Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — CapitaLand Group — H1 2011 Earnings Presentation
85 slides from Singapore Exchange's earnings presentation, Aug 4, 2011
Slide 1: CapitaLand Group 1H 2011 Results
CapitaLand Group 1H 2011 Results 4 August 2011
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Represen
Slide 3: Contents
Contents • Results Overview • Major Achievements in 1H2011 • Business Highlights • Financials & Capital Management • Going Forward 2 CapitaLand Group 1H2011 Results
Slide 4: Results Overview
Results Overview Liew Mun Leong Group President & CEO 3 CapitaLand Group 1H2011 Results
Slide 5: Building With Confidence In The Market
Building With Confidence In The Market • Committed S$5b new investments in 1H2011 • Continued confidence in Singapore’s and China’s real estate market • Managing on-going pipeline and Project Development Expenditure (PDE) approximately S$36 billion* * Amount represents gross on-going expenditure req
Slide 6: Adoption of INT FRS 115
Adoption of INT FRS 115 • Adopted INT FRS 115 effective from 1st Jan 2011 - Retrospective application - Restating FY2010 accounts for comparison • Implications on Revenue and Profits Recognition: Recognition Approach Before After a) Singapore Projects – Progressive Payment PoC1 PoC – Deferred Paymen
Slide 7: 1H 2011 Net Profit Increased By 35% to S$501m
Financials 1H 2011 Net Profit Increased By 35%1 to S$501m 1H 2010 1H 2011 Change (Restated)1 % (S$ million) Revenue 1,032.5 1,352.0 30.9 EBIT 917.2 1,003.1 9.4 PATMI 369.5 500.5 35.4 EPS (cents) 8.7 11.7 34.5 NTA / share (S$) 2.93 3.18 8.5 1 Restated to take into account the retrospective adjustment
Slide 8: Good Performances Across Businesses
Financials Good Performances Across Businesses 1H 2011 EBIT S$1.0b 9.4% YoY 1H 11 1H 10 Raffles City SZ S$271m Revaluation gains 101 CL China CL CL CL Others3 Ascott CVH CMA Australand Holdings Residential Commercial2 1 Financial S’pore (1) Excludes Retail and Serviced Residences in China (2) Includ
Slide 9: Group Managed Real Estate Assets of S$55b
Group Managed Real Estate Assets* of S$55b As at 30 Jun 2011 Group Managed RE Assets (S$b) On Balance Sheet & JVs 20.5 Funds 11.0 REITs/Trusts 18.9 Others** 4.8 Total 55.2 * Group Managed Real Estate Assets is the value of all real estate managed by CapitaLand Group entities stated at 100% of the pr
Slide 10: Total Project Expenditure of On-going Development Projects
Total Project Expenditure (PDE) of On-going Development Projects As at SBUs 30 Jun 2011 S$b# CapitaLand Residential Singapore 8.5 CapitaLand China Holdings 16.1 CapitaLand Commercial Limited 1.4 The Ascott Limited 0.4 CapitaValue Homes 1.5 CapitaMalls Asia 8.4 Total PDE 36.3 # Refers to 100% interes
Slide 11: Revenue Under Management in 1H2011
Revenue Under Management in 1H2011 S$b 4.0 35% 3.1 3.0 31% 2.3 2.0 1.4 1.0 1.0 0.0 Statutory Revenue Revenue Under Management 1H 2010 (restated) 1H 2011 • Revenue Under Management : Revenue of all properties managed by the Group 10 CapitaLand Group 1H2011 Results
Slide 12: Major Achievements for 1H2011
Major Achievements for 1H2011 11 CapitaLand Group 1H2011 Results
Slide 13: Committed S$5b of New Investments in 1H2011
Committed S$5b of New Investments in 1H2011 Project Name SBU Stake Geography Project Total Initial (%) Type GFA Committed (Sqm) Investment S$’b CCL/CMA/ Jurong Gateway 20/50/30 Singapore Office & Retail 89,187 1.501, 5 CMT Market Street Redev CCL/CCT 50 /40 Singapore Office 82,405 1.401, 5 Bishan Ce
Slide 14: Capital Recycled in 1H2011
Capital Recycled in 1H2011 Project Name SBU Stake Geography Project Proceeds (%) Type S$’m Macao Studio City1 CCH 20 Macao Mixed 154 Residential site in Qingpu District, CCH 95 China Residential 153 Shanghai TCC CapitaLand CL 40 Thailand Residential 97 New Minzhong Leyuan Mall Ascott 100 China Retai
Slide 15: Major Achievements for 1H 2011
Major Achievements for 1H 2011 Singapore • Secured Marine Point (~150 units) and Bishan Central (~540 units) sites. Estimated total PDE of S$1.05b Residential • Appointed star architect Moshe Safdie for Bishan Central development • Total development pipeline of approx 4m sq ft of GFA • Secured Juron
Slide 16: Major Achievements for 1H 2011 (cont'd)
Major Achievements for 1H 2011 (cont’d) China • Sold 930 units for RMB1.9b (S$0.4b) • Monetized residential site in Qingpu district, Shanghai for S$153m, gain of S$92m Residential • Raised stake in LFIE by 38% to 45%, owns Panyu site (GFA 1.1m sqm) • Completed acquisition of value housing site at Wu
Slide 17: Acquisition of 40% Interests in Surbana
Acquisition of 40% Interests in Surbana Increases CapitaLand’s residential pipeline to more than 64,000 units in China 1 Grow China Business 2 Increase presence in Singapore 40% 7 3 Growth Expand Value Housing Drivers (formerly known as HDB Corp) 4 Expand in Vietnam Technical and project Full suite
Slide 18: Management of Surbana Post Investment
Management of Surbana Post Investment Board comprises 2 CapitaLand representatives, 1 from Temasek, 2 independent directors and Board Surbana Group CEO Comprises 4 senior management from CL (Liew Mun Leong, Lim Ming Yan, Olivier Lim & Management Wen Khai Meng) and 3 reps from Surbana Committee m
Slide 19: Business Highlights
Business Highlights 18 CapitaLand Group 1H2011 Results
Slide 20: CapitaLand Residential Singapore: Steady Performance
CapitaLand Residential Singapore (CRS) Steady Performance • Revenue and EBIT increased 172%1 and 132%1 y-o-y - Contributing projects: Latitude, The Interlace, The Wharf Residence and Urban Resort Condominium • Sales performance - Launched 504 units in 1H2011 - Sold 271 units for S$565.4m - Average s
Slide 21: Key Projects Under Development: The Interlace
CapitaLand Residential Singapore (CRS) Value Creation: Key Projects Under Development The Interlace (1,040 units) : On Schedule – 29% Completed Designed by Office for Metropolitan Architecture The Interlace 20
Slide 22: Key Projects Under Development: d'Leedon
CapitaLand Residential Singapore (CRS) Value Creation: Key Projects Under Development (cont’d) d’Leedon (1,715 units): On Schedule – 9% Completed Designed by Zaha Hadid Architects d’Leedon 21 CapitaLand Group 1H 2011 Results
Slide 23: Key Projects Under Development: The Wharf Residence
CapitaLand Residential Singapore (CRS) Value Creation: Key Projects Under Development (cont’d) The Wharf Residence (186 units): On Schedule – 47% Completed Designed by RSP Architects Planners & Engineers The Wharf Residence 22 CapitaLand Group 1H 2011 Results
Slide 24: Key Projects Under Development: Urban Resort Condominium
CapitaLand Residential Singapore (CRS) Value Creation: Key Projects Under Development (cont’d) Urban Resort Condominium (64 units): On Schedule – 16% Completed Designed by Kerry Hill Architects Urban Resort Condominium 23 CapitaLand Group 1H 2011 Results
Slide 25: Key Projects Under Development: Urban Suites
CapitaLand Residential Singapore (CRS) Value Creation: Key Projects Under Development (cont’d) Urban Suites (165 units): On Schedule – 17% Completed Designed by Kerry Hill Architects Urban Suites 24
Slide 26: Key Projects Under Development: Bedok Town Centre
CapitaLand Residential Singapore (CRS) Value Creation: Key Projects Under Development (cont’d) Bedok Town Centre development (583 residential units, retail GFA 375,262 sq ft) Designed by DCA Architects Bedok Town Centre development Temporary bus interchange under construction 25 CapitaLand Group 1H
Slide 27: Firm Foundation for Growth
CapitaLand Residential Singapore (CRS) Firm Foundation for Growth • International confidence in Singapore residential market - Mitsubishi Estate Asia (MEA) invested 25% equity stake in Bishan Central development • Stable market fundamentals - On track to launch 1,700 units in 2011 • Healthy pipeline
Slide 28: Investing in an Increased Presence in Singapore
CapitaLand Residential Singapore (CRS) Investing in an Increased Presence in Singapore Acquired Marine Point and Bishan Central sites, bringing development portfolio GFA to 4m sqft Urban Resort Condominium Bishan Site at Bedok Town d’Leedon Centre (future) Concept Design for Bishan Central Farrer Ro
Slide 29: China Residential Portfolio: Steady Performance in 1H 2011
CapitaLand China Holdings (CCH) China Residential Portfolio: Steady Performance in 1H 2011 • Sold 930 units for RMB1.9b (S$0.4b) • Over 1,700 new units launched New projects: - Dolce Vita (Phase 1: 245 units, Guangzhou); Imperial Bay (Phase 1: 84 units, Hangzhou) Dolce Vita, Guangzhou Additional pha
Slide 30: China Commercial Portfolio: Growing Scale and Value
CapitaLand China Holdings (CCH) China Commercial Portfolio: Growing Scale and Value • Total commercial floor area of over 2.1m sqm • 7 Raffles City projects with strong presence and brand recognition; - Total floor area 1.9m sqm - Aggregate portfolio value of RMB36b (S$7b) Beijing CHINA Shanghai Han
Slide 31: Operational Assets are Performing Well
CapitaLand China Holdings (CCH) Operational Assets are Performing Well Both assets achieved >95% occupancy* Raffles City Beijing Raffles City Shanghai Located in Dongzhimen Iconic landmark within Shanghai – Largest transportation hub in Beijing * Occupancy for retail and office components as at June
Slide 32: Raffles City Chengdu
CapitaLand China Holdings (CCH) Projects under development on track Raffles City Chengdu • Designed by Steven Holl • Structural top-up for retail podium and 2 towers completed • Construction completion for Phase 1 - retail & office: end 2011; Phase 2 – serviced residence: mid 2012 Raffles City Cheng
Slide 33: Raffles City Ningbo
CapitaLand China Holdings (CCH) Projects under development on track (cont’d) Raffles City Ningbo • Designed by SPARCH • Structural top-up to complete by 3Q 2011 • Construction completion for office and retail podium in end 2011 Raffles City Ningbo 32 CapitaLand Group 1H2011 Results
Slide 34: Raffles City Hangzhou
CapitaLand China Holdings (CCH) Projects under development on track (cont’d) Raffles City Hangzhou • Designed by UNStudio • Construction in progress; to target completion (in phases) from 2014 onwards Raffles City Hangzhou 33 CapitaLand Group 1H2011 Results
Slide 35: Raffles City Shenzhen
CapitaLand China Holdings (CCH) Projects under development on track (cont’d) Raffles City Shenzhen • Designed by Benoy • Construction in progress; to target completion (in phases) from 2014 onwards Raffles City Shenzhen 34 CapitaLand Group 1H2011 Results
Slide 36: Raffles City Changning
CapitaLand China Holdings (CCH) Projects under development on track (cont’d) Raffles City Changning • Designed by Buchan Group / P&T • To commence construction in 4Q 2011 • To target construction completion from 2015 onwards Raffles City Changning 35 CapitaLand Group 1H2011 Results
Slide 37: To Expand Commercial Footprint
CapitaLand Commercial Limited (CCL) To Expand Commercial Footprint • Develop and incubate green or brown-field projects • Seek accretive income-producing assets (via CCT) Singapore – Increase office footprint in Singapore’s CBD and regional commercial hubs (next to MRT stations) Overseas – Increase
Slide 38: Enhancing Commercial Portfolio in Singapore
CapitaLand Commercial Limited (CCL) Enhancing Commercial Portfolio in Singapore • Market Street redevelopment - JV with CCT and MEA to redevelop Market Street Car Park into Grade A office - Estimated GFA of 887,000 sq ft - Completion: before end-2014 Jurong Gateway site – up to 40% of • Jurong Gatew
Slide 39: Strengthening Overseas Business
CapitaLand Commercial Limited (CCL) Strengthening Overseas Business • StorHub – self storage business - Continuing growth in Singapore via acquisition of facilities - Exploring extension of StorHub business to China, in the tier 1 cities (Shanghai, Guangzhou) and tier 2 cities (Chengdu and Chongqing
Slide 40: Strengthened Pipeline For Growth
CapitaValue Homes (CVH) Strengthened Pipeline For Growth • Pipeline increased to over 4,800 value homes Vietnam - Secured 2 new sites in Ho Chi Minh City in May 2011 • ParcSpring at District 2 (404 units of 974 units launch-ready) • Site at Binh Chanh District (~800 units) ParcSpring, Ho Chi Minh Ci
Slide 41: Continue to Build Presence in Vietnam
CapitaValue Homes (CVH) Continue to Build Presence in Vietnam • Focus on value housing segment • Value creation : Key projects under development - Handing over 627 of 850 units at The Vista in 3Q 2011 The Vista, Ho Chi Minh City - Completed piling and sales gallery at TOP in 3Q 2011 (~95% completion
Slide 42: Key Project Under Development: Mulberry Lane
CapitaValue Homes (CVH) Value Creation: Key Project Under Development Mulberry Lane (1,478 units): On Schedule – 20% Completed Mulberry Lane, Hanoi Construction of superstructure in progress 41 CapitaLand Group 1H2011 Results
Slide 43: Investing for Growth
The Ascott Limited (Ascott) Investing for Growth • S$658m investments across Asia and Europe - Restructured investments in India to accelerate growth - New acquisitions in France, Germany, India and Vietnam - Including Ascott’s first acquisitions in Frankfurt and Hamburg in Germany and Hai Phong in
Slide 44: Enhancing Asset and Brand Value
The Ascott Limited (Ascott) Enhancing Asset and Brand Value • S$70m asset enhancement across Ascott and Ascott Reit’s portfolio - Renovating 15 properties across Europe (9 properties) and Asia (6 properties) • Completed renovation of Somerset Riverview Chengdu in June 2011 • Completing 6 projects by
Slide 45: Enhancing Asset and Brand Value (cont'd)
Ascott Residence Trust (Ascott Reit) Enhancing Asset and Brand Value (cont’d) Somerset Grand Cairnhill (owned by Ascott Reit) • Provisional Outline Planning Permission (OPP) granted by URA* for an integrated hotel and residential development • OPP key terms and conditions: - rezoning from Residentia
Slide 46: Capital Recycling
The Ascott Limited (Ascott) Capital Recycling • Realised divestment proceeds of S$325m and gains of S$47m (S$7m recognised in 1H 2011) Divestments - 40% stake in Citadines Boulevard Chennai, India - New Minzhong Leyuan Mall in Wuhan, China - Citadines Ashley Hongkong - Ascott Beijing divested to Asc
Slide 47: Growing Operations
The Ascott Limited (Ascott) Growing Operations • Improved operating performance - Strong RevPAU* growth led by Singapore (+26%), United Kingdom (+17%) and China (+4%) - Hospitality management fee of S$55m - Ascott Reit unitholders’ distribution increased 130% to S$50.3m • On track to achieve 40,000
Slide 48: Grow Financial Services
CapitaLand Financial Services Grow Financial Services • CapitaLand is one of Asia’s largest Real Total AUM: S$31.7b Estate fund managers PE • 6 REITs and 17 private equity funds Funds 35% • Grew AUM to S$31.7b CL JV Funds - CapitaRetail China Trust completed CFL PE $1.0b CFL acquisition of New Minzh
Slide 49: Asia's Growing Consumption
CapitaMalls Asia (CMA) Asia’s Growing Consumption • China Consumption Powers Ahead; Hard Landing Risk Eases - 9.6% GDP and 16.8% retail sales growth exceeded expectations - CMA China malls recorded 22.2% same mall NPI growth y-o-y - First mover advantage in tier 2 & 3 cities as urbanisation moves in
Slide 50: Asia's Growing Consumption
CapitaMalls Asia (CMA) Asia’s Growing Consumption • Operational Results Reinforce Business Model - 4 acquisitions, portfolio reaching 95 malls; assets under management of S$19.5b - China Development Fund upsized to US$900.0m - Opened 1 mall each in China and India; 3 China malls opening by year end
Slide 51: Solid Financial Performance
Australand Property Group Solid Financial Performance • Solid financial performance for 1H 2011 - Operating profit of A$65m, up 7% y-o-y - Revaluations gains of A$25m - PATMI of A$85m, up 17% y-o-y • Australian Economic conditions softened in 2Q 2011 - Multispeed economy with business sentiment outs
Slide 52: Investment Property, Commercial & Industrial
Australand Property Group Investment Property, Commercial & Industrial • Strong recurrent earnings from Investment Portfolio - Comparable NOI growth of 3.2%, Occupancy 98.9%, WALE1 5.3 years - Established Logistics Joint Venture with GIC • Industrial development - New supply of prime industrial rema
Slide 53: Residential Development
Australand Property Group Residential Development • Gross lot sales up 25% for 1H 2011 - Melbourne and Sydney contribute 80% of sales • New acquisitions at competitive price points - Ashlar, Sydney: ~ 700 lots - Clemton Park, Sydney: ~770 lots - Westmeadows, Melbourne: ~375 lots • Targeting 20% grow
Slide 54: Financials & Capital Management
Financials & Capital Management Olivier Lim 53 CapitaLand Group 1H2011 Results
Slide 55: Improved 2Q2011 PATMI 17% Higher Than 2Q2010
Financials Improved 2Q2011 PATMI 17% Higher Than 2Q2010 27% higher excluding revaluations & impairments 2Q 2010 2Q 2011 Change (S$ million) (restated) % PATMI 339.7 399.0 17.4 Reval / Impairment 204.4 227.7 11.4 PATMI 135.3 171.3 26.6 (Excluding reval/impairment) 54 CapitaLand Group 1H2011 Results
Slide 56: Group Overview – 1H2011 PATMI Analysis
Financials Group Overview – 1H2011 PATMI Analysis 1H 2010 1H 2011 Change (S$ million) (restated) % PATMI 369.5 500.5 35.4 Reval / Impairment 208.8 229.1 9.7 PATMI 160.7 271.4 68.9 (Excluding reval/impairment) 55 CapitaLand Group 1H2011 Results
Slide 57: PATMI excluding CMA & Australand
Financials PATMI excluding CMA & Australand 1H 2010 % 1H 2011 % (S$ million) (restated) CapitaLand Group 369.5 100.0 500.5 100.0 Contribution from: CapitaMalls Asia 96.2 26.0 140.2 28.0 Australand 53.4 14.5 65.7 13.1 CapitaLand ex. CMA & ALZ 219.9 59.5 294.6 58.9 56 CapitaLand Group 1H2011 Results
Slide 58: EBIT by SBUs
Financials EBIT by SBUs 1H 2010 1H 2011 Change (S$ million) (restated) % CapitaLand Residential Singapore 57.3 132.9 -43.3% 132.0 CapitaLand China Holdings1 371.64 247.1 (33.5) CapitaLand Commercial2 77.6 88.3 13.8 The Ascott Limited 49.4 74.3 50.2 CapitaValue Homes (9.6) (11.3) (16.9) CapitaLand Fi
Slide 59: Strong Balance Sheet & Liquidity Position
Capital Management Strong Balance Sheet & Liquidity Position FY 2010 1H 2011 Change (restated) Equity (S$bn) 17.9 18.1 Increased Cash (S$bn) 7.2 6.0 Decreased Net Debt (S$bn) 3.2 4.1 Increased Net Debt/Equity 0.18 0.23 Strong % Fixed Rate Debt 72% 72% No change Ave Debt Maturity(Yr)1 3.7 3.9 Improve
Slide 60: Debt Maturity Profile
Capital Management Debt Maturity Profile GROSS DEBT CASH S$'M Maturing in Year Ending 31 Dec (CBs with Put Tenor) Total 2011 2012 2013 2014 2015 2016+ CL Group 10,420 520 1,326 1,714 1,069 1,991 3,800 6,014 Less : CMA & Australand (2,560) (7) (808) (918) (221) (12) (594) (1,281) CL Group (ex CMA & A
Slide 61: Going Forward
Going Forward Liew Mun Leong Group President & CEO 60 CapitaLand Group 1H2011 Results
Slide 62: Strategic Focus "3+3+2"
Strategic Focus “3+3+2” • Concentrate in core markets Core markets - Singapore, China, Australia Secondary markets - Vietnam, Malaysia, Europe* Opportunistic markets - Japan, India • Achieve depth - Dominate in cities we are already in, before investing in new cities * Only for serviced residences 6
Slide 63: Summary
Summary • Actively deploying investment capital in Singapore and China - Committed S$5b of new investments in 1H 2011 - Investment outflow of S$2.7b incurred in 1H 2011 • Financial flexibility & balance sheet strength - Low net D/E ratio of 0.23, S$6.0b cash on balance sheet 62 CapitaLand Group 1H20
Slide 64: Conclusion
Conclusion • Investing for sustainable growth - Committed investments to create value as developments proceed • Expect to exceed initial target of S$5b - S$6b of new investments in 2011 • Government cooling measures present opportunities - Will stabilise markets in China and Singapore - Seek acquisi
Slide 65: Thank you
Thank you 64 CapitaLand Group 1H2011 Results
Slide 66: Supplementary slides
Supplementary slides 65 CapitaLand Group 1H2011 Results
Slide 67: Assets by SBU & Geography
Financials Assets by SBU & Geography Assets @ Jun 2011 : $29.0b (ex treasury cash) By SBU By Geography Others Europe $1.3b, 5% CRS Other Asia** $0.6b, 2% $2.7b, 9% $2.3b, 8% ALZ $5.0b, 17% China* CFL CCH $10.5b, 36% Australia $0.2b, 1% $6.6b, 23% $5.3b, 18% Ascott $3.2b, 11% CCL $2.3b,8% CMA Singapo
Slide 68: Asset Matrix - Diversified Portfolio
Financials Asset Matrix - Diversified Portfolio As at 30 June 2011 S'pore China (1) Aust Other Europe & Total Asia (2) Others S$'M S$'M S$'M S$'M S$'M S$'M CapitaLand Residential 2,652 - - - - 2,652 Singapore CapitaLand China Holdings - 6,622 - - - 6,622 CapitaLand Commercial 1,860 - - 374 46 2,280
Slide 69: EBIT by Geography
Financials EBIT by Geography 1H 2010 (restated): $917.2m vs 1H 2011: $1,003.1m S$ m Raffles City SZ S$271m Revaluation gains Singapore China1 Australia Europe Other Asia2 Others 1China including Macau & Hong Kong 2Exclude Singapore and China but include projects in GCC *Less than S$0.1m 68 CapitaLan
Slide 70: Group Overview – 1H 2011 Revaluation Gain/(Loss)
Financials Group Overview – 1H 2011 Revaluation Gain/(Loss) (PATMI Impact) Other Europe & S$' Million S'pore China Aust Total Asia (1) Others CapitaLand China - 58.1 - - - 58.1 CapitaLand Commercial 49.1 - - (0.6) (0.1) 48.4 Ascott 27.0 (0.1) 1.3 0.5 10.2 38.9 CapitaMalls Asia 39.8 58.2 - (4.1) - 93
Slide 71: Stages of Construction Completion
CapitaLand Residential Singapore (CRS) Stages of Construction Completion1 Units % Launch Sold % Completed PROJECT Total Units Launched As at Jun 2011 As at Jun 2011 Launched in 2007 The Seafront on Meyer 327 327 98% 100% The Orchard Residences 175 175 91% 100% Launched in 2008 The Wharf Residence 18
Slide 72: URA Supply Forecast vs. Uncompleted Projects with Sale License
URA Supply Forecast vs. Uncompleted Projects with Sale License (30 June 2011) 40,000 Average Annual Supply: 2H2011-2015 35,971 35,000 Optimistic 12,621 30,000 Pessimistic 18,912 Average 15,767 25,000 20,000 18,197 16,669 15,000 13,751 11,188 13,454 10,378 10,535 10,000 5,9975,760 5,000 2,138 724 0 2
Slide 73: Portfolio Acquired at Good Values
CapitaLand China Holdings (CCH) Portfolio Acquired at Good Values Acquisition Underlying Land / Divestment Sales Value City Site Property Value RMB (m) % RMB psm S$ (m) S$ (m) Shanghai Luwan, Changle 3,929 29% 27,000 N.A. N.A. Shanghai (The Paragon) Nanmatou (The Pinnacle) 1,258 9% 12,000 63 125 Raf
Slide 74: OODL Portfolio Status Update
CapitaLand China Holdings (CCH) OODL Portfolio Status Update • Underlying value independently validated - Participation by international institutional investors at higher prices Project Estimated Underlying Divestment Land GFA % Land /Property Value /Property Value City Site Divested to (sqm) Divest
Slide 75: OODL Portfolio Status Update
CapitaLand China Holdings (CCH) OODL Portfolio Status Update • Pricing supported by market - Latest transacted selling price reflects demand from buyers Project Underwritten average Latest transacted % Project selling price selling price (avg) City Site GFA GFA sold (sqm) RMB psm RMB psm Shanghai Na
Slide 76: OODL Portfolio Status Update
CapitaLand China Holdings (CCH) OODL Portfolio Status Update • Ability to execute - Speed to market through launch and commencement of construction - Rapid monetisation of portfolio City Site Status Shanghai Shanghai Luwan, Changle • Construction on track. (The Paragon) • Plan to launch in 4Q 2011 N
Slide 77: Serviced Residence 1H 2011 RevPAU Performance
The Ascott Limited Serviced Residence 1H 2011 RevPAU Performance +26% Somerset West Bay, Doha (management contract) S$ Due to the ensuing crisis affected by nearby following the earthquake construction works. in Japan -29% Somerset Al Fateh, Bahrain In Euro terms, RevPAU (management contract) increa
Slide 78: Serviced Residence 2Q 2011 RevPAU Performance
The Ascott Limited Serviced Residence Somerset West Bay, Doha (management 2Q 2011 RevPAU Performance contract) affected by nearby construction works. Somerset Al +26% Fateh, Bahrain Due to the ensuing crisis In Euro terms, following the earthquake (management contract) RevPAU increased S$ in Japan 1
Slide 79: The Ascott Limited's Portfolio: 22,340 operational & 5,738 under development
The Ascott Limited (Ascott) The Ascott Limited’s Portfolio: 22,340 operational & 5,738 under development (As at 2 August 2011) Minority 3rd Party ART ASRCF Owned Owned Managed Leased Total Singapore 497 146 195 838 Indonesia 401 1,374 1,775 Malaysia 255 221 838 1,314 Philippines 514 641 1,155 Thaila
Slide 80: Ascott's Investment Portfolio
The Ascott Limited Ascott’s Investment Portfolio (excludes Ascott Reit’s property portfolio) Operating Assets – Majority Owned Ascott’s No. of GFA# Asset Value as at 30 Jun ’11# Share units (Sqm) (S$ ‘mil) Serviced Residence 1. Ascott Raffles Place Singapore 100% 146 15,694 175 2. Ascott Beijing Chi
Slide 81: Ascott's Investment Portfolio (cont'd)
The Ascott Limited Ascott’s Investment Portfolio (cont’d) (excludes Ascott Reit’s property portfolio) Operating Assets – Minority-owned Ascott’s No. of GFA# Asset Value as at 30 Jun ‘11# Share units (Sqm) (S$ ‘mil) 1. Ascott Kuala Lumpur Malaysia 50% 221 41,048 82 2. Ascott Sathorn Bangkok Thailand
Slide 82: Ascott's Investment Portfolio (cont'd)
The Ascott Limited Ascott’s Investment Portfolio (cont’d) (excludes Ascott Reit’s property portfolio) Assets Under Development Ascott’s No. of GFA (Sqm) # Carrying Value Est. Total - Majority-owned Share units as at 30 Jun ’11 PDE*# (S$ ‘mil) (S$ ‘mil) 1. Citadines OMR Gateway Chennai India 100% 300
Slide 83: Ascott's Investment Portfolio (cont'd)
The Ascott Limited Ascott’s Investment Portfolio (cont’d) (excludes Ascott Reit’s property portfolio) Assets Under Development Ascott’s No. of GFA Carrying Value as Est. Total PDE*# - Minority-owned Share units (Sqm) # at 30 Jun ’11 (S$ (S$ ‘mil) ‘mil) 1. Citadines Galleria Bangalore India 50% 203 1
Slide 84: Strong Growth in Shopper Traffic & Tenant Sales
CapitaMalls Asia (CMA) Strong Growth in Shopper Traffic & Tenant Sales 1H 2011 vs 1H 2010 (%) Occupancy Country Rate (%)1 Shopper Traffic Tenant Sales Singapore2 98.0 4.1 7.9 China3 96.7 10.4 15.2 Malaysia4 97.3 0.2 - Japan5 94.8 4.3 28.5 India 91.6 3.0 18.8 (1) Occupancy rate is based on malls open
Slide 85: Continued Progress On Strategic Objectives
Australand Property Group Continued Progress On Strategic Objectives Key sectors Maintain our focus on the core sectors of residential, industrial and office where we have distinct competitive advantages Recurring earnings Target 60-70% of Group EBIT from recurrent earnings Development Improve devel