TRADE MIX6 (%) WESTGATE Westgate is CICT’s first greenfield project. Strategically located in Jurong Gateway, within the Jurong Lake District, Westgate is a premier lifestyle and family mall in the west of Singapore. It has excellent connectivity with direct access to Jurong East MRT station, an interchange for the East-West Line and North-South Line, and the Jurong East bus interchange. Offering holistic and city lifestyle shopping experience with many popular brands, Westgate encompasses unique features such as a naturally ventilated courtyard, alfresco dining options, and a thematic children’s playground. Property Information Address 3 Gateway Drive Land Tenure Leasehold tenure of 99 years with effect from 29 August 2011 Agreed Property Value 20111: S$227.5 million 20182: S$789.6 million Carpark Lots 610 Bicycle Lots 10 Green Ratings • BCA Universal Design Mark Platinum • BCA Green Mark Platinum Top 5 Tenants5 1 Breadtalk Group Limited 2 Paradise Group Holdings Pte. Ltd. 3 Maxim's Caterers Limited 4 Timezone Singapore Pte. Ltd. 5 Hao Mart Pte. Ltd. LEASE EXPIRY PROFILE6 (%) 2024 21.2 2025 24.8 2026 30.5 2027 10.1 2028 2029 and beyond 5.5 7.9 As at 31 December 2022 2023 Valuation (S$ million) 1,095.0 1,100.0 Gross Floor Area (sq ft) 593,906 593,906 Net Lettable Area3 (sq ft) 409,310 409,713 Number of Tenants 241 250 Committed Occupancy (%) 98.7 98.9 Annual Shopper Traffic (million) 43.1 44.0 Gross Revenue4 (S$ million) 71.6 72.6 IT & Telecommunications 3.9 Leisure & Entertainment/ Music & Video 3.1 Supermarket 2.8 Shoes & Bags 2.0 Electrical & Electronics 2.0 Department Store 0.5 Jewellery & Watches 0.4 Food & Beverage 38.7 Beauty & Health 18.8 Services 7.3 Fashion 5.9 Education 5.3 Home Furnishing 4.7 Gifts & Souvenirs/ Toys & Hobbies/ Books & Stationery/ Sporting Goods 4.6 1 The integrated development site (land) was acquired in 2011 at S$969.0 million, of which S$758.3 million pertained to the retail component (30.0% interest at S$227.5 million). 2 The acquisition of the balance 70.0% of the units in Infinity Mall Trust which holds Westgate was completed on 1 November 2018, at an agreed property value of S$1,128.0 million, on a completed basis (70.0% interest at S$789.6 million). 3 Includes CSFS area. 4 Gross revenue comprises GRI, car park income and other income for the respective financial year. 5 Based on GRI for the month of December 2023 and excludes gross turnover rent. 6 As at 31 December 2023, based on committed GRI and excludes gross turnover rent. Overview Leadership Performance Framework Other Information ANNUAL REPORT 2023 73
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