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CapitaLand Mall Trust
Annual Report 2015
Portfolio Statements
As at 31 December 2015
On 31 December 2015, independent valuations of Junction 8, Funan DigitaLife Mall, Plaza Singapura,
Bugis Junction, Sembawang Shopping Centre, The Atrium@Orchard, Clarke Quay and Bugis+ were undertaken
by CBRE Pte Ltd (“CBRE”), independent valuations of Tampines Mall, IMM Building, JCube, Lot One Shoppers’
Mall and Bukit Panjang Plaza were undertaken by Knight Frank Pte Ltd (“Knight Frank”), while the independent
valuation of Bedok Mall was undertaken by DTZ Debenham Tie Leung (SEA) Pte Ltd (“DTZ”).
On 31 December 2014, the carrying amount of Plaza Singapura, Sembawang Shopping Centre, Lot One Shoppers’
Mall, Bukit Panjang Plaza, Rivervale Mall, The Atrium@Orchard and Clarke Quay were based on independent
valuations undertaken by CBRE while the carrying amounts of Tampines Mall, Junction 8, Funan DigitaLife Mall,
IMM Building, Bugis Junction, JCube and Bugis+ were based on independent valuations undertaken by Knight Frank.
The valuations were based on discounted cash flow and capitalisation approaches. 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 $31,045,000
(2014: $33,879,000) and $30,898,000 (2014: $33,879,000) respectively.
The accompanying notes form an integral part of these financial statements.
