CapitaLand Limited, CapitaMalls Asia Limited & CapitaMall Trust. Acquisition of Jurong Gateway Site 1 June 2011

Transcription

1 CapitaLand Limited, CapitaMalls Asia Limited & CapitaMall Trust Acquisition of Jurong Gateway Site 1 June 2011

2 Disclaimer This presentation may contain forward-looking statements that involve assumptions, 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, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), 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 the current view of management on future events. 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. Neither the CapitaLand Limited ( CL ), CapitaMalls Asia ( CMA ), CapitaMall Trust Management Limited (the Manager ) or any of their 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. The past performance of CL, CMA and CapitaMall Trust ( CMT ) is not indicative of their future performance. Similarly, the past performance of the Manager is not indicative of the future performance of the Manager. The value of shares in CL and CMA ( Shares ) and in the units in CMT ( Units ), and the income derived from them, may fall as well as rise. Shares and Units are not obligations of, deposits in, or guaranteed by, CL, CMA or the Manager, or any of their affiliates. An investment in Shares or Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that holders of Units (Unitholders) may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (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 only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Shares or Units. 2

3 Contents Project Highlights Project Details Rationale for Acquisition Summary 3

4 4 Project Highlights

5 Acquisition of Jurong Gateway Site Prime Location within Singapore s Largest Regional Centre at Jurong Lake District JCube (formerly Jurong Entertainment Centre) Jurong Gateway Site 5

6 Will Create a 3-in-1 Mega Mall in Jurong Bringing Value, Entertainment and Lifestyle Experiences Acquisition increases our Jurong retail NLA to 1 million sq ft Offers more than 2,200 car park spaces 3 malls within 3 minutes drive from each other 3 Family & Lifestyle Mall IMM 1 2 Jurong Gateway Site IMM Building Value-Focused Mall JCube JCube Family & Lifestyle Mall Entertainment- Focused Mall 6

7 Site Information Site Area Tenure 195,465 sq ft 99 years Plot Ratio 4.9 White Zoning / Land Use Winning Tender Price Minimum 40% for office use Remaining for retail/ hotel/ residential/ additional office uses S$969 million (S$1,012 psf ppr) 7

8 Development Details Shopping Mall Office Permissible GFA Approx. 960,000 sq ft GFA 575,000 sq ft 383,000 sq ft % of Permissible GFA Maximum of 60% Minimum of 40% Total Development Cost Approx. S$1.5 billion Target Opening December 2013 December 2014 Yield on Cost Approx. 6.0% Approx. 6.0% Capital Value Approx. S$2,800 3,000 psf NLA Approx. S$1,100 1,200 psf NLA 8

9 Schematic Diagram of Development Conveniently Located; A Perfect Place for Work and Play Office component with approximately 20 floors of quality office space Roof Garden on L5 L2 is also connected to future Ng Teng Fong Hospital L5 L1 direct access to Jurong East Bus Interchange 9 RETAIL RETAIL RETAIL RETAIL RETAIL L4 L3 L2 L1 B1 L1 and L2 direct access to Jurong East MRT Interchange

10 10 Project Details

11 Jurong Lake District Masterplan Prime Site in Jurong Gateway Jurong Gateway Site Source: Urban Redevelopment Authority 11

12 Transformation of Jurong Lake District Jurong Gateway Precinct (> 70 hectares of land) 500,000 sq m of office space and 250,000 sq m of retail, F&B and entertainment area Approximately 2,800 hotel rooms At least 1,000 new homes Source: Urban Redevelopment Authority Lakeside Precinct (>220 hectares of land and 70 hectares of Jurong Lake) Waterfront Playground Science Centre will move next to Chinese Garden MRT Station Kayaking, dragon boating, wetlands New lakeside village 12

13 Well-Served by Public Transport Sited Beside Jurong East MRT and Bus Interchange and Accessible via AYE and PIE Approximately 20 minutes Drive or Train Ride to CBD North-South Line Jurong Gateway Site East-West Line 13

14 14 Rationale for the Acquisition

15 Rationale for the Acquisition 1 Most Prime Site in Jurong Gateway 2 Large Population Catchment 3 A 3-in-1 Shopping Mall in Singapore s Largest Regional Hub 4 Leveraging on and Strengthening Our Foothold in Western Singapore 5 5 Lack of Quality Office Space in Jurong 15

16 1 Most Prime Site in Jurong Gateway Strong Historical Performance in Tampines Regional Centre Indicative of Strong Growth Potential of Site Performance of Tampines Mall % Change Occupancy Rate % 100.0% 0.1% pt NPI (S$ million) % Valuation (S$ million) % 1) As at 31 December of the respective year. Jurong Gateway: Largest Regional Centre 2.5x Tampines Regional Centre 16

17 1 Most Prime Site in Jurong Gateway Steady Uptrend in Tampines Mall s Net Property Income & Valuation Since Net Property Income Valuation 17

18 1 Most Prime Site in Jurong Gateway 5 Seamless Direct Connections To Main Transport Nodes and Nearby Amenities Existing Jurong East Bus Interchange Jurong Gateway Site Proposed Ng Teng Fong Hospital Jurong East MRT Interchange (EW24 / NS1) Site 1 Sold in June 2010 Legend: L1 Access to transport networks L2 Access to MRT, Site 1 & hospital 18

19 1 Most Prime Site in Jurong Gateway Complementary Position vis-à-vis Site 1 Jurong Gateway Site 5-Storey Mall (with mini-anchors) Access to Jurong East MRT Interchange Site 1 6-Storey Mall (with anchors) 19

20 1 Most Prime Site in Jurong Gateway Specialties and Mini-Anchors to Complement Site 1 20

21 2 Large Population Catchment Caters to 1 Million Population in the West Region MRT Interchange Station for East-West & North-South lines 1. Residential Catchment More than 1 million residents in surrounding towns like Clementi, Bukit Batok, Jurong East and Jurong West 2. Commuters of Jurong East Transport Hub MRT Interchange 1.3mil commuters/month Bus interchange 0.5 mil commuters/month 3. Working Population International Business Park, JTC Summit, Jurong and Tuas Industrial estates and future offices (currently > 3,000 MNCs) 4. Visitors to nearby attractions (Science Centre, Jurong Lake) 21

22 2 Large Population Catchment Low Retail Space Per Capita Compared to Singapore Average Retail Space per Capita (sq ft) Jurong Region Existing Jurong Region Existing + Upcoming Supply 1 Tampines Singapore Average 1) Based on existing population at Jurong Region. Jurong Gateway is expected to be 2.5 times larger than Tampines Regional Centre. 22

23 2 Large Population Catchment Higher Disposable Income Compared to Singapore Average Catchment Analysis Slightly younger age group compared to Singapore average Average monthly household income of S$5,822 compared to Singapore average of S$5,680 * Census 2010 * HDB Sample Household Survey

24 3 A 3-in-1 Shopping Mall in Singapore s Largest Regional Hub IMM Building, JCube and Jurong Gateway Site 1 million sq ft NLA Complementary Positioning: IMM Building JCube Jurong Gateway Site Value-Focused Mall Entertainment-Focused Mall Family and Lifestyle Mall Potential operational synergy among 3 malls 24

25 3 A 3-in-1 Shopping Mall in Singapore s Largest Regional Hub Catering to Wide Range of Shoppers Family & Lifestyle Mall Jurong Gateway Site Site 3 (Future Site) Site 1 (Lend Lease) Value-Focused Mall Entertainment- Focused Mall Total NLA 1 million sq ft Total Number of Retail Leases Approx. 600 Total Number of Car Park Lots 2,200 car park spaces 25

26 4 Strengthening Our Foothold in Western Singapore Leveraging on our Competitive Advantage and our Experience in the West Bukit Panjang Plaza Lot One Shoppers Mall Bukit Panjang Plaza JCube Jurong Gateway Site IMM Buildiing 26 One North (u/c)

27 5 Lack of Quality Office Space in Jurong No Quality Office Space Within 5 km of Jurong East MRT Station Currently 20-storey office tower completing in 2014 CPF Jurong Building Completed in 1994 New white site up to 40% of GFA for office use Site 1 sold in June 2010 JTC Summit Completed in 2000 Ministry of National Development committed lease for approx. 315,400 sq ft of the total office GFA of 345,800 sq ft in Site 1 27

28 5 Lack of Quality Office Space in Jurong Offering Well-Located Good Quality Office Space Proposed Office Tower Offers: 1) Good Location 20-min MRT ride to CBD 20-min drive to CBD via expressways 5 to 10-min drive to Jurong Industrial Estate and Jurong Island Seamless access to transport hubs via retail mall 2) Quality Office Space Up to 40% of total GFA GFA 3) Target Industry Sectors / Tenant Type 383,000 sq ft Government agencies Medical and pharmaceutical sector arising from close proximity to upcoming Ng Teng Fong Hospital MNCs in oil and gas and marine sector working in synergy with their operations in Jurong Island and Tuas Back-room operations (e.g. IT support, finance, etc) of MNCs 28

29 5 Lack of Quality Office Space in Jurong Offering Good Quality, Regular Size, Column-Free Floor Plate for Ease of Office Space Planning Typical office floor plate about 15,000 sq ft 4.2m floor to floor height Full glass/curtain wall façade Good quality stone/marble finishes Grade-A lift average waiting time (less than 30 sec) and 5-min handling capacity (can handle more than 12% of estimated building population) 29

30 30 Summary

31 1 Summary Most Prime Site Large Catchment 3-in-1 Shopping Mall Stronger Foothold in Western Singapore 2.5x Tampines Regional Centre 5 seamless direct connections to main transport nodes and amenities Complementary to Site 1 More than 1 million population in the West region Lower-than-average retail space per capita in Jurong Region Higher-than-average disposable income Unique and complementary positioning for IMM Building, JCube and Jurong Gateway Site Caters to wide range of shoppers Potential synergies among 3 malls Tapping on our track record and retail operations experience in western Singapore since Offers Well-Located Quality Office Space in Jurong Only 20 minutes from CBD via MRT or car Potential office tenants from diversified sectors 31

32 Thank You For enquiries from analysts/investors on CapitaMalls Asia, please contact: Caroline Fong Investor Relations Tel: (65) For enquiries from analysts/investors on CapitaMall Trust, please contact: Jeanette Pang Investor Relations Tel: (65) For enquiries from analysts/investors on CapitaLand, please contact: Harold Woo Investor Relations Tel: (65)