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CapitaLand Mall Trust
Annual Report 2015
Notes to the Financial Statements
Year ended 31 December 2015
These notes form an integral part of the financial statements.
The financial statements were authorised for issue by the Manager and the Trustee on 12 February 2016.
1 General
CapitaLand Mall Trust (formerly known as CapitaMall Trust) (the “Trust”) is a Singapore-domiciled unit trust
constituted pursuant to the trust deed dated 29 October 2001 (as amended) (the “Trust Deed”) between
CapitaLand Mall Trust Management Limited (formerly known as CapitaMall Trust Management Limited)
(the “Manager”) and HSBC Institutional Trust Services (Singapore) Limited (the “Trustee”). The Trust Deed is
governed by the laws of the Republic of Singapore. The Trustee is under a duty to take into custody and hold
the assets of the Trust in trust for the holders (“Unitholders”) of units in the Trust (the “Units”).
The Trust was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited
(“SGX-ST”) on 17 July 2002 (“Listing Date”) and was included under the Central Provident Fund (“CPF”)
Investment Scheme on 13 September 2002.
The principal activity of the Trust is to invest in income producing real estate, which is used or substantially
used for retail purposes with the primary objective of achieving an attractive level of return from rental income
and for long-term capital growth. The principal activities of the subsidiaries, associate and joint ventures are
set out in Notes 6 and 7.
The consolidated financial statements relate to the Trust and its subsidiaries (the “Group”) and the Group’s
interest in its associate and joint ventures.
The Trust has entered into several service agreements in relation to management of the Trust and its property
operations. The fee structures of these services are as follows:
1.1 Property management fees
Under the property management agreement with CapitaLand Retail Management Pte Ltd (the “Property
Manager”), property management fees are charged as follows:
(a) 2.00% per annum of the gross revenue of the properties;
(b) 2.00% per annum of the net property income of the properties; and
(c) 0.50% per annum of the net property income of the properties, in lieu of leasing commissions.
The property management fees are payable monthly in arrears.
