Singapore. 23 October 2007

Transcription

1 Raffles Raffles City City Acquisition Singapore 23 October

2 3Q RCS Trust Actual S$'000 1 Jan 2007 to 30 Sep 2007 CCT's 60% Interest RCS Trust Forecast 1 S$'000 Var. % Actual S$'000 Gross Revenue 73,337 68, ,228 - Office 11,570 9, ,283 - Retail 29,025 27, ,375 - Hotel 30,187 29, ,311 - Others 2,555 1, ,259 Net Property Income 52,823 49, ,038 Note: 1. The forecast is based on management s forecast for the period 1 January 2007 to 30 September This, together with the forecast for the period 1 October 2007 to 31 December 2007, is the forecast shown in the Circular dated 15 August 2006 for the equity fund raising to acquire Raffles City 1

3 Raffles City Occupancy and Renewals/New Lease Renewals and New Leases committed (1 Jan to 30 Sep 2007) Renewed/New Leases as at 30 Sep 2007 (% of Office & Retail NLA) (sq m) Increase in Rental Rates vs Forecast Rental Rates 1 Preceding Rental Rates Committed Occupancy as at 30 Sep ,445 Raffles City Tower 57.1% 77.0% 100.0% (15.8%) Raffles City Shopping Centre 12,418 (18.8%) 9.0% 20.1% 100.0% Weighted Average 22,863 (34.7%) 23.9% 37.5% 100.0% Note: 1. The forecast is based on management s forecast for the period 1 January 2007 to 30 September This, together with the forecast for the period 1 October 2007 to 31 December 2007, is the forecast shown in the Circular dated 15 August 2006 for the equity fund raising to acquire Raffles City 2

4 Raffles City Lease Expiry Profile Leases up for Renewal (By Gross Rental Income) as at 30 Sep % 0.4% 0.9% 1.5% 8.8% 9.7% 13.0% 6.7% 16.0% and Beyond Office 1 Retail 2 Hotels and Convention Centre 1. Excluding turnover rent 2. The hotels and convention centre master lease at Raffles City is on a 20-year lease commencing from 7 November

5 Raffles City Tower 60% of Office Leases up for Renewal in 2008 & 2009 Leases up for Renewal (By Gross Rental Income) as at 30 Sep 2007 % Lease Expiring 60.0% 50.0% 53.0% 40.0% 36.3% 30.0% 20.0% 10.0% 0.0% 2.3% 8.4% and Beyond Weighted Average Expiry 2.11 yrs 4

6 Raffles City Shopping Centre 56% of Retail Leases Up for Renewal in 2008 and 2009 Leases up for Renewal (By Gross Rental Income 1 ) as at 30 Sep 2007 % Lease Expiring 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 41.2% 33.6% 22.9% 2.3% & Beyond Weighted Average Expiry 1.92 yrs Note: 1. Excluding turnover rent 5

7 Raffles City Phase 1 Asset Enhancement Work Update 6

8 Raffles City Phase 1 AEI 99% Committed Net Lettable Area Gross Revenue Return on Investment 40,307 sq ft or 11.5% S$10.0 million p.a. 12.0% Create additional 40,307 sq ft of retail lettable area and extend retail footprint from 352,088 sq ft to 392,395 sq ft Creation of 3-storey island podium block in atrium Extension of Basement 1 Marketplace through conversion of car park lots Extension of lease lines and reconfiguration of retail spaces at levels 1 and 2 Decant approximately over 65,000 sq ft of mechanical and equipment space from Basements 1 to 3 7

9 Raffles City Phase 1 AEI Basement 1 98% Committed Food & Beverages Gifts & Novelties B1-44D B1-44E 1, B1-44C B1-44B B1-44A B B B1-44I B B B B B1-44K/L B1-13 2, B B B1-44O B B B B B B B1-46 B B B B B B B1-28/ Saj Exchange B1-03 (27.00) B B B B B B B1-04/ B B1-61 B B B B1-66/ B1-87/ B1-06/ B B1-70/ B B1-08/09/ B1-11/ B1-72/ B B1-90/91/ B1-84/ B B1-75/ B B1-77/ B1-13/ B1-79 & B B1-81/ B B B B B B B B1-21/ B Lifestyle Health & Personal Care/ Beauty & Cosmetics Supermarket Fashion & Fashion Accessories Bank / Services B B B B1-31/32/ B1-24/25/ New Extension and Reconfiguration of Area Disclaimer: All information contained herein are accurate as at 30 June 07 and are subject to changes and final approval. Whilst every reasonable care has been taken in preparing this information, the landlord and his agents shall not be held responsible for any inaccuracy RAFFLES CITY BASEMENT 1 As at 30 Sept

10 Raffles City Phase 1 AEI Basement 1 - Tenants Committed J Co Donuts and Coffee Committed Tenants BreadTalk Silver City Chain Epi d or Eu Yan Sang FotoHub GNC InQBox Japanese Marche Jason s Market Place Katrina Holdings M1 Secret Garden Streets The Cocoa Trees Unity NTUC Healthcare Watsons 9

11 Raffles City Phase 1 AEI Level 1 98% Committed International Brands (Fashion & Fashion Related) Watches, Jewellery, Shoes & Accessories / / Saj Exchange / / / E & 01-36F A B D & 01-36G C Department Store Food & Beverages Food & Beverages (Hotel) Art Gallery Reconfiguration of Area 01-04/ / A B A C /02 2, A /47/ high water feature A Island Podium with 3 storey 01-49/50/ RAFFLES CITY LEVEL 1 As at 30 Sept 2007 Disclaimer: All information contained herein are accurate as at 30 June 07 and are subject to changes and final approval. Whilst every reasonable care has been taken in preparing this information, the landlord and his agents shall not be held responsible for any inaccuracy 10

12 Raffles City Phase 1 AEI Level 1 International Tenants Committed International Tenants Committed at Reconfigured Area Top Line Brands Committed at Island Podium 11

13 Raffles City Phase 1 AEI Proposed 3-Storey Island Podium Block 3-storey high water feature integrated into the design of the island podium will serve as an iconic focal point of Raffles City 12

14 Raffles City Phase 1 AEI Level 2-100% Committed 02-26A/26B High Street Fashion & Asian Designer Labels (Fashion & Fashion Related) 02-20/20A Esprit & 02-22/23 1, A Watches, Jewellery, Shoes & Accessories Beauty, Spa & Wellness Liz Claiborne 02-18/ /25/ B Department Store Food & Beverages Food & Beverages (Hotel) sm / / / / sm C Bank / Services 02-08B Reconfiguration of /08A Area / B /02/03 & 02-06/07 3, / Topshop/Topman Flagship at Island Podium Café Swiss 02-35A Disclaimer: All information contained herein are accurate as at 30 June 07 and are subject to changes and final approval. Whilst every reasonable care has been taken in preparing this information, the landlord and his agents shall not be held responsible for any inaccuracy RAFFLES CITY LEVEL 2 As at 30 Sept

15 Raffles City Phase 1 AEI 99% Committed Achieved incremental revenue of S$ million per annum after completion of Phase 1 AEI Works Level Before AEI Net Lettable Area (sq ft) After AEI 2 Variance Increase in Gross Revenue S$ mil pa Leasing Status : % of Space with Offers Received 3 Basement 1 89, , ,196 + $4.49 mil 98% Level 1 79,955 85, ,874 + $3.01 mil 98% Level 2 88,873 97, ,237 + $2.50 mil 100% Level 3 93,692 93, Total 352, , ,307 + $10.0 mil 1 99% Average Rental (psf pm) S$14.55 S$ S$0.62 Notes: 1. After adjusted for potential loss of car park income of S$200k per annum 2. Estimated as at 30 September Based on offers received for the AEI units as at 30 September

16 Raffles City Value Creation of Phase 1 AEI Capital Expenditure S$62.4 million Start Date 2nd Quarter 2007 Completion Date 4th Quarter 2007 Gross Revenue (net of rental loss from car park income) Net Property Income Capital Expenditure Return on Investment Capital Value of AEI (assumed at 5.5% capitalisation rate) Increased in Value (net of investment cost) S$10.0 million S$7.5 million S$62.4 million 12.0% S$136 million S$73.7 million 15

17 The End 16