CapitaLand Limited Staying Focused
CapitaLandMay Presentation 2012 May 2012 Disclaimer
This presentation may contain forward-looking statements that involve 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, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, 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 current view of management on future events.
2 CapitaLand Presentation May 2012 Contents
• Strategic Focus
• Core Markets Highlights
• Other Markets Highlights
• Financials & Capital Management
• Supplementary Slides
3 CapitaLand Presentation May 2012 Strategic Focus
4 CapitaLand Presentation May 2012 Corporate Strategy
Focus on Singapore, China Balance across and Australia real estate sectors
Scale in real estate sectors
5 CapitaLand Presentation May 2012 Strategic Focus
+3+ 2 market strategy 3 Core markets (~90% of Group’s total assets1) - Singapore, China, Australia - To devote bulk of resources and effort 3 Secondary markets (~6% of Group’s total assets) - Europe (serviced residences only), Malaysia, Vietnam - Relatively large and stable operations, with potential for further growth 2 Opportunistic markets (~3% of assets) - Japan, India - Difficult economic climate or challenging operating conditions
6 Note: Others markets for ~1% of assets 1 Excluding treasury cash CapitaLand Presentation May 2012 Group Structure – Simplified
*
Shopping China Australia “Core” Malls
CapitaLand 65.5% 59.3% **
Residential Development Mall Owner Commercial Office Mall Operator Integrated Complex Mall Fund Management Serviced Residence Real Estate Fund Management
Sizeable Exposure to Singapore & China
Denotes wholly owned subsidiary Denotes listed subsidiary * Denotes listed entity
7 CapitaLand Presentation May 2012 Financials Singapore, China & Australia are 89% of Assets1
Singapore and China are 72% of Assets
Europe Other Asia** S$0.8b, 2% S$2.9b, 9%
Australia China* S$5.7b, 17% S$12.5b, 38%
Singapore S$11.2b, 34%
1;Total Assets, As at 1Q 2012 *China including Macau & Hong Kong ** Excludes Singapore and China but includes projects in GCC
8 CapitaLand Presentation May 2012 Financials Singapore, China & Australia are 79% of EBIT^
Singapore and China are 56% of EBIT^
Other Asia** China* S$72.0m,22% S$57.8m,17%
Others*** S$72.8m,22% Singapore S$128.8m,39%
^ As at 1Q 2012 * China including Macau & Hong Kong ** Excludes Singapore and China but includes projects in GCC *** Includes Australia and Europe 9 CapitaLand Presentation May 2012 Asset Allocation Balanced Portfolio in Singapore & China
Singapore Assets: S$9.8b China Assets: S$11.5b (32% of Group’s Assets*) (38% of Group’s Assets*) Serviced Residences Others 3% Serviced Financial Others Residences 3% 3% Commercial & Services Commercial & 6% Mixed Development 1% Mixed Development 21% 21%
Retail 40% Retail 36% Residential 30% Residential 32% Surbana Surbana 2% 2%
Manage Volatility & Mitigate Unfavourable Government Policies * Excluding total cash
10 CapitaLand Presentation May 2012 Asset Allocation Focus On Key Regions & Cities in China
• S$12b of Group’s Total Assets • S$31b1 of Total Project Size; • 92% of Assets located in 12 key cities
Beijing
Zhengzhou
Wuhan Chengdu Shanghai Chongqing
Guangzhou
1 11 100% basis CapitaLand Presentation May 2012 Major Achievements YTD Singapore
• Sold 57 units with a total sales value of S$88m in 1Q2012. Residential • Launched Sky Habitat (total 509-unit) on 14 April 2012. Sold 130 units @S$1,650psf
• Acquired Twenty Anson, a 20-storey prime office building in Commercial Tanjong Pagar for S$430m. Total Net Lettable Area (‘NLA’) is 202,500 sqft
Shopping Mall • Opened JCube on 2 April 2012, with 99.0% of NLA committed
Serviced Residence • RevPAU increased 4% to S$237
12 CapitaLand Presentation May 2012 Major Achievements YTD (cont’d) China
• Sold 189 homes in 1Q 2012 – Total sales value of RMB353m (~S$70m) Residential – 65% of launched units sold to-date • Sold 102 units of Beaufort Beijing worth RMB400m @RMB37,500psm
• Completed acquisition of an additional 50% interest in Innov Tower in Shanghai, with a total GFA of ~40,445 sqm for a cash consideration of Commercial RMB298m (~S$56m) • Acquisition of 2 self-storage facilities in Guangzhou and Shanghai at a total value of RMB158m (~S$31.2m)
• Secured Ascott’s first serviced residence in Xiamen with management Serviced contract for the 169-unit Citadines Jinshang Road Residence • RevPAU growth of 26% Y-o-Y to S$92 • Completed acquisition of the remaining stakes in Minhang Plaza and Hongkou Plaza in Shanghai (~S$949.7m) Shopping Mall • Proposed acquisition of Tiangongyuan1 in south region in Beijing for RMB2,343m (~S$469.2m). GFA~122,000sqm (exclude carpark)
1 Announced on 25 April 2012 13 CapitaLand Presentation May 2012 Looking Forward in 2012
•Release new residential phases from The Interlace, d’Leedon, Urban Resort and Sky Habitat •Asset enhancement works for Bugis+ and The Singapore Atrium@Orchard on track •Construction work at Star Vista, CapitaGreen & Westgate on track
• Release new units for sale from Royal Residences and subsequent phases from existing projects China • Commencement of retail operations of Raffles City Chengdu and Raffles City Ningbo in 3Q2012 • On track to open 7 malls in China in 2012
• Budgeting for an increase in FY2012 operating earnings per security Australia • FY2012 distribution guidance of 21.5 cents per security
14 CapitaLand Presentation May 2012 Core Markets Highlights Singapore
15 CapitaLand Presentation May 2012 CapitaLand Residential Singapore (CRS) Core Markets Highlights – Singapore Residential
• Two successful launches over past 6 months – Bedok Residences (Nov 2011) and Sky Habitat (April 2012)
• In 1Q2012, sold 57 units with total sales value of S$88m from the following developments:
– The Seafront on Meyer d’Leedon – Latitude – The Interlace – d’Leedon – Bedok Residences
The Interlace
16 CapitaLand Presentation May 2012 CapitaLand Residential Singapore (CRS) Launch of Sky Habitat • Launched on 14 April 2012 – Sold over 130 units todate of 180 units launched (~73% sales). Total 509 units. – Average S$1,642 psf for a four-bedroom unit to S$1,747 psf for a one-bedroom unit – 81% sold were two-and three- Sky Habitat launch bedroom units; ~60% buyers bore Bishan addresses • Connectivity and convenience of living in one of the most popular estates in Singapore • Habitat of the Future, an iconic home designed by Moshe Safdie
17 CapitaLand Presentation May 2012 CapitaLand Residential Singapore (CRS) Bedok Residences – Bedok Central’s Only Private Residential Development • 583 residential units above Bedok transportation hub, direct and seamless access to MRT, buses and an integrated shopping mall (GFA 375,266 sq ft) • 88% sold since launch; average selling price @ S$1,350 psf • Strong expertise and leadership in mixed-use development gives added competitive advantage
Successful launch of Bedok Residences in Nov 2011. Target TOP in 2015 18 CapitaLand Presentation May 2012 CapitaCommercial Trust (CCT) Core Markets Highlights – Singapore Commercial
Twenty Anson acquired by CCT • DPU-accretive acquisition of Twenty Anson for S$430m (S$2,121 psf) – Completed acquisition on 22 March 2012 – 100% occupancy – A Green Mark Platinum property
Twenty Anson
4th floor sky garden F&B outlet on ground level Sheltered drop-off
19 CapitaLand Presentation May 2012 CapitaCommercial Trust (CCT) Core Markets Highlights – Singapore Commercial
• Signed new office leases and renewals of around 94,300 square feet from Jan – Mar 2012
―During 1Q 2012, leases signed included: – Linklaters LLP (Legal); New tenant with space expansion – Fonterra Brands (Singapore) Pte. Ltd. (Manufacturing & Distribution); New tenant with space expansion – Borouge Pte. Ltd.(Manufacturing and Distribution) ; More than 30% space expansion – Sidley Austin LLP (Legal)
―Key sectors of new leases and renewals from Legal, Manufacturing and Distribution
20 CapitaLand Presentation May 2012 CapitaCommercial Trust (CCT) Core Markets Highlights – Singapore Commercial CCT’s Portfolio Consistently Above Market Occupancy
CCT's Committed Occupancy Since Inception 99.4% 99.3% 100% 98.2% 99.6% 96.7% 96.0% 98.0% 95.1% 97.0% 95.9% 94.4% 92.3% 92.4% 90.7% 90.8% 90.9% 92.3% 90% 90.0% 88.0% 87.5% 87.9% 88.3% 85.0%
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 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2004 2005 2006 2007 2008 2009 2010 2011 2012
(2) (3) CCT URA CBRE's Core CBD Occupancy Rate (1) Source: CBRE Pte. Ltd. (2) URA has not released Occupancy Index Figure for 1Q 2012 (3) Covers Raffles Place, Marina Centre, Shenton Way and Marina Bay, data only available from 3Q2005 onwards 21 CapitaLand Presentation May 2012 CapitaLand Commercial (CCL) & CapitaMalls Asia (CMA) Core Markets Highlights – Singapore Mixed Use Westgate • 7-storey lifestyle shopping mall (NLA 426,000 sqft) to be opened by Christmas 2013; 20-storey office tower (NLA 7-storey shopping mall to be 315,000 sqft) by late 2014 opened by Dec 2013; Office Tower ready by late 2014 • Centre of activity in up-and- coming Jurong Lake District
• Direct connections to the Jurong East MRT & bus interchange
• Commanding presence in Jurong East – Westgate, JCube and IMM each within Westgate – New landmark in Jurong 500m of one another Groundbreaking on 12 January 2012 22 CapitaLand Presentation May 2012 CapitaLand Financial Services Financial Services • One of Asia’s largest real estate fund managers • Managing 6 REITS and 15 private equity funds • S$34.5b Assets Under Management with focus on Singapore and China • 1Q 2012 : Total fund management fees S$46.0m (S$40.1m in 1Q2011)
Assets Under Management Fund Management Fees 16%
42% 48% 58% 36%
Singapore China Others PE Fund REITs 23 CapitaLand Presentation May 2012 CapitaLand Financial Services Capital Re-cycling Model Successful Assets under Management of S$34.5 Billion 40 CMA CL 34.5 35 34.4 30.4 30 25.7 25.6 25 17.2 17.6 15.0 20 17.7 13.1 13.2
S$ Billion S$ 15 14.3 8.7 10 8.5 7.4 6.3 15.4 17.2 16.9 3.3 12.6 12.4 5 3.3 3.0 2.4 6.9 9.0 1.2 1.9 3.3 5.2 0 1.2 1.4 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Mar‐12
24 CapitaLand Presentation May 2012 CapitaLand Financial Services Diversified Funds Under Management
No. of No. of PE Funds* REITS^ Total AUM # Countries Funds REITs (S$ billion) (S$ billion) (S$ billion) Singapore 0 2 0.0 16.4 16.4
China 9 1 10.9 1.5 12.4 Pan-Asian 0 1 0.0 2.8 2.8
Japan 2 0 0.8 0.0 0.8
Malaysia 1 2 0.1 1.6 1.7 Vietnam 1 0 0.1 0.0 0.1
GCC 1 0 0.1 0.0 0.1
India 1 0 0.2 0.0 0.2 TOTAL 15 6 12.2 22.3 34.5
* Denotes Capital Drawn Down ^ Denotes Total Assets Managed # As at 31 March 2012
25 CapitaLand Presentation May 2012 The Ascott Limited (Ascott) Serviced Residence • Secured 3 new management contracts − Added > 600 units across China, Indonesia and Thailand
• Strong operating performance – Overall RevPAU* increased 7% to S$110 Led by China, Malaysia, Australia and Citadines Marvell Surabaya Philippines – Achieved hospitality management and service fee income of S$28.2 m for managing global portfolio
• Launched Go Green @ Ascott
– Global sustainability drive to be the world’s Go Green @ Ascott Bears leading green serviced residence company
* Refers to system-wide, same store RevPAU 26 CapitaLand Presentation May 2012 Extending Leadership Position in Singapore Malls
Market Leader in Singapore Retail Mall Sector
19 Malls
Bugis Junction Raffles City ION Orchard Plaza Singapura
Junction 8 Funan DigitaLife Mall Tampines Mall IMM
The Star Vista, Lot One Bukit Panjang Plaza Bugis+ one-north
27 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) Core Markets Highlights – Singapore Retail
• Shopper traffic 1.0% • Tenant sales 3.6% • NPI yield 5.7%
The Star Vista to Open in 3Q2012 JCube Opened in Apr 2012
28 CapitaLand Presentation May 2012 Surbana Corporation (Surbana) Key project updates in Singapore and China
• Consultancy – Maintained dominance in HDB market and made inroads into other sectors by securing three condominium projects, one DBSS project, two commercial projects and one industrial project
Punggol Waterway, Singapore • Township development – Sold 3,157 units in 4 townships in FY 2011, bringing total units sold to 14,853 as at 31 March 2012
Xi'an township, China
29 CapitaLand Presentation May 2012 Core Markets Highlights China
30 CapitaLand Presentation May 2012 Deepening Presence in China
Property Value^ in China: S$9.1b* (71%* of Group’s Property Value in Top 5 Cities)
Others 14% Chongqing 3% Kunshan 3% Guangzhou Shanghai 4% 39% Shenzhen 5%
Hangzhou 5%
Tianjin 7% Beijing Chengdu 13% 7% * Effective stake held by CapitaLand As at 1Q 2012 ^Property Value refers to the carrying amount of each property in the financial statements as at 31 Mar 2012
31 CapitaLand Presentation May 2012 CapitaLand China Holdings (CCH) Core Markets Highlights - China Residential
• Market sales momentum picked up in April and May 2012 – Launched 228 units of Beaufort in Beijing @RMB37,500psm in mid May 2012 – Sold 102 units (~45%) worth RMB400m – Sales pick up at Paragon, Shanghai @RMB120,000psm The Metropolis, Kunshan • Sold 189 homes in 1Q2012 61% of 1,271 launched units sold – Total sales value of RMB353m (~S$70m) – 65% of launched units sold to-date • 443 new units released for sale – The Metropolis, Kunshan (266 units) – The Pinnacle, Shanghai (177 units) • Delivered 180 homes Beau Residences, Foshan – Beau Residences, Foshan (165 units) Delivered 165 units in 1Q 2012
32 CapitaLand Presentation May 2012 CapitaValue Homes Limited (CVH) Core Markets Highlights – China Value Homes
• Key project updates Project Wanxiang G0302, Shanghai - Target commence construction by end-2012 Lakeside, Wuhan - Construction activities commenced
- Scheduled for launch in 2H’12 Project Wanxiang G0302, Shanghai
• Positive outlook for value housing - Recent move by China state banks to offer preferential loan rates for first-time homebuyers
• Target to grow development pipeline to 10,000 – 15,000 homes annually from current ~5,000 homes
33 CapitaLand Presentation May 2012 CapitaLand China Asset Allocation Core Markets Highlights – China Focus in Key Regions/ Cities
Residential @ 100% Value Homes Pipeline @ 100% (By GFA ~ 3.2 mil sqm) (By GFA ~ 527,000 sqm)
Southwest 8% East 28%
South 48% North 16%
92%* of Group’s China Property in Top 12 Cities
34 CapitaLand Presentation May 2012 CapitaLand China Holdings (CCH) Raffles City Developments in China • Total floor area of 2.9m sqm • Portfolio of 8 Raffles City projects; with strong presence and brand recognition • Aggregate portfolio value of RMB58b (S$12b)
Raffles City Shanghai
Beijing
Raffles City Beijing CHINA Raffles City Chengdu Shanghai Chengdu Hangzhou
Chongqing Ningbo Raffles City Changning
Shenzhen Raffles City Chongqing
Raffles City Hangzhou Raffles City Ningbo Raffles City Shenzhen Cities with Raffles City projects 35 CapitaLand Presentation May 2012 CapitaLand China Holdings (CCH) Raffles Cities Portfolio • Raffles City Shanghai and Raffles City Beijing – 2 operational assets continue to perform well – Achieved close to full occupancy of 99%*
Raffles City Shanghai Raffles City Beijing Iconic landmark within Shanghai Located in Dongzhimen Yield on valuation 7.6% Yield on valuation 6.2% Annualised NPI Yield on cost 17.1% Annualised NPI Yield on cost 11.0%
* Average occupancy for retail and office components for quarter ended Mar 2012 36 CapitaLand Presentation May 2012 CapitaLand China Holdings (CCH) Raffles Cities Portfolio • Raffles City Chengdu and Raffles City Ningbo – Retail operations slated to commence in 3Q2012 – Pre-leasing for Retail component well received RC Chengdu: Over 80% pre-committed RC Ningbo: ~ 56% pre-committed
Raffles City Ningbo Raffles City Chengdu
37 CapitaLand Presentation May 2012 16% CapitaLand China Holdings (CCH) 14% Operational Raffles City Projects Performing Well 12% Yield Raffles City Shanghai ‐ Robust Performance Valuation 45,000 10% 40,000 8% 35,000 2004 2005 2006 2007 2008 2009 2010 2011 6% 30,000
10%4% 25,000 8% 2% 20,000
Yield on Cost Market Yield Market Valuation (RMB psm) 6% Yield Raffles City Beijing ‐ Exceeded Expectations Valuation 29,500
4% 29,000 28,500 2009 2010 2011 28,000 2% 27,500 27,000 26,500 0% 26,000 25,500 ‐ 2% 25,000 Yield on Cost LHS Market Yield LHS Market Valuation (RMB psm) RHS 38 CapitaLand Presentation May 2012 CapitaLand Commercial Limited (CCL) Core Market Highlights – China Commercial
StorHub expands business • China – Acquired first self-storage space of 43,000 sq ft in Guangzhou for RMB 48m (approx S$9.2m)
Acquired StorHub‘s first facility in – Located at No. 133 Jinxi Road, Baiyun Shanghai, China District, Guangzhou
– Acquired second self-storage facility of about 79,000 sq ft in Shanghai for RMB 110m (approx S$22m)
39 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) Core Markets Highlights – China Retail Geographically Diversified in Multi-Tiered Cities
Total GFA of 62.4 mil sq ft 2012 Total property value of S$12.3 bil
2005
Number of malls 7 malls 57 malls Number of cities present 7 cities 35 cities No. of employees 323 2,300
40 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) Core Markets Highlights – China Retail
• Strengthening presence with proposed acquisition of Tiangongyuan1 site in south region of Beijing • Total GFA: 184,097sqm • Total PDE: RMB2,343m (S$469.2m); Target to open in 2015
9th mall in Beijing
1 Announced on 25 April 2012 41 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) China Malls: Strong Growth in NPI Yields of Operational Malls 100% Basis Year of Annualised NPI Yield Yield Tenant Sales Opening on Cost (%) Improvement Growth1 1Q 2012 1Q 2011 1Q 2012 vs. 1Q 2012 vs. 1Q 2011 1Q 2011 20052 5.4 5.0 8% 10.0% 20063 10.1 8.5 19% 11.7% 2007 9.2 8.1 13% 0.2% 2008 6.9 5.0 37% 15.5% 2009 7.0 5.8 20% 22.7% 2010 3.3 1.4 137% 37.7% 1Q 2012 Annualised Annualised NPI Yield on Cost Gross Yield on Cost China Portfolio4 7.7% 12.5%
Note: annualised yields may not be representative of the full-year actual performance (1) Tenant sales are based on a same-mall basis (100%) and excludes sales from supermarkets and department stores. (2) Excludes Raffles City Shanghai. (3) Excludes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Erqi and CapitaMall Saihan. (4) For malls that were opened as at 31 Dec 2010. 42 CapitaLand Presentation May 2012 The Ascott Limited (Ascott) Core Markets Highlights – China Serviced Residence
• Secured first management contract in Xiamen − First international branded serviced residence in Xiamen 169-unit Citadines Jinshang Road Xiamen • Expanded China’s portfolio to > 8,000 apartment units • RevPAU increased 26%
Citadines Jinshang Road Xiamen +26%
43 CapitaLand Presentation May 2012 Other Markets Highlights
44 CapitaLand Presentation May 2012 Australia – Australand Other Markets Highlights – Australia • Maintain focus on the core sectors of residential, industrial and office • Maintain recurring earnings of 60-70% of Australand’s EBIT • Continue to reposition development activities to improve returns
INVESTMENT PORTFOLIO DEVELOPMENT PIPELINE
Office Commercial Residential & Industrial & Industrial S$2.8b S$3.6b1 S$10.5b1 OPTIMUM MIX OF RECURRENT INCOME AND GROWTH
1. Estimated pipeline end values
45 CapitaLand Presentation May 2012 The Ascott Limited (Ascott) Other Markets Highlights
Indonesia • Signed management contract for the first Citadines property in Surabaya – 288-unit Citadines Marvell Surabaya
Thailand Citadines Marvell Surabaya • Signed new management contract – 162-unit Vic3 Bangkok – Expanded portfolio in Bangkok to 9 serviced residences with > 1,700 apartment units
46 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) Other Markets Highlights (cont’d)
Japan • Acquired additional stakes in 3 of our best performing malls in Feb 2012 • Return on Equity of over 12.0% • Additional Recurring PATMI of S$8.0m
Coop Kobe, Kobe
La Park Mizue, Tokyo Izumiya Hirakata, Osaka
47 CapitaLand Presentation May 2012 Financials & Capital Management
48 CapitaLand Presentation May 2012 Results Overview 1Q 2012
Net Profit S$133.2m, Up 31% • Higher portfolio gains and fair value gains of investment properties
Three Core Markets Accounted for 79% of Group’s Total EBIT
• Group’s total EBIT S$331.4m, up 16.9% • Singapore, China & Australia contributed S$261.7m of EBIT in 1Q2012 Improved Performances • Attributed to: - Higher EBIT from CMA and commercial business - Better operating performances from serviced residence Balance Sheet Strength • Net Debt/Equity remains healthy at 0.36 • Total cash of S$6.0b
49 CapitaLand Presentation May 2012 Financials 1Q 2012 Net Profit up 31% to S$133m
1Q 2011 1Q 2012 Change (S$’m) %
Revenue 611.5 641.1 5%
EBIT 283.5 331.4 17%
PATMI 101.5 133.2 31%
EPS (cents) 2.4 3.1 29%
NTA / share (S$) 3.16 3.41 8%
50 CapitaLand Presentation May 2012 Financials 1Q 2012 Results – PATMI Analysis
1Q2011 1Q2012 Better / (S$’m) (Worse)
PATMI 101.5 133.2 31.7
Operating Profit 83.6 78.4 (5.2)
Portfolio Gain1 16.5 28.8 12.3 Revaluation2 Gain 1.4 26.7 25.3
Impairment - (0.7) (0.7)
(1) Portfolio gains in 1Q2012 were mainly in respect of the divestment of Hilton Double Tree Hotel. (2) Fair value gains in 1Q 2012 were mainly in respect of the acquisition of the remaining stakes in Innov Tower in China and three malls in Japan, as well as share of Lai Fung’s fair value gains.
51 CapitaLand Presentation May 2012 Capital Management Balance Sheet & Liquidity Position
FY 2011 1Q 2012 Change
Equity (S$b) 19.2 19.4 Increased
Cash (S$b) 6.3 6.0 Healthy
Net Debt (S$b) 5.9 7.0 Increased
Net Debt/Equity 0.31 0.36 Healthy
% Fixed Rate Debt 66% 73% Increased
Ave Debt Maturity(Yr)1 3.8 3.8 No change
1 Based on put dates of Convertible Bond holders
52 CapitaLand Presentation May 2012 Financials EBIT by SBU – 1Q 2012 EBIT Portfolio Revaluation Impairment (S$’m) Gain Gain/(Loss) Loss CapitaLand Residential S’pore 52.0 - - -
CapitaLand China Holdings1 49.3 28.1 7.1 (0.2)
CapitaLand Commercial2 37.6 0.7 - -
The Ascott Limited 10.3 - - -
CapitaValue Homes (6.7) - - -
CapitaLand Financial 22.9 - - -
CapitaMalls Asia 84.1 - 32.0 -
Others3 81.9 - (0.8) (0.5)
TOTAL EBIT 331.4 28.8 38.3 (0.7)
1 Excludes Retail and Serviced Residences in China 2 Includes residential businesses in Malaysia 3Includes Corporate Office, Australand ,Surbana and Others 53 CapitaLand Presentation May 2012 Financials EBIT by Geography – 1Q 2012
EBIT Portfolio Revaluation Impairment (S$ m) Gain Gain/(Loss) Loss Singapore 128.8 - - (0.5)
China1 57.8 28.1 7.1 (0.2)
Other Asia2 72.0 - 32.0 -
Europe (2.2) 0.7 - -
Others 75.0 - (0.8) -
TOTAL EBIT 331.4 28.8 38.3 (0.7)
(1) China including Macau & Hong Kong (2) Excludes Singapore and China and includes projects in GCC
54 CapitaLand Presentation May 2012 Financials EBIT by Geography
$’m
22
(9) Singapore China* Other Asia** Others*** Europe
1Q 2012: S$331.4m vs 1Q 2011: S$283.5m
* China including Macau & Hong Kong ** Excludes Singapore and China and includes projects in GCC *** Includes Australia
55 CapitaLand Presentation May 2012 Capital Management Debt Maturity Profile
GROSS DEBT CASH
S$’m Maturing in Year Ending 31 Dec (CBs with Put Tenor)
Total 2012 2013 2014 2015 2016 2017+
CL Group 13,275 710 1,793 1,112 3,290 3,583 2,787 6,031
Less : CMA Group (2,715) (169) (175) (223) (573) (802) (773) (980)
Less : Australand Group (1,899) 0 (748) 0 (409) (500) (242) (37)
CL Group (ex CMA & Australand) 8,661 541 870 889 2,308 2,281 1,772 5,014
> Group Treasury 6,307 149 546 531 1,588 1,843 1,650 3,340
> Other SBUs 2,354 392 324 358 720 438 122 1,674
Average debt maturity for 4.0 years Group Treasury
56 CapitaLand Presentation May 2012 Conclusion
57 CapitaLand Presentation May 2012 Summary
• CapitaLand is a developer at the core • Focus on opportunities in Asia, particularly Singapore & China • Prudent capital management with strong financial position • Management bench strength and proven execution • Established track record; full suite of design & development expertise • Investments made in 2010 and 2011 beginning to bear fruits
58 CapitaLand Presentation May 2012 Going Forward
59 CapitaLand Presentation May 2012 Singapore Outlook
• Short term uncertainty due to macroeconomic conditions and fear of further Government cooling measures • CL is well-positioned to manage volatility: – Residential portfolio strategically located and well differentiated – Re-constitute Grade A office portfolio to cushion negative rental reversion – Shopping malls to benefit from rental growth arising from AEIs and new completion – Strong liquidity position • Leadership position in multi-sector business offers growth opportunities
CapitaLandCapitaLand Group FY2011 Presentation Results May *February 2012 2012* China Outlook
• Short-term impact to residential market due to: - Measures to restrict purchase of residential properties, - Credit tightening measures affecting real estate companies
• Commercial projects posting positive growth in rentals & occupancy • Serviced Residence projects witnessing growth in RevPAU
• CL projects are well positioned to ride the market - Diversified across various real estate sectors - Increased presence in key cities - Net cash position in China - Banks remain supportive of CapitaLand
61 CapitaLand Presentation May 2012 Supplementary Slides
62 CapitaLand Presentation May 2012 Financials Group Managed Real Estate Assets* of S$60.6b
Group Managed RE 1Q2012 Assets (S$’b)
On Balance Sheet & JVs 23.8
Funds 11.3
REITs/Trusts 20.0
Others** 5.5
Total 60.6
* Group Managed Real Estate Assets is the value of all real estate managed by CapitaLand Group entities stated at 100% of the property carrying value. ** Others include 100% value of properties under management contracts.
63 CapitaLand Presentation May 2012 Financials Revenue Under Management
$’b
1Q 2012 1Q 2011
• Revenue Under Management : Revenue of all properties managed by the Group
64 CapitaLand Presentation May 2012 Financials / Asset Allocation Asset Matrix - Diversified Portfolio excluding Cash As at 31 March 2012 S'pore China (1) Aust Other Europe & Total Asia (2) Others S$'M S$'M S$'M S$'M S$'M S$'M CapitaLand Residential 2,950 - - - - 2,950 Singapore CapitaLand China Holdings - 6,039 - - - 6,039
CapitaLand Commercial 2,074 12 - 536 45 2,667 Ascott 258 772 245 732 786 2,793 CapitaValue Homes - 111 - 348 - 459 CapitaLand Financial 151 9 72 10 - 242 Surbana 176 176 - 12 - 364 Others 264 225 - 122 - 611 Unlisted Subsidiaries and 5,873 7,344 317 1,760 831 16,125 Associate CapitaMalls Asia 3,899 4,138 - 1,038 - 9,075
Australand - - 5,246 - - 5,246 Total 9,772 11,482 5,563 2,798 831 30,446
(1) China including Macau & Hong Kong (2) Excludes S’pore and China and includes projects in GCC 65 CapitaLand Presentation May 2012 CapitaLand Residential Singapore (CRS) Singapore – Sales and Construction Progress1
Units % Sold % Completed PROJECT Total Project Launched As at Mar 2012 As at Mar 2012 Launched in 2007 The Seafront on Meyer 327 327 99% 100% The Orchard Residences 175 175 91% 100% Launched in 2008 The Wharf Residence 186 186 97% 84% Latitude 127 127 87% 100% Launched in 2009 The Interlace 1,040 900 78% 56% Urban Suites 165 165 100% 38% Launched in 2010 d'Leedon 1715 800 58% 24% Launched in 2011 Urban Resort 64 34 74% 36% Bedok Residences 583 583 88% 3% Launched in 2012 Sky Habitat 509 180 25% - 1 Figures might not correspond with income recognition 66 CapitaLand Presentation May 2012 CapitaLand Residential Singapore (CRS) Overall Residential Price – 1st Decline Since 2Q09
206.0 220 URA Private Home Price Index (All Types) (1Q12)14% 181.4 200 177.5 above (2Q96) (2Q08) 2Q96 180 45% 140.4 55% 160 fall from (2Q00) above 25% 140 2Q96 2Q09 fall 120 40% from 133.3 above 2Q08 (2Q09) 100 4Q98
Private Home Price Index 100.0 80 (4Q98) 60 1Q11 3Q11 1Q96 3Q96 1Q97 3Q97 1Q98 3Q98 1Q99 3Q99 1Q00 3Q00 1Q01 3Q01 1Q02 3Q02 1Q03 3Q03 1Q04 3Q04 1Q05 3Q05 1Q06 3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q12
Source: URA
Price has risen by 14% above 1996 peak and 55% above the 2Q09 trough CapitaLand Residential Singapore (CRS) New Private Units Sales Rebounded in 1Q12; After Dec 2011 Policy Announcement 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
3500 4,433 4,132 3,703 4,299 3,676 4,545* 4,368* 3,725* 6,678* 725 3000 639 2207 793 2500 1761 175 433 2000 1476 1544 367 113250 153 290 252 529 345 157 2413 1500 1196 1248 212568 1078 127 1631 847 911 1701 2393 1000 1189 1386 1348 1872 1909 38 1332 1575 1386 1392 500 1058 1788 1182 1101 632 0 10 11 10 10 10 11 11 11 12 10 11 10 10 11 11 10 11 10 12 11 10 10 11 11 10 12 11 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Jul Jul Jan Jan Jan Jun Jun Oct Oct Apr Apr Feb Feb Feb Sep Sep Dec Dec Aug Aug Nov Nov Mar Mar Mar May May New Units Sold (Excl. EC) New Units Sold (EC)
Source: URA * Excluding EC Capitaland Commercial Limited - Singapore Grade A Office Rent Declined 3.6% in 1Q12 – Market Weakness Amidst Economic Uncertainty
$20 S$18.80 Peak Lowest New peaks $18 Grade A 3Q08: S$18.80 3Q03: S$4.48 Prime 3Q08: S$16.10 1Q04: S$4.00 $16
$14 Prime Grade A S$10.60 $12 S$8.00 $10
$8 S$7.50 S$4.48 Higher troughs
$6
$4 S$4.00 Global financial $2 Post-SARs, Dot.com crash crisis
$0 1Q00 2Q00 3Q00 4Q00 1Q01 2Q01 3Q01 4Q01 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
*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.
69 CapitaLand Presentation May 2012 Capitaland Commercial Limited - Singapore Potential CBD Office Supply in 2013 and 2014 – Less Than 1m sq ft Annually Singapore Private Office Space (Central Area) – Demand & Supply Remaking of Singapore 3.2 3.5 Post-Asian financial crisis, SARs & GFC - as a global city 3 weak demand & undersupply 2.5 CapitaGreen 2 by 4Q 1.5 1.3 1 0.90.8 0.7 0.8 0.5 0 -0.5 -1 -1.5 -2
Supply Demand Forecast Supply Committed Space
(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)Source: Consensus Compiled from URA, JLL 70 CapitaLand Presentation May 2012 Capitaland Commercial Limited - Singapore Potential Office Supply in CBD (2012-2016)
Exp. Proposed Office Projects Micromarket NFA (sf) Pre-commitment Completion Level as at 1Q12 2012 Marina Bay Financial Centre (MBFC – Phase 2) Marina Bay 1,267,000 70% Subtotal (2012): 1,267,000 70% 2013 Asia Square Tower 2 Marina Bay 775,000 N.A. Subtotal (2013): 775,000 0% 2014 CapitaGreen Raffles Place 700,000 N.A. Subtotal (2014): 700,000 0% 2015 South Beach Project Beach Rd/City Hall 502,000 N.A. 2015 5 Shenton Way (UIC Redevelopment) Shenton Way 270,000 N.A. Subtotal (2015): 772,000 0% 2016/> Marina South Site Marina Bay 1,800,000 N.A. 2016/> Tanjong Pagar Site Tanjong Pagar 800,000 N.A.
2016/> Land Parcel @ Ophir Road/Rochor Road Ophir Road/Rochor 580,000 N.A.
Subtotal (2016 and Beyond): 3,180,000 0% TOTAL FORECAST SUPPLY (2012-2016>) 6,694,000 13%
Source: Consensus Compiled from CBRE , JLL, Credit Suisse (28 Nov 2011) 71 CapitaLand Presentation May 2012 CapitaLand China Holdings (CCH) Residential Projects Sales Status Units CL Effective 2 4 PROJECT % Launch Sold TOP for Launched Stake % as at Mar 2012 launched units SHANGHAI 3 The Metropolis 1,271 70% 61% 2013 The Pinnacle ‐ South Plot 419 3 80% 61% 2013 Paragon – Phase 1 116 1 99% 7% 2013 HANGZHOU Imperial Bay 144 50% 10% 2013
BEIJING 1 Beaufort – Block 2 220 50% 88% 2013 TIANJIN International Trade Centre 399 100% 17% 2014 CHENGDU The Loft 2,516 56% 79% 2012
FOSHAN 1 Riverside Ville 758 100% 72% 2011 Riviera 208 1 100% 99% 2011 Beau Residences 648 1 100% 72% 2012 La Cite 118 100% 1% 2013 GUANGZHOU Dolce Vita 741 48% 50% 2013 TOTAL 7,558 65%
1 Project fully launched. 2 % sold: units sold (S&P documentation fully completed as of 31 Mar 2012) against units launched. 3 Launches from existing projects in 1Q 2012, namely The Metropolis: 266 units and The Pinnacle: 177 units. 4 TOP refers to the year of completion of the project’s last phase. 72 CapitaLand Presentation May 2012 CapitaLand China Holdings (CCH) China Commercial Portfolio: Healthy Office Rental & Price Performance ShanghaiShanghai BeijingBeijing
Price Index Price Index Price Index
ChengduChengdu NingboNingbo
rental index
* Source: Jones Lang LaSalle 73 CapitaLand Presentation May 2012 The Ascott Limited (Ascott) The Ascott Limited’s Portfolio: 21,784 operational & 7,657 under development (As at 27 April 2012)
Minority 3rd Party ART ASRCF Owned Owned Managed Leased Total Singapore 497 146 195 838 Indonesia 401 1,550 1,951 Malaysia 255 221 1056 1,532 Philippines 523 577 67 1,167 Thailand 651 1,091 1,742 Vietnam 818 132 553 1,503 STH EAST ASIA TOTAL 2,239 533 872 5,022 67 8,733 China 433 2,297 565 4,176 7,471 Japan 363 363 South Korea 415 415 NORTH ASIA TOTAL 796 2,297 565 4,591 8,249 India 1376 96 1,472 SOUTH ASIA TOTAL 1,376 96 1,472 Australia 84 380 209 673 AUSTRALASIA TOTAL 84 380 209 673 United Kingdom 600 136 736 France‐Paris 994 106 293 516 1,909 France‐Outside Paris 677 1 795 1,473 Belgium 323 323 Germany 264 293 557 Spain 131 131 Georgia 66 66 EUROPE TOTAL 2,989 399 360 1447 5,195 U.A.E 118 118 Bahrain 118 118 Qatar 429 429 Oman 220 220 GULF REGION TOTAL 885 885 SERVICE APARTMENTS 6,108 2,297 3,253 872 10,858 1,819 25,207 Corporate Leasing 573 429 2,215 947 70 4,234 CORP LEASING TOTAL 573 0 429 2,215 947 70 4,234 74 GRAND TOTAL 6,681 2,297CapitaLand 3,682 Presentation 3,087 May 11,805 2012 1,889 29,441 The Ascott Limited (Ascott) Serviced Residence 1Q 2012 RevPAU Performance S$ +4%
In Euro terms, RevPAU increased 3%.
+7%
-2% +7% +8% +26%
System-wide , same store – Numbers include all serviced residences owned, leased and managed RevPAU – Revenue per available unit Foreign currencies are converted to S$ at respective period’s average rates 75 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) Asia's Leading Shopping Mall Developer, Owner and Manager Pan Asian footprint across 51 cities in 5 countries of Singapore, China, Malaysia, Japan & India
5 Countries
99 Malls
89.6 million sq ft Gross Floor Area
S$29.5 billion Property Value
~3,500 Employees
Market Capitalisation of ~S$6.3 billion
Note: Above data as at 10 May 2012.
76 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) Geographical Segments (100% Basis) As at 31 Mar 2012 Singapore China Malaysia Japan India Total
GFA (mil sq ft)1 13.2 62.4 4.6 1.8 6.6 88.6
Property Value (S$ bil)2 14.7 12.3 1.4 0.6 0.5 29.5
No. of Malls 20 57 5 7 9 98
GFA Property Value No. of Malls
7% 1% 2% 9% 2% 16% 21% 5% 5% 7% 5%
50% 42%
70% 58%
Singapore China Malaysia Japan India
(1) For projects under development, GFA is estimated. (2) For committed projects the acquisitions of which have not been completed, property value is based on deposits paid.
7777 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) Same-Mall NPI Growth (100% basis)
Country Local 1Q 2012 1Q 2011 Change Currency (%) (mil)
Singapore S$ 169 161 5.2 1 China2 RMB 418 361 15.7
Malaysia3 MYR 43 37 16.3
Japan JPY 405 378 7.0
India INR 35 30 16.8
Note: The above figures are on a 100% basis, where the NPI of each mall is taken in its entirety regardless of CMA’s interest. This analysis compares the performance of the same set of malls that were opened prior to 1 Jan 2011.
(1) Excludes JCube, which was undergoing redevelopment, Bugis+, the acquisition of which by CMT was completed in Apr 2011 and The Atrium@Orchard ,which is undergoing AEI. (2) Excludes CapitaMall Minzhongleyuan, the acquisition of which by CRCT was completed in Jun 2011. Excluding CRCT, NPI grew by 17.5%. (3) Includes new contribution from Gurney Plaza Extension from 28 Mar 2011. Excludes Queensbay Mall, the acquisition of which by CMA was completed in Apr 2011, and East Coast Mall, the acquisition of which by CMMT was completed in Nov 2011.
78 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) Growth in Shopper Traffic & Tenant Sales
1Q 2012 1Q 2012 vs. 1Q 2011 (%)*
Malls Annualise Committed opened d Occupancy before NPI Yield Rate (%)2 Shopper Tenant 1 Jan 2011 (%)1 on Traffic Sales valuation
Singapore3 5.7 97.2 1.0 3.6
China4 6.4 95.9 9.9 13.0
Malaysia 7.1 97.6 7.7 -
Japan 4.1 95.0 4.3 3.4
India 6.7 99.0 (7.6) 1.8
Note: The above figures are on a 100% basis, where the NPI yield and occupancy of each mall are taken in their entirety regardless of CMA’s interest. This analysis takes into account all malls that were opened prior to 1 Jan 2011. (1) Refers to weighted average annualised yield of our operational malls. Annualised yields may not be representative of the full-year actual performance. (2) Refers to the weighted average committed occupancy rate. (3) When excluding The Atrium@Orchard and Bugis+, NPI yield on valuation is 6.1% and committed occupancy is 99.7%. (4) Excluding CRCT, NPI yield on valuation is 6.1% and committed occupancy is 95.2%.
* Notes on Shopper Traffic and Tenant Sales: Singapore: Excludes JCube, Hougang Plaza, The Atrium@Orchard and Bugis+. China: Excludes 3 master leased malls under CRCT. Excludes tenant sales from supermarkets and department stores. Malaysia: Point of sales system not ready. Excludes Queensbay Mall, the acquisition of which by CMA was completed in Apr 2011, and East Coast Mall, the acquisition of which by CMMT was completed in Nov 2011. Japan: For Vivit Square and Chitose Mall only. 79 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) / CapitaMall Trust (CMT) Singapore’s Solid Performance Since 2002 Delivering Consistent Returns Over Time and Across Economic Cycles
SAR Financial Crisis SAR Financial Crisis S Source: CMT’s Portfolio S
80 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) Entrench into Key Chinese Cities with Economies of Scale
6 Regional Offices . North . Northeast . East . Central . West . South Suzhou
Locations of CMA offices Existing CMA malls
81 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) China NPI Growth Supported by Strong Tenant Sales (100% basis) 10% 1,400 9% 1 8% 1,200 2005 7% 10.0% 5.4% 6% 4.7% 4.7% 5.0% +8% +35% 1,000 5% +12%3.5% 4% +66%3.1% 3% 1.9% 800 2% 0.9% +100% 1% (1.4%) (0.8%) 0% 600 -1% 2005 2006 2007 2008 2009 2010 2011 1Q 11 1Q 12 -2% 400
11% 10.1% 3,900 +19% 2 10% 8.5% 3,500 2006 9% 7.8% 8% +21% 3,100 11.7% +6% 6.4% 7% +19%6.1% 5.9% 2,700 6% 5.1% +41% 5% 3.6% 2,300 4% 1,900 3% 2% 1,500 1% (1.9%) 1,100 0% 700 -1% 2005 2006 2007 2008 2009 2010 2011 1Q 11 1Q 12 -2% 300 Year of Opening Valuation Trend (100% basis, RMB mil) Tenant Sales Growth (1Q 12 vs. 1Q 11).Tenant sales are based on a same‐mall basis (100%) and excludes NPI Yield on Cost sales from supermarkets and department stores. NPI Yield on Valuation Note: Please refer to our ‘Property Details Spreadsheet’ for the details of our China malls. http://capitamallsasia.com/corporate/portfolio.aspx. (1) Excludes Raffles City Shanghai (2) Excludes malls under or previously under master lease namely CapitaMall Shuangjing, CapitaMall Anzhen, CapitaMall Erqi and CapitaMall Saihan
82 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) China NPI Growth Supported by Strong Tenant Sales (100% basis) 10% +13%9.2% 2,500 9% 8.1% 8.1% 2,250 8% +24% 6.5% 7% 5.7% +15% 5.9% 2,000 0.2% 2007 6% 4.7% +19% 5% 1,750 4% 1,500 3% 2% 1,250 1% (0.03%) 1,000 0% -1% 2005 2006 2007 2008 2009 2010 2011 1Q 11 1Q 12 750
10% 3,200 9% 8% 6.9% 7% +37% 3,000 6% 4.7% 5.0% 5% 4.5% 15.5% 2008 +51% 4% 2.7% 3.1% 2,800 3% +16% 2% 1% (0.6%) 2,600 0% -1% 2005 2006 2007 2008 2009 2010 2011 1Q 11 1Q 12 -2% 2,400 Year of Opening
Tenant Sales Growth (1Q 12 vs. 1Q 11).Tenant sales Valuation Trend (100% basis, RMB mil) are based on a same‐mall basis (100%) and excludes NPI Yield on Cost sales from supermarkets and department stores. NPI Yield on Valuation
Note: Please refer to our ‘Property Details Spreadsheet’ for the details of our China malls. http://capitamallsasia.com/corporate/portfolio.aspx.
83 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) China NPI Growth Supported by Strong Tenant Sales (100% basis) 10% 5250 9% 5000 8% +20% 7.0% 2009 7% 5.8% 5.8% 4750 22.7% 6% +57% 5% 4.6% 4500 3.7% 4% 4250 3% 2% 4000 1% (0.7%) 3750 0% -1% 2005 2006 2007 2008 2009 2010 2011 1Q 11 1Q 12 3500 10% 2700 9% 2675 2010 8% 37.7% 7% 2650 6% 2625 5% 2600 4% 3.3% +137 3% 1.9% 2575 1.8%1.4%% 2% 2550 1% (1.0%) 2525 0% -1% 2005 2006 2007 2008 2009 2010 2011 1Q 11 1Q 12 2500
Year of Opening Valuation Trend (100% basis, RMB mil) NPI Yield on Cost Tenant Sales Growth (1Q 12 vs. 1Q 11).Tenant sales are based on a same‐mall basis (100%) and excludes NPI Yield on Valuation sales from supermarkets and department stores. Note: Please refer to our ‘Property Details Spreadsheet’ for the details of our China malls. http://capitamallsasia.com/corporate/portfolio.aspx. 84 CapitaLand Presentation May 2012 CapitaMalls Asia (CMA) Pipeline of Malls Opening in the Next 3 Years
No. of Properties Countries Target to be Target to be Target to be Operational opened in opened in opened in Total 2012 2013 2014 & beyond Singapore 17 1 1 1 20
China 42 7 2 61 57
Malaysia 5 - - 12 6
Japan 7 - - - 7
India 2 - 2 5 9
Total 73 8 5 13 99
Note: Data as at 10 May 2012 (1) Includes Tiangongyuan site, Beijing, the acquisition of which is subject to completion. (2) Includes Klang Valley site, Malaysia which was announced on 9 May 2012
85 CapitaLand Presentation May 2012 Thank you
86 CapitaLand Presentation May 2012