sales Gross Rent Increase
Slide 41: Upside from Gross Turnover (GTO) Rent
Upside from Gross Turnover (“GTO”) Rent Increasing GTO Rent Component driven by robust retail sales growth 25,000 6 1 S$19.9 m 20,000 +71.6% +100.0% 15,000 +48.7% 5 S$11.6 m 10,000 +85.7% +61.5% 1 1 4 3.8% 5.0% S$5.8 m 3 5,000 S$3.9 1m 2 1 S$2.1 1m 2.6% S$1.3 m 1 1 2.0% 1 2.4% 0 1.6% 1 FY2002 FY2003
Slide 42: Upside from GTO Rent and Other Income
Upside from GTO Rent and Other Income Increasing GTO Rent Component and Other Income driven by robust retail sales growth and successful promotional activities 45,000 6 S$39.4 m 40,000 1 +44.9% 35,000 30,000 +52.8% 5 S$27.2 m 25,000 +41.3% 1 4 20,000 +68.0% S$17.8 m 10.4% 1 +59.6 % 3 8.2% 15,000 S$1
Slide 43: Potential of Trade Remixing to Optimise Rental
Potential of Trade Remixing to Optimise Rental Potential to attract higher rent paying trade type (such as Fashion, Gifts and Specialty) and further optimise trade mix to enhance shoppers’ traffic Department stores’ dominant presence at some of our malls may be evaluated Average Rent1 psf per mo
Slide 44: Trade Remixing to Optimise Rental (by NLA)
Trade Remixing to Optimise Rental Portfolio By Net Lettable Area By Net Lettable Area as at 31 December 2007 as at 31 December 2006 7.7% 10.3% 5.7% 13.9% 11.7% 12.0% 14.9% 8.8% 15.3% Decrease Increase 9.4% 3.5% 9.1% No 3.6% Change 8.5% 9.8% 8.6% 9.8% ` 2.4% `11.1% 11.1% 2.4% 10.4% Warehouse Food & B
Slide 45: Trade Remixing to Optimise Rental (by Gross Rent)
Trade Remixing to Optimise Rental Portfolio By Gross Rent By Gross Rent as at 31 December 2007 as at 31 December 2006 2.1% 1.6% 3.6% 3.5% 7.8% 7.7% 4.6% 6.2% 5.8% 6.2% 7.3% 7.4% 24.0% 22.5% Decrease 5.5% Increase 0.7% 5.6% No Change 0.7% 22.3% ` 16.4% 16.3% 22.2% ` Warehouse Leisure and Entertainmen
Slide 46: Steadily Increasing Shoppers' Traffic Upon Inclusion in CMT Portfolio
Steadily Increasing Shoppers’ Traffic Upon Inclusion in CMT Portfolio Annual Shoppers’ Traffic Increased 23.4%1 Since 2004 No. of Shoppers No. of Shoppers No. of Shoppers No. of Shoppers % Increase % Increase % Increase 2004 ('000s) 2005 (‘'000s) 2006 ('000s) 2007 ('000s) 2005 vs 2004 2006 vs 2005 2
Slide 47: Asset Enhancements Update
Cap/taMall P Trust Asset Enhancements Update
Slide 48: AEI Timeline and Capital Expenditure Outlay
AEI Timeline1 and Capital Expenditure1 Outlay 2007 2008 2009 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q S$48.8M S$12.2M IMM Building S$9.9M Tampines Mall S$24.3M S$44.0M Sembawang Shopping Centre S$4.8M Junction 8 S$0.7M Plaza Singapura S$18.8M S$12.6M Bugis Junction S$51.0M S$17.0M Raffles City Shopping C
Slide 49: Lot One Shoppers' Mall
Cap/taMall P Trust Lot One Shopper’s Mall
Slide 50: Lot One Shoppers' Mall Proposed Asset Enhancement Works
Lot One Shoppers’ Mall Proposed Asset Enhancement Works Wet Playground on Level 5 Rooftop Plaza New Façade Basement 1 Market Place 50
Slide 51: Lot One Shoppers' Mall Proposed Asset Enhancement Works
Lot One Shoppers’ Mall Proposed Asset Enhancement Works Decant space currently occupied by the National Library Board. It will occupy area classified for use by Civic and Community Institution, which is deemed non commercial GFA. Create 4-storey retail extension block measuring over 16,500 sq ft
Slide 52: Lot One Shoppers' Mall Proposed Basement 1 Plan
Lot One Shoppers’ Mall Proposed Basement 1 Plan Reconfiguration of existing Supermarket space to F&B units / kiosks and specialty units SUPERMARKET New escalator from Level 1 Open Plaza F&B Retail New food street through reconfiguration of existing kiosks 52
Slide 53: Lot One Shoppers' Mall Proposed Level 1 Plan
Lot One Shoppers’ Mall Proposed Level 1 Plan Extension of retail floor plate towards Choa Chu Kang MRT Station New escalator for direct connection to Basement 1 New escalator to ease circulation from Levels 1 to 5 Fully covered 4 storey high Open Plaza Slabbing of voids to create a F&B larger atrium
Slide 54: Lot One Proposed Level 2 Plan
Lot 1 Proposed Level 2 Plan New units created through extension of floor plate over the Open Plaza New escalator to ease circulation from Levels 1 to 5 F&B Retail Slabbing of voids to create 8 nos. of retail kiosks 54
Slide 55: Lot One Proposed Level 3 Plan
Lot 1 Proposed Level 3 Plan New units created through extension of floor plate over the Open Plaza New escalator to ease circulation from Levels 1 to 5 F&B Retail Slabbing of voids to create 4 nos. of retail kiosks 55
Slide 56: Lot One Shoppers' Mall Proposed Level 4 Plan
Lot One Shoppers’ Mall Proposed Level 4 Plan Relocation of Food Court from Basement 1 to Level 4 Enlarged Community Library of over 25,000sf LIBRARY New escalator to ease circulation from Levels 1 to 5 FOOD COURT F&B Retail New void to enhance visibility of the upper levels 56
Slide 57: Lot One Shoppers' Mall Proposed Level 5 Plan
Lot One Shoppers’ Mall Proposed Level 5 Plan Stage Landscaped Roof Plaza TV Room incorporating Wet & Dry Play Area Playground and TV Room New escalator to ease circulation Event from Levels 1 to 5 Plaza Splash Zone F&B Retail Open Plaza with Amphitheatre for Community Events 57
Slide 58: Lot One Shoppers' Mall Indicative AEI Timeline
Lot One Shoppers’ Mall Indicative AEI Timeline Completed on Schedule Activity Commencement Date Start of AEI 3rd Quarter 2007 Activity Target Completion Date1 Basement 1 Reconfiguration 4th Quarter 2008 Level 1 Extension January 2008 Level 2 Extension 1st Quarter 2008 Level 3 Extension 1st Quarter 2
Slide 59: Lot One AEI Leasing Update – 60% Of Projected Rent Increase Committed
Lot One AEI Leasing Update – 60% Of The Projected Increase In Rents Committed Average Rent S$ per sq ft per mth Before AEI After AEI1 Variance + 21.0% Total / Average S$ 10.04 S$ 12.11 (+ S$4.1 mil p.a) S$4.1 million (59%) out of the S$6.9 million projected increase in rental revenue per annum has b
Slide 60: Lot One Shoppers' Mall Value Creation of Planned Initiatives
Lot One Shoppers’ Mall Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$51.7 mil 3rd Qtr 2007 4th Qtr 2008 AEI Budget1 Incremental Gross Revenue p.a. S$ 6.9 mil Incremental Net Property Income S$ 5.2 mil Total Capital Expenditure S$ 51.7 mil Return on Investment
Slide 61: Funan DigitaLife Mall
Cap/taMall P Trust Funan DigitaLife Mall
Slide 62: Funan DigitaLife Mall Exploring Options to Maximise Value
Funan DigitaLife Mall Exploring Options to Maximise Value Submitted for Written Permission (WP) to maximise unutilised GFA of approx. 386,000 sq ft. Funan employed only 3.88 of its allowable plot ratio of 7.0 Differential Premium locked in at $63.7 million Funan’s effective land cost of S$489
Slide 63: Funan DigitaLife Mall Proposed Retail cum Office Development
Funan DigitaLife Mall Proposed Retail cum Office Development Façade and Layout Under Review Scheme Submitted To URA 63
Slide 64: Funan DigitaLife Mall Proposed Retail cum Office Development
Funan DigitaLife Mall Proposed Retail cum Office Development L6 – L9 Office B1 – L5 Retail No Change to Existing Layout, except B1 Proposed 4 Sty Office Block Existing 6 sty Retail Block major enhancement % Sharing of NLA (sm) GFA Typical Floor Retail 60% 5,350 (for levels 2 to 5) Office 40% 5,360 (
Slide 65: Funan DigitaLife Mall Proposed Retail cum Office Development
Funan DigitaLife Mall Proposed Retail cum Office Development Retail Layout Remains Unchanged Office Layout For A Typical Floor Garden/Light Court 2 Office Entrances On Level 1 – Fronting North Bridge Rd and Hill Street Transfer Lobby for the Office Tower On Level 3 65
Slide 66: Tampines Mall
Cap/taMall Tampines Mall
Slide 67: Tampines Mall
Tampines Mall Phase 2 (Isetan Cluster) – Completed, 100% Leased Level 2 - Reconfiguration and subdivision to enhance the retail offerings 67
Slide 68: Tampines Mall Increase in Gross Rental Post-Full AEI
Tampines Mall Increase in Gross Rental Post-Full AEI Before AEI After AEI1 Total Net Lettable Area of 47,507 sq ft 49,068 sq ft affected units Level 1 2,704 sq ft 4,498 sq ft Level 2 44,562 sq ft 42,839 sq ft Level 3 241 sq ft 1,731 sq ft Average Rent per sq ft S$8.71 S$10.85 ( 29%) (As at 31 March
Slide 69: Tampines Mall Value Creation of Planned Initiatives
Tampines Mall Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$9.85million 1st Quarter 2007 1st Quarter 2008 Old AEI Budget1 New AEI Budget2 Gross Revenue S$ 1.42 million S$2.60 million (net of rental loss) Net Property Income S$ 1.14 million S$2.08 million Capi
Slide 70: Tampines Mall Receives Plot Ratio Increase
Tampines Mall Receives Plot Ratio Increase • Urban Redevelopment Authority (URA) grants Tampines Mall plot ratio increase from 3.5 to 4.2. Additional plot ratio increase is approved for full office development. • Creates approx. 95,000 sq ft of office space • Differential premium - $2,940psm or $25.
Slide 71: Sembawang Shopping Centre
Cap/taMall Sembawang Shopping Centre
Slide 72: Sembawang Shopping Centre Redevelopment Work Commenced
Sembawang Shopping Centre Redevelopment Work Commenced New Facade Rooftop Landscaped Plaza Decant 42,610 sq ft of residential gross floor area to Basement 1, Levels 1 and 2 Shift less prime space 35,974 sq ft of gross floor area from Level 3 and 4 to Basement 1, Levels 1 and 2. Relocate car pa
Slide 73: Sembawang Shopping Centre Strong Leasing Commitment of over 70%
Sembawang Shopping Centre Strong Leasing Commitment of over 70% Old NLA Before AEI Additional NLA New NLA after AEI 97,130 sq ft 31,283 sq ft 128,413 sq ft Anchor Tenants Committed Some of the Specialties Committed 73
Slide 74: Sembawang Shopping Centre Value Creation of Planned Initiatives
Sembawang Shopping Centre Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$68.4 million 1st Quarter 2007 4th Quarter 2008 AEI Budget1 Gross Revenue S$6.8 million (net of rental loss from decanted retail space) Net Property Income S$5.5 million Capital Expenditur
Slide 75: IMM Building
Cap/taMall IMM Building
Slide 76: IMM Building Asset Enhancement Initiatives
IMM Building Asset Enhancement Initiatives Major works include: Construction of a two storey extension annex over the open-air car park space, plus an rooftop landscaped plaza Reconfiguration Level 1 to Level 3 of the existing building Before After New shops already trading at the 2-storey retai
Slide 77: IMM Building Level 3 – Seamless Furniture Mall Completed
IMM Building Level 3 – Seamless Furniture Mall Completed 77
Slide 78: IMM Building First Water Playground With Interactive Features
IMM Building First Water Playground With Interactive Features 78
Slide 79: IMM Building Level 1 Market Place - Food Kiosks Completed
IMM Building Level 1 Market Place - Food Kiosks Completed 79
Slide 80: IMM Building Strong Leasing Commitment of 100.0%
IMM Building Strong Leasing Commitment of 100.0% Achieved approximately 34% Higher Average Rental Average Rent S$ per sq ft per mth Committed Before AEI After AEI1 Realised Occupancy Total / S$ 7.99 + S$10.24 + S$10.73 100% Average (+ S$12.1 mn p.a) (+ S$13.3 mn p.a) Achieved a 9.9% increase in incr
Slide 81: IMM Building Value Creation of Planned Initiatives
IMM Building Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$92.5 million 1st Quarter 2006 1st Quarter 2008 Old New Gross Revenue S$12.1 million S$13.3 million (net of rental loss from decanted retail space) Net Property Income S$9.3 million S$10.0 million Capi
Slide 82: Bugis Junction
Cap/taMall Bugis Junction
Slide 83: Bugis Junction AEI – Level 3, Food Junction, Completed
Bugis Junction AEI– Level 3, Food Junction, Completed Level 3 Before AEI After AEI Reconfigured Retail Area Food Junction relocated from Basement 1 to Level 3 83
Slide 84: Bugis Junction Level 3, Food Junction
Bugis Junction Level 3, Food Junction 84
Slide 85: Bugis Junction New Facade Along Hylam & Malay Streets
Bugis Junction New Facade Along Hylam & Malay Streets Create Open Concept for restaurant block through: Creation of balconies on Level 2 Converting opaque shop fronts on Level 3 to glass parapets Before After 85
Slide 86: Bugis Junction Proposed AEI – Basement 1, 93% Committed
Bugis Junction Proposed AEI– Basement 1, 93% Committed Basement 1 Creation of a myriad of specialty shops and food concept outlets Phases 1 and 2 AEI, Before AEI After AEI 100% Committed Reconfigured Retail Area • Basement 1 works will be completed over 3 phases, 93% committed • Phases 1 and 2, comp
Slide 87: Bugis Junction Basement Market Place (Phase 1&2)
Bugis Junction Basement 1 Market Place (Phase 1&2) – Completed, 100% Committed 87
Slide 88: Bugis Junction Indicative AEI Timeline
Bugis Junction Indicative AEI Timeline Completed on Schedule Activity Commencement Date Start of AEI works 4th Quarter 2006 Activity Target Completion Date1 New Foodcourt at Level 3 3rd Quarter 2007 New balconies at Level 2 of the 3rd Quarter 2007 restaurant block at Hylam street New façade for Hyla
Slide 89: Bugis Junction Value Creation of Planned Initiatives
Bugis Junction Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$31.4 million 4th Quarter 2006 2nd Quarter 2008 AEI Budget1 Incremental Gross Revenue S$5.4 million Incremental Net Property Income S$4.0 million Capital Expenditure S$31.4 million Return on Investme
Slide 90: Jurong Entertainment Centre
Jurong Entertainment Centre
Slide 91: Jurong Entertainment Centre AEI Following Increase in Plot Ratio
Jurong Entertainment Centre (JEC) AEI Following Increase in Plot Ratio Before Increase of GPR After Increase of GPR Variance Gross Plot Ratio (GPR) 1.85 3.0 62% Allowable GFA 170,000 sq ft 275,500 sq ft1 62% Net Lettable Area 111,000 sq ft 209,700 sq ft1 89% 1 Based on Manager's estimates Written
Slide 92: Jurong Entertainment Centre Proposed AEI – Level 1
Jurong Entertainment Centre Proposed AEI – Level 1 F&B Retail Before After Current After AEI1 Variance Net Lettable Area 18,950 sq ft 36,040 sq ft + 17,090 sq ft 1. Based on Manager's estimates. 92
Slide 93: Jurong Entertainment Centre Proposed AEI – Level 2
Jurong Entertainment Centre Proposed AEI – Level 2 F&B Retail Before After Current After AEI1 Variance Net Lettable Area 41,540 sq ft 51,640 sq ft + 10,100 sq ft 1. Based on Manager's estimates. 93
Slide 94: Jurong Entertainment Centre Proposed AEI – Level 3
Jurong Entertainment Centre Proposed AEI – Level 3 Proposed new Olympic-sized ice skating rink F&B Retail Before After Current After AEI1 Variance Net Lettable Area 44,130 sq ft 62,110 sq ft + 17,980 sq ft 1. Based on Manager's estimates. 94
Slide 95: Jurong Entertainment Centre Proposed AEI – Level 3
Jurong Entertainment Centre Proposed AEI – Level 3 Examples of Olympic-sized Ice Skating Rinks 95
Slide 96: Jurong Entertainment Centre Proposed AEI – Level 4
Jurong Entertainment Centre Proposed AEI – Level 4 F&B Retail Before After Current After AEI1 Variance Net Lettable Area 5,980 sq ft 31,880 sq ft + 25,900 sq ft 1. Based on Manager's estimates. 96
Slide 97: Jurong Entertainment Centre Proposed AEI – Level 5
Jurong Entertainment Centre Proposed AEI – Level 5 F&B Retail Before After Current After AEI1 Variance Net Lettable Area 0 sq ft 28,060 sq ft + 28,060 sq ft 1. Based on Manager's estimates. 97
Slide 98: Jurong Entertainment Centre Value Creation of Planned Initiatives
Jurong Entertainment Centre Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$138.2 million 4th Quarter 2008 4th Quarter 2009 AEI Budget1 Incremental Gross Revenue S$ 17.7 million Incremental Net Property Income S$ 12.4 million Capital Expenditure (includes Diffe
Slide 99: Thank You
Cap/taMall Thank You