Disclaimer
The value of Units and the income from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by, the Trustee-Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.
Investors have no right to request the Trustee-Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This presentation is for information purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities, nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever. This presentation should not be relied upon as the basis of an investment decision in the Units. The information contained in this presentation has not been independently verified.
No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. None of the Trust, the Trustee-Manager or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation.
This presentation may contain forward-looking statements and forward looking financial information. Such statements and financial information are based on numerous assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Trust to be materially different from those expressed in these forward looking statements. Such forward- looking statements are based on numerous assumptions regarding Trust's or the Trustee-Manager's present and future business strategies and the environment in which the Trust will operate in the future, and must be read together with such assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses (including employee wages, benefits and training costs), property expenses and governmental and public policy changes. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of the Trust. The future financial performance of the Trust is not guaranteed and the Trustee-Manager does not undertake to revise forward looking statements to reflect future events or circumstances. Investors are cautioned not to place undue reliance on these forward-looking statements.
2 Contents
3 Key Messages for FY2012
Total Available DPU of 3.861 Singapore cents for FY2012 meets Forecast1: Available Distribution . 0.99 Singapore cents (Q4 2012) and Distribution per . 0.97 Singapore cents (Q3 2012) Unit (“DPU”) Meet . 0.96 Singapore cents (Q2 2012) 1 . 0.94 Singapore cents (Q1 2012) Forecast DPU of 3.86 Singapore cents translates to a distribution yield of 6.83%2.
Net Profit for FY2012 of S$84.6 million was mainly contributed by fair value gain of S$60.3 million and amount drawn down from earn-out3 of S$21.9 million. Net Profit Driven Mainly The operating environment in Shenyang remains challenging. by Fair Value Gains With the Earn-Out arrangements4 in place till FY2014, the Trustee-Manager is committed to deliver a target annual Amount Available for Distribution of RMB227.0 million for FY2013 and FY2014.
NAV per unit dropped from S$0.71 (as at 31 December 2011) to S$0.70 (as at 31 December 2012). Net Asset Value (“NAV”) per Unit Growth NAV per unit drop impacted by foreign exchange translation loss of 3 cents. Valuation gains recognised ‘As Is’ in 2012 NAV per unit of S$0.70.
PCRT’s maiden issuance on 21 September 2012 of its S$130.0 million 6.375% Fixed Maiden MTN Notes Rate Notes due 2015 is now trading at between 5.1% to 5.3%, reflecting debt Trading Yield investors’ enhanced confidence in the issuer and the quality of its assets.
1. The Forecast was derived from the Projection Year 2012 disclosed in the Prospectus dated 27 May 2011. 2. Based on the unit closing price of S$0.565 as at 31 December 2012. 3. From the New Earn-Out Deed. 4. Comprising the Additional Earn-Out Deed and the New Earn-Out Deed. 4 Key Messages for FY2013
1 >90.0% of IPO Assets1 Development risk largely reduced for IPO assets . Completed Perennial Qingyang Mall in Chengdu, will complete construction in 2Q 2013 to 3Q 2013 Construction (one to two quarters ahead of schedule).
Perennial Jihua Mall, Foshan Achieved leasing commitment of ~60.0%2 and expected to commence business in 2Q 2013. Secured anchor tenants Yonghui Superstore (supermarket) and Guangzhou Jinyi Media Corporation (cineplex), established international fashion retailers such as H&M, Monki (new to market brand by H&M), Zara, Zara Home, Massimo Dutti, Bershka, Stradivarius Leasing Progress of and Oysho, as well as F&B tenants such as Pizza Hut and KFC. Malls Slated to Open in FY2013 Perennial Qingyang Mall, Chengdu Achieved leasing commitment of ~33.0%2 and expected to commence business one to two quarters ahead of schedule in 4Q 2013 to 1Q 2014. Secured anchor tenants such as Yonghui Superstore (supermarket) and Guangzhou Jinyi Media Corporation (cineplex), specialty tenants such as Uniqlo, Zara, Pull & Bear, Bershka, Massimo Dutti, as well as F&B tenant including Starbucks.
Monetise completed assets to unlock value and recycle capital for Unitholders. Pursue Initiatives to Strata-sale of non-block retail and other components in integrated developments, Unlock Value & Recycle similar in nature to the predominantly retail Beijing Tongzhou Integrated Development, to Capital generate cash flow & development profits.
1. Comprising Shenyang Red Star Macalline Furniture Mall, Shenyang Longemont Shopping Mall, Shenyang Longemont Offices, Perennial Jihua Mall, Foshan and Perennial Qingyang Mall, Chengdu. 2. Lease % includes committed leases and expected leases, for which documentation is pending execution by the prospective tenants.
5 6 1 A Sustainable Total Returns Vehicle
. In line with PCRT’s Sustainable Total . Delivered Committed Distribution per Unit Return Strategy : Regular Distributions and Steady NAV per unit Growth
DPU (S¢) and Distribution Yield (%) Delivered Distribution per Unit (“DPU”) 8.76%1 Distribution of 2.35 Singapore cents for FY2011 & Yield 6.83%2 3.86 Singapore cents for FY2012 as Distribution Yield committed at IPO.
DPU 3.86 Singapore Cents 1 DPU 2.35 Distribution Yield of 8.76% for FY2011 Singapore Cents and 6.83%2 for FY2012.
FY 2011 FY 2012
Net Asset Value (“NAV”) per unit (net of 0.71 0.70 0.67 Foreign Exchange (“FX”) translation & Earn-Out grew from S$0.68 (as at 0.02 0.05 31 Dec 2011) to S$0.72 (as at 31 Dec Earn-Out Deed 2012). 0.68 0.72 FX Translation 0.67 Unitholders' Funds (0.02) (0.04) Further NAV growth as development projects complete and are progressively IPO NAV (June 2011) 31 Dec 2011 NAV 31 Dec 2012 NAV IPO NAV (9 June 2011) 31 Dec 2011 NAV 31 Dec 2012 NAV recognised in the financials.
1. Distribution Yield is derived from using the annualised DPU of 4.16 Singapore Cents over the closing share price on 30 Dec 2011 (SGD0.475). 2. Distribution Yield is derived from using the actual DPU of 3.86 Singapore Cents over the closing share price on 31 Dec 2012 (SGD0.565).
7 Annual Committed Distribution of RMB227.0 million for FY2013 & FY2014
RMB (millions) 454.0 457.1
Additional 342.0 Earn-Out Deed3 227.0 227.0
New 115.1 Earn-Out Deed2
FY2013 (1) FY2014 (2) (1) + (2) Total Earn-out Funds Available
. Total Amount Available for Distribution in FY2012 was RMB227 .01 million.
. Assuming the same target annual Amount Available for Distribution of RMB227.0 million for FY2013 and FY2014, PCRT’s Total Earn-out Funds available for Draw-Down are sufficient to deliver these target distributions.
1. The Projection was derived from the Projection Year 2012 disclosed in the Prospectus dated 27 May 2011. 2. New Earn-Out Deed is in connection with the expected acquisition of a 80.0% interest in Perennial Dongzhan Mall, Chengdu. 3. Additional Earn-Out Deed announced on 18 April 2012.
8 2 Strong Development Track Record
. Development Risk Largely Reduced through Leveraging on Sponsor’s Real Estate . IPO Assets1 More than 90.0% Completed Integrated Platform & Strategic Partners’ Capabilities
Majority of IPO Assets1 Completed
GFA Completed Under Development
100.0% 9.4% Completed construction of Shenyang Longemont Shopping Mall, Shenyang 80.0% 37.1% Longemont Offices and Perennial
71.2% Jihua Mall in Foshan post-IPO. 60.0% 100.0% Perennial Qingyang Mall in Chengdu, 90.6% 40.0% is expected to complete construction in 62.9% 2Q 2013 – 3Q 2013.
20.0% 28.8%
0.0% IPO 2011 2012 2013E
1. Comprising Shenyang Red Star Macalline Furniture Mall, Shenyang Longemont Shopping Mall, Shenyang Longemont Offices, Perennial Jihua Mall, Foshan and Perennial Qingyang Mall, Chengdu.
9 Sponsor’s Fully In-house Integrated Real Estate Business Platform
. The Sponsor of Perennial China Retail Trust has a fully in-house team of real estate professionals based in Singapore and China. . Integrated real estate business platform, combining the best of real estate management and capital management capabilities.
SPONSOR’S INTEGRATED REAL ESTATE BUSINESS PLATFORM
10 3 Disciplined Acquisition at Attractive Pricing & Payment Terms
. Acquired 80.0% Interest in Perennial . Acquisition Price of RMB10,000 psm Dongzhan Mall (Chengdu) sited next to the (completed basis) ~21.6% below 2012 Chengdu High Speed Railway Station Valuation of RMB12,757 psm
Key Highlights Acquisition Price of RMB10,000 psm (completed basis) ~21.6% below 2012 Valuation of RMB12,757 psm.
Attractive deferred payment terms.
Direct connectivity to the operational Chengdu East High Speed Railway (“HSR”) Station, one of the eight key integrated transportation hubs in China.
Perennial Dongzhan Mall, Chengdu . Sited in Chenghua District within the Third Ring Road of South East Chengdu and part of the 1.7 million sqm Chengdu East HSR Integrated Development. . Directly connected to the operational Chengdu East HSR Station, one of the eight key integrated transportation hubs in China, with access to high speed railway, subway (operational Line 2 and planned Line 7), long & short distance bus lines & taxi connections. . Construction of the mid-end regional mall is expected to complete in 1Q 2014 and will commence operations in Artist’s Impression. Picture may differ from the actual view of the completed property. 3Q 2014.
11 Perennial Dongzhan Mall, Chengdu - Connectivity & Artist’s Impressions
Perennial Dongzhan Mall Operational Chengdu East High Speed Railway Station
Artist’s Impression. Picture may differ from the actual view of the completed property.
Perennial Perennial Operational Chengdu Dongzhan Dongzhan Mall L East High Speed Mall Railway Station
S 26 platforms T
26 Train Platforms B
Subway S Subway Station B Short Distance Bus Interchange Artist’s Impression. Picture may differ from the actual view of the completed property. Lines T Taxi Stand L Long-distance Bus Interchange
12 Operational Chengdu East HSR Station – (One of eight key transportation hubs in China)
13 Operational Chengdu East HSR Station – (One of eight key transportation hubs in China)
14 4 Investment with Strong Cash Flow & Development Profit Potential
. 10.0% Interest (S$50.32 million Equity . Maiden Foray into Beijing (1st Tier City) Investment) to Jointly Develop the Beijing . First Partnership Project with Perennial Real Tongzhou Integrated Development Estate Holdings (PCRT’s Sponsor)
Key Highlights Estimated total development cost (including land) of RMB15,800 psm GFA (excluding car park) compares positively with recent transaction (land only) in close vicinity at RMB12,000 - 16,000 psm. Strong cash flow potential & development profit from income derived from progressive sale of retail, office & residence components. Acquisition pipeline strengthened with ROFR over part of the retail component. Potential pipeline of over 180,0001 sqm. Geographic & asset diversification into China’s 1st tier city. Excellent transport connectivity to Beijing City, neighbouring cities and the airport.
Office Beijing Tongzhou Integrated Development
. Located in Tongzhou District, Beijing’s new Central Business District. Residence . 13 km to Beijing City & 16 km to Capital International Airport (both ~ 15mins drive). . Directly connected to future subway interchange station (Line 6 – expected to commence operations in end-2014 & Line S6) and future bus interchange (expected to commence operations in end-2014). Retail . Close proximity to subway station serving upcoming R1 subway line linking Tongzhou District to Beijing city
Grand Canal centre.
Artist’s Impression. Picture may differ from the actual view of the completed property. . Expected to commence operations in 2016.
1. Subject to the final approval of plans by the relevant authorities.
15 Beijing Tongzhou Integrated Development - Connectivity & Artist’s Impressions
An Iconic Landmark Fronting Office the Grand Canal Grand Canal A
S B
C
B
Beijing Tongzhou Future Bus Interchange A, B & C B Integrated Development Future Subway S Subway Line Interchange Station Residence
Retail
Grand Canal
Source of Artist’s Impression: Perennial Real Estate Holdings Pte. Ltd. Picture may differ from the actual view of the completed property. Interior View
16 Strong Pipeline from Sponsor & 5 Strategic Partners
Beijing Tongzhou Integrated Development
Total Development GFA (excluding car park) of over 402,000 sqm, with over 50.0% comprising retail GFA.
Secured right of first refusal (“ROFR”) for PCRT over part of the retail component from Joint Venture consortium.
Potential pipeline of over 180,0001 sqm.
Artist’s Impression. Picture may differ from the actual view of the completed property. PCRT enjoys pipeline of over Xi’an North High Speed Railway Integrated Development 280,0001,2 sqm
Total Development GFA of ~850,000 sqm.
Sponsor has assumed role of granting Option, provides PCRT with certainty of acquisition pipeline.
Offers PCRT (a) 50.0% interest in Block Retail of at least 100,000 sqm GFA or (b) 50.0% interest in the development in which the Block Retail forms the predominant component.
2 Artist’s Impression. Picture may differ from the actual view of the completed property. Potential pipeline of over 100,000 sqm.
1. Based on ROFR to purchase 100.0% of the retail component in Beijing Tongzhou Integrated Development and subject to the approval of the consortium of investors . It is also subject to the final approval of plans by the relevant authorities. 2. Based on Option to purchase 100.0% of the block retail in Xi’an North High Speed Railway Integrated Development and subject to the approval of the other investors. It is also subject to the final approval of plans by the relevant authorities.
Source of Artist’s Impression: Perennial Real Estate Holdings Pte. Ltd. Picture may differ from the actual view of the completed property. 17 Grow Asset Portfolio to Deliver Steady Income Stream
. Asset Portfolio Increases from 5 to 7 & . Potential GFA growth of 28.6% with ROFRs1/Option Attributable Asset Size (GFA basis) Grows . Steady Stream of Cash Flow as Projects Complete by over 47.0% Construction & Commence Operations
PCRT Portfolio IPO (9 Jun 2011) As at 31 Dec 2012 1,063,866 No. of Assets 5 7 180,0003 No. of Cities (Presence) 3 4
IPO Post-IPO 2 PCRT PCRT 783,866 100,000 Actual GFA Actual GFA Interest Interest (sqm) (sqm) 224,000 224,000 Shenyang Red Star 276,474 50.0% 276,474 50.0% Macalline Furniture Mall
Shenyang Longemont 327,789 50.0% 327,789 50.0% Shopping Mall
Shenyang Longemont 197,803 50.0% 197,803 50.0% Offices 559,866 559,866 559,866
Perennial Jihua Mall, (sqm)GFA Total 68,833 100.0% 68,833 100.0% Foshan
Perennial Qingyang Mall, 90,000 100.0% 90,000 100.0% Chengdu 1 Perennial Dongzhan Mall, IPO FY2012 FY2012 + ROFRs NA NA 280,000 80.0% Chengdu IPO Portfolio Total (GFA sqm) 960,899 559,866 1,240,899 783,866 Perennial Dongzhan Mall Beijing Tongzhou Integrated NA NA 401,548 10.0% Option for Xi'an North High Speed Railway Integrated Development Retail Development ROFR for Tongzhou Integrated Development Retail Total (GFA sqm) 960,899 559,866 1,642,447 824,021
1. ROFR refers to Right of First Refusal 2. Based on Option to purchase 100.0% of the block retail in Xi’an North High Speed Railway Integrated Development and subject to the approval of the other investors. It is also subject to the final approval of plans by the relevant authorities. 3. Based on ROFR to purchase 100.0% of the retail component in Beijing Tongzhou Integrated Development and subject to the approval of the consortium of investors . It is also subject to the final approval of plans by the relevant authorities. 18 6 Strong Sponsor – Perennial Real Estate Holdings Pte. Ltd.
. Strong Commitment to Grow and . Well-capitalised Sponsor with Strong Ensure Continued Success of PCRT in Developmental Interest in China Core China Retail Assets Strong alignment of interest in PCRT; Owns ~28% of PCRT Units. Owns and manages extensive portfolio of over 4.0 million sqm in gross development area. Secures large scale mixed-use development projects and offers PCRT the opportunity to either jointly participate or right of first refusal (“ROFR”). Offers PCRT ROFR for all predominantly retail projects. Builds PCRT’s growth pipeline and provides PCRT with acquisition timing flexibility.
Mr Kuok Khoon Hong Mr Pua Seck Guan & related parties PREH, Mr Kuok & Mr Pua own 20.0% 80.0% ~28% of PCRT units
Perennial Real Estate Holdings Pte. Ltd. (“PREH”)
49.0% 51.0% Mr Pua Seck Guan Perennial Real Estate Pte. Ltd.
78.0%
22.0% Perennial China Retail Trust Nan Fung 12.0% Asset Management Management Pte. Ltd. Asdew Acquisitions 10.0% (Trustee-Manager)
19 Perennial Real Estate Holdings (Sponsor) – Non-Listed China Portfolio
Invested in 4 Integrated Developments with an Asset Size of RMB25 billion Manage 5 Integrated Developments with a GFA of over 4.0 million sqm
1 Own and Manage 5 Regional Mall in Beijing’s Development Manager only New CBD (Tongzhou District) 2 Large Scale Residential Developments China
Beijing Dalian
Xi’an Dalian Chunliu Gardens Dalian Ocean Park
Beijing Tongzhou Integrated Development Chengdu GFA: 260,000 sqm GFA: 1.2 million sqm (24.0% Interest) GFA: ~402,000 sqm Exp Opening 2016 (Under Development) 4 Own and Manage 3 Regional Integrated Development 2 Own and Manage Connected to Xi’an North HSR Station Regional Integrated Developments Connected to Chengdu East HSR Station
Xi’an North High Speed Railway Integrated Development (51.0% Interest) Chengdu East High Speed Railway Integrated Development Plots C&D (50.0% Interest) GFA: ~850,000 sqm Total GFA: ~1.2-1.3 million sqm Properties under development
20 Chengdu East HSR Integrated Development – Artist’s Impression of Plot C
Artist’s Impression. Picture may differ from the actual view of the completed property.
21 Chengdu East HSR Integrated Development - Artist’s Impression of Plot D
Artist’sArtist’s Impression. Impression. Picture Picture may may differ differ from from the theactual actual view view of the of thecompleted completed property. property.
22 Xi’an North HSR Integrated Development – Measuring over 850,000 sqm in GFA
Expected to comprise Retail, Apartment, Hotel and Office Components1
Apartments Operational Xi’an North High Speed Railway (“HSR”) Station Apartments
Hotel
Retail
Apartments
Source of Artist’s Impression: Perennial Real Estate Holdings Pte. Ltd. Picture may differ from the actual view of the completed property.
1. Subject to final approval of plans by the relevant authorities.
23 Xi’an North HSR Integrated Development - Connectivity & Artist’s Impressions
34 Train Xi’an North Platforms HSR Station
T B L
Plot 4 S Plot 5
Subway Line 2 S
Subway Line 4
Xi’an North High Speed Railway Integrated Development Subway Line S Subway Station T Taxi Stand L Long Distance Bus Interchange B Short Distance Bus Interchange Artist’s Impression. Picture may differ from the actual view of the completed property.
Xi’an North High Speed Railway (HSR) Integrated Development
. Located in Weiyang District of Xi’an City, capital of Shaanxi Province, Northwest China. . ~15 km north of the City Centre, ~17 km to the International Airport & ~5 km from the Xi’an Municipal Government Offices . Sited on 2 of the most prime plots of land adjacent to the Xi’an North HSR Station, one of the eight key transportation hubs in China. . Close proximity to the subway station of Xi’an Subway Line 2 and the upcoming Subway Line 4 connecting to
Artist’s Impression. Picture may differ from the actual view of the completed property. the Xi'an Economic Development Zone in the northwest.
24 Operational Xi’an North HSR Station (One of eight key transportation hubs in China)
25 7 Proactive Development & Asset Management to Create & Unlock Value
. 2012 vs 2011 Valuation : 0.8% Growth . Active asset management to maximise . 2012 Valuation vs Purchase Price : 25.1% Growth income and capital values
Valuation 2012 vs Valuation Valuation Purchase Price/Estimated Valuation Valuation 2012 vs 2011 per sqm Purchase Total Project Costs (As at (As at GRA Price per Property 31 Dec 31 Dec (As at GRA 2012) 2011) 31 Dec 2012) Variance Variance (RMB/sqm) Variance Variance (RMB mil) (RMB mil) (RMB per (RMB mil) (%) (RMB) (%) sqm)
Shenyang Red Star Macalline Furniture Mall (50.0% interest) 1,356 1,505 -149 -9.9% 9,808 9,293 +515 +5.5
Shenyang Longemont Shopping Mall (50.0% interest) 1,841 1,805 +36 +2.0% 11,233 9,293 +1,940 +20.9
Shenyang Longemont Offices (50.0% interest) 1,098 1,093 +5 +0.5% 11,102 9,293 +1,809 +19.5
Perennial Jihua Mall, Foshan1 8,521 (100.0% interest) 890 845 +45 +5.3% 12,930 +4,382 +51.7
Perennial Qingyang Mall, Chengdu1 1,035 920 +115 +12.5% 11,500 7,300 +4,200 +57.5 (100.0% interest)
IPO Portfolio 6,220 6,168 +52 +0.8% 11,110 8,879 +2,231 +25.1
Perennial Dongzhan Mall, 2 Chengdu (80.0% interest) 2,858 N.M 12,757 10,000 +2,757 +27.6
1. As if completed and fully leased. 2. The 31 December 2011 valuation of Perennial Dongzhan Mall, Chengdu is not meaningful because it was based on different planning parameters, including GFA and layout plan.
26 Valuation Gain Recognised ‘As Is’ in 2012 Net Asset Value (“NAV”) of S$0.70
Valuation per sqm Potential Valuation1 Purchase Valuation GRA Purchase Valuation Valuation (As at Price per Valuation Gain (As at Price Gain net of Gain Not Property 31 Dec GRA Gain Recognised 31 Dec (RMB cost and Recognised 2012) (RMB (RMB mil) in 2012 NAV 2012) mil) taxes2 (RMB mil) (RMB mil) per sqm) (RMB mil) (RMB (RMB mil) per sqm)
Perennial Jihua Mall, Foshan 890 12,930 587 8,521 303 222 117 (52.8%) 105 (47.2%) (100.0% interest)
Perennial Qingyang Mall, Chengdu 1,035 11,500 657 7,300 378 185 165 (89.2%) 20 (10.8%) (100.0% interest)
Perennial Dongzhan Mall, Chengdu 2,858 12,757 2,240 10,000 618 291 46 (16.0%) 245 (84.0%) (80.0% interest)
Total (PCRT’s Interest) 4,783 37,187 3,484 25,821 1,299 698 328 (47.1%) 370 (52.9%)
FOR ILLUSTRATIVE PURPOSES ONLY 2012 NAV S$0.70
Potential NAV Upside3 S$0.06
Potential NAV Upside % 8.6% Note: This is not a forecast or prediction and is for illustrative purposes only.
1. On an ‘as if completed and fully leased’ basis. 2. Potential valuation gain to be recognised on completion, after deducting offshore carrying costs and deferred tax. 3. Based on 1,141,586,000 shares outstanding and an assumed foreign exchange rate of S$1.00: RMB5.0929.
27 Pursue Initiatives to Unlock Value
Potential initiatives include: . Partial divestment of completed assets at prevailing market price . Strata sale of non-block retail and other components in integrated developments
FOR ILLUSTRATIVE PURPOSES ONLY Perennial Qingyang Mall, Perennial Jihua Mall, Chengdu Foshan Cost Price (RMB per sqm GFA) 7,300 8,521 Prevailing Market Price1 (RMB per sqm GFA) 11,500 12,930 Premium to Cost +57.5% +51.7%
1. Assume offer price at 31 Dec 2012 Valuation.
Note: This is not a forecast or prediction and is for illustrative purposes only.
28 Perennial Jihua Mall, Foshan – Artist’s Impressions (Exterior/Interior Views)
Exterior View Atrium
Atrium Level 1
Artist’s Impression. Picture may differ from the actual view of the completed property.
29 Perennial Qingyang Mall, Chengdu – Artist’s Impressions (Exterior/Interior Views)
Exterior View
Atrium Atrium
Artist’s Impression. Picture may differ from the actual view of the completed property. 30 PCRT’s Assets Attractively Priced Compared to Market Comparables
Purchase Price Transaction/ Valuation GRA Market GRA PCRT IPO Assets per GRA Location Valuation per GRA (sqm) Comparables (sqm) (RMB/sqm) Date (RMB/sqm)
Shenyang Red Star GTC Galleria Chengdu Jun-11 53,837 15,788 Macalline Furniture Mall 276,474 9,293 (50.0% interest) Changsha Haixin Changsha Mar-12 106,998 12,103 Plaza Shenyang Longemont Shopping Mall 327,789 9,293 ID Mall Changsha Sep-10 80,000 18,750 (50.0% interest) Dalian TRC Dalian May-12 138,628 22,290 Shenyang Longemont Offices 197,803 9,293 CapitaMall Peace Dalian Jun-12 157,576 11,518 (50.0% interest) Plaza
Perennial Jihua Mall, Nanjing IFC Nanjing May-12 100,190 25,901 Foshan 68,833 8,521 (100.0% interest) Central Avenue Mall Qingdao Jun-11 43,643 14,802 Perennial Qingyang Mall, Chengdu 90,000 7,300 CapitaMall Wuchang Wuhan Sep-12 70,699 16,351 (100.0% interest)
CapitaMall Perennial Dongzhan Mall, Wuhan Dec-12 38,631 11,623 Chengdu 280,000 10,000 Minzhongleyuan (80.0% interest)
Weighted Average Purchase Price Weighted Average Valuation 9,199 16,953 per GRA (RMB/sqm): per GRA (RMB/sqm)
31 8 Active & Prudent Capital Management
. Established S$500.0 million Multicurrency Medium Term Note Program . Manage PCRT’s Capital Base Prudently to . Raised S$130.0 million 6.375% Fixed Rate Notes Optimise Unitholders Returns due 2015
350.0 325 325 Key Indicators As at 31 Dec 2012 Gearing 19.9% 300.0 Dividend & Interest Interest Cover Ratio 6.9 times 65 Weighted Average Interest Rate 4.62% p.a. 250.0 Average Term to Expiry - Credit Facilities 1.96 years Perennial - Fixed Rate Notes 2.72 years 200.0 Qingyang Mall 130 S$'M 150.0 143 143 130 130 12.5 Working Capital
100.0 50.3 Investment in Perennial Beijing Tongzhou Jihua Integrated Mall Development 50.0 130 Payment of 15% 67.2 for Perennial Dongzhan Mall 0.0 Total Credit Facilities Fixed Rate Notes (MTN Programme) Committed Credit Facility Uncommitted Revolving Credit Facility Facility Drawn
32 9 Assets in High Growth Cities & Close to Major Transport Networks
SHENYANG 2 Assets connected to Red Star Macalline Furniture Mall major high speed railway Shenyang Longemont transportation hubs Shopping Mall and Offices . Subway Station (Operational XI’AN Line 1 and future Line 10) Xi’an North HSR . Transportation hub (serves Integrated Development . Connected to the operational short and long distance bus Xi’an North HSR Station routes) . Close proximity to Subway Station (Operational Line 2 and the planned Line4) BEIJING Beijing Tongzhou Integrated Development . Future Subway Interchange CHENGDU Station (Lines S6 and M6) Perennial Dongzhan Mall . Future bus interchange . Connected to the operational . Close proximity to upcoming Chengdu East HSR Station R1 subway line linking . Subway Station (Operational Tongzhou District to Beijing Line 2 & planned Line 7) City Centre . Long and short bus routes . Taxi connections
FOSHAN Perennial Qingyang Mall . Future Subway Line 4 Perennial Jihua Mall . Subway Interchange Station
(Future Lines 4 and 6) 8 Key Transportation Hubs in China1 . Supported by major bus Assets connected to major HSR routes transportation hubs Asset Portfolio
1. Information obtained from the People’s Republic of China National Development and Reform Commission. Website: http://jtyss.ndrc.gov.cn/fzgh/t20090605_284526.htm 2. Source of image from the website of Transport Politic .
33 Overview of PCRT’s Growth Strategy
THE SPONSOR: PERENNIAL REAL ESTATE HOLDINGS
Proven Track Record Integrated Real Estate Business Platform Well-capitalised with Commitment to Grow
Disciplined Acquisitions & Investments Acquire & Develop Strong Assets in Growth High Growth Pipeline from Cities & Close Sponsor and to Major Strategic Transport Partners Networks
Active and Proactive Prudent Development Capital & Asset Management Management to Optimise to Create and Returns Unlock Value
A Sustainable Total Returns Vehicle
34 35 Consolidated Income Statement (4Q 2012)
Actual Forecast Variance Variance Actual Vs Forecast 4Q 2012 (1) 4Q 2012 (2) S$’000 % S$’000 S$’000 Gross Revenue - - - - Property Operating Expenses (509) - (509) Nm Net Property Expenses (509) - (509) Nm Finance Income 14 8 6 75.0 Finance Expenses (1,647) (1,064) (583) 54.8 Net Finance Costs (1,633) (1,056) (577) 54.6 Trustee-Manager’s Fees (1,400) (1,381) (19) 1.4 Other Income 10,715 - 10,715 Nm Other Expenses (581) (644) 63 (9.8) Non Property Expenses 8,734 (2,025) 10,759 Nm Net Change in Fair Value of Investment Properties 91,188 - 91,188 Nm Results from Operating Activities 97,780 (3,081) 100,861 Nm Share of (Loss)/Profit of Jointly Controlled Entity, net of tax (2,780) 8,905 (11,685) Nm Profit Before Income Tax 95,000 5,824 89,176 Nm Income Tax Expense (22,773) (299) (22,474) Nm Profit For The Period 72,227 5,525 66,702 Nm Non-controlling Interests (3,829) - (3,829) Nm Profit For The Period Attributable to Unitholders 68,398 5,525 62,873 Nm 1. The actual results of PCRT’s foreign operations are translated using the average SGD/CNY rate of 5.1113. 2. The Forecast was derived from the Projection Year 2012 disclosed in the Prospectus dated 27 May 2011. An average SGD/CNY exchange rate of 5.2070 was adopted in the Forecast. 36 Consolidated Income Statement (4Q 2012) Explanation of Key Income Line Items
Other Income . Other Income was higher than Forecast as it comprised drawdown of S$11.2 million under the RMB226.5 million earn-out deed (“New Earn-out Deed”), and movements in both unrealised foreign exchange differences from the translation of cash and cash equivalents and other payables denominated in RMB and realised foreign exchange differences on payments for other assets.
Net Change in Fair Value of Investment Properties . The net change in fair value of investment properties, based on valuations performed by an independent professional valuer, related to Perennial Jihua Mall, Foshan, Perennial Qingyang Mall, Chengdu and Perennial Dongzhan Mall, Chengdu (collectively, the “investment properties”).
37 Consolidated Income Statement (4Q 2012) Explanation of Key Expense Line Items
Property Operating Expenses
. Comprised mainly staff and pre-operation costs incurred by Perennial Jihua Mall, Foshan, and Perennial Qingyang Mall, Chengdu.
Finance Expenses
. The higher actual finance expenses were due to loss of S$0.6 million incurred on settlement of non- deliverable forward transactions and accrued interest costs incurred on the S$130.0 million 6.375% Fixed Rate Notes due 2015 issued on 21 September 2012 under the S$500.0 million Multicurrency Medium Term Note Programme established on 20 January 2012, of which both were not included in the Forecast, offset by lower finance expenses relating to the acquisition of Perennial Jihua Mall, Foshan, due to lower loan interest rates as compared to forecast interest rates.
38 Consolidated Income Statement (4Q 2012) Explanation of Key Expense Line Items
Share of (Loss)/Profit of Jointly Controlled Entity (“JCE”) The decrease in Share of (Loss)/Profit of JCE was mainly attributed to: . Net decrease of S$4.2 million in fair values of the properties held by Shenyang Summit. . Shenyang Longemont Shopping Mall: – Continued ramping-up of operations, fine-tuning of tenant mix and optimising operational procedures. . Shenyang Red Star Macalline Furniture Mall: – Lower profit as a result of the implementation of a master-lease arrangement for about 60% of the mall’s gross floor area.
Income Tax Expense
. The increase was mainly attributed to deferred tax expense arising from the change in fair values of the investment properties.
39 Consolidated Income Statement (FY2012)
Actual Forecast Variance Variance Actual Vs Forecast FY2012 (1) FY2012 (2) S$’000 % S$’000 S$’000 Gross Revenue - - - - Property Operating Expenses (804) - (804) Nm Net Property Expenses (804) - (804) Nm Finance Income 5,829 32 5,797 Nm Finance Expenses (4,065) (3,033) (1,032) 34.0 Net Finance Income/(Costs) 1,764 (3,001) 4,765 Nm Trustee-Manager’s Fees (4,315) (5,000) 685 (13.7) Other Income 24,859 - 24,859 Nm Other Expenses (2,137) (2,576) 439 (17.0) Non Property Expenses 18,407 (7,576) 25,983 Nm Net Change in Fair Value of Investment Properties 91,188 - 91,188 Nm Results from Operating Activities 110,555 (10,577) 121,132 Nm Share of Profit of Jointly Controlled Entity 1,104 29,991 (28,887) (96.3) Profit Before Income Tax 111,659 19,414 92,245 Nm Income Tax Expense (23,200) (966) (22,234) Nm Profit For The Year 88,459 18,448 70,011 Nm Non-controlling Interests (3,829) - (3,829) Nm Profit For The Year Attributable to Unitholders 84,630 18,448 66,182 Nm
1. The actual results of PCRT’s foreign operations are translated using the average SGD/CNY rate of 5.0385. 2. The Forecast was derived from the Projection Year 2012 disclosed in the Prospectus dated 27 May 2011. An average SGD/CNY exchange rate of 5.2070 was adopted in the Forecast. 40 Distribution Statement (FY2012 & 4Q 2012)
Actual Forecast (1) Actual Forecast (1) Actual Vs Forecast FY2012 FY2012 4Q 2012 4Q 2012 S$’000 S$’000 S$’000 S$’000 Profit for the Year/Period Attributable to Unitholders 84,630 18,448 68,398 5,525 Add/(Less): . Trustee-Manager’s management fees payable in units 3,999 4,747 1,297 1,314 . Unrealised foreign exchange (gain)/loss (2,823) - 498 - . Share of change in fair value of investment properties of jointly controlled entity, net of tax 4,248 - 4,248 - . Net change in fair value of investment properties (64,562) - (64,562) - . Amortisation of transaction costs on borrowings 389 1,017 131 254 . Net change in fair value of financial derivatives - - (679) - . Net loss of group entities 1,939 1,260 1,819 395 . Reversal of accrued contingent consideration payable no longer required (5,790) - - - . Others 106 - 36 - Distributable Income 22,136 25,472 11,186 7,488 Additional Return (Amended & Restated Earn-Out Deed) 21,485 18,149 - 3,698 Amount Available For Distribution 43,621 43,621 11,186 11,186 Distribution per Unit (cents) 3.86 3.86 0.99 0.99 Distribution per Unit – Annualised (cents) 3.86 3.86 3.93 3.93 Distribution Yield . S$0.565 per Unit (31 December 2012) 6.83% 6.83% 6.96% 6.96% . S$0.620 per Unit (13 February 2013) 6.23% 6.23% 6.34% 6.34%
1. The Forecast was derived from the Projection Year 2012 disclosed in the Prospectus dated 27 May 2011. An average SGD/CNY exchange rate of 5.2070 was adopted in the Forecast.
41 Consolidated Statement of Financial Position
S$’000 31 December 2012 Net Asset Value Per Unit S$ Non-Current Assets As at 31 December 2012 0.70 Property, Plant and Equipment 116 Investment Properties1 484,989 1. Investment properties under development comprised Perennial Jihua Jointly Controlled Entity2 712,541 Mall, Foshan, Perennial Qingyang Mall, Chengdu and Perennial Dongzhan Mall, Chengdu. They were stated at fair value based on Available-for-sale Unquoted Investment3 50,320 independent professional valuations.
Current Assets 2. PCRT’s 50.0% equity interest in Shenyang Summit that owns Shenyang Red Star Macalline Furniture Mall, Shenyang Longemont Other Receivables 2,072 Shopping Mall and Shenyang Longemont Offices.
Cash and Cash Equivalents 119,228 3. PCRT’s effective interest of 10.0% in the Beijing Tongzhou Integrated Development. Total Assets 1,369,266 4. Loans and borrowings included loans drawn down to finance Non-Current Liabilities construction-related costs for Perennial Qingyang Mall, Chengdu and and progress payments for Perennial Jihua Mall, Foshan, and the Loans and Borrowings4 267,519 S$130.0 million Fixed Rate Notes issued on 21 September 2012 under the MTN Programme. Other Payables5 44,037 5. Other payables included mainly accrual of progress payments relating Deferred Tax Liabilities6 23,279 to Perennial Dongzhan Mall, Chengdu.
Current Liabilities 6. Deferred tax liabilities related mainly to deferred tax arising from the change in fair value of investment properties. Trade and Other Payables7 201,556 7. Trade and other payables included progress payments and project Tax Payables 88 development costs relating to the investment properties.
Total Liabilities 536,479 8. Non-controlling interests pertained to the 20% interest of the non- controlling shareholder of the subsidiary that holds Perennial Net Assets Attributable to Unitholders 798,472 Dongzhan Mall, Chengdu. Non-controlling Interests8 34,315
42 Summary of PCRT’s Earn-Out Deeds
S$’000 RMB’000 TOTAL EARN-OUT FUNDS SECURED1 159,098 813,525 Comprising: (1) AMENDED & RESTATED EARN-OUT DEED2 46,485 245,000 • Total Amount Utilised in FY20112 (25,000) (131,763) • Total Amount drawn for 1H 20122 (21,217) (111,824) • Total Amount to be drawn for 2H 20122 (268) (1,413) (2) NEW EARN-OUT DEED4 (@ exchange rate3 as at 31 December 12) 44,479 226,525 • Total Amount to be drawn for 2H 20123 (21,867) (111,366) Undrawn Earn-Out Funds3 22,612 115,159 (3) ADDITIONAL EARN-OUT5 (@ agreed exchange rate6) 68,134 342,000 Total Earn-Out Funds Available for Draw-Down 90,746 457,159
Forecast Year 2011 Projection Year 2012 Financial Year 2013 Financial Year 2014 Total Earn- 9 Jun 2011 to 31 Dec 2011 1 Jan 2012 to 31 Dec 2012 1 Jan 2013 to 31 Dec 2013 1 Jan 2014 to 31 Dec 2014 Out Amount
9 Jun to 1 Jul to 1 Jan to 1 Jul to 1 Jan to 1 Jul to 1 Jan to 1 Jul to Periods 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec 30 Jun 31 Dec
Amended & Restated RMB27.5 mil RMB104.3 mil RMB111.8 mil RMB1.4 mil RMB245.0 mil Earn-Out Deed
New Earn-Out Deed4 RMB111.4 mil RMB115.1 mil RMB226.5 mil
Additional Earn-Out5 RMB342.0 mil RMB342.0 mil
Total Earn-Out Funds Available for Draw-Down = RMB115.1 mil + RMB342.0 mil RMB457.1 mil
1. Comprising funds from Amended & Restated Earn-Out Deed, New Earn-Out Deed and Additional Earn-Out Deed. 2. SGD/CNY rate of 5.2705 3. SGD/CNY rate of 5.0929 4. New Earn-Out Deed is in connection with the expected acquisition of a 80.0% interest in Perennial Dongzhan Mall, Chengdu. 5. Additional Earn-Out Deed announced on 18 April 2012. 6. SGD/CNY rate of 5.0195 being the agreed exchange rate under the Additional Earn-Out Deed. 43 Debt Maturity Profile
500.0
450.0
400.0 130.0
350.0
300.0
250.0 S$'M
200.0
325.0 325.0 150.0
100.0
130.0 50.0
0.0 Available Debt Instruments 2013 2014 2015
Total Credit facilities Fixed Rate Notes (MTN Programme)
44 Distribution Details
Perennial China Retail Trust
Distribution Period 1 July 2012 to 31 December 2012
Distribution per Unit 1.96 Singapore cents
Notice of Books Closure Date Tuesday, 19 February 2013
Units Trading Ex-Distribution Thursday, 21 February 2013 at 9.00 a.m.
Books Closure Date Monday, 25 February 2013 at 5.00 p.m.
Distribution Payment Date Monday, 18 March 2013
45 46 Portfolio Committed Occupancy (As at 31 December 2012)
Achieved a Higher Committed Occupancy than 2012 Target1 Occupancy
. The East Wing of the mall, dedicated to . Secured children language centre as third . Continue to work towards enhancing furniture & furniture-related trades & anchor tenant on Level 6. operating performance despite comprising ~60.0% of the mall’s total GFA, . Together with the KTV & bowling centre, challenging leasing environment in has been master leased to Red Star the three mini-anchors commenced trading Shenyang. Macalline furniture operator to enhance in 4Q 2012. . Execute marketing & promotional income stability. . Optimise the trade mix to improve the strategies to enhance shopper traffic occupancy of the shopping mall. and sales for retailers. . Evaluating offers from wholesale centre . Overall results of restructuring efforts is tenants for West Wing, which has been expected to be reflected in 2013. dedicated to non-furniture trades as part of the restructuring exercise to reduce reliance on furniture or furniture-related trades.
80.0%
71.7% 70.0% 70.0% 70.6%
65.1%
60.0% 60.0% Occupancy Occupancy
40.0% Shenyang Red Star Macalline Furniture Shenyang Longemont Shopping Mall Completed Asset Portfolio Mall As at Dec 2012 Expected as at Dec 2012
1. Based on the total leased area divided by total net lettable area for Projection Year 2012.
47 Shenyang Longemont Shopping Mall - Average Rents as at 31 Dec 2012
4.00 3.721 3.72 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Average Rental (RMB psm per day) per psm (RMB Rental Average Shenyang Longemont Shopping Mall
As at Dec 2012 Expected as at Dec 2012
1. Based on committed occupancy of 69.9% as at 31 Dec 2012. Anchor tenants currently comprise about 40.0% of committed occupancy. In addition, based on rents paid by committed occupancy of 69.9% (conservative sales figures ~20.0% below market used to estimate GTO rents) + remaining 30.1% of units paying budget rent.
48 Shenyang Red Star Macalline Furniture Mall – Average Rents as at 30 Dec 2012
Red Star Macalline’s Master Lease Provides Income Stability
Summary of Master Lease Arrangement Benefit of Master Lease Arrangement . Red Star Macalline pays a rental of RMB0.90 per . Projected average gross rent and projected sqm per day based on GFA, which includes average net rent on NLA basis are RMB3.32 per common corridors and other areas which were sqm and RMB2.15 per sqm respectively. previously not leasable to individual tenants. . With master lease arrangement, a definite average . Red Star Macalline will bear almost all operating net rent of RMB1.35 per sqm is achieved. expenses, such as maintenance and utilities. . PCRT has the right to terminate the master lease . PCRT will only bear expenses relating to its legal subject to agreed terms and conditions as and ownership, such as property tax and business tax. when appropriate.
3.5
3.0 3.32
2.5
2.0 2.15 EBITA 1.5 per NLA 1.35 1.0
0.5 Avarage Rental (RMB psm per day) per psm(RMB Rental Avarage 0.0 NLA Achieved Rent for East Wing NLA Target Rent For Entire Mall under Master Lease to Red Star (Before Expenses) (After Expenses)
Projected Net Rent Red Star Net Rent on NLA Basis Projected as at Dec 2012
49 On-site Visual of the Three Assets Along Shenyang City’s First Ring Road
Shenyang Longemont Offices
Shenyang Red Star Shenyang Macalline Furniture Longemont Mall Shopping Mall
Planned Long Distance Bus Interchange
Transportation Subway Hub Station
Shenyang City’s First Ring Road
50 Shenyang Longemont Shopping Mall – New Tenants/Brand Names
快乐迪 Karaoke Tian Cheng Hong Ri Bowling Club Kai Si Yuan Bedding
Educational Centre Ecoh Plants Cherry Blossom Home Furnishings
Xiniya Menswear Xi You Ji City Piano
51 Shenyang Longemont Shopping Mall – New Tenants/Brand Names
First Step International Childcare Yesa Personal Store BN Pipe Footwear
Yang Guo You Footwear Fen Footwear
52 Shenyang Longemont Shopping Mall – Marketing and Promotional Events
53 Shenyang Longemont Shopping Mall – Marketing and Promotional Events
54 Shenyang Longemont Offices – Commenced Operations in December 2012
. Leasing was challenging due to inter-district/provincial taxation incentive issues that had to be overcome by companies who were relocating from another district/province to take up space at the office blocks. These teething administrative issues have been mitigated.
. Leasing has since gained traction with ~16.0%1 occupancy, including new tenants such as 思八达 (Executive Training Centre) and Taiping Insurance, and leases for which documentation are pending execution by prospective tenants.
1. Lease % includes committed leases and expected leases, for which documentation is pending execution by the prospective tenants, as well as leases under serious negotiation.
55 Shenyang Longemont Offices – Operational Tenants
Everbright (Shenyang) Kang Li Elevator DSV International Transportation
56 57 Development Projects Timeline
All Development Projects Progressing Well
FY2012 FY2013 FY2014 FY2015 and Later
Commenced Expected Expected Expected Expected Operations in Commencement Commencement Commencement Commencement December 2012 Date Date Date Date
4Q 2013 4Q 2012 2Q 2013 to 3Q 2014 2016 Shenyang Perennial 1Q 2014 Perennial Beijing Tongzhou Longemont Jihua Mall, Perennial Dongzhan Mall, Integrated Offices Foshan Qingyang Mall, Chengdu Development Chengdu
58 Perennial Jihua Mall, Foshan - Development Progress Update
Construction Completed on Schedule in 4Q 2012
Artist Impression On-site Photo
Artist’s Impression. Picture may differ from the actual view of the completed property.
. Construction is complete with physical hand-over of the mall in progress. . The mall will commence operations in 2Q 2013.
59 Perennial Jihua Mall, Foshan – Leasing Progress Update
Achieved Leasing Commitment of ~60.0%1
Anchor Tenants . Secured anchor tenants Yonghui Superstore (supermarket) and Jinyi Media (cinema operator).
. Key tenants secured include strong fast fashion retailers such as H&M, Monki (new to market brand by H&M), Zara, Bershka, Massimo Dutti, Oysho, Zara Home, Stradivarius and F&B tenants such as Pizza Hut and KFC.
. Leasing progressing well with occupancy expected to reach 90% at opening. Specialty Tenants
1. Lease % includes committed leases and expected leases, for which documentation is pending execution by the prospective tenants. 2. The above images are sourced from the websites and are property of respective companies.
60 Perennial Jihua Mall, Foshan – Leasing Convention Held on 19 Dec 2012
61 Perennial Jihua Mall, Foshan – Visuals of Completed Facade
View of Entire Development Facade along Jihua Road
Main Plaza Drop Off Area
62 Perennial Jihua Mall, Foshan – Visuals of Completed Facade
63 Perennial Jihua Mall, Foshan – Interior Visuals
64 Perennial Jihua Mall, Foshan – Interior Visuals
65 Perennial Qingyang Mall, Chengdu – Development Progress Update
Land Title Transferred to PCRT Mall Expected to Commence Operations One to Two Quarters Ahead of Schedule
Artist Impression Artist Impression On-site Photo
Artist’s Impression. Picture may differ from the actual view of the completed property.
. Legal ownership has been obtained and land title has been officially transferred to PCRT.
. Construction is progressing well, with the mall expected to commence operations in 4Q 2013 to 1Q 2014, one to two quarters ahead of schedule.
66 Perennial Qingyang Mall, Chengdu – Leasing Progress Update
Achieved Leasing Commitment of ~33.0%1 Ahead of Expected Opening in 4Q 2013 to 1Q 2014
Anchor Tenants . Secured anchor tenants such as Yonghui Superstore (supermarket) and Guangzhou Jinyi Media Corporation (cineplex), specialty tenants from reputable brands such as Zara, Pull & Bear, Bershka, Massimo Dutti as well as F&B tenants including Starbucks.
. Leasing commitment of about 33.0%1 ahead of target opening in 4Q 2013 to 1Q 2014.
Specialty Tenants
1. Lease % includes committed leases and expected leases, for which documentation is pending execution by the prospective tenants. 2. The above images are sourced from the websites and are property of the respective companies.
67 Perennial Qingyang Mall, Chengdu – Development Site Visuals (Exterior)
68 Perennial Qingyang Mall, Chengdu – Development Site Visuals (Interior)
69 Perennial Dongzhan Mall, Chengdu – Development Progress Update
Mall On Schedule to Commence Operations in 3Q 2014
Artist Impression On-site Photo
Artist’s Impression. Picture may differ from the actual view of the completed property.
. Legal ownership obtained following the successful acquisition of shares of the holding company which wholly owns the mall. . Foundation works is currently in progress, and overall construction is on schedule.
. TheArtist’s mall Impression. is expected Picture may differ fromto thecommence actual view of the completed operations property. in 3Q 2014.
Artist’s Impression. Picture may differ from the actual view of the completed property.
70 Perennial Dongzhan Mall, Chengdu – Development Site Visuals
71 Recently Transacted Land Price Close to Perennial Dongzhan Mall, Chengdu
Attractive Purchase Price (Completed Basis) vs Market Comparable (Land Only)
Comparable Distance Transaction Transacted Land Price Buyer (Chenghua District) from Mall Date (RMB/sqm of GFA)
成华区新客站片区DXZ-009号地块 2.1 km 荣盛房地产发展股份有限公司 Dec-12 6,050
Land Price 6,050 (RMB per sqm GFA)
Estimated Development Cost 5,000 – 6,000 (RMB per sqm GFA)
Estimated Total Purchase Price 11,050 – 12,050 (RMB per sqm GFA)
Perennial Dongzhan Mall Purchase Price on Completed Basis 10,000 (RMB per sqm GFA)
Perennial Dongzhan Mall, Chengdu
72 Beijing Tongzhou Integrated Development
PCRT’s S$50.3 million investment in an Iconic Landmark fronting the Grand Canal
Artist’s Impression On-site Photo
Office Tower
Residences
Retail Mall
Grand Canal
Artist’s Impression. Picture may differ from the actual view of the completed property.
. The Land Use Agreement was executed in November 2012 with the Land Bureau.
. The project is expected to commence operations in 2016.
73 Average Transacted Land Price ~Twice of Beijing Tongzhou Integrated Development’s Land Price
Attractive Purchase Price (Completed Basis) vs Market Comparables (Land Only)
Transacted Distance Transaction Comparables (Tongzhou District) Buyer Land Price from Mall Date (RMB/sqm of GFA) 北京市通州区永顺镇北苑商务区西区 3.6 km 大连万达商业地产股份有限公司 Nov-12 9,014 商业金融、居住及托幼项目 通州区梨园镇0802-168地块 3.8 km 北京华和房地产开发有限公司 Dec-12 16,000 通州区4-1-017等地块, 4-1-014等地块, 北京万科企业有限公司和北京首都 12. 4 km Dec-12 13,675 4-1-028等地块 开发股份有限公司联合体
AverageTransacted Land Price 12,896 (RMB per sqm GFA)
Beijing Tongzhou Integrated Development 15,800 Breakeven Price on Completed Basis (RMB per sqm GFA)
Beijing Tongzhou Integrated Development
74 Investor Relations & Media Contact
Ms TONG Ka-Pin DID: (65) 6602 6828 HP: (65) 9862 2435 Email: [email protected] Website: www.perennialchinaretailtrust.com.sg
75