Page 79 - ar2013

SEO Version

Business
Review
NET PROPERTY INCOME BY PROPERTY
(S$ million)
NET PROPERTY INCOME
As a result of the higher gross
revenue, net property income
(NPI) of S$502.7 million was
S$57.4 million or 12.9% higher than
the S$445.3 million for the FY ended
31 December 2012. This was mainly
due to the completion of AEI at
JCube, Bugis+ and Atrium in 2012 as
well as strong operating performance
from the other properties.
FY 2013
1
FY 2012
Variance
Net Property Income by Property
S$’000 S$’000 S$’000
%
Tampines Mall
53,789
50,328
3,461
6.9
Junction 8
39,496 37,901
1,595
4.2
Funan DigitaLife Mall
22,095 21,384
711
3.3
IMM Building
50,024 46,597
3,427
7.4
Plaza Singapura
63,141
59,404
3,737
6.3
Bugis Junction
2
47,903
51,927
(4,024)
(7.7)
Sembawang Shopping Centre, Hougang Plaza
3
and Rivervale Mall
13,480
13,427
53
0.4
JCube
4
22,086
14,223
7,863
55.3
Lot One Shoppers’ Mall
28,881
27,928
953
3.4
Bukit Panjang Plaza
16,690
15,925
765
4.8
The Atrium@Orchard
4
36,710
11,393
25,317
222.2
Clarke Quay
23,073
19,972
3,101
15.5
Bugis+
4
21,313
10,319
10,994
106.5
438,681
380,728
57,953
15.2
Raffles City Singapore (40.00% interest)
66,407
64,525 1,882
2.9
Westgate (30.00% interest)
5
(2,285)
– (2,285)
N.M.
Westgate Tower (30.00% interest)
6
(104)
–
(104)
N.M.
CMT Group
502,699
445,253
57,446
12.9
N.M.: Not Meaningful.
1
Adjusted for intercompany transactions within CMT Group.
2
Bugis Junction underwent AEI from April 2013 to October 2013.
3 The sale of Hougang Plaza was completed on 13 June 2012.
4 JCube, Bugis+ and Atrium underwent AEI and resumed full operations in April 2012, August 2012 and October 2012 respectively.
5 Westgate was under development and commenced mall operations on 2 December 2013.
6 Westgate Tower is currently under development.
FY 2013
1
FY 2012
Tampines Mall
53.8
50.4
Junction 8
39.4
37.9
Funan DigitaLife Mall
22.1
21.4
IMM Building
50.0
46.6
Plaza Singapura
63.2
59.4
Bugis Junction
2
47.9
51.9
Sembawang Shopping Centre,
Hougang Plaza
3
and Rivervale Mall
13.6
13.5
JCube
4
22.0
14.2
Lot One Shoppers’ Mall
28.9
27.9
Bukit Panjang Plaza
16.7
15.9
The Atrium@Orchard
4
36.7
11.4
Clarke Quay
23.1
20.0
Bugis+
4
21.3
10.3
Raffles City Singapore
(40.00% interest)
66.4
64.5
Westgate (30.00% interest)
5
(2.3)
–
Westgate Tower (30.00% interest)
6
(0.1)
–
502.7
445.3
FY 2013
 1
FY 2012
77