10 Mapletree Commercial Trust Portfolio Overview Pasir Panjang MCT s portfolio comprises four properties located in Singapore s Alexandra Precinct, HarbourFront Precinct and the Central Business District. Road Singapore Changi Airport PSA BUILDING An established integrated development with a 40-storey offi ce block and a three-storey retail centre, Alexandra Retail Centre, having an aggregate NLA of 522,036 sq ft. PSAB s excellent location within the Alexandra Precinct, a short distance from the CBD, makes PSAB an ideal offi ce location for companies who prefer a quality offi ce location outside the CBD. ARC offers a wide range of amenities and food & beverage offerings to the working population in the vicinity. BANK OF AMERICA MERRILL LYNCH HARBOURFRONT A premium six-storey offi ce building with a NLA of 216,561 sq ft occupied by Bank of America Merrill Lynch. Completed in August 2008, it features modern offi ce specifi cations such as large and effi cient column-free rectangular fl oor plates of approximately 46,000 sq ft and integrated suspended ceiling and raised fl oors.
Annual Report 2013/14 11 Dhoby Ghaut City Hall ECP Expressway AYE Expressway Pasir Panjang ALEXANDRA PRECINCT Labrador Park 10 minutes drive from CBD Telok Blangah Mount Faber Harbour Front CTE Expressway Outram Park Raffl es Place Tanjong Pagar Marina Bay CENTRAL BUSINESS DISTRICT Marina Coastal Expressway Resorts World Sentosa HARBOURFRONT PRECINCT MRT: Major Expressways Circle Line East-West Line Sentosa North-South Line North-East Line MRT Station Sentosa express line VIVOCITY Singapore s largest mall with 1,041,030 sq ft of NLA spread over a three-storey shopping complex and two basement levels. VivoCity is positioned as a family, tourist and lifestyle destination in Singapore, offering visitors a unique waterfront shopping and dining experience. Its strategic location in the heart of the HarbourFront Precinct and excellent connectivity allowed it to attract 53.9 million visitors in the year ended 31 March 2014. MAPLETREE ANSON A 19-storey premium offi ce building located in the Tanjong Pagar micro market of the Central Business District with NLA of 331,713 sq ft. Completed in 2009, Mapletree Anson is one of the newest offi ce buildings in the CBD with Grade-A specifi cations. It is also one of the fi rst buildings in Singapore awarded the Green Mark Platinum certifi cation by the BCA. It is well connected to major arterial roads and expressways and located within a two minute walk from the Tanjong Pagar MRT Station.
12 Mapletree Commercial Trust Portfolio Overview Staying Focused Keeping Pace with Consumer and Market Needs
Annual Report 2013/14 13 VivoCity VivoCity maintained its strong performance, achieving record tenant sales in FY 2013/14 as well as strong positive rental reversions. Shopper Traffic (million) +1.4% Tenant Sales (S$m) +5.6% 53.2 53.9 858.1 905.9 FY 2012/13 FY 2013/14 FY 2012/13 FY 2013/14 During the year, various zones in VivoCity were successfully re-positioned and refreshed. New brands and concepts were introduced to complement existing ones, while some clusters were reconfigured to improve frontage and rental yields. These initiatives drove a robust increase in sales at the mall, with tenant sales hitting a new record of over S$900 million. Reflecting the strong support from new and existing tenants, expiring leases were renewed or re-let with a positive rental reversion of 37.7%. Occupancy cost for the tenants at VivoCity remains at a healthy rate of 17.0% for the year ended 31 March 2014.
14 Mapletree Commercial Trust Portfolio Overview VivoCity Property Information Description Net Lettable Area Number of Leases 325 Car Park Lots 2,179 A 3-storey shopping complex with 2 basement levels and a 7-storey annexe carpark 1,041,030 sq ft Title 99 years commencing from 1 October 1997 Gross Revenue Net Property Income Market Valuation (as at 31 March 2014) Occupancy 1 98.7% Key Tenants Awards and Accolades S$172.4 million S$122.7 million S$2,307 million VivoMart, Tangs, Golden Village, Best Denki 1. Committed occupancy for VivoCity as at 31 March 2014 is 99.9% Winner, Best Shopping Centre (Town), AsiaOne People s Choice Awards 2013 Marketing Magazine s Marketing Excellence Awards 2013 Excellence in In-Store Marketing (Gold) Marketing Magazine s Mob-Ex Awards 2014 Best Integration of Mobile (Bronze) Asia-Pacific Shopping Centre Awards 2013 Traditional Marketing (Finalist)
VivoCity Lease Expiry Profile by Gross Rental Revenue (for the month of March 2014) 36.9% 30.0% 22.2% 4.2% 6.7% FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 and beyond Number of Leases 91 124 91 13 6 VivoCity Trade Mix by Gross Rental Revenue (for the month of March 2014) 8.6% Fashion Related 3.1% Entertainment 4.5% Sports 5.8% Beauty 3.1% Others 29.8% Food & Beverage 9.1% Hypermart/Department Store 12.4% Lifestyle 23.6% Fashion Others include Retail Bank, Optical, Medical, Services, Convenience and Education.
Portfolio Overview Photo courtesy of Jamie s Italian New concepts and brands at VivoCity
XinJiang Acrobatic show at the Amphitheatre Celebrating Chinese New Year VivoCity 7th anniversary celebrations musical L imagination VivoCity Exciting and large scale events Easter Egg hunt Mini Cooper roadshow photo courtesy of Mini Cooper Arc Gloria berthing at VivoCity
18 Mapletree Commercial Trust Portfolio Overview PSA Building Occupancy at PSA Building rose over the past three years as tenants continue to recognise the building s quality and view Alexandra Precinct as an attractive alternative to the Central Business District. Occupancy PSAB (%) 100 ARC (%) 96.8 95.7 80.4 92.6 50.3 FY 2011/12 FY 2012/13 FY 2013/14 FY 2011/12 FY 2012/13 FY 2013/14 Note: Bars not to scale The offi ce component of PSAB continues to deliver through strong leasing execution, with the majority of tenants renewing their leases and several existing tenants expanding within the building during the year. As at 31 March 2014, PSAB Offi ce is 100.0% occupied, achieving a retention rate of 93.9% for leases expiring in the year. At ARC, a variety of new tenants were brought in to improve the amenity centre s offerings and trade mix to serve the working population in the Alexandra Precinct. Advertising and promotional campaigns were launched to drive greater awareness and footfall at ARC. Average monthly footfall rose 27% compared to 2012. As at 31 March 2014, ARC achieved occupancy of 96.8%.
Annual Report 2013/14 19 Driving Performance Steady Leasing Momentum
Portfolio Overview PSA Building Property Information Description Net Lettable Area Number of Leases 121 Car Park Lots 749 Integrated development comprising a 3-storey retail centre and a 40-storey office building 522,036 sq ft Title Leasehold 99 years wef 1 October 1997 Gross Revenue Net Property Income Market Valuation (as at 31 March 2014) Purchase Price S$46.1 million S$34.1 million S$724.0 million S$477.2 million Date of Purchase 27 April 2011 Occupancy 99.4% Key Tenants Office: PSA Corporation, Casino Regulatory Authority, Bank of Singapore Retail: FairPrice, McDonald s, Ichiban Sushi, Auntie Kim s Korean Restaurant
PSAB Lease Expiry Profile by Gross Rental Revenue (for the month of March 2014) 34.6% 20.3% 23.9% 12.8% 8.4% FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 and beyond Number of Leases 50 34 26 7 4 PSAB Trade Mix by Gross Rental Revenue (for the month of March 2014) 4.6% Banking & Financial Services 11.1% Others 2.1% Pharmaceutical 2.3% Beauty 2.5% Energy 6.5% Trading 9.4% Real Estate 11.3% Government Related Agencies 11.6% Food & Beverage 38.5% Shipping Transport Others includes IT Services & Consultancy, Hypermarket/Departmental Store, Consumer Services, Education, Medical, Insurance.
22 Mapletree Commercial Trust Portfolio Overview Mapletree Anson The addition of Mapletree Anson to MCT s portfolio boosted earnings, with a DPU accretion of 1.3%, better than projected in the Circular Forecast. Net property income of S$25.5 million for FY 2013/14 was 4.9% higher than provided in the Circular Forecast. Net Property Income +4.9% S$24.3m S$25.5m Circular Forecast FY 2013/14 Actual FY 2013/14 Since its acquisition, Mapletree Anson has outperformed against the Circular Forecast on both revenue and expenses, and contributed positively in its fi rst year of operations to the MCT portfolio. Mapletree Anson continues to be well positioned in the Tanjong Pagar micromarket to ride the recovery in the offi ce market with its Grade A specifications and attractive location.
Annual Report 2013/14 23 Seizing Opportunities Accretive Addition to Portfolio
24 Mapletree Commercial Trust Portfolio Overview Mapletree Anson Property Information Description Net Lettable Area Number of Leases 14 Car Park Lots 80 19-storey office building in the CBD with Grade A building specifications 331,713 sq ft Title Leasehold 99 years wef 22 October 2007 Gross Revenue Net Property Income Market Valuation (as at 31 March 2014) Purchase Price S$32.0 million S$25.5 million S$689.0 million S$680.0 million Date of Purchase 4 February 2013 Occupancy 1 93.8% Key Tenants J. Aron & Company (Singapore) Pte., Aon Singapore Pte. Ltd., Yahoo! Southeast Asia Pte. Ltd., Sumitomo Corporation Asia Pte. Ltd. 1. Committed occupancy for Mapletree Anson as at 31 March 2014 is 97.9%
Annual Report 2013/14 25 Mapletree Anson Lease Expiry Profile by Gross Rental Revenue (for the month of March 2014) 48.1% 29.8% 22.1% FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 and beyond Number of Leases 3 6 5 Mapletree Anson Trade Mix by Gross Rental Revenue (for the month of March 2014) 0.6% Energy 8.6% Real Estate 1.9% Others 16.3% IT Services & Consultancy 33.4% Insurance 18.6% Banking & Financial Services 20.6% Trading
26 Mapletree Commercial Trust Portfolio Overview Bank of America Merrill Lynch HarbourFront With the benefi t of a long term lease structure in place, MLHF continues to contribute stable income to the portfolio. MLHF continues to deliver stable revenue to MCT, while NPI was lifted by improved operational effi ciency and successful cost containment efforts taken during the year.
Annual Report 2013/14 27 Maintaining Stability Delivered Stable Income via Long Term Lease Property Information Description Net Lettable Area Number of Leases 1 Car Park Lots 93 A 6-storey office building with a basement carpark 216,561 sq ft Title Leasehold 99 years wef 1 October 1997 Gross Revenue Net Property Income Market Valuation (as at 31 March 2014) Purchase Price S$16.7 million S$12.9 million S$314.0 million S$311 million Date of Purchase 27 April 2011 Occupancy 100% Key Tenant Merrill Lynch Global Services Pte. Ltd. Lease Expiry Profile On long term lease to Merrill Lynch Global Services Pte. Ltd..