Festival Walk
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PERFORMANCE Property Portfolio Summary and Review1 IXINAL Higashi-nihonbashi TS Ikebukuro ABAS SII Makuhari Fujitsu Makuhari Monzen-nakacho 1-chome Building Building Shin-Yokohama Building Building Festival Walk Gateway Plaza Sandhill Plaza Building (MON) (HNB) (TSI) Building (ASY) (SMB) (FJM) Market HONG KONG SAR CHINA JAPAN City Hong Kong SAR Beijing Shanghai To k yo To k yo To k yo Yokohama Chiba Chiba Address No. 80 Tat Chee Avenue, No. 18 Xiaguangli, Block 1 to 5 and 7 to 9, 5-4, Fukuzumi 4-6, Higashi- 63-4, Higashi- 6-1, Shin-yokohama 8, Nakase 1-chome, 9-3, Nakase Kowloon Tong East 3rd Ring Road North, No. 2290 Zuchongzhi Road, 2-chome, Koto-ku nihonbashi 1-chome, Ikebukuro 2-chome, 2-chome, Mihama-ku, 1-chome, Chaoyang District Zhangjiang Hi-tech Park, Chuo-ku Toshima-ku Kohoku-ku, Chiba City Mihama-ku, Pudong New Area Yokohama City, Chiba City Kanagawa Asset Type Mall and Office Office Business Park Office 2 Gross Floor Area (“GFA”) 112,297 sq m 106,456 sq m 83,801 sq m 8,303 sq m 3,240 sq m 4,898 sq m 4,638 sq m 70,744 sq m 61,088 sq m Office: 21,244 sq m (19%) Office: 94,715 sq m (89%) Retail: 91,053 sq m (81%) Podium: 11,741 sq m (11%) 2 Net Lettable Area (“NLA”) 74,171 sq m 106,456 sq m 63,284 sq m 6,852 sq m 2,601 sq m 4,002 sq m 3,170 sq m 70,744 sq m 61,088 sq m Office: 19,879 sq m (27%) Office: 94,715 sq m (89%) Office: 61,684 sq m (97%) Retail: 54,292 sq m (73%) Podium: 11,741 sq m (11%) Amenities: 1,600 sq m (3%) No. of Storeys 7 floors (retail), Two 25-storey office towers, One 20-storey tower, 5-storey 8-storey 9-storey 9-storey 26-storey 21-storey 4 floors (office), 3-storey podium area, 7 blocks of 3-storey buildings, office building office building office building office building, office building, office building 3 basement car park levels 3 underground floors 2 basement car park levels 2 basement levels 1 basement level Car Park Lots 830 692 460 28 8 15 24 298 251 Land Use Right Expiry 30 June 2047 25 February 2053 3 February 2060 Freehold Remaining Term of Land Lease 28 years 34 years 41 years Freehold No. of Tenants 187 96 59 22 No. of Leases 270 99 74 22 Tenant Type Multi-tenanted Multi-tenanted Multi-tenanted Single-tenanted Multi-tenanted Single-tenanted Multi-tenanted Single-tenanted Single-tenanted Year of Purchase by MNACT 2013 2013 2015 2018 2018 2018 2018 2018 2018 Purchase Price (million) HKD20,700 RMB5,150 RMB1,862 JPY8,639 JPY1,995 JPY5,220 JPY2,695 JPY26,344 JPY18,411 (S$3,296)3 (S$1,013)3 (S$407)4 (S$105)5 (S$24)5 (S$64)5 (S$33)5 (S$321)5 (S$224)5 6 Valuation (million) HKD28,750 RMB6,851 RMB2,352 JPY8,730 JPY2,170 JPY5,280 JPY2,730 JPY26,700 JPY18,700 (S$4,967) (S$1,385) (S$475) (S$106) (S$26) (S$64) (S$33) (S$325) (S$228) 7 As % of Portfolio Valuation 65.3 18.2 6.2 1.4 0.4 0.9 0.4 4.3 3.0 6 Cap rate (%) 4.15 (Gross) 5.75 (Gross) 5.00 (Gross) 4.10 – 4.80 (Net) Occupancy Rate (%) 100 99.0 99.3 100 100 100 100 100 100 Major Tenants by Monthly Gross Arup, TaSTe, BMW, CFLD8, Spreadtrum, Borouge, Japan Information Tender Loving Care PERSOL Rentas, Lawson, AIRI Seiko Fujitsu Rental Income (“GRI”) for Festival Grand Bank of China Analog Devices, Inc. Processing Service Services (a nursery), Instruments Inc. March 2019 Shigematsu Weighted Average Lease Expiry 2.5 3.1 1.5 4.7 9 (“WALE”) by monthly GRI (years) Office: 3.5 Office: 2.8 Office: 1.5 Retail: 2.4 Podium: 5.0 Amenities: 2.0 10 Rental Reversion in FY18/19 (%) Retail: 28 2 15 611 Office: 15 Gross Revenue for FY18/19 (S$’000) 253,996 87,221 25,020 5,438 1,365 2,966 1,803 18,861 12,017 Gross Revenue for FY17/18 (S$’000) 246,076 84,729 24,225 n.a.12 1 All information and numbers presented in this section are as of 31 March 2019 unless otherwise specified. 2 Square metre ("sq m") is the standard convention for area in China. While square feet (“sq ft”) is the standard convention for area in Hong Kong SAR and tsubo is the standard convention for area in Japan, we have standardised to square metre (“sq m”) for ease of comparison. 1 sq m = 10.7639 sq ft, 1 sq m = 0.3025 tsubo. 3 Purchase price as of 7 March 2013 (listing date). Based on exchange rate: S$1 = HKD6.2803 and S$1 = RMB5.084. 4 As of acquisition date of 17 June 2015. Based on exchange rate S$1= RMB4.5749. 5 As of acquisition date of 25 May 2018. Based on exchange rate S$1 = JPY82.18. 6 Valuation as of 31 March 2019. Based on exchange rates S$1= HKD5.7884, S$1 = RMB4.9483 and S$1 = JPY82.1477. Please refer to page 21 in the Financial Review and Capital Management section of this Annual Report on the appointed valuers and valuation methodologies used. 26 Overview Performance Governance & Financials & Sustainability Others IXINAL Higashi-nihonbashi TS Ikebukuro ABAS SII Makuhari Fujitsu Makuhari Monzen-nakacho 1-chome Building Building Shin-Yokohama Building Building Festival Walk Gateway Plaza Sandhill Plaza Building (MON) (HNB) (TSI) Building (ASY) (SMB) (FJM) Market HONG KONG SAR CHINA JAPAN City Hong Kong SAR Beijing Shanghai To k yo To k yo To k yo Yokohama Chiba Chiba Address No. 80 Tat Chee Avenue, No. 18 Xiaguangli, Block 1 to 5 and 7 to 9, 5-4, Fukuzumi 4-6, Higashi- 63-4, Higashi- 6-1, Shin-yokohama 8, Nakase 1-chome, 9-3, Nakase Kowloon Tong East 3rd Ring Road North, No. 2290 Zuchongzhi Road, 2-chome, Koto-ku nihonbashi 1-chome, Ikebukuro 2-chome, 2-chome, Mihama-ku, 1-chome, Chaoyang District Zhangjiang Hi-tech Park, Chuo-ku Toshima-ku Kohoku-ku, Chiba City Mihama-ku, Pudong New Area Yokohama City, Chiba City Kanagawa Asset Type Mall and Office Office Business Park Office 2 Gross Floor Area (“GFA”) 112,297 sq m 106,456 sq m 83,801 sq m 8,303 sq m 3,240 sq m 4,898 sq m 4,638 sq m 70,744 sq m 61,088 sq m Office: 21,244 sq m (19%) Office: 94,715 sq m (89%) Retail: 91,053 sq m (81%) Podium: 11,741 sq m (11%) 2 Net Lettable Area (“NLA”) 74,171 sq m 106,456 sq m 63,284 sq m 6,852 sq m 2,601 sq m 4,002 sq m 3,170 sq m 70,744 sq m 61,088 sq m Office: 19,879 sq m (27%) Office: 94,715 sq m (89%) Office: 61,684 sq m (97%) Retail: 54,292 sq m (73%) Podium: 11,741 sq m (11%) Amenities: 1,600 sq m (3%) No. of Storeys 7 floors (retail), Two 25-storey office towers, One 20-storey tower, 5-storey 8-storey 9-storey 9-storey 26-storey 21-storey 4 floors (office), 3-storey podium area, 7 blocks of 3-storey buildings, office building office building office building office building, office building, office building 3 basement car park levels 3 underground floors 2 basement car park levels 2 basement levels 1 basement level Car Park Lots 830 692 460 28 8 15 24 298 251 Land Use Right Expiry 30 June 2047 25 February 2053 3 February 2060 Freehold Remaining Term of Land Lease 28 years 34 years 41 years Freehold No. of Tenants 187 96 59 22 No. of Leases 270 99 74 22 Tenant Type Multi-tenanted Multi-tenanted Multi-tenanted Single-tenanted Multi-tenanted Single-tenanted Multi-tenanted Single-tenanted Single-tenanted Year of Purchase by MNACT 2013 2013 2015 2018 2018 2018 2018 2018 2018 Purchase Price (million) HKD20,700 RMB5,150 RMB1,862 JPY8,639 JPY1,995 JPY5,220 JPY2,695 JPY26,344 JPY18,411 (S$3,296)3 (S$1,013)3 (S$407)4 (S$105)5 (S$24)5 (S$64)5 (S$33)5 (S$321)5 (S$224)5 6 Valuation (million) HKD28,750 RMB6,851 RMB2,352 JPY8,730 JPY2,170 JPY5,280 JPY2,730 JPY26,700 JPY18,700 (S$4,967) (S$1,385) (S$475) (S$106) (S$26) (S$64) (S$33) (S$325) (S$228) 7 As % of Portfolio Valuation 65.3 18.2 6.2 1.4 0.4 0.9 0.4 4.3 3.0 6 Cap rate (%) 4.15 (Gross) 5.75 (Gross) 5.00 (Gross) 4.10 – 4.80 (Net) Occupancy Rate (%) 100 99.0 99.3 100 100 100 100 100 100 Major Tenants by Monthly Gross Arup, TaSTe, BMW, CFLD8, Spreadtrum, Borouge, Japan Information Tender Loving Care PERSOL Rentas, Lawson, AIRI Seiko Fujitsu Rental Income (“GRI”) for Festival Grand Bank of China Analog Devices, Inc. Processing Service Services (a nursery), Instruments Inc. March 2019 Shigematsu Weighted Average Lease Expiry 2.5 3.1 1.5 4.7 9 (“WALE”) by monthly GRI (years) Office: 3.5 Office: 2.8 Office: 1.5 Retail: 2.4 Podium: 5.0 Amenities: 2.0 10 Rental Reversion in FY18/19 (%) Retail: 28 2 15 611 Office: 15 Gross Revenue for FY18/19 (S$’000) 253,996 87,221 25,020 5,438 1,365 2,966 1,803 18,861 12,017 Gross Revenue for FY17/18 (S$’000) 246,076 84,729 24,225 n.a.12 7 Portfolio valuation as of 31 March 2019 was S$7,610 million.