CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaMall Trust — FY2006 Earnings Presentation
96 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Jan 25, 2007
Slide 1: CapitaMall Trust Full Year 2006 Financial Results
CAPITAMALL TRUST FULL YEAR 2006 FINANCIAL RESULTS 25 January 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 2006 Full Year Unaudited Financial Statement and Distribution Announcement. This presentation m
Slide 3: Financial Highlights
Cap/taMall P Trust Financial Highlights
Slide 4: Financial Results 4Q 2006
Financial Results 4Q 2006 (1 Oct – 31 Dec 2006) Distribution Per Unit of 3.35 cents Exceeds Forecast1 by 18.4% Actual Forecast1 Variance Change Taxable income S$48.2 m S$42.7 m S$5.5 m 12.8 % Distributable income S$52.3 m S$44.2 m S$8.1 m2 18.4 % Distribution per unit 3.35 ¢ 2.83 ¢ 0.52 ¢ 18.4 % Ann
Slide 5: Financial Results DPU Comparison
Financial Results DPU Comparison 4Q 20061 Distribution Per Unit Increased by 17.5% over 3Q 20062 Actual 4Q 20061 3Q 20062 Variance Change% Annualised distribution per unit 13.29¢ 11.31¢ + 1.98¢ + 17.5 Annualised distribution yield 4.15% 3.53% + 0.62% + 17.5 (Based on unit price of S$3.20 on 24 Janua
Slide 6: Financial Results DPU Comparison FY2006
Financial Results DPU Comparison FY2006 Distribution Per Unit Increased by 14.3% over FY2005 Actual FY 2006 FY 2005 Variance Change% Distribution per unit 11.69¢ 10.23¢ + 1.46¢ + 14.3 Annualised distribution yield 3.65% 3.20% + 0.45 + 14.3 (Based on unit price of S$3.20 on 24 January 2007) 6
Slide 7: Distribution Details
Distribution Details Distribution Period 1 October to 31 December 2006 Distribution Rate 3.35 cents per unit Distribution Timetable Notice of Book Closure Date 25 January 2007 Last Day of Trading on “cum” Basis 30 January 2007, 5.00 pm Ex-Date 31 January 2007, 9.00 am Book Closure Date 2 February 20
Slide 8: Steady DPU Growth Since Listing in July 2002
Steady DPU Growth Since Listing in July 2002 Multi-Pronged Strategy Delivers Continuous DPU Growth 14 +14.3% +1.5% 12 11.69 ¢ 11.48 +7.9% 10.23 ¢ +18.1% 9.48 ¢ 10 +9.4% 8.03 ¢ FY2007 8 7.34 ¢ FY2006 Projected FY2005 Actual DPU3 Actual DPU 6 FY2004 FY2003 Actual DPU FY2002 Actual DPU 4 Actual DPU DPU
Slide 9: CMT Performance January 2006 to December 2006
CMT Performance 1 January 2006 to 31 December 2006 9 30% Unit Price Appreciation 9 47% Growth In Market Cap 9 34% Total Return 9 Outperformed STI % change in unit price/index value 65 1 Jan 06 to 31 Dec 06 CMT + 29.9% STI + 27.2% 55 SESPROP + 64.6% 45 SESPROP 35 CMT 25 15 STI 5 Nov-06 Jan-06 Jun-06
Slide 10: Investment in CapitaRetail China Trust
Investment in CapitaRetail China Trust (“CRCT”) - First Pure-Play China Retail REIT in Spore CMT invested a 20% stake in CRCT at a total cost of S$93.3 million Wangjing Mall Xinwu Mall Jiulong Mall Anzhen Mall Zhengzhou Mall Jinyu Mall Qibao Mall CRCT was listed on the Singapore Exchange on 8 Decemb
Slide 11: CRCT Performance
CRCT Performance Since IPO (Dec 2006) to 24 January 2007 9 Strategic long term Investment 9 155.8% Unit Price Appreciation 2 9 95.1 million units held by CMT 9 SGD 180.7 million net gain 2 % change in unit price/index value 165 145 IPO1 to 24 Jan 07 125 CRCT + 155.8% CRCT STI + 8.6% 105 SESPROP + 16
Slide 12: Financial Results
Cap/taMall P Trust Financial Results
Slide 13: Distribution Statement 4Q2006
Distribution Statement 4Q2006 (1 Oct – 31 Dec 2006) Actual1 Forecast2 Variance S$’000 S$’000 (%) Gross Revenue 96,441 90,733 6.3 Less property operating expenses (32,593) (31,646) 3.0 Net property income 63,848 59,087 8.1 Interest Income 278 - N.M Administrative expenses (6,685) (6,328) 5.6 Interest
Slide 14: Property Gross Revenue 4Q2006
Property Gross Revenue 4Q2006 (1 Oct – 31 Dec 2006) Gross Revenue Exceeded Forecast1 Across The Portfolio CMT Portfolio 96.4 90.7 6.3% Tampines Mall 13.2 13.1 Junction 8 10.7 10.4 Funan 6.4 DigitaLife Mall 5.9 IMM Building 14.6 13.0 Plaza Singapura 16.7 15.1 Bugis Junction 14.3 13.7 Other Assets2 4.
Slide 15: Property Operating Expense 4Q2006
Property Operating Expense 4Q2006 (1 Oct – 31 Dec 2006) 32.6 CMT Portfolio 31.6 3.0% Tampines Mall 3.8 4.1 Junction 8 3.1 3.7 Funan 2.7 DigitaLife Mall 2.6 IMM Building 6.0 5.8 5.5 Plaza Singapura 4.9 Bugis Junction 5.1 4.5 Other Assets2 1.7 1.7 1 40% interest 4.7 4Q Actual 4Q Forecast 4.3 in Raffle
Slide 16: Net Property Income 4Q2006
Net Property Income 4Q2006 (1 Oct – 31 Dec 2006) Net Property Income Exceeded Forecast1 Across The Portfolio 63.8 CMT Portfolio 59.1 8.1% Tampines Mall 9.4 9.0 Junction 8 7.6 6.7 Funan 3.7 DigitaLife Mall 3.3 IMM Building 8.6 7.2 Plaza Singapura 11.2 10.2 Bugis Junction 9.2 9.2 Other Assets2 3.0 2.9
Slide 17: Gross Revenue FY2006 vs FY2005
Gross Revenue FY2006 vs FY2005 Gross Revenue Registered Strong Growth of 4.8% 1 238.8 CMT Portfolio 4.8% 227.8 53.8 Tampines Mall 50.5 Junction 8 42.1 40.4 Funan 24.5 DigitaLife Mall 22.7 54.2 IMM Building 52.7 Plaza Singapura 64.2 61.5 FY 06 FY 05 0 20 40 60 80 100 120 140 160 180 200 220 240 260 S
Slide 18: Property Operating Expenses FY2006 vs FY2005
Property Operating Expenses FY2006 vs FY2005 Operating Cost Well-Contained by Cost Control Measures 1 82.9 CMT Portfolio 83.3 4.8% 16.0 Tampines Mall 15.6 13.2 Junction 8 13.9 Funan 9.7 DigitaLife Mall 9.3 24.3 IMM Building 26.8 19.7 Plaza Singapura FY 06 FY 05 17.7 0 20 40 60 80 100 S$ million 1. E
Slide 19: Net Property Income FY2006 vs FY2005
Net Property Income FY2006 vs FY2005 Robust Net Property Income Growth of 7.9% 1 155.9 CMT Portfolio 7.9% 144.5 37.8 8.4% Tampines Mall 34.9 28.9 Junction 8 9.3% 26.5 Funan 14.8 DigitaLife Mall 10.0% 13.4 29.9 IMM Building 15.8% 25.9 44.5 1.6% Plaza Singapura 43.8 FY 06 FY 05 0 10 20 30 40 50 60 70
Slide 20: Debt Information as at 31 December 2006
Debt Information as at 31 December 2006 - Includes 40% Share in RCS Trust Debt Maturity Profile Key Statistics of CMT 450 Existing Commercial Mortgage Back 433.0 Security (“CMBS”) under Silver Maple Gearing Ratio 35.6% Revolving Credit Facility (RCF) 400 and Bank loan facilities 2 CMBS under Silver
Slide 21: Proposed Refinancing Strategy
Proposed Refinancing Strategy CMBS/ RCF/ Loan to be refinanced in February 2007 9 Propose S$172.0 to refinance the million CMBS maturing in February 2007, 350 RCF / bridge loan of S$190.5 300 30.0 362.5 million through the existing CMBS program under Silver 250 Bridge Maple and a new multi- S$ milli
Slide 22: Valuation and Property Yield of Portfolio
Valuation and Property Yield of Portfolio As at 31 Dec 2006 Previous Valuation Variance Property Valuation1 20062 Yield3 S$ million Tampines Mall 635.0 655.0 20.0 5.6% Junction 8 477.0 489.0 12.0 5.8% Funan 252.0 260.0 8.0 5.8% DigitaLife Mall 433.0 558.0 125.0 5.9% IMM Building 809.0 835.0 26.0 5.5
Slide 23: Balance Sheet
Balance Sheet As at 31 Dec 20061 S$’000 Non Current Assets 4,745,604 Net Asset Value per unit S$1.91 Current Assets 65,674 (as at 31 Dec 2006) Total Assets 4,811,278 Adjusted Net Asset Value per unit S$1.87 (excluding distributable income) Current Liabilities 350,499 Non-Current Liabilities 1,484,96
Slide 24: 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 +15% 2 2 S$1.91 +23% 1 S$1.66 1.6 +26% 1 S$1.35 1.2 S$1.07 0.8 0.4 0 2003 2004 2005 2006 1. NAV computations were based on CapitaMall Trust and its associates’ results which we
Slide 25: Portfolio Update
Cap/taMall P Trust Portfolio Update
Slide 26: Summary of Renewals / New Leases
Summary of Renewals / New Leases Strong Rental Rates Achieved vs Forecast & Preceding Rentals From 1 January to 31 December 2006 (Excluding Newly Created Units) No. of Increase/(Decrease) in Net Lettable Area Renewals/ Current Rental Rates VS Property New % Total % Forecast % Preceding Area (sq ft)
Slide 27: Strong Renewals Achieved Year-on-Year
Strong Renewals Achieved Year-on-Year Increase/Decrease in CMT Portfolio No. of Net Lettable Area Current Rental Rates Vs (Year) Renewals/ New Leases Area % of Preceding (Sq Ft) Total Forecast Rental NLA1 Rental Rates Rates 20062 299 505,857 15.5 4.7%3 8.3% 20054 189 401,263 23.2 6.8%5 12.6% 2004 24
Slide 28: Gross Turnover Rent & Step-Up Leases
Gross Turnover Rent & Step-Up Leases % of Total Portfolio of Tenants No. of Tenants in the Portfolio 100% 1200 1161 78.2% 80% 77.6% 1000 897 915 60.4% 60.6% 60% 800 714 600 40% 400 20% 200 0% 0 Tenants with Step- Tenants Paying Tenants with Step- Tenants Paying GTO Up Rental GTO Rent Up Rental Rent
Slide 29: Portfolio Lease Expiry Profile by Year
Portfolio Lease Expiry Profile by Year Gross Rental Income As at 31 Dec 2006 No. of Excluding 40% Raffles City Leases S$’000 % of Total1 Retail and Office 2007 678 7,738 31.7 2008 396 5,328 21.8 2009 507 8.641 35.4 2010 43 1,636 6.7 Weighted Average Lease Term to Expiry by Rental & NLA CMT Portfolio
Slide 30: High Committed Occupancy Rates at All Malls
High Committed Occupancy Rates at All Malls Achieved Close to 100% Occupancy Rate as at 31 December 2006 As at As at As at As at As at As at 30 Sept 05 31 Dec 05 31 Mar 06 30 Jun 06 30 Sept 06 31 Dec 06 Tampines Mall 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Junction 8 100.0% 100.0% 100.0% 100.0% 10
Slide 31: Gross Turnover and Gross Rent Comparison
Gross Turnover and Gross Rent Comparison Tenants’ GTO Growth Outpaces Increase in Gross Rent1 Tampines Mall (Sample Size2: 57 ) GTO (in’000s) Increase Gross Rent1 (in’000s) Increase 2004 117,297 19,117 2005 129,821 10.7% 19,932 4.3% 2006 134,708 3.8% 20,663 3.7% Plaza Singapura (Sample Size2 : 53 )
Slide 32: Occupancy Cost Within Healthy Range & In Line with Market Norms
Occupancy Cost Within Healthy Range & In Line with Market Norms Average Occupancy Cost of 18.2% in 2005 and 16.6% in 2006 Mall 2005 Occupancy Cost1 2006 Occupancy Cost1 Tampines Mall 21.8 % 15.9 % Junction 8 15.8 % 17.0% Plaza Singapura 17.1 % 16.8 % 1. Based on all available data from tenants which
Slide 33: Top 10 Tenants
Top 10 Tenants1 10 largest tenants by total gross rental contribute 22.7% of total gross rental No one tenant contributes more than 4.1% of total gross rental % of % of Net Trade Expiry Area Gross Tenant Rental Lettable Sector Date 2 (sq ft) Income Area Supermarkets / Jan 07, Mar 07, Apr 07, Jun 07,
Slide 34: Well Diversified Trade Mix Across the Portfolio
Well Diversified Trade Mix Across the Portfolio1 By Net Lettable Area By Gross Rental Income 1.6% 0.7% 2.3% 3.5% 3.5 7.6 5.5 15 % .3 % % 22 % .5 % 6. 0% 8. 4% 12 6. .4 1% % 9. 2% 7. 3% 11 .7 22 9. % 5% 7. .1 5% % 10 10 .0 .0 17 % % .2 % Food & Beverage/Food Court Educational/Services Leisure and Ent
Slide 35: 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 36: Fourth Quarter Shoppers' Traffic on an Uptrend
Fourth Quarter Shoppers’ Traffic on an Uptrend 4Q Shoppers’ Traffic Increased 13.8% Since 2004 Name of No. of Shoppers % Increase No. of Shoppers % Increase No. of Shoppers Retail Mall 4Q 2004 ('000s) 4Q2005 vs 4Q2005 ('000s) 4Q2006 vs 4Q2006 ('000s) 4Q2004 4Q2005 Tampines Mall 5,331 7.4 5,726 4.6 5
Slide 37: Steadily Increasing Shoppers' Traffic Upon Inclusion in CMT Portfolio
Steadily Increasing Shoppers’ Traffic Upon Inclusion in CMT Portfolio Annual Shoppers’ Traffic Increased 24.0% Since 2004 No. of Shoppers % Increase No. of Shoppers % Increase No. of Shoppers 2004 ('000s) 2005 vs 2004 2005 (‘'000s) 2006 vs 2005 2006 ('000s) Tampines Mall 18,780 9.1 20,488 7.8 22,154
Slide 38: Portfolio Summary
Portfolio Summary Property Tampines Junction Funan IMM Plaza Bugis Hougang Sembawang Jurong Mall 8 DigitaLife Building Singapura Junction Plaza Shopping Entertainmen Mall Centre t Centre Net Lettable 323,792 245,586 292,195 Retail: 497,661 414,375 70,095 97,130 111,293 Area1 (sq ft) 441,411 Office:
Slide 39: Raffles City
Cap/taMall P Trust Raffles City
Slide 40: Performance of RCS Trust
Performance of RCS Trust 1 Sep 2006 to 31 Dec 2006 CMT's 40% Interest RCS Trust 1 Actual Forecast Var. Actual S$'000 S$'000 % S$'000 Gross Revenue 20,675 19,816 4.3% 51,687 - Retail 8,455 8,350 1.3% 21,138 - Office 3,066 2,949 4.0% 7,665 - Hotel 8,492 8,017 5.9% 21,229 - Others 662 499 32.6% 1,655 N
Slide 41: Occupancy and Renewals/New Leases
Occupancy and Renewals/New Leases Renewals and New Leases Committed from 1 Sep to 31 Dec 2006 Renewed/New Leases Increase in Rental vs Committed as at 31 Dec 06 Occupancy as at (% of portfolio) Forecast Rent Preceding Rent 31 Dec 06 (sq m) Raffles City Tower 8,150 5.9% 4.2% 99.8% (23.1%) Raffles Cit
Slide 42: Raffles City Lease Expiry Profile
Raffles City Lease Expiry Profile Leases up for Renewal (By Gross Rent1 as at 31 Dec 2006) 45.0% 12.4% 17.4% 1.5% 8.9% 9.3% 0.8% 4.7% 2007 2008 2009 2010 2011 and Beyond Office Retail Hotels and Convention Centre 1. Excludes turnover rent 42
Slide 43: Raffles City Shopping Centre Lease Expiry Profile
Raffles City Shopping Centre Lease Expiry Profile Leases up for Renewal (By Gross Rent1 as at 31 Dec 2006) 44.0% 31.4% 22.6% 2.0% 2007 2008 2009 2010 2011 and Beyond Weighted Average Expiry 1.3 yrs 1. Excludes turnover rent 43
Slide 44: Raffles City Tower Lease Expiry Profile
Raffles City Tower Lease Expiry Profile Leases up for Renewal (By Gross Rent as at 31 Dec 2006) 60.0% 30.4% 9.6% 2007 2008 2009 2010 2011 and Beyond Weighted Average Expiry 1.4 yrs 44
Slide 45: Raffles City Tower Top Ten Tenants
Raffles City Tower Top Ten Tenants Top Ten Committed Tenants as at 31 Dec 2006 Tenant Lease Expiry Date1 % of Gross Rent Economic Development Board2 Feb 08, Jun 09 31.3% Phillip Securities Pte Ltd Dec 09 13.2% Accenture Pte Ltd Aug 07 11.9% Total Trading Asia Pte. Ltd. Dec 09 3.9% Qantas Airways Lim
Slide 46: Raffles City Shopping Centre Top Ten Tenants
Raffles City Shopping Centre Top Ten Tenants Top Ten Committed Tenants as at 31 Dec 2006 Tenant Lease Expiry Date1 % of Gross Rent3 Robinson & Co (S) Pte Ltd2 Feb 07, Mar 07 17.9% Esprit Retail Pte Ltd Sep 07 3.3% Cold Storage Singapore (1983) Pte Ltd Nov 08 3.2% Food Junction Management Pte Ltd Nov
Slide 47: Raffles City Shopping Centre Trade Mix
Raffles City Shopping Centre Trade Mix Trade Sector Analysis by Gross Rent as at 31 Dec 2006 1.1% 0.8% 3.2% 3.8% Fashion 6.2% Food & Beverage/Food Court Department Store 37.5% 9.0% Educational/Services Books/Gifts & Specialty/Hobbies/Toys Leisure and Entertainment/Sports & Fitness Supermarkets Home
Slide 48: Raffles City Tower Trade Mix
Raffles City Tower Trade Mix Trade Sector Analysis by Gross Rent1 as at 31 Dec 2006 1.4% 2.5% 9.3% Government and Government Linked Office Banking, Insurance & Financial Services 32.6% 13.7% Others IT Services & Consultancy/Internet Trading Business Management/Consultancy Services/Business Activitie
Slide 49: CapitaRetail Singapore
Cap/taMall P Trust CapitaRetail Singapore
Slide 50: Summary of Renewals / New Leases
Summary of Renewals / New Leases CRS Delivers Target Coupon Rate of 8.5% From Acquisition to 31 December 2006 (Excluding Newly Created Units) Increase/(Decrease) in No. of Net Lettable Area Current Rental Rates VS. Renewals/ Property New Area % Total Forecast Preceding Leases (sq ft) NLA 1 Rental Ra
Slide 51: Asset Enhancement Initiatives Update
Asset Enhancement Initiatives Update
Slide 52: IMM Building
Cap/taMall P Trust IMM Building
Slide 53: IMM Building Facade of New Retail Extension Block
IMM Building Facade of New Retail Extension Block 53
Slide 54: 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 3rd Quarter 2006 Guidance System Level
Slide 55: IMM Building High Leasing Commitment
IMM Building High Leasing Commitment Forecast to achieve 30% Higher Average Rental vs Before AEI Works Average Rent S$ per sq ft per mth Leasing Before AEI After AEI1 Variance Status2 + 20.4% 100%1 Level 1 S$ 10.16 S$ 12.22 (+ S$9.5 mil p.a) committed + 35.3% 84.2%1 Level 2 S$ 6.60 S$ 8.93 (+ S$3.0
Slide 56: IMM Building Shops Operating at New Retail Extension
IMM Building Shops Operating at New Retail Extension S$11.1 million (95.6%) out of the S$11.6 million projected increase in rental revenue per annum has been committed on a stabilised basis 56
Slide 57: IMM Building Rooftop Landscaped Plaza on Level 3
IMM Building Rooftop Landscaped Plaza on Level 3 Artist’s Impression Area of Open Plaza 32,000 sq ft Designated Water Play Area with Interactive Features for Children 57
Slide 58: 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 AEI Budget1 Gross Revenue S$12.1 million (net of rental loss from decanted retail space) Net Property Income S$9.3 million Capital Expenditure (includes
Slide 59: Bugis Junction
Cap/taMall P Trust Bugis Junction
Slide 60: Bugis Junction Proposed AEI Works – Level 1
Bugis Junction Proposed AEI Works – Level 1 S$0.39 million out of the S$1.53 million projected increase in rental revenue per annum has been committed on a stabilised basis New Retail Area Approximately 4,750 sq ft of prime retail NLA created on L1 Level 1 Current After AEI1 Rental Revenue per annum
Slide 61: Bugis Junction Proposed AEI – Level 3 & Basement 1
Bugis Junction Proposed AEI– Level 3 & Basment 1 Level 3 Basement 1 Before AEI Before AEI After AEI After AEI Reconfigured Retail Area For Basement 1 and Level 3 AEI Current After AEI1 Average Rent ($psfpm) $11.04 $15.05 Rental Revenue per annum $9.79 mil $14.14 mil NLA of affected units 73,925 sq f
Slide 62: Bugis Junction Basement 1 AEI Works
Bugis Junction Basement 1 AEI Works Creation of a myriad of specialty shops and food concept outlets 62
Slide 63: Bugis Junction New Façade Along Hylam & Malay Streets
Bugis Junction New Façade Along Hylam & Malay Streets1 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 1. Subject to relevant authorities’ approval 63
Slide 64: 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 Extension of the leaseline at Level 1 2nd Quarter 2007 New Foodcourt at Level 3 3rd Quarter 2007 Reconfiguration of Basement 1 Phase 1 :
Slide 65: 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 66: Tampines Mall
Cap/taMall P Trust Tampines Mall
Slide 67: Tampines Mall Proposed Asset Enhancement Works
Tampines Mall Proposed Asset Enhancement Works Installation of 2 pairs of escalators linking Level 1 to 2 to further enhance the vertical circulation. Reconfiguration and recovery of common / corridor space on Level 1 to maximise space efficiency. Reconfigure the anchor space on Level 2 to cre
Slide 68: Tampines Mall Proposed AEI – Exterior Works
Tampines Mall Proposed AEI – Exterior Works Fronting Tampines MRT Station Fronting Century Square Escalators will be installed to provide direct connectivity to Level 2 68
Slide 69: Tampines Mall Proposed AEI on Level 1
Tampines Mall Proposed AEI on Level 1 Reconfiguration and Addition of Prime Retail Space Before After Planned Escalators 69
Slide 70: Tampines Mall Proposed AEI on Level 2
Tampines Mall Proposed AEI on Level 2 Reconfiguration and Subdivision to Enhance the Retail Offerings Before After Planned Escalators 70
Slide 71: Tampines Mall Proposed AEI on Level 3
Tampines Mall Proposed AEI on Level 3 Extension of Retail Space to Maximise Rental Revenue Before After Planned Escalators 71
Slide 72: Tampines Mall Increase in Gross Rental Post-AEI
Tampines Mall Increase in Gross Rental Post-AEI Current After AEI1 Total Net Lettable Area of affected units 46,860 sq ft 47,284 sq ft Level 1 2,057 sq ft 3,070 sq ft Level 2 44,562 sq ft 42,468 sq ft Level 3 241 sq ft 1,746 sq ft Average Rent per sq ft S$8.43 S$10.85 Total Gross Rent p.a S$4.7 mill
Slide 73: 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 4th Quarter 2007 AEI Budget1 Gross Revenue S$1.42 million (net of rental loss) Net Property Income S$1.14 million Capital Expenditure S$9.85 million Return on Investment
Slide 74: Sembawang Shopping Centre
Cap/taMall P Trust Sembawang Shopping Centre
Slide 75: Sembawang Shopping Centre Proposed Asset Enhancement Works
Sembawang Shopping Centre Proposed Asset Enhancement Works Decant 42,610 sq ft of residential gross floor area to Basement 1 and 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 carpark spaces on prime Basement 1,
Slide 76: Sembawang Shopping Centre Proposed AEI - Basement
Sembawang Shopping Centre Proposed AEI - Basement Reconfiguration and Addition of Prime Retail Space Before After 76
Slide 77: Sembawang Shopping Centre Proposed AEI on Level 1
Sembawang Shopping Centre Proposed AEI on Level 1 Reconfiguration and Addition of Prime Retail Space Before After 77
Slide 78: Sembawang Shopping Centre Proposed AEI on Level 2
Sembawang Shopping Centre Proposed AEI on Level 2 Reconfiguration and Addition of Prime Retail Space Before After 78
Slide 79: Sembawang Shopping Centre Proposed AEI on Level 3
Sembawang Shopping Centre Proposed AEI on Level 3 Installation of proposed playground Construction of an Open Landscaped Plaza cum Playground Before After 79
Slide 80: Sembawang Shopping Centre Increase in Gross Rental Post-AEI
Sembawang Shopping Centre Increase in Gross Rental Post-AEI Current After AEI1 Total Net Lettable Area (Retail) 97,123 sq ft 129,426 sq ft Basement 1 23,076 sq ft 54,730 sq ft Level 1 23,378 sq ft 34,896 sq ft Level 2 10,708 sq ft 30,696 sq ft Level 32 17,584 sq ft 9,104 sq ft Level 4 22,377 sq ft N
Slide 81: Sembawang Shopping Centre Artist Impression of the Playground
Sembawang Shopping Centre Artist Impression of the Playground 81
Slide 82: Sembawang Shopping Centre New Exterior Facade Post AEI Works
Sembawang Shopping Centre New Exterior Facade Post AEI Works 82
Slide 83: Sembawang Shopping Centre Value Creation of Planned Initiatives
Sembawang Shopping Centre Value Creation of Planned Initiatives Capital Expenditure Start Date Completion Date S$47.0 million 1st Quarter 2007 1st Quarter 2008 AEI Budget1 Gross Revenue S$5.3 million (net of rental loss from decanted retail space) Net Property Income S$4.2 million Capital Expenditur
Slide 84: Sembawang Shopping Centre Indicative AEI Timeline
Sembawang Shopping Centre Indicative AEI Timeline Activity Target Commencement Date1 Start of asset enhancement works 1st Quarter 2007 Activity Target Completion Date1 Demolition of carpark and residential 2nd Quarter 2007 block Extension of basement and 3rd Quarter 2007 strengthening of foundation
Slide 85: Jurong Entertainment Centre
Jurong Entertainment Centre
Slide 86: Jurong Entertainment Centre AEI Following Increase in Plot Ratio
Jurong Entertainment Centre AEI Following Increase in Plot Ratio Before Increase of GPR After Increase of GPR Variance Gross Plot Ratio 1.8514 3.000 62% Allowable GFA 170,000 sq ft 275,400 sq ft1 62% Net Lettable Area 111,140 sq ft 206,000 sq ft1 185% Urban Redevelopment Authority granted an incre
Slide 87: Plaza Singapura
Cap/taMall P Trust Plaza Singapura
Slide 88: Plaza Singapura Basement 2 Marketplace
Plaza Singapura Basement 2 Marketplace Before AEI Works After AEI Works Entrance to Dhoby Ghaut MRT Station 5653 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 255 sf 194 sf 202
Slide 89: Market Overview
Cap/taMall P Trust Market Overview
Slide 90: Potential Upside in Retail Rental Rates
Potential Upside in Retail Rental Rates Per sft pm Forecast Orchard Road Projected 45 Increase2 of 15.7% 40 Other City Areas Projected 35 Increase2 of 14.2% 30 Suburban Areas Projected Increase2 of 12.7% 25 20 15 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007F 2008F 2009F 2010F Year Orchard Road
Slide 91: Potential for Growth in Singapore
Potential for Growth in Singapore Ownership of Private Retail Stock in Singapore (by NLA) CapitaCommercial Trust 1.0 % Private Fund CapitaLand 5.9% 6.2% Developers Others 25.7% 7.2% Strata owned 7.3% CapitaMall Trust Fragmented 11.5% ownership 18.9% Other REITS 16.3% Source : UBS Research 91
Slide 92: Future Supply of Retail Space
Future Supply of Retail Space Demand, Supply and Vacancy Rate for Private Retail Space (Islandwide) Supply Forecast 2.5 14 2.22 2.0 11.3 12 10.8 1.69 10.3 10.4 1.63 1.5 10 1.17 1.0 8 Million sqft 8.0 0.73 Vacancy % 7.8 0.5 6 0.17 0.02 0.0 4 -0.10 -0.5 Vivo City 2 Orchard Turn site (1,100,000 sq ft)
Slide 93: Singapore Still Relatively Under-Shopped
Singapore Still Relatively Under-Shopped Source: JHD (September 2005), CMT & CapitaLand Research Singapore remains “under-shopped” compared to regional (e.g. Hong Kong, Japan, and Australia) and major western markets Given this structural shortage, retail sector is expected to outperform other p
Slide 94: Objectives for 2007
Cap/taMall P Trust Objectives for 2007
Slide 95: Objectives for 2007
Objectives for 2007 Continue to leverage on our 5-pronged growth strategy, comprising yield accretive acquisitions, innovative asset enhancements, active leasing, investment in CapitaRetail China Trust and local development to deliver sustainable total returns Actively pursue yield accretive acq
Slide 96: The End
The End For enquiries, please contact: TONG Ka-Pin (Ms) Investor Relations & Corporate Communications Manager Tel : (65)-6536 1188 Fax : (65)-6536 3884 Email: tong.ka-pin@capitaland.com.sg http://www.capitamall.com 96