Page 160 - ar2013

CapitaMall Trust Annual Report 2013 158 Clarity
Portfolio
Statements
As at 31 December 2013
The accompanying notes form an integral part of these financial statements.
On 31 December 2013, independent valuations of Tampines Mall, IMM Building, JCube, Lot One Shoppers’ Mall,
Bukit Panjang Plaza, Rivervale Mall were undertaken by CBRE Pte Ltd (“CBRE”) while the independent valuations
of Junction 8, Funan DigitaLife Mall, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, The
Atrium@Orchard, Clarke Quay and Bugis+ were undertaken by Knight Frank Pte Ltd (“Knight Frank”). The Manager
believes that the independent valuers have appropriate professional qualifications and experience in the location
and category of the properties being valued.
On 31 December 2012, the carrying amount of Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building,
Bugis Junction, JCube and Bugis+ were based on independent valuations undertaken by CBRE while the carrying
amount of Plaza Singapura, Sembawang Shopping Centre, The Atrium@Orchard, Bukit Panjang Plaza, Lot One
Shoppers’ Mall, Rivervale Mall and Clarke Quay were based on independent valuations undertaken by Knight Frank.
The valuations were based on discounted cash flow and capitalisation approaches for CBRE and Knight Frank.
The net change in fair value of the properties has been recognised in the Statement of Total Return.
On 31 December 2013 and 31 December 2012, independent valuations of Raffles City Singapore were undertaken
by Knight Frank. The Manager believes that the independent valuer has appropriate professional qualifications and
experience in the location and category of the property being valued. The valuations were based on investment
approach and discounted cash flow analysis. The valuation adopted was $3,018,000,000 (2012: $2,902,000,000) and
the Trust’s proportionate interest in the property value was $1,207,200,000 (2012: $1,160,800,000). The net change in
fair value of the property has been recognised in the Statement of Total Return.
On 31 December 2013, independent valuation of Westgate was undertaken by CBRE. The Manager believes that the
independent valuer has appropriate professional qualifications and experience in the location and category of the
property being valued. The valuation was based on discounted cash flow and capitalisation approaches. The valuation
adopted was $1,054,000,000 and the Trust’s proportionate interest in the property value is $316,200,000. The net
change in fair value of the property has been recognised in the Statement of Total Return.
Investment properties comprise commercial properties that are leased to external customers. Generally, the leases
contain an initial non-cancellable period of three years. Subsequent renewals are negotiatedwith the lessee. Contingent
rents recognised in the Statement of Total Return of the Group and of the Trust amounted to $43,877,000 (2012:
$36,227,000) and $34,165,000 (2012: $26,077,000) respectively.