On 31 December 2014, independent valuations of Plaza Singapura, Sembawang Shopping Centre,
Lot One Shoppers’ Mall, Bukit Panjang Plaza, Rivervale Mall, The Atrium@Orchard and Clarke Quay
were undertaken by CBRE Pte Ltd (“CBRE”) while the independent valuations of Tampines Mall,
Junction 8, Funan DigitaLife Mall, IMM Building, Bugis Junction, JCube and Bugis+ were undertaken
by Knight Frank Pte Ltd (“Knight Frank”).
On 31 December 2013, the carrying amount of Tampines Mall, IMM Building, JCube, Lot One
Shoppers’ Mall, Bukit Panjang Plaza and Rivervale Mall were based on independent valuations
undertaken by CBRE while the carrying amount of Junction 8, Funan DigitaLife Mall, Plaza Singapura,
Bugis Junction, Sembawang Shopping Centre, The Atrium@Orchard, Clarke Quay and Bugis+ 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 Manager believes that the independent valuers have appropriate professional
qualifications and experience in the location and category of the properties being valued. The net
change in fair value of the properties 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 negotiated with the lessees. Contingent rents recognised in the Statement of Total Return of the
Group and the Trust is $33,879,000 (2013: $34,165,000).
The accompanying notes form an integral part of these financial statements.
Portfolio Statements
As at 31 December 2014
144 | CapitaMall Trust Annual Report 2014
