Mapletree Pan Asia Commercial Trust · SGX:N2IU
Mapletree Pan Asia Commercial Trust — 2Q FY23/24 Earnings Presentation
73 slides from Mapletree Pan Asia Commercial Trust's earnings presentation, Nov 8, 2023
Slide 1: Mapletree Pan Asia Commercial Trust
Mapletree Pan Asia Commercial Trust Investor Presentation 8 November 2023
Slide 2: Important Notice
Important Notice This presentation is for information only and does not have regard to your specific investment objectives, financial situation or your particular needs. This presentation does not constitute an invitation, offer or solicitation of any offer to sell or subscribe for, acquire or purch
Slide 3: Content
Content ▪ Overview of Mapletree Pan Asia Page 4 Commercial Trust ▪ Financial Highlights Page 9 ▪ Portfolio Highlights Page 20 ▪ Our Long-Term Focus Page 39 ▪ Appendix 1: Portfolio Information Page 46 ▪ Appendix 2: Market Information Page 56 3
Slide 4: Overview of MPACT
Overview of MPACT A flagship commercial REIT that provides stability and scale across key gateway markets of Asia S$7.0 billion1 18 11.2 million sq ft S$16.5 billion Market Capitalisation Properties Portfolio Lettable Area Assets under Management (“AUM”) Diversified and high-quality portfolio anchor
Slide 5: Capturing the Opportunities of Asia's Long-Term Growth
Capturing the Opportunities of Asia’s Long-Term Growth 18 quality properties across 5 key gateway markets of Asia Japan - 9 properties Tokyo • Hewlett-Packard Japan Headquarters Building • IXINAL Monzen-nakacho Building China - 2 properties • Omori Prime Building 1 5 • TS Ikebukuro Building Beijing
Slide 6: Investment Mandate and Trust Structure
Investment Mandate and Trust Structure Capitalising on long-term growth opportunities within Asia’s key gateway markets Investment Mandate Trust Structure Income-producing real Sponsor – Public Unitholders estate used primarily for Mapletree Investments Pte Ltd office and/or retail purposes, as well
Slide 7: Strategic Alignment of Shared Interests
Strategic Alignment of Shared Interests Fee structure incentivises creation of long-term sustainable value for Unitholders Management fee structure Aligned and committed alongside Unitholders, pegged to DPU Growth with Sponsor’s strong support Base Fee Supports growth of the REIT and promotes closer
Slide 8: Key Highlights
Key Highlights 2Q FY23/24 DPU Assets Under Management (“AUM”) 2.24 Singapore cents S$16.5 billion1 Singapore’s gains and largely stable 18 commercial properties across five key overseas operations offset by higher gateway markets of Asia utility rates, elevated interest costs and forex headwinds NAV
Slide 9: Financial Highlights
Financial Highlights VivoCity, SG
Slide 10: 2Q FY23/24 vs 1Q FY23/24: Higher Gross Revenue, NPI and DPU
2Q FY23/24 vs 1Q FY23/24: Higher Gross Revenue, NPI and DPU Operational gains in Singapore and largely stable overseas markets moderated by foreign exchange effects and elevated financing costs S$’000 unless 2Q 1Q Variance otherwise stated FY23/24 FY23/24 Gross Revenue1 240,162 237,118 1.3% Higher
Slide 11: 2Q FY23/24 vs 1Q FY23/24: Most Markets Post Higher Earnings
2Q FY23/24 vs 1Q FY23/24: Most Markets Post Higher Earnings Underpinned by Singapore’s strong outperformance and operational stability across most overseas markets Contribution to Gross Revenue Contribution to NPI (S$ million) (S$ million) 240.1 243.3 3.0 3.1 200.0 185.5 23.8 23.6 181.5 2.4 2.3 180.
Slide 12: 2Q FY23/24 vs 2Q FY22/23: Rise in Earnings Offset by Higher Utility and Finance Costs
2Q FY23/24 vs 2Q FY22/23: Rise in Earnings Offset by Higher Utility and Finance Costs Led by better performance by Singapore properties; contribution from merger assets diluted by stronger SGD against all foreign currencies S$’000 unless 2Q 2Q Variance otherwise stated FY23/24 FY22/23 Gross Revenue1
Slide 13: 2Q FY23/24 vs 2Q FY22/23: Higher Contribution to Gross Revenue and NPI
2Q FY23/24 vs 2Q FY22/23: Higher Contribution to Gross Revenue and NPI due to Stronger Singapore Performance and Full Quarter Contribution from Merger Assets Singapore’s S$7.3 million revenue boost more than absorbed increase in utility expenses Contribution to Gross Revenue Contribution to NPI (S$
Slide 14: 1H FY23/24 vs 1H FY22/23: Higher Earnings Dampened by Increased Utility and Finance Costs
1H FY23/24 vs 1H FY22/23: Higher Earnings Dampened by Increased Utility and Finance Costs Stronger performance and higher contribution by Singapore properties; merger gains weighed down by forex headwinds S$’000 unless 1H 1H Variance otherwise stated FY23/24 FY22/23 Gross Revenue1 477,280 353,162
Slide 15: 1H FY23/24 vs 1H FY22/23: Higher Contribution to Gross Revenue and NPI
1H FY23/24 vs 1H FY22/23: Higher Contribution to Gross Revenue and NPI due to the Merger and Improved Singapore Performance Singapore properties delivered S$5.0 million NPI growth, after fully offsetting spike in utility costs Contribution to Gross Revenue Contribution to NPI (S$ million) (S$ millio
Slide 16: Stable Balance Sheet
Stable Balance Sheet NAV per Unit maintained at S$1.75 as compared to last quarter As at As at S$’000 unless otherwise stated 30 September 2023 31 March 2023 Investment Properties 16,203,823 16,321,443 Investment in Joint Venture1 119,470 119,943 Other Assets 337,010 387,434 Total Assets 16,660,303
Slide 17: Maintaining Balance Sheet Resilience
Maintaining Balance Sheet Resilience Increasing fixed rate debt to mitigate costs and risks amid climbing interest rates As at As at As at 30 September 2023 30 June 2023 30 September 2022 Gross Debt Outstanding1 S$6,844.7 mil S$6,857.2 mil S$6,946.5 mil Aggregate Leverage Ratio2 40.7% 40.7% 40.1% Ad
Slide 18: Strengthening Debt Profile through Proactive Strategies
Strengthening Debt Profile through Proactive Strategies (as at 30 September 2023) FY23/24 refinancing mostly completed and early talks underway for next financial year Targeted swapping of HKD loan into CNH to mitigate risk and to yield interest rate benefits Sufficient cash and liquidity for Well-d
Slide 19: Prudent Hedging Measures for Financial Stability
Prudent Hedging Measures for Financial Stability (as at 30 September 2023) Fixed rate debts stayed well above 70% to mitigate interest rate volatility ~92% of expected distributable income from overseas hedged into SGD to provide income stability ~80% of total debt hedged or fixed ~92% of Expected D
Slide 20: Portfolio Highlights
Portfolio Highlights Mapletree Business City, SG
Slide 21: Portfolio Highlights
Portfolio Highlights Portfolio1 Committed Occupancy Total Lettable Area Renewed & Re-let 96.3% 348,574 sq ft 962,662 sq ft Retail Office/Business Park Rental Reversion Tenant Retention Rate +3.2% 75.2% VivoCity Festival Walk Tenant Sales Shopper Traffic Tenant Sales Shopper Traffic 4.0% 17.4%
Slide 22: Strong Committed Occupancies Reflect Portfolio Resilience
Strong Committed Occupancies Reflect Portfolio Resilience Portfolio committed occupancy climbs to 96.3% from last quarter Increased commitments in majority of markets, with VivoCity and Festival Walk nearly fully committed As at As at As at 30 September 2023 30 June 2023 30 September 2022 (%) (%) (%
Slide 23: Portfolio Rental Reversion on the Rise, Driven by Singapore's Strength
Portfolio Rental Reversion on the Rise, Driven by Singapore’s Strength Core assets, VivoCity and MBC, achieved notable rental uplifts Steady progress toward rental stabilisation at Hong Kong’s Festival Walk Retention Rate by Number of Leases Rental Lettable Area Committed Reversion1 (%) (sq ft) (%)
Slide 24: Balanced Lease Expiry Profile Enhances Portfolio Resilience
Balanced Lease Expiry Profile Enhances Portfolio Resilience (as at 30 September 2023) Well-staggered lease expiries bolster operational stability Weighted Average Lease Expiry (“WALE”) by Gross Monthly Income (“GRI”) Portfolio Retail Office/Business Park 2.5 years1 2.2 years 2.8 years Lease Expiry P
Slide 25: Performance of Office/Business Park Assets
Performance of Office/Business Park Assets Singapore excels operationally; all properties continue China outperforms or matches market; focused to report full or improved committed occupancies efforts to counteract broad headwinds Committed Occupancy Total Lettable Area Committed Occupancy Total Let
Slide 26: Performance of Retail Assets
Performance of Retail Assets VivoCity – A pillar of MPACT’s stability with its Festival Walk – Sustained revenue stability from near full consistent all-rounded excellence occupancy, shopper and tenant sales recovery Total Lettable Area Total Lettable Area Committed Occupancy Committed Occupancy Ren
Slide 27: VivoCity
VivoCity VivoCity, SG
Slide 28: VivoCity – Sustained Growth in Shopper Traffic and Tenant Sales
VivoCity – Sustained Growth in Shopper Traffic and Tenant Sales Ongoing positive momentum continues to drive 2Q FY23/24 tenant sales above pre-COVID levels1 Shopper Traffic (mil) Tenant Sales (S$ mil)2 17.4% 4.0% year-on-year year-on-year 523.1 502.9 22.2 18.9 265.5 254.5 11.1 9.7 248.4 257.7 11
Slide 29: VivoCity – Track Record in Proactive Asset Management
VivoCity – Track Record in Proactive Asset Management Continued enhancements at VivoCity to drive performance 6th AEI: 5th AEI: Existing tenant, • ~80,000 sq ft • Completed changeover of adidas, more than reconfiguration 2006: VivoCity’s doubled its footprint exercise that includes 91,000 sq ft of h
Slide 30: VivoCity – AEI Successfully Completed and Opened in May 2023
VivoCity – AEI Successfully Completed and Opened in May 2023 Created new retail zone spanning 56,000 square feet and unveiled TANGS’ rejuvenated store After AEI – L1 Floorplan ▪ ~80,000 square feet of space reconfiguration, includes Escalators converting part L1 anchor space into new retail zone lin
Slide 31: VivoCity – AEI Successfully Completed and Opened in May 2023 (cont'd)
VivoCity – AEI Successfully Completed and Opened in May 2023 (cont’d) New retail zone injects fresh energy into the mall; utilises escalator node added in 2018 to create an alternative shopper discharge channel Latest AEI introduced a new retail zone on Level 1, which has opened since end-May 2023 3
Slide 32: VivoCity – Reconfiguration of Level 1 F&B Cluster
VivoCity – Reconfiguration of Level 1 F&B Cluster Maximising retail space potential and improving F&B offerings ▪ Reconfiguration of L1 F&B cluster from 3 to 4 units, complemented by new indoor refreshment area (“IRA”) ✓ Improves visibility of shopfronts from the main thoroughfare ✓ Reinvigorates F&
Slide 33: VivoCity – Proactively Crafting and Rejuvenating Our Retail Offerings
VivoCity – Proactively Crafting and Rejuvenating Our Retail Offerings Delighting shoppers with fresh and revitalised F&B and lifestyle offerings Aesop, L1 – Australian brand offering premium skin, Rituals, L1 – Elevating daily beauty routines with Prada Beauty, L1 – Renowned luxury brand’s first hai
Slide 34: VivoCity – A Tapestry of Fun and Unique Events to Celebrate
VivoCity – A Tapestry of Fun and Unique Events to Celebrate Mid-Autumn Festival Attracting lively crowds with large-scale collaboration with Sanrio and the signature TANGS Mid-Autumn Fair Garden of Lights with Sanrio, 31 August to 1 October 2023 - VivoCity’s Sky Park transformed into an enchanting g
Slide 35: Festival Walk
Festival Walk Festival Walk, HK
Slide 36: Festival Walk – Sustained Revenue Stability Supported by Progressive Recovery
Festival Walk – Sustained Revenue Stability Supported by Progressive Recovery in Shopper Traffic and Tenant Sales Shopper traffic and tenant sales improved yoy largely due to by border reopening and consumption vouchers disbursed in 2Q FY23/24, but tempered by adverse weather events in September 202
Slide 37: Festival Walk – Boosting its Appeal as a One-stop Destination Mall
Festival Walk – Boosting its Appeal as a One-stop Destination Mall Introducing interesting retail concepts and engaging shoppers with fun experiences New Tenants introduced in 2Q FY23/24 One Piece, L1 –Official Pop-Up Shop for the Hang Seng Bank, LG2 – Unveiled its “Future widely-popular card game,
Slide 38: Festival Walk – Adaptive Tenant Strategy to Cater to Evolving Demands
Festival Walk – Adaptive Tenant Strategy to Cater to Evolving Demands Proactive reshaping of mall offerings and tenant mix to strengthen alignment with local preferences Making Festival Walk into a Pet Friendly Mall ✓ Accommodates over 90 pet- friendly shops ✓ Offers services such as Free Pet Privat
Slide 39: Our Long-Term Focus
Our Long-Term Focus Mapletree Business City, SG
Slide 40: Reaffirming Our Commitment to Sustainability
Reaffirming Our Commitment to Sustainability 12 material factors mapped to United Nations Sustainable Development Goals (“SDGs”) Underpinned by four ESG pillars Responsible Business Engaging People and Business Resilience A Greener Environment Practices Communities 6. Health and Safety 10. Energy an
Slide 41: Embarking on a "Net Zero by 2050" Journey
Embarking on a “Net Zero by 2050” Journey Sustainability roadmap includes short and long-term targets with efforts to decarbonise our operations Selected Sustainability Highlights for FY22/23 Solar Energy Water and Energy Intensity ✓ 2,238 kWp of installed solar capacity, 37% ✓ 12% and 20% like-for-
Slide 42: Sustainability Initiatives and Milestones in 1H FY23/24
Sustainability Initiatives and Milestones in 1H FY23/24 Making ESG advances with improved GRESB ratings and expanding solar power generation capacity Selected Sustainability Achievements in 1H FY23/24 ✓ Installed additional 1,491 kWp solar generation capacity at MBC and VivoCity ✓ Total solar capaci
Slide 43: To be a Leading REIT Recognised as the Proxy to Key Gateway Markets of Asia
To be a Leading REIT Recognised as the Proxy to Key Gateway Markets of Asia Supported by MPACT’s unique competitive advantages Anchored by Ready footholds in 5 key markets high-quality and Festival Walk, China Properties 54% diversified portfolio Hong Kong 10% 26% Japan Properties 26% 8% Seasoned Ot
Slide 44: Pushing Our Boundaries, Making an iMPACT
Pushing Our Boundaries, Making an iMPACT Committed to creating value through our “4R” Asset & Capital Management Strategy ✓ Global economic outlook remains uncertain, with weaker growth expected compared to last year ✓ Escalating geopolitical conflicts, high energy prices, rising interest rates, and
Slide 45: Thank You
Thank You For enquiries, please contact: Thank You Teng Li Yeng Investor Relations Tel: +65 6377 6111 Email: teng.liyeng@mapletree.com.sg 45
Slide 46: Appendix 1: Portfolio Information
Appendix 1: Portfolio Information The Pinnacle Gangnam, South Korea
Slide 47: Overall Top 10 Tenants
Overall Top 10 Tenants (as at 31 March 2023) Top ten tenants contributed 22.7%1 of gross rental income % of Gross Rental Income Tenant Property(ies) (as at 31 March 2023) 1 Google Asia Pacific Pte. Ltd. MBC 5.9% 2 BMW Gateway Plaza 3.6% 3 Seiko Instruments Inc. SII Makuhari Building 2.0% The Hongkon
Slide 48: Portfolio Tenant Trade Mix
Portfolio Tenant Trade Mix (as at 31 March 2023) Trade Mix % of Gross Rental Income 1 IT Services & Consultancy 14.8% 2 F&B 12.7% 3 Banking & Financial Services 8.4% 4 Fashion 7.5% 5 Machinery / Equipment / Manufacturing 6.1% 6 Real Estate / Construction 5.0% 7 Departmental Store / Supermarket / Hyp
Slide 49: Valuation of Singapore Properties Grew Slightly
Valuation of Singapore Properties Grew Slightly Mainly driven by VivoCity’s improved performance, with constant capitalisation rates applied across all properties Valuation (S$) S$ mil Variance 31 Mar 2023 Per Sq Ft Lettable Area 31 Mar 20231 31 Mar 20221 S$ mil % Cap Rate (%)2 (S$) VivoCity 3,232.0
Slide 50: Valuation of Most of the Overseas Properties Remained Stable in Local Currency Terms
Valuation of Most of the Overseas Properties Remained Stable In Local Currency Terms Constant capitalisation rates adopted but weaker foreign currencies resulted in lower total portfolio valuation when translated to SGD Valuation Valuation Variance Variance As at 31 March 2023 (Local currency mil) (
Slide 51: Assets in Singapore
Assets in Singapore VivoCity MBC I MBC II Part 20, 40, 50, 60, 70, 80 Address 1 HarbourFront Walk 10, 20, 30 Pasir Panjang Road Pasir Panjang Road Asset Type Retail Office and Business Park Business Park and Retail Year of Acquisition N.A.1 2016 2019 Leasehold 99 years Strata Lease from 25 August 20
Slide 52: Assets in Singapore
Assets in Singapore mTower Mapletree Anson BOAHF Address 460 Alexandra Road 60 Anson Road 2 HarbourFront Place Asset Type Office and Retail Office Office Year of Acquisition 2011 (IPO) 2013 2011 (IPO) Leasehold 99 years Leasehold 99 years Leasehold 99 years Title from 1 October 1997 from 22 October
Slide 53: Assets in Hong Kong, China and Seoul
Assets in Hong Kong, China and Seoul Festival Walk, Gateway Plaza, Sandhill Plaza, The Pinnacle Gangnam, Hong Kong Beijing, China Shanghai, China Seoul, South Korea No.18 Xiaguangli, East 3rd Blocks 1 to 5 and 7 to 9, No.80 Tat Chee Avenue, 343, Hakdong-ro, Gangnam- Address Ring Road North, Chaoyang
Slide 54: Assets in Greater Tokyo
Assets in Greater Tokyo Hewlett-Packard Japan IXINAL Monzen-nakacho Omori Prime Building, TS Ikebukuro Building, Headquarters Building, Building, Tokyo, Japan Tokyo, Japan Tokyo, Japan Tokyo, Japan 2-1, Ojima 2-chome 5-4, Fukuzumi 21-12, Minami-oi 6-chome, 63-4, Higashi-Ikebukuro Address Koto-ku 2-c
Slide 55: Assets in Greater Tokyo
Assets in Greater Tokyo ABAS Shin- Higashi-nihonbashi mBAY POINT Fujitsu Makuhari SII Makuhari Yokohama 1-chome Building, Makuhari, Chiba, Building, Chiba, Building, Chiba, Building, Tokyo, Japan Japan Japan Japan Yokohama, Japan 4-6, Higashi- 9-3, Nakase 1- 6-1, Shin-Yokohama 6, Nakase 1-chome, 8,
Slide 56: Appendix 2: Market Information
Appendix 2: Market Information Festival Walk, HK
Slide 57: Singapore Retail – Market Overview
Singapore Retail – Market Overview Occupancy levels and rents expected to continue to be supported by recovery in tourism, increased domestic spending and limited upcoming supply, albeit at a moderated pace Key Retail Malls and Submarkets Average Rent Orchard Suburban S$38.39 S$20.46 per sq ft per m
Slide 58: Singapore Retail – Market Overview (cont'd)
Singapore Retail – Market Overview (cont’d) Planned New Supply (2023 – 2025) Area Expected Area Expected Submarket Property Submarket Property (’000 sq ft) Completion (’000 sq ft) Completion Downtown (CBD Guoco Midtown Office/Midtown 20.0 2023 Suburban Punggol Digital District 173.0 2025 ex. Orchard
Slide 59: Singapore Retail Sales Performance
Singapore Retail Sales Performance The return of tourists, work-in-office and resumption of major events have led to continued recovery in physical retail sales in 1H 2023. The higher retail sales value was also partially due to higher prices resulting from inflationary pressures (S$ bil) (Online Sa
Slide 60: Singapore Visitor Arrivals
Singapore Visitor Arrivals Visitor arrivals rose by 171% yoy to 10.1 million in the first 9 months of 2023. The rebound has contributed to a continued recovery in retail sales. 25.0 20.0 19.1 18.5 17.4 International Visitor Arrivals (million) International Visitor Arrivals (million) 15.0 10.1 10.0 6
Slide 61: Singapore Office – Market Overview
Singapore Office – Market Overview Rents in 2Q 2023 have risen due to low vacancies, limited supply and encouraging pre-commitment rates Key Office Districts Average Rent Occupancy Islandwide Islandwide S$6.50 89.2% per sq ft per month 0.4 p.p. 3.3% qoq from last quarter ▪ Rents in 2Q 2023 conti
Slide 62: Singapore Office – Market Overview (cont'd)
Singapore Office – Market Overview (cont’d) Planned New Supply (2023 – 2025) Submarket Property Area (’000 sq ft) Expected Completion Core CBD Guoco Midtown Office/Midtown House @ Old Police Station 54.0 2023 Core CBD IOI Central Boulevard Towers 1,258.0 2023 Core CBD 333 North Bridge Road (Odeon To
Slide 63: Singapore Business Parks – Market Overview
Singapore Business Parks – Market Overview Rising headwinds in 2023 but long-attractiveness remains given Singapore’s effort to be a leading manufacturing hub for high-value and knowledge industries Existing and Planned Business Park Clusters Planned New Supply (2023-2025) Area Expected Submarket Pr
Slide 64: Hong Kong Retail – Market Overview
Hong Kong Retail – Market Overview Tourist arrivals on the uptick but remained below pre-COVID levels. Positive market momentum expected to continue with multiple government campaigns to encourage tourism and local consumption. Key Retail Areas Average Rent Occupancy Kowloon East Kowloon East HKD244
Slide 65: Hong Kong Retail – Market Overview (cont'd)
Hong Kong Retail – Market Overview (cont’d) Planned New Supply (2023 – 2025) Submarket Property Area (’000 sq ft) Expected Completion CWB/Wan Chai Hopewell Centre II (Mall) 270.0 2023 Others 11 Skies (Retail Portion - Phase 1) 570.0 2023 Kowloon East The Twins (Phase 1) 450.0 2024 Others 11 Skies (R
Slide 66: Hong Kong Retail Sales Performance
Hong Kong Retail Sales Performance Retail sales in August 2023 rose 13.7% yoy largely due to higher tourist arrivals. Online sales were likely driven by discounts linked to consumption vouchers disbursed in July although they remained below last year’s levels. (HKD$ bil) (Online Sales Proportion) 40
Slide 67: Hong Kong Visitor Arrivals
Hong Kong Visitor Arrivals Visitor arrivals in 3Q 2023 continued to grow yoy due to lower base, but remained at about 65% of pre-social incidents and pre-COVID levels. The “Golden Week” holiday in the first week of October recorded more than 1 million visitors, with a daily average of ~70% of pre-so
Slide 68: Beijing Office Market – Market Overview
Beijing Office Market – Market Overview Market overshadowed by oversupply and a sustained uptick in demand is required for market to stabilise Key Office Districts Average Rent Occupancy Lufthansa (Grade A) Lufthansa (Grade A) RMB274 79.4% per sq m per month 0.4 p.p 1.7% qoq from last quarter ▪
Slide 69: Beijing Office Market – Market Overview (cont'd)
Beijing Office Market – Market Overview (cont’d) Planned New Supply (2023 – 2025) Submarket Property Area (’000 sq m) Expected Completion Lize Lize Kaichuang Jinrun Center 74.0 4Q 2023 The office building section of China National Convention Center Office AGV & Olympic Park 30.0 2024 Phase II Zhongg
Slide 70: Shanghai Business Parks – Market Overview
Shanghai Business Parks – Market Overview Softer leasing demand and anticipated new supply likely to keep vacancy levels up Core and Emerging Business Parks Average Rent Occupancy Zhangjiang Zhangjiang RMB4.92 86.9% per sq m per day 1.4 p.p 0.5% qoq from last quarter ▪ Rents across all core subm
Slide 71: Shanghai Business Parks – Market Overview (cont'd)
Shanghai Business Parks – Market Overview (cont’d) Planned New Supply (2023 – 2025) Area Expected Area Expected Area Expected Submarket Property Submarket Property Submarket Property (‘000 sq m) Completion (‘000 sq m) Completion (‘000 sq m) Completion Information Zhangjiang Online Zhangjiang Technol
Slide 72: Greater Tokyo Office – Market Overview
Greater Tokyo Office – Market Overview Rental trends in 3Q 2023 remained varied across submarkets; mismatch in supply-demand dynamics will continue to weigh on market recovery Map of Office Markets Planned New Supply (2023 – 2025)1 Area Expected Submarket Property (tsubo) Completion Tokyo 5 wards Sh
Slide 73: Seoul Office – Market Overview
Seoul Office – Market Overview Favourable market dynamics of GBD expected to continue given limited supply and good fundamentals Map of Major Office Submarkets Planned New Supply (2023 – 2025) Area Expected Submarket Property (million pyeong) Completion Central Business District (“CBD”) CBD Meritz B
Mapletree Pan Asia Commercial Trust — 2Q FY23/24 Earnings Presentation on 6ix