NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 1 GENERAL (continued) 1.1 Property management fees (i) Pursuant to the New PMA, property management fees to the Retail Property Manager are charged as follows: (a) 2.00% per annum of property income; and (b) 2.00% per annum of the net property income. The property management fees are payable monthly in arrears. (ii) Pursuant to the Old PMA, property management fees to the Retail Property Manager are charged as follows: (a) 2.00% per annum of the gross revenue of the properties; (b) 2.00% per annum of the net property income of the properties; and (c) 0.50%per annumof thenet property incomeof theproperties, inlieuof leasingcommissions. The property management fees are payable monthly in arrears. (iii) Pursuant to the New PMA and the Old PMA, property management fees to the Office Property Manager are charged at 3.00% per annum of net property income of the properties. The property management fees are payable monthly in arrears. 1.2 Marketing fees (i) Pursuant to the New PMA, in respect of marketing services provided by the Retail Property Manager for the leases pertaining to the retail premises in the retail buildings as well as the retail premises of the office buildings (which may include premises in the properties managed by the Office Property Manager pursuant to the New PMA), the marketing fees are charged as follows:- (a) In respect of new tenancies: • 0.5 month’s gross rental for securing a tenancy up to 2 years: • 1 month’s gross rental for securing a tenancy of 2 years to less than 5 years; • 2 months’ gross rental for securing a tenancy of more than 5 years. (b) In respect of renewal of existing tenancies: • 0.25 month’s gross rental for securing a tenancy up to 2 years: • 0.5 month’s gross rental for securing a tenancy of 2 years to less than 5 years; • 0.5 month’s gross rental for securing a tenancy of more than 5 years. 186 CAPITALAND INTEGRATED COMMERCIAL TRUST
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