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page 48
CapitaCommercial Trust : annual report 2007
Singapore Portfolio
Starhub Centre
5
7
Bugis Village
Raffles City
4 6
Robinson Point
8
Golden Shoe Car Park Market Street Car Park
9
2
6 Battery Road
1
Capital Tower
3
HSBC Building
10
Wilkie Edge
5
TanjongPagarMRT
7
4
8 29
1 63
Somerset MRT
Raffles Place MRT
City Hall MRT
Bugis MRT10
Dhoby Ghaut MRT
CapitaCommercial Trust : annual report 2007
page 49
Total Net Lettable Area (excludes licence area) 258,106 sq m- Office 215,412 sq m
- Retail 42,694 sq m
Average Committed Occupancy 99.6%- Office 99.6%
- Retail 99.4%
Purchase Price On Acquisition S$3,472 mValuation as at 1 December 2007 S$5,110 m(Both purchase price and valuation include the Trust’s 60.0% interest in Raffles City)
Total No. of Tenants 491- Office 227
- Retail 263
- Hotels and Convention Centre 1
No. of Car Park Lots 3,536
SINGAPORE PORTFOLIO AS AT 31 DECEMBER 2007(Excludes Wilkie Edge, a property under development)
page 50
CapitaCommercial Trust : annual report 2007
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CapitaCommercial Trust : annual report 2007
page 51
Capital Tower
page 52
CapitaCommercial Trust : annual report 2007
The Manager’s objective for Capital Tower is to optimise its financialperformance and strengthen the building’s position as the leading corporateheadquarters and office in Singapore’s Central Business District (“CBD”) fordiscerning tenants who appreciate its award-winning architectural design,environmentally sustainable measures and unsurpassed tenant and buildingmanagement services.
LOCATION
Capital Tower is well located in Singapore’s CBD, at
the junction of Cecil Street, Maxwell Road and Robinson
Road, with access to the Tanjong Pagar MRT Station.
Its prime location and being one of Singapore’s tallest
Grade A commercial buildings in the Shenton Way belt
makes Capital Tower a compelling choice for companies
seeking to establish corporate headquarters and offices
in Singapore.
KEY FEATURES
Completed in 2000, as the first of a new generation of
intelligent buildings, the 52-storey Capital Tower has
won prestigious accolades from Singapore's BCA for
its design and construction excellence as well as the
Green Mark Gold Award, for its environmental-friendly
features. The property also exhibits colourful sculptures
by the famous local sculptor, Ms Han Sai Por, as well
as water features on the first storey urban plaza. There
is also an art gallery with paintings for sale on display
along the walls of the building’s transit floor. Capital
Tower is reputedly the first commercial building in
Singapore to have LCD screens in high-speed lifts.
The office tower also houses a 230-seat auditorium,
a fitness centre on the ninth floor, as well as a penthouse
dining club, the China Club. Level one features retail
amenities such as food and beverage outlets, branded
fashion retailers and a showroom for sophisticated
audio and visual systems. There are 415 car park lots
in the building.
Capital Tower
CapitaCommercial Trust : annual report 2007
page 53
Another key feature of Capital Tower is the intelligent
building management system which allows its tenants
to have access to many smart office features such as
the electronic booking of meeting rooms, reservation
of car park lots, and monitoring of the office environment.
INNOVATIVE ASSET ENHANCEMENT
Part of the level one space at Capital Tower was
reconfigured and leased to a few retailers. They are:
Ermenegildo Zegna, the world leader in luxury men’s
clothing; The Marmalade Group, a food and beverage
enterprise that delivers quality food in an upscale but
relaxed environment; Bang & Olufsen, a world wide
manufacturer of exclusive, high quality audio and video
products; and Thomas Pink, which is part of the luxury
goods group LVMH and well-known for their immaculately
tailored shirts.
PROPERTY INFORMATIONAS AT 31 DECEMBER 2007
Location 168 Robinson Road
Net Lettable Area 68,827 sq m
Title Leasehold estate expiring31 December 2094
Committed Occupancy 100.0%
Purchase Price onAcquisition S$ 793.9 m
Valuationas at 1 December 2007 S$ 1,224.0 m
No. of Tenants 25
No. of Car Park Lots 415
Gross Rental Income S$ 39.1 m (FY 2007)
Gross Revenue S$ 43.5 m (FY 2007)
Net Property Income S$ 29.3 m (FY 2007)
LEASE EXPIRY PROFILE
48.0%
8.7%
36.0%
7.3%0.0%
2008 2009 2010 2011 2012 andBeyond
TENANT BUSINESS SECTOR ANALYSIS
AncillaryFood &
Beverage5.3%
Banking,Insurance &
Financial Services36.2%
BusinessManagement/Consultancy
Services/Business Activities
5.2%
IT Services &Consultancy/
Internet TradingActivities12.0%
Legal3.8%
Others1.1%
Real Estate &Property Services
3.7%
Government &GovernmentLinked Office
32.7%
Information for the lease expiry profile, tenant business sector analysis and the top 10 tenants are based on
gross rental income as at 31 December 2007.
Capital Tower
page 54
CapitaCommercial Trust : annual report 2007
TOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007
LEASE EXPIRY % OF GROSSTENANT DATE RENTAL INCOME
Government of Singapore Investment Corporation Pte Ltd Jan 2008 32.7%
JPMorgan Chase Bank, N.A. Dec 2010 19.5%
CISCO Systems (USA) Pte. Ltd. Feb 2010 12.0%
Calyon Sep 2010 7.0%
Mizuho Corporate Bank, Ltd. Jun 2011 5.9%
BHP Billiton Marketing Asia Pte Ltd Jun 2009 5.0%
Lee & Lee Sep 2008 3.8%
Wachovia Bank, National Association Jul 2010 3.4%
CapitaLand Limited Jul 2009 3.4%
China Club Investment Pte Ltd Jan 2011 1.7%
Top 10 Tenants 94.5%
Other Tenants 5.5%
Total 100.0%
Capital Tower
CapitaCommercial Trust : annual report 2007
page 55
6 Battery Road
page 56
CapitaCommercial Trust : annual report 2007
LOCATION
6 Battery Road is strategically situated in the heart of
Raffles Place, Singapore's financial and commercial
hub, offering excellent views of the Singapore River and
Marina Bay.
KEY FEATURES
6 Battery Road is a landmark 42-storey office building
that boasts an enviable location, excellent amenities,
with direct basement access to the Raffles Place MRT
station. The building’s proximity to Raffles Place, and
easy access to public transport has made it the top
choice among prestigious local and multinational
companies seeking to set up their corporate offices in
Singapore. Although the building is more than 20
years old, it has gone through extensive retrofitting
between 2000 and 2002, to maintain its attractiveness.
Additional building improvement works have begun
since last year, to enhance the mechanical and electrical
equipments as well as to upgrade the lift systems in
the building.
A key offering of the building is its column-free office floor
area of 12,500 sq ft each, providing tenants an opportunity
for efficient use of space and allowing flexibility of layout.
Besides a stylish café for meals and meetings, concierge
services are also offered to assist tenants in receiving
their guests. The main entrance lobby features the
concierge service counter, sofa seating area, water feature
and expansive back-lit onyx walls.
The Manager’s objective for 6 Battery Road is to optimise its financialperformance and consolidate its standing as the choice Grade A office strategicallylocated in the heart of Singapore’s CBD, by providing unparalleled tenant andbuilding management services and focusing on its environmental sustainability.
6 Battery Road
CapitaCommercial Trust : annual report 2007
page 57
PROPERTY INFORMATIONAS AT 31 DECEMBER 2007
Location 6 Battery Road
Net Lettable Area 46,118 sq m
Title Leasehold estateexpiring 19 April 2825
Committed Occupancy 99.9%
Purchase Price onAcquisition S$ 675.2 m
Valuationas at 1 December 2007 S$ 1,249.0 m
No. of Tenants 67
No. of Car Park Lots 190
Gross Rental Income S$ 35.0 m (FY 2007)
Gross Revenue S$ 38.4 m (FY 2007)
Net Property Income S$ 27.7 m (FY 2007)
Information for lease expiry profile, tenant business sector analysis and top 10 tenants are based on grossrental income as at 31 December 2007.
6 Battery Road
LEASE EXPIRY PROFILE
22.4%26.9%28.4%
5.2%
17.1%
2008 2009 2010 2011 2012 andBeyond
TENANT BUSINESS SECTOR ANALYSIS
AncillaryFood &
Beverage0.8%
Banking, Insurance &Financial Services
69.8%
Business Management/Consultancy Services/
Business Activities5.5%
IT Services &Consultancy/
Internet Trading1.1%
Legal4.6%
Others10.9%
Real Estate& PropertyServices
7.3%
page 58
CapitaCommercial Trust : annual report 2007
TOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007
LEASE EXPIRY % OF GROSSTENANT DATES RENTAL INCOME
Standard Chartered Bank Jan 2008, Oct 2009, 30.4%Dec 2009, Feb 2010,
Jan 2020
Nomura Singapore Limited May 2008, Nov 2011 12.3%
ICAP AP (Singapore) Pte. Ltd. Dec 2007, Dec 2009 4.6%
Servcorp Battery Road Pte Ltd Jun 2009, Sep 2009 4.0%
Allianz Global Investors Singapore Limited May 2010 3.2%
CB Richard Ellis (Pte) Ltd Nov 2010 3.0%
Singapore Mercantile Exchange Pte. Ltd. Jun 2010 2.5%
TSMP Law Corporation Oct 2010 2.0%
Landsbanki Islands hf. Sep 2010 1.9%
Crosby Capital Partners (Singapore) Pte. Limited Jan 2010 0.6%
Top 10 Tenants 64.4%
Other Tenants 35.6%
Total 100.0%
6 Battery Road
CapitaCommercial Trust : annual report 2007
page 59
HSBC Building
page 60
CapitaCommercial Trust : annual report 2007
PROPERTY INFORMATIONAS AT 31 DECEMBER 2007
Location 21 Collyer Quay
Net Lettable Area 18,624 sq m
Title Leasehold estate expiring18 December 2849
Committed Occupancy 100.0%
Purchase Price onAcquisition S$ 153.9 m
Valuationas at 1 December 2007 S$ 270.0 m
No. of Tenant 1
Gross Rental Income S$ 8.6 m (FY 2007)
Gross Revenue S$ 8.6 m (FY 2007)
Net Property Income S$ 8.6 m (FY 2007)
Tenant Business Banking, Insurance &Sector Analysis Financial Services
The Manager’s objective for HSBC Building is to ensure that it remains astrategic fit to the Trust’s portfolio as a well located and environmentallysustainable prime office building that provides stable returns with its annualstep-up rental rates.
LOCATION
The HSBC Building is located opposite the Fullerton
Hotel and amidst the hustle and bustle of Singapore’s
financial and commercial hub with Raffles Place MRT
station within five minutes walk away.
KEY FEATURES
The HSBC Building comprises a 21-storey office building
and three basement levels, and houses a single tenant,
The Hongkong and Shanghai Banking Corporation
Limited (“HSBC”). The building was given Green Mark
Award by the BCA in May 2007.
The property has an excellent frontage, offering
panoramic views of Fullerton Square and Marina Bayfront
and in close proximity to dining and entertainment
venues like Boat Quay, One Fullerton, and the
Esplanade-Theatres on the Bay.
Built in the 1980’s, the mechanical and engineering
systems of the building were upgraded in 2006, while
the façade of the building’s podium and tower block
have been refurbished in 2007, thus enhancing the
image of the building.
The property was acquired on 29 April 2005 from HSBC,
and fully leased to HSBC for a period of seven years
expiring in 2012. Under the terms of the seven-year
lease, HSBC is responsible for the property operating
expenses (including property tax), while the Trust is
responsible for the insurance and structural maintenance
of the building.
HSBC Building
CapitaCommercial Trust : annual report 2007
page 61
Raffles City
page 62
CapitaCommercial Trust : annual report 2007
LOCATION
Raffles City is located in the downtown core at the fringe
of Singapore’s CBD and within the Civic and Cultural
District. The building is strategically located adjacent to,
and directly connected to the City Hall MRT interchange
station and the proposed Esplanade station on the Circle
Line of the MRT system, which is expected to be fully
operational by 2010.
KEY FEATURES
Raffles City is a prime landmark, an integrated development
and one of the largest developments in Singapore. The
mixed-use development comprises:
42-storey Raffles City Tower;
four-storey Raffles City Shopping Centre (“RCSC”);
73-storey Swiss tel The Stamford and 28-storey
Fairmont Singapore hotel; and
Raffles City Convention Centre.
The Manager and the manager of CapitaMall Trust’s objective for Raffles Cityis to optimise the financial performance of the property and to strengthen itsmarket position as the leading integrated asset in Singapore’s downtown core,leveraging on the complementary and synergistic sectors of office, retail, hoteland convention centre.
Raffles City
(From left to right) : Mr Poon Chiew Foo, Deputy General Manager and Head, Property Services (effective from
15 February 2008); Mr Kwong Wing Kwee, Senior Manager, Building Services; Mr Tan Kee Yong, General Manager
(up to 14 February 2008); Ms Teresa Teow, General Manager (effective from 15 February 2008); Ms Eugenie Yap,
Deputy General Manager and Head, Leasing (effective from 15 February 2008); Ms Phyllis Goh, Head, Marcom
(effective from 15 February 2008); Ms Lee Mun Ling, Head, Marcom (up to 14 February 2008) and Ms Carol Liew,
Manager, Leasing (Office)
CapitaCommercial Trust : annual report 2007
page 63
The Trust and CapitaMall Trust jointly own the integrated
development through the RCS Trust, the special purpose
vehicle that holds Raffles City. RCS Trust was constituted
on 18 July 2006 and is 60.0% owned by CapitaCommercial
Trust and 40.0% owned by CapitaMall Trust. Raffles City
was acquired on 1 September 2006.
Raffles City was given the Green Mark Award by the BCA
in May 2007.
RAFFLES CITY TOWER
As an integral part of Raffles City, the Raffles City Tower
office offers tenants an integrated business environment
complete with the convenience of having retail shops,
hotels and convention space all at one location. Major
tenants at Raffles City Tower include the Economic
Development Board, Phillip Securities and Accenture.
RAFFLES CITY SHOPPING CENTRE
RCSC is a prime retail mall spread over four floors,
including one basement level. The mall is anchored by
Robinsons (department store) and Jasons Market Place
(gourmet supermarket). RCSC also houses over 180
specialty shops, including international and high street
fashion, branded lifestyle products and kiosks.
INNOVATIVE ASSET ENHANCEMENT
RCSC began its Phase 1 asset enhancement works in
April 2007, decanting over 65,000 sq ft of gross floor
area from mechanical and equipment space, to create
new retail space. The newly-created net lettable area of
approximately 41,000 sq ft was transferred to Basement
1 (26,606 sq ft), Level 1 (5,994 sq ft) and Level 2 (8,164
sq ft), significantly increasing the net lettable area on
these levels. The works encompassed the construction
of a three-storey island podium in the atrium of RCSC
completed in December 2007, extension of The Raffles
Marketplace in Basement 1, completing in the first quarter
of 2008 and the reconfiguration and extension of lease
lines of some shops on Levels 1 and 2.
Levels 1 and 2 of the island podium are designated for
retail, whilst Level 3 is the new elevated atrium space for
events and promotions. A new three-storey high water
feature integrated into the design of the island podium
serves as an iconic focal point and meeting area.
Following the enhancement, The Raffles Marketplace was
expanded by 30.0% to 116,174 sq ft, with part of the
Basement 1 car park converted to retail space to facilitate
this expansion. Based on a capital expenditure of S$62.4
million, the enhancements resulted in an incremental net
property income of S$7.6 million and produced an
ungeared return on investment of 12.2%.
POSITIONING AND TENANCY MIX
With the completion of phase one of asset enhancement
works, the tenant mix on Level 1 is strengthened with
more international fashion brands such as Bally and
Aigner, as well as concept stores which are new to
Singapore such as Kate Spade, Stage, Cortefiel and
Pedro Del Hierro. The revamped mall is also home to
familiar brands like British India, Dockers and Raoul.
Level 2 now features a wide variety of high street labels
like Naf Naf, FCUK, River Island, Topshop and Dorothy
Perkins. Appealing to home owners and families with
children, Level 3 boasts new brands such as ZONE
which retails chic home accessories from Denmark, and
Okaidi & Obaibi which is a French label for comfy
children’s fashion.
We also intend to further fine tune the retail mix and
elevate the positioning of the mall a notch higher. By
widening the retail offering and introducing innovative
concepts and renowned brand names, RCSC is well
poised to continue to attract local shoppers and tourists
as well as to be the premier shopping mall in the
Marina area.
Raffles City
page 64
CapitaCommercial Trust : annual report 2007
PROPERTY INFORMATION AS AT 31 DECEMBER 2007
Location 250/252 North BridgeRoad; 2 Stamford Road;80 Bras Basah Road
Net Lettable Area 68,977 sq m- Office 35,330 sq m- Retail 33,647 sq m
Title Leasehold estate expiring15 July 2078
No. of Hotel Rooms 2,030
Committed Occupancy 99.3%- Office 98.7%- Retail 100.0%
Purchase Price onAcquisition S$ 2,166.0 m
Valuationas at 1 December 2007 S$ 2,586.0 m
No. of Tenants 226- Office 47- Retail 178- Hotels and Convention
Centre 1
No. of Car Park Lots 836
Shoppers’ Traffic 29.8 m
Gross Rental Income S$ 157.8 m (FY 2007)
Gross Revenue S$ 165.7 m (FY 2007)
Net Property Income S$ 118.4 m (FY 2007)
THE HOTELS AND CONVENTION CENTRE
The two hotels and the Raffles City Convention Centre
are on a long term master lease to RC Hotels. RC Hotels
is an indirect subsidiary of Colony Capital, LLC. The master
lease is for 20 years, commencing from 7 November 1996,
with an option to renew for a further term expiring on 31
December 2036.
The master lease provides cash flow stability through
minimum rental and service charge components, which
is projected to contribute at least 70% of the gross rental
income from the lease to RC Hotels. The minimum rent
component ranges from S$36 million to S$44 million
per annum.
In addition, the master lease provides good organic
growth with the step-up rent structure and variable rent
pegged to the gross operating revenue of the hotels
and convention space (RC Hotel’s revenue). For the
period from November 2006 to November 2011, the
variable rent is 8.5% of gross operating revenue up to
S$250.0 million plus 13.0% of gross operating revenue
over S$250 million.
The property information shown in relation to Raffles
City is as a whole and not the Trust s 60.0% interest
in Raffles City.
Raffles City
RAFFLES CITY MAJOR USAGE MIX
Raffles City Tower19.0%
Hotels andConvention Centre
33.9%
Raffles CityShopping Centre
47.1%
CapitaCommercial Trust : annual report 2007
page 65
RAFFLES CITY LEASE EXPIRY PROFILE
2.0%
2008 2009 2010 2011 2012 and Beyond
6.6%
12.6%10.0% 8.8%
16.8%
0.4% 0.5% 0.9%
41.4% Office Retail Hotels and Convention Centre
Raffles City
RAFFLES CITY TOWER LEASE EXPIRY PROFILE
36.9%
53.2%
8.3%1.6% 0.0%
2008 2009 2010 2011 2012 andBeyond
RAFFLES CITY SHOPPING CENTRELEASE EXPIRY PROFILE
48.3%
28.7%
18.9%
1.4% 2.7%
2008 2009 2010 2011 2012 andBeyond
RAFFLES CITY TOWERTENANT BUSINESS SECTOR ANALYSIS
Banking,Insurance &
Financial Services21.4%
Business Management/Consultancy Services/
Business Activities12.0%
IT Services &Consultancy/
InternetTrading13.5%
Others20.1%
Real Estate &Property Services
5.0%
Government &GovernmentLinked Office
26.5%
Telecommunications1.5%
RAFFLES CITY SHOPPING CENTRETENANT BUSINESS SECTOR ANALYSIS
Food & Beverage/Food Court
18.3%
Books/Gifts& Specialty/
Hobbies/Toys5.1%
Services9.1%
Department Store15.6%
Fashion45.4%
Supermarket2.8%
Leisure & Entertainment/Sports & Fitness
2.3%
Electronics0.6%
Home Furnishing0.8%
Information for lease expiry profile, major usage mix, tenant business sector analysis and top 10 tenants are based
on gross rental income (excluding turnover rent) as at 31 December 2007.
page 66
CapitaCommercial Trust : annual report 2007
RAFFLES CITY TOWER - TOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007
LEASE EXPIRY % OF GROSSTENANT DATES RENTAL INCOME
Economic Development Board Feb 2008, Jun 2009 23.6%
Accenture Pte Ltd Aug 2010 12.9%
Phillip Securities Pte Ltd Dec 2009 11.1%
AAPC Hotels Management Pte. Ltd. Oct 2010 4.2%
Raffles International Limited Jun 2010 3.9%
Chinaoil (Singapore) Int'l Pte Ltd Jul 2010 3.8%
Total Trading Asia Pte. Ltd. Dec 2009 3.3%
LVMH Watch & Jewellery Singapore Pte Ltd Jun 2010 2.6%
Dentsu Asia Pte Ltd Jan 2009 2.0%
Noonday Asset Management Asia Pte. Ltd. Dec 2009 1.8%
Top 10 Tenants 69.2%
Other Tenants 30.8%
Total 100.0%
RAFFLES CITY SHOPPING CENTRE - TOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007
LEASE EXPIRY % OF GROSSTENANT DATES RENTAL INCOME
Robinson & Co (S) Pte Ltd Mar 2010 15.6%
Wing Tai Retail Pte. Ltd. May 2009, Jul 2009, 3.8%Aug 2010, Dec 2010
Jay Gee Enterprises (Pte.) Ltd Dec 2008, Sep 2010, 3.1%Oct 2010, Dec 2010
Ossia International Limited Oct 2010 3.1%
Cold Storage Singapore (1983) Pte Ltd Nov 2008 2.8%
Esprit Retail Pte Ltd May 2013 2.7%
Food Junction Management Pte Ltd Nov 2008 2.2%
The Looking Glass Pte Ltd May 2010 2.1%
DBS Bank Ltd. Jul 2010 2.1%
Cortina Watch Pte Ltd Apr 2009, Jun 2010 2.0%
Top 10 Tenants 39.5%
Other Tenants 60.5%
Total 100.0%
Raffles City
CapitaCommercial Trust : annual report 2007
page 67
Starhub Centre
page 68
CapitaCommercial Trust : annual report 2007
LOCATIONStarhub Centre is located at Cuppage Road, off OrchardRoad with access to the Central Expressway and retailshopping centres, serviced apartments and hotels inthe vicinity of the Somerset MRT station.
KEY FEATURESCompleted in 1998, Starhub Centre is a ten-storeyoffice building with a leading educational and professionaltraining institution on the second floor, and retail andfood and beverage outlets on its first floor. The buildinghas 281 car park lots located over four levels to servethe tenants and visitors.
The Manager’s objective for Starhub Centre is to optimise its financialperformance, ensure its environmental sustainability and strengthen its positionas a preferred office address for companies located in the Orchard Road belt.
PROPERTY INFORMATIONAS AT 31 DECEMBER 2007
Location 51 Cuppage Road
Net Lettable Area 26,077 sq m
Title Leasehold estate expiring31 January 2095
Committed Occupancy 99.0%
Purchase Price onAcquisition S$ 266.1 m
Valuationas at 1 December 2007 S$ 350.0 m
No. of Tenants 21
No. of Car Park Lots 281
Gross Rental Income S$ 12.2 m (FY 2007)
Gross Revenue S$ 13.4 m (FY 2007)
Net Property Income S$ 9.9 m (FY 2007)
Starhub Centre
CapitaCommercial Trust : annual report 2007
page 69
LEASE EXPIRY PROFILE
12.7%
26.5%
52.7%
0.0%8.0%
TENANT BUSINESS SECTOR ANALYSIS
TOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007
LEASE EXPIRY % OF GROSSTENANT DATES RENTAL INCOME
StarHub Ltd. Feb 2009, Nov 2010 26.6%
Kaplan Financial (S) Pte. Ltd. Feb 2008, Feb 2012 21.7%
Intel Technology Asia Pte Ltd Apr 2008 12.9%
STT Communications Ltd Aug 2008 11.8%
Prudential Assurance Company Singapore (Pte) Limited Feb 2010 10.4%
Singapore Technologies Engineering Ltd Aug 2008 4.8%
Vertex Management (II) Pte Ltda Jul 2008 1.9%
More World System (Singapore) Pte Ltd Apr 2008 1.5%
ST Asset Management Ltd. Jul 2008 1.4%
Aimin Acupuncture & Weight Loss Centre Pte Ltd Aug 2009 1.2%
Top 10 Tenants 94.2%
Other Tenants 5.8%
Total 100.0%
Ancillary Food & Beverage1.5%
Banking,Insurance &
FinancialServices10.4%
Business Management/Consultancy Services/
Business Activities5.0%
IT Services &Consultancy/
Internet Trading12.9%
Others10.2%
Telecommunications38.3%
Education21.7%
Information for lease expiry profile, tenant business sector analysis and top 10 tenants are based on grossrental income as at 31 December 2007.
2008 2009 2010 2011 2012 andBeyond
Starhub Centre
page 70
CapitaCommercial Trust : annual report 2007
Robinson Point
CapitaCommercial Trust : annual report 2007
page 71
LOCATIONRobinson Point is sited strategically along RobinsonRoad and close to Singapore’s financial and commercialhub at Raffles Place. It is within 10 minutes’ walk toRaffles Place MRT station and near the popular Lau PaSat Festival Market.
KEY FEATURESRobinson Point is a 21-storey office building that wascompleted in 1997. The regular size, column free officespace provides flexible configuration of office layout anda computerised building management system that ensureseffective and efficient monitoring of fire protection, security,elevators and air conditioning systems.
The building currently houses the offices of CapitaLand’ssubsidiaries as well as law firms and businessconsultancy companies. The first floor of the buildingis occupied by the banking hall of CIMB Bank Berhadand the popular Ya Kun Kaya Toast and Spinelli’s Coffee.
The 57 car park lots located over three levels of theproperty are for tenants’ use.
The Manager’s objective for Robinson Point is to optimise its financial performanceand further enhance its value as a strategically located prime office building inthe heart of Singapore’s CBD, while ensuring its environmental sustainability.
PROPERTY INFORMATIONAS AT 31 DECEMBER 2007
Location 39 Robinson Road
Net Lettable Area 12,369 sq m
Title Freehold
Committed Occupancy 100.0%
Purchase Price onAcquisition S$ 119.8 m
Valuationas at 1 December 2007 S$ 218.0 m
No. of Tenants 19
No. of Car Park Lots 57
Gross Rental Income S$ 6.7 m (FY 2007)
Gross Revenue S$ 7.2 m (FY 2007)
Net Property Income S$ 5.0 m (FY 2007)
Robinson Point
page 72
CapitaCommercial Trust : annual report 2007
TOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007
TENANT LEASE EXPIRY % OF GROSSDATES RENTAL INCOME
CapitaLand Commercial Limited Jun 2008, Jan 2010 47.0%
Shinryo Singapore Pte Ltd Sep 2010 10.8%
CIMB Bank Berhad May 2008 9.0%
Alban Tay Mahtani & De Silva LLP Apr 2010 8.9%
Maxxium Singapore Fine Wines & Spirits Pte Ltd Nov 2009 3.0%
Redington Distribution Pte. Ltd. Jun 2010 2.6%
Decillion Solutions Pte Ltd Apr 2009 2.4%
Freehills Apr 2008 2.4%
Esri South Asia Pte Ltd Dec 2008 2.3%
Jacobs Philip Oct 2008 2.1%
Top 10 Tenants 90.4%
Other Tenants 9.6%
Total 100.0%
Business Management/Consultancy Services/
Business Activities1.5%
Information for lease expiry profile, tenant business sector analysis and top 10 tenants are based on grossrental income as at 31 December 2007.
Robinson Point
LEASE EXPIRY PROFILE
38.2%
8.5%
53.3%
0.0%
TENANT BUSINESS SECTOR ANALYSIS
0.0%
Ancillary Food & Beverage2.4%
Banking,Insurance &
Financial Services10.2%
Legal11.2%
Others21.9%
Real Estate &Property Services
47.0%
IT Services& Consultancy/
InternetTrading5.7%
2008 2009 2010 2011 2012 andBeyond
CapitaCommercial Trust : annual report 2007
page 73
Bugis Village
page 74
CapitaCommercial Trust : annual report 2007
LOCATION
Bugis Village is located in the bustling Bras Basah/
Bugis area, Singapore’s Civic and Cultural District, just
opposite the Bugis MRT station.
KEY FEATURES
Bugis Village comprises 34 three-storey pre-Second
World War conservation shop houses that were restored
in 1991. The offices are typically on the higher floors
while retail shops are usually on the lower floors. The
diverse mix of retail shops offer fast food, sundries,
fashion, as well as hairstyling and fitness services.
The charming Bugis Village will get a further boost in
shoppers’ traffic when the planned Urban Entertainment
Centre is completed in 2011. The Singapore Government
has committed to transform Selegie/Bras Basah/Bugis
area into an Arts, Culture, Learning and Entertainment
hub. The Urban Entertainment Centre and the
surrounding educational institutions, art centres and
the National Library will increase the buzz and shoppers’
traffic in the vicinity. Visitors to the area can expect
cinemas, thematic restaurants, live show dinner theatres,
and indoor theme parks to locate next to fine art galleries,
TV, film and video studios and production facilities.
The Manager’s objective for Bugis Village is to continue optimising its financialreturns and further enhancing its position as a unique office and shoppingaddress within the Bras Basah/Bugis zone.
Bugis Village
CapitaCommercial Trust : annual report 2007
page 75
PROPERTY INFORMATIONAS AT 31 DECEMBER 2007
Location 62 to 67 Queen Street,151 to 166 Rochor Road,229 to 253 (odds nos.only) Victoria Street
NLA 11,139 sq m
Title Leasehold estate expiring30 March 2088
Committed Occupancy 99.1%
Purchase Price onAcquisition S$ 56.5 m
Valuationas at 1 December 2007 S$ 72.4 m
No. of Tenants 72
Gross Rental Income S$ 9.1 m (FY 2007)
Gross Revenue S$ 9.3 m (FY 2007)
Net Property Income S$ 7.4 m (FY 2007)
The leasehold title and the valuation takes into account
the right of the President of the Republic of Singapore,
as lessor under the State Lease, to terminate the
State Lease on 1 April 2019 upon payment of
S$6,610,208.53 plus accrued interest.
LEASE EXPIRY PROFILE
33.7%39.6%
24.3%
0.0%2.4%
Information for lease expiry profile, tenant business sector analysis and top 10 tenants are based on gross
rental income as at 31 December 2007.
Bugis Village
2008 2009 2010 2011 2012 andBeyond
TENANT BUSINESS SECTOR ANALYSIS
Home Furnishing6.1%
BusinessManagement/
Consultancy Services/Business Activities
1.4%
DepartmentStore4.7%
IT Services &Consultancy/
Internet Trading0.7%
Education1.1%
Real Estate& PropertyServices
0.3%
Books/Gifts &Specialty/
Hobbies/Toys2.1%
FoodBeverage/Food Court
34.4%
Fashion22.6%
Others18.5%
Services8.1%
page 76
CapitaCommercial Trust : annual report 2007
TOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007
TENANT LEASE EXPIRY % OF GROSSDATE RENTAL INCOME
Bon-Food Pte Ltd Dec 2010 4.4%
Kentucky Fried Chicken Management Pte Ltd Sep 2009 4.0%
This Fashion Holdings Pte Ltd Sep 2009 4.0%
McDonald's Restaurants Pte. Ltd. Jan 2010 3.5%
Japan Home Pte Ltd Jul 2010 3.5%
Bee Cheng Hiang Hup Chong Foodstuff Pte Ltd Jun 2008 3.3%
J & R Bossini Fashion Pte Ltd Aug 2008 2.8%
Cold Storage Singapore (1983) Pte Ltd Dec 2010 2.7%
Chapter 2 Hairdressing Private Limited Sep 2009 2.7%
Starbucks Coffee Singapore Pte. Ltd. Nov 2009 2.7%
Top 10 Tenants 33.5%
Other Tenants 66.5%
Total 100.0%
Bugis Village
CapitaCommercial Trust : annual report 2007
page 77
Golden Shoe Car Park
page 78
CapitaCommercial Trust : annual report 2007
LOCATION
Golden Shoe Car Park is located near Raffles Place,
the heart of Singapore CBD, with easy access to the
Raffles Place MRT station.
KEY FEATURES
Golden Shoe Car Park is a 10-storey car park building
that serves the parking needs of office workers and
visitors at the Raffles Place area. Nearby commercial
buildings include 6 Battery Road, UOB Plaza, Republic
Plaza, OCBC Centre and OUB Centre. The newly
refurbished space at Golden Shoe Car Park houses
retail tenants that boast a variety of food and beverage
choices for the lunch time crowd and offer convenience
services outlets like 7-Eleven and Times the Bookshop.
The property has been given the Green Mark Award
for its environmentally-friendly features by BCA in 2007.
INNOVATIVE ASSET ENHANCEMENT
With the expiry of the lease of the petrol station, the
space has been reconfigured and leased to retailers
offering services such as telecommunications and fashion.
The Manager’s objective for Golden Shoe Car Park is to optimise its financialreturns and strengthen its position as a dedicated car park facility and a retailhub for office people in the vicinity.
Golden Shoe Car Park
CapitaCommercial Trust : annual report 2007
page 79
PROPERTY INFORMATIONAS AT 31 DECEMBER 2007
Location 50 Market Street
Net Lettable Area 4,007 sq m
Title Leasehold estate expiring31 January 2081
Committed Occupancy 96.4%
Purchase Price onAcquisition S$ 72.1 m
Valuationas at 1 December 2007 S$ 114.0 m
No. of Tenants 33
No. of Car Park Lots 1,053
Gross Rental Income S$ 4.2 m (FY 2007)
Car Park Income S$ 5.5 m (FY 2007)
Gross Revenue S$ 10.1 m (FY 2007)
Net Property Income S$ 7.5 m (FY 2007)
Golden Shoe Car Park
LEASE EXPIRY PROFILE
33.2%
61.3%
5.5%0.0%0.0%
2008 2009 2010 2011 2012 andBeyond
TENANT BUSINESS SECTOR ANALYSIS
BusinessManagement/
Consultancy Services/Business Activities
2.4%Others8.5% Food &
Beverage/Food Court
32.7%
IT Services & Consultancy/Internet Trading
2.5%
Services30.1%
Books/Gifts & Specialty/
Hobbies/Toys5.5%
Fashion18.4%
Information for lease expiry profile, tenant business sector analysis and top 10 tenants are based on gross
rental income as at 31 December 2007.
page 80
CapitaCommercial Trust : annual report 2007
Golden Shoe Car ParkTOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007
LEASE EXPIRY % OF GROSSTENANT DATE RENTAL INCOME
Mei Xin Food Centre Pte. Ltd. Jan 2010 14.2%
DCA Architects Pte Ltd Sep 2010 6.6%
GG<5 Pte Ltd Sep 2009 6.1%
Osahime Sushi Restaurant Pte Ltd Oct 2009 5.5%
Telecom Equipment Pte Ltd Dec 2010 4.8%
Joe Koh Holdings Pte Ltd Jul 2009 4.7%
Healthy Harvest Pte. Ltd. Dec 2008 4.5%
Ong Tee Wee T/A Architetto International Dec 2010 4.3%
Times The Bookshop Pte Ltd Sep 2009 3.7%
YHWH Corp Pte Ltd Jun 2009 3.5%
Top 10 Tenants 58.1%
Other Tenants 41.9%
Total 100.0%
CapitaCommercial Trust : annual report 2007
page 81
Market Street Car Park
page 82
CapitaCommercial Trust : annual report 2007
The Manager’s objective for Market Street Car Park is to optimise its financial returns.
LOCATION
Market Street Car Park is situated close to the heart of
Singapore’s CBD, Raffles Place, bounded by Market
Street, Cross Street and Cecil Street, and diagonally
opposite Lau Pa Sat Festival Market.
KEY FEATURES
Market Street Car Park is an eight-storey car park which
has served the parking needs of visitors and tenants of
the financial district. The property has retail and food and
beverage outlets on the first floor, a spa on the second
floor and car parking lots for the rest of the levels. The
property has been given the Green Mark Award for its
environmentally friendly features by BCA in 2007.
REDEVELOPMENT POTENTIAL
The Manager has received Outline Planning Permission
to redevelop Market Street Car Park into a Grade A office
building subject to the conditions that (i) the site must
be developed for office use only with activity generating
uses on the first storey and (ii) the proposed commercial
use be at gross plot ratio of 12.6+ (equivalent to 14.49)
subject to approval to rezone the site from transport to
commercial use.
The lifting of land use restriction to rezone from “transport
facilities” to “commercial use”, is subject to the two
conditions, (i) that the Trust pays 100.0% of the
enhancement in land value as assessed by the Chief
Valuer in a spot valuation and (ii) there will be no extension
of the existing land lease.
The decision to proceed with the project is subject to its
financial viability. If after completing a full assessment
and the project is considered viable, the Manager plans
to commence redeveloping Market Street Car Park from
late 2008/early 2009. The estimated total gross floor
area for the proposed office building is about 850,000
sq ft, with a maximum height of up to 240 metres above
mean sea level.
The Manager will continue to evaluate the viability of the
redevelopment plan, pursue the necessary approvals
required, including Unitholders’ approval.
Market Street Car Park
CapitaCommercial Trust : annual report 2007
page 83
PROPERTY INFORMATIONAS AT 31 DECEMBER 2007
Location 146 Market Street
Net Lettable Area 1,970 sq m
Title Leasehold estate expiring
31 March 2073
Committed Occupancy 95.4%
Purchase Price onAcquisition S$ 34.9 m
Valuationas at 1 December 2007 S$ 61.0 m
No. of Tenants 28
No. of Car Park Lots 704
Gross Rental Income S$ 2.9 m (FY 2007)
Car Park Income S$ 3.4 m (FY 2007)
Gross Revenue S$ 6.7 m (FY 2007)
Net Property Income S$ 5.0 m (FY 2007)
LEASE EXPIRY PROFILE
89.6%
10.4%0.0%0.0% 0.0%
TENANT BUSINESS SECTOR ANALYSIS
Information for lease expiry profile, tenant business sector analysis and top 10 tenants are based on gross rentalincome as at 31 December 2007.
TOP 10 TENANTS COMMITTED AS AT 31 DECEMBER 2007
LEASE EXPIRY % OF GROSSTENANT DATE RENTAL INCOME
Rogues Pte. Ltd. Mar 2009 13.6%
Cold Storage Singapore (1983) Pte Ltd Sep 2009 9.5%
Coffee Club Pte Ltd Oct 2009 7.1%
Chakuan Pte. Ltd. Oct 2009 7.1%
Raku Ninja Pte. Ltd. Oct 2009 5.5%
Shao Tai Pte. Ltd. Oct 2009 4.8%
The Soup Spoon Pte Ltd Sep 2009 4.6%
Ho Lee Yuen T/A Moodz Salon Sep 2009 3.9%
Senses Renaza Pte. Ltd. Nov 2009 3.6%
Thian Sin Nam T/A Yi Lang Art Centre Sep 2009 3.2%
Top 10 Tenants 62.9%
Other Tenants 37.1%
Total 100.0%
Food &Beverage/Food Court
54.4%
Services33.3%
Books/Gifts &Specialty/Hobbies
/Toys5.9%
Fashion6.3%
Market Street Car Park
2008 2009 2010 2011 2012 andBeyond
page 84
CapitaCommercial Trust : annual report 2007
Wilkie Edge
CapitaCommercial Trust : annual report 2007
page 85
LOCATION
Wilkie Edge is located along Selegie Road, near the
junction of Wilkie Road and Sophia Road. The site is
within a 10-minute walk from the Dhoby Ghaut MRT
station, the only MRT interchange in Singapore for the
North-South and North-East MRT Line and the future
Circle Line. The area is a major civic, arts and cultural
centre of Singapore and has increasing concentration
of educational institutions within the vicinity.
KEY FEATURES
Acquired from CapitaLand Selegie for a total purchase
consideration of S$182.7 million, Wilkie Edge will be a
12-storey mixed-use property which is currently under
development. The property will comprise retail shops
on levels 1 and 2; offices from levels 3 to 8; serviced
apartment units from levels 6 to 12 and car parks at
basements 1 and 2.
As at January 2008, foundation works have been
completed and partial reinforced concrete works are in
progress. Pre-marketing has commenced and about
50% of the office space has been committed.
The Manager’s objective for Wilkie Edge is to optimise its financial performancewith its quality office and retail space in the Selegie/Bras Basah/Bugis area,when the building is completed in the fourth quarter of 2008.
PROPERTY INFORMATION AS AT 31 DECEMBER 2007
Location 8 Wilkie Road
Land Area 7,097 sq m
Gross Floor Area Total : 29,812 sq m
Commercial : 20,412 sq m
Serviced Apartments : 9,370 sq m
Net Lettable Area Total : 20,680 sq m
Office : 9,588 sq m
Retail : 3,341 sq m
Serviced Apartments : 7,751 sq m
Title Leasehold estate expiring 20 February 2105
Purchase Price on Acquisition S$182.7 m
No. of Car Park Lots Approximately 215
Serviced Apartments Units 154
Temporary Occupation Permit Expected to be issued in fourth quarter of 2008
Wilkie Edge