Profile of a Growth Story

Growth at a Glance

Managing Positive Growth
Letter to Unitholders

Testimony of Growth

Milestones of Growth

Poised for Growth

Portfolio Analysis

Investor Relations

Growing Accountability
(PDF)

Financial Statements
(PDF)

Corporate Information

 

CMT ANNUAL REPORT 2003

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The locality of the four malls capitalises on the traffic flow from the MRT stations which are located either beside or near to the malls. With IMM in the west of Singapore, Junction 8 in the north, Tampines Mall in the east and Funan in the city area, CMT is poised to capture most regional segments of the Singapore population.

Portfolio Lease Expiry Profile

The 3-year lease terms for retail tenants, which is consistent with the general practice in the Singapore property market, exposes CMT to certain risks as a result of the significant rates of lease expiries each year. With a pro-active leasing strategy, these risks can be mitigated. As at 31 January 2004, 26 percent of leases due for renewal in 2004 have been renewed. This places CMT in a good position to meet expectations. Moreover, with prime suburban locations in high demand and limited competition, CMT is well positioned to capitalise on these factors for its future growth.

 

Top Ten Tenants

Gross Rental Income is also well distributed amongst the different tenants, with Cold Storage (Singapore)(1983) Pte Ltd making the highest contribution of 4.2 percent. Additionally, the top 10 tenants which occupy 27.5 percent of the total NLA, contribute 21.6 percent of Gross Rental Income to the portfolio.

  1. For the month of December 2003.
  2. As at 31 December 2003.

Analysis by Gross Revenue and Net Property Income

With the addition of IMM, income contribution from the malls is generally well balanced, with Tampines Mall contributing the largest share of 37 percent of the portfolio NPI, for the period 26 June to 31 December 2003. The even distribution of income sources produces a more stable and secured portfolio.

All properties have contributed positively to the bottom line. With the exception of Funan, all properties have exceeded forecasts relating to NPI and gross revenue. For Funan, the slight decline was due to an increase in vacancy voids arising from asset enhancements and an increase in fitting out expenses, in a deliberate attempt on the Managers part to ensure Funan is positioned for long term sustainability.

  1. Based on the forecast, together with the accompanying assumptions, in the CMT circular dated 11 June 2003 for all the properties (excluding IMM Building) for 2003 excluding the forecast for the period from June to December 2003 but including the pro-rated forecast for the first 25 days of the June to December 2003 period.
  2. Based on the forecast, together with the accompanying assumptions, in the CMT circular dated 11 June 2003 for all the properties for the period from June to December 2003 pro-rated for the period from 26 June to 31 December 2003.

  1. Based on the forecast, together with the accompanying assumptions, in the CMT circular dated 11 June 2003 for all the properties (excluding IMM Building) for 2003 excluding the forecast for the period from June to December 2003 but including the pro-rated forecast for the first 25 days of the June to December 2003 period.
  2. Based on the forecast, together with the accompanying assumptions, in the CMT circular dated 11 June 2003 for all the properties for the period from June to December 2003 pro-rated for the period from 26 June to 31 December 2003.

Trade Sector Analysis

A good spread in the trade mix ensures that CMT is not overly reliant on any one particular segment of the retail sector. At present, food & beverage outlets are the top contributors to the total gross rental income, contributing 20 percent to the total gross rental income and accounting for 13 percent of the total NLA. This ensures that risks are well spread across all retail segments.