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VALUATIONS AND VALUATION CAPITALISATION RATES
As at 31 December
Property
Valuation
Valuation
per Net
Lettable Area
2013
S$ per sq ft
Valuation Capitalisation Rate
1
2013
S$ million
2012
S$ million
Variance
S$ million
2013
%
2012
%
Tampines Mall
852.0 827.0
25.0
2,585
5.35
5.50
Junction 8
636.0 617.0
19.0
2,520
5.35
5.50
Funan DigitaLife Mall
358.0 354.0
4.0
1,199
5.50
5.65
IMM Building
632.0 608.0
24.0
663
2
Retail – 6.50
Office – 6.25
Warehouse – 7.50
Retail – 6.50
Office – 6.75
Warehouse – 7.75
Plaza Singapura
1,168.0 1,106.0
62.0
2,423
5.00
5.25
Bugis Junction
901.0 879.0
22.0
2,241
5.35
5.50
JCube
360.0 340.0
20.0
1,712
5.60
5.75
Lot One Shoppers’ Mall
485.0 467.0
18.0
2,206
5.35
5.50
Bukit Panjang Plaza
274.0 270.0
4.0
1,798
5.45
5.60
The Atrium@Orchard
722.0 717.0
5.0
1,856
2
Retail – 5.25
Office – 4.00
Retail – 5.50
Office – 4.15
Clarke Quay
347.0 325.0
22.0
1,192
5.50
5.65
Bugis+
330.0 322.0
8.0
1,539
5.70
5.85
Other assets
3
211.0 199.0
12.0
977
5.55 – 5.60
5.70 – 5.75
Total CMT Portfolio
excluding Raffles City
Singapore (40.00%
interest) and Westgate
(30.00% interest)
7,276.0 7,031.0 245.0
1,650
N.A.
N.A.
Raffles City Singapore
(40.00% interest)
1,207.2 1,160.8
46.4
N.M.
4
Retail – 5.25
Office – 4.25
Hotel – 5.55
Retail – 5.40
Office – 4.25
Hotel – 5.75
Westgate (30.00% interest)
5
316.2
N.A.
6
316.2
2,568
5.35
N.A.
Total CMT Portfolio
8,799.4 8,191.8 607.6
1,675
7
N.A.
N.A.
Less additions
during the year
(89.2)
Less reclassification
during the year
(313.5)
8
Less consolidation
adjustments
(0.7)
9
Net increase in valuations
204.2
N.A.: Not Applicable. N.M.: Not Meaningful.
1
Valuation capitalisation rate refers to the capitalisation rate adopted by the independent valuers to derive the market values of each property.
2
Reflects valuation of the property in its entirety.
3 Includes Sembawang Shopping Centre and Rivervale Mall.
4 Not meaningful because Raffles City Singapore comprises retail units, office units, hotels and convention centre.
5 For the retail component of the Westgate development only. Westgate Tower has been reclassified to development property for sale under current assets.
6 Valuation as at 31 December 2012 is for land only.
7
Valuation per sq ft excludes Raffles City Singapore.
8 Westgate was reclassified as investment property upon completion of development and commenced mall operations on 2 December 2013.
9 Refers to acquisition fees for Westgate and Westgate Tower capitalised at CMT level, net of interest on intercompany loans to Infinity Mall Trust (CMT’s
30.00% interest) and Infinity Office Trust (CMT’s 30.00% interest), now adjusted to revaluation surplus.
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