SHOPPER TRAFFIC
Shopper traffic decreased by 0.9% year-on-year in 2014. We continually refresh and enhance the
retail offerings of our malls and shopping experiences of our shoppers through AEIs and active
management of the tenant mix in each property.
Year-on-Year Change in Shopper Traffic
1
(%)
- 5.0
- 4.0
- 3.0
- 2.0
- 1.0
0.0
1.0
2.0
1Q 2014
2Q 2014
3Q 2014
4Q 2014
1 For comparable basis, the chart includes the entire portfolio, except Bugis Junction (which underwent phase one AEI from
April 2013 to October 2013 and phase two AEI from March 2014 to September 2014) and Westgate (which commenced
operations in December 2013).
DIVESTMENT OF WESTGATE TOWER
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 obtained its temporary occupation permit on 9 October 2014 and
CMT registered a net gain of approximately S$47.5 million (based on its 30.00% interest in Westgate
Tower).
ASSET ENHANCEMENT INITIATIVE
In the first quarter of 2014, Tampines Mall commenced its AEI which includes converting its Level 5
roof area into new leasable space to house enrichment schools and educational tenants, and
reconfiguring levels 2 and 3 to enhance the fashion offerings. There will also be rejuvenation works
including a new facade and covered walkway from Tampines Mass Rapid Transit (MRT) Station. The
AEI is expected to be completed in the fourth quarter of 2015. This will bring about an improvement
to the overall aesthetics of the mall and add variety to the existing trade mix with a new education
hub on Level 5.
IMM Building completed phase one of its repositioning exercise in mid-2013 as a value-focused mall.
It is currently the largest outlet mall in Singapore. To enhance the outlet shopping experience, IMM
Building is undergoing phase two of this repositioning exercise to further increase the number of
outlet stores.
Leading with Confidence | 67
