CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaMall Trust — Q3 2007 Earnings Presentation
79 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Oct 19, 2007
Slide 1: CapitaMall Trust 3rd Quarter 2007 Financial Results
CAPITAMALL TRUST 3rd Quarter 2007 FINANCIAL RESULTS 19 October 2007
Slide 2: Disclaimers
Disclaimers This presentation is focused on comparing actual results versus forecasts stated in the CMT OIS to Unitholders dated 29 August 2006. This shall be read in conjunction with paragraph 9 of CMT’s 2007 Third Quarter Unaudited Financial Statement and Distribution Announcement. This presentati
Slide 3: Financial Highlights
Cap/taMall P Trust Financial Highlights
Slide 4: Financial Results 3Q 2007 (1 Jul – 30 Sept 2007)
Financial Results 3Q 2007 (1 Jul – 30 Sept 2007) Distribution Per Unit of 3.40 Cents Exceeds Forecast1 by 17.2% CMT is committed to distribute 100% of its taxable income available for distribution for the financial year ended 31 December 2007, including the S$4.6 million retained in 1Q 2007 and appr
Slide 5: 3Q 2007 vs 3Q 2006 and YTD 2007 vs YTD 2006
3Q 2007 vs 3Q 2006 and YTD 2007 vs YTD 2006 3Q 2007 Distribution Per Unit Increased 19.3% over 3Q 2006 3Q 2007 3Q 2006 Variance Change% Annualised distribution per unit 13.49¢ 1 11.31¢ + 2.18¢ +19.3% Annualised distribution yield (Based on unit price of S$3.70 on 18 Oct 2007) 3.65% 3.06% +0.59% +19.
Slide 6: Distribution Details
Distribution Details Distribution Period 1 July to 30 September 2007 Distribution Rate i. Taxable Income Distribution of 3.31 cents per unit. ii. Capital Distribution of 0.09 cents per unit Notice of Books Closure and the Distribution Payment Dates to be announced shortly 6
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 +8.9% 12.73 ¢ 2 12 +14.3% 11.69 ¢ +7.9% 10.23 ¢ 10 +18.1% 9.48 ¢ +9.4% 1 8.03 ¢ 8 7.34 ¢ FY2007 FY2006 DPU2 6 FY2005 Actual FY2004 DPU Actual FY2003 Actual 4 FY2002 DPU Actual DPU DPU1 DPU 2 0 2002
Slide 8: 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 12.73 ¢2 Asset Enhancements / Reconfiguration & Others 34% Upfront Payment of IMM Land Premium 6% Acquisitions Active Leasing 20% 6.78 ¢1 40% 1. Annualised forecast based on
Slide 9: CMT Unit Price Performance since IPO (July 2002) to September 2007
CMT Unit Price Performance since IPO (July 2002) to 30 September 2007 306% Unit Price Appreciation 526% Growth in Total Asset Size 361% Total Return 761% Growth In Market Cap 99% Growth in Annualised DPU (3Q 20071 actual vs IPO 2002 forecast) Outperformed STI & Property Stocks % change in unit price
Slide 10: CMT Unit Price Performance January 2007 to September 2007
CMT Unit Price Performance 1 January 2007 to 30 September 2007 34% Unit Price Appreciation 34% Growth In Market Cap 38% Total Return % change in unit price/index value 1 Outperformed STI & Property Stocks 65 1 Jan 07 to 30 Sept 07 CMT + 34.0% STI + 24.1% 55 SESPROP + 33.9% 45 CMT 35 25 SESPROP 15 ST
Slide 11: Financial Results
Cap/taMall P Trust Financial Results
Slide 12: Distribution Statement 3Q 2007 (1 Jul – 30 Sept 2007)
Distribution Statement 3Q 2007 (1 Jul – 30 Sept 2007) Actual1 Forecast2 Variance S$’000 S$’000 (%) Gross Revenue 114,469 94,829 20.7 Less property operating expenses (37,653) (31,684) 18.8 Net property income 76,816 63,145 21.7 Interest Income 278 - N.M Administrative expenses (7,609) (6,313) 20.5 I
Slide 13: Property Gross Revenue 3Q 2007
Property Gross Revenue 3Q 2007 (1 Jul – 30 Sept 2007) Portfolio Gross Revenue Outperformed Forecast1 by 5.4% CMT Portfolio2 99.9 94.8 5.4% Tampines Mall 13.7 13.6 Junction 8 11.2 10.5 Funan 6.9 DigitaLife Mall 6.3 16.2 IMM Building 14.3 17.0 Plaza Singapura 16.3 Bugis Junction 15.0 13.7 Other Assets
Slide 14: Property Operating Expense 3Q 2007
Property Operating Expense 3Q 2007 (1 Jul – 30 Sept 2007) Portfolio Operating Expenses Exceeded Forecast1 by 2.8% 3 CMT Portfolio2 32.6 31.7 4.2 2.8% Tampines Mall 4.1 3.8 Junction 8 3.4 Funan 2.4 DigitaLife Mall 2.6 6.1 IMM Building 6.0 4.9 Plaza Singapura 5.0 5.0 Bugis Junction 4.5 Other Assets4 1
Slide 15: Net Property Income 3Q 2007
Net Property Income 3Q 2007 (1 Jul – 30 Sept 2007) Portfolio Net Property Income Outperformed Forecast1 by 6.7% CMT Portfolio2 67.3 63.1 6.7% Tampines Mall 9.5 9.5 7.4 Junction 8 7.1 Funan 4.5 DigitaLife Mall 3.7 10.1 IMM Building 8.3 12.1 Plaza Singapura 11.3 Bugis Junction 10.0 9.2 Other Assets3 1
Slide 16: Property Gross Revenue 3Q 2007 vs 3Q 2006
Property Gross Revenue 3Q 2007 vs 3Q 2006 Gross Revenue Outperformed by 7.7% on Comparable Malls Basis CMT Portfolio1 83.2 77.2 7.7% Tampines Mall 13.7 13.9 Junction 8 11.2 10.4 Funan 6.9 DigitaLife Mall 6.1 IMM Building 16.2 12.9 Plaza Singapura 17.0 15.8 Bugis Junction 15.0 13.4 Other Assets2 3.2
Slide 17: Property Operating Expense 3Q 2007 vs 3Q 2006
Property Operating Expense 3Q 2007 vs 3Q 2006 Operating Expenses Exceeded 3Q 2006 Marginally on Comparable Malls Basis 2 CMT Portfolio1 27.7 27.6 0.4% Tampines Mall 4.2 4.3 Junction 8 3.8 3.1 Funan 2.4 DigitaLife Mall 2.6 IMM Building 6.1 6.2 Plaza Singapura 4.9 5.3 Bugis Junction 5.0 4.3 Other Asse
Slide 18: Net Property Income 3Q 2007 vs 3Q 2006
Net Property Income 3Q 2007 vs 3Q 2006 Net Property Income Outperformed by 11.9% on Comparable Malls Basis 55.5 CMT Portfolio1 11.9% 49.6 Tampines Mall 9.5 9.6 Junction 8 7.4 7.3 Funan 4.5 DigitaLife Mall 3.5 IMM Building 10.1 6.7 Plaza Singapura 12.1 10.5 10.0 Bugis Junction 9.1 1.9 3Q 2007 3Q 2006
Slide 19: Property Gross Revenue YTD Sept 2007 vs YTD Sept 2006
Property Gross Revenue YTD Sept 2007 vs YTD Sept 2006 Gross Revenue Registered Strong Growth of 7.5% on Comparable Malls Basis 1 247.7 CMT Portfolio 230.4 7.5% Tampines Mall 41.3 40.5 Junction 8 33.4 31.3 Funan 20.1 DigitaLife Mall 18.1 IMM Building 47.7 39.6 Plaza Singapura 50.9 47.6 Bugis Junction
Slide 20: Property Operating Expenses YTD Sept 2007 vs YTD Sept 2006
Property Operating Expenses YTD Sept 2007 vs YTD Sept 2006 Property Operating Expenses Increased by 5.9% on Comparable Malls Basis 1 84.9 2 CMT Portfolio 80.2 5.9% 12.4 Tampines Mall 12.2 11.3 Junction 8 10.1 Funan 7.5 DigitaLife Mall 7.0 19.1 IMM Building 18.3 14.7 Plaza Singapura 14.2 15.7 Bugis J
Slide 21: Net Property Income YTD Sept 2007 vs YTD Sept 2006
Net Property Income YTD Sept 2007 vs YTD Sept 2006 Robust Net Property Income Growth of 8.4% on Comparable Malls Basis CMT Portfolio1 162.8 8.4% 150.2 Tampines Mall 28.9 28.3 22.1 Junction 8 21.2 Funan 12.6 DigitaLife Mall 11.1 28.6 IMM Building 21.3 36.2 Plaza Singapura 33.4 Bugis Junction2 28.3 26
Slide 22: Debt Capital Information as at September 2007
Debt Capital Information as at 30 September 2007 (including 40% share in RCS Trust and 100% share in CRS) Debt Maturity Profile Key Statistics Commercial Mortgage Back Security (“CMBS”) under Silver Maple Class A – D Bonds and RCF of CRS 783.0 CMT Short Term Borrowings Bridge loan to finance acquisi
Slide 23: Balance Sheet
Balance Sheet 1 As at 30 Sept 2007 S$’000 Non Current Assets 5,734,528 Net Asset Value per unit S$2.11 Current Assets 82,364 (as at 30 September 2007) Total Assets 5,816,892 Adjusted Net Asset Value per unit S$2.08 (excluding distributable income) Current Liabilities 556,713 Non-Current Liabilities
Slide 24: Portfolio Update
Cap/taMall P Trust Portfolio Update
Slide 25: Summary of Renewals / New Leases
Summary of Renewals / New Leases Strong Rental Rates Achieved vs Forecast & Preceding Rentals From 1 January to 30 September 2007 (Excluding Newly Created Units) No. of Increase/(Decrease) in Net Lettable Area Renewals/ Current Rental Rates VS Property New % Total % Forecast % Preceding Area (sq ft)
Slide 26: Strong Renewals Achieved Year-on-Year
Strong Renewals Achieved Year-on-Year Net Lettable Area Increase in Current Rental Rates Vs CMT Portfolio No. of (Year) Renewals/ Area % of Preceding New Leases (Sq Ft) Total Forecast Rental NLA1 Rental Rates Rates 20072 247 567,654 20.2 5.5% 3 12.1% 20064 299 505,857 17.8 4.7%5 8.3% 20056 189 401,2
Slide 27: Portfolio Lease Expiry Profile for 2007 By Property
Portfolio Lease Expiry Profile for 2007 By Property Net Lettable Area Gross Rental Income No. of Leases % of % of As at 30 Sept 2007 Sq. ft. S$’000 total1 total2 Tampines Mall 17 56,522 18.4% 593 14.9% Junction 8 18 20,536 8.3% 258 7.9% Funan 6 5,587 1.9% 52 2.6% DigitaLife Mall IMM Building 23 22,0
Slide 28: 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 1,443 2 2 84.1%2 1400 1,369 81.0% 3 77.3% 80% 3 1200 1,136 3 58.8% 1000 60% 3 864 800 40% 600 400 20% 200 0% 0 Tenants with Step- Tenants Paying Tenants with Step- Tenants Paying GTO Up
Slide 29: High Committed Occupancy Rates at All Malls
High Committed Occupancy Rates at All Malls Achieved Close to 100% Occupancy Rate as at 30 Sept 2007 As at As at As at As at As at As at 30 Jun 06 30 Sept 06 31 Dec 06 31 Mar 07 30 Jun 07 30 Sept 07 Tampines Mall 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Junction 8 100.0% 100.0% 100.0% 100.0% 100.0%
Slide 30: Portfolio Lease Expiry Profile by Year
Portfolio Lease Expiry Profile by Year Gross Rental Income As at 30 Sept 20071 No. of Leases S$’000 % of Total2 2007 91 1,547 5.3 2008 491 6,952 23.8 2009 659 9,977 34.2 2010 and 633 10,737 36.7 Beyond Weighted Average Lease Term to Expiry by Rental & NLA CMT Portfolio As at 30 September 20071 By Gr
Slide 31: Upside from Gross Turnover (GTO) Rent
Upside from Gross Turnover (“GTO”) Rent Increasing GTO Rent Component driven by robust retail sales growth 14,000 5 12,000 S$11.6 m 1 10,000 +100.0% 8,000 +48.7% 4 S$5.8 m 6,000 +85.7% 1 +61.5% 3.8% 3 S$3.9 m 4,000 1 2 2.6% S$2.1 m 1 2,000 S$1.3 m 1 2.4% 1 2.0% 1.6% 0 FY2002 FY2003 FY2004 FY2005 FY2
Slide 32: 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 30,000 5 S$27.2 m 1 25,000 +52.8% 20,000 4 S$17.8 m +41.3% 15,000 3 +68.0% S$12.6 m 1 +59.6 % 8.2% 10,000 2 1 S$7.5 m 7.3% 1 1 S$4.7m 7.1% 5
Slide 33: Asset Enhancements Update
Cap/taMall P Trust Asset Enhancements Update
Slide 34: AEI Timeline and Capital Expenditure Outlay
AEI Timeline1 and Capital Expenditure1 Outlay 2007 2008 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q S$ 48.8 million S$ 12.2 million IMM Building S$ 9.9 million Tampines Mall S$ 24.3 million S$ 44.0 million Sembawang Shopping Centre S$ 4.8 million Junction 8 S$ 0.7 million Plaza Singapura S$ 18.8 million S$ 12.6 million
Slide 35: Lot One Shoppers' Mall
Cap/taMall P Trust Lot One Shoppers’ Mall
Slide 36: 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 36
Slide 37: 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 (“C&CI”), which is deemed non- commercial GFA. Create 4-storey retail extension block measuring over 16,500
Slide 38: Lot One 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 38
Slide 39: Lot One 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 40: Lot One Proposed Level 2 Plan
Lot One Shoppers’ Mall 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 40
Slide 41: Lot One Proposed Level 3 Plan
Lot One Shoppers’ Mall 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 41
Slide 42: Lot One 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 42
Slide 43: Lot One Proposed Level 5 Plan
Lot One Shoppers’ Mall Proposed Level 5 Plan Stage Landscaped Roof Plaza TV incorporating Wet & Dry Room 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 43
Slide 44: Lot One AEI Leasing Update
Lot One AEI Leasing Update Average Rent S$ per sq ft per mth Committed Before AEI After AEI1 Variance Occupancy +39.7% Basement S$ 11.80 S$ 16.48 18% (+ S$341k pa) + 6.1% Level 1 S$ 22.02 S$ 23.37 46% (+ S$792k pa) + 29.4% Level 2 S$10.55 S$13.65 38% (+ S$767k pa) +19.0% Level 3 S$ 7.80 S$ 9.28 3% (
Slide 45: Lot One Indicative AEI Timeline
Lot One Shoppers’ Mall Indicative AEI Timeline Activity Target Completion Date1 Basement 1 Reconfiguration 4th Quarter 2008 Level 1 Extension Dec 2007/Jan 2008 Level 2 Extension 1st Quarter 2008 Level 3 Extension 1st Quarter 2008 Levels 4 and 5 Extension 2nd Quarter 2008 Roof Top Landscape Plaza 4th
Slide 46: Lot One Value Creation of Planned Initiatives
Lot One Shoppers’ Mall Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$51.7 mil 3rd Quarter 2007 4th Quarter 2008 AEI Budget1 Incremental Gross Revenue p.a. S$ 6.9 million Incremental Net Property Income S$ 5.2 million Total Capital Expenditure S$ 51.7 million
Slide 47: Funan DigitaLife Mall
Cap/taMall P Trust Funan DigitaLife Mall
Slide 48: Funan DigitaLife Mall Exploring Options to Maximise Value
Funan DigitaLife Mall Exploring Options to Maximise Value Received URA’s provisional permission 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$485 per sq
Slide 49: Tampines Mall
Cap/taMall P Trust Tampines Mall
Slide 50: Tampines Mall Phase 2 (Isetan Cluster) AEI In Progress
Tampines Mall Phase 2 (Isetan Cluster) AEI In Progress Level 2 - Reconfiguration and subdivision to enhance the retail offerings Phase 2 Isetan After Before Cluster Planned Escalators 50
Slide 51: Tampines Mall Phase 2 – 100% Committed
Tampines Mall Phase 2 – 100% Committed Royal Sportin Nike g House FF (4-in-1 Concept) Eye Q SUB Rachael Haagen G Daz Lee Cooper Charles Kiehl’s & Keith Isetan 51 As at 3 Oct 07
Slide 52: 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 48,778 sq ft affected units Level 1 2,704 sq ft 4,327 sq ft Level 2 44,562 sq ft 42,705 sq ft Level 3 241 sq ft 1,746 sq ft Average Rent per sq ft S$8.43 S$10.85 ( 29%) (As at 31 March
Slide 53: 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$2.20 million (net of rental loss) Net Property Income S$ 1.14 million S$1.76 million Capi
Slide 54: 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 - $2,940 per sq m o
Slide 55: Tampines Mall Exploring Options To Maximise Value
Tampines Mall Exploring Options To Maximise Value Office Lift Lobby on Level 1 Typical office layout from Levels 5 to 9 55
Slide 56: Sembawang Shopping Centre
Cap/taMall P Trust Sembawang Shopping Centre
Slide 57: 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 park spa
Slide 58: Sembawang Shopping Centre Strong Leasing Commitment of over 60%
Sembawang Shopping Centre Strong Leasing Commitment of over 60% Old NLA Before AEI Additional NLA New NLA after AEI 97,130 sq ft 30,900 sq ft 128,030 sq ft Anchor Tenants Committed Are Giant Hypermarket Daiso Kopitiam 58
Slide 59: 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$5.5 million Capital Expenditur
Slide 60: IMM Building
Cap/taMall P Trust IMM Building
Slide 61: IMM Building Asset Enhancement Initiatives
IMM Building Asset Enhancement Initiatives Major works include: Construction of a two storey extension annex over the open-air car park space, plus an rooftop landscaped plaza Reconfiguration Level 1 to Level 3 of the existing building Before After New shops already trading at the 2-storey retail ex
Slide 62: IMM Building Level 3 – Seamless Furniture Mall Completed on Schedule
IMM Building Level 3 – Seamless Furniture Mall Completed on Schedule 62
Slide 63: IMM Building First Designated Water Play Area
IMM Building First Designated Water Play Area with Interactive Water Features for Children Teflon Roof and Mechanical Ventilation will be completed by the 3rd week of Nov 07 63
Slide 64: IMM Building Level 1 Food Kiosks Completed
IMM Building Level 1 Food Kiosks Completed 64
Slide 65: IMM Building AEI Works Progressing on Schedule
IMM Building AEI Works Progressing on Schedule Completed on Schedule Activity Target Commencement Date Start of AEI Works 1st Quarter 2006 Activity Target Completion Date Relocation of Open-air Carpark to Level 5 1st Quarter 2006 Circular Carpark Ramp & Carpark Guidance 3rd Quarter 2006 System Level
Slide 66: IMM Building Strong Leasing Commitment of 99.8%
IMM Building Strong Leasing Commitment of 99.8% Achieved approximately 34% Higher Average Rental Average Rent S$ per sq ft per mth Committed Before AEI After AEI1 Realised Occupancy Level 1 S$ 10.16 S$ 11.92 + S$12.33 100% Level 2 S$ 6.60 S$ 8.90 +S$ 9.08 99.6% Level 3 S$ 6.68 S$ 6.84 +S$ 7.93 100.0
Slide 67: 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 68: Plaza Singapura
Cap/taMall P Trust Plaza Singapura
Slide 69: Plaza Singapura Basement Marketplace, 100% Committed
Plaza Singapura Basement 2 Marketplace, 100% Committed Before AEI Works After AEI Works Entrance to Dhoby Ghaut MRT Station 5 653 151 sf 151 sf 151 sf 115 sf 233 sf 187 sf 225 sf 140 sf 344 sf Aquarium 593 sf 221 sf 803 sf 165 sf 262 sf 276 sf 147 sf 603 sf 675 sf 237 sf 160 sf 174 sf 291 sf 198 sf
Slide 70: Plaza Singapura Basement Kiosks - After AEI
Plaza Singapura Basement Kiosks - After AEI 70
Slide 71: Plaza Singapura Basement Kiosks - After AEI
Plaza Singapura Basement Kiosks - After AEI 71
Slide 72: Bugis Junction
Cap/taMall P Trust Bugis Junction
Slide 73: Bugis Junction Relocation of Food Junction
Bugis Junction Relocation of Food Junction Level 3 Before AEI After AEI Reconfigured Retail Area Food Junction relocated from Basement 1 to Level 3 73
Slide 74: Bugis Junction Food Junction at New Location on Level 3
Bugis Junction Food Junction at New Location on Level 3 74
Slide 75: 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 75
Slide 76: Bugis Junction Proposed AEI – Basement 1, 87% Committed
Bugis Junction Proposed AEI– Basement 1, 87% Committed Basement 1 Creation of a myriad of specialty shops and food concept outlets Before AEI Phases 1 and 2 AEI After AEI Reconfigured Retail Area • Basement 1 works will be completed over 3 phases, 87% committed • Phases 1 and 2, which are 100% commi
Slide 77: Bugis Junction Indicative AEI Timeline
Bugis Junction Indicative AEI Timeline Completed on Schedule Activity Target 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 f
Slide 78: 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 79: Thank You
Cap/taMall P Trust Thank You