Capitaland Mall Trust - Annual Report 2015 - page 82

80 CapitaLand Mall Trust
Annual Report 2015
Financial Review
1 Reflects valuation of the property in its entirety.
2 The decrease in the valuations of JCube and Westgate were largely due to lower rent reversion and lower market rental forecast in view of
increased competition in the western region of Singapore.
3 Bedok Mall was acquired on 1 October 2015.
4 Rivervale Mall was sold on 15 December 2015 and its valuation of S$116.0 million as at 31 December 2014 is excluded from portfolio valuation.
5 Based on the average of the two valuations of Bedok Mall at S$778.0 million and S$780.0 million, conducted by Knight Frank Pte Ltd and
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Bedok Mall (BMT Acquisition), adjusted for S$0.2 million increase in the final value of fixed assets upon the completion of BMT Acquisition.
6 Refers to consolidation adjustment relating to acquisition fees and other related costs with respect to the BMT Acquisition capitalised at
CMT Trust level, now adjusted as revaluation loss at CMT Group.
7 Not meaningful because Raffles City Singapore comprises retail units, office units, hotels and convention centre.
N.M.: Not Meaningful. N.A.: Not Applicable.
Valuations and Valuation Capitalisation Rates
(As at 31 December)
Property Valuation Valuation
per Net
Lettable Area
2015
S$ per sq ft
Valuation Capitalisation Rate
2015
S$ million
2014
S$ million
Variance
S$ million
2015
%
2014
%
Tampines Mall 983.0 922.0 61.0 2,771 5.35 5.35
Junction 8 696.0 662.0 34.0 2,754 5.35 5.35
Funan DigitaLife Mall 367.0 361.0 6.0 1,228 5.50 5.50
IMM Building 622.0 603.0 19.0 6481
Retail: 6.50
Office: 6.25
Warehouse: 7.50
Retail: 6.50
Office: 6.25
Warehouse: 7.50
Plaza Singapura 1,244.0 1,223.0 21.0 2,574 5.00 5.00
Bugis Junction 995.0 951.0 44.0 2,496 5.35 5.35
Sembawang Shopping
Centre 114.0 106.0 8.0 798 5.55 5.55
JCube 288.0 335.0 (47.0)2 1,393 5.50 5.60
Lot One Shoppers’ Mall 510.0 503.0 7.0 2,320 5.35 5.35
Bukit Panjang Plaza 303.0 292.0 11.0 1,859 5.45 5.45
The Atrium@Orchard 735.0 728.0 7.0 1,8911 Retail: 5.25
Office: 4.00
Retail: 5.25
Office: 4.00
Clarke Quay 389.0 371.0 18.0 1,332 5.50 5.50
Bugis+ 340.0 337.0 3.0 1,585 5.70 5.70
Bedok Mall3 780.0 N.A. 780.0 3,506 5.20 N.A.
Total CMT Portfolio 8,366.0 7,394.04 972.0 N.M. N.A. N.A.
Less additions during the year (76.9)
Less acquisition during the year (778.8)5
Less transaction costs relating
to the BMT Acquisition (9.4) 6
Net increase in valuations 106.9
For information only
Raffles City Singapore
(40.00% interest) 1,254.4 1,243.8 10.6 N.M.7
Retail: 5.25
Office: 4.25
Hotel: 5.13
Retail: 5.25
Office: 4.25
Hotel: 5.25
Westgate
(30.00% interest) 319.2 328.2 (9.0) 2 2,585 5.20 5.35
Share of joint ventures’
investment properties 1,573.6 1,572.0 1.6
Less additions during the year (5.5)
Net decrease in valuations (3.9)