CapitaCommercial Trust investor presentationinvestor presentationcct.listedcompany.com/misc/CCT_investorpresentation_Jan 2010.pdf · CapitaCommercial Trust Presentation January 2010

CapitaCommercial Trust investor presentationinvestor presentation

January 2010

Important NoticeThis presentation shall be read in conjunction with CCT’s 2009 Full Year Unaudited FinancialStatement Announcement.

The past performance of CCT is not indicative of the future performance of CCT. Similarly, the past performanceof CapitaCommercial Trust Management Limited, the manager of CCT is not indicative of the future performanceof the Manager.

Th l f i i CCT (CCT U i ) d h i d i d f h f ll ll i Th CCT U iThe value of units in CCT (CCT Units) and the income derived from them may fall as well as rise. The CCT Unitsare not obligations of, deposits in, or guaranteed by, the CCT Manager. An investment in the CCT Units issubject to investment risks, including the possible loss of the principal amount invested. Investors have no rightto request that the CCT Manager redeem or purchase their CCT Units while the CCT Units are listed. It isintended that holders of the CCT Units may only deal in their CCT Units through trading on Singapore Exchangeintended that holders of the CCT Units may only deal in their CCT Units through trading on Singapore ExchangeSecurities Trading Limited (SGX-ST). Listing of the CCT Units on the SGX-ST does not guarantee a liquidmarket for the CCT Units.

This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties.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-lookingstatements as a result of a number of risks, uncertainties and assumptions. Representative examples of thesefactors include (without limitation) general industry and economic conditions, interest rate trends, cost of capitaland capital availability, competition from other developments or companies, shifts in expected levels ofoccupancy rate, property rental income, charge out collections, changes in operating expenses (includingemployee wages, benefits and training costs), governmental and public policy changes and the continuedavailability of financing in the amounts and the terms necessary to support future business.

Y ti d t t l d li th f d l ki t t t hi h b d thYou are cautioned not to place undue reliance on these forward-looking statements, which are based on thecurrent view of the CCT Manager on future events.

2 CapitaCommercial Trust Presentation *January 2010*

Contents

1. FY 2009 Highlights2. Solid Financial Results3. Portfolio Reconstitution Strategy3. Portfolio Reconstitution Strategy4. Stable Portfolio5. Market Outlook6 Focus Moving Ahead6. Focus Moving Ahead7. Supplementary Information8. Raffles City Singapore FY 2009


Singapore’s First Listed Commercial REIT

Listing May 2004 on Singapore Exchange Securities Trading Limited

Portfolio 11 premier commercial assets in the Central Area of SingaporePortfolio - Singapore

11 premier commercial assets in the Central Area of Singapore (7% of total private stock)

Total Net Lettable Area

Total number of Tenants

3.4 million sq ft

More than 500 (office and retail)

Investments 30% stake in Quill Capita Trust who owns ten commercial properties in Kuala Lumpur, Cyberjaya and Penang

7.4% stake in Malaysia Commercial Development Fund Pte. Ltd.- Malaysia

Total assets S$6.1 billion (US$4.4 billion)(as at 31 December 2009)

Market cap S$3.3 billion (US$2.3 billion)Based on CCT’s closing price of S$1.17 on 31 December 2009 and total units

on issue 2 813 915 220on issue, 2,813,915,220


Gross rental income(1) predominantly contributed by Grade A offices

CCT’s Focus is Owning and Investing in Real Estate and Real

contributed by Grade A offices

g gEstate-related Assets, which are Income-producing and used, or

Predominantly used, for Commercial Purposes.M j i f CCT tiMajor usage mix for CCT properties

By Gross Rental Income for the month of December 2009(2)

Office, 71%Hotels &

ConventionConvention Centre, 13%

Retail, 16%


Notes:(1) Excludes retail turnover rent(2) Assuming the divestment of Robinson Point as per the announcement on 20 Jan 2010 is completed

1 FY 2009 Highlights1. FY 2009 Highlights


DPU outperformance against preceding periodpreceding period

7.0629%

3.7312%

5.48

3.33

1H 2009DPU

2H 2009Estimated

FY 2008DPU (2)

FY 2009Estimated

DPU (1)

DPU (1)

Notes:

(1) The DPU is computed on the basis that none of the S$370.0 mil Convertible Bonds (“CB”) is converted into units on or before books closure date Accordingly the actual quantum of DPU may differ from the table above if any of the CB is

7

or before books closure date. Accordingly, the actual quantum of DPU may differ from the table above if any of the CB is converted into units on or before books closure date.

(2) Restated with the effects of the rights issue and are computed based on the issued units at end of period plus 1,403,891,000 rights units issued pursuant to the fully underwritten renounceable 1-for-1 rights issue .

Raised S$1.6 billion of capital in 2009despite challenging market conditionsdespite challenging market conditions

Date Amount Tenure and Type of Remarks

Raised Rates FinancingJan 2009 S$580 mil 3 yrs Secured term

loanRefinancing of Commercial mortgage-loan g gbacked securities (CMBS)

Jun 2009 S$143 mil 3 yrs @ all-in margin f 3% SOR

Secured term l

For working capital and refinancingof 3% over SOR loan refinancing

Jun 2009 S$828.3 mil N.A. 1-for-1 rights issue

To prepay and repay borrowings

Dec 2009 S$50 mil 3.5 yrs (fixed rate at 3.5% till 10 Jun 2013)

Medium term notes

To repay borrowingsand working capital purposes

Total S$1,601.3 mil


Continuing to sign new leases and renewals with positive rental reversion

• Signed new leases and renewals of 317,274 square feet in 4Q 2009Q– Tenants include:

• The Royal Bank of Scotland (bank) • Robinsons & Co (S) Pte Ltd (department store), • Tudor Capital Singapore Pte. Ltd.(financial services)• CIMB Standard Strategic Asset Advisors Pte. Ltd. (financial services)g ( )• Hanis Café & Bakery Pte. Ltd. (F&B)

– Sectors of these new leases and renewals: banking & financial services, business consultancy, shipping and marine and retail.

• Signed new leases and renewals totaling 1.03 illi f i FY 2009 ( d 30% fmillion square feet in FY 2009 (around 30% of

portfolio NLA).


Recognition for corporate responsibility standards

CCT has been included in FTSE4Good Index Series which recognises companies meeting i t ti l t ibilit t d dinternational corporate responsibility standards


2 Solid Financial Results2. Solid Financial Results


FY 2009 gross revenue up by 20%; distributable income up by 30%distributable income up by 30%

403,323400 000

450,000 FY 2008 FY 200920%

335,285

403,323

300,211300,000

350,000

400,000 29%

30%233,471

153,047198,452

200,000

250,000

, 30%

153,047

50 000

100,000

150,000

0

50,000

Gross Revenue Net Property Income Distributable Income

Income contribution from acquisition (11%) and higher rental income (9%)

Improved operating margin due to cost savings efforts and lower property tax; income contribution from existing buildings (15%) and

i iti (14%)

Higher revenue and improved operating margin and lower trust expenses contributed to higher distributable income

12

acquisitions (14%)

CapitaCommercial Trust Presentation *January 2010*

2H 2009 distributable income above 1H 2009 by 12%1H 2009 by 12%

250,000 1H 2009 2H 20094%

197,435

143 153

205,888

157,058150 000

200,00010%

12%143,153

93,423 105,029100,000

150,000 12%

50,000

Income contribution primarily Improved operating margin due to Result of higher revenue,

0Gross Revenue Net Property Income Distributable Income

yfrom positive rental reversions

g glower property tax

gimproved operating margin, and lower trust expenses and borrowing costs


4Q 2009 distributable income above4Q 2008 by 39%4Q 2008 by 39%

97 164 103,240120,000

4Q 08 4Q 0922%

6%

97,164

65 60980,001

80,000

100,000 22%

39%65,609

37,96452,893

40 000

60,000

20,000

40,000

0Gross Revenue Net Property Income Distributable Income

I ib i f hi h I d i i d R l f hi hIncome contribution from higher rental rates (4%) and acquisition growth (2%) – Wilkie Edge

Improved operating margin due to cost savings efforts and lower property tax; income contribution from existing properties (19%) and acquisition of Wilkie Edge (3%)

Result of higher revenue , improved operating margin and lower trust expenses and borrowing costs

14

q g ( )


Downward revaluation of S$327.6m or approximately 5.4% from May 2009

Asset Valuation (S$’m) As at 22 May 09

As at 31 Dec 09

Change %

31 Dec 09 (S$psf)

C it l T 1 130 0 1 052 5 (6 9) 1 420Capital Tower 1,130.0 1,052.5 (6.9) 1,420

Six Battery Road 1,182.0 1,114.0 (5.8) 2,242

HSBC Building 317.0 299.8 (5.4) 1,496HSBC Building 317.0 299.8 (5.4) 1,496

Starhub Centre 295.0 268.0 (9.2) 957

Robinson Point 195.0 182.5 (6.4) 1,371

Bugis Village 67.0 64.3 (4.0) 526

Golden Shoe Car Park 102.0 102.6 0.6 NM

Market Street Car Park 50.2 49.3 (1.8) NM

One George Street 1,010.0 896.0 (11.3) 2,000

Wilkie Edge 149 0 143 0 (4 0) 979Wilkie Edge 149.0 143.0 (4.0) 979

Raffles City 60% 1,532.4 1,530.0 (0.2) NM

Portfolio 6,029.6 5,702.0 (1) (5.4)

15

Notes: (1) Prior to the reclassification of Robinson Point from Investment Properties under Non-Current Assets to an Asset held for sale under Current Assets in CCT’s Balance Sheet as at 31 December 2009.(2) NM – Not meaningful CapitaCommercial Trust Presentation *January 2010*

Cap rates compression for CCT’s Grade A and prime offices valuation signifies reduced risksprime offices valuation signifies reduced risks

Cap rates December 2008 May 2009 December 2009

Grade A offices 4.5% 4.5% 4.25%& HSBC Building

(0.25% up against June 2008)

Prime offices 4.75% 4.75% 4.5%Prime offices 4.75%(0.25% up against

June 2008)

4.75% 4.5%

Raffles City Office 4 5% Office 4 6% Office 4 5%Raffles City Singapore

Office – 4.5%Retail – 5.5%Hotels and Convention

Office – 4.6%Retail – 5.6%Hotels and Convention

Office – 4.5%Retail – 5.6%Hotels and ConventionConvention

Centre – 5.75%Convention Centre – 5.85%

Convention Centre – 5.85%


Total Assets at S$6.1B, Adj. NAV at S$1.3731 Dec 09

S$'00030 Sep 09

S$'00031 Dec 08

S$'000Non-current assets(1) 5,595,598 6,116,271 6,785,965, , , , , ,Current assets(2) 504,374 223,181 85,426Total assets 6,099,972 6,339,452 6,871,391Current liabilities(3) 325 902 318 836 793 555Current liabilities(3) 325,902 318,836 793,555Non-current liabilities(4) 1,817,661 1,771,701 1,922,945Net assets 3,956,409 4,248,915 4,154,891Unitholders' funds 3,953,409 4,248,915 4,154,891NAV 1.41 1.51 (5) 1.77 (5)

Adjusted NAV (6) 1.37 1.49 (5) 1.74 (5)jNotes: Comparing Dec 09 against Dec 08(1) Non-current assets was lower mainly due to revaluation of investment properties on 22 May 2009 and 31 December 2009 and also

the reclassification of Robinson Point from Non-Current to Current Assets(2) Current assets has increased primarily due to higher cash at bank arising from balance of rights issue proceeds and issuance of $50

million MTN in Dec 09 as well as the reclassification of Robinson Point as mentioned above.(3) Current liabilities has decreased mainly due to short term loans repayment from a portion of the rights issues proceeds and

refinancing with long term borrowings. Lower trade and other creditors of also contributed to the decline. However, this was offset by reclassification from non-current liabilities (borrowings).

(4) Non current liabilities has decreased due mainly to reclassification to current liabilities and prepayment of a portion of loan but offset by an increase in issuance MTN of S$50 million.

(5) R t t d ith th ff t f th i ht i d t d b d th i d it t d f th i d l 1 403 891 000 i ht

17

(5) Restated with the effects of the rights issue and computed based on the issued units at end of the period plus 1,403,891,000 rights issue pursuant to the 1-for-1 rights issue.

(6) Assuming the distribution income has been paid out to the unitholders.


No major refinancing in 2010

1,200

S$ million

1,000 $370mCCT -

CBPut option

i M

Balance of rights issue proceeds

600

800 RCS -

secured facility

due Sep (2%)

$570m

CCT -

in May (18%)

S$35 m

(about S$140m) and $50m MTN issue in Dec 2009 for partial repayment of debt

$520m400

CCT- MTN

RCS- CMBSdue in

$370mCCT -

Convertible

CCT -3-year

secured term loan due in Mar

(28%)

p ydue in 2010

$235m

$50m

200

CCT- MTN $150m due

in Mar$85m due

in Aug (12%) CCT- MTN due in

Jan (5%)

Sep (26%)

Convertible Bondsdue in May

(18%)

(28%)

$143m

CCT -3-yearsecured

term loan due in

Jun (7%)

CCT- MTN due in Jun

(2%)S$100m $50m-2010 2011 2012 2013

$


Gearing within target range of 30% to 45%

As at 31 Dec 2009 2008

Total debt S$2,022.7m S$2,586.8m

Gearing ratio (1) 33 2% 37 6%Gearing ratio (1) 33.2% 37.6%

Interest service coverage 3.3 times 2.8 timesratio (2)

Ave cost of debt 3 9% 3 6%3.9% 3.6%

Ave fixed rate term to

i (3)2.2 years 2.4 years

expiry (3)

Notes:(1) Ratio of borrowings over total deposited properties

19

(1) Ratio of borrowings over total deposited properties(2) Ratio of net investment income before interest and tax over interest expenses(3) Average fixed rate term to expiry of the loan profile


Enhanced financial flexibility• Total number of unsecured assets : 8 out of 11

• Value of unsecured assets : S$2.8 billion(1) (49% of total value of investment properties)

• S$615.0 million untapped balance from S$1.0 billion multicurrency medium term note programmemedium term note programme

Six Battery Road One George Street Robinson Point Starhub Centrey g

Golden Shoe Car Park Market Street Car Park Wilkie EdgeBugis Village


Note: (1) Prior to the reclassification of Robinson Point from Investment Properties under Non-Current Assets to an Asset held for sale under Current Assets in CCT’s Balance Sheet as at 31 December 2009.

3 Portfolio Reconstitution Strategy3. Portfolio Reconstitution Strategy


Portfolio reconstitution strategy to further enhance asset quality q y

Flexibility and speed to seize growth opportunities

Acquire good quality Redeploy capital g q y

assetRedeploy capital

Organic growthFunding flexibility

Organic growth

Asset enhancement / refurbishment

Unlock value at optimal stage

f l refurbishmentof cycle

Value creation22

Value creation


Robinson Point at optimal stage of life cycle

Golden Shoe Car Park 2 6% Wilkie Edge, 1.6% Market Street Car

Net Property Income (1) Contribution by Properties

Raffles City, 28.2%R bi P i t

HSBC Building, 3.0%

Bugis Village, 2.7%

Park, 2.6% Market Street Car Park, 0.8%

(2)

Starhub Centre, 5.0%

Robinson Point, 3.7%

Capital Tower, 13.3%

Six Battery Road, 22.6%One George

Street, 16.5%

Notes:


Notes:(1) For the period of 1 Jan 2009 to 31 Dec 2009(2) Represents CCT’s interest of 60.0% in Raffles City

Unlocking value• Sale of Robinson Point for S$203.25 mil or

S$1,527 psf on NLAp

• Sold to AEW Asia, a subsidiary of AEW Capital Management, L.P.

• Estimated gain of S$19.2 mil (1)

– 11.4% above Dec 2009 valuation of S$182.5 milmil

– 69.7% above 2004 appraised value of S$119.8 mil when acquired by CCT

• Signed Sale and Purchase agreement on 19 January 2010

C l ti t d b A il 2010Robinson Point • Completion expected by April 2010Robinson Point

Note:


(1) Assuming estimated gain is classified as capital in nature

Asset plan review for Starhub Centre

• Obtained Outline Planning PermissionObtained Outline Planning Permission from the Urban Redevelopment Authority for change of use:

from Commercial to Residential (maximum– from Commercial to Residential (maximum 80% of GFA) and Commercial

– Gross plot ratio of +4.9 (no change)

• Change of use is still subject to other government authorities’ approval

• Only decide next course of action after all relevant approvals are received

Starhub CentreStarhub Centre


4 Stable Portfolio4. Stable Portfolio


Portfolio diversification(1) with focus on quality

Golden Shoe Car P k 2 7% (2 6%)

Wilkie Edge, 1.6% (1 6%)

Market Street Car

More than 80% of Net Property Income (2)

from Grade A offices and Raffles City

Raffles City , 29.3% (28 2%)

HSBC Building, 3.2% (3.0%)

Bugis Village, 2.8% (2.7%)

Park, 2.7% (2.6%) (1.6%) Park, 0.8% (0.8%)

(3)

(28.2%)

Starhub Centre, 5.2% (5.0%)

Capital Tower, 13.8% (13.3%)(13.3%)

Six Battery Road, 23.5% (22.6%)

One George Street, 17.1% (16.5%)

Notes:(1) Data shows information assuming the sale of Robinson Point as per the announcement on 20 Jan 2010 is completed Data in

27

(1) Data shows information assuming the sale of Robinson Point as per the announcement on 20 Jan 2010 is completed. Data in parenthesis includes Robinson Point.

(2) Represents CCT’s interest of 60.0% in Raffles City(3) For the period of 1 Jan 2009 to 31 Dec 2009


Top ten blue-chip tenants(1) contribute about 47% of monthly gross rental income

Weighted Average Lease Term to Expiry (by floor area) for Top 10 Tenants as at 31 Dec 2009 = 5.7 years(2)

Portfolio with Robinson Point Portfolio without Robinson Point

RC Hotels Pte Ltd 13.0% RC Hotels Pte Ltd 13.3%

Standard Chartered Bank 10.3% Standard Chartered Bank 10.6%Standard Chartered Bank 10.3% Standard Chartered Bank 10.6%

Government of Singapore Investment Corporation Pte Ltd 4.3% Government of Singapore Investment

Corporation Pte Ltd 4.4%

JPMorgan Chase Bank, N.A. 4.2% JPMorgan Chase Bank, N.A. 4.3%g g

CapitaLand Group 3.4% Nomura Singapore Limited 3.4%

Nomura Singapore Limited 3.3% The Hongkong and Shanghai Banking Corporation Ltd 2.5%

The Hongkong and Shanghai Banking Corporation Ltd 2.5% BHP Billiton Marketing Asia 2.5%

BHP Billiton Marketing Asia 2.4% Lloyd’s of London Asia 2.4%

Notes:

Lloyd’s of London Asia 2.1% Robinson & Co 1.9%

Robinson & Co 1.9% Wong Partnership LLP 1.8%

28

Notes:(1) Based on monthly gross rental income contribution as at 31 Dec 2009 (excluding retail turnover rent)(2) Assuming the completion of the sale of Robinson Point as per the announcement on 20 Jan 2010 is completed, there

is no material change to the Top Ten Tenants’ WALE.


Diverse tenant mix(1) in CCT’s portfolio

Retail Services, 2.5%

Car Park, 2.4% Department Store, 2.0%

Education, 1.4%

(1.9%)(2.3%)

(2.6%) (1.4%)

Banking, Insurance & Financial Services, 36.8%Others , 4.1%

Legal, 2.6%

Retail Services, 2.5%

(2)

(2.6%)

(2.8%)

(4.4%) (35.8%)

Food & Beverage, 5.2%

Real Estate & Property Services, 2.4% (4.6%)

(5.1%)

Standard Chartered Bank

JPMorgan Chase

Fashion, 6.7%(6.4%)

gBank, N.A.

Nomura Singapore Ltd

The Hongkong and

Government & Government Linked Office, 6.7% (6.5%)

The Hongkong and Shanghai Banking

Corporation Ltd

Lloyd’s of London (Asia) Pte Ltd

Energy, Business Consultancy, IT &

Telecommunications, 13.9%

Hospitality, 13.3%

(13.4%)

(12.8%)

Notes:(1) Based on monthly gross rental income as at 31 Dec 2009 for the portfolio including car park income from Golden Shoe Car

These five tenants account for 62% of the Banking, Insurance and Financial Services Group.

Pte Ltd

29

(1) Based on monthly gross rental income as at 31 Dec 2009 for the portfolio including car park income from Golden Shoe Car Park and Market Street Car Park. Data shows information assuming the sale of Robinson Point as per the announcement on 20 Jan 2010 is completed. Data in parenthesis includes Robinson Point.

(2) Consists of other minor retail and office trades


CCT’s portfolio and Grade A office occupancy record increase against market trend of declining occupancy

CCT 4Q 2009 Occupancy level (1) 4Q Industry Statistics – Occupancy level

Grade A office: 98.7% 3Q: 97.9% Grade A offices: 93.8% 3Q: 95.8%

P tf li 94 8% 3Q 94 0% C CBD 91 2% 3Q 91 2%Portfolio: 94.8% 3Q: 94.0% Core CBD : 91.2% 3Q: 91.2%

100%

CCT's Committed Occupancy Since Inception

95.2%

99.1%99.6% 99.6%

96.2%

94.1%

94.0%

100%

94.8%

87 8

94.1%

87.2%

89.7%

92.7%91.2%90%

87.8%84.0%

80%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

(2)

2004 2005 2006 2007 2008 2009 2010

CCT Occupancy Rate URA Occupancy Index (2)


Notes:(1) Assuming the completion of the sale of Robinson Point as per the announcement on 20 Jan 2010 is completed, there

is no material change to the above data.(2) URA has not released Occupancy Index Figure for 4Q 2009

Well spread portfolio lease expiry profile(1)

Leases up for renewal (by Monthly Gross Rental Income(2) ) as at 31 December 2009

22.3%4.2%

14.8%13.3%

16.1%

9 4%

7.1%6.1% 6.1%

9.4%2.5%

3.1% 1.0% 0.9%

2010 2011 2012 2013 2014 & Beyond

Office Retail Hotels and Convention Centre

Notes:

Renewed Leases for 2010

31

(1) Data shown does not take into account the sale of Robinson Point.(2) Excludes turnover rent


Already secured renewals for more than 20% of leases expiring in 2010

Office leases expiring(1) as a percentage of Monthly Office Gross Rental Income as at 31 December 2009

32.1%5.7%

20.2%18.1%

20.0%

9.6%

Renewed Leases for 2010

2010 2011 2012 2013 2014 & Beyond

Average office portfolio rent as at 31 Dec 2009 is $8.52 psf

Note:(1) Data shown does not take into account the sale of Robinson Point.


2010 expiring leases mainly from Capital Tower and Raffles City Tower

4Q 2009 Industry Statistics (1) –Grade A Office Average Market Rent: S$8 10 psf

Average rent of office portfolio leases expiring in 2010 is $7.09 psf (1)

Grade A Office Average Market Rent: S$8.10 psfPrime Office Average Market Rent: S$6.75 psf

2010

$11.91

$10.27 $9.00

$11.00

40%

60% Ave Monthly Gross Rental Rate for Expiring Leases (S$ psf/month)(2)

8.2%3 4% 5 6%

$7.10 $6.75

$5.00

$7.00 20%

Leases expiring as a percentage of monthly office gross rental

3.4% 2.6% 5.6%

$3.00 0%Capital Tower Six Battery Road One George

StreetRaf f les City Tower

(3)

income as at 31 December 2009(2)

Notes:(1) Source: CBRE (as at Q4 2009)(2) Data shown does not take into account the sale of Robinson Point.

33

(3) Has embedded yield protection of 4.25% p.a., based on purchase consideration of S$1.165 billion until 10 July 2013 from CapitaLand. This eliminates downside rental risk for One George Street during the yield protection period, but allows CCT to benefit from any upside in rental reversion.


Leasing risk mitigated by anticipation of office market recovery, but proactive leasing and prudent cost management strategy continues

20122011

management strategy continues

$11 71$13.38

$12.00

$16.00

$20.00

40%

60%2012

$

$15.44

$12.45 $13.05 $12.00

$16.00

$20.00

40%

60%

1.3% 3.7% 4.4% 6.1%

$11.71 $10.77

$6.88

$4.00

$8.00

$

20%

4.7%

15.9%

5.9%1 3%

$10.18

$4.00

$8.00 20%

$-0%Capital Tower Six Battery

RoadOne George

StreetRaf f les City

Tower

1.3%$-0%

Capital Tower Six Battery Road

One George Street

Raf f les City Tower

(1) (1)

Ave Monthly Gross Rental Rate for Expiring Leases (S$ psf/month) (2)

Leases expiring as a percentage of monthly office gross rental income as at 31 December 2009 (2)

Notes:(1) Has embedded yield protection of 4.25% p.a., based on purchase consideration of S$1.165 billion until 10 July 2013 from CapitaLand.

This eliminates downside rental risk for One George Street during the yield protection period, but allows CCT to benefit from any upside i t l i

34

in rental reversion. (2) Data shown does not take into account the sale of Robinson Point.


5 Market Outlook5. Market Outlook


Future supply in Central Area (1) until 2012 at 6.8 million sq ft of which approx 34% have already been

itt dpre-committedSingapore Private Office Space (Central Area) -- Demand & Supply

Ave annual supply = 2.4 mil sq ft Remaking of

2 22.5

3.0

4.0

ft)

Post -Asian financial crisis and SARs-weak demand & undersupply

Ave annual demand during previous growth phase('93-'97)=2.1 mil sq ft

gSingapore as global

city

2.2 2.11.52

0.721.0

2.0

Spac

e (m

il sq

0.10

-1.0

0.0

Off

ice

S

Ave annual supply = 1.8 mil sq ftAve annual annual demand =1.6 mil sq ft

-2.0

993

994

995

996

997

998

999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Supply Demand Forecast supply as at Jan'10 Pre-committed space

Notes:

(1)Central Area comprises ‘The Downtown Core’, ‘Orchard’ and ‘Rest of Central Area’

(2) Pre-commitment estimates for future supply are gathered from public reports (see page 49 and 50 for details)

1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2

36

( ) pp y g p p ( p g )

Source: Consensus Compiled from CBRE & JLL ( Jan 10)


Office Market rentals have declined 57% since the peak in 3Q2008, but decline has eased

Rate of Rental

$15.00 $15 00

$18.00

Rate of RentalIncrease/Decline over

preceding QuarterGrade A Office Prime Office

1Q 2009 18 0% 18 6%

$12.30

$10 15

$12.90

$10.50$12.00

$15.00 1Q 2009 -18.0% -18.6%2Q 2009 -17.5% -18.1%3Q 2009 -13.3% -12.8%4Q 2009 -8.0% -10.0%

$10.15

$8.80 $8.10

$10.50

$8.60

$7.50 $6.75

$9.00

$6.00

4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009

Note:

Prime Office Average Rent Grade A Office Average Rent(1)(1)

Note:(1) Source for office market rent: CBRE (figures as at end of each quarter)


Market outlook – Positive signs, but the recovery in 2010 is expected to be unevenrecovery in 2010 is expected to be uneven

Singapore’s year-on-year GDP at 3.5% in fourth quarter 2009Forecast GDP for 2010 : 3.0% to 5.0%

21.615

20

25

(%)

14.9

2.50

0.9 3.55

10

15du

ct (G

DP)

s

-7.7 -2.1-11.5

-6.8

0

-4.2

9 4

-3.2

-10

-5

0

mes

ticPr

odar

ket p

rices

Q2 Q3 Q4 Q1 Q2 Q3 Q4

-16.4-9.4

-20

-15

-10

Gro

ss D

omat

200

0 m

a

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Quarter-on-Quarter Change -7.7 -2.1 -16.4 -11.5 21.6 14.9 -6.8Year-on-Year Change 2.5 0 -4.2 -9.4 -3.2 0.9 3.5

G a

38

Source: Ministry of Trade and Industry, January 2010


“Singapore banks back on hiring spree”

“More than 1,000 staff are being hired by banks, poised to cash in on the expected return of the good times. This is based on a check of banks by The Straits Times….DBS Bank aims to fill more than 500 positions across the region including Singapore this year, from consumer to institutional and private banking.”

39

The Straits Times, Saturday, 9 January 2010


6 Focus Moving Ahead6. Focus Moving Ahead


Strategy for Driving DPU Growth

Distribution Per Unit Portfolio reconstitution

Organic growth Asset Enhancement

Acquisitions / Sales /Development Projects

– Singapore & overseas

Proactive and prudent capital management


87% of 2009’s Gross Rental Income already committed for the year of 2010(1)

3

Note:


Note:(1) Assuming the completion of the sale of Robinson Point as per the announcement on 20 Jan 2010, there is no material

change to the above data.

Supplementary SlidesSupplementary Slides


FY 2009 Gross Revenue (1) – By Asset2%

117 376 120,075

120 000FY 2008 FY 2009

2%S$ ‘000

117,376

100,000

120,000

13%

Lower average occupancy

75,642

85,171

61,848

80,000 19%

occupancy

49,124

58,422 ,

40,000

60,000

3%21%

29% 4%6%

0.3%

8,924

16,591 11,048 9,924 11,095

4 881

30,518

9,209

20,133 14,280

10,356 11,128 4 584

8,117 20,000

-6%

4,881 162

4,584

-Capital Tower

Six Battery Road

HSBC Building

Starhub Centre

Robinson Point

Bugis Village Golden Shoe Car Park

Market Street Car

Park

One George Street

Wilkie Edge 60% Interest in RCS

Note: (1) Wilkie Edge was legally completed in December 2008 Hence it did not contribute any revenue for most

44

(1) Wilkie Edge was legally completed in December 2008. Hence, it did not contribute any revenue for most part of 2008 and hence not a meaningful comparison year on year. One George Street was acquired in July 2008 and contributed to less than six months of 2008. Not meaningful comparison year-on-year.


FY 2009 Net Property Income (1) - By AssetS$ ‘000 5%

84,690

100,000 FY 2008 FY 2009

19%

S$ 000 5%

80,908

67,832

80,000

40%

Lower revenue coupled with increase in promotional expenses for

57,196

39 899

49,433

60,000 40% p p

new tenants

28,420 23,539

39,899

15 176 20 000

40,000

9%39%

51%3%

-12%-0.3%

8,382 10,905

7,307 7,781 7,896 2,774

(1,637)

9,140 15,176

11,064 7,983 7,873

2,440 4,681

-

20,000

(20,000)

Capital Tower

Six Battery Road

HSBC Building

Starhub Centre

Robinson Point

Bugis Village

Golden Shoe Car

Park

Market Street Car

Park

One George Street

Wilkie Edge

60% Interest in

RCS

Note:

45

(1) Wilkie Edge was legally completed in December 2008. Hence, it did not contribute any revenue for most part of 2008 and hence not a meaningful comparison year on year. One George Street was acquired in July 2008 and contributed to less than six months of 2008. Not meaningful comparison year-on-year.


Committed occupancy rates above market levelsCCT 4Q 2009 Occupancy level 4Q Industry Statistics – Occupancy level

Grade A office: 98.7% 3Q: 97.9% Grade A offices: 93.8% 3Q: 95.8%

Portfolio: 94.8% 3Q: 94.0% Core CBD : 91.2% 3Q: 91.2%

2004 2005 2006 2007 2008 2009Capital Tower 94 5 100 0 100 0 100 0 99 9 99 9Capital Tower 94.5 100.0 100.0 100.0 99.9 99.9Six Battery Road 97.5 99.5 100.0 99.9 98.6 99.2Starhub Centre 98.1 100.0 100.0 99.0 93.1 68.2Robinson Point 85 2 99 1 100 0 100 0 90 9 94 1Robinson Point 85.2 99.1 100.0 100.0 90.9 94.1Bugis Village 92.9 92.1 95.3 99.1 96.6 93.8Golden Shoe Car Park 100.0 85.4 98.0 96.4 100.0 100.0Market Street Car Park 100.0 0.0 (1) 95.6 95.4 82.8 100.0Market Street Car Park 100.0 0.0 95.6 95.4 82.8 100.0HSBC Building 100.0 100.0 100.0 100.0 100.0Raffles City 99.5 99.3 99.9 99.3Wilkie Edge(2) 52.5 77.9

Note:

g 52.5 77.9One George Street 100.0 96.3Portfolio Occupancy 95.2 99.1 99.6 99.6 96.2 94.8

46

(1) Market Street Car Park’s retail space was closed in November 2005 for asset enhancement work(2) Wilkie Edge is a new property legally completed in December 2008


Recognition for properties

• National Safety and Security Award (Cluster Category), by Safety & Security Watch Group, Singapore Police Force

Si B tt R d d R ffl Cit Si– Six Battery Road and Raffles City Singapore

• Fire Safety Excellence Award, Fire Safety Awards 2009 by National Fire and Civil Emergency Preparedness Council (NFEC) and Singapore Civil Defence Force (SCDF)– Six Battery Road

• Fire Safety Awards 2009 by NFEC and SCDF• Fire Safety Awards 2009 by NFEC and SCDF– Capital Tower, Raffles City Singapore, Starhub Centre, Robinson Point,

Wilkie Edge, Golden Shoe Car Park

• Water Efficiency Award, PUB Water Efficiency Awards 2009 by Public Utilities Board, Singapore– Raffles City Singaporey g p

• Silver Award for Development and Design (Renovation or Expansion of an Existing Project) , Asia Shopping Centre Awards by International Council of Shopping CentersCouncil of Shopping Centers – Raffles City Singapore


Occupation Cost – Ranking now at 32 from 15; more cost competitive to base office in Singaporemore cost competitive to base office in Singapore

CBRE Global 50 Index (by occupation cost in US$/sf/year)

Ranking Previous City Ranking (Nov 09) Cost Previous

ranking (May 09)London (West End), UK 1 184.85 2 (172.62)

Tokyo ( Inner Central ), Japan 2 171.64 1 (183.62)

Tokyo (Outer Central), Japan 3 139.09 5 (149.58)

Hong Kong (Central) China 4 137 61 4 (150 42)Hong Kong (Central), China 4 137.61 4 (150.42)

Moscow, Russia 5 131.55 3 (170.24)

Paris, France 6 122.51 8 (114.89), ( )

Mumbai, India 7 121.11 6 (131.04)

London (City), UK 9 108.03 9 (103.50)

Hong Kong (Citywide) 21 75.20 14 (84.47)

New York (Midtown), USA 24 68.93 21 (68.63)

Singapore 32 63 89 15 (82 79)

48

Singapore 32 63.89 15 (82.79)


Details of 2010 forecast office supply in Central Area

Expected Completion Development Location

Net Floor Area (sf)

Total Net Floor Area (sf)

Tokio Marine Centre (formerly Asia ChambersQ1

Tokio Marine Centre (formerly Asia Chambers redevelopment) McCallum St 133,000

Q3Marina Bay Financial Centre (Phase 1) – 79% pre-committed Marina Bay 1,600,000

Q3 50 Collyer Quay – some pre-commitment Collyer Quay 412,000

2010North Bridge Road (Owner/Tenant: Kim Eng H ldi ’ HQ) Cit F i 50 000 2 195 0002010 Holdings’ HQ) City Fringe 50,000 2,195,000

Source: Supply forecast compiled from CBRE report (December 09); pre-commitment ti t bt i d f bli h d t


estimates obtained from published reports

Details of forecast office supply in Central Area for 2011 - 2012

Expected Completion Development Location

Net Floor Area (sf)

Total Net Floor Area (sf)

Q1 2011 Ocean Financial Centre – 16% pre-committed Collyer Quay 850,000

2011 1 Raffles Place (OUB Centre Tower 2) Raffles Place 350,000

2011Hotel / Office at Upper Pickering Street (Hotel Plaza Group) Chinatown 70,000

Q3 2011Asia Square (Marina View Tower 1 (only L6 -L43 ffi )) M i B 1 260 000 2 530 000Q3 2011 L43 office)) Marina Bay 1,260,000 2,530,000

2012Marina Bay Financial Centre (Phase 2) – 55% pre-committed Marina Bay 1,300,000

2012 Asia Square (Marina View Tower 2) Marina Bay 780,000 2,080,000TOTAL FORECAST SUPPLY (2010 – 2012) 6,805,000( ) , ,

Source: Supply forecast compiled from CBRE report (December 09); pre-commitment ti t bt i d f bli h d t

50

estimates obtained from published reports


Singapore Hotel LandscapeSingapore Hotel Landscape

51 CapitaCommercial Trust Presentation *December 2009*

Room Rates Peaked in 20081

Average Gazetted Hotel Room Rates2009 ARR

Jan $207

Feb $204

$245.9

250.0

300.0 ($)

Mar $200

Apr $190

May $186150.1 150.9 137 3 133 4 136 7

164.0

201.7

150 0

200.0

Jun $180

Jul $177

Aug $174

137.3 120.0 127.8 133.4 125.9

115.5 121.0 136.7

100.0

150.0

Sep $205

Oct $182

Nov $198

-

50.0

96 97 98 99 00 01 02 03 04 05 06 07 08

Source: STB (December 2009)

Note:

Nov $198

52

Note:1. Hotel statistics are available from 1995 onwards

CapitaCommercial Trust Presentation *December 2009*

Occupancy Trend

Hotel Standard Average Occupancy Rate (1996 – 2008)2009 AOR

(%) Jan 67%

Feb 75%

Mar 74%82

79

75

83

76 74

81 84 85 8781

Mar 74%

Apr 71%

May 69%

7175

67Jun 77%

Jul 80%

Aug 79%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Sep 79%

Oct 83%

Nov 84%1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008



Revpar Trend

Revenue Per Available Room of Gazetted Hotels 2009 Revpar

Jan $138

Feb $153

Mar $148

175.5

199.2

160 0

180.0

200.0Revpar (S$)

Mar $148

Apr $134

May $128

Jun $138

124.4 123.5 119.7

97.989 9

106.7101.7

93.8 98.2

114.7

139.6

100.0

120.0

140.0

160.0

Jun $138

Jul $143

Aug $138

S $161

89.9

77.6

40.0

60.0

80.0

100.0

Sep $161

Oct $151

Nov $1670.0

20.0

40.0

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008



Future Supply of Hotel Rooms

Known New Hotel Supply by Planning Region (Q2 09 - 2014)

Source: URA; STB; CBRE Research


Demand Drivers

• Singapore‘s travel and tourism sector was ranked the 10th most competitive in the world and most competitive in Asia according to a 2009 report compiled by the World Economic Forum (1).

• Singapore Tourism Board (STB) targets 17 million tourists in 2015 -require another 20,000 rooms to meet the demand. It is now developing arequire another 20,000 rooms to meet the demand. It is now developing a new tourism roadmap called Tourism Compass 2020 to enhance tourism as a key driver of Singapore’s economy

Th MICE (M ti I ti T l C ti d E hibiti )• The MICE (Meetings, Incentive Travel, Conventions and Exhibitions) industry will be boosted by the completion of the 2 integrated resorts in 2010.

• Government efforts to develop Singapore as a healthcare services hub of Asia.

• Government and private sector efforts is developing and attracting• Government and private sector efforts is developing and attracting world class sports events

Notes:

56

1. Results were obtained from about 13,000 respondents in Europe and Asia Pacific as well as booking data from Zuji’s Asia Pacific website

CapitaCommercial Trust Presentation *December 2009*

R ffl Cit SiRaffles City SingaporeFull Year 2009

20 January 2010

Performance of RCS Trust – FY 2009

CCT’s 60% Interest RCS Trust (100%)

(1)Actual Forecast (1) Actual

FY 2009 S$'000

FY2008

S$'000

Change FY 2009 S$'000

Change FY 2009 S$'000% %S$ 000 % %

Gross Revenue 120,075 117,376 2.3 118,980 0.9 200,126

- Office 21,940 18,829 16.5 23,543 (6.8) 36,567- Retail 51,008 49,303 3.5 47,836 6.6 85,014- Hotel 42 362 44 786 (5 4) 44 138 (4 0) 70 604(2)Hotel 42,362 44,786 (5.4) 44,138 (4.0) 70,604- Others 4,765 4,458 6.9 3,463 37.6 7,941

Net Property Income 84,690 80,908 4.7 84,300 0.5 141,148Notes:(1) The forecast for RCS Trust is based on the forecast shown in the joint announcement by CapitaCommercial Trust (“CCT”) and CapitaMall

Trust (“CMT”) on 9 June 2008

Raffles City Singapore Presentation *January 2010*

Trust ( CMT ) on 9 June 2008.(2) The decline in hotel revenue is due to a decrease in hotel gross turnover rent.

Diverse Sector MixSector Mix for RCS for FY 2009 Gross Rental Income

Hotel & C ti

Office 19%Convention

Centre,37%

19%

Retail 44%

Raffles City Singapore Presentation *January 2010*3

75% of Preceding Year’s Gross Rental Revenue H B L k d i With C itt d L (1)Has Been Locked-in With Committed Leases

Renewals and New Leases Committed from 1 Jan 2009 to 31 Dec 2009

(1)

Renewals and New Leases Committed from 1 Jan 2009 to 31 Dec 2009

Renewed/New Leases as at

Increase in Rental Committed

OccupancyLeases as at 31 Dec 2009

(% of total NLA)

vsPreceding

Rent

Occupancy as at

31 Dec 2009

Raffles City Tower(Office)

21,534 sq m23.2% 98.6%

(29.6%)

Raffles City Shopping Centre

16,287 sq m1.1% 100.0%

(22.4%)Note:

(1) Based on revenue from committed leases for the period 1 January 2010 to 31 December 2010, assuming the leases due for renewal in 2010are not renewed and left vacant.


Lease Expiry Profile – Raffles City Tower (Office)Raffles City Tower (Office)Leases up for Renewal as a % of Gross Rental Income as at 31 Dec 2009

38 1%41.4%

38.1%

8.9%4 5% 7.1%4.5%

2010 2011 2012 2013 2014 and b d

Weighted Average Expiry by Gross Rental Income 1.89 Years

beyond


Lease Expiry Profile – Raffles City Shopping CentreRaffles City Shopping Centre

Leases up for Renewal as a % of Gross Rental Income(1) as at 31 Dec 2009

Weighted Average Expiry by Gross Rental Income 2.03 Years

Note:


Note:

(1) Excludes retail turnover rent. Excludes units affected by asset enhancement works at Basement 1 and Basement 2 Link.

Top 10 Tenants(1)

– Raffles City Tower (Office)Raffles City Tower (Office)Tenant % of Gross Rental

IncomeEconomic Development Board 24.5%Accenture Pte Ltd 9.8%Phillip Securities Pte Ltd 8.4%Chinaoil (Singapore) Int'l Pte Ltd 4.2%Petro-Diamond Singapore (Pte) Ltd 4.2%Total Trading Asia Pte. Ltd. 4.0%AAPC Hotels Management Pte. Ltd. 3.2%Raffles International Limited 3.0%Lyondell South Asia Pte Ltd 2.7%Orix Investment & Management Private Limited 2.4%Top 10 Tenants 66.5%

Other Tenants 33.5%

TOTAL 100.0%

Note:(1) Based on committed gross rental income as at 31 December 2009


(1) Based on committed gross rental income as at 31 December 2009.

Top 10 Tenants(1)

– Raffles City Shopping CentreRaffles City Shopping CentreTenant % of Gross Rental

IncomeRobinson & Company (Singapore) Private Limited 16.3%

Wing Tai Retail Pte. Ltd. 5.2%

Jay Gee Enterprises (Pte) Ltd 3.9%

ThaiExpress Concepts Pte. Ltd. 3.1%

Cold Storage Singapore (1983) Pte Ltd 2.9%

Food Junction Management Pte Ltd 2 8%Food Junction Management Pte Ltd 2.8%

Esprit Retail Pte Ltd 2.6%

Cortina Watch Pte Ltd 2.4%

DBS B k Ltd 2 0%DBS Bank Ltd. 2.0%

FJ Benjamin (Singapore) Pte Ltd 2.0%

Top 10 Tenants 43.2%Other Tenants 56.8%

TOTAL 100.0%Note:(1) Based on committed gross rental income (excluding retail turnover rent) as at 31 December 2009 Excludes units affected by asset


(1) Based on committed gross rental income (excluding retail turnover rent) as at 31 December 2009. Excludes units affected by asset enhancement works at Basement 1 and Basement 2 Link.

Trade Mix – Raffles City Tower (Office)Raffles City Tower (Office)

Tenant Business Sector Analysis by Gross Rental Income as at 31 Dec 2009

Banking, Insurance & Financial Services,

12.3%

Real Estate & Property Services, 6.7%

Services, 0.6%

Government & Government Linked

Office, 25.5%

Energy, Business Consultancy, IT &

Telecommunications, 46.2%

Others, 8.7%


Trade Mix – Raffles City Shopping Centre

Supermarket 2 9% Others, 2.5%

Raffles City Shopping CentreTenant Business Sector Analysis by Gross Rental Income(1) as at 31 Dec 2009

Others(2), 2.5%

Fashion, 28.4%

Sundry & Services, 4.0%

Gifts & Souvenirs, 2.8%

Supermarket, 2.9% ,

Fashion, 28.4%

Jewellery Watches Pen,

Beauty & Health Related, 5.8%

Je e e y a c es e ,6.0%

Food & Beverage, 22 5%

Shoes & Bags, 9.3%

22.5%

Department store, 15.8%

Notes:

(1) E l d t il t t E l d it ff t d b t h t k t B t 1 d B t 2 Li k


(1) Excludes retail turnover rent. Excludes units affected by asset enhancement works at Basement 1 and Basement 2 Link.

(2) Others include Books & Stationary, Sporting Goods & Apparel, Electrical & Electronics, Houseware & Furnishings, Art Gallery and Toys & Hobbies.

Update on Asset Enhancement Initiatives for B2 Link to Esplanade MRT Station & B1 Marketplace Reconfiguration

11

Strong Leasing Interest for New SpaceMore than 63% of net lettable area at Raffles City Singapore’s

proposed Basement 2 Link has been pre-committed

AEI works have commenced; on schedule to complete by end-2010

New escalator connection to B2 linkAEI Works Target Completion

Basement 1 – Phase 1 2nd Quarter 2010Q

Basement 1 – Phase 2 3rd Quarter 2010

Basement 1 – Phase 3 4th Quarter 2010

Basement 2 Link 3rd Quarter 2010


Proposed Asset Enhancement Initiative (“AEI”)• A new underground link at Basement 2 ofSuntec City g

Raffles City (“B2 Link”) will be created toprovide connectivity between EsplanadeMRT Station to City Hall MRT InterchangeStation via Raffles City Basement 1 (“B1”)

Esplanade MRT StationStation via Raffles City Basement 1 ( B1 )Marketplace.

• A shopping area at B2 Link will be createdas an extension to current retail offeringNew Link as an extension to current retail offering.

• The current B1 will be reconfigured toprovide seamless access to and from bothMRT stations, at the same time improving

War MemorialNew Link

Existing , p gthe visibility of the shopping along theaccess.

Existing Link

Raffles City

Legend :

New LinkMRT Interchange station

Raffles City Singapore Presentation *October 2009*13

Existing Link

MRT Interchange station

Proposed B2 Link

To Esplanade MRT Station

To B1 of Raffles City

E ti t d NLA 12 180 ft

To B1 of Raffles City

Raffles City Singapore Presentation *October 2009*

Estimated NLA : 12,180 sqft

14

Proposed B1 ReconfigurationL d

Legend:Food & Beverages

Gifts & Novelties

Lifestyle

Health & Personal Care/

Legend

Retail/Services

F&B/F&B KioskF&B/F&B Kiosk

New Escalator to B2 Link

Fashion &

Fashion AccessoriesBank / Services

ea & e so a Ca e/

Beauty & CosmeticsF&B/F&B Kiosk

Existing Basement 1

Existing escalator to L1 towards City Hall MRT

New Connecting Path from Esplanade MRT

towards City Hall MRT Interchange Station


g pStation to City Hall MRT Interchange Station Reconfigured Basement 1 with incremental NLA of 4,105sqft

homeipeng

Text Box

. It should be, the decrease is a result of the lower market rental assumption although there is cap rate compression.

Financials

Description Before AEI After AEI(1) Variance

Projected Incremental Rents

Description Before AEI After AEI(1) Variance

B1 Net Lettable Area (sqft) 44,739 48,844 4,105 +9.2%

B2 Net Lettable Area (sqft) 0 12 180 12 180B2 Net Lettable Area (sqft) 0 12,180 12,180 -

Total Net Lettable Area (sqft) 44,739 61,024 16,285 +36.4%

Gross Rent per annum $10,726,620 $14,219,912 $3,493,292 +32.6%p , , , , , ,

The proposed works at B1 will be done in phases to:-Mi i i i i t h d• Minimise inconvenience to shoppers; and

• Preserve cashflow and net property income.

Note:

(1) Forecast value creation is based on Manager's estimates.


Value Creation of Planned Initiatives

Capital Expenditure Start Date Completion Date

S$33.23 mil 4th Qtr 2009 4th Qtr 2010

AEI Budget(1)

Incremental Gross Revenue per annum $3.49 mil

Incremental Net Property Income $2.65 mil

Capital Expenditure Required $33.23 mil

Return On Investment 8.0%

Capital Value of AEI (assumed at 6% capitalisation rate) $44.17 mil

I i V l ( f i ) $10 94 ilIncrease in Value (net of investment cost) $10.94 mil

Note:

Raffles City Singapore Presentation *October 2009*

(1) Forecast value creation is based on Manager's estimates.

17

Thank You

F i i l t tFor enquiries, please contact:HO Mei Peng

Head, Investor Relations & CommunicationsT l (65) 6826 5586Tel : (65)-6826 5586 Fax : (65)-6533 6133

Email: [email protected]


http://www.cct.com.sg

homeipeng

Text Box

Documents

CapitaCommercial Trust investor presentationinvestor presentationcct.listedcompany.com/misc/CCT_investorpresentation_Jan 2010.pdf · CapitaCommercial Trust Presentation *January 2010*

CapitaCommercial Trust investor presentationinvestor presentationcct.listedcompany.com/misc/CCT_investorpresentation_Jan 2010.pdf · CapitaCommercial Trust Presentation January 2010