Page 77 - ar2013

Business
Review
with a row of F&B and entertainment
outlets at Block C and Block E, as
well as a new and vibrant frontage
along River Valley Road.
Phase one of the AEI to reposition
IMM Building as a value-focused
mall to enhance its competitiveness
was completed in mid-2013. With
the completion of phase one, IMM
Building currently houses more
than 55 outlet stores and is the
largest outlet mall in Singapore.
In 2014, we will explore the next
phase of the repositioning exercise
to house more outlet stores in
IMM Building.
In the second quarter of 2013,
as part of our efforts to provide
shoppers with a fresh shopping
experience, Bugis Junction
embarked on phase one of its
AEI. Anchor space was recovered
on levels 2 and 3, and converted
to speciality stores. Phase two
works will commence in the first
quarter of 2014, and it involves
further recovery of anchor space
at Level 1 to convert into new
specialty shops as well as revision
of lease lines and straightening
of corridors at Basement 1, Level 2
and Level 3 to improve visibility.
In May 2011, CMT took a
30.00% stake in the Westgate
integrated development in
Jurong Gateway, comprising
a shopping mall named
Westgate and an office tower
named Westgate Tower.
Westgate commenced mall
operations on 2 December 2013.
In the first quarter of 2014,
Tampines Mall will commence
its AEI to convert the Level 5
roof area into new lettable area
to house enrichment schools
and educational tenants, and
reconfigure levels 2 and 3 to
enhance the fashion offerings.
There will also be additional
works to rejuvenate the mall,
which include a new facade
and an upgraded covered
walkway to connect to the
Tampines Mass Rapid Transit
Station. The AEI is expected
to be completed in the fourth
quarter of 2015.
DIVESTMENT OF
WESTGATE TOWER
We continually evaluate our
portfolio of assets and explore
opportunities to enhance value
for our Unitholders. On 23 January
2014, a consortium comprising
Sun Venture Homes Pte. Ltd. and
Low Keng Huat (Singapore) Limited,
entered into sales and purchase
agreements to purchase Westgate
Tower for S$579.4 million.
Westgate Tower is currently under
development, and the construction
is expected to be completed
by end-2014. The divestment
is expected to be completed
following the issuance of the strata
title for Westgate Tower. Upon
obtaining Temporary Occupation
Permit for the office strata units,
CMT is expected to recognise a
net gain of approximately S$45.0
million (based on its 30.00%
interest in Westgate Tower).
ASSET ENHANCEMENT
INITIATIVES/GREENFIELD
DEVELOPMENT
In January 2013, AEI for Clarke
Quay was fully completed,
YEAR-ON-YEAR CHANGE IN SHOPPER TRAFFIC 1
(%)
1 For comparable basis, the chart includes the entire portfolio, except JCube, Bugis+, The Atrium@Orchard, Bugis Junction and Westgate.
Jan
2013
Feb
2013
Mar
2013
Apr
2013
May
2013
Jun
2013
Jul
2013
Aug
2013
Sep
2013
Oct
2013
Nov
2013
Dec
2013
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
-1.0
-2.0
-3.0
-4.0
75