08
CapitaLand Mall Trust
Annual Report 2015
In recognition of its green ef for ts in achieving
sustainable development and operations, Westgate
clinched the Outstanding Award at the National Parks
Board’s Skyrise Greenery Awards 2015 - the highest
honour awarded to a single project for the year.
Looking Forward
The macro environment remains challenging, with full
year growth for 2015 weaker than 2014. Singapore’s
Ministry of Trade and Industry announced that the
domestic economy grew by 2.0% year-on-year in
2015, compared to 2.9% in 2014. The challenges
and uncertainties in the global economy may also
affect consumer sentiment and this could, in turn,
affect retail sales in Singapore.
The retail market is undergoing consolidation and
the labour market in Singapore remains tight with
a low unemployment rate. The challenging macro
environment, competition from e-commerce and
a stringent foreign worker policy could weigh on
retailers’ business growth and sustainability.
Nonetheless, CMT’s resilience is underpinned by our
portfolio of predominantly necessity shopping malls,
scale and strong retailer network; and these will
position us well through different economic cycles.
We will focus on operational excellence and the AEI at
Bukit Panjang Plaza, Plaza Singapura and Tampines
Mall as well as the redevelopment of Funan DigitaLife
Mall, as we continue to refresh, rejuvenate and
reinforce our portfolio.
Acknowledgements
We would like to express our deepest appreciation
to our Directors and dedicated employees for their
service and hard work towards maximising the value
of CMT in this difficult environment. We would also like
to express our sincere gratitude to our Unitholders,
business partners, retailers and shoppers for their
continued confidence and support.
Danny Teoh Leong Kay
Chairman
Tan Wee Yan, Wilson
Chief Executive Officer
2 March 2016
Message to Unitholders
