Valuations and Valuation Capitalisation Rates
(As at 31 December)
Property
Valuation
Valuation
per Net
Lettable Area
2014
Valuation Capitalisation Rate
2014
2013 Variance
2014
2013
S$ million S$ million S$ million S$ per sq ft
%
%
Tampines Mall
922.0
852.0
70.0
2,593
5.35
5.35
Junction 8
662.0
636.0
26.0
2,620
5.35
5.35
Funan DigitaLife Mall
361.0
358.0
3.0
1,208
5.50
5.50
IMM Building
603.0
632.0
(29.0)
1
630
2
Retail: 6.50
Office: 6.25
Warehouse: 7.50
Retail: 6.50
Office: 6.25
Warehouse: 7.50
Plaza Singapura
1,223.0
1,168.0
55.0
2,533
5.00
5.00
Bugis Junction
951.0
901.0
50.0
2,394
5.35
5.35
JCube
335.0
360.0
(25.0)
3
1,619
5.60
5.60
Lot One Shoppers’
Mall
503.0
485.0
18.0
2,288
5.35
5.35
Bukit Panjang Plaza
292.0
274.0
18.0
1,788
5.45
5.45
The Atrium
@Orchard
728.0
722.0
6.0
1,870
2
Retail: 5.25
Office: 4.00
Retail: 5.25
Office: 4.00
Clarke Quay
371.0
347.0
24.0
1,271
5.50
5.50
Bugis+
337.0
330.0
7.0
1,573
5.70
5.70
Other assets
4
222.0
211.0
11.0
992
5.55 – 5.60
5.55 – 5.60
Total CMT Portfolio
7,510.0
7,276.0
234.0
1,686
N.A.
N.A.
Less additions during
the year
(72.0)
Net increase in
valuations
162.0
For information only
Raffles City Singapore
(40.00% interest)
1,243.8
1,207.2
36.6
N.M.
5
Retail: 5.25
Office: 4.25
Hotel: 5.25
Retail: 5.25
Office: 4.25
Hotel: 5.55
Westgate
(30.00% interest)
328.2
316.2
12.0
2,677
5.35
5.35
Share of Joint
Ventures’ investment
properties
1,572.0
1,523.4
48.6
Less additions during
the year
(19.0)
Net increase in
valuations
29.6
N.A.: Not Applicable. N.M.: Not Meaningful.
1 The decrease in the valuation of IMM Building was largely due to its phase two asset enhancement works to house more outlet
stores. This is in line with its repositioning as a value-focused mall.
2 Reflects valuation of the property in its entirety.
3 The decrease in the valuation of JCube was largely a result of the lower rent reversion in 2014 and lower other income arising
from a weaker trading performance at the mall.
4 Includes Sembawang Shopping Centre and Rivervale Mall.
5 Not meaningful because Raffles City Singapore comprises retail units, office units, hotels and convention centre.
Financial Review
72 | CapitaMall Trust Annual Report 2014
