View
3
Download
0
Category
Preview:
Citation preview
CapitaCommercial Trust Singapore’s First Listed Commercial REIT
Real Estate Investment World Asia 2013 Presentation
by Ms Lynette Leong, CEO
26 June 2013
1
This presentation shall be read in conjunction with CCT’s 1Q 2013 Unaudited Financial Statement
Announcement.
The past performance of CCT is not indicative of the future performance of CCT. Similarly, the past performance
of CapitaCommercial Trust Management Limited, the manager of CCT is not indicative of the future performance
of the Manager.
The value of units in CCT (CCT Units) and the income derived from them may fall as well as rise. The CCT Units
are not obligations of, deposits in, or guaranteed by, the CCT Manager. An investment in the CCT Units is
subject to investment risks, including the possible loss of the principal amount invested. Investors have no right
to request that the CCT Manager redeem or purchase their CCT Units while the CCT Units are listed. It is
intended that holders of the CCT Units may only deal in their CCT Units through trading on Singapore Exchange
Securities Trading Limited (SGX-ST). Listing of the CCT Units on the SGX-ST does not guarantee a liquid
market for the CCT Units.
This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties.
Actual future performance, outcomes and results may differ materially from those expressed in forward-looking
statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these
factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital
and capital availability, competition from other developments or companies, shifts in expected levels of
occupancy rate, property rental income, charge out collections, changes in operating expenses (including
employee wages, benefits and training costs), governmental and public policy changes and the continued
availability of financing in the amounts and the terms necessary to support future business.
You are cautioned not to place undue reliance on these forward-looking statements, which are based on the
current view of the CCT Manager on future events.
Important Notice
2 CapitaCommercial Trust Corporate Presentation *June 2013*
Content
1. About CCT 04
2. CCT’s Growth Drivers 10
3. Market Cycle Considerations 13
4. Case Studies of AEI 17
5. Case Studies of External Growth 26
6. Prudent Capital Management 32
7. Summary 36
Slide No.
3 CapitaCommercial Trust Corporate Presentation *June 2013*
CapitaCommercial Trust Corporate Presentation *June 2013*
1. About CCT
4
Singapore’s First Listed Commercial REIT
Listing May 2004 on Singapore Exchange Securities Trading Limited
Portfolio
- Singapore
10 quality commercial assets in the Central Area of Singapore
Total net lettable area of about 3 million sq ft
Total number of tenants – About 550 (office, retail and hotel)
Investments 30% stake in Quill Capita Trust who owns 10 commercial
properties in Kuala Lumpur, Cyberjaya and Penang - Malaysia
(less than 1% of total assets)
Total assets S$6.95 billion (US$5.6 billion) (as at 31 March 2013)
Market cap S$4.1 billion (US$3.2 billion) Based on CCT’s closing price of S$1.42 on 25 Jun 2013 and 2,874,598,116 total units on issue
Sponsor CapitaLand Group: About 32%
5 CapitaCommercial Trust Corporate Presentation *June 2013*
CapitaCommercial Trust Corporate Presentation *June 2013*
10
1. Capital Tower
2. Six Battery Road
3. One George Street
4. HSBC Building
5. Raffles City
1 2
3 4
5
6
7
9 10 8
6. Bugis Village
7. Wilkie Edge
8. Golden Shoe Car Park
9. CapitaGreen (development)
10. Twenty Anson
Owns 10 centrally-located quality commercial properties
Legend
Mass Rapid Transit
(MRT) station
6
CapitaCommercial Trust Corporate Presentation *June 2013* 7
CCT’s portfolio occupancy consistently above market level Decline in CCT’s 1Q 2013 occupancy is temporary
Notes:
(1) Source: CBRE Pte. Ltd.
(2) Covers Raf f les Place, Marina Centre, Shenton Way and Marina Bay, data only available f rom 3Q2005 onwards
(2)
95.9%
99.6% 99.4% 99.3%
96.7%
95.1%
98.2%
96.0%95.3%
85.0%
88.0%
90.9%
92.3%
90.0%
87.5% 87.9% 88.3%
90.8%90.8%
97.0%98.0%
93.7%92.4%
94.4%
90.7%
93.2%
80%
90%
100%
2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
CCT's Committed Occupancy Since Inception
CCT URA CBRE's Core CBD Occupancy Rate
8 CapitaCommercial Trust Corporate Presentation *June 2013*
Diverse tenant mix in CCT’s portfolio(1)
Note:
(1) Based on monthly gross rental income of tenants as at 31 Mar 2013
Of the 36%, the following key tenants
contribute around 63% collectively:
- HSBC
- JPMorgan
- GIC
- Standard Chartered Bank
- Mizuho
Banking, Insurance & Financial Services, 36%
Hospitality, 15% Retail Products and
Services, 13%
Food & Beverage, 7%
Business Consultancy, IT & Telecommunications, 7%
Manufacturing and Distribution, 6%
Legal, 4%
Education and Services, 4%
Energy and Maritime, 3%
Government, 3% Real Estate & Property Services, 2%
CapitaCommercial Trust Corporate Presentation *June 2013* 9
14.3%
6.1% 5.2% 4.9%
4.1%
2.4% 2.3% 1.7% 1.6% 1.6%
RC Hotels (Pte) Ltd
The Hongkong and Shanghai Banking
Corporation Limited
JPMorgan Chase Bank, N.A.
Government of Singapore Investment Corporation
Private Limited
Standard Chartered Bank
Mizuho Corporate Bank Ltd
Robinson & Company
(Singapore) Private Limited
Economic Development
Board
The Royal Bank of Scotland PLC
WongPartnership LLP
Top ten blue-chip tenants(1) contribute 44% of monthly
gross rental income
Note:
(1) Based on monthly gross rental income of top ten tenants as at 31 Mar 2013 (excluding retail turnover rent)
Weighted Average Lease Term to Expiry “WALE” (by NLA) as at 31 Mar 2013
improved due to renewal of JPMorgan and The Royal Bank of Scotland
WALE by NLA 1Q 2013 4Q 2012
Top 10 Tenants 17.6 years 17.4 years
Top 10 Tenants
excluding RC Hotels (Pte) Ltd3.8 years 3.0 years
CapitaCommercial Trust Corporate Presentation *June 2013*
2. CCT’s Growth Drivers
10
Growth drivers
11 CapitaCommercial Trust Corporate Presentation *June 2013*
• Achieve higher rental reversion
• Increase occupancy
• Revitalise asset quality through physical and technical improvements
Grow portfolio revenue
• Leverage on market cycles Grow by
acquisition
• Invest in select development projects that have strategic fit with CCT’s existing portfolio
Grow by development
projects
Increase
Economic
Value
of
CCT
Revitalised portfolio for further growth
12
Acquire good quality asset
Enhance /
refurbish asset
Unlock value at optimal stage of life cycle
Recycle capital
Flexibility and speed to
seize growth opportunities
Funding
flexibility
Organic
growth
Value creation
Acquisition of
Twenty Anson
1. Asset enhancement at Raffles
City Singapore (completed)
2. S$92m upgrading at Six Battery
Road (ongoing till end-2013)
3. S$34.7m upgrading at Raffles
City Tower (Nov 12 to Q2 2014)
Redevelopment
of Market Street
Car Park into
Grade A office
– CapitaGreen
Divestments:
2010 - Robinson
Point and
StarHub Centre
2011 - Market
Street Car Park
Total proceeds:
S$634m
CapitaCommercial Trust Corporate Presentation *June 2013*
CapitaCommercial Trust Corporate Presentation *June 2013*
3. Market Cycle Considerations
13
CBD Core office space currently constitutes
43% of total office stock
14
Source: Jones Lang LaSalle (4Q 2012)
Region Area (sq ft) % of total
stock
CBD Core
- Grade A office stock 27.5 mil
14.6 mil
43%
Rest of Central Area 10.2 mil 16%
Orchard Road 5.1 mil 8%
Marina Centre 3.8 mil 6%
Decentralised Areas 17.3 mil 27%
CapitaCommercial Trust Corporate Presentation *June 2013*
0.8 0.7 0.6
1.8
2.5
-2
-1.5
-1
-0.5
0
0.5
1
1.5
2
2.5
3
3.5
Net Supply Net Demand
CapitaCommercial Trust Corporate Presentation *June 2013* 15
Singapore Private Office Space (Central Area) – Net Demand & Net Supply
Notes:
(1) Central Area comprises ‘The Downtown Core’, ‘Orchard’ and ‘Rest of Central Area’
(2) Supply is calculated as net change of stock over the quarter and may include office stock removed from market due to conversions or demolitions
(3) Excludes Strata-titled Office developments
(4) Source: URA, CBRE (1Q2013 preliminary figures)
Forecast Supply
New office supply in CBD not excessive
Mil sq ft
CapitaGreen
by 4Q
Periods Average annual net supply Average annual net demand
1993 – 1997 (growth phase) 2.1 mil sq ft 1.9 mil sq ft
1993- 2012 (through 20-year property market cycles) 1.1 mil sq ft 1.0 mil sq ft
2013 – 2016 & beyond (forecast till 2017) 1.3 mil sq ft N.A.
Post-Asian financial crisis, SARs &
GFC -weak demand & undersupply
Singapore as a global city
16 CapitaCommercial Trust Corporate Presentation *June 2013*
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
Prime Grade A
Rate of office market rent decline is receding
*No historical data for Grade A rents prior to 2002.
Source of data: CB Richard Ellis (Pte) Ltd (figures as at end of each quarter). CBRE no longer tracks prime rents from 3Q 2011.
S$18.80
S$4.48
S$4.00
S$9.55
Global
financial
crisis Post-SARs, Dot.com crash
S$7.50
S$8.00
Euro-zone
crisis
Mo
nth
ly g
ross r
en
t b
y p
er
sq
ua
re fo
ot
S$11.06
1Q 12 2Q 12 3Q 12 4Q 12 1Q 13*
Mthly rent
(S$ / sq ft )
10.60 10.10 9.80 9.58 9.55
% change -3.6% -4.7% -3.0% -2.2% -0.3%
CapitaCommercial Trust Corporate Presentation *June 2013*
4. Case Studies of AEI
17
18 CapitaCommercial Trust Corporate Presentation *June 2013*
Case Study 1: Ongoing Asset Enhancement Initiative
for Six Battery Road Occupancy Rate Total AEI budget Target return on
investment (ROI)
AEI Period
93.2% (1Q 2013) versus
86.2% (1Q 2012)
S$92.0 mil 8.1% 4Q 2010 to 4Q 2013
Revitalised main lobby with
vertical garden
• Revitalised main lobby and concierge
• Upgrading of office space includes
installation of CO2 sensors, increased
ceiling height, sprinkler system
replacement and new chillers
• First operating office building in
Singapore to achieve Green Mark
Platinum award
• Reduced energy consumption by 27%
translating to c. S$560,000 savings
• Achieved rents of 20 - 25% premium over
comparable buildings in Raffles Place
CapitaCommercial Trust Corporate Presentation *June 2013* 19
Case Study 2: Ongoing Asset Enhancement Initiative
for Raffles City Tower
Occupancy Rate
(as at 1Q 2013)
Total AEI budget Target return on
investment
AEI Period
99.8% S$20.8 mil (60% interest) 8.6% 4Q 2012 to 2Q 2014
Artist’s impression of
revitalised main lobby
• Progressive upgrading of typical
lift lobbies
– Typical lift lobby corridors
– Restrooms and Pantry
• Upgrading of ground floor
– Canopy and drop off area
– Ground floor lobby and reception
– Entrance from retail area
2007 2008 2009 – 2010
Asset
Enhancement
Initiatives
(AEI)
Completed
• Created 3-storey island
podium block in atrium
• Extended Basement 1
Marketplace by
converting car park lots
• Extended lease lines
and reconfigured retail
spaces
• New F&B and Outdoor
Restaurant Area (ORA)
Extended existing ORA
• Reconfigured
Basement 1 retail area
• Linked Basement 2 to
Esplanade MRT station
Additional NLA
Created +40,000 sq ft +3,500 sq ft +16,000 sq ft
Cost S$75.4m S$7.5m S$34.6m(1)
Incremental
Net Property
Income (NPI)
S$7.6m S$1.1m S$3.1m
Return on
Investment 10.1% 10.0% 9.0%
Completion End-2007 End-2008 End-2010
Note:
(1) Subject to change as final account is not finalized. Revised total project cost includes marketing assistance of S$1.4m to affected tenants
Case Study 3: Value Creation for Raffles City
Retail Space Since Acquisition
CapitaCommercial Trust Corporate Presentation *June 2013* 20
Created 3-storey Island Podium in Raffles City
Atrium
Before creation of island podium
Created 3-storey island podium;
Retail shops on levels 1 and 2 and event
venue on level 3
Additional Net Lettable Area Created
CapitaCommercial Trust Corporate Presentation *June 2013* 21
Converted Part of Car Park into Retail Space
Created 26,400 square feet of retail space
Previous excess car park spaces
Higher Value Space Created
CapitaCommercial Trust Corporate Presentation *June 2013* 22
Reconfigured Space at Raffles City Basement 1
New Basement 2 Link to Esplanade MRT Station
Additional Shopper Traffic Generated
23 CapitaCommercial Trust Corporate Presentation *June 2013*
24 CapitaCommercial Trust Corporate Presentation *June 2013*
Case Study 4: Completed Asset Enhancement
Initiative for Golden Shoe Car Park
• Converted storeroom space to lettable office
space and enhancement of level 10 office lift
lobbies in August 2012.
• Secured a new tenant for the new office space
on a five-year lease.
• Achieved ROI of 18.6%, higher than projected.
Lift Lobby - Before
Enhanced Lift Lobby
Scope of Work Projected Achieved
Project Development Cost $590,000 $590,000
Incremental Cashflow (p.a.) $83,000 $110,000
ROI 14% 18.6%
25 CapitaCommercial Trust Corporate Presentation *June 2013*
Other growth driver: Upside from revised car
park rates
• Increased car park rates for CCT
properties implemented with effect from
1 June 2012.
• To ensure price competitiveness and
increase non-rental revenue for our
properties
• CCT tenants enjoyed additional 2
months’ notice period. Revised tenant
season parking was effective from 1
August 2012.
• Implementation of ‘Golden Lots Parking
Scheme’: exclusive reserved parking lot
at convenient location within Golden
Shoe Car Park Golden Shoe Car Park
Car parkers are greeted in the morning
CapitaCommercial Trust Corporate Presentation *June 2013*
5. Case Studies of External Growth
26
Case Study 1: Acquired Twenty Anson, a new Green Mark Platinum
office building, for property price of S$430 mil. 100% leased
Location 5-minute walk with sheltered access to the
Tanjong Pagar Mass Rapid Transit (MRT)
station and Capital Tower
Net Lettable Area Approximately 202,500 sq ft
Date of Building
Completion
05 Oct 2009
Committed Occupancy 100% (as at 21 Feb 2012)
Average Passing Rent S$6.18 psf per month
Key Tenants Toyota , BlackRock, CSC Technology
Value Proposition • Buying a new, significantly under-rented
property with good location and
specifications
• Only 6% of NLA due for renewal in 2012
• 94% of lease renewals in under-supplied
office market (2013 and 2014) with
significant rental upside
• Close proximity to Capital Tower
improves operating efficiency
• DPU accretion
• No equity raising Twenty Anson
27 CapitaCommercial Trust Corporate Presentation *June 2013*
Increased CCT’s footprint in Tanjong Pagar in view of
on-going rejuvenation of area
28 CapitaCommercial Trust Corporate Presentation *June 2013*
Key Developments
Commercial
1. Twenty Anson
2. Capital Tower
3. New office development
4. Robinson Square
Residential
5. Keppel Towers and GE Tower
(residential redevelopment)
6. The Icon (with retail podium)
7. Altez
8. Sky Suites@Anson
Mixed-use
9. PS100 (Hotel with
commercial/residential
component)
10. Mixed-use development
Future developments
11. Development of land parcels
around Tanjong Pagar Railway
Station
12. Future development sites after
port’s lease expires in 2027
Source: Map extracted from SLA’s OneMap website.
12
11
5
4
3
8 7
6
10
9
Twenty Anson
Capital Tower
Sheltered access to MRT
station
1
2
According to URA’s Masterplan
2008, Tanjong Pagar has been
planned as an attractive
business hub within the Central
Business District (CBD) – a
mixed-use precinct with a vibrant
work-play-live environment with
round-the-clock buzz.
6%
$6.05
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2012
Market gross rental of S$8.44 psf
per month in Shenton Way /
Tanjong Pagar as at 4Q 2011 (1)
Higher income expected from potential positive rental
reversions
29 CapitaCommercial Trust Corporate Presentation *June 2013*
Note:
(1) Data from Colliers International Singapore Research.
Existing leases in Twenty Anson were signed during the global financial crisis.
Average passing rentals of existing leases are significantly below current
market rentals.
50%
44%
$6.12 $6.28
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2013 2014
Expiry based on property's NLA (%)
Average rent of leases expiring in the year (S$ psf NLA)
Potential rental upside
Improved operating efficiency
30 CapitaCommercial Trust Corporate Presentation *June 2013*
Higher operating efficiency is expected due to Green Mark Platinum
design features of property and clustering of operational support.
Economies of scale and
sharing of resources
Twenty Anson
Capital Tower
Energy consumption
Based on Green Mark Platinum
certification, Twenty Anson is expected
to achieve savings of 25% - 30% in
energy consumption compared to a
Green Mark certified office building.
31 CapitaCommercial Trust Corporate Presentation *June 2013*
Case Study 2: CCT’s first development project,
CapitaGreen to be completed 4Q 2014
138 Market Street
CapitaGreen
• Only Grade A office building
completing in 2014 which will deliver
700,000 sq ft of net lettable area
• CCT owns 40% interest in
development on site of former
Market Street Car Park
• Call option to acquire balance 60%
from CapitaLand & Mitsubishi
Estate Asia within 3 years after
building’s TOP
CapitaCommercial Trust Corporate Presentation *June 2013*
6. Prudent Capital Management
32
Strong Financial Position Total assets at S$6.95 billion;
Adjusted NAV at S$1.62 per unit
33 CapitaCommercial Trust Corporate Presentation *June 2013*
Statement of Financial Position
As at 31 March 2013
S$ '000
Non-current Assets 6,854,864 Net Asset Value Per Unit $1.64
Current Assets 98,790 $1.62
Total Assets 6,953,654
Current Liabilities 155,639
Non-current Liabilities 2,137,061 CCT Credit Rating
Total Liabilities 2,292,700 Baa1 by Moody's/ BBB+ by S&P
Net Assets 4,660,954
Unitholders' Funds 4,660,954
Units in issue ('000 units) 2,845,051
Outlook stable by both rating agencies
Adjusted Net Asset Value Per
Unit
Moody's replaced CCT Corporate Family
Rating with issuer rating and upgraded CCT's
unsecured issuer rating from Baa2 to Baa1.
34
Robust capital structure; gearing at 30.4%
4Q 2012 1Q 2013 Remarks
2,105.8 2,113.6Increased
(MSO Trust draw down bank banks)
30.1% 30.4%Increased
(Additional drawdown by MSO Trust)
7.7 times 7.5 times Improved
69.7% 69.3% Decreased
3.2 years 3.0 yearsDecreased
(Passing of time)
Average Cost of Debt 3.1% 3.0% Improved
Interest Coverage 4.4 times 4.7 times Improved
Total Gross Debt (S$'m)
Gearing Ratio
Net Debt / EBITDA
Unencumbered Assets as % Total Assets
Average Term to Maturity
Average Cost of Debt
Interest Coverage
(1)
Note:
(1) In May and June 2013, $32.25 million of CB due 2015 were converted into CCT units @ conversion price of $1.2324.
Accordingly, the pro-forma Total Gross Debt would be reduced to $2,081.3 million and gearing would be 29.9%.
(1)
CapitaCommercial Trust Corporate Presentation *June 2013*
35 CapitaCommercial Trust Corporate Presentation *June 2013*
High proportion of debt on fixed interest rates
mitigates interest rate risk - Due to expiry of $370m interest rate swap in March 2013
78%
Borrowings
on Floating
Rate, 22%
Borrowings on Fixed Rate, 78%
Note:
(1) In May and June 2013, $32.25 million of CB due 2015 were converted into CCT units @ conversion price of $1.2324.
Accordingly, the % of borrowings on fixed rate would be 77% and on floating rate would be 23%
CapitaCommercial Trust Corporate Presentation *June 2013*
7. Summary
36
37
• Robinson Point
(S$203.25 million)
• Starhub Centre
(S$380.0 million)
CCT’s total assets in Singapore grew from S$2.1 bn
since inception in May 2004 to S$6.95 bn in 1Q 2013
• HSBC Building
(S$147.0 million)
• 60.0% stake in
Raffles City
(S$1,299.6 million)
1. Capital Tower
2. Six Battery Road
3. Starhub Centre
4. Robinson Point
5. Bugis Village
6. Golden Shoe Car Park
7. Market Street Car Park
• One George Street
(S$1,165 million)
• Wilkie Edge
(S$182.7 million)
Listing
• Market Street Car
Park
(S$56.0 million)
Due to 7 Acquisitions & 3 Divestments and ongoing AEIs over 8 Years
• Twenty Anson
(S$430.0 million)
• 30% stake in Quill Capita
Trust (about S$58.8 million)
2012 2011 2010 2009 2008 2007 2006 2005 2004
• 40.0% stake in
CapitaGreen
development
(Committed
S$560.0 million)
Divestments
Asset Enhancement Initiative
• Raffles City AEI (2007, 2008, 2010)
• Six Battery Road AEI (2010 to 2013)
• Raffles City Tower AEI (2012 to 2014)
CapitaCommercial Trust Corporate Presentation *June 2013*
38 CapitaCommercial Trust Corporate Presentation *June 2013*
Delivered higher returns in 2012 despite
challenging environment
Distributable Income Distribution Per Unit
S$ million (cents)
(2) Annualised
(3) After taking into consideration the issue of rights
units in July 2009
(2)
(3)
Global financial crisis and
Euro-zone debt crisis Global financial crisis and
Euro-zone debt crisis
45.1 59.9
78.9
120.4
153.0
198.5
221.0 212.8
228.5
0.0
50.0
100.0
150.0
200.0
250.0
2004 2005 2006 2007 2008 2009 2010 2011 2012
5.97
6.81 7.33
8.70
11.00
7.06
7.83 7.52
8.04
0.00
2.00
4.00
6.00
8.00
10.00
12.00
2004 2005 2006 2007 2008 2009 2010 2011 2012
(1) CAGR: Compounded Annual Growth Rate
+7.4%
+6.9%
Attractive yield compared to other investments(1)
39 CapitaCommercial Trust Corporate Presentation *June 2013*
0.03%
0.1%
0.3%
1.5%
2.5%
2.5% to 3.5%
2.9%
4.7%
4.8%
5.5%
Interbank overnight interest rate
Bank savings deposit
Bank f ixed deposit (12-month)
10-year Government bond
CPF (ordinary) account
Straits Times Index
Off ice property transaction yield
FTSE ST REIT Index
CCT Portfolio Property Yield
CCT's Distribution Yield(2)
(3)
Notes:
(1) All information as at 31 March 2013. Sources: Bloomberg, Monetary Authority of Singapore, Central Provident Fund,
Singapore Government Securities
(2) CCT’s distribution yield is based on annualised 1Q 2013 DPU over closing price of S$1.42 on 25 Jun 2013
(3) CCT portfolio property yield based on annualised 1Q 2013 net property income and December 2012 valuation
CapitaCommercial Trust Corporate Presentation *June 2013*
CapitaCommercial Trust Management Limited
39 Robinson Road
#18-01 Robinson Point
Singapore 068911
Tel: (65) 6536 1188
Fax: (65) 6533 6133
http://www.cct.com.sg
For enquiries, please contact:
Ms Ho Mei Peng
Head, Investor Relations & Communications
Direct: (65) 6826 5586
Email: ho.meipeng@capitaland.com
40
Recommended