CMT Ar 2006

2
An investment in CapitaMall Trust (CMT) is an investment in a distinctively different

vision for retail. This years numbers show that CMT continues to grow strongly
across all major fronts. The numbers all add up positively to solidify CMTs position as
an industry leader and innovator.
ADDING UP
THE NUMBERS
As Singapores first, largest and leading Real Estate Investment Trust (REIT), our
aim is to deliver stable distributions and sustainable total returns to Unitholders
through yield accretive acquisitions and investments, innovative asset enhancements,
proactive management of our properties and development. We go beyond conventional
thinking, leverage on our established retail mall business platform and push the
limits. This is our strategy for sustainable long term growth.
STRATEG1C
VISION
C reating Value,
Maximising Returns, and
Transforming Experiences
for all Stakeholders
CMTs vision embraces all our stakeholders.
We rely on the continued and combined
support of our Unitholders, business
partners, tenants, shoppers and employees
alike to achieve this vision and, in return,
share with them the fruits of our success.
MISSION
To deliver stable distributions
and sustainable total returns
to Unitholders
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3
2 PO2ITIVE
By nearly any measure - asset size, market capitalisation, unit price, Distribution Per Unit
(DPU), Net Asset Value (NAV) per unit, shopper traffic or portfolio size - CMT has delivered
positive results to Unitholders since our Initial Public Offering (IPO) in July 2002. With a strong
management team and clear growth strategies, we have once again achieved enhanced
performance in 2006 and further strengthened our portfolio. Given the positive economic
outlook and strong consumer sentiments in 2007, we believe our quality portfolio will benefit
from the positive rental reversion and is well-poised to capture a larger share of the retail
sales market. Together with our strong pipeline of assets with value creation opportunities,
we are on track to achieve positive income growth for Unitholders.
5
5
Performance. Strong and consistent performance

is central to everything we do at CMT.
Outperforming our forecasts, growing our DPU
and NAV, proactively managing our malls to
achieve strong rental renewal and high occupancy
rates, increasing shopper traffic and even
growing our market share of the private retail
stock in Singapore, are all key indicators of
our proven execution capabilities.
P3
RF
OR
AN
C3
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LE4DERSHIP
CMTs experienced, dedicated management team and well-qualified
Board of Directors have consistently demonstrated that they have
the skills and vision to transform retail malls into not just critically
acclaimed venues which provide great shopping experiences and
variety to our shoppers, attract high volume of shopper traffic and
generate good sales volume for our tenants, but also produce
sustainable total returns to our Unitholders. In addition, our effective
corporate governance culture ensures that the assets and liabilities of
CMT are managed in the best interest of all stakeholders.
8
8
EXPE RI
10
IENCE 5
By engaging the imagination of our customers and making our retail environment
more magnetic, we are convincing more and more shoppers to favour our
destinations over those of our competitors. We are constantly keeping in tune
with our shoppers needs, anticipating new retail trends before they arrive and
developing venues that are flexible for change as new desires emerge and evolve.
Staying ahead of retail trends, we continually reinvent the retail experience for
our shoppers with innovative shopping, dining, entertainment and leisure
combinations which help to maximise the sales of our tenants and generate
enhanced income growth for our Unitholders.
Forging strong partnerships with our tenants, constantly communicating with
them to understand their strategic plans and needs have been our mantra.
Working closely together with our tenants to create a conducive and vibrant retail
environment has been a mutually rewarding experience.
11
11
6i
We have the balance sheet strength to proactively manage CMT to create value and growth by
taking advantage of new opportunities and in meeting the challenges of a dynamic market. The
provision of high quality retail malls that exceed the expectations of our shoppers will continue
to provide attractive and increasing returns for all our stakeholders. Regeneration and renewal
of our portfolio through an active asset enhancement programme, yield-accretive acquisitions
and investments also create further growth in rental income and asset value. We have done
all these via our proven value creation cum growth strategies - The 6 is, and by being open to
new ideas and cultivating our capacity to be imaginative when it comes to unlocking value for our
stakeholders.
12
6ROWTH
STRATE6iES
Integrated
Retail
Real Estate
Platform
Invaluable
Investments
Intrinsic
Organic
Growth
Innovative
Asset
Enhancement
Initiatives
Inviting
Experiences
Intensive
Capital &
Risk
Management
13
14
People are central to our success. Having

the right people, creating a good work
environment which attracts and retains, and
rewarding our talents based on performance
are all part and parcel of our human resources
plan. Furthermore, we believe that being a
positive part of the communities we serve
is important. CMTs core values of integrity,
customer service, respect for individuals and
innovation instill in our people a strong desire
to manage our business in a responsible way.
7ALENT
& SOCIE7Y
15
15
2-WAY
COMMUNIC8TI0N
INVEST0R REL8TI0NS
We believe in open dialogue, frequent and
direct communication with all stakeholders.
We keep our stakeholders abreast of our
performance and strategies in a timely,
relevant and concise manner. Upholding
good investor relations practices and a high
level of corporate transparency form the
backbone of our business.
16
17
SIGNIFIC9NT
9SSET SIZE
Dominance is key. CMT is able to strike that rare
equilibrium between pursuing new growth and
managing existing assets well. Our numbers speak
volumes. We are able to generate respectable
DPU growth to Unitholders despite the significant
growth in our asset size. We intend to solidify our
dominant and leading position as the largest REIT
by market capitalisation and asset size in Singapore
and target to reach an asset size of S$7.0 billion
locally by 2009.
18
2006
S$4.8 billion
2005
S$3.5 billion
2004
S$2.4 billion
2003
S$1.4 billion
2002
S$1.0 billion
19
19
1O
20
imm building
funan digitalife mall
junction 8
tampines mall
MARVEL1OUS MALLS
raffles city
bugis junction
hougang plaza
jurong entertainment centre
sembawang shopping centre
plaza singapura
We are a REIT which offers stable long term growth. Owning high quality, coveted assets and investments in targeted markets
with strong demographics, leveraging on close proximity to transportation network and large population catchments are all key
ingredients to our success. We have ten well-situated retail assets in Singapore which are fast transforming into highly desirable
and preferred destinations of choice for retailers and shoppers with their unique all-in-one concept comprising shopping,
entertainment, recreation and dining. Moreover, we have developed an extensive network of local and international tenant relationships.
To create Unitholders value, we have to constantly seek and seize the right opportunities and proactively extract value through
leveraging on our established platform. We have consistently proven that we can do it.
21
contents
STRATEG1C
02
vision & mission
24
corporate profile
61
capitamall trust structure
62
organisation structure
64
board of directors
PO2ITIVE
70
trust management team
74
property management team
26
letter to unitholders (english)
78
corporate governance
36
letter to unitholders (chinese)
42
financial highlights
44
key achievements in 2006
46
milestones
P3RFORMANC3
22
LE4DERSHIP
EXPERIENCE5
92
tenants speak
96
shoppers speak
GROWTH STRATE6iES
52
consistently outperformed dpu forecasts
53
steady dpu growth since listing in 2002
54
core drivers of dpu growth
102 intrinsic organic growth
55
nav per unit growth
103 innovative asset enhancement initiatives
56
strong rental renewal rates
104 invaluable investments
57
high occupancy rates
106 inviting experiences
58
steadily increasing shopper traffic
107 intensive capital & risk management
59
growing market share in singapore
100 integrated retail real estate platform
7ALENT & SOCIE7Y

108 talent
112 corporate social responsibility
113 people
116 environment
MARVEL10US MALLS/
INVESTMENTS
FINANCIAL
STATEMENTS
154 portfolio at a glance
252 financial statements
158 tampines mall
321 unitholders statistics
168 junction 8
324 additional information
178 funan digitalife mall
INVESTOR REL8TIONS
188 imm building
118 investor relations update
198 plaza singapura
OTHERS
122 financial calendar
208 bugis junction
326 glossary
123 unit price performance
218 sembawang shopping centre/
328 mall information
124 comparative yields/

trading data by year/
inclusion in key indices
125 monthly trading performance in 2006
jurong entertainment centre/
corporate information
hougang plaza
232 raffles city
248 capitaretail singapore limited
249 capitaretail china trust
9EVIEW
126 independent market overview
132 operations review
140 financial review
23
corporate profile
STRATEG1C
STRA
CMT is the first REIT listed on Singapore Exchange Securities
Trading Limited (SGX-ST) in July 2002. With a market
capitalisation of approximately S$4.51 billion and an asset size

of S$4.8 billion, CMT is the largest REIT by market capitalisation
and asset size in Singapore as at 31 December 2006.
CMT invests in quality income-producing assets which are used, or predominantly used,
for retail purposes primarily in Singapore. Income is mainly derived from rental payments
received from a diverse list of over 1,500 leases with local and international retailers.
Our portfolio comprises 10 quality retail malls which are well spread across Singapore
in the suburban and central areas Tampines Mall, Junction 8, Funan DigitaLife Mall
(Funan), IMM Building (IMM), Plaza Singapura, Hougang Plaza, Sembawang Shopping
Centre (SSC), Jurong Entertainment Centre (JEC), Bugis Junction and a 40.0 percent
interest in Raffles City.
24
Based on the CMT closing unit price of S$2.91 on 29 December 2006.
ATEG1C
CMT also has a 27.2 percent stake in CapitaRetail Singapore Limited (CRS), a private
retail property fund sponsored by CapitaLand Limited (CapitaLand), through the Class E
bonds issued by CRS. CRS owns three other suburban malls in Singapore. In addition,
CMT owns a 20.0 percent stake in CapitaRetail China Trust (CRCT), the first pure-play
China retail REIT listed on SGX-ST in December 2006 and sponsored by CapitaLand.
CMT has been assigned an A2 rating with a stable outlook by Moodys Investors
Service (Moodys). CMT is also a component of various key indices which include
the Morgan Stanley Capital International, Inc (MSCI) Index, the FTSE European Public
Real Estate Association (EPRA)/ National Association of Real Estate Investment Trust
(NAREIT) Global Real Estate Index, the Global Property Research (GPR) General Property
Shares Index, the GPR 250 Global Property Shares Index, the GPR 250 Global REIT
Index and the Straits Times Index (STI).
CMT is managed by an external manager, CapitaMall Trust Management Limited
(CMTML), which is an indirect wholly-owned subsidiary of CapitaLand, one of the largest
listed real estate companies in Asia.
25
PO2ITIVE
26
26
Identifying whats
behind the numbers,
striking the right
balance between
financial priorities
and sustainability:
thats good
business judgment.
Our numbers
speak volumes
PUA SECK GUAN
HSUAN OWYANG
27
letter to unitholders
PO2ITIVE
2006 was the most

rewarding year in terms
of value created for
Unitholders. From all
angles our numbers,
our performance, our
financial strength, our
new projects, our pipeline,
our strategic direction
the past year has either
solidified our position or
improved it dramatically.
2006 has been a spectacular year for CMT with

major
achievements
on
many
fronts.
We
accomplished a remarkable 14.3 percent and 15.1

percent growth in DPU and NAV per unit respectively
in 2006 versus 2005. CMTs unit price appreciated
29.9 percent and delivered a total return of 35.1
percent for the full year 2006 to Unitholders. In
addition, we made the largest acquisition by quantum,
worth approximately S$871.71 million, since our
inception in July 2002. Consequently, CMTs asset
size and market capitalisation grew substantially to
S$4.8 billion and S$4.52 billion respectively, further
strengthening CMTs position as the largest REIT by
asset size and market capitalisation in Singapore.
2006 also marks a key milestone for CMT as it made
its first investment in overseas assets by taking a
20.0 percent stake in CRCT, the first pure-play China
retail REIT listed on the SGX-ST.
For the financial period ended 31 December 2006,
CMT once again outperformed our forecast3 to deliver
a total DPU of 11.694 cents.
SINGAPORE ECONOMY
Singapore reported an excellent set of results in
2006, with full year real Gross Domestic Product
(GDP) registering a growth of 7.95 percent, higher
than the 6.6 percent achieved in 2005. All sectors
experienced positive growth, led by manufacturing,
wholesale and retail trade and financial services.
The wholesale and retail sector expanded strongly
by 10.0 percent, up from 9.6 percent in 2005.
2
3
28
Aggregate purchase price for the acquisition of CMTs 40.0 percent

stake in Raffles City S$866.4 million and the remaining 3.3 percent of
the strata area of Hougang Plaza S$5.3 million.
Based on the CMT closing unit price of S$2.91 on 29 December
2006.
Based on the forecast, together with accompanying assumptions shown
in the CMT Offering Information Statement (OIS) dated 29 August
2006.
Comprising 2.72 cents, 2.77 cents, 2.85 cents and 3.35 cents for the
period 1 January 2006 to 31 March 2006, 1 April 2006 to 30 June
2006, 1 July 2006 to 30 September 2006 and 1 October 2006 to
31 December 2006 respectively.
The hotels and restaurant sector also performed
of the remaining units in Hougang Plaza8. Strong
CORE COMPONENTS OF DPU GROWTH
well, growing 5.1 percent. This was higher than
rental renewals from new and existing leases and
CMTs
DPU
has
grown
72.414 percent
from
the 4.3 percent achieved in 2005. The sectors
asset enhancement works at other malls within the
6.78 cents to 11.69 cents since IPO. Our strong
good performance was backed by a record high of
portfolio also contributed to the higher gross revenue
DPU growth has been largely driven by yield accretive
9.7 million visitor arrivals, which was an increase of
achieved.
acquisitions, innovative asset enhancements and
9.0 percent over 2005. It was a record breaking year

for the Singapore tourism industry with the sector
active leasing, with each contributing 46.0 percent,

STABLE DPU GROWTH
27.0 percent and 18.0 percent respectively to date.

3
generating an estimated S$12.4 billion in tourism
CMT exceeded its forecast to deliver a total DPU
These three basic strategies continued to serve us
receipts in 2006, posting a double digit growth of
of 11.694 cents for the financial period ended
well in 2006.
14.5 percent over 2005. Employment creation also
31 December 2006. This was 14.3 percent higher
reached an all time high in 2006. In view of the broad
than the total DPU payout of 10.23 cents for the
However, to ensure sustainable long term growth
positive economic sentiments for 2007, the Ministry
financial period ended 31 December 2005. Since
to Unitholders, we added two additional pronged
of Trade and Industry has also revised the 2007
our IPO four years ago, CMT has successfully
strategies in 2006. These include an investment in a
economic growth from 4.0 percent to 6.0 percent,
driven an average annual DPU growth of 12.4
20.0 percent stake in CRCT and also to participate in
to 4.5 percent to 6.5 percent.
percent, registering a DPU growth of 9.4 percent,
Singapore development projects, predominantly to be
18.1 percent, 7.9 percent and 14.3 percent for Full
undertaken jointly with our sponsor, CapitaLand.
FINANCIAL PERFORMANCE
Year 200310, Full Year 200411, Full Year 20056 and
On the back of the solid economic performance,
Full Year 20067 respectively.
YIELD ACCRETIVE ACQUISITIONS
CMT grew its gross revenue by approximately 36.5

6
CMT acquired a 40.0 percent stake in Raffles
percent from S$243.1 million in 2005 to S$331.7
ATTRACTIVE TOTAL RETURNS
City, one of Singapores prime landmark integrated
million in 20067. Net Property Income (NPI) also
CMTs unit price closed at S$2.91 on 29 December
development located in the downtown core, for
grew approximately 41.3 percent from S$154.1
2006, marking a 29.9 percent appreciation in CMTs
S$866.4 million on 1 September 2006. The remaining
million in 20056 to S$217.6 million in 20067. As a
unit price for the full year 20067. For Unitholders
stake was acquired by CapitaCommercial Trust (CCT).
result, distributable income to Unitholders increased
who have held CMT units since 1 January 2006,
The joint acquisition and management structure by
a respectable 33.6 percent from S$126.8 million
they would have enjoyed a total return of 35.112
two listed REITs was the first in Singapore. Other
to S$169.4 million, year on year. The strong
percent as at 31 December 2006. For Unitholders
than being an overall yield accretive acquisition, the
performance in 2006 is largely attributable to the
who have invested in CMT since our IPO, they would
40.0 percent interest in Raffles City reduced CMTs
13
full year contribution from Bugis Junction, SSC, JEC
have enjoyed a total return of 247.7
percent as at
total NPI derived from any one property from 21.315
and Hougang Plaza8 which were acquired in 2005,
31 December 2006. We are pleased that we have
percent to no more than 17.615 percent. It also
completion of a significant part of the major asset
been able to consistently deliver on our Mission -
further
enhancement works at IMM, acquisition of a 40.0
To deliver stable distributions and sustainable total
downtown core of Singapore, where we already own
percent stake in Raffles City and the acquisition
returns to our Unitholders.
three prime retail assets namely, Plaza Singapura,
5
6
7
8
10 For the period from 1 January 2003 to 31 December 2003.

11 For the period from 1 January 2004 to 31 December 2004.
12 Based on total actual DPU of 11.69 cents for the financial year ended
31 December 2006, S$2.24 on 30 December 2005 and the closing
unit price of S$2.91 on 29 December 2006.
13 Based on the total actual DPU of 42.81 cents since the listing of CMT
on 17 July 2002 and the IPO of CMT units of S$0.96 and the closing
14 Based on annualised distribution per unit forecast of 6.78 cents shown

in the CMT Offering Circular dated 28 June 2002 and the full year
distribution for the period 1 January 2006 to 31 December 2006.
15 For the period 1 September 2006 to 31 December 2006.
Ministry of Trade and Industry.

For the period 1 January 2005 to 31 December 2005.
For the period 1 January 2006 to 31 December 2006.
The remaining 3.3 percent of the strata area of Hougang Plaza was
progressively acquired on 10 May 2006 (2.7 percent) and 7 June
2006 (0.6 percent).
Average Distribution per Unit growth of 9.4 percent, 18.1 percent, 7.9
percent and 14.3 percent for Full Year 2003, Full Year 2004, Full Year
2005 and Full Year 2006 respectively.
strengthened
CMTs
presence
in
the
29
PO2ITIVE
Bugis Junction and Funan. More importantly, the
Increased Market Capitalisation, Free Float and
CMT also acquired the remaining 3.3 percent of the
inequitable contributions from the various components
Trading Liquidity
total share values at Hougang Plaza for approximately
at Raffles City, which can be further improved through
To part-finance the acquisition of the 40.0 percent
S$5.3 million, achieving 100.0 percent ownership in
reconfiguration to optimise the usage mix, provides
stake in Raffles City, 174.3 million new Units were
June 2006.
substantial value creation opportunities, thus making
issued on 1 September 2006. In the process, CMTs
it an attractive acquisition.
free float was increased from 66.016 percent to
At JEC, the increase in plot ratio from 1.85 to 3.0
68.8 percent. The fund raising exercise also added a
for full commercial development effectively increases
Based on the projected total NPI of Raffles City for the
new pool of long term local and international investors
the NLA of JEC by 85.0 percent, from approximately
financial year ending 31 December 2007, the hotels
who are fundamentally property-focused and are
111,140 sq ft to approximately 206,000 sq ft,
and convention centre component are estimated
from established REIT markets including Australia,
subject to the payment of a differential premium
to occupy 70.0 percent of the Gross Floor Area
Switzerland, Netherlands and the United States (US),
of approximately S$12.0 million. Proposed asset
(GFA) at Raffles City but is expected to contribute
further strengthening our already well-diversified
enhancement plans for JEC, which include the
approximately 40.0 percent of the NPI. The retail
Unitholders base.
reconfiguration of space, extension of lease line to
component on the other hand takes up an estimated

15.0 percent of the GFA but is projected to contribute
maximise efficiency and the addition of retail space

CMTs market capitalisation grew 47.0 percent
17
on Level 5, have been submitted to the relevant
43.0 percent of the NPI. Based on initial evaluation,
from S$3.1
there is potential to increase the retail Net Lettable
approximately S$4.52 billion as at 29 December
Area (NLA) at Raffles City by between 150,000
2006. The trading liquidity of CMT units also improved
Raffles City, Hougang Plaza and JEC constitute the
Square Feet (sq ft) to 200,000 sq ft, through the
significantly from 353.7 million units to 549.6
pipeline of assets with value-adding opportunities
conversion of lower yielding to higher yielding spaces.
million units, registering a remarkable 55.4 percent
which will drive DPU growth for Unitholders in the
The additional space can be used to strengthen the
increase.
medium term.
create two additional levels of retail on Basement
Strong Testament To Our Ability To Acquire
INNOVATIVE ASSET ENHANCEMENTS
2 and 3. Basement 2 of Raffles City is intended to
Quality Assets
have direct connectivity to the proposed Esplanade
In 2006, CMT received Outline Planning Permission
Mass Rapid Transit (MRT) station on the Circle Line,
(OPP) from the Urban Redevelopment Authority (URA)
which is expected to be fully operational by 2010.
to increase the plot ratios of JEC and Hougang Plaza,
IMM
We are also exploring the construction of a link which
which were acquired in 2005.
2006 saw the on-schedule completion of a significant
billion as at 30 December 2005 to
authorities for their approvals.
retail offerings on Basement 1 and to potentially
Completed Asset Enhancement Initiatives
portion of the asset enhancement works undertaken
could provide direct access from the City Hall MRT

station, a prime interchange station located beneath
Hougang Plaza was granted a plot ratio increase from
at IMM, where a two-storey retail extension block
Raffles City, to either Basement 2 or 3 of the mall.
1.4 to 3.0 for full residential development or mixed
was constructed on the previous open-air car park
The proposed asset enhancement plans are currently
development. This effectively adds approximately
space located in front of the mall. Approximately
being evaluated for progressive implementation.
91,000 sq ft in GFA at the mall, increasing the GFA
64,800 sq ft of NLA from secondary corridor spaces
from 79,648 sq ft to 171,141 sq ft. Separately,
at the mall was transferred to create the new retail
16 As at 31 December 2005.
17 Based on CMT closing unit price of S$2.24 on 30 December 2006.
30
extension
which
in
from S$7.99 per sq ft to S$10.39 per sq ft. As at
and provide customers with one of the best shopping
time for the Christmas shopping season. With the
31 December 2006, S$11.1 million or 95.6 percent
experiences. Other initiatives undertaken in 2006
addition of the new retail offerings on Level 1 and
of the projected increase in rental revenue Per
include the installation of an electronic car park
Level 2 of the retail extension block, shopper traffic
Annum (p.a.) of S$11.6 million has been committed
guidance system with indicator lights at Junction
at IMM registered an increase of 8.7 percent in
on a stabilised basis. Based on an estimated capital
8 and Bugis Junction and the conversion of space
18
Fourth Quarter
commenced
business,
just
2006 when compared to the same
expenditure of S$92.5 million, the ungeared Return
occupied by Air Handling Units (AHU) and corridors
period last year.
On Investment (ROI) is expected to be 10.1 percent.
into retail space at Plaza Singapura.
With the successful relocation of the open-air carpark
Funan
Increased Value of Property Portfolio and
to Level 5 of the mall, a circular carpark ramp and an
The creation of a two-storey retail annex, which added
NAV Growth
electronic carpark guidance system were also installed
approximately 8,000 sq ft of NLA, was completed
CMTs asset size increased from S$3.5 billion (as
to enhance the vehicular circulation at IMM.
on-schedule in May 2006. Level 1 is now occupied
at 31 December 2005) to S$4.8 billion (as at
by a book shop and Level 2, a restaurant. This
31 December 2006). Other than the acquisition
On the rooftop of IMMs newly constructed retail
initiative
of a 40.0 percent interest in Raffles City and the
extension
per
has
increased
NPI
by
S$0.5
million
of
remaining 3.3 percent of the total share values
comprising a childrens playground and designated
10.6 percent also exceeded our earlier projection of
of Hougang Plaza, and an investment of a 20.0
water play area with interactive features for children,
10.1 percent.
percent stake in CRCT, which amounted to a total
block,
an
open
landscaped
plaza
annum.
The
ungeared
ROI
achieved
commitment
is currently being constructed. IMM will be the
of
S$93.3
million,
the
valuation
first retail mall in Singapore to have a dedicated
With the creation of the two-storey retail annex,
increase is in part due to the value creation at the
and unique water play area for children within its
Funan still has approximately over 300,000 sq ft of
malls which registered a valuation increase of 9.0
premise. The open landscaped plaza, occupying
untilised GFA. We will proactively explore opportunities
percent from S$3,365.0 million (as at 1 December
approximately 32,000 sq ft, is expected to be
for value creation to create further income growth
2005) to S$3,668.7 million (as at 1 December
completed by second quarter 2007. The final part
for Unitholders.
2006), excluding the 40.0 percent interest in Raffles

City. The value of our proportionate stake in Raffles
of the asset enhancement work, which involves the

reconfiguration of the internal space on Level 1 to
Separately, the food court located on Basement 1
City also grew 5.0 percent from S$866.40 million
Level 3 of the existing block at IMM, is expected to be
was also relocated to Level 5 of the mall to make
(as at 16 March 2006) to S$906.4 million (as at
completed by first quarter 2008.
way for the expansion of the electronics superstore,
1 December 2006). Consequently, CMTs NAV per
Harvey Norman.
Unit grew a remarkable 15.1 percent from S$1.66

in 2005 to S$1.91 in 2006. On average, CMT has
Leasing of the retail extension block has also

exceeded expectations. We have achieved a committed
Other Asset Enhancement Initiatives
delivered an annual NAV growth of 21.419 percent
occupancy for Level 1, 2 and 3 of 100.0 percent,
As a proactive asset manager, we constantly keep
since 2003, with CMTs NAV registering a growth
84.2 percent and 37.7 percent respectively. The
abreast of the latest retail trends, optimise the tenancy
of 26.2 percent, 23.0 percent and 15.1 percent
average rental achieved at IMM, after the asset
mix at our malls and also explore reconfiguration
in Full Year 200411, Full Year 20056 and Full Year
enhancement works, will increase by 30.0 percent
opportunities to ensure that our malls stay relevant
20067 respectively.
18 For the period 1 October 2006 to 31 December 2006.
19
Average NAV per unit growth of 26.2 percent, 23.0 percent and
15.1 percent in Full Year 2004, Full Year 2005 and Full Year 2006
respectively.
31
PO2ITIVE
Finally, subject to relevant authorities approval, the
Following the completion of the proposed asset
shop fronts on the second and third storey fronting
enhancement works, the annual incremental NPI is
Bugis Junction
Hylam and Malay Streets will be given a face-lift to
expected to be approximately S$1.1 million. Based
Bugis Junction has commenced works on a series
create a more open concept. Other than the creation
on an estimated capital expenditure of S$9.9 million,
of asset enhancement initiatives planned since fourth
of balconies on Level 2, the previously opaque shop
the ungeared ROI is expected to be 11.6 percent.
quarter 2006. Through the extension of the lease lines
fronts on Level 3 will be opened-up and replaced with
on Level 1 and the creation of balconies on Level 2 of
glass parapets to enhance visibility. The new faade is
SSC
the restaurant block along Hylam Street, we expect
expected to be completed by third quarter 2007.
SSC will commence major redevelopment works in
Planned Asset Enhancement Initiatives
first quarter 2007. The asset enhancement initiative
to create approximately 5,000 sq ft of additional

prime retail space. On Level 1, S$0.4 million out of
The entire asset enhancement exercise, based on
incorporates an additional 42,610 sq ft of GFA from
S$1.5 million projected increase in rental revenue
an estimated capital expenditure of S$31.4 million,
the decantation of the residential block, following
p.a. has already been committed on a stabilised basis
is expected to increase total gross revenue and
the Provisional Permission granted by the URA on
as at 31 December 2006. Subject to the relevant
NPI by S$5.4 million per annum and S$4.0 million
25 December 2005, to convert the said residential
authorities approval, the extension of the Level 1
per annum respectively. The ungeared ROI is
GFA from the residential block for retail usage.
lease line and the creation of the Level 2 balconies are
approximately 12.8 percent.
The decanted space from the residential block and

approximately 35,974 sq ft of GFA on the current
expected to be completed by third quarter 2007.

Tampines Mall
Level 3 and Level 4 of SSC will be transferred to
Separately, the food court on Basement 1 will be
At Tampines Mall, two sets of escalators, one fronting
Basement 1, Level 1 and Level 2 to create more
relocated to Level 3. Consequently, approximately
Tampines MRT station and the other fronting Century
prime retail space. In addition, the car park lots
6,400 sq ft of new retail space will be created
Square, will be installed to provide direct connectivity
currently occupying prime space on Basement 1,
through the amalgamation of corridor space on
from the street level to Level 2 of the mall. Some
Level 1 and Level 2 of SSC will be relocated to the
Level 3. As a result, rental revenue p.a. is expected
retail space as well as common area on Level 1,
upper car park decks which will be created, to make
to increase by 56.7 percent from S$1.6 million to
amounting to over 1,000 sq ft will also be recovered
way for prime retail space so as to optimise rentals.
S$2.5 million. The asset enhancement works on
and then reconfigured to optimise the overall space
Level 3 is expected to be completed by third quarter
efficiency. In addition, a significant portion of anchor
On the top floor of the new SSC, an open landscaped
2007. Through the reconfiguration of Basement
spaces on Level 2 will be recovered to create specialty
plaza, comprising a childrens playground and a
1, which has direct connectivity to the Bugis MRT
shops so as to enhance the retail offerings at the
designated water play area with interactive features
station, rental revenue p.a. is expected to increase
mall. To maximise the additional GFA of approximately
for children, will be constructed. There will also be
by approximately 36.6 percent from S$8.2 million
10,200 sq ft granted by the URA at Tampines Mall,
an open-air event area and an alfresco dining area
to S$11.2 million. Phase one of the reconfiguration
a retail extension will be created on Level 2 and Level
to cater to diners who prefer to eat outdoors.
works is expected to be completed by fourth quarter
3 of the mall.
Separately, travelators will be installed, spanning
2007 and Phase two is expected to be completed by
Basement 1 to Level 3, to enhance the connectivity
third quarter 2008.
at the new SSC.
32
Construction of Basement 1, Level 1 and the car park
As at 31 December 2006, we have 60.4 percent
gross rental per sq ft, would then need to be evaluated.
are expected to be completed by fourth quarter 2007.
and 78.2 percent of our tenants on step-up rental and
This is of particular interest as departmental store
Level 2 and Level 3 are expected to be completed
Gross Turnover (GTO) rent respectively. Leases which
may occupy as much as 40.0 percent of total NLA at
by first quarter 2008. The final part of the asset
were up for renewals in 2006 were also gradually
some of the malls within the portfolio.
enhancement works, which involves the construction
moved towards a new rental structure comprising
of the open landscaped plaza, is expected to be
a base rent plus a percentage of GTO or a higher
SHOPPER TRAFFIC
completed by second quarter 2008.
percentage of GTO, whichever is higher. With the
Annual shopper traffic hit an all time high of over
successful implementation of the integrated Point of
22.0 million at Tampines Mall and Junction 8 in
The project is expected to incur a capital expenditure
Sales System (POS) at Junction 8, which piloted the
2006. Average shopper traffic at Tampines Mall,
of S$47.0 million, and is expected to increase NPI by
program in 2005, we are gradually rolling out the
Junction 8, Funan, IMM, and Plaza Singapura
S$4.2 million per annum and achieve an ungeared
integrated POS to all malls within the portfolio. This
also grew 19.7 percent since 2003, following the
ROI of 9.0 percent.
will enable us to capture and monitor our tenants
respective malls inclusion into the CMT portfolio.
sales more effectively and accurately. The POS

Plaza Singapura
system was successfully implemented at Tampines
Despite new retail supply in the vicinity of Tampines
At Plaza Singapura, the Marketplace at Basement
Mall with over 90.0 percent subscription rate in
and Bishan areas and the opening of VivoCity, the
2 will be entirely reconfigured to keep up with the
November 2006.
largest destination mall developed and managed by
changing retail trend. The number of food kiosks
CapitaLand, in fourth quarter 2006, shopper traffic
will be increased from the present seven to 21.
Based on available statistics from Tampines Mall,
at Tampines Mall, Junction 8, and Plaza Singapura
Other than providing seating areas for diners, the
Junction 8 and Plaza Singapura, occupancy cost
were not adversely affected. Shopper traffic at
revised layout will provide better visibility for all the
of our tenants are in the healthy range and in line
the three malls in fact increased in fourth quarter
Marketplaces tenants.
with market norms, registering an average of 18.2
2006 versus fourth quarter 2005. This was largely
percent in 2005 and 16.6 percent in 2006.
attributed to the resilient nature of our suburban
ACTIVE LEASING
and family-oriented malls which cater to a strong

To better understand how the various trades within
catchment of locals living and working in the vicinity,
High Occupancy and Strong Rental Renewal Rates
the portfolio were contributing to our top line versus
as well as their strategic location above prime and
Committed occupancy rates across CMTs portfolio
the space which they occupied, a detailed analysis was
interchange MRT stations.
stayed high at close to 100.0 percent throughout
conducted in 2006. The study indicated significant
2006. Renewal rates for new and existing leases
trade mixing opportunities, which include bringing into
also remained high at all malls, recording an
the mall trades like fashion, gifts and specialties, which
outperformance of 8.320 percent and 4.721percent
occupy lower NLA but deliver higher gross rental per
Investment of 20.0 Percent Stake in CRCT
over
sq ft, so as to optimise rental. Dominant presence of
CMT made its maiden overseas investment in 2006
trades such as departmental store, which occupies
by taking a 20.0 percent stake in CRCT, another
a large area of space but pays a relatively lower
Singapore listed REIT sponsored by CapitaLand.
preceding
and
forecast
rental
rates,
respectively.
20 Based on the first year rental rate of the new lease versus the last year
rental rate of the old lease.
21
NEW WINGS OF GROWTH
Forecast rental rates for the period from 1 January 2006 to

31 August 2006, are the basis for the forecast shown the CMT Circular
dated 18 October 2005 and the forecast rental rates for the period
1 September 2006 to 31 December 2006 are the basis for
forecast shown in CMT OIS dated 29 August 2006.
33
PO2ITIVE
Comprising seven quality assets strategically located
and
management
expertise,
coupled
with
our
We would like to thank all investors, analysts,
in large population catchments in five cities across
familiarity with the local guidelines and our strong
members of the press and investment community
China, CRCT has a total asset size of S$690.0
track record in major asset enhancement works.
for their strong support and will continue to strive
million. With a secured and proprietary pipeline of
The development strategy is expected to strengthen
towards
quality assets granted by CapitaLand, CRCT has set
CMTs pipeline of assets in the longer term.
transparency levels for CMT.
by 2009.
INVESTOR RELATIONS &
OPTIMISING CAPITAL STRUCTURE
CORPORATE GOVERNANCE
Moodys Investors Service (Moodys) has also for the
The strategic investment in CRCT is expected to
CMTs strong commitment towards good investor
first time assigned a corporate family rating of A2
allow CMT Unitholders to enjoy the tremendous
relations
corporate
with a stable rating outlook to CMT in April 2006.
growth in the China retail real estate market without
governance standards was once again recognised
This is the highest rating ever assigned to a Singapore
drastically changing the risk profile of CMT. As at
when it won the Most Transparent Company
REIT. Moodys has also indicated that CMTs leverage
1 March 2007, the unit price of the 95.1 million of
(REITs
Investors
can increase up to 45.0 percent without affecting
CRCT Units held by CMT has appreciated close to
Association (Singapore) (SIAS) Investors Choice
the assigned rating. With our existing leverage at
200.7 percent, delivering a net unrealised gain of
Awards
The
35.623 percent, we intend to keep our optimal
S$186.0 million to CMT. In addition to keeping our
prestigious award is based on key criteria such as
gearing at the 40.0 percent to the 45.0 percent
proportionate stake in CRCT in the longer term, we
timeliness, substantiality and clarity of news releases,
range, so as to provide adequate debt capacity for
expect to keep our overseas assets exposure to no
degree of media access, frequency of corporate
future acquisitions. We will continue to proactively
more than 30.0 percent to 40.0 percent of CMTs
results, availability of segmental information and
manage CMTs capital, debt and funding policies so
total asset size going forward.
communication channels. Nominations were made
as to optimise CMTs funding structure.
enhancing
corporate
governance
and
its sight to grow its target asset size to S$3.0 billion
and
in
category)
for
the
maintaining
Award,
third
high
Securities
consecutive
year.
by investment analysts, heads of research, fund

Participation in Singapore Development Projects
managers and members of the mass media.
CORPORATE SOCIAL RESPONSIBILITY

We continued to further our corporate social
As a natural progression strategy for matured REITs

in most markets, we intend to capitalise on our
Separately, for the IR Magazine South East Asia
responsibility goals through engaging and embracing
significant asset size to take on local development
Awards 2006, CMT won the Best Investor Relations
our communities by turning our malls into centre
projects, predominantly to be undertaken jointly
by a CEO or Chairman (Small or Mid-Cap) Award.
of
with our sponsor, CapitaLand. With the guidelines
The IR Magazine Awards are the definitive measure
various charitable and welfare organisations, many
permitting REITs to undertake development projects
of
performance
events were held within the premises and the open
up to no more than 10.0 percent of their deposited
worldwide. During the poll results, the feedback
landscaped plazas at our malls. Besides our emphasis
assets, CMT can participate in projects up to an
received stated that The CEO is clear in his explanation
on contributing back to society, looking after the
equivalent of S$480.0 million . Development risk is
of the companys strategy and business rationales. In
environment which we live in was another key area
also expected to be well mitigated since we are able to
addition, CMT was also Highly Commended for the
of focus in 2006. We have now put in place a set of
tap on CapitaLands significant property development
Best Annual Report or Other Corporate Literature
Green policies and practices in the areas of water
22
outstanding
investor
relations
activities.
Through
(Small or Mid-Cap) Award.
22
34
Based on 10.0 percent of the deposited assets of CMT as at

31 December 2006.
23
As at 31 December 2006.
joint
collaborations
with
conservation, energy efficiency, environment friendly
will continue to explore value creation opportunities
initiatives and operations.
across the portfolio. In addition, we will also continue

to explore new retail concepts and ideas so as to
Earlier this year, Plaza Singapura was awarded the
enhance the retail experience for our shoppers and
Water Efficient Building certificate by the Singapore
seek to improve operational efficiencies at our malls.
Power Ltd (SP). Plaza Singapura is also the first

retail mall in Singapore to have applied for Building
Baring any unforeseen circumstances, we are
Control Authoritys (BCA) Green Mark Gold award
confident of delivering the 2007 forecast DPU of
for 2007. We are committed to maintain high
11.4825 cents per unit.
performance at our malls to ensure that our green

ACKNOWLEDGEMENTS
goals are sustained.
In September 2006, Mr Wen Khai Meng joined the

Board as an alternate director to Mr Kee Teck Koon.
LOOKING FORWARD
This year, we will continue to leverage on our fivepronged
strategy,
comprising
yield
accretive
We would like to welcome him on board and look

forward to his guidance in the coming years.
acquisitions, innovative asset enhancements, active

leasing, investment in CRCT and undertaking local
We would also like to thank our Board of Directors,
development projects to deliver sustainable total
Unitholders, business partners, customers, tenants,
returns to Unitholders.
shoppers and staff for their invaluable contributions

to our remarkable performance. We look forward
24
percent of
to your continued support as we work towards
the private retail stock in Singapore. We are currently
Creating value, Maximising returns and Transforming
exploring the acquisition of the three suburban malls
experiences for all our stakeholders.
CMT currently owns approximately 11.5
We will continue to
leverage on our fivepronged strategy,
comprising yield accretive
acquisitions, innovative
asset enhancements,
active leasing, investment
in CRCT and participation in
local development projects
to deliver sustainable total
owned by CRS, a private retail fund sponsored by

CapitaLand in which CMT owns a 27.2 percent stake
and has been granted a right of first refusal. We are
also actively pursuing other yield accretive acquisitions
in Singapore and are on track to grow our asset size
locally to S$7.0 billion by 2009.
Concurrently, we will be focused on executing the
HSUAN OWYANG
PUA SECK GUAN
various asset enhancement initiatives according to
CHAIRMAN
CHIEF EXECUTIVE OFFICER
schedule with minimal impact to revenue streams and
12 March 2007
24
25
Source : UBS Research

Based on the forecast together with accompanying assumptions
shown in the CMT OIS dated 29 August 2006.
35
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PO2ITIVE

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41
financial highlights
PO2ITIVE
1 JANUARY 2006 TO 31 AUGUST 2006

ACTUAL
FORECAST1
INCREASE
Gross Revenue
S$205.9m
S$196.2m
Net Property Income
S$133.7m
Distributable Income
1 SEPTEMBER 2006 TO 31 DECEMBER 2006

ACTUAL
FORECAST2
+4.9%
S$125.8m
S$119.8m
+5.0%
S$128.0m
+4.5%
S$83.9m
S$78.0m
+7.6%
S$102.5m
S$101.7m
+0.8%
S$66.9m
S$58.5m
+14.4%
Distribution Per Unit
7.41
7.35
+0.8%
4.28
3.74
+14.4%
Annualised DPU
11.13
11.04
+0.8%
12.80
11.18
+14.4%
Annualised Distribution Yield
4.72%3
4.68%3
+0.8%
4.40%4
3.85%4
+14.4%
INCREASE
FROM 31 DECEMBER 2005 TO 31 DECEMBER 2006

3.0
CMT UNIT PRICE PERFORMANCE

(30 DECEMBER 2005 29 DECEMBER 2006)
29 DECEMBER 2006s
closing unit price S$2.91
2.9
Total Return
2.8
35.1%
2.7
2.6
2.5
30 DECEMBER 2005s
closing unit price S$2.24
Distribution Yield 6
5.2%
2.4
2.3
2.2
Capital Appreciation7
2.1
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
29.9%
Dec-06
1 Based on the forecast, together with the accompanying assumptions, shown in the CMT Circular dated 18 October 2005 (for the period 1 January 2006 to 31 March 2006), and the CMT OIS dated
29 August 2006 (for the period 1 April 2006 to 31 August 2006).
2 Based on the forecast, together with the accompanying assumptions, shown in the CMT OIS dated 29 August 2006.
3 Based on the closing unit price of S$2.36 as at 31 August 2006.
4 Based on the closing unit price of S$2.91 as at 29 December 2006.
5 Summation of distribution yield and capital appreciation as defined in footnotes 6 and 7 respectively.
6 Based on total actual distribution per unit of 11.69 cents for the financial year ended 31 December 2006, and the closing price of S$2.24 on 30 December 2005.
7 Based on the closing price of S$2.91 on 29 December 2006 and the closing price of S$2.24 on 30 December 2005.
42
2006
2005
2004
2003
2002
TRUST & ITS
TRUST & ITS
TRUST & ITS
TRUST
TRUST
INVESTEES
ASSOCIATE
ASSOCIATE
Profit and Loss for the year

Gross Revenue (million)
S$331.7
S$243.1
S$177.2
S$117.0
S$87.8
Net Property Income (million)
S$217.6
S$154.1
S$114.2
S$78.4
S$63.9
Distributable Income (million)
S$169.4
S$126.8
S$98.1
S$64.9
S$45.5
Total Assets (million)
S$4,811.3
S$3,483.6
S$2,361.7
S$1,351.5
S$990.2
Unitholders Funds (million)
S$2,975.8
S$2,283.9
S$1,622.5
S$972.4
S$761.2
Total Borrowings (million)
S$1,695.2
S$1,093.0
S$660.0
S$325.0
S$200.0
S$4,543.81
S$3,090.51
S$2,117.6
S$1,295.7
S$745.9
S$1.91
S$1.66
S$1.35
S$1.07
S$1.03
S$4,575.1
S$3,365.0
S$2,235.0
S$1,240.0
S$935.0
Earnings Per Unit
11.62
9.48
9.85
7.68
6.21
Distribution Per Unit
11.69
10.23
9.48
8.03
6.16
Net Tangible Assets Per Unit
S$1.91
S$1.66
S$1.35
S$1.07
S$1.03
Borrowings to Total Assets3
35.6%
31.6%
28.5%
24.7%
20.7%
5.0
6.0
7.2
8.0
8.5
0.9%
0.9%
1.1%
1.0%
0.8%
CMT Portfolio Committed Occupancy Rate2
99.5%
99.7%
99.8%
99.1%
99.8%
Total Annual Shopper Traffic (million)
131.89
85.98
65.37
52.36
21.95
Balance Sheet as at 31 December
Market Capitalisation (million)

Net Asset Value Per Unit
Portfolio Property Valuation (million)
Financial Ratios as at 31 December
Interest Cover (times)

Management Expense Ratio4
Other Key Information
1
2
3
4
5
6
7
8
9
Based on the closing price of S$2.91 on 29 December 2006 and the closing price of S$2.24 on 30 December 2005.
Excludes office and warehouse in IMM.
Total assets excluding distributable income.
Refers to the expenses of the Trust excluding property expenses and interest expense but including performance component of CMTMLs management fees, expressed as a percentage of weighted average net
assets.
Including Tampines Mall, Junction 8 and Funan for the period from IPO (July 2002) to December 2002.
Including Tampines Mall, Junction 8, Funan and IMM which was acquired in June 2003, for the period from January 2003 to December 2003
Including Tampines Mall, Junction 8, Funan, IMM and Plaza Singapura which was acquired in August 2004, for the period from January 2004 to December 2004.
Including Tampines Mall, Junction 8, Funan, IMM, Plaza Singapura and SSC (which was acquired in June 2005 but whose traffic count system was set up in October 2005), for the period from January 2005 to
December 2005.
Including Tampines Mall, Junction 8, Funan, IMM, Plaza Singapura, SSC and JEC (which was acquired in October 2005 but whose traffic count system was set up only in March 2006), Bugis Junction (which was
acquired in October 2005 (but whose traffic count system was set up only in April 2006) and Raffles City which was acquired in September 2006, for the period from January 2006 to December 2006.
43
43
key achievements in 2006
PO2ITIVE
A Year of
Spectacular
Growth
Unit Price Appreciation
+29.9%
Total Returns for Unitholders
+35.1%
NAV per Unit
Increased Gross Revenue
Property Valuation
+9.0%
+36.5%
+15.1%
Capital Appreciation of 29.94 percent

and Total Returns of 35.15 percent
for Unitholders
NAV per Unit increased 15.13 percent
Gross Revenue increased 36.52 percent

to nearly S$331.7 million
Increase in property valuation of

9.01 percent
1
2
3
4
5
44
44
Based
Based
Based
Based
Based
on
on
on
on
on
the valuation of Tampines Mall, Junction 8, Funan, IMM. Plaza Singapura, Hougang Plaza, SSC, JEC and Bugis Junction as at 1 December 2005 and 1 December 2006.
the gross revenue of S$243.1 million for the financial year 2005 and the gross revenue of S$331.7 million for the financial year 2006.
NAV per unit of S$1.66 as at 31 December 2005 and S$1.91 as at 31 December 2006.
the CMT closing unit price of S$2.24 on 30 December 2005 and the closing unit price of S$2.91 on 29 December 2006.
total DPU of 11.69 cents for the financial year ended 31 December 2006, the closing unit price of S$2.24 on 30 December 2005 and the closing unit price of S$2.91 on 29 December 2006.
Increased Market
Capitalisation
Acquisitions
+871.7m
Increased Asset Size
Improvements in
Rental Renewals
Preceding Rental Rates
+47.0%
Market Capitalisation increased 47.010

percent to approximately S$4.5 billion
Acquisitions worth S$871.79 million
+38.1%
Asset Size increased 38.18 percent to
approximately S$4.8 billion
+8.3%
+4.7%
Forecast Rental Rates
Rental Renewals outperformed

Preceding Rental Rates by 8.36
percent and Forecast Rental Rates
by 4.77 percent
6
7
8
9
10
Based on the first year rental rate of the new lease versus the last year rental rate of the old lease.
Forecast rental rates for the period from 1 January 2006 to 31 August 2006 are the basis for the forecast shown CMT Circular dated 18 October 2005 and the forecast rental rates for the period 1 September 2006 to
31 December 2006 are the basis for forecast shown in the CMT OIS dated 29 August 2006.
Based on asset value of S$3.5 billion as at 31 December 2005 and S$4.8 billion as at 31 December 2006.
Purchase price of S$866.4 million for the 40.0 percent stake in Raffles City as at 1 September 2006 and purchase price of S$5.3 million for the remaining 3.3 percent of the strata area of Hougang Plaza which was
acquired in May 2006 and June 2006. CMTs 40.0% stake in Raffles City was acquired from Tincel Properties (Private) Limited using a joint ownership vehicle (RCS Trust). The remaining 3.3 percent strata area of Hougang
Plaza was acquired from individual owners.
Based on the market capitalisation of S$3.1 billion as at 31 December 2005 and the market capitalisation of S$4.5 billion as at 31 December 2006.
45
45
milestones
PO2ITIVE
JANUARY
FEBRUARY
CMTs distributable income exceeded distribution
Distribution
of
1.87
cents
per
unit
was
forecast for the period from 31 October to
paid by CMT to Unitholders for the period
31 December 2005 by 2.9 percent.
31 October 2005 to 31 December 2005.
CMT obtained Provisional Permission by the
Implemented the pilot integrated POS system
URA to increase the allowable commercial GFA
at Junction 8 and achieved over 90.0 percent
at IMM from 26.8 percent to 40.0 percent,
subscription rate.
which translates to an increase of approximately

188,000 sq ft of additional GFA at the mall.
MARCH
CMT signed a collaboration agreement with

CCT to jointly acquire Raffles City (CMT 40.0 percent interest and CCT - 60.0 percent
interest). CCT signed a conditional put and
call option agreement with Tincel Properties
(Private) Limited to acquire Raffles City for a total
purchase consideration of S$2.166 billion.
46
APRIL
MAY
JUNE
CMTs distributable income exceeded distribution
Distribution of 2.72 cents per unit was paid
CMTML introduced two new wings of growth
forecast for the period from 1 January 2006 to
by CMT to Unitholders for the period from
to deliver long term growth to Unitholders
31 March 2006 by 0.3 percent.
1 January 2006 to 31 March 2006.
comprising (1) an investment of up to a 20.0

percent stake in the proposed CRCT and
At IMM, the open-air car park was successfully
relocated to Level 5 of the mall.
CMT completed the acquisition of the 2.6 percent
(2) participation in Singapore development
of the total share values in Hougang Plaza for
projects.
approximately S$4.0 million.
CMT was granted OPP by URA to increase the

gross plot ratio of Hougang Plaza from 1.4 to
At
Funan,
the
two-storey
retail
CMT announced the Notice of Extraordinary
extension
General Meeting (EGM) to obtain Unitholders
3.0 for full residential or mixed development,
measuring over 8,000 sq ft was completed
approval for, among others, the acquisition
which translates to an increase of approximately
on-schedule.
of Raffles City and equity fund raising, and in
91,493 sq ft of additional GFA at the mall.
connection with the EGM, CMT also issued a

Circular to Unitholders.
CMT was assigned a corporate rating of A2 with

a stable rating outlook by Moodys, the highest
rating for a Singapore listed REIT.
CMT completed the acquisition of the remaining

0.7 percent of the total share values in
Hougang Plaza for approximately S$1.3 million,
thus owning 100.0 percent of Hougang Plaza.
47
milestones
PO2ITIVE
JULY
AUGUST
CMT distributable income exceeded distribution
Distribution of 2.77 cents per unit was paid by
forecast for the period from 1 April 2006 to
CMT to Unitholders for the period 1 April 2006
30 June 2006 by 0.3 percent.
to 30 June 2006.
CMT was granted OPP by URA to increase the
At IMM, construction of the circular carpark
gross plot ratio of JEC from 1.85 to 3.00 for
ramp, electronic guidance system and Level 1
full commercial development, which translates
of the retail extension block were completed on
to an increase of approximately 95,000 sq ft of
schedule.
additional NLA at the mall.
CMT, jointly with CCT, announced the proposed
CMT convened an EGM on 13 July 2006 for the
asset enhancement plan for Raffles City which
acquisition of a 40.0 percent interest in Raffles
can potentially increase Raffles Citys retail NLA
City with all five resolutions as set out in the Notice
by between 150,000 sq ft and 200,000 sq ft.
of EGM duly passed.
CMT raised its target asset size in Singapore
SEPTEMBER
from S$5.0 billion to S$6.0 billion by 2008 to

S$7.0 billion by 2009.
CMT won the Most Transparent Company (REITs

category) Award, Securities Investors Association
At Junction 8, an electronic carpark system with
(Singapore) SIAS Investors Choice Awards for
green indicator lights, indicating the availability of
the third consecutive year.
each carpark lot, was installed.
CMT completed the acquisition of the 40.0

percent interest in Raffles City.
48
OCTOBER
NOVEMBER
CMT distributable income exceeded distribution
Distribution of 2.85 cents per Unit was paid by
forecast for the period from 1 July 2006 to
CMT to Unitholders for the period of 1 July 2006
30 September 2006 by 2.2 percent.
to 30 September 2006.
CMT won the Best Investor Relations by a CEO
Implemented the POS system at Tampines Mall
or Chairman (Small or Mid Cap), IR Magazine
and achieved over 90.0 percent subscription
South East Asia Award. CMT was also Highly
rate.
Commended for the Best Annual Report or

Corporate Literature (Small or Mid Cap), IR
Magazine South East Asia Award.
DECEMBER
CMT entered into a Subscription Agreement with
CRCT, in which CMT has a strategic investment of
CapitaRetail China Trust Management Limited
20.0 percent, was officially listed on the SGX-ST
(CRCTML), as the manager of CRCT, and HSBC
on 8 December 2006.
Institutional Trust Services (Singapore) Limited,

as trustee of CRCT, to subscribe for 20.0 percent
of the units in CRCT at a total committed capital
At IMM, Level 2 of the retail extension block was

completed on schedule.
of S$93.3 million.
49
50
51
P3RFORMANC3
CONSISTENTLY OUTPERFORMED DPU FORECASTS

We have consistently outperformed our DPU forecasts by between 0.4 percent to 18.3 percent.
PERIOD
2002
6.781
2
REVISED
FORECAST
(ANNUALISED)
NA
ACTUAL
PAID
(ANNUALISED)
7.34
NA
VARIANCE
FROM
FORECAST
8.0%
1H 2003
6.96
7.51
8.0%
2H 2003
6.962
8.046
8.53
6.0%
1H 2004
8.143
8.597
9.25
8.0%
2H 2004
8.14
9.21
9.80
6.0%
1Q 2005
9.344
NA
10.02
7.0%
2Q 2005
9.34
NA
10.07
8.0%
3Q 2005
9.344
NA
10.12
8.0%
2.9%
4Q 2005
9.34
10.71
11.02
1Q 2006
11.045
NA
11.04
2Q 2006
11.045
11.0710
11.11
3Q 2006
11.045
11.0710
11.32
4Q 2006
11.045
11.2311
13.2912
1
2
3
4
5
6
7
8
9
10
11
12
52
ORIGINAL
FORECAST
(ANNUALISED)
0.4%
2.2%
18.3%
Annualised forecast based on the forecast shown in the CMT Offering Circular dated 28 June 2002.
Based on the forecast shown in the CMT Offering Circular dated 28 June 2002.
Based on the forecast shown in the CMT Circular dated 11 June 2003.
Based on the forecast shown in the CMT Circular dated 20 July 2004.
Based on the forecast shown in CMT Circular dated 18 October 2005.
Based on the forecast shown in the CMT Circular dated 11 June 2003, for all the properties, excluding Plaza Singapura, for the period June to December 2003, pro-rated for the
period from 26 June to 31 December 2003.
Based on the forecast shown in the CMT Circular dated 11 June 2003 (and subsequently updated in the CMT OIS dated 9 December 2003) for all the properties, excluding Plaza
Singapura, for the financial year ended 31 December 2004, pro-rated for the period from 1 January to 1 August 2004.
Based on the forecast shown in the CMT Circular dated 20 July 2004, for all the properties including Plaza Singapura, for the period 1 August to 31 December 2004, pro-rated for
the period from 2 August to 31 December 2004.
Based on the forecast shown in the CMT Circular dated 18 October 2005 (adjusted to include actual for 31 October 2005).
Based on the forecast shown in the CMT Circular dated 26 June 2006 (and subsequently updated in the CMT OIS dated 29 August 2006) for all the properties, excluding Raffles City,
for the financial year ended 31 December 2006.
Based on the forecast shown in the CMT OIS dated 29 August 2006 for all the properties, including Raffles City, for the financial year ended 31 December 2006.
Variance against the revised forecast of 11.23 cents as shown in the CMT OIS dated 29 August 2006. Actual for the period included release of S$4.2 million or (0.27 cents per unit)
retained in 1Q 2006 while forecast for the period assumed release of S$1.5 million.
^^^^^^^^^^^
^^^^^^^^^^^
STEADY DPU GROWTH SINCE LISTING IN 2002

Our multi-pronged strategy has delivered continuous DPU growth year on year, with actual DPU increasing from 7.34
cents in 2002 to 11.69 cents in 2006.
SUCCESSFULLY DRIVEN AN AVERAGE ANNUAL DPU GROWTH OF 12.4 PERCENT2 SINCE 2002
+14.3%
+18.1%
+9.4%
1
7.34
+7.9%
9.48
11.69
10.23
8.03
FY2006
FY2002
Actual
DPU1
2002
1
2
FY2003
Actual
DPU
2003
FY2004
Actual
DPU
2004
FY2005
Actual
Actual
DPU
DPU
2005
2006
Based on annualised DPU. The actual DPU for the period 17 July 2002 to 31 December 2002 was 3.38 cents.
Average DPU growth of 9.4 percent, 18.1 percent, 7.9 percent and 14.3 percent for Full Year 2003, Full Year 2004, Full Year 2005 and Full Year 2006 respectively.
^^^^^^^^^^^
^^^^^^^^^^^
53
P3RFORMANC3
CORE DRIVERS OF DPU GROWTH

Acquisitions (46.0 percent), asset enhancements/reconfigurations (27.0 percent) and active leasing (18.0
percent) form the core components of DPU growth for CMT.
ACQUISITIONS, ASSET ENHANCEMENTS & ACTIVE LEASING FORM CORE COMPONENTS OF GROWTH
11.69
6.781
1
2
54
46.0%
27.0%
18.0%
7.0%
2.0%
Acquisitions
Asset Enhancements/Reconfigurations
Active Leasing
Upfront Payment of IMM Land Premium
CRS Investment
Annualised forecast based on the forecast, together with the accompanying assumptions, shown in the CMT Offering Circular dated 28 June 2002.
Comprising 2.72 cents, 2.77 cents, 2.85 cents and 3.35 cents for the period 1 January 2006 to 31 March 2006, 1 April 2006 to 30 June 2006,
1 July 2006 to 30 September 2006 and 1 October 2006 to 31 December 2006 respectively.
^^^^^^^^^^^
^^^^^^^^^^^
NAV PER UNIT GROWTH

CMTs NAV per unit registered an average annual growth of 21.4 percent due to its strong ability to increase the valuation
of its assets and through yield accretive acquisitions.
NET ASSET VALUE PER UNIT REGISTERED AN AVERAGE ANNUAL GROWTH OF 21.4 PERCENT3 SINCE 2003
+15.1%
S$1.912
+23.0%
+26.2%
S$1.661
S$1.351
S$1.07
2003
1
2
3
2004
2005
2006
NAV per unit computations were based on CMT and its associates results which were after equity accounting of the associate, CRS.
NAV per unit computation was based on CMT and its Investees results after taking in proportionate consolidation of CMTs 40.0 percent interest in Raffles City, on a lineby-line basis, and equity accounting of the associate, CRS.
Average NAV per unit growth of 26.2 percent, 23.0 percent and 15.1 percent in 2004, 2005 and as at 31 December 2006 respectively.
^^^^^^^^^^^
^^^^^^^^^^^
55
P3RFORMANC3
STRONG RENTAL RENEWAL RATES

Strong renewal rates versus forecast and preceding rental rates have been achieved through our proactive asset planning and
leasing strategy.
STRONG RENTAL RENEWALS ACHIEVED YEAR-ON-YEAR
CMT PORTFOLIO
(YEAR)
NO. OF RENEWALS/
NEW LEASES
20062
299
505,857
17.8
4.7%3
8.3%
20054
189
401,263
23.2
6.8%5
12.6%
2004
248
244,408
14.2
4.0%6
7.3%
2003
325
350,743
15.6
6.2%7
10.6%
1
2
3
4
5
6
7
56
NET LETTABLE AREA

AREA
% OF TOTAL
(SQ FT)
NLA1
INCREASE IN CURRENT
RENTAL RATES VS
FORECAST
PRECEDING
RENTAL RATES
RENTAL RATES
As at 31 December 2003, 31 December 2004, 31 December 2005 and 31 December 2006 respectively.
Only renewal of retail units not budgeted to be affected by asset enhancement works were taken into account, 219 units originally budgeted to be affected by asset
enhancement works at Level 2 and Level 3 of IMM were excluded from the analysis.
Forecast rental rates for the period from 1 January 2006 to 31 August 2006, are the basis for the forecast shown in CMT Circular dated 18 October 2005 and the forecast
rental rates for the period 1 September 2006 to 31 December 2006 is the basis for forecast shown in the CMT OIS dated 29 August 2006.
Only renewal of retail units not budgeted to be affected by asset enhancement works were taken into account, 149 units originally budgeted to be affected by asset
enhancement works at Level 2 and Level 3 of IMM were excluded from the analysis.
Forecast rental rates for the period from 1 January 2005 to 30 October 2005 is the basis for the forecast shown in the CMT Circular dated 20 July 2004 and the forecast
rental rates for the period 31 October 2005 to 31 December 2005 is the basis for forecast shown in the CMT Circular dated 18 October 2005.
Forecast rental rates for the period 1 January 2004 to 1 August 2004 is the basis for the forecast shown in the CMT Circular dated 11 June 2003 and the forecast rental
rates for the period 2 August 2004 to 31 December 2004 is the basis for the forecast shown in the CMT Circular dated 20 July 2004.
Forecast rental rates for the period 1 January 2003 to 25 June 2003 is the basis for the forecast shown in the CMT Circular dated 28 June 2002 and the forecast rental
rates for the period 26 June 2003 to 31 December 2003 is the basis of the forecast shown in the CMT Circular dated 11 June 2003.
^^^^^^^^^^^
^^^^^^^^^^^
HIGH OCCUPANCY RATES

Occupancy rates across the portfolio was consistently close to
100.0%
ACHIEVED CLOSE TO 100.0 PERCENT OCCUPANCY RATE AS AT 31 DECEMBER 2006
AS AT
AS AT
AS AT
AS AT
AS AT
AS AT
30 SEPT 05
31 DEC 05
31 MAR 06
30 JUN 06
30 SEPT 06
31 DEC 06
Tampines Mall
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Junction 8
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Funan
99.2%
99.4%
98.3%
98.0%
99.9%
99.6%
IMM1
99.8%
99.0%
97.1%
95.0%2
99.6%
99.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
NA
100.0%
99.9%
100.0%
100.0%
100.0%
Plaza Singapura
Bugis Junction
Others
CMT Portfolio
1
2
3
4
100.0%3
99.8%4
100.0%4
100.0%4
100.0%4
97.6%4
99.8%
99.7%
99.3%
98.9%
99.6%
99.5%
Information is based on retail space only.

Lower occupancy rate due to reconfiguration of units on Level 2 and Level 3.
Comprising Hougang Plaza and SSC.
Comprising Hougang Plaza, SSC and JEC.
^^^^^^^^^^^
^^^^^^^^^^^
57
P3RFORMANC3
STEADILY INCREASING SHOPPER TRAFFIC

Average total shopper traffic at Tampines Mall, Junction 8, Funan, IMM and Plaza Singapura grew 19.71 percent since 2003, following the respective
malls inclusion into the CMT portfolio.
AVERAGE ANNUAL SHOPPER TRAFFIC INCREASED 19.71 PERCENT SINCE 2003
NO. OF SHOPPERS % INCREASE

2003
/ DECREASE
(000)
2003 VS 2004
% INCREASE
2004 VS 2005
NO.OF SHOPPERS % INCREASE

NO. OF SHOPPERS
2005
/ DECREASE
2006
(000)
2005 VS 2006
(000)
Tampines Mall
18,927
-0.82
18,780
9.1
20,488
8.1
22,154
Junction 8
19,244
-18.02
15,786
37.8
21,751
3.5
22,521
9,625
4.8
10,091
-6.32
14,845
Funan
IMM
Plaza Singapura
Total
1
2
3
4
NO. OF SHOPPERS
2004
(000)
5,642
41.9
8,005
20.2
8,4533
81.9
15,374
3.1
15,844
NA
NA
7,3134
132.4
16,998
11.1
18,878
52,266
24.9
65,258
29.8
84,706
4.5
88,489
Average annual shopper traffic growth of 24.9 percent, 29.8 percent and 4.5 percent for 2004, 2005 and 2006 respectively.
Decrease in shopper traffic due to asset enhancement works.
Shopper traffic for IMM which was acquired in June 2003, is for the period from June 2003 to December 2003.
Shopper traffic for Plaza Singapura which was acquired in August 2004, is for the period from August 2004 to December 2004.
+19.7%
58
since 2003
^^^^^^^^^^^
^^^^^^^^^^^
GROWING MARKET SHARE IN SINGAPORE

CMT has been gradually growing its ownership of the private retail stock in Singapore since listing in July 2002. As at January 2007,
CMT owns approximately 11.5 percent of the available private retail stock in Singapore. CMT also owns a 27.2 percent stake in CRS,
a private retail property fund sponsored by CapitaLand. CMT has a right of first refusal to the three retail assets owned by CRS and also
to all Singapore retail assets owned by CapitaLand.
CRS
OWNERSHIP OF PRIVATE RETAIL STOCK IN SINGAPORE BY NET LETTABLE AREA
11.5%
Developers
Fragmented ownership
Other REITs
Strata owned
Others
Private Funds
CapitaLand
25.7%
18.9%
17.3%
7.3%
7.2%
5.9%
4.2%
CMT
CRS
11.5%
2.0%
Source : UBS Research
^^^^^^^^^^^
^^^^^^^^^^^
59
LE4DERSHIP
Good corporate governance

has always been the priority of
CMTML (the Manager of CMT).
We recognise that an effective
corporate governance culture is
critical to our performance and,
consequently, to the success
of CMT. As such, corporate
governance will always remain
at the top of our agenda.
60
Sec4_leadership_final.indd Sec4:60
3/26/07 9:49:06 AM
CAPITAMALL TRUST STRUCTURE
UNITHOLDERS
INVESTMENT IN
CAPITAMALL TRUST
MANAGER
CAPITAMALL TRUST
MANAGEMENT
LIMITED
DISTRIBUTIONS
REPRESENTS
INTERESTS OF
UNITHOLDERS
ASSET MANAGEMENT
SERVICES
ASSET MANAGEMENT
FEES
PROPERTY
MANAGERS
CAPITALAND RETAIL
MANAGEMENT
PTE LTD
CAPITALAND (RCS)
PROPERTY
MANAGEMENT
PTE. LTD.
OWNERSHIP
OF ASSETS
TRUSTEES FEES
TRUSTEE
HSBC INSTITUTIONAL
TRUST SERVICES
(SINGAPORE) LIMITED,
THE TRUSTEE OF CMT
NET PROPERTY
INCOME
PROPERTY
MANAGEMENT
SERVICES
CMT PORTFOLIO
TAMPINES MALL
JUNCTION 8
FUNAN
IMM
PLAZA SINGAPURA
BUGIS JUNCTION
JEC
HOUGANG PLAZA
SSC
PROPERTY
MANAGEMENT FEES
RAFFLES CITY
(40.0 PERCENT INTEREST)
61
3/26/07 9:49:06 AM
organisation structure
LE4DERSHIP
CAPITAMALL TRUST MANAGEMENT LIMITED
BOARD OF DIRECTORS
AUDIT COMMITTEE
FINANCE MANAGER
INVESTMENT MANAGERS
INVESTOR RELATIONS
& CORPORATE
COMMUNICATIONS MANAGER
62
62
3/26/07 9:49:06 AM
CAPITALAND RETAIL MANAGEMENT PTE LTD
CMTML
INVESTMENT MANAGERS
CHIEF OPERATING OFFICER
CAPITALANDS
INTEGRATED
RETAIL REAL
ESTATE
PLATFORM
GROUP SERVICES
PROPERTY MANAGERS
MARKETING
COMMUNICATIONS
HOUGANG PLAZA
CENTRE MANAGER
TAMPINES MALL
CENTRE MANAGER
LEASING
SSC
CENTRE MANAGER
JUNCTION 8
CENTRE MANAGER
TENANCY DESIGN &

COORDINATION
JEC
CENTRE MANAGER
FUNAN
CENTRE MANAGER
PROJECT
DEVELOPMENT &
MANAGEMENT
BUGIS JUNCTION
CENTRE MANAGER
IMM
CENTRE MANAGER
MECHANICAL &
ELECTRICAL DESIGN
TECHNICAL SERVICES
MANAGEMENT COMMITTEE
PLAZA SINGAPURA
CENTRE MANAGER
RAFFLES CITY
CENTRE MANAGER
63
63
3/26/07 9:49:06 AM
board of directors
LE4DERSHIP
DAVID WONG CHIN HUAT
PUA SECK GUAN
JAMES GLEN SERVICE
LIEW MUN LEONG

HSUAN OWYANG
64
3/26/07 9:49:06 AM
HIEW YOON KHONG
S. CHANDRA DAS
WEN KHAI MENG
OLIVIER LIM TSE GHOW
KEE TECK KOON
65
3/26/07 9:49:10 AM
board of directors
LE4DERSHIP
MR HSUAN OWYANG
CHAIRMAN & INDEPENDENT
NON-EXECUTIVE DIRECTOR
(SINCE 18 OCTOBER 2001)
Mr Hsuan Owyang is the Chairman as well as an
Independant Director of the Board. With more
than 50 years of experience in both the public and
private sectors, Mr Owyangs portfolio includes
chairmanship of the Housing and Development
Board from 1983 to 1998, the Institute of
Policy Studies from 1989 to 2004 and the East
Asian Institute management board since 1997.
He has also been a pro-Chancellor of Nanyang
Technological University since 1995. In recognition
of Mr Owyangs numerous contributions, he was
conferred the Distinguished Alumni Award by
the Harvard Club of Singapore in 1987 and was
awarded the Meritorious Service Medal by the
Singapore Government in 1993.
MR LIEW MUN LEONG
DEPUTY CHAIRMAN & NON-EXECUTIVE DIRECTOR
(SINCE 5 JUNE 2002)
Mr Liew Mun Leong is President and Chief
Executive Officer of CapitaLand Group. He joined the
CapitaLand Board as Director on 1 January 1997
and was last re-elected as Director at CapitaLands
Annual General Meeting on 29 April 2005. He also
serves on CapitaLands Investment Committee,
Nominating
Committee,
Corporate
Disclosure
Committee and Finance and Budget Committee. Mr

Liew is Chairman of CapitaLand Residential Limited,
CapitaLand Commercial and Integrated Development
Limited and CapitaLand Retail Limited. He is Deputy
Chairman of CapitaLand Financial Limited, The Ascott
Group Limited, a subsidiary of CapitaLand listed
on the SGX-ST, as well as the Deputy Chairman for
CapitaMall Trust Management Limited (the manager
of CapitaMall Trust, the first listed real estate
investment trust in Singapore), CapitaCommercial
Trust
Management
Limited
(the
manager
of
CapitaCommercial Trust), CapitaRetail China Trust

Management Limited (the manager of CapitaRetail
China Trust) and Ascott Residence Trust Management
Limited (the manager of Ascott Residence Trust). He
is also a Director of CapitaLand Hope Foundation, the
Groups philanthropic entity. Mr Liew has more than
30 years of experience in construction and real estate
in Singapore and overseas. He has participated in a
number of public sector infrastructural development
projects in Singapore, including the development and
construction of Changi International Airport. For five
years, he was Chief Executive Officer of Singapore
Institute of Standards and Industrial Research (SISIR),
a statutory board responsible for national standards
and industrial research and development to support
the manufacturing industry in Singapore. Later,
66
66
3/26/07 9:49:12 AM
he headed a regional public listed engineering and
Singapore-listed Hotel Properties Limited. Mr Pua
construction company, headquartered in Singapore.
has a Master of Science degree in Civil Engineering
Mr Liew was elected the President of International
from the Massachusetts Institute of Technology,
Organisation for Standardisation (ISO) from 1997 to
USA and a Bachelor of Science degree in Building
1998. In 2006, he was named Outstanding CEO of
(First Class Honours) from the National University of
the Year in the Singapore Business Awards. He
Singapore.
currently chairs the Civil Aviation Authority of

Singapore (CAAS). Mr Liew is a graduate of the
University of Singapore with a Civil Engineering degree
and is a registered professional civil engineer.
MR JAMES GLEN SERVICE

INDEPENDENT NON-EXECUTIVE DIRECTOR
Mr James Glen Service is an Independant Director
MR PUA SECK GUAN

CHIEF EXECUTIVE OFFICER & EXECUTIVE DIRECTOR
of the Board. Mr Service has 20 years of experience
Mr Pua Seck Guan is the Chief Executive Officer and
specialist property consulting company. Mr Service
Executive Director of the Board. He has over 17 years
is also Chairman of ACTEW Corporation Limited,
of real estate experience in property investment,
among others. Mr Service is a Director of Challenger
development and management. Since his appointment
Financial Services Group Limited. He is an independent
in October 2001, he has been responsible for the
Non-Executive
management of CapitaMall Trust. Concurrently, Mr
Limited, a subsidiary of CapitaLand Limited, which is
Pua is also the Chief Executive Officer of CapitaLand
listed on the Australian Stock Exchange. Mr Service
Retail Limited and CapitaLand Financial Limited (Real
was awarded the honour of Officer in the General
Estate Capital Management Retail). He is also a
Division for the Order of Australia in 2004, a Silver
Non-Executive Director of CapitaRetail China Trust
Jubilee Medal in 1975 and Canberra Citizen of the
Year 2001. Mr Service is a Fellow of the Chartered
China Trust). Previously, he was responsible for
Institute of Secretaries, a Life Fellow of the Australian
developing the property fund business of CapitaLand.
Institute of Building and a Fellow of the Australian
Before joining CapitaLand Limited, Mr Pua held senior
Society of Certified Practising Accountants.
in fund management and property trusts. He is the

Executive Chairman of JG Service Pty Limited, a
Director
of
Australand
Holdings
positions with Lend Lease Asia Holding Pte Ltd and
67
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3/26/07 9:49:13 AM
board of directors
LE4DERSHIP
MR DAVID WONG CHIN HUAT

INDEPENDENT NON-EXECUTIVE DIRECTOR
(SINCE 17 JANUARY 2003)
(Honours) from the University of Singapore and a

Certificate in Education from the former Singapore
Teachers Training College.
Mr David Wong is an Independant Director of the

Board. A senior partner of Ramdas and Wong, Mr
Wong has been a lawyer in private practice with
more than 30 years experience in real estate,
banking,
consumer finance and corporate law. He
currently serves as a member of the Public Service

Commission and the Singapore Labour Foundation
and is also the Chairman of the Bedok Citizens
Consultative Committee. A Justice of the Peace, he
was awarded the Public Service Star (BBM) in 1991
and the BBM(L) in 2005. Mr Wong holds a Master
of Laws degree from the University of London and
a Bachelor of Laws degree from the University of
Singapore.
MR HIEW YOON KHONG

(SINCE 1 MARCH 2002)
Mr Hiew Yoon Khong is a Non-Executive Director
of the Board. He is currently the Chief Executive
Officer of Mapletree Investments Pte Ltd and the
Senior Managing
Director,
Special
Projects
of
Temasek Holdings (Private) Limited. Prior to these

appointments, Mr Hiew held various senior positions
in the CapitaLand Group. He joined Pidemco Land
Limited as Chief Financial Officer in 1996 and
was Chief Financial Officer of CapitaLand Limited
following the merger of Pidemco Land Limited and
DBS Land Limited in 2000. In February 2002, he
MR S CHANDRA DAS
(SINCE 5 JUNE 2002)
was made the Chief Executive Officer of CapitaLand
Mr Chandra Das is a Non-Executive Director of the
joining CapitaLand Limited, Mr Hiew held various
Board. He is currently the Managing Director of NUR
positions
Investment & Trading Pte Ltd. He is also the Chairman
management consultancy
of Nera Telecommunications Ltd, Nera Electronics
over a ten-year period. He holds a Master of Arts
Ltd as well as a director of Yeo Hiap Seng Limited and
degree in Economics from the University of Warwick,
The Ascott Group Limited. He was the Chairman of
UK and a Bachelor of Arts degree in Economics
the Trade Development Board from 1983 to 1986.
from the University of Portsmouth, UK.
Commercial and Integrated Development Limited

as well as CapitaLand Financial Limited. Prior to
in
the
areas
of
corporate
and
finance,
project financing
He served as a Member of Parliament from 1980 to

1996. Mr Das was awarded the Presidents Medal
by the Singapore Australian Business Council in
2000 and the Distinguished Service (Star) Award
by the National Trades Union Congress in 2005.
He holds a Bachelor of Arts degree in Economics
MR KEE TECK KOON

(SINCE 2 APRIL 2003)
Mr Kee, a Non-Executive Director of the Board, is
the Chief Investment Officer of CapitaLand Limited
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3/26/07 9:49:13 AM
and Deputy Chairman of CapitaLand Commercial
the Real Estate Unit, Corporate Banking in Citibank
and Integrated Development Limited, CapitaLand
Singapore. He has more than 17 years of work
Retail Limited and CapitaLand Financial Limited. He
experience in diverse areas including corporate
is also a Non-Executive Director of CapitaCommercial
banking, investment banking, corporate finance and
Trust
of
real estate financial products. Mr Lim holds a First
CapitaCommercial Trust) and CapitaRetail China Trust
Class Honours degree in Civil Engineering from the
Imperial College of Science, Technology and Medicine,
China Trust). From November 2000 to April 2003,
London.
Management
Limited
(the
manager
he was Managing Director and Chief Executive Officer

of The Ascott Group Limited. From 1996 to 2000,
he was Managing Director and Chief Executive Officer
of Somerset Holdings Limited, and Executive Vice
President at Pidemco Land Limited. Prior to that,
Mr Kee held senior management appointments with
several other organisations. He began his career
in 1979 with the Singapore Armed Forces and the
Ministry of Defence, where he remained until 1991.
Mr Kee holds a Master of Arts degree in Engineering
Science from Oxford University, United Kingdom.
MR WEN KHAI MENG

NON-EXECUTIVE ALTERNATE DIRECTOR
(SINCE 1 SEPTEMBER 2006)
Mr Wen, a Non-Executive Alternate Director to
Mr Kee Teck Koon, is the Chief Executive Officer
of CapitaLand Financial Limited. He has extensive
experience in the property sector and played a key
role in the structuring and successful listing of CMT,
CapitaCommercial Trust and Ascott Residence Trust in
Singapore. As head of Real Estate Financial Services,
he is also responsible for origination and structuring
MR OLIVIER LIM TSE GHOW

(SINCE 1 JULY 2005)
of property funds for the CapitaLand Group. Prior
Mr Lim is a Non-Executive Director of the Board
National Development. Mr Wen holds a Master of
and is concurrently the Group Chief Financial Officer
Business Administration degree and a Master of
of CapitaLand Limited. He is also a Non-Executive
Science degree in Construction Engineering from
Director of CapitaCommercial Trust Management
the National University of Singapore and a Bachelor
Limited (the manager of CapitaCommercial Trust)
of Engineering (First Class Honors) degree from the
and CapitaRetail China Trust Management Limited
University of Auckland, New Zealand.
to joining CapitaLand Limited, he held key positions

at Urban Redevelopment Authority and Ministry of
(the manager of CapitaRetail China Trust), and an

Alternate Director to Mr Liew Mun Leong on the
Board of The Ascott Group Limited. Prior to joining
CapitaLand Limited, he was Director and Head of
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3/26/07 9:49:13 AM
trust management team
LE4DERSHIP
PUA SECK GUAN
TAN LEI KENG
RICHARD NG
TONG KA-PIN
TAN SER JOO
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70
3/26/07 9:49:13 AM
ALAN SEOW
JESLINE GOH
OH SOK CHENG
SHARON LAM
CINDY CHEW
SHARON LIM
LOOI KENG
MARJORIE ONG
ELLINA CHIA
JOANNA LOW
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3/26/07 9:49:31 AM
trust management team (cmtml)
LE4DERSHIP
communication with CMTs Unitholders, potential
MR PUA SECK GUAN
investors, key stakeholders and the media through
Refer to description under the section on The Board
various communication platforms. She also provides
of Directors.
CMTMLs management with regular feedback from

the investment and media communities. Prior to
FINANCE MANAGER
joining CMTML, she was the Investor Relations
MS TAN LEI KENG
Manager with United Overseas Bank Limited and has
Lei Keng was appointed Finance Manager on 18
extensive experience in project management. She
June 2004 and is responsible for the sourcing
holds a Master of Commerce (Advanced Finance)
and management of funds for CMT. She also
degree from the University of New South Wales,
provides support in areas of treasury, accounting,
Australia and a Bachelor of Arts (Economics &
compliance and all finance-related matters in line
Mathematics) degree from the National University
with CMTs investment strategy and its mall portfolio
of Singapore.
management with a focus on driving revenue and

delivering investment returns for CMT. Prior to joining
INVESTMENT MANAGERS
CMTML, Lei Keng had extensive regional experience
The Investment Managers main responsibility lies
in finance with locally-listed as well as American-
in implementing and monitoring CMTs strategy at a
listed companies. She holds a Master of Business
property level. This involves working hand-in-hand with
Administration degree from the University of South
the Property Manager to ensure that the property
Florida and a Bachelor of Accountancy degree from
business plans are executed diligently. Other parts
the National University of Singapore.
of their role include advising on asset enhancement

initiatives within the existing portfolio and identifying
and evaluating potential acquisitions or divestments.
FINANCE TEAM MEMBERS

Ms Cindy Chew
Ms Oh Sok Cheng
MR RICHARD NG
Ms Sharon Lam
(UP TO 31 JANUARY 2007)

Richard was a Manager of Investments and Asset
INVESTOR RELATIONS & CORPORATE
Management
for
CapitaLand
COMMUNICATIONS MANAGER
Integrated
MS TONG KA-PIN
CMTML. He has over 14 years of real estate
Development
Commercial
Limited,
before
and
joining
Ka-Pin has more than five years of investor relations
experience including property investment, asset
experience.
management,
She
is
responsible
for
strategic
property
development,
property
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3/26/07 9:49:52 AM
management and marketing. He holds a Master
public
housing,
private
residential,
commercial,
she was actively involved in analytical work on new
of Science (Real Estate) degree and a Bachelor of
industrial to retail. Prior to joining CMTML, she was
investment opportunities. Joanna holds a Master
Science (Estate Management) (Honours) degree
the Centre Manager of Tampines Mall and Plaza
of Commerce (Advanced Finance) degree from the
from the National University of Singapore.
Singapura, where she was responsible for the day-
University of New South Wales, Australia and a
to-day management of the malls, including leasing,
Bachelor of Business degree from the Queensland
MS TAN SER JOO
marketing, operations, asset enhancement and
University of Technology.
(WITH EFFECT FROM 1 FEBRUARY 2007)
its financial performance. She holds a Bachelor of
Ser Joo has over 15 years of real estate experience
Science (Estate Management) degree from the
MS MARJORIE ONG
including property investment, asset management,
National University of Singapore.
Marjorie has close to seven years experience in
property
leasing,
development,
marketing
and
property
property
management,
taxation
and
strategic planning, policy development and research

with the public and private sectors.
MS SHARON LIM
She holds a
valuation. Prior to joining CMTML, she was seconded
Sharon
to The Link Management Pte Ltd to assist in the
development,
asset
in real estate and urban development, from Harvard
listing, investment and asset management of The Link
management activities in Australia, the Philippines
University, and a Master in Architecture, from
Real Estate Investment Trust. She holds a Bachelor
and Singapore. She holds a Master of Business
National University of Singapore.
of Science (Estate Management) (Honours) degree
Administration degree and a Bachelor of Business
degree (Distinction) from the Royal Melbourne
FUND ANALYST
Institute of Technology, Australia.
The Fund Analyst is responsible for developing and
has
experience
sales
&
in
property
marketing
business
and
Master in Design Studies (Distinction), specialising
maintaining financial and asset models to analyse the
MS JESLINE GOH
Jesline has over ten years of experience in investment
MS ELLINA CHIA
and corporate finance. Prior to joining CMTML, she
Ellina has over ten years of real estate experience
as preparing asset reports on the properties. In
was part of the team in CapitaLand Limited that
in
addition, they also assist the Investment Managers in
creates new property funds and evaluates new
management. Whilst at CapitaLand Limited, she was
investment opportunities in real estate and related
seconded to Lend Lease Japan for 18 months to
products. Jesline is a Chartered Financial Analyst and
work on the acquisition of non-performing loans. She
MR ALAN SEOW
holds a Bachelor of Business Administration (First
holds a Bachelor of Business (Marketing) (Honours)
Alan has over one year of real estate experience and
Class Honours) degree from the National University
degree from the Nanyang Technological University
holds a Bachelor of Business Management (Finance)
of Singapore.
of Singapore.
degree, from the Singapore Management University.
MS LOOI KENG
MS JOANNA LOW
Looi Keng has 17 years of real estate experience.
Prior to joining CMTML, Joanna served as an Asset
Her extensive experience ranges from managing
Analyst with Lend Lease Asia Holding Pte Ltd where
lease
administration,
performance of CMT at the property level, as well

investment
and
asset
the acquisition of new properties.
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3/26/07 9:49:53 AM
property management team
LE4DERSHIP
CHNG CHET SIEW
SIMON HO
THERESE CHEW
LOW KIA SING

SIMON YONG
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3/26/07 9:49:53 AM
CAROL TAN
SELENA CHUA
TOH KIM SAI
CHOW CHEE KHANG
ANNIE LEE
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3/26/07 9:50:09 AM
property management team (crmpl)
LE4DERSHIP
CHIEF OPERATING OFFICER

MR SIMON HO
CO-HEAD, LEASING, SINGAPORE

MS SELENA CHUA
role was Development Manager for VivoCity. Prior
Simon joined CRMPL in 2004 and has more than
Selena oversees all the leasing activities of CMTs
positions in Shaw Services (Pte) Ltd, Chesterton
20 years of experience in real estate investment
assets, ensuring gross rental income meets
International Property Consultants and the Urban
and management. He is responsible for managing
or exceeds the budget and achieving optimal
Redevelopment Authority. She holds a Bachelor of
the operations of 16 retail malls in Singapore as
occupancy rates. This includes lease administration,
Science (Estate Management) (Honours) degree
well as the operations of CRMPLs regional retail
key tenant relationships as well as planning and
portfolio in Japan, Malaysia and China. He works
implementation of the leasing strategy relating to
closely with CRMPLs asset management and
tenancy mix. Supporting medium to short-term
investment teams to ensure that asset plans are
asset enhancement plans and strategic marketing
executed diligently and that asset returns are
plans are also part of her key functions. Selena has
optimised. Simon holds a Master of Real Estate
more than 11 years of retail leasing and operations
degree as well as a Bachelor of Science (Estate
experience. Prior to joining CapitaLand Limited in
Management) (Honours) degree from the National
1999, she was the Leasing Manager of Scotts
University of Singapore.
Shopping Centre and was also with CB Richard Ellis

(Pte) Ltds Retail Department for four years. She
HEAD, GROUP LEASING

MRS CHNG CHET SIEW
holds a Bachelor of Science (Estate Management)
Chet Siew has more than 29 years of experience

in
retail
management,
centre
management
(Honours) degree from the National University of

Singapore.
to joining CapitaLand Limited in 2000, she held
HEAD, MARKETING COMMUNICATIONS,

SINGAPORE
MS THERESE CHEW
Therese
is
responsible
for
creating
and
implementing programmes to attract shoppers to

CMT malls and driving tenants sales turnover. This
is largely achieved through innovative advertising
and promotions, events and public relations. She
also focuses on delivering non-leasing income,
which has proven to be an area of significant
opportunity across the malls. Therese has over
15 years of experience in the field of marketing
CO-HEAD, LEASING, SINGAPORE

MS ANNIE LEE
communications, in Singapore and regionally. She
launched in December 2006. Chet Siew was
Annie oversees the leasing functions for the
degree from the Oklahoma City University, USA and
formerly the Centre Director for Raffles City and
CMTs assets and is involved in strategic leasing
a Bachelor of Commerce (Marketing) degree from
Millenia Singapore, two of Singapores prestigious
initiatives. This includes planning and implementing
Curtin University of Technology, Australia.
mixed-used developments. She serves as Honorary
strategies relating to positioning and tenancy
Secretary of The Association of Shopping Centres
mix, supporting the short to medium term asset
and is the Chairperson for its Education Committee.
enhancement plans of the malls, maintaining key
HEAD, GROUP TENANCY DESIGN &

COORDINATION
MR LOW KIA SING
She also serves as a Board Member for Singapore
tenant relationships as well as lease administration
Kia Sing develops strategies and drives key
Real Estate and Construction Centre. She obtained
functions. Annie has more than 12 years of real
initiatives relating to tenancy designs across the
her Diploma in Building from Singapore Polytechnic
estate experience, with expertise in retail planning,
regional retail portfolio of CapitaLand Retail in
and is a member of The Institute of Real Estate.
retail leasing and tenant relations. Her most recent
Singapore, Malaysia, Japan, India and China. He
and project development.

Director
of
VivoCity,
Managers (USA).
She is also the Retail
which
she
successfully
holds a Master of Arts (Mass Communications)
76
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3/26/07 9:50:29 AM
implements and maintains standards and policies

for tenancy design & coordination teams across
the respective countries and works with them to
develop guidelines and ensure quality in tenancy
designs and visual merchandising. He is also
involved in asset enhancement initiatives, design
and feasibility studies to constantly improve the
standards of tenancy designs in the malls. Kia
Sing has over seven years of experience in design
and architecture. He holds a Masters degree
degree and Bachelor of Architecture (Honours)
HEAD, GROUP PROJECT DEVELOPMENT &

MANAGEMENT
MR SIMON YONG
Simon
is
responsible
for
all
regional
degree from the National University of Singapore,

retail
development and asset enhancement projects

under
CapitaLand
Retail
Limiteds
portfolio.
He leads the project management and design

management team to align the project design,
planning and execution to meet the strategic and
business objectives. He is currently the Project
Director of Orchard Turn, the landmark shopping
and
Master
Technology)
of
degree
Science
from
(Management
the
of
Massachusetts
Institute of Technology, USA. He is a certified

Project Management Professional (PMP) by the
Project Management Institute, USA and has
completed the Executive Development Program at
Wharton, University of Pennsylvania, USA.
gateway of Orchard Road, and was recently the
HEAD, MECHANICAL & ELECTRICAL DESIGN

TECHNICAL SERVICES, SINGAPORE
MR CHOW CHEE KHANG
Project Director of VivoCity, the largest destination
Chee Khang oversees the review of mechanical and
HEAD, TENANCY DESIGN & COORDINATION,

SINGAPORE
MS CAROL TAN
mall in Singapore measuring over 1.5 million
electrical services designs, as well as cost and time
square feet. He holds a Bachelor of Engineering
control in the various asset enhancement initiatives
(Mechanical) degree from the National University
at the malls. He also develops design guidelines to
Carols is responsible for the review and approval
of Singapore and a Master of Science (Industrial
ensure that services designs are complied with.
of designs for shop layouts in the shopping malls
Engineering) degree from the National University of
He works closely with the centre management
under CMT in Singapore. She also develops retail
Singapore. Simon is also a member of the Institute
teams to implement facility management policies,
design and merchandising guidelines to ensure
of Engineers (Singapore) as well as a member of
which include standard operation procedures,
that high standards of design, layout and visual
The Society of Project Managers (Singapore).
optimisation of equipment, maintenance planning,
in Architecture and a Bachelor of Arts degree

(Architectural Studies) from the National University
of Singapore.
merchandising
are
maintained
in
the
malls,
and is involved in the conceptualisation of asset

enhancement initiatives and feasibility studies.
Carol has over 10 years of experience in retail
design and project management. She holds an
ITC in Mechanical Engineering Drawing & Design
from Singapore Technical Institute, Certificate for
Management Studies from Singapore Institute of
Management and Basic Auto-Cad from Ngee Ann
Polytechnic.
mall cum residential development situated at the
bulk procurement, technical training and use of

HEAD, PROJECT DEVELOPMENT &
MANAGEMENT, SINGAPORE
MR TOH KIM SAI
Kim Sai is responsible for all asset enhancement
projects at CMT malls. He also assists the regional
retail project teams in China, India and Japan to
create greater asset value through design and
project management. A former ASEAN Scholar,
latest technology products. He has over 17 years

of experience in the field of mechanical & electrical
services in Singapore and regionally, including
Malaysia, Thailand, Indonesia, Hong Kong and
China. Prior to joining CapitaLand Limited, he was
a consultant in a leading mechanical & electrical
consultancy firm in Singapore.
he holds a Bachelor of Arts (Architectural Studies)
77
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3/26/07 9:50:29 AM
LE4DERSHIP
Pursuant to this agenda, the Manager has adopted a
The primary role of the Manager is to set the strategic
comprehensive
that
direction of CMT and make recommendations to HSBC
meets best practice principles and which recognises that
corporate
governance
framework
Institutional Trust Services (Singapore) Limited (the Trustee) as
an effective corporate governance culture is critical to the
trustee of CMT on the acquisition, divestment or enhancement
performance of the Manager and consequently, the success
of the assets of CMT in accordance with its stated investment
of CMT, which it manages. In particular, the Manager has an
strategy. The research, evaluation and analysis required for
obligation to act honestly, with due care and diligence, and
this purpose is co-ordinated and carried out by the Manager.
in the best interests of Unitholders. This obligation ties in
The Manager is also responsible for the risk management
with the Managers prime responsibility in managing the
of CMT.
assets and liabilities of CMT for the benefit of Unitholders,

and the Manager will endeavour to continue enhancing
Other functions and responsibilities of the Manager include:
Using its best endeavours to carry on and conduct its
The following paragraphs describe the Managers main
business in a proper and efficient manner and to conduct all
corporate
transactions with, or on behalf of, CMT at arms length.
governance
policies
and
practices.
They
encompass proactive measures for avoiding situations of

conflict and potential conflict of interest, including prioritising
Preparing property plans on an annual basis for review by
the interests of Unitholders over the Managers and ensuring
the Directors of the Manager which may contain proposals
that applicable laws and regulations are complied with.
and forecasts on net income, capital expenditure, sales

and valuations, explanation of major variances to previous
CMT has received accolades and awards from SIAS and
forecasts,
IR Magazine South East Asia for the Most Transparent
underlying assumptions on rental rates, occupancy costs
Company, REITs Category, Investors Choice Award and the
and any other relevant assumptions. The purpose of these
Best Investor Relations by a CEO or Chairman (Small or
plans is to explain the performance of CMTs assets.
written
commentary
on
key
issues
and
Mid Cap) Award. More details can be found under Investor

Relations on page 118.
Ensuring compliance with the applicable provisions of the

Companies Act and the Securities and Futures Act of
THE MANAGER OF CMT
Singapore, as well as other relevant legislation, the Listing
The Manager has general powers of management over the
Manual of the SGX-ST (the Listing Manual), the Code on
assets of CMT. Its main responsibility is to manage the assets
Collective Investment Schemes (the CIS Code) issued by the
and liabilities of CMT for the benefit of Unitholders. The
Monetary Authority of Singapore (MAS) and the tax rulings
Manager will manage the assets of CMT with a focus on
issued by the Inland Revenue Authority of Singapore on the
generating rental income and, if appropriate, increasing CMTs
taxation of CMT and its Unitholders.
assets over time so as to enhance the returns from the

investments of CMT and ultimately the distributions and total
Attending to all regular communications with Unitholders.
return to Unitholders.
78
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3/26/07 9:50:30 AM
which
the Eighth Supplemental Deed dated 13 October 2005, the
performs the day-to-day property management functions
Ninth Supplemental Deed dated 20 April 2006, the Third
(including leasing, accounting, marketing, promotion, co-
Amending and Restating Deed dated 25 August 2006 and
ordination, project management and property management)
the Eleventh Supplemental Deed dated 15 February 2007
for the CMT malls namely, Tampines Mall, Junction 8,
(collectively, the Trust Deed). The Trust Deed outlines certain
Funan, IMM, Plaza Singapura, Bugis Junction, JEC,
circumstances under which the Manager can be removed,
Hougang Plaza and SSC pursuant to the property
by notice in writing given by the Trustee, in favour of a
management agreements signed for each mall. With
corporation appointed by the Trustee upon the occurrence of
regard to Raffles City, which is held by CMT and CCT
certain events, including by a resolution passed by a simple
in the proportions of 40.0 percent and 60.0 percent
majority of Unitholders present and voting at a meeting of
respectively, the Property Manager holds 40.0 percent
Unitholders duly convened and held in accordance with the
interest
provisions of the Trust Deed.
Supervising
in
CRMPL
(the
CapitaLand
Property
(RCS)
Manager),
Property
Management
Pte. Ltd. which provides property management services

to Raffles City. CapitaLand Commercial Management Pte.
BOARD OF DIRECTORS OF THE MANAGER
Ltd., which is the property manager of the properties
The Board of Directors of the Manager (the Board) is
owned by CCT, holds the other 60.0 percent. As a result
responsible for the overall management and the corporate
of its interest in CapitaLand (RCS) Property Management
governance of the Manager and CMT, including establishing
Pte. Ltd., the Property Manager is able to play a key
goals for management and monitoring the achievement of
role in directing the property management function for
these goals.
Raffles City.
All Board members participate in matters relating to
CMT, constituted by a trust, is externally managed by the
corporate governance, business operations and risks,
Manager and therefore has no personnel of its own. The
financial performance and the nomination and review of
Manager appoints experienced and well-qualified management
Directors. The Board has established a framework for the
to run its day-to-day operations. All Directors and employees
management of the Manager and CMT, including a system of
of the Manager are remunerated by the Manager and
internal controls and a business risk management process.
not CMT.
The Board meets regularly to discuss and review the
CMTML is appointed as manager of CMT in accordance
Managers key activities, including its business strategies
with the terms of the Trust Deed dated 29 October 2001
and policies for CMT. Board meetings are scheduled in
as amended by the First Supplemental Deed dated 26
advance, and are held at least once every quarter, to
December 2001, the Second Supplemental Deed dated 28
deliberate on the strategic policies of CMT, including
June 2002, the Amending and Restating Deed dated 29
any
April 2003, the Fourth Supplemental Deed dated 18 August
the
2003, the Second Amending and Restating Deed dated 9
business,
July 2004, the Sixth Supplemental Deed dated 18 March
Manager and CMT and approve the release of the quarterly,
2005, the Seventh Supplemental Deed dated 21 July 2005,
half-yearly and full-year results. The Board also reviews the
significant
annual
acquisitions
budget,
review
review
the
and
the
financial
disposals,
performance
performance
review
of
the
of
the
79
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3/26/07 9:50:30 AM
LE4DERSHIP
risks to the assets of CMT and acts upon any comments from
the auditors of CMT.
Additional Board meetings are held, where necessary, to
address significant transactions or issues. The Articles of
Association of the Manager permit Board meetings to be held
by way of tele-conference and video-conference.
Board papers and agenda are provided to each Director
in advance of Board meetings so that they can familiarise
themselves with the matters prior to the Board meetings.
Senior executives who can provide additional insights into
matters to be discussed are requested to also attend the
Board meetings so as to be at hand to answer questions, if
any. Board meetings are usually half-a-day affairs and include
presentations by senior executives, external consultants
and
experts
on
strategic
issues
relating
to
specific
business areas.
The Board is supported by Board committees that provide
independent supervision of management. These Board
committees are the Audit Committee, Executive Committee
and Corporate Disclosure Committee. Other committees may
be formed as dictated by business imperatives.
The Board has adopted a set of internal controls which sets
out approval limits for, amongst others, capital expenditure,
new investments and divestments, operating of bank accounts,
bank borrowings and cheque signatories arrangements at
Board level. Apart from matters that specifically require the
Boards approval such as the issue of new Units, income
distributions and other returns to unitholders the Board
approves transactions exceeding certain threshold limits,
while delegating authority for transactions below those limits
to Board Committees. Appropriate delegation of authority and
approval sub-limits are also provided at management level to
facilitate operational efficiency.
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3/26/07 9:50:32 AM
Changes to regulations, policies and accounting standards are
Review of Board performance as appropriate are informal.
monitored closely. To keep pace with regulatory changes, where
Renewal or replacement of Board members do not necessarily
these changes have an important and significant bearing on
reflect their contributions todate, but may be driven by the
CMT and its disclosure obligations, the Directors are briefed
need to position and shape the Board in line with the medium
by management during Board meetings, at specially convened
term needs of CMT and its business.
sessions or via circulation of Board papers. Management also

provides the Board with complete and adequate information in
Five Board meetings were held in 2006. The attendance at
a timely manner through regular updates on financial results,
the Board meetings during the year is set out on page 91.
market trends and business developments.

BOARD COMPOSITION & BALANCE
The Manager believes that Board performance is ultimately
Presently, the Board consists of nine Directors and one
reflected in the long term performance of CMT. The
Alternate Director, of whom three are Independent Non-
Board sets strategic directions and ensures competent
Executive Directors. The Chairman of the Board is Mr Hsuan
management of CMT. The Board also ensures compliance
Owyang. The sole Executive Director is Mr Pua Seck Guan,
with applicable laws. Board members have a duty to act in
the Chief Executive Officer. The other members of the Board
good faith, with due diligence and care in the best interests
are Mr Liew Mun Leong, Mr James Glen Service, Mr David
of CMT and its unitholders. An effective Board is able to
Wong Chin Huat, Mr S. Chandra Das, Mr Hiew Yoon Khong,
provide firm support to management at all times and to
Mr Kee Teck Koon, Mr Olivier Lim Tse Ghow and Mr Wen
steer CMT in the right direction.
Khai Meng (as Alternate Director to Mr Kee Teck Koon with

effect from 1 September 2006).
The financial indicators, set out in the Code of Corporate

Governance 2005 as guides for the evaluation of the Board
The Board comprises business leaders and financial and legal
and its directors, are in the Managers opinion more of a
professionals with fund management, property, banking and
measurement of managements performance and therefore
finance backgrounds. The profiles of the Directors are set out
less applicable to directors. In any case, such financial
on pages 66 to pages 69 of this Annual Report. The Board
indicators provide a snapshot of CMTs performance, and do
considers the present Board size appropriate for the nature
not fully measure the sustainable long term wealth and value
and scope of CMTs operations.
creation of CMT.
The composition of the Board is determined using the following
A more important consideration is that the Manager had
principles:
ensured from the outset the requisite blend of background,

experience
and
knowledge
in
business,
finance
and
management skills critical to CMTs businesses. It has from
The Chairman of the Board should be an Independent NonExecutive Director.
the outset ensured that each director with his special
The Board should comprise Directors with a broad range
contribution brings to the Board an independent and objective
of commercial experience, including expertise in funds
perspective to enable balanced and well-considered decisions
management, the property industry and in the banking and
to be made.
legal fields.
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3/26/07 9:50:35 AM
LE4DERSHIP
At least one-third of the Board should comprise of

Independent Directors.
with management through a healthy exchange of ideas and

views to help shape the strategic process. This, together
with a clear separation of the roles of the Chairman and
The composition of the Board is reviewed regularly to ensure
the Chief Executive Officer, provides a healthy professional
that the Board has the appropriate size and mix of expertise
relationship between the Board and management with
and experience.
clarity of roles and robust deliberation on the business activities

of CMT.
A Director who has no relationship with the Manager or

its officers that could interfere, or be reasonably perceived
Newly
to interfere, with the exercise of the Directors independent
management on the business activities of CMT, its strategic
business judgement in the best interests of CMT, is considered
directions and policies, and the regulatory environment in
to be independent. The Chairman of the Board, Mr Hsuan
which CMT operates, as well as their statutory and other
Owyang, Mr James Glen Service and Mr David Wong Chin
duties and responsibilities as Directors.
appointed
Directors
are
given
briefings
by
Huat are considered to be Independent Directors.

The Board will take independent professional advice when it
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
deems it necessary for the proper and efficient discharge of
The roles of Chairman and Chief Executive Officer are
its responsibilities. The Company Secretary of the Manager
seperate and the positions are held by two seperate persons.
will give the Board the necessary assistance and is also
The Chairman, Mr Hsuan Owyang, is a Non-Executive Director
responsible for ensuring that Board procedures are followed
while the Chief Executive Officer, Mr Pua Seck Guan is an
and that the applicable laws and regulations are complied
Executive Director. This is to maintain an effective oversight
with. In addition, the Company Secretary will also attend all
and segregation of duties.
Board meetings.
The Chairman ensures that the members of the Board work
The Manager has implemented quarterly financial reporting
together with management with integrity, competency and
since
moral authority, and engages management in constructive
management accounts on a monthly basis. The Board has
debate on strategy, business operations and enterprise risks.
established various committees to assist it in discharging its
The Chief Executive Officer has full executive responsibilities
responsibilities, including the Executive Committee, Corporate
over the business directions and operational decisions of
Disclosure Committee and the Audit Committee. The terms of
managing CMT.
reference of these Committees are described below.
The majority of the Board members are non-executive with
BOARD REMUNERATION
one-third of the Board being independent of management.
The remuneration of Directors is paid by the Manager, and
This enables management to benefit from their external
not by CMT.
inception.
It
also
provides
the
Directors
with
and objective perspective of issues that are brought before

the Board. It also enables the Board to interact and work
82
3/26/07 9:50:37 AM
The
remuneration
of
Directors
for
the
year
ended
31 December 2006 is shown in the table below:
Approve specific budgets for capital expenditure for

development projects, acquisitions and enhancements/
upgrading of properties.
Review management reports and operating budgets.
BOARD MEMBERS
FY 2006
DIRECTORS FEES1
Hsuan Owyang
FY 2005
DIRECTORS FEES1
S$77,000
S$76,000
Liew Mun Leong
Pua Seck Guan
S$40,000
S$38,000
US$6,000
US$6,000
James Glen Service

David Wong Chin Huat
S$47,000
S$46,000
S. Chandra Das
S$32,000
S$31,000
Hiew Yoon Khong
S$32,000
S$30,000
Kee Teck Koon
Olivier Lim Tse Ghow
Wen Khai Meng
Award contracts for development projects.

Recommend
changes
to
the
financial
limits
for
investment, etc.
Report to the Board on decisions made by the Executive
Committee.
Perform such other functions as varied or delegated by
the Board.
During the year, many informal discussions were held with
the Executive Committee members.
AUDIT COMMITTEE
The Audit Committee is established by the Board from
(With effect from 1/9/2006)
among the Directors of the Manager and is comprised of
(Alternate to Kee Teck Koon)
four members, the majority of whom (including the Chairman
of the Audit Committee) are Independent Non-Executive
Additional fees of S$1,000 (local director) and US$1,000 (foreign director) per meeting
attendance.
Directors. The members of the Audit Committee are Mr

Hsuan Owyang, Mr James Glen Service, Mr David Wong
EXECUTIVE COMMITTEE
Chin Huat and Mr Olivier Lim Tse Ghow.
The Executive Committee operates under delegated authority

from the Board. The members of the Executive Committee
The Audit Committee has a set of terms of reference
are Mr Liew Mun Leong, Mr Olivier Lim Tse Ghow, Mr Kee
defining its scope of authority which includes, in relation to
Teck Koon and Mr Pua Seck Guan. This committee oversees
its management of CMT:
the day-to-day activities of the Manager on behalf of the Board

including to:
Monitoring and evaluating the effectiveness of the

Managers internal control process through reviewing
Approve or make recommendations to the Board on new
internal and external audit reports to ensure that where
investments, acquisitions, financing offers and banking
deficiencies in internal controls have been identified,
facilities.
appropriate and prompt remedial action is taken by
Approve or make recommendations to the Board on
management.
divestments and write-offs of property assets/equity

stakes.
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LE4DERSHIP
Reviewing the quality and reliability of information prepared
In its review of the audited financial statements for the financial
for inclusion in the financial reports and approving
year ended 2006, the Audit Committee discussed with
the financial statements and the audit report before
management and external auditors the accounting principles
recommending to the Board for approval.
that were applied. Based on the review and discussions

with management and the external auditors, the Audit
Monitoring the procedures established to regulate Related
Committee is of the view that the financial statements are
Party Transactions (as defined below), including ensuring
fairly presented, and conform to generally accepted accounting
compliance with the provisions of the Listing Manual
principles in all material aspects.
relating to transactions between CMT and an interested

person, and provisions of the Property Funds Guidelines
The Audit Committee has also conducted a review of all non-
of the CIS Code (Property Funds Guidelines) relating to
audit services provided by the external auditors and is satisfied
transactions between CMT and an interested party.
that the nature and extent of such services will not prejudice
the independence and objectivity of the external auditors.
Reviewing the appointment and re-appointment of auditors

before recommending them to the Board for approval and
Audit Committee meetings are generally held after the end of
reviewing the adequacy of existing audits in respect of
every quarter of every financial year. Four Audit Committee
cost, scope and performance.
meetings were held during the year. The last Audit Committee
meeting in 2006 was held on 19 October 2006.
Reviewing the independence and objectivity of the external

auditors and non-audit services provided by the external
CORPORATE DISCLOSURE COMMITTEE
auditors and confirming that they would not, in the Audit
The Corporate Disclosure Committee operates under the
Committees opinion, impair the independence of the
delegated authority of the Board. This committee reviews
auditors.
corporate disclosure matters relating to CMT, including

announcements to SGX-ST, and pursues best practices in
Monitoring the procedures in place to ensure compliance
terms of transparency. The members of this committee are
with applicable legislation, the Listing Manual and the
Mr Hsuan Owyang, Mr Liew Mun Leong, Mr Kee Teck Koon
Property Fund Guidelines.
and Mr Olivier Lim Tse Ghow.
The Audit Committee is authorised to investigate any
INTERNAL CONTROLS
matters within its terms of reference. It is entitled to full
The Manager has put in place a system of internal controls
access to and co-operation by management and enjoys full
of procedures and processes to safeguard CMTs assets,
discretion to invite any Director or executive officer of the
Unitholders interests and to manage risk.
Manager to attend its meetings. The Audit Committee has

full access to reasonable resources to enable it to discharge
its functions properly.
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3/26/07 9:50:42 AM
The internal audit function of the Manager is supported by

CapitaLands Internal Audit Department (CLIA). CLIA plans its
internal audit schedules in consultation with, but independent
of, management and its plan is submitted to the Audit
Committee for approval at the beginning of the year. The
Audit Committee also meets with the CLIA team at least
once a year, without the presence of management.
A majority of the CLIA staff are members of the Singapore
branch of the Institute of Internal Auditors, Inc. (IIA), which
has its headquarters in the USA. CLIA subscribes to, and
is guided by the Standards for the Professional Practice of
Internal Auditing developed by the IIA and has incorporated
these standards into its audit practices.
The standards set by the IIA cover requirements in respect
of the following:
Independence.
Professional proficiency.
Scope of work.
Performance of audit work.
Management of the Internal Audit Department.
To ensure that the internal audits are performed by
competent
professionals,
CLIA
recruits
and
employs
suitably qualified staff.

In order that their technical knowledge remains current and
relevant, CLIA identifies and provides training and development
opportunities to its staff. The internal audit function provided
by CLIA has incorporated the auditing standards developed by
the IIA into its audit practices and meets with the standards
set by the IIA.
The Board is satisfied that the Managers internal controls
are adequate, based on the reports from the CLIA team and
external auditors.
85
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LE4DERSHIP
DEALINGS WITH RELATED PARTIES
assets will be reviewed and approved by the Audit
REVIEW OF PROCEDURES FOR RELATED
Committee which may as it deems fit request advice on
PARTY TRANSACTIONS
the transaction from independent sources or advisors,
In general, the Manager has established internal control
including the obtaining of valuations from professional
procedures to ensure that all future transactions involving the
valuers. Further, under the Listing Manual and the
Trustee and a related party of the Manager (Related Party
Property Funds Guidelines, such transactions would have
Transactions) are undertaken on an arms length basis and
to be approved by the Unitholders of CMT at a meeting
on normal commercial terms, which are generally no more
of Unitholders.
favourable than those extended to unrelated third parties.

In respect of such transactions, the Manager would have to
Audit Committees approval shall only be given if the
demonstrate to the Audit Committee that the transactions
transactions are on arms length commercial terms and
are undertaken on normal commercial terms which may
consistent with similar types of transactions undertaken
include
by the Trustee, with third parties which are unrelated to
obtaining
(where
practicable)
quotations
from
parties unrelated to the Manager, or obtaining valuations
the Manager.
from independent valuers (in accordance with the Property

Funds Guidelines).
Where matters concerning CMT relate to transactions

entered into, or to be entered into, by the Trustee for and on
In addition, the following procedures will be followed:
behalf of CMT with a related party of the Manager, the Trustee

is required to ensure that such transactions are conducted on
Transactions (either individually or as part of a series
normal commercial terms, and will not be prejudicial to the
or if aggregated with other transactions involving the
interest of CMT and the Unitholders, and in accordance with
same interested party during the same financial year)
the applicable requirements of the Property Funds Guidelines
equal to or exceeding S$100,000 in value, but below
and/or the Listing Manual relating to the transaction in
3.0 percent of CMTs net tangible assets, will be subject
question. Further, the Trustee has the ultimate discretion
to review and approval by the Audit Committee.
under the Trust Deed to decide whether or not to enter into

a transaction involving a related party of the Manager. If the
Transactions (either individually or as part of a series or
Trustee is to sign any contract with a related party of the
if aggregated with other transactions involving the same
Manager, the Trustee will review the contract to ensure that
interested party during the same financial year) equal
it complies with applicable requirements relating to interested
to or exceeding 3.0 percent, but below 5.0 percent of
party transactions in the Property Funds Guidelines (as may be
CMTs net tangible assets, will be subject to the review
amended from time to time) and the provisions of the Listing
and approval of the Audit Committee.
Manual relating to interested person transactions (as may be

amended from time to time) as well as other guidelines as may
Transactions (either individually or as part of a series
from time to time be prescribed by the MAS and the SGX-ST
or if aggregated with other transactions involving the
or other relevant authority to apply to REITs.
same interested party during the same financial year)

equal to or exceeding 5.0 percent of CMTs net tangible
86
3/26/07 9:50:51 AM
ROLE OF THE AUDIT COMMITTEE FOR RELATED PARTY
DEALINGS WITH CONFLICTS OF INTEREST
TRANSACTIONS
The following procedures have been established to deal
All Related Party Transactions are subject to regular periodic
with potential conflicts of interest which the Manager
reviews by the Audit Committee.
(including its Directors, executive officers and employees)

may encounter in managing CMT:
The Managers internal control procedures are intended to

ensure that Related Party Transactions are conducted at
The Manager will be a dedicated manager to CMT and will
arms length and on normal commercial terms and are not
not manage any other REIT or be involved in any other real
prejudicial to Unitholders interests. The Manager maintains
property business.
a register to record all Related Party Transactions which are

entered into by CMT (and the basis, including the quotations
All executive officers of the Manager will be employed by

the Manager.
obtained to support such basis, on which they are entered

into). The Manager then incorporates into its internal audit
plan, a review of all Related Party Transactions entered into
All resolutions at meetings of the Board of Directors of
by CMT. The Audit Committee reviews the internal audit
the Manager in relation to matters concerning CMT must
reports to ascertain that the guidelines and procedures
be decided by a majority vote of the Directors, including at
established to monitor Related Party Transactions have been
least one Independent Director.
complied with. In addition, the Trustee will also review such

audit reports to ascertain that the Property Funds Guidelines
In respect of matters in which CapitaLand and/or its

subsidiaries have an interest, direct or indirect, any
have been complied with.
nominees appointed by CapitaLand and/or its subsidiaries

to the Board will abstain from voting.
The Audit Committee periodically reviews Related Party

Transactions to ensure compliance with the internal control
procedures and the relevant provisions of the Listing Manual
If the Manager is required to decide whether or not to
and the Property Funds Guidelines. The review includes the
take any action against any person in relation to any
examination of the nature of the transaction and its supporting
breach of any agreement entered into by the Trustee for
documents or such other data deemed necessary by the
and on behalf of CMT with an affiliate of the Manager,
Audit Committee.
the Manager shall be obliged to consult with a reputable

law firm (acceptable to the Trustee) which shall provide
If a member of the Audit Committee has an interest in a
legal advice on the matter. If the said law firm is of the
transaction, he is to abstain from participating in the review
opinion that the Trustee, on behalf of CMT, has a prima
and approval process in relation to that transaction.
facie case against the party allegedly in breach under

such agreements, the Manager is obliged to pursue
Details of all Related Party Transactions (equal to or
the appropriate remedies under such agreements.
exceeding S$100,000 each in value) entered into by
The Directors of the Manager will have a duty to
CMT during the financial year are disclosed on page 324
ensure that the Manager complies with the aforesaid.
of this Annual Report.
Notwithstanding the foregoing, the Manager shall inform
87
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3/26/07 9:50:54 AM
LE4DERSHIP
the Trustee as soon as it becomes aware of any breach

of any agreement entered into by the Trustee for and on
behalf of CMT with an affiliate of the Manager, and the
Trustee may take such action as it deems necessary to
protect the rights of Unitholders and/or which is in the
interests of Unitholders. Any decision by the Manager not
to take action against an affiliate of the Manager shall
not constitute a waiver of the Trustees right to take such
action as it deems fit against such affiliate.
The Board shall include at least two Independent
Directors.
The Directors of the Manager are under a fiduciary duty
to CMT to act in its best interests in relation to decisions
affecting CMT when they are voting as members of the Board.
In addition, the Directors and executive officers of the Manager
are expected to act with integrity and honesty at all times.
Additionally, the Trustee has been granted a right of first
refusal by CRTL over all retail income producing properties
located in Singapore with certain specified characteristics
which may in the future be identified and targeted for
acquisition by CRTL or any of its subsidiaries.
Under the Trust Deed, in respect of voting rights where
the Manager would face a conflict between its own interest
and that of the Unitholders, the Manager shall cause such
voting rights to be exercised according to the discretion of
the Trustee.
RISK ASSESSMENT AND MANAGEMENT OF
BUSINESS RISK
Effective risk management is a fundamental part of CMTs
business strategy. Recognising and managing risk is central
to the business and to protecting Unitholders interests
and value. CMT operates within overall guidelines and
88
3/26/07 9:50:55 AM
specific parameters set by the Board. Each transaction is
decisions. Management meets regularly to review the
comprehensively analysed to understand the risk involved.
operations of the Manager and CMT and discuss continuous
Responsibility for managing risk lies initially with the business
disclosure issues.
unit concerned, working within the overall strategy outlined

by the Board.
The Manager has determined that significant risk for CMT will
most likely arise when making property investment decisions.
The Managers focus on risk management recognises that risk
Accordingly, the Manager has established procedures to be
management is, prima facie, an issue for management. The
followed when making such decisions. In accordance with this
risk management framework supports this focus but provides
policy, the Board requires comprehensive due diligence to
a structured context for those personnel to undertake a half-
be carried out in relation to the proposed investment and a
yearly review of the past performance of, and to profile the
suitable determination is made as to whether the anticipated
current and future risks facing, their areas of responsibility.
return on investment is appropriate, having regard to the

level of risk.
This risk information is consolidated and used as key

input into the corporate strategy sessions attended by
In addition, the Board requires that each major proposal
management and the Property Manager. Such sessions are
submitted to the Board for decision is accompanied by
held regularly to review CMTs strategic direction in detail,
a comprehensive risk assessment and, where required,
and include specific focus on the identification of key business
managements proposed mitigation strategies.
and financial risks which could prevent CMT from achieving

its objectives. Management is then required to ensure that
appropriate controls are in place to effectively manage those
risks, and such risks and controls are monitored by the
Board on a regular basis. The internal audit plan is developed
in conjunction with the risk management programme and is
focused on ensuring the operation of internal controls and
assessing the effectiveness and efficiency of the control
environment.
The Board generally meets quarterly, or more often if
necessary to review the financial performance of the
Manager and CMT against a previously approved budget.
The Board also reviews the risks to the assets of CMT
and acts upon any comments by the auditors of CMT. In
assessing business risk, the Board considers the economic
environment and the property industry risk. The Board and
its Executive Committee review and approve all investment
89
3/26/07 9:50:59 AM
LE4DERSHIP
WHISTLE-BLOWING POLICY
CMT was included in the STI, the primary Singapore equity
The Audit Committee has put in place procedures to provide
market barometer in March 2005. It is also included in other
employees of the Manager with well defined and accessible
key indices such as the MSCI Index, the FTSE EPRA/NAREIT
channels to report on suspected fraud, corruption, dishonest
Global Real Estate Index, the GPR General Property Shares
practices or other similar matters relating to CMT and the
Index, the GPR 250 Global Property Shares Index and the GPR
Manager, and for the independent investigation of any reports
250 Global REIT Index all of which are widely tracked and
by employees and appropriate follow up action. The aim of the
referred to by international fund managers as performance
whistle-blowing policy is to encourage the reporting of such
benchmarks in the selection and monitoring of investments.
matters in good faith, with the confidence that employees

making such reports will be treated fairly, and to the extent
With majority of Units held by institutional investors, the
possible, be protected from reprisal. On an ongoing basis,
Manager considers meetings with local and foreign fund
the whistle blowing policy is covered during staff training to
managers an integral part of investor relations.
promote fraud awareness.

During the year under review, the Manager met with institutional
COMMUNICATIONS WITH UNITHOLDERS
investors from Singapore, Hong Kong, Japan, United Kingdom,
The listing rules of SGX-ST require that a listed entity discloses
US, Canada, various European countries and Australia. These
to the market matters that could, or might be expected to,
meetings and roadshows with investors enabled the Manager
have a material effect on the price of the entitys securities.
to update potential and current Unitholders on CMTs significant
In line with CMTs disclosure obligations, the Boards policy
developments and its medium to long term strategies. CMT
is to inform Unitholders, in a timely manner, of all major
also participates in various local and overseas conferences
developments that impact CMT. During the year, a continuous
as part of its efforts to build interest in the Singapore REIT
disclosure process was in place to ensure that compliance
market. The Manager will continue to pursue opportunities
with such obligations was constantly adhered to.
to educate and keep retail investors informed of the latest

developments in the Singapore REIT industry, through relevant
CMT believes that it should engage in regular, effective,
seminars and conferences.
unbiased and transparent communication with Unitholders.

Communication
channels
with
Unitholders
are
made
Unitholders and potential stakeholders have 24-hour access to
accessible via:
CMTs website for information on CMTs major developments,
Media and Analysts Briefings.
property descriptions, announcements and other corporate
One-on-one/group meetings or conference calls, investor
information. Real-time information on CMTs unit price is also
luncheons, local/oveseas roadshows and conferences.
made available on the website. In addition, the public can
Annual Reports.
pose questions via a dedicated Ask Us email address, and
Press releases on major developments of CMT.
have their queries addressed accordingly. Also available on
Notices of, and explanatory memoranda for, extraordinary
the website is an archive of CMTs announcements, press
general meetings.
releases, annual reports and operational details. The latest
Disclosures to the SGX-ST.
information is posted on the website as soon as it is released
Other announcements, as appropriate.
on the SGX-ST and the media.
CMTs website at www.capitamall.com.

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3/26/07 9:51:04 AM
DEALINGS IN SECURITIES
The Manager believes that contributions from each Director
The Manager has voluntarily issued guidelines to its Directors
can be reflected in ways other than attendances at Board
and employees which prohibit them from dealing in CMT units
and committee meetings. A Director of the Manager would
while in possession of material unpublished price-sensitive
have been appointed on the principles outlined earlier in this
information and during the two weeks before and up to
statement and his ability to contribute to the proper guidance
(and including) the time of announcement of CMTs results
of the Manager in its management of CMT.
(quarterly, half-yearly and full-year). Under these guidelines,

Directors and employees have been directed to refrain from
MEETING ATTENDANCE
dealing in CMT units on short-term considerations.

They are also made aware of the applicability of the insider
BOARD MEMBERS
trading laws at all times.
BOARD
NO. OF MEETINGS
HELD: 5
AUDIT
COMMITTEE
NO. OF MEETINGS
HELD: 4
Hsuan Owyang
BOARD AND COMMITTEES COMPOSITION

The nature of the Directors appointments on the Board, and
Liew Mun Leong
N.A.
details of their memberships in the Board Committees are
Pua Seck Guan
N.A.
shown below:
James Glen Service
BOARD MEMBERS
AUDIT
COMMITTEE
Hsuan Owyang
EXECUTIVE
COMMITTEE
Liew Mun Leong
Pua Seck Guan
James Glen Service
CORPORATE
DISCLOSURE
COMMITTEE
S. Chandra Das
N.A.
Hiew Yoon Khong
N.A.
Kee Teck Koon
N.A.
N.A.
N.A.
Wen Khai Meng

S. Chandra Das
Hiew Yoon Khong
Kee Teck Koon
Wen Khai Meng

Key: C Chairman, M - Member
91
3/26/07 9:51:07 AM
tenants speak
EXPERIENCE5
92
92
In business, establishing the right partner relationship is one

of the keys to success. CapitaLand is an important strategic
partner of Food Junction. Their efforts in ensuring a good
tenant mix, constant upgrading of amenities and proactive
promotional culture have been one of the attributes towards
our success. We look forward to many more wonderful years
of partnership with them.
CapitaLand has time and time again proven that they

understand the dynamics of retailing. This has allowed them
to create conducive and vibrant shopping environments
for both shoppers and tenants. Esprit is confident that
CapitaLand is set to bring shopping centre management to
a whole new different level and we certainly look forward to
our continued partnership.
- Mr Andrew Fu
Managing Director & Chief Executive Officer
FOOD JUNCTION
- Ms Pow Lay Kuan

General Manager
ESPRIT
F J Benjamin has a portfolio of reputable brands, but the most

important factor in achieving success is by positioning them
in ideal retail landscapes. We are proud to be working closely
with CapitaLand and benefit from their prime locations with
strong traffic flow, good tenant mix and excellent marketing
efforts to promote the malls. We would like to express our
gratitude to CapitaLand for all their support and we trust the
years ahead to be excellent and mutually rewarding.
- Mr Matthew Chan
Divisional Chief Executive Officer
Fashions & Corporate Support Services
F J BENJAMIN (SINGAPORE) PTE LTD
In its creation of a unique retail and capital management

platform, the management team has consistently been at the
forefront of developing exciting and vibrant lifestyle retail
environments and innovative marketing strategies, which
have served to attract both quality tenants and discerning
shoppers. Not only has this completely transformed and
rejuvenated the whole shopping experience in Singapore,
it has also been a key driving force that has strengthened
the countrys competitive edge in its quest to become the
regional retailing and social hub. Capitol Optical looks forward
to being part of the exciting growth of the Singapore retail
scene and continuing our long-standing partnership with
CapitaLand.
- Mr Francis Wong
Managing Director
CAPITOL OPTICAL
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tenants speak
EXPERIENCE5
We have been working with CapitaLand for many years now

and have always been impressed and appreciative of the
management teams initiatives, innovative resources and
remarkable professionalism. It had never felt like a landlord/
tenant relationship, but more of a partnership where we
work closely to the best interest of both parties.
- Ms Elim Chew
Founder/President
77TH STREET
94
94
Sincere Watch has enjoyed a great working relationship

with the CapitaLand management team. Not only is there a
good tenant mix, the management team has been proactive
in organising marketing activities to drive shopper traffic at
the malls. CapitaLands emphasis on tenant relationships is
also highly commendable and makes for excellent working
relations. Sincere Watch looks forward to strengthening our
relationship with CapitaLand.
- Mr Ong Ban
Chief Operating Officer
SINCERE WATCH LIMITED
Through our partnership with CapitaLand, we have been

successful in delivering the Hagen-Dazs experience to
thousands of consumers in Singapore. We are happy to be
working with a team of skilled retail managers, who understand
their client needs and who have incorporated them in asset
enhancement initiatives spanning improved amenities, better
accessibility and strong marketing programs that have
increased shopper traffic. We look forward to working with
them to continue our growth in the market.
- Mr Raj Kumar
General Manager
HAGEN-DAZS
The Soo Kee Group is delighted to be in close partnership

with CapitaLand all these years. Through our close
networking sessions, they understand our businesses well
and have added value to our in-store activities by embarking
on aggressive marketing campaigns throughout the year.
We applaud CapitaLand for their professional mall
management capabilities and their dedicated staff who have
contributed to establishing a conducive and well-managed
retail environment. Indeed, they have fulfilled their vision to
create living, vibrant and integrated communities for tenants
and shoppers. We definitely look forward to working in
tandem with CapitaLand to further expand our business in
the region.
- Mr Peter Lim
Managing Director
SOO KEE JEWELLERY
95
95
shoppers speak
EXPERIENCE5
The mall is really well-maintained and very clean. I like how

the shops all have good product displays and how the cafes
are all very well located. It definitely entices you to linger
longer in the mall. I like coming here because of the great
shopping experience, and of course my fave - Ben & Jerrys
cafe!
Here, you can find everything you need under one roof. We
like the recent improvements to the mall - the shops are now
more well-organised and better laid out after the revamp.
We particularly like shopping at Giant and Daiso, and taking
our time to explore the endless variety of shops around
the mall.
- May Kwong at RAFFLES CITY
- Benjamin Leong and Dad at IMM
The mall has been really nicely done up and is a far cry from
before the revamp. It is brighter, cleaner, and the restrooms
are much nicer too. With the new shops, greater choice
of restaurants, and better layout, it is a mall that we would
actually want to hang out at and visit again and again!
I enjoy shopping here for all my computing and electronic

products needs as the shops here offer good and
friendly service. The mall also looks great especially after
the revamp!
- Ricky Lim and Raymond Koh at FUNAN
- Christina Chong and her sons at JEC
96
96
This mall is very convenient for us who live nearby. With the
improved parking system, the new toilets, the wide variety of
restaurants and eateries and the endless shops to choose
from, the whole shopping experience is a great one!
- Alan Tan and Lin Seok Ling at TAMPINES MALL
We like the wide variety of shops here and especially love

shopping at the boutiques in the basement levels. The
children love the Legos at Brick World and the games
arcade while we enjoy coming here as a family to watch
movies at Golden Village. The unique blend of youthful energy
and family-atmosphere makes this mall a stand out among
the rest!
- Madeline Ho and her family at PLAZA SINGAPURA
I love the convenience of this mall; it is near the MRT, near

my home, and I can find almost everything I need here. In
addition, the choice of restaurants is very good. I especially
enjoy catching the latest box office hits at the cineplex here!
It is a
mall that
we would
actually
want to
hang out
at and visit
again and
again!
We like the wide variety of shops here, especially Topshop and

Accessorize. It is a great place for food too, with restaurants
such as Billy Bombers and Nanxiang, not forgetting the
snacks at the basement! We also love the Reds Hairdressing
here as that is where we get our hair done!
- Marcus Koh at JUNCTION 8

- Joey Chan and Suzanne Lee at BUGIS JUNCTION
97
97
6ROWTH STRATE6iES
98
6i
1
Integrated Retail Real Estate Platform
2
Intrinsic Organic Growth
3
Innovative Asset Enhancement Initiatives
4
Invaluable Investments
5
Inviting Experiences
6
Intensive Capital & Risk Management
99
6ROWTH STRATE6iES
Integrated Retail
Real Estate Platform
We
leverage
on
CapitaLands
unique
integrated
retail
real
estate
platform, combining the best of retail real estate management and capital
management capabilities.
In addition, we have a professional and experienced team of fund and asset managers who work
closely and seamlessly with each other to:
Formulate medium and long-term strategies and initiatives to deliver higher sustainable returns
Enhance the shopping experience to attract and increase shopper traffic
Review space usage to optimise income
Manage and monitor rental arrears to minimise bad debts
Manage projects to ensure timely completion within budgets

Manage and monitor property expenses to maximise NPI
Address all key operational issues to ensure alignment with CMTMLs strategies
Manage lease renewals and new leases diligently to minimise rental voids
100
INTEGRATED RETAIL REAL ESTATE PLATFORM
Net Property Income

RETAIL
REAL ESTATE
Investment Returns
CAPITAMALL
TRUST
Ownership
Investment
REAL ESTATE CAPITAL MANAGEMENT PLATFORM
RETAIL MANAGEMENT PLATFORM
Property
Management
Retail
Management
& Operational
Leasing
UNITHOLDERS
Strategic
Marketing
Design &
Development
Management
Asset
Management
Strategic
Planning &
Investment
Fund
Structuring &
Management
101
6ROWTH STRATE6iES
Intrinsic
Organic Growth
Inherent to our strategy to maximising CMTs performance is

the exploration of new avenues for stable and sustainable revenue
growth from malls.
A major component of CMTs organic growth has been achieved through:
Step-up rent which typically provide an organic growth of 1.0 to 2.0 percent annually
GTO rent, tied to about 0.5 to 1.0 percent of our tenants sales, which is a
useful management tool, and aligns CMTs interests with those of our tenants.
Gradually moving leases to a new rental structure which encompasses stepup rent plus a small component of GTO rent or a larger component of GTO rent
only, whichever is higher
Non-rental income, from car parks, vending machines, casual leasing, customer
service counters and advertisement panel spaces as well as advertising on escalators,
link bridges, in lifts and other common areas
Improved rental rates for lease renewals and new leases
102
Innovative Asset
Enhancement Initiatives
Creative asset planning unlocks the potential value of CMTs malls to further
propel growth by enriching the retail environment and enhancing the
attractiveness of our malls to shoppers and retailers.
Diverse ways to increase the yield and productivity of our retail space include:
Decantation whereby lower yielding spaces are converted into higher yielding spaces
Reconfiguration of retail spaces to achieve higher productivity through the sub-division of bigger
retail units into a number of smaller ones
Maximising the use of common areas, such as bridge space, and converting equipment
areas into leasable space
Upgrading amenities, adding play and rest areas, setting design guidelines and standards for shop
fronts and creating better shopper circulation to enhance the attractiveness of our malls
103
6ROWTH STRATE6iES
Invaluable Investments
The ability to identify yield accretive acquisitions, investments and local

development projects to add to the portfolio and further enhance their
value is central to CMTs growth.
Our investments must satisfy the investment criteria of (a) upfront yield accretion,
(b) potential for value creation and (c) rental sustainability
We aim to grow our asset size in Singapore to S$7.0 billion by 2009
Our 27.2 percent investment in CRS, whose portfolio consists of Lot One
Shoppers Mall (Lot 1), Bukit Panjang Plaza and Rivervale Mall, has delivered
a coupon rate of 8.5 percent per annum. CMT has the right of first refusal to
purchase these properties
Our 20.0 percent interest in CRCT, the first pure-play China Retail REIT listed on the
SGX-ST on 8 December 2006, has provided a net unrealised gain of approximately
S$186.0 million as at 1 March 2007. CRCT owns seven retail malls worth approximately
S$690.0 million in five cities across China
104
CAPITARETAIL SINGAPORE LIMITED
Rivervale
Mall,
Singapore
Bukit
Panjang
Plaza,
Singapore
Lot One
Shoppers Mall,
Singapore
CAPITARETAIL CHINA TRUST
Xinwu
Mall,
Wuhu,
Anhui
Qibao
Mall,
Shanghai
Wangjing
Mall,
Beijing
Zhengzhou
Mall,
Zhengzhou
Henan
Jiulong
Mall,
Beijing
Anzhen
Mall,
Beijing
Jinyu Mall,
Huhehaote,
Inner
Mongolia
105
6ROWTH STRATE6iES
Inviting Experiences
Staying ahead of consumer trends, we constantly reinvent the retail

experience with innovative shopping, dining and leisure combinations
which help to maximise the sales of the tenants and generate growth
through improved rental income.
The increase in shopper traffic is generated through:
Alignment of tenancy mix with current market trends which ensures a continuous
good mix of attractive and popular retail outlets in our malls
New retail concepts which generate fresh excitement and positive sales
Enhancing shoppers experience with a more pleasant, comfortable
and exciting
environment by improving connectivity between floors, installing electronic car park

guidance systems, upgrading restroom facilities, baby nursing rooms, childrens
playgrounds, designated water play area with interactive features for children and
alfresco dining areas
Innovative marketing and promotion events to draw in the crowds

Attractive shop fronts and visual merchandising design ideas
106
Intensive Capital
and Risk
Management
We review our debt and capital management cum financing policy

regularly so as to optimise CMTs funding structure. We also monitor
our exposure to various risk elements by closely adhering to clearly
established management policies and procedures.
107
7ALENT & SOCIE7Y

108
talent
We believe that
investment
in our human capital
is central to our ability
to continue to sustain
our growth and
increase value for all
our stakeholders.
At CMT, we recognise that talent is key to our growth

and that our people are our strength. Beyond the
physical attributes of our portfolio of properties, much
of CMTs achievements in 2006 were due to the
contributions from an excellent team of competent
and committed talent who was able to deliver results.
To stay competitive, we remained relentless in our
commitment to build the team and to continually
scout for talents, both locally and regionally.
Going beyond investing in the recruitment of new
talent, CMT continues to value the importance of
training and developing our existing human capital to
their highest potential. We believe that investment in
our human capital is central to our ability to continue
to sustain our growth and increase value for all our
stakeholders.
Our training and development programmes focus
on both technical skill set, which includes financial
and centre management knowledge as well as soft
skills, such as leadership development, businessoriented partnerships, employee motivation, team
creativity and how to influence others positively.
109
109
talent
7ALENT & SOCIE7Y
All our managers, executives and non-executives
shoppers experience at our malls. To date, more
are given the opportunity to benefit from our
than 90.0 percent of our CSAs and Technicians
diverse range of in-house and external training and
have been trained. To complement the in-house OJT
development programmes. Among our core in-house
programme content, training by external experts
training and talent development initiatives are the
on customised programme such as Creative Ways
Annual Management Retreat, the Assistant Centre
to Solve Customers Problems, have also been
Manager (ACM) Programme, On-The-Job-Training
included.
(OJT) programmes, as well as our annual Retail

Study Tour.
STUDY TOURS
As part of CRMPLs and CMTMLs talent development
ACM PROGRAMME
initiatives, we organise annual study trips to various
Since its introduction in 2004, the ACM Programme
overseas
has been a core programme focused on preparing
the study trips are to expose our talent to the
our Centre Manager Designates to assume centre
retail business, its management and operations
management functions. The ACM Programme is a
in a foreign market as well as to provide them with an
systematic training programme which covers effective
opportunity to experience and learn upcoming retail
centre management, people management, financial
trends and concepts from leading retail industry
management, Information Technology (IT), leasing,
players in the overseas markets.
retail
destinations.
The
objectives
of
marketing and communication, operations, finance,

projects and human resources. Spanning three to
In 2006, 20 participants from our offices in Singapore,
six months, the programme includes an experiential
China and Japan went to the US for their study
learning component where trainees are provided with
tour. The 9-day study tour covered San Francisco,
on-the-job experience in simulated activities such as
Los Angeles, Las Vegas, and included visits to malls
fire drill, building inspection, electrical shutdown, and
owned and/or managed by three of the leading
tenancy fit-out.
retail players in US, namely The Westfield Group,

Simon
Property
Group
and
General
Growth
OJT
Properties. The group also visited iconic malls such
Launched in 2004, the OJT programme aims
as The Grove, LA.
to enhance the core competencies and service
110
standards of the Customer Service Assistants
The study tour provided the participants with valuable
(CSAs) and Technicians. The emphasis we place on
insights to American retail management covering
the programme affirms our commitment to enhance
marketing strategies, shop front & interior designs,
to innovative shopping experiences and promotions.

The participants also shared their personal learning
experiences
with
their
colleagues
through
presentation upon their return in order to cascade

learning through the organisation.
OVERSEAS WORK OPPORTUNITIES
Consistent with our commitment to grow and develop
our people, our talent are given the opportunity to
extend their global insight and perspective through
overseas work assignments. In 2006, more than
20 employees were given the opportunity to take up
overseas assignments in countries including China,
Japan and India.
BUILDING BONDS
In addition to providing our people with an exciting
and challenging career, we believe that it is equally
important to cultivate a work environment which
facilitates
communication
and
teamwork,
and
also promote open exchange of ideas. To foster

camaraderie and esprit de corps, various social
and recreational events including movie screenings,
health talk, Chinese New Year and year-end parties,
were organised in 2006.
111
112
corporate social responsibility
To commemorate International Childhood Cancer

Day on 15 February 2006, we collaborated with
the Childrens Cancer Foundation to spread greater
awareness amongst the public on childhood cancer.
FREE 3-in-1 Gold Ribbon Pin bookmarks were
distributed to the public at our malls, which included
Bugis Junction, Funan, IMM, Junction 8, JEC, Plaza
Singapura, SSC and Tampines Mall. The campaign was
also aimed at enhancing the publics understanding of
the plight of the many children who are stricken with
cancer and their families.
We believe in giving
back to society and
the communities in
which we operate.
7ALENT & SOCIE7Y
PEOPLE
At CMT, we believe in giving back to society and
the communities in which we operate. Other than
supporting charitable, educational and social activities
at our malls, we also proactively explore avenues to
protect the environment that we live in, so as to
benefit the community at large.
113
7ALENT & SOCIE7Y
In the course of the year, we also worked with

charities such as Centre For Fathering Ltd (CFFL) and
Focus On the Family Singapore Ltd (FOTFS), who are
dedicated to promoting strong families ties among
Singaporeans. At CMT, we are strong advocates of
building strong family linkages. We believe that strong
bonding between family members will help individuals
function better in various aspects of their life, including
work and personal relationships. Bugis Junction,
Funan, IMM, Junction 8, JEC, Plaza Singapura, SSC
and Tampines Mall helped the CFFL to raise funds
with an aim to broaden their range of educational
programmes.
The
programmes
are
structured
to encourage fathers to get more involved in their

childrens lives, and to help hone their interpersonal
skills so that they can better relate to their children.
During the World Cup 2006, Junction 8 tied up with
FOTFS, one of the Voluntary Welfare Organisations
occupying the rent-free space at Junction 8s office
tower. Together, we hosted the J8 Family Football
Fun. Photographs were taken of shoppers in their
favourite football jersey to raise funds for the event.
Separately, in conjunction with the Singapore Food
Festival 2006, Bugis Junction, Junction 8, Plaza
Singapura and SSC worked closely with FOTFS to
organise the I Can Cook competition. The competition
114
helped promote stronger inter-generational family

bonds and family teamwork. Roadshow spaces at
these malls were also offered to FOTFS to sell familythemed fridge magnets to raise funds for their family
life education activities and programmes. In all, over
S$10,000 was raised at the end of the campaign.
During the second half of the year, Bugis Junction,
Funan, IMM, Junction 8, Plaza Singapura, SSC
and Tampines Mall supported the Cancer Warrior
Project. Cancer Warrior books and CDs were sold
over the Customer Service Counters at the malls.
The campaign was aimed at providing cancer patients
and their families emotional support, and to raise
funds for cancer charitable organisations.
During Christmas, Junction 8, Plaza Singapura
and Tampines Mall collaborated with Life Centre.
Raodshow spaces were offered to the Life Centre for
free so that they can provide gift-wrapping service for
shoppers in exchange for a small token. The funds
raised will be used to plan activities and programmes
aimed at shaping the lives of youths, whom we hope
will in turn contribute back to society by caring about
the needs of others. Over S$4,500 was raised at
the end of the program.
115
7ALENT & SOCIE7Y
ENVIRONMENT
CMT has put in place a set of policies and good
practices to support the green movement, with an
aim to protect our environment.
Water Conservation
At our malls, sanitary appliances are fitted with water
saving devices to reduce potable water consumption,
without compromising the hygiene and comfort of
shoppers. To reduce the demand and consumption
of portable water, SP has started the production of
NEWater. NEWater is essentially used water that has
been purified and treated for non-potable applications.
We now have half of CMT malls, situated within the
SP supply network, converted to using this new water
source for their air-conditioning, mechanical and
electrical systems. Earlier this year, Plaza Singapura
was awarded the Water Efficient Building certificate
by SP in recognition of our efforts in improving water
efficiency at the mall.
Energy Efficiency
We actively look into minimising energy consumption at
our malls. Chillers, which are high energy consumption
items, are examined regularly and replaced with high
performance efficient systems which can achieve
approximately 20.0 percent in energy savings.
Variable speed travelators and escalators have also
been installed at our malls.
High performance skyroof at Plaza Singapura reduces energy usage
116
116
At Plaza Singapura, the redesign and installation of
are environmentally friendly and energy efficient.
the high performance sky roof (atrium glass) provides
Plaza Singapura is the first retail mall in Singapore to
excellent shading coefficient performance. The design
have applied for the BCA Green Mark Gold award
has cut down a tremendous amount of solar gains
for 2007.
(by 50.0 percent on comparison to the previous

glass) into the building while admitting the desired
Operations
level of daylight and avoiding glare. This makes Plaza
We
Singapuras atrium space very pleasant for shoppers.
Procedures at our malls to ensure that all mechanical
To reduce the demand for air-conditioning use, a
and electrical systems are maintained and operated
specially designed hot air-extraction system has also
at optimum conditions. Utilities indices have also
been installed to maintain the right level of thermal
been developed to benchmark and detect excessive
comfort alongside with air-conditioning.
usage.
Environment Friendly Initiatives
CMT is committed to maintain high performance at
In line with the National Environmental Agencys
our malls. As part of the program, it will include on-
push to reduce waste disposal at incineration plants
going training of staff, onsite monitoring and regular
and landfills in Singapore, we have embarked on a
internal audits to ensure that the green goals are
rigourous waste disposal and recycling program at our
sustained.
have
also
instituted
Standard
Operation
malls. We have also put in place a chiller refrigerant

policy which requires new chillers to have zero ozone
depletion potential. Car parks at our malls are also
installed with electronic car park guidance systems to
enhance the speed at which motorists find available
lots, resulting in lower carbon monoxide emission and
fuel consumption.
Recently, the BCA has introduced the Green Mark
award to promote and recognised buildings that have
good design features and operational practices which
117
117
INVESTOR RELATI8NS
2-way communication
Regular, timely
and concise
communication with
all stakeholders
remains a top
priority for the CMT
management team.
INVESTOR RELATIONS UPDATE

CMT continued to uphold its commitment towards
good
investor
relations
and
strong
corporate
government in 2006. Our efforts were recognised

when CMT won the Most Transparent Company
Award (REITs category) at the SIAS Investors Choice
Awards for the third consecutive year. In addition,
CMT won the Best Investor Relations by a CEO
or Chairman (Small or Mid-Cap) Award and was
Highly Commended for the Best Annual Report or
Other Corporate Literature (Small-Mid Cap) Award
at the IR Magazine South East Asia Awards held in
Singapore. The IR Magazine Awards are regarded as
definitive measures of outstanding investor relations
performance worldwide. Feedback from the IR
Magazine Awards poll results had stated that The
Chief Executive Officer is clear in his explanation of
the companys strategy and business rationale.
118
Sec8_Investor_final.indd sec8:118
3/26/07 10:08:02 AM
Regular, timely and concise communication with
CMTs results and mid-to-long term strategies.
all stakeholders remains a top priority for the CMT
For major transactions, such as the proposed
management team. Throughout the year, the team
acquisition of a 40.0 percent stake in Raffles City
met potential, existing and new Unitholders through
in 2006, combined briefings for the media and
one-on-one or group meetings, conferences, corporate
analysts were also conducted.
days, investor luncheons and overseas roadshows.

Frequent conference calls were also conducted with
The CMT website remains to be a rich and
Unitholders who needed a quick update. Institutional
immediate source of information for investors.
investors whom CMT had touched base with include
Close to 850,000 hits were registered on the CMT
those based in Singapore, Hong Kong, Japan, United
website in 2006. Top visitors to CMTs website
Kingdom, US, Canada, various European countries
include those residing in Singapore, US, Hong
and Australia. Mall tours were also conducted for
Kong and the United Kingdom. Email alerts on new
existing and potential Unitholders who were keen to
press releases and announcements which are sent
see the properties in our portfolio.
to registered users, with a link back to the CMT

website, also increased usage of the website.
CMT also conducts media-cum-analyst results briefing

for the half-year and full year results. The briefings,
In 2006, CMTs free float increased from 66.01
which are chaired by the Chief Executive Officer
percent to 68.82 percent as a result of the equity
and supported by the Finance Manager, provide an
fund raising to fund the acquisition of the 40.0
excellent opportunity for the management team to
percent stake in Raffles City.
update the investment and media communities on
119
3/26/07 10:08:02 AM
2-way communication
INVESTOR RELATI 8NS
Due to the overwhelming demand for the new units
a shift in the composition of CMTs Unitholders base
made available for subscription to part finance the
to encompass a larger proportion of institutional
40.0 percent acquisition of CapitaLand had elected
investors. CMT now has approximately 46.03 percent
not to take up its proportionate entitlement in CMT.
institutional investors constituting the register.
Other than the increased liquidity, the additional

free float also added a new pool of long term local
UNIT PRICE PERFORMANCE
and international investors who are fundamentally
CMTs unit price appreciated 29.94 percent during
property-focused and are from established REIT
the financial year 2006, from the closing price of
markets, including Australia, Switzerland, Netherlands
S$2.24 on 30 December 2005 to the closing price
and the US.
of S$2.91 on 29 December 2006. This was higher

than the STI which recorded a gain of 27.25 percent,
With a large number of US and Australian fund
but was outdone by the Singapore Property Equities
managers enlarging their investment mandates to
Index (SESPROP), which registered a gain of 64.65
include Asia, we have seen a growing number of
percent. SESPROPs phenomenal result was largely
Unitholders from these countries in our register.
due to the strong performance of developer stocks.
Together with CMTs inclusion in many key indices,
Developer stocks had a good run in 2006, fuelled
which are widely tracked and referred to by
by strong interests for property stocks as Singapore
international fund managers, we have also witnessed
assigned the bids for the two Integrated Resorts, as
3 As at October 2006.
4 Based on the CMT closing price of S$2.24 on 30 December 2005 and
the closing price of S$2.91 on 29 December 2006.
5 For the period 1 January 2006 to 31 December 2006.
120
3/26/07 10:08:06 AM
well as the general positive sentiment surrounding
CMT units since 1 January 2006, they would
the Singapore property market. Although CMTs Unit
have enjoyed a total return of 35.17 percent as at
price dipped to a low of S$2.01 in June 2006,
31 December 2006. For Unitholders who have
along side the STI and SESPROP, it picked up
invested in CMT since our initial public offering, they
momentum in the last six months, registering one
would have enjoyed a total return of 247.78 percent
of the highest share price increases versus the
as at 31 December 2006.
other Singapore REITs. CMTs trading liquidity also

improved significantly, registering an increase of
2007 OBJECTIVES
55.3 percent from approximately 353.7 million
This year, we intend to intensify our investor relations
units in 2005 to approximately 549.6 million units
efforts to keep Unitholders updated on CMTs maiden
in 2006.
overseas investment in China made at the end of last

year and on the various on-going asset enhancement
YIELD AND TOTAL RETURN
initiatives. We will also continue to strive towards
CMT continued to deliver on its commitment, that
enhancing corporate governance and transparency
is, to provide Unitholders with stable distributions
levels for CMT.
and sustainable total returns in 2006. CMTs DPU

for the financial period ended 31 December 2006
was 11.696 cents. For Unitholders who have held
6 Comprising 2.72 cents, 2.77 cents, 2.85 cents and 3.35 cents
for the period 1 January 2006 to 31 March 2006, 1 April 2006 to
30 June 2006, 1 July 2006 to 30 September 2006 and 1 October 2006
to 31 December 2006 respectively.
7 Based on total actual DPU of 11.69 cents for the financial year ended
31 December 2006, the closing unit price of S$2.24 on 30 December
2005 and the closing unit price of S$2.91 on 29 December 2006.
8 Based on the total actual DPU of 42.81 cents since the listing of CMT on
17 July 2002 and the IPO Price of CMT units of S$0.96 and the closing
121
121
3/26/07 10:08:06 AM
2-way communication
INVESTOR RELATI 8NS
FINANCIAL CALENDAR 2007 2008 (TENTATIVE)
UNITHOLDER ENQUIRIES
If you have any enquiries or would like to find out more about
April 2007
CMT, please contact:
2007 First-Quarter Results Announcement

The Manager
May 2007
Ms Tong Ka-Pin
2007 First-Quarter Distribution to Unitholders
Investor Relations &

Corporate Communications Manager
July 2007
Phone : (65) 6536 1188
2007 Second-Quarter Results Announcement
Fax : (65) 6536 3884

Email : ask-us@capitamall.com.sg
August 2007
Website: www.capitamall.com
2007 Second-Quarter Distribution to Unitholders

The Unitholder Registrar
October 2007
Lim Associates (Pte) Ltd
2007 Third-Quarter Results Announcement
3 Church Street #08-01

Samsung Hub
November 2007
Singapore 049483
2007 Third-Quarter Distribution to Unitholders
Tel : (65) 6536 5355

Fax : (65) 6536 1360
January 2008
Website : www.boardroomlimited.com
2007 Full Year Results Announcement

For depository-related matters such as change of details
February 2008
2007 Final Distribution to Unitholders
pertaining to Unitholders investment records, please contact:

The Central Depository (Pte) Limited
4 Shenton Way
#02-01 SGX Centre 2
Singapore 068807
Tel : (65) 6535 7511
Fax : (65) 65350775
Email : cdp@sgx.com
Website : www.cdp.com.sg
122
3/26/07 10:08:06 AM
UNIT PRICE PERFORMANCE

CMT
MONTH END
CLOSING
UNIT PRICE
(S$)
STI
NORMALISED
CLOSING
INDEX VALUE
SESPROP INDEX
NORMALISED
CLOSING
INDEX VALUE
NORMALISED
Dec-05
2.24
100.00
2,347.34
100.00
721.20
100.00
Jan-06
2.40
107.14
2,412.08
102.76
764.54
106.01
Feb-06
2.33
104.02
2,481.96
105.74
800.37
110.98
Mar-06
2.37
105.80
2,533.40
107.93
916.75
127.11
Apr-06
2.39
106.70
2,610.71
111.22
900.42
124.85
May-06
2.15
95.98
2,383.87
101.56
799.16
110.81
Jun-06
2.12
94.64
2,435.39
103.75
819.23
113.59
Jul-06
2.22
99.11
2,445.43
104.18
789.00
109.40
Aug-06
2.36
105.36
2,482.39
105.75
883.43
122.49
Sep-06
2.54
113.39
2,568.86
109.44
953.24
132.17
Oct-06
2.59
115.63
2,701.75
115.10
1,030.44
142.88
Nov-06
2.76
123.21
2,838.53
120.93
1,146.81
159.01
Dec-06
2.91
129.91
2,985.83
127.20
1,186.77
164.55
SESPROP: Singapore Property Equities
% CHANGE IN UNIT PRICE / INDEX VALUE

65
55
45
CMT
From 30 December 05 to
29 December 06
STI
SESPROP
CMT +29.9%
STI +27.2%
SESPROP +64.6%
35
25
15
5
-5
-15
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
123
123
3/26/07 10:08:07 AM
2-way communication
INVESTOR RELATI8NS
COMPARATIVE YIELDS
CMT TRADING DATA BY YEAR
2002*
2003
2004
2005
2006
4.02
4.32
Unit Price (S$)nit Price (S$)

97 basis points
3.05
3.03
3.13
2.50
Highest
1.06
1.43
1.76
2.66
2.93
Lowest
0.975
1.00
1.36
1.73
2.01
Average Closing
1.02
1.17
1.58
2.25
2.40
Last Done
1.01
1.43
1.76
2.24
2.91
Turnover
(million units)
97.5
261.4
307.5
353.7
549.6
0.88
* CMT commenced trading on 17 July 2002
CMT 2006
Yield1
10yr Govt
Bond
Yield2
5yr Govt
Bond Yield3
STI Yield4
SESPROP5
CPF Ordinary
Account6
12mth Fixed
(S$)
Deposit7
INCLUSION IN KEY INDICES

Source: Bloomberg, CMTML, CPF Board
1 Based on the actual DPU of 11.69 cents for the period 1 January 2006 to 31 December 2006 and the year
end closing price of S$2.91 on 29 December 2006.
2 Singapore Government 10-Year bond yield as at 29 December 2006.
3 Singapore Government 5-Year bond yield as at 29 December 2006.
4 Average 12-month gross dividend yield of stocks included in STI as at 24 January 2007.
5 Average 12-month gross dividend yield of stocks included in SESPROP as at 20 December 2006.
6 Prevailing CPF-Ordinary account savings rate.
7 Average S$12-month fixed deposit savings rate as at 29 December 2006.
STI
MSCI Standard Index1
FTSE EPRA2/NAREIT3 Global Real Estate Index
(and its sub-indices)
GPR4 250 Index
GPR4 General
MSCI
Standard & Poors (S&P)
Citigroup Broad Market Index (BMI) World Property Index
Global Property Research (GPR) General Property
Shares Index
GPR 250 Global Property Shares Index
FTSE/ASEAN Index
1
2
3
4
Morgan Stanley Capital International

European Public Real Estate Association
National Association of Real Estate Investment Trusts
Global Property Research
124
3/26/07 10:08:07 AM
CMT MONTHLY TRADING PERFORMANCE IN 2006
Turnover (million units)
Closing Unit Price

S$
80
70
2.8
60
50
2.6
40
2.4
30
20
2.2
10
2.0
0
Jan-06
Feb-06
Turnover (Million Units)
Mar-06
Apr-06
May-06
June-06
July-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Closing Unit Price
125
3/26/07 10:08:07 AM
independent market overview
9EVIEW
The retail market

in Singapore over
the next five years
is expected to be
healthy, exhibiting
steady, if not
spectacular growth.
SINGAPORE RETAIL MARKET OVERVIEW

THE SINGAPORE ECONOMY
Singapore recorded real GDP growth of 7.9 percent
in 2006, up from 6.6 percent in 2005. For 2006,
double digit growth in manufacturing and wholesale
and retail trade (11.5 percent and 10.3 percent,
respectively) were the main contributing sectors. The
financial services sector was also strong, recording
9.2 percent growth in 2006.
Real GDP growth in Singapore in 2007 is expected
to moderate to around 5.2 percent. 2007 growth
expectations are driven by:
A slowdown in the US economy
Softer global electronics demand
Continuing growth in demand from developing
markets such as China and India
Strong demand from the region, in particular
Malaysia and Indonesia
Growth in the domestic property and construction
sectors
Over the period 2007 to 2010, average real GDP
growth in Singapore is forecast to be 5.5 percent p.a.,
comparing favourably with other Asian economies
including Hong Kong, Japan, Korea, Taiwan and
Thailand, but below the growth forecast for China,
India and Indonesia.
Consumer Price Inflation (CPI) in Singapore over the
next
five
percent
years
1.5
is
percent
forecast
p.a.,
to
higher
be
1.3
than
the
126
Sec9_review05.indd sec9:126
3/26/07 10:08:52 AM
0.7 percent p.a. average over 2000 to 2006.
an extension to Centrepoint in Orchard Road
However, Singapore is expected to continue to
(66,480 sq ft), Courts Megastore (116,250 sq
enjoy a relatively low inflation environment. Retail
ft) and Ikea (193,750 sq ft), both at Tampines.
price inflation (RPI) is forecast to be slightly lower at
There was strong development interest in

retail development sites released by the URA,
1.0 percent p.a.
with substantial prices paid for Orchard Turn,

Orchard Central and Somerset Central, all in
For 2006, retail sales growth, including inflation, in
prime Orchard Road locations.
Singapore was 5.4 percent, lower than the 2005

growth of 7.7 percent.
The vacancy rate for shop space (excluding

restaurants) was reported by the URA to be 7.7
percent at the fourth quarter of 2006, down
Growth in retail sales in Singapore is forecast to
from 9.7 percent in the previous quarter.
average 4.5 percent a year through to 2009, with

higher growth in 2010, mainly due to the completion
Rent increases were also strong, as evidenced
of the Integrated Resorts at Marina Bay and
by the CBRE prime retail rent index, which grew
Sentosa, and accompanying tourism benefits.
by 4.3 percent in 2006. This was the largest

growth experienced over the last five years.
In 2006, almost 17.0 percent of retail sales in
According to CBRE, prime Orchard Road rents
Singapore were generated by tourists. With the
reached S$34.50 per sq ft per month, an
proposed improvements to tourism infrastructure
increase of 4.4 percent. Prime suburban retail
over the next five years, tourists are expected to
rents grew by 2.9 percent to S$27.70 per sq ft
become more important to the retail market and by
per month.
2010 should represent 19.0 percent of Singapores

retail sales.
RETAIL SUPPLY
At the end of 2006, the estimated total retail floor
RETAIL PROPERTY SECTOR PERFORMANCE
space in Singapore was 47.7 million sq ft. Of this
The retail property sector in Singapore performed
amount, around 38.0 percent was estimated to
strongly in 2006:
be in shopping centres. The definition of retail floor

space includes restaurants, as well as the URA shop
New retail floor space supply was around
space category.
2.0 million sq ft, surpassing the previous peak

recorded in 1998. Included in the new supply in
RETAIL FLOORSPACE PER CAPITA
2006 was Singapores largest destination mall,
Total retail floor space provision per capita in
VivoCity (1.0 million sq ft) at Harbourfront. Other
Singapore reached 10.6 sq ft per person in 2006,
significant retail completions in 2006 included
with shopping centre provision estimated at 4.0 sq ft
127
127
3/26/07 10:08:52 AM
9EVIEW
per person. Overall, the provision of retail floor space
to retail supply with the Orchard Road sites entering
in Singapore is relatively low, around one quarter of
the market. Central Area floor space will be further
the level in the US, and half the level in Australia.
boosted in 2010 with the expected completion of
Compared with other developed countries (e.g.
the Marina Bay Integrated Resort and the Sentosa
United Kingdom, Korea and Japan), Singapore also
Integrated Resort.
has relatively low retail floor space provision.

In the period 2007 to 2011, an extra 4.93 million
In addition, the proportion of retail floor space in
sq ft of retail floor space is expected to be completed
Singapore shopping centres, while on par with
in large projects. In addition to these large projects,
Australia, is well below the level in the US.
we would also expect smaller retail projects to

be completed. Assuming such projects add another
FORWARD RETAIL SUPPLY
20 percent to retail floor space, completions over the
Forward retail supply projections will be influenced
period 2007 to 2011 would be around 5.9 million sq
by new developments in Orchard Road, as well as
ft. This would amount to an average of 1.18 million
the developments allowed under the Warehouse
sq ft per year.
Retail Scheme. Following the substantial increase in

retail supply in 2006, 2007 is expected to be far
By 2011 the projected retail floor space per capita
more subdued in new supply terms. In 2007, around
is 10.7 sq ft per person, which is only marginally
730,000 sq ft is expected to come on-stream, with
higher than the 2006 provision. By world standards,
less than half that level coming on-stream in 2008.
Singapore will still have a relatively low provision of
2009 will likely experience another significant boost
retail floor space.

RETAIL RENTAL OUTLOOK
The retail rental outlook for 2007 is positive and we
RETAIL FLOOR SPACE PER CAPITA PROVISION
are forecasting average rental growth of 4.0 percent

to 5.0 percent for the year. Slower growth, however,
40.0
is expected at the end of the decade in 2009 and
35.0
2010, coinciding with the anticipated higher new
30.0
supply levels.
25.0
SUMMARY
20.0
The retail market in Singapore over the next five
15.0
10.6
10.7
10.0
years is expected to be healthy, exhibiting steady, if

not spectacular growth. Rental growth is expected to
5.0
average around 4.0 percent to 5.0 percent over the
0.0
US
Australia
Source : Urbis JHD
United
Kingdom
Hong Kong
South
Korea
Japan
Singapore
2006
Singapore
2011
(Forecast)
next two years before tapering off towards the end of

the decade with higher new supply levels coming on
stream. While there will be a significant increase in
128
3/26/07 10:08:52 AM
new floor space, the amount completed will only keep
More importantly, the PRC economy is expected to
up with population growth so that the overall retail
continue its strong growth with real GDP growth
floor space provision per capita in 2011 will remain
forecast to average 8.5 percent p.a. for the next
at a similar level to its current level. Singapore will
decade. As such the PRC is expected to remain the
therefore remain relatively underprovided compared
fastest growing economy in Asia, and one of the
with other markets such as the US and Australia.
fastest growing economies in the world.
With strong growth anticipated in tourism over

the next five years, it is expected that tourism will
DEMOGRAPHIC AND CONSUMER TRENDS
play an increasingly important role in the Singapore
The rate of population growth has been gradually
retail environment and by 2011 is expected to account
declining, from an average of around 1.5 percent
for around 19.0 percent of total retail sales.
p.a. in the 1980s to its current level of around 0.6

percent p.a. Despite low population growth rate,
PEOPLES REPUBLIC OF CHINA
PRCs population increases by 7.0 to 8.0 million
RETAIL MARKET OVERVIEW
people p.a.
ECONOMIC GROWTH
A strong urbanisation trend has accompanied solid
With a population of 1.3 billion people, the Peoples
economic growth. In 1980, over 80.0 percent of the
Republic of China (PRC) is the largest country in the
population lived in rural areas. With the modernisation
world and has the second largest economy when
of the economy and major cities, the urban population
measured by Purchasing Price Parity (PPP).
has grown to 41.8 percent in 2004 while the rural

population has fallen to 58.2 percent.
There have been significant changes to the PRC

economy over the last 25 years. It has developed from
POPULATION GROWTH AND GROWING URBANISATION
a centrally planned, agrarian based system - largely

closed to international trade - to a more open market
Urbanisation
39.1%
40.5%
41.8%
43.1%
44.4%
45.6%
46.8%
48.1%
49.4%
50.7%
1,337
1,348
1,331
1,343
1,323
2007F
2008F
2009F
2010F
2011F
oriented economy. A rapidly growing private sector,

international trade, financial and trade services have
become important drivers of economic growth.
Population
million
1,292
1,307
1,285
1,300
1,315
2002A
2003A
2004A
2005A
2006E
The PRC has consistently been one of the fastest

growing
economies
real
GDP
9.0
percent
commencing
in
growth
has
p.a.
over
1996.
recent
years.
been
the
Over
an
10
the
Average
impressive
year
most
period
recent
six year period (2001 to 2006) the average real

growth in GDP has been at a similar level at 10.0
percent p.a. Real growth in 2006 was 10.7
percent.
A - Actual
E - Estimate
F - Forecast
129
3/26/07 10:08:52 AM
9EVIEW
Income has also grown strongly. Over the 1990 to
shopping centre explosion in the PRC is expected to
2004 period, real income grew at an impressive rate
continue into the foreseeable future, buoyed by rapid
of 9.4 percent p.a. Real income grew at an even
increases in consumer spending and the removal of
higher growth of 17.8 percent p.a. since 1998.
laws that restricted access to all but the largest and
Urban household income is expected to continue to
best funded international retailers.
rise further till 2013.

The retail boom has also encouraged new retail
Acceptance of western culture is increasing, and has
formats, the expansion of domestic retailers, and the
contributed positively to the spread of foreign brand
entry of foreign retailers to the market.
acceptance. Retailers have gained deeper access to

consumers and specialty stores are now becoming
Furthermore, residential development and associated
the most popular apparel retail format in the PRC.
population increases in smaller cities across the
Furthermore, PRC consumers have also accepted
nation are beginning to attract investors willing to
supermarkets and hypermarkets as the principal
develop big new shopping malls.
location to purchase groceries.

The PRC has become home to some of the biggest
SHOPPING MALL PROVISION
and most extravagant shopping malls in the world,
Prior to the significant market reforms virtually no
including a pair of mega malls in Beijing (Golden
malls existed in the PRC. The opening up of the
Resources at 6.0 million sq ft Gross Lettable Area
PRC economy over the past two decades initiated
(GLA)) and the southern factory city of Dongguan
a retail boom which has resulted in an explosion
(South China Mall at 7.1 million sq ft GLA).
in the amount of shopping centre floor space. The

RETAIL SALES GROWTH & INFLATION
Retail sales growth has been highly correlated to GDP
PRCS RAPIDLY INCREASING URBAN HOUSEHOLD INCOME
growth, but at a rate of around 2.0 percent to 3.0
RMB p.a. per household
percent p.a. higher than GDP growth over the past

10 years.
50,000
40,000
Nominal retail sales growth (including inflation) over

the past 10 years has averaged an impressive
30,000
11.9 percent p.a. For 2006, total retail sales

20,000
(excluding wholesale and motor vehicle trade) for the

PRC were estimated at RMB 4.8 trillion, an increase
10,000
of 13.7 percent over 2005. Looking forward, retail

0
sales are forecast to grow in nominal terms by an

1995A 1997A 1999A
2001A
A - Actual
2003A 2005A
F - Forecast
2007F
2009F
2011F
2013F
average rate of 12.8 percent p.a., reaching RMB

8.7 trillion in 2011.
130
3/26/07 10:08:52 AM
RETAIL SALES TO GROW AT 12.8 PERCENT P.A. (2007 to 2011)
CPI in the PRC has averaged only 1.5 percent p.a.

over the past five years and RPI has been lower. CPI
l
Annua
unded 12.8%
o
p
m
o
C
:
h Rate
Growt
is forecast to average 3.0 percent p.a. through to

2011 while RPI is forecast at 1.2 percent p.a.
MARKET OUTLOOK
4.2
Strong future economic growth in the short to
4.8
5.4
2006E
2007F
6.1
6.9
7.8
2009F
2010F
8.7
medium term provides a positive outlook for the retail

market in the PRC. Economic growth, improvements
2005A
in the standard of living and a burgeoning middle
2011F
RMB trillion
class are primary drivers of growth in retail sales and

A - Actual
household consumption. Coupled with a significant

shift from rural living to urban living, and the increasing
2008F
E - Estimate
F - Forecast
Source : Urbis JHD, October 2006
concentration of major shopping centres and retail

outlets in urban areas, the outlook for retail growth in
suburban areas in the PRC is highly positive.
RETAIL SALES GROWTH CONTINUES TO OUTPACE NOMINAL GDP GROWTH (1997 to 2011)
The overall outlook for retail property in the PRC is

also optimistic, for many of the same reasons as for
GDP growth
retail sales. Another factor is the very strong desire

by many international retailers to gain presence within
Retail sales growth
11.9%
the PRC, not only in the major cities, but also in many
of the secondary cities.
9.3%
12.8%
12.3%
1997 - 2006A
1997 - 2006A
2007 - 2011F
2007 - 2011F
Peter Holland
Director International Property Economics
URBIS JHD
Strong retail sales growth supports rental growth outlook
Average gross market rental growth rates in Beijing and Shanghai were 6.0 percent
and 11.0 percent p.a. respectively over the past five to six years
February 2007
Chinas retail rental rates expected to grow at between 5.0 percent to 8.0 percent
p.a. over the next five years
A - Actual
E - Estimate
F - Forecast
131
3/26/07 10:08:53 AM
operations review
9EVIEW
31 December 2006. CMTML will continue to pursue
OPERATIONS REVIEW
other acquisitions that will be yield accretive to the

portfolio.
(1) YIELD ACCRETIVE ACQUISITIONS

In
2006,
CMT
1
Agreement
entered
into
Collaboration
with CCT to jointly acquire and hold
Raffles City through the establishment of RCS

2
+$14.6million
Increase in NPI due to
acquisition of Raffles City
(2) KEY ASSET ENHANCEMENT INITIATIVES

One
of
the
major
asset
enhancement
works
Trust , with CMT and CCT holding interests of 40.0
completed
percent and 60.0 percent respectively in the RCS
a retail extension block at IMM through the
Trust. CMT also completed the acquisition of Hougang
relocation of its open-air carpark to Level 5.
Plaza by acquiring the remaining 3.3 percent of
Approximately 64,800 sq ft of NLA from secondary
its share value, CMT now owns 100.0 percent of
corridor spaces at the mall was transferred to
Hougang Plaza.
create more prime retail area in the new retail
in
2006
was
the
construction
of
extension block. As at 31 December 2006, up

Raffles City, one of Singapores prime landmark
to S$11.1 million (95.6 percent) of the projected
integrated developments is located at the Downtown
additional rental revenue p.a. has been committed
Core at the fringe of Singapores Central Business
on a stabilised basis.
District
(CBD).
It
is
strategically
located
with
direct connectivity to City Hall MRT station, one of
Funan saw the completion of a two storey retail
Singapores four major MRT interchange stations. In
annex extension which added about 8,000 sq ft to
addition Raffles City will have direct connectivity to
its existing retail space. The additional retail space
the proposed Esplanade MRT on the circle line of the
contributed approximately S$0.5 million p.a. of
MRT system.
additional NPI to the portfolio.
The acquisitions added more than S$14.6 million
Other asset enhancement works completed in
to the NPI of the portfolio for the year ending
2006 include the installation of a carpark guidance
1 The agreement signed between the Trustee of CMT and the Trustee of
CCT on 18 March 2006 to establish a joint ownership vehicle for the
purpose of completing the acquisition of Raffles City.
2 The joint ownership vehicle which holds Raffles City.
132
3/26/07 10:08:53 AM
system at Bugis Junction, IMM and Junction 8, the
(3) RENT RENEWALS AND NEW LEASES
creation and reconfiguration of the retail space as
CMT outperformed the forecast4 rental rates and
well as the extension of the Level 1 leaseline at Bugis
preceding rental rates at all malls in 2006. Rent
Junction and the subdivision of retail units at JEC.
renewals and new leases signed in 2006 exceeded
In total, these works have resulted in approximately
forecast4 rental rates and preceding rental rates
S$0.8 million of additional NPI p.a.
by 4.7 percent and 8.3 percent respectively.
SUMMARY OF RENEWALS/NEW LEASES

STRONG RENTAL RATES ACHIEVED VS FORECAST & PRECEDING RENTALS
FROM 1 JANUARY TO 31 DECEMBER 2006 (EXCLUDING NEWLY CREATED UNITS)
No. of Renewals/
Property
New Leases
NET LETTABLE AREA

Area (sq ft)
Increase in Current Rental Rates VS
% Total NLA
% Forecast
Rental Rates
% Preceding
Rental Rates
Tampines Mall
35
32,464
10.0
2.7
4.5
Junction 8
50
45,507
18.5
2.6
8.1
Funan
45
45,872
15.7
3.6
9.9
IMM5
42
39,128
8.8
2.2
4.8
Plaza Singapura
55
168,026
33.8
6.7
3.3
Bugis Junction
64
63,285
15.3
8.6
19.5
Other assets6
111,575
40.1
3.1
14.9
299
505,857
17.8
4.7
8.3
CMT Portfolio for 2006
3 S$0.48 million for reconfiguration of units at Bugis Junction, S$0.03

milllion for subdivision at JEC and S$0.29 million for the lease line
extension at Bugis Junction.
4 Forecast rental rates for the period from 1 January 2006 to 31 August
2006, are the basis for the forecast shown in CMT Circular dated
18 October 2005 and the forecast rental rates for the period 1 September
2006 to 31 December 2006 are the basis for forecast shown in the
CMT OIS dated 29 August 2006.
5 Only renewals of retail units not budgeted to be affected by asset

enhancement works were taken in account, 219 units originally budgeted
to be affected by asset enhancement works on Level 2 & 3 of IMM were
excluded from the analysis.
6 Comprising SSC, JEC and Hougang Plaza.
133
3/26/07 10:08:53 AM
operations review
9EVIEW
(4) STEP-UP RENTAL AND GTO RENT
GTO RENT & STEP-UP LEASES
The number of tenants with step-up rental and

% OF TOTAL PORTFOLIO OF TENANTS
NO. OF TENANTS IN PORTFOLIO
GTO rent registered a significant increase largely

attributable to the acquisition of Raffles City and the
1,161
78.2%
60.4%
77.6%
progressive conversion of tenants in newly acquired

915
897
assets to incorporate these components in their

rental structure, as and when their lease terms
60.6%
714
are up for renewal. The number of tenants on the

step-up rental structure increased from 714 (as at
31 December 2005) to 897 (as at 31 December
2006). The number of tenants paying GTO rent also
grew from 915 (as at 31 December 2005) to 1,161
Tenants with
Step-Up Rental
Tenants Paying
GTO Rent
Tenants with
Step-Up Rental
Tenants Paying
GTO Rent
(as at 31 December 2006).
as at 31 December 2006
(5) LEASE EXPIRY PROFILE
as at 31 December 2005
(EXCLUDING 40.0 PERCENT SHARE IN RAFFLES CITY)
Portfolio Lease Expiry

The lease terms of our tenants are consistent with
the Singapore retail market, with specialty tenants
typically on a three year lease term and anchor tenants
PORTFOLIO LEASE EXPIRY PROFILE
31.4%
on a five to seven year lease term. The portfolio7

35.4%
33.7%
28.8%
22.0%
19.7%
6.7%
2007
2008
2009
9.0%
2010
8.8%
4.5%
2011 and
beyond
1,161
tenants
paying GTO rent as at 31 December 2006
% of total gross rental income for the month of December

% of total NLA as at 31 December
134
3/26/07 10:08:53 AM
expiry profile for the next five years reflects the well-
LEASE EXPIRY FOR 2007 BY MALL
diversified nature of the portfolio. Based on gross

rental income, approximately 31.4 percent and 22.0
NO. OF LEASES
percent of the leases are due for renewal in 2007
NET LETTABLE AREA

SQ FT
% OF TOTAL1
GROSS RENTAL INCOME

S$000
% OF TOTAL2
and 2008 respectively. Based on committed leases
Tampines Mall
40
123,917
38.3%
1,256
31.3%
as at 31 December 2006, over 81.7 percent of the
Junction 8
85
83,422
34.0%
1,298
42.3%
forecast total revenue8 for the financial year ended
Funan DigitaLife Mall
31 December 2007 has already been locked in.
IMM Building
Plaza Singapura
Lease Expiry for 2007 by Mall

The largest number of renewals will take place at
IMM in 2007 due to on-going asset enhancement
works where tenants who are signed up on a
45
281
42
52,815
18.1%
405
21.9%
431,239
46.4%
2,202
44.0%
57,909
11.6%
678
13.5%
Bugis Junction
113
105,068
25.4%
1,358
32.6%
72
100,057
36.0%
538
41.8%
Others
1 As percentage of total NLA as at 31 December 2006 .

2 As percentage of total gross rental income for the month of December 2006.
shorter lease term during this period.

Weighted Average Expiry
The weighted expiry of the portfolio by rental income
and NLA is 1.99 years and 2.16 years respectively.
WEIGHTED AVERAGE EXPIRY
WEIGHTED EXPIRY
(RENTAL INCOME)
YEARS
WEIGHTED EXPIRY
(NLA)
YEARS
Tampines Mall
1.85
1.79
Junction 8
1.67
1.85
Funan
2.35
2.65
IMM
1.67
1.30
Plaza Singapura
1.93
1.96
Bugis Junction
2.76
4.36
Others1
1.57
1.80
Portfolio
1.99
2.16
7 Excluding Raffles City.

8 Based on the forecast, together with the accompanying assumptions
shown in the CMT OIS dated 29 August 2006.
135
3/26/07 10:08:53 AM
operations review
9EVIEW
TOP 10 TENANTS
10 LARGEST TENANTS BY TOTAL GROSS RENTAL CONTRIBUTE 22.6 PERCENT OF TOTAL GROSS RENTAL INCOME1
NO ONE TENANT CONTRIBUTES MORE THAN 4.1 PERCENT OF TOTAL GROSS RENTAL INCOME1
% OF GROSS
RENTAL
INCOME1
% OF NLA
194,252
4.1%
6.9%
May 10 & Apr 154
209,940
3.8%
7.4%
Leisure &
Entertainment
Feb 08, Nov 09 & Nov 10
116,056
2.5%
4.1%
Food Court
Sep 07, Nov 07, Jun 08,

Aug 08, Nov 08 & Feb 09
69,751
2.2%
2.5%
Electronics/
Warehouse
Jan 07, Apr 07, Aug 10

& Dec 10
76,527
2.2%
2.7%
Supermarkets
Nov 09
88,211
1.9%
3.1%
Fashion/
Food & Beverage
May 07, Jun 07, Sep 07, Dec 07,

Apr 08, May 08, Feb 09,
Jul 09, Aug 09, Sept 09 & Nov 09
19,526
1.7%
0.7%
Supermarkets/
Electronics
Nov 07, Mar 08
60,374
1.7%
2.1%
McDonalds Restaurants
Pte Ltd
Food & Beverage
May 07, Jun 07, Nov 07, Sep 08,

Feb 09, Mar 09, Nov 09 & May 10
17,642
1.3%
0.6%
Isetan (Singapore) Ltd
Department Store
Nov 07
49,084
1.2%
1.7%
TENANT2
Cold Storage Singapore

(1983) Pte Ltd
Seiyu (Singapore) Pte Ltd

Golden Village Multiplex
Pte Ltd
Kopitiam5
Best Denki (S) Pte Ltd
Carrefour Singapore Pte Ltd

Wing Tai Holdings Ltd
NTUC Fairprice
Co-operative Ltd
1
2
3
4
5
TRADE
SECTOR
EXPIRY
DATE3
Supermarkets/
Services/
Warehouse
Jan 07, Mar 07, Apr 07, Jun 07,

Jul 07, Oct 07, Dec 07, Mar 08,
Jul 08, Jul 09, Sep 09, Oct 09
& Dec 09
Department Store
AREA
(SQ FT)
Total gross rental income for the month of December 2006.

Excluding Raffles City.
Some of the tenants above have signed more than one tenancy agreement and this has resulted in more than one tenancy expiry date for such tenants.
Subject to rental reviews in 2007 and 2011.
Comprises Kopitiam Investment Pte Ltd, Copitiam Pte Ltd and S28 Holdings Pte Ltd (which is a wholly owned subsidiary of Kopitiam Investment Pte Ltd).
136
3/26/07 10:08:54 AM
(6) TOP TEN TENANTS
WELL DIVERSIFIED TRADE MIX ACROSS THE PORTFOLIO1
CMT has over 1,500 leases in its portfolio. Gross

rental income contribution is well distributed amongst
BY NET LETTABLE AREA (AS AT 31 DECEMBER 2006)
the various tenants. Cold Storage Singapore (1983)

Pte Ltd, which contributes 4.11 percent to the gross
F & B/Food Court
15.4%
rental income of the entire portfolio, is the highest
Leisure & Entertainment/

Sports & Fitness
11.7%
contributor by percentage of gross rental income.

The largest tenant by percentage of NLA is Seiyu
Educational/Services
11.2%
(Singapore) Pte Ltd. The top ten tenants contribute
Supermarkets
10.7%
no more than 22.6 percent of the total gross income
Department Store
10.3%
for CMT.
Warehouse
9.8%
Electronics
9.4%
(7) TRADE SECTOR ANALYSIS
Fashion
8.4%
CMTMLs active leasing efforts and retail management
Home Furnishings
7.5%
consciously aims to maintain a well-balanced trade
Books/Gifts & Specialty/

Hobbies/Toys
3.2%
Office Rental
2.4%
mix in CMTs malls that is not overly reliant on any

one particular segment of the trade sector. Food and
Beverage (F&B) outlets/food courts continued to be
the main contributor to gross rental income as well
BY GROSS RENTAL INCOME (AS AT 31 DECEMBER 2006)
as the largest user of space. The fashion trade is the
F & B/Food Court
22.4%
second largest contributor to gross rental income at
Fashion
22.1%
22.1 percent, while occupying only 8.4 percent of
16.1%
the NLA.

Sports & Fitness
This is very much in line with the general retail market
Electronics
7.5%
performance in Singapore, where F&B and fashion
Supermarkets
6.7%
continue to drive retail sales.
Home Furnishings
6.1%
Department Store
5.7%

Hobbies/Toys
3.2%
Warehouse
1.6%
Office Rental
0.7%
7.9%
1 Excluding Raffles City.
137
3/26/07 10:08:54 AM
operations review
9EVIEW
(8) OPPORTUNITY FOR TRADE REMIXING TO
Sports/Fitness are ideal trades to have wihin our
OPTIMISE RENTAL
malls since they pay a relatively higher rental
There is significant opportunity to maximise rental
and
through the optimisation of the trade mix within the
of
CMT portfolio. Based on our analysis, the average
mix,
gross rental per sq ft per month is S$8.62. Clearly,
across the malls and improve on the variety of
trades such as Gifts and Specialty, Hobbies and
retail offerings.
occupy
space.
we
By
can
significantly
proactively
potentially
lower
changing
achieve
proportion
the
tenant
higher
rental
POTENTIAL OF TRADE REMIXING TO OPTIMISE RENTAL
Potential to attract higher rent paying trade type (such as Fashion, Gifts and Specialty) and further optimise
trade mix to enhance shopper traffic
Department stores dominant presence at some of our malls may need to be evaluated
Average Gross Rental1,2

psf per month
S$
% of Total NLA2
14
25
12
20
10
15
Portfolio Average
Gross Rental S$8.62
10
4
5
2
Average Gross Rental

1
2
Office Rental
Warehouse
Toys
Sports/Fitness
Educational
Hobbies
Books
Food court
Fashion
Services
Electronics
Leisure and
Entertainment
Home Furnishings
Department
Store
Gifts and
Specialty
Food & beverage
Supermarkets
and Hypermarts
% of total NLA
Excluding GTO rent.

Excluding Raffles City.
138
3/26/07 10:08:55 AM
(9) OCCUPANCY COST
OCCUPANCY COST
Based on available statistics from Tampines Mall,

Junction 8 and Plaza Singapura, occupancy cost of
MALL
2005 OCCUPANCY COST
2006 OCCUPANCY COST
our tenants are within a healthy range and are in
Tampines Mall
21.8%
15.9%
line with the market norms, registering an average of
Junction 8
15.8%
17.0%
18.2 percent in 2005 and 16.6 percent in 2006.
Plaza Singapura
17.1%
16.8%
Average
18.2%
16.6%
(10) INCREASED SHOPPER TRAFFIC

Both Tampines Mall and Junction 8 recorded in excess
of 22.0 million shoppers in 2006. This is yet another
record breaking achievement for CMT as none of our
malls have previously reached this level.
Average shopper traffic at Tampines Mall, Junction
8, Funan, IMM, and Plaza Singapura also grew 19.7
percent since 2003, following the respective malls
22.0
>
million
shoppers in 2006 for Tampines Mall

and Junction 8
inclusion into the CMT portfolio.
19.7%
increase in average annual shopper

traffic from 2003 to 2006
139
3/26/07 10:08:55 AM
financial review
9EVIEW
GROSS REVENUE BY PROPERTY FY2006: S$331.7 MILLION
FINANCIAL REVIEW
PERFORMANCE
Tampines Mall
16.2%
Junction 8
12.7%
Funan
7.4%
IMM
16.3%
Plaza Singapura
19.4%
Bugis Junction
16.2%
40% interest in Raffles City
6.2%
Others1
5.6%
REVENUE
Gross
revenue
for
the
financial
year
ended
31 December 2006 was S$331.7 million, an

increase of S$88.6 million or 36.5 percent over
S$243.1 million for the full year ended 31 December
2005. S$56.9 million of the increase in revenue
was mainly due to the full year contribution from
Bugis Junction, JEC, Hougang Plaza and SSC which
were acquired in 2005. CMTs acquisition of a
FY - Financial Year
40.0 percent interest in Raffles City through RCS

Trust on 1 September 2006 contributed about
GROSS REVENUE BY PROPERTY FY2005: S$243.1 MILLION
S$20.7 million. Rental from newly created retail

spaces at IMM completed in October 2006, and
higher rental from new and existing leases from other
Tampines Mall
20.8%
Junction 8
16.6%
Funan
malls accounted for another S$11.0 million.
9.3%
IMM
21.7%
Plaza Singapura
25.3%
Bugis Junction
3.5%
Others1
2.8%
FY - Financial Year
+36.5 %
Gross Revenue increase to

S$331.7 million for FY2006
1 Comprising SSC, JEC and Hougang Plaza
140
3/26/07 10:08:55 AM
GROSS REVENUE BY PROPERTY

1 JANUARY 2006 TO 31 AUGUST 2006: S$205.9 MILLION
GROSS REVENUE BY PROPERTY

1 SEPTEMBER 2006 TO 31 DECEMBER 2006: S$125.8 MILLION
Tampines Mall
17.6%
Tampines Mall
13.9%
Junction 8
13.6%
Junction 8
11.3%
Funan
Funan
7.8%
6.7%
IMM
17.2%
IMM
14.9%
Plaza Singapura
20.7%
Plaza Singapura
17.2%
17.1%
Bugis Junction
14.7%
16.4%
Bugis Junction
1
Others
6.0%
Others1
4.9%
GROSS REVENUE BY PROPERTY (FY2006)

1 JANUARY 2006 TO
31 AUGUST 2006
ACTUAL
FORECAST2
1 SEPTEMBER 2006 TO
31 DECEMBER 2006
ACTUAL
FORECAST3
S$000
S$000
S$000
S$000
Tampines Mall
36,257
34,712
17,548
17,416
Junction 8
27,889
27,405
14,178
13,807
Funan
16,010
15,871
8,445
7,899
IMM
35,445
32,111
18,790
16,953
Plaza Singapura
42,617
40,897
21,595
19,929
Bugis Junction
35,290
33,879
18,457
17,890
40.0% Interest In Raffles City

SSC/JEC/Hougang Plaza
Total
20,676
19,816
12,366
11,317
6,165
6,068
205,874
196,192
125,854
119,778

2 Based on the forecast, together with the accompanying assumptions, shown in the CMT Circular dated 18 October 2005 (for the period 1 January 2006 to 31 March 2006) and CMT OIS dated
141
3/26/07 10:08:56 AM
financial review
9EVIEW
NET PROPERTY INCOME BY PROPERTY FY2006: S$217.6 MILLION
NET PROPERTY INCOME

As a result of the higher gross revenue, NPI of
Tampines Mall
17.4%
S$217.6 million was S$63.5 million or 41.3
Junction 8
13.3%
percent higher than S$154.1 million for the
Funan
6.8%
financial
year
ended
31
December
2005.
IMM
13.8%
Similarly, this was mainly due to the increase of
Plaza Singapura
20.5%
S$37.4 million from the full year contribution from
Bugis Junction
16.3%
Bugis Junction, JEC, Hougang Plaza and SSC. The
6.7%
40.0 percent interest in Raffles City, which was
Others1
5.2%
acquired on 1 September 2006, contributed about

S$14.6 million. Increased rental income from the
other malls also contributed to the improved NPI.
NET PROPERTY INCOME BY PROPERTY FY2005: S$154.1 MILLION
Tampines Mall
22.6%
Junction 8
17.2%
Funan
8.7%
IMM
16.8%
Plaza Singapura
28.4%
Bugis Junction
3.6%
2.7%
Others
+41.3 %
NPI grew to S$217.6 million

for FY2006
142
3/26/07 10:08:57 AM
PROPERTY INCOME BY PROPERTY

GROSS REVENUENET
BY PROPERTY
1 JANUARY
TO 31 S$125.8
AUGUST 2006:
S$133.7 MILLION
1 SEP 2006
TO 31 2006
DEC 2006:
MILLION
NET PROPERTY INCOME BY PROPERTY

1 SEPTEMBER 2006 TO 31 DECEMBER 2006: S$83.9 MILLION
Tampines Mall
18.9%
Tampines Mall
14.9%
Junction 8
14.1%
Junction 8
12.0%
Funan
Funan
7.3%
5.9%
IMM
14.2%
IMM
13.0%
Plaza Singapura
22.3%
Plaza Singapura
17.6%
Bugis Junction
17.6%
Bugis Junction
14.5%
Others1
40% interest in Raffles City 17.5%
5.6%
Others1
4.6%
NET PROPERTY INCOME BY PROPERTY (FY2006)

1 JANUARY 2006 TO
31 AUGUST 2006
ACTUAL
FORECAST2
1 SEPTEMBER 2006 TO
31 DECEMBER 2006
ACTUAL
FORECAST3
S$000
S$000
S$000
Tampines Mall
25,330
24,217
12,503
11,984
Junction 8
18,800
18,396
10,099
9,019
Funan
S$000
9,777
9,607
4,962
4,457
IMM
19,025
17,209
10,924
9,232
Plaza Singapura
29,803
28,881
14,730
13,370
Bugis Junction
23,574
22,776
12,174
11,922
40.0% Interest in Raffles City
14,645
14,218
SSC, JEC and Hougang Plaza
7,447
6,942
3,848
3,780
133,756
128,028
83,885
77,982
Total

2 Based on the forecast, together with the accompanying assumptions, shown in the CMT Circular dated 18 October 2005 (for the period 1 January 2006 to 31 March 2006) and CMT OIS dated
143
3/26/07 10:08:58 AM
financial review
9EVIEW
DISTRIBUTION PER UNIT
DISTRIBUTIONS
11.69 cents
2006,
CMT
made
total
distribution
of
11.69 cents which comprised 2.72 cents, 2.77
10.23 cents
1.87
For
cents, 2.85 cents and 3.35 cents for the periods 1

3.35
January 2006 to 31 March 2006, 1 April 2006 to

30 June 2006, 1 July 2006 to 30 September 2006
and 1 October 2006 to 31 December 2006
3.38
2.85
respectively.
In
CMT
year
distributed
ended
31
cents per unit which were made up of 2.47 cents,

2.51
2005,
financial
1 July 2006 to 30 September 2006

1 April 2006 to 30 June 2006
December
the
1 October 2006 to 31 December 2006
10.23
2.51 cents, 3.38 cents and 1.87 cents for the
2.77
1 January 2006 to 31 March 2006
periods 1 January 2005 to 31 March 2005,
31 October 2005 to 31 December 2005
1 April 2005 to 30 June 2005, 1 July 2005
1 July 2005 to 30 October 2005
2.47
to 30 October 2005 and 31 October 2005 to
2.72
1 April 2005 to 30 June 2005
31
1 January 2005 to 31 March 2005
total distribution for the financial year ended 31

2005
2006
December
2005
respectively.
Overall,
the
December 2006 of 11.69 cents per unit increased

14.3 percent over the total distribution for the
financial
year
ended
31
December
2005
of
10.23 cents per unit.
+14.3%
DPU Increased from

10.23 cents in 2005 to
11.69 cents in 2006
ASSETS
The total assets as at 31 December 2006 for CMT
and its investees were S$4,811.3 million compared
with S$3,483.6 million as at 31 December 2005.
The increase of S$1,327.7 million was mainly due to
the acquisition of a 40.0 percent interest in Raffles
City through RCS Trust, a 20.0 percent investment in
S$4.8
CRCT as well as an increase in the property valuations

for all properties.
billion
Total assets as at 31 December 2006
144
3/26/07 10:08:59 AM
RISK MANAGEMENT
VALUATION AND PROPERTY YIELD OF PORTFOLIO
Net Property Income
PREVIOUS
VALUATION1
(MILLION)
S$
VALUATION
20062
(MILLION)
S$
VARIANCE
(MILLION)
S$
Tampines Mall
635.0
655.0
20.0
5.6%
Junction 8
477.0
489.0
12.0
5.8%
Funan
252.0
260.0
8.0
5.8%
and monitoring procedures involving the executive
IMM
433.0
558.0
125.0
5.9%
management committee and Board of Directors.
Plaza Singapura
809.0
835.0
26.0
5.5%
Bugis Junction
618.0
665.0
47.0
5.5%
INVESTMENT RISK
202.7
206.7
4.0
4.9%7
One of the main sources of growth for CMT and its
3,426.7
3,668.7
242.0
5.6%
investees is the acquisition of properties. The risk
906.4
43.3
4.9%
involved in such investment activities is managed
4,575.1
285.3
5.5%
through a rigorous set of investment criteria which
Others
40.0% interest in Raffles City

Total
863.15
4,289.8
OPERATIONAL RISK
PROPERTY
YIELD3
CMT
and
its
investees
have
integrated
risk
management into the day - to - day activities in all

functions.
These
include
planning
and
control
systems, operational guidelines, IT systems , reporting
includes accretion yield, internal rate of return,

Less additions for the period 1 June to 31 December 20066
(45.7)
Net increase in valuations for the period 1 June to 31 December 2006
239.6
Add accumulated revaluation surplus as at 1 June 2006
499.1
Accumulated revaluation surplus as at 31 December 2006
738.7
growth potential and sustainability, location and

specifications.
1 Valuation as at 1 June 2006.

2 Valuation as at 1 December 2006.
3 Property yield based on NPI forecast for the projection year ending 31 December 2007 as shown in the CMT OIS dated 29
August 2006.
4 Comprising SSC, JEC, and Hougang Plaza.
5 The joint acquisition of Raffles City through RCS Trust by CMT (40.0 percent interest) and CCT (60.0 percent interest) was
completed on 1 September 2006.
6 Included S$2.0 million from the 40.0 percent interest in Raffles City.
7 Assumed certain revenue loss due to asset enhancement initiatives.
145
3/26/07 10:08:59 AM
financial review
9EVIEW
INTEREST RATE RISK
contractual lease obligations. There is a stringent
With the current global trend of rising interest
collection policy in place to ensure that credit risk
rates, CMT and its investees proactively seek to
is minimised. Other than the collection of security
minimise the level of interest rate risk by locking
deposits, which amount to an average of three
in most of its borrowings at fixed rates. As at
months rentals in the form of cash or bankers
31 December 2006, CMT and its investees have
guarantee, we also have a vigilant monitoring system
locked in 83.3 percent of its borrowings at fixed rates
and a set of procedures on debt collection.
and the remaining 16.7 percent at floating rates.

LIQUIDITY RISK
CMT and its investees actively monitor its cash flow
FOREIGN EXCHANGE RISK

As the operations of CMT and its investees is currently
position to ensure that there are sufficient liquid
based locally in Singapore, there is little or no foreign
reserves in terms of cash and credit facilities to meet
exchange exposure. CMT borrows in Singapore
short term obligations.
dollars from a special purpose vehicle, Silver Maple

Investment Corporation Ltd (Silver Maple). RCS
DERIVATIVE FINANCIAL INSTRUMENT RISK
Trust, for which CMT has a 40.0 percent interest,
CMT obtains funding through Silver Maple and at the
borrows in Singapore dollars from another special
RCS Trust level, through Silver Oak. There is little or
purpose
no
vehicle,
Silver
Oak
Ltd
(Silver
Oak).
derivative
financial
instrument
risk
as
the
Both Silver Maple and Silver Oak issue foreign
borrowings were secured via Commercial Mortgage
denominated notes and are able to obtain attractive
Backed Securities (CMBS) from Silver Maple and
spreads by borrowing from the overseas markets.
Silver Oak.
CREDIT RISK
Credit risk is the potential earnings volatility caused
by tenants inability and/or unwillingness to fulfill their
146
3/26/07 10:08:59 AM
KEY STATISTICS OF CMT
CAPITAL MANAGEMENT
CASH MANAGEMENT
CMT and its investees take a proactive role in monitoring
its cash and liquid reserves to ensure that adequate
funding is available for distribution to Unitholders as
35.6%
BORROWINGS TO TOTAL ASSETS
well as to meet any short term liabilities.

FUNDING AND BORROWINGS
Under the facility agreement between Silver Maple
5.2 times
INTEREST COVER
and CMT, Silver Maple has granted CMT a total

facility of S$1,187.0 million in the financial year
ended
31
December
2006
comprising
S$1,065.0 million term loan and a S$122.0 million

Revolving Credit Facility (RCF). As at 31 December
2006, CMT has drawn down S$1,065.0 million of
3.2%
AVERAGE COST OF DEBT

(FY2006)
the term loan and S$28.0 million of the RCF.

In addition, to finance the various asset enhancement
initiatives,
part
finance
the
acquisition
of
40.0 percent interest in Raffles City through RCS
AAA
DEBT RATING
Trust and the investment of a 20.0 percent stake

in CRCT, CMT has also drawn down short term
unsecured loans amounting to S$255.8 million from
other financial institutions.
A2
CMTS CORPORATE RATING1

Total borrowings of CMTs stood at S$1,348.8
million as at 31 December 2006.
CMT GROUP (INCLUDES

40.0 PERCENT INTEREST IN RCS TRUST)
Under the facility agreement between Silver Oak and

RCS Trust for which CMT has a 40.0 percent interest,
Silver Oak has granted a total facility of S$1,030.0
million in the financial year ended 31 December
2006, consisting of a S$866.0 million term loan and
3.3%
1 Moodys has assigned a corporate family rating of A2 to CMT with a

stable outlook in April 2006. The Property Funds Guidelines also provide
that the aggregate leverage of CMT may exceed 35.0 percent of the value
of the Deposited Property of CMT (up to a maximum of 60.0 percent) if a
credit rating of the REIT from Fitch Inc., Moodys or Standard & Poors is
obtained and disclosed to the public.
AVERAGE COST OF DEBT (FY2006)
a S$164.0 million RCF.
147
3/26/07 10:08:59 AM
financial review
9EVIEW
As at 31 December 2006, RCS Trust has drawn

down S$866.0 million of the term loans. CMT and
DEBT MATURITY PROFILE (IN S$ MILLIONS)
its investees 40.0 percent interest amounts to

433.0
S$346.4 million.
As a result, the total borrowings of CMT and its
346.41
investees is S$1,695.2 million, increasing its gearing
335.0
from 31.6 percent as at 31 December 2005 to 35.6

283.8
percent as at 31 December 2006.

Average cost of borrowing for the financial year ended
31 December 2006 was 3.3 percent p.a.
172.0
125.0
In line with CMTs strategy of constantly reviewing our

capital structure to ensure capital efficiency, CMT
intends to refinance the CMBS of S$172.0 million,
RCF and bank loans of S$190.5 million, totaling
S$362.5 million. This will be done through the
Short Term Facilites
2007
2009
2010
2011
2012
existing CMBS program under Silver Maple and a new

multi-currency Medium Term Note (MTN) program.
Existing CMBS under Silver Maple

RCF and bank loan facilities
CMBS under Silver Oak to part finance the Raffles City acquisition
The interest cost in servicing the CMBS and MTN

programs are expected to be well within the 4.5
percent projected in the CMT OIS dated 29 August
2006.
1 CMTs 40.0 percent share of CMBS debt taken at RCS Trust level to part finance the
Raffles City acquisition.
148
3/26/07 10:08:59 AM
MATURITY PROFILE BEFORE PROPOSED
CMT & ITS INVESTEES - MATURITY PROFILE BEFORE

PROPOSED REFINANCING PLAN
REFINANCING PLAN
S$ MILLION
% OF DEBT
Within 1 year
455.8
26.9
After 1 year
806.4
47.5
433.0
25.6
but within
5 years
After 5 years
Within 1 year
MATURITY PROFILE AFTER PROPOSED
26.9%
After 1 year but within 5 years
47.5%
After 5 years
25.6%
REFINANCING PLAN
Within 1 year
After 1 year
S$ MILLION
% OF DEBT
93.3
5.5
806.4
48.0
783.0
46.5
CMT & ITS INVESTEES - MATURITY PROFILE AFTER

but within
5 years
After 5 years
The loan maturity profile for CMT and its investees is

expected to improve after the proposed refinancing
plan. The weighted average maturity of the borrowings
Within 1 year
is also expected to improve from 4.40 years, before
48.0%
refinancing, to 4.72 years, after refinancing.
After 5 years
46.5%
5.5%
149
3/26/07 10:08:59 AM
financial review
9EVIEW
CASH FLOWS AND LIQUIDITY
Operating net cashflow for the financial year ended

31 December 2006 is S$216.1 million. This is
CMBS/RCF/loans to be refinanced
an increase of S$63.6 million over the operating

S$ million
cashflow of S$152.5 million in the preceding financial
350
year. The increase was mainly due to the increased

full year contribution from the acquisitions in 2005,
300
362.5
in particular Bugis Junction, as well as the 40.0

percent interest in Raffles City , which was acquired
through RCS Trust in 2006.
250
132.5
200
Loans/RCF 190.5
OPERATING ACTIVITIES
NPI for the financial year ended 31 December
150
2006 grew 41.3 percent from S$154.1 million in

the preceding year to S$217.6 million. This was
58.0
100
172.0
50
93.3
Short Term Facilities
largely in part due to CMT and its investees ability

to execute its asset management, leasing and asset
enhancement strategies successfully.
2007
INVESTING ACTIVITIES
CMT and its investees continued with the acquisition
S$132.5 million bank loan taken to part finance the acquisition of Raffles City
S$58.0 million drawn down to finance CMT asset enhancement works
strategy and increased the number of properties

in the portfolio from nine to ten with the acquisition of
a 40.0 percent interest in Raffles City through RCS
S$93.3 million bank loan taken to finance the investment in CRCT.
Trust. With the new acquisition and the various asset
S$172.0 million CMBS maturing in February 2007
enhancement initiatives carried out in the portfolio,

CMT and its investees were able to improve on its
performance over 2005.
Propose to refinance the S$172.0 million CMBS maturing in February 2007, RCF/bank loans of
S$190.5 million through the existing CMBS program under Silver Maple and a new multi-currency
MTN program.
The interest cost in servicing the CMBS and MTN is expected to be well within the 4.5 percent stated in
CMT OIS dated 29 August 2006.
By investing a 20.0 percent stake in CRCT, CMT

is able to diversify its investments into the China
retail property market and reap the benefits without
substantially changing its risk profile.
150
3/26/07 10:09:00 AM
FINANCING ACTIVITIES
Accounting Practice (RAP) 7 Reporting Framework
CMT and its investees constantly monitor the cash
for Unit Trusts issued by the Institute of Certified
position and level of borrowings with an aim to lock
Public Accountants of Singapore, and the applicable
in sizable borrowings at low fixed interest rates with
requirements of the CIS code issued by the MAS and
medium term tenors.
the provisions of the Trust Deed.
At RCS Trust level, S$866.0 million was raised
As the quarterly results of CRCT are not expected
through Silver Oak to part finance the acquisition of
to be announced in sufficient time to be included in
Raffles City. CMT and its investees 40.0 percent
CMT and its investees results for the same calendar
interest amounts to S$346.4 million.
quarter, CMT and its investees have adopted the

policy to equity account the results of CRCT based on
In addition, short term loans of S$255.8 million were
a 3-month lag time.
drawn down to finance various asset enhancement

initiatives, part-finance the 40.0 percent interest
in Raffles City and to invest a 20.0 percent stake
in CRCT. The short term loans are expected to be
replaced by a more cost effective and efficient capital
structure in the medium term.
CASH AND CASH EQUIVALENTS
As at 31 December 2006, the value of cash and
cash equivalents of CMT and its investees stood at
S$47.2 million compared with S$39.1 million as at
31 December 2005. The higher quantum was mainly
due to the more efficient use of working capital as
well as the acquisition of 40.0 percent interest in
Raffles City.
ACCOUNTING POLICIES
The financial statements have been prepared in
accordance with the Statement of Recommended
151
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152
Sec10_01Malltamp.indd sec10:152
3/26/07 10:09:57 AM
153
3/26/07 10:10:01 AM
portfolio at a glance
PROPERTY
TAMPINES MALL
JUNCTION 8
FUNAN
IMM
4 Tampines Central 5
Singapore 529510
9 Bishan Place
Singapore 579837
109 North
Bridge Road
Singapore 179097
2 Jurong East
Street 21,
Singapore 609601
NLA (SQ FT)

(as at 31 December 2006)
323,792
245,586
292,195
Retail:
441,411
Non-Retail: 488,822
NUMBER OF TENANTS
160
173
169
Retail:
274
Non-Retail: 325
CAR PARK LOTS
636
324
339
1,296 (cars)
111 (lorries/heavy vehicles)
NLA PER CAR PARK LOT (SQ FT)1

509
758
862
340
Leasehold tenure of
99 years with effect
from 1 September
1992
Leasehold tenure of
from 1 September
1991
Leasehold tenure of
from 12 December
1979
Leasehold tenure of
30 + 30 years with
effect from 23
January 1989
PURCHASE PRICE
(S$ Million)
409.0
295.0
191.0
247.4
MARKET VALUATION
(S$ Million)
655.0
489.0
260.0
558.0
100.0%
100.0%
99.6%
Retail:
99.0%
Non-Retail: 71.5%
22.2
22.5
10.1
14.9
Isetan,
NTUC Fairprice,
Golden Village,
Courts and
Yamaha Music
Seiyu,
NTUC Fairprice,
Golden Village,
Best Denki and
Food Junction
Challenger,
Food Junction,
Royal Sporting
House,South Asia
Computer and
Harvey Norman
Giant,
Daiso,
Best Denki,
Kopitiam and
Bagus
GROSS REVENUE
(S$ Million)
53.8
42.1
24.5
54.2
NPI
(S$ Million)
37.8
28.9
14.7
29.9
ADDRESS
MARVEL10US
TITLE
OCCUPANCY RATE
SHOPPER TRAFFIC
FOR 2006
(Million)
MAJOR TENANTS
154
3/26/07 10:10:05 AM
PLAZA SINGAPURA
BUGIS JUNCTION
RAFFLES CITY
68 Orchard Road,
Singapore 238839
200 Victoria Street,

Singapore 188021
497,661
JEC
HOUGANG PLAZA
Retail: 252 North Bridge Road 604 Sembawang

Singapore 179103
Road, Singapore
Office: 250 North Bridge
758459
Road Singapore 179101
Hotels: 2 Stamford Road
Singapore178882, 80
Bras Basah Road
Singapore 189560
2 Jurong East
Central 1,
Singapore 609731
1189 Upper
Serangoon Road,
Singapore 534785
414,375
Retail: 351,959
Office: 380,222
97,130
111,293
70,095
204
211
Retail: 186
Office: 45
Hotels and Convention
Centre:1
70
34
699
6482
1,068
Multi-storey:
221
External car park: 2393
220
154
712
639
330
460
506
455
Freehold
Leasehold tenure of
from 10 September
1990
Leasehold tenure of
from 15 July 1979
Leasehold tenure
of 999 years
with effect from
26 March 1885
Leasehold tenure
of 99 years
with effect from
1 March 1991
Leasehold tenure
of 99 years with
effect from
1 March 1991
710.0
605.84
2,166.07
78.0
68.0
49.1
835.0
665.0
2,266.07
84.0
73.0
49.7
100.0%
100.0%
Retail: 99.3%
Office: 99.8%
96.5%
99.9%
95.6%
18.9
NA5
29.1
5.0
NA5
NA6
Carrefour,
Golden Village,
Yamaha Music
School, Best Denki
and Spotlight
Seiyu,
Food Junction,
Cold Storage,
Shaw Theatres and
Virtual Land
Robinsons, Esprit, Cold

Storage, Food Junction
and DBS Bank
Giant, Kopitiam,
Taste of Thailand,
Satay Club and
Sakae Sushi
64.2
53.7
51.77,8
18.5
44.5
35.7
36.67,8
11.3
1 Includes only retail NLA per car park lot.

2 The car park lots are owned by the management corporation.
3 This refers to the external car park, under a temporary occupation
license, located next to SSC.
SSC
4 Comprises of purchase price of S$580.8 million paid for the acquisition

of Bugis Junction in October 2005, and a sum of S$25.0 million paid
to Seiyu (Singapore) Private Limited in respect of its surrender of
74,299 sq. ft. of NLA at Bugis Junction.
5 Not available as shopper traffic count system was set up in 2006.
Kopitiam, K Box,
Shaw Theatres,
Fuji Ice Palace and
Morris Allen
K-Box, Kopitiam,
Novena Furnishing,
Shop & Save and
Q&M Dental
6 Not available as shopper traffic count system was not set up.
7 The information shown in relation to Raffles City is as a whole and not
CMTs 40.0 percent interest in Raffles City.
8 For the period 1 September 2006 to 31 December 2006.
155
3/26/07 10:10:06 AM
strategically located
MARVEL10US
CMTs portfolio of nine malls and 40.0 percent stake in

Raffles City is well spread out across Singapore. These
malls are well supported by strong population catchment
areas. In addition, most of the malls are located either
adjacent to or in close proximity to MRT stations and
bus interchanges.
We have Tampines Mall located in the eastern part of
Singapore, Junction 8 in the central-northern region,
Plaza Singapura, Funan, Bugis Junction and Raffles City
in the central area, Hougang Plaza in the north-eastern
area, SSC in the northern region, and IMM and JEC in
the western part of Singapore.
With this representation across Singapore, CMT is able
to capture the various segments of the retail market as
well as service the needs of the locals and tourists.
156
3/26/07 10:10:06 AM
MAP OF SINGAPORE
MRT Network
East West Line
EW
North South Line NS
North East Line
Circle Line1
N
SEMBAWANG
STATION
NE
CCL
1 Under construction & expected

commence operation in 2010
YISHUN
STATION
to
CMT Malls
Newly Acquired Mall in 2006
SEMBAWANG
SHOPPING
CENTRE
JURONG
ENTERTAINMENT
CENTRE
JURONG EAST
STATION
JUNCTION 8
BISHAN
STATION
HOUGANG
PLAZA
HOUGANG
STATION
TAMPINES MALL
IMM
BUILDING
TAMPINES
STATION
PLAZA
SINGAPURA
DHOBY GHAUT
STATION
RAFFLES CITY
CITY HALL
STATION
BUGIS JUNCTION
BUGIS
STATION
FUNAN DIGITALIFE
MALL
157
3/26/07 10:10:06 AM
158
3/26/07 10:10:07 AM
tampines mall
MARVEL10US
The objective for Tampines Mall is to continuously

optimise its financial performance, strengthen its
market position as the leading suburban mall in the
eastern and north-eastern regions of Singapore and
to provide one of the best shopping experiences to
its visitors.
159
3/26/07 10:10:12 AM
tampines mall
MARVEL10US
10
TAMPINES MALL, located in the eastern part of
Singapore, is one of Singapores leading suburban
malls. It is situated in the first of the four regional
centres planned in Singapore and is strategically

located next to the Tampines MRT station and the
Tampines bus interchange. Tampines Mall offers
a varied and exciting mix of shopping, dining and
TAMPINES MALL PROPERTY INFORMATION
entertainment options under one roof for consumers

residing in the densely populated residential area of
NET LETTABLE AREA
Tampines regional centre, as well as those staying in
the eastern and north-eastern regions of Singapore.
NUMBER OF TENANTS
323,792 sq ft
160
The prime suburban mall is well positioned for the
CAR PARK LOTS
middle-income segment of the retail market. It
comprises two basement levels of car park space
TITLE
Leasehold tenure of
from 1 September 1992
PURCHASE PRICE
S$409.0 million
Tampines Mall registers an average of almost 2.0
MARKET VALUATION
S$655.0 million
million shoppers per month.
and has a tenant base of more than 150 on five
retail levels, including a basement level. With a strong

main catchment area of over 766,0001 residents,
OCCUPANCY RATE
636
100.0%
ASSET ENHANCEMENT INITIATIVES
As part of our on-going efforts to improve the malls
SHOPPER TRAFFIC
FOR 2006
22.2 million
shopping ambience, the air-conditioning system was
upgraded in 2006. New chillers and other cooling
GROSS REVENUE
S$53.8 million
equipment were installed at a total cost of S$2.0
(for the year ended

31 December 2006)
million. Floor directories and directional signages
NET PROPERTY INCOME
on all floors were also replaced and updated with
(for the year ended

31 December 2006)
S$37.8 million
new designs. To facilitate motorists in search of car
Urbis JHD Singapore Retail Review dated October 2005.
160
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161
3/26/07 10:10:22 AM
162
1
3/26/07 10:10:27 AM
tampines mall
electronic car park guidance system was enhanced
with the installation of light indicators above each

parking lot to indicate its availability distinctly to
drivers from afar. Next to the playground on Level

4, a television room has been added since Feburary
2007 to keep children occupied while their parents

shop at the mall.
In 2007, two pairs of escalators, one fronting
Tampines Mall MRT station and the other fronting

Century Square, will be installed to provide direct
connectivity to Level 2 from the street level. On
Level 1, some retail space as well as common area
MARVEL10US
10
park spaces at the malls highly utilised car park, the
amounting to over 1,000 sq ft will be recovered
and then reconfigured to optimise the overall space
efficiency. In addition, a significant portion of anchor
spaces on Level 2 will be recovered to create
specialty shops so as to increase the overall retail

offerings at the mall. To maximise the additional GFA
of approximately 10,200 sq ft granted by the URA

at
Tampines
Mall,
retail
extension
will
be
created on Level 2 and Level 3 of the mall.
Following the completion of the proposed asset
enhancement works, the annual incremental revenue

and NPI are expected to be approximately S$1.4
million and S$1.1 million respectively. Based on
an estimated capital expenditure of S$9.9 million,
the ungeared ROI is expected to be approximately

11.6 percent.
163
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10
tampines mall
MARVEL10US
TENANCY MIX
TANK, Z Chen, S.H.E, Kelly Poon, Tan Wei Lian,
In 2006, reputable retailers who traditionally had
Chew Sin Huey and finalists from Season 2 of the
their presence only in the city area were brought
Singapore Idol.
into the mall to strengthen the retail mix and satisfy

shoppers demand. Brand names introduced at the
In July 2006, a joint thematic promotion, coined as
mall included Emotus, Central and La Senza Express.
Flavours and Exotic Food from Hokkaido, was held
Meanwhile, shops such as Hush Puppies, The Wallet
with Isetan, our anchor tenant. The 10-day event
Shop, Arena, G2000 Women and Men underwent
received overwhelming response from shoppers
renovations and had their shop front refreshed with
living in Tampines and from all over Singapore. The
a brand new look.
Japanese vendors who participated in the event were
also extremely pleased with their sales and expressed
PROMOTIONAL AND
keen interest to return to the mall for a similar event
MARKETING ACTIVITIES
in the future.
2006 marked the 11th Anniversary of Tampines
Mall. A myriad of colourful and exciting activities
The malls 11th Anniversary celebration ended in the
were included in the events calendar as part of the
first week of November 2006, where shoppers were
Anniversary celebrations. These included festive
treated to more good buys and bargains. One of the
events, artiste appearances, thematic events and
key highlights was the auctioning of items, such as
sales driven promotions which added to the retail
massage chairs and air tickets, at prices starting
buzz at the mall.
from as low as S$11.00. Overall, the promotion
generated an 8.0 percent increase in shopper
In March 2006, the shoppers were thrilled with
traffic and received substantial coverage by the
excitement when artistes from Hong Kongs TVB
local media.
station made their appearance at Tampines Malls
Open Landscape Plaza. The electrifying atmosphere

made it one of the most memorable artiste
appearances in 2006. Other popular celebrities
who visited the mall in 2006 included Angela Zhang,
164
3/26/07 10:10:54 AM
Soduku Challenge
Flavours and Exotic Food from Hokkaido Fair
S.H.E Performance
165
3/26/07 10:10:57 AM
10
tampines mall
MARVEL10US
TRADE SECTOR ANALYSIS BY
TRADE SECTOR ANALYSIS
NET LETTABLE AREA
BY GROSS RENTAL INCOME
(AS AT 31 DECEMBER 2006)
(FOR THE MONTH OF DECEMBER 2006)
LEASE EXPIRY PROFILE
38.3%
31.3%
31.0%
28.7%
25.4%
17.2%
14.4%
11.1%
1.2% 1.4%
F&B/Food Court
22.9%
F&B/Food Court
27.4%
Departmental Store
15.2%
Fashion
24.7%
16.4%

Sports & Fitness
13.8%
13.1%

Sports & Fitness
8.5%
Supermarkets
11.0%
Departmental Store
7.4%
Fashion
10.3%
Supermarkets
6.1%

Hobbies/Toys
8.0%

Hobbies/Toys
5.1%
Home Furnishings
5.6%
Home Furnishings
4.2%
Electronics
0.1%
Electronics
0.2%
2007
2008
2009
2010
2011 and
beyond
% of total gross rental income for the

month of December 2006
% of total NLA as at 31 December 2006
166
3/26/07 10:11:00 AM
0
TAMPINES MALL
CENTRE MANAGEMENT TEAM
(L to R): Ricky Ho (Centre
Manager), Dennis Cheong
(Marcom Manager), Rachel Loh
(Leasing Manager) and Fong Lie
Ling (Operations Manager)
167
3/26/07 10:11:02 AM
junction 8
MARVEL10US
The objective for Junction 8 is to

continuously optimise its financial
performance, strengthen its market
position as the leading suburban mall
in the central region of Singapore and
to provide one of the best shopping
experiences to its visitors.
168
Sec10_02Malljunc8.indd Sec1:168
3/26/07 10:12:36 AM
169
3/26/07 10:12:40 AM
170
1
3/26/07 10:12:45 AM
junction 8
residential area of Bishan. The mall is well-served

by the Bishan MRT and the Bishan bus interchange.
NET LETTABLE AREA
245,586 sq ft
NUMBER OF TENANTS
levels of car park space and five retail floors, including
173
CAR PARK LOTS
This prime suburban mall comprises two basement

a Basement Level.
than
324
800,000
The shopping mall has more
people
residing
in
its
main
catchment area.
TITLE
Leasehold tenure of
Junction 8 is positioned as a One-stop shopping,

dining and entertainment destination catering to
the middle-income and family-oriented segments of
PURCHASE PRICE
S$295.0 million
the retail market. The mall targets residents in the
MARKET VALUATION
S$489.0 million
surrounding housing estates, office workers within

the vicinity and students from nearby schools.
OCCUPANCY RATE
100.0%
SHOPPER TRAFFIC
FOR 2006
22.5 million
GROSS REVENUE
S$42.1 million
(for the year ended

31 December 2006)
(for the year ended

31 December 2006)
However,
its
excellent
accessibility
by
public
transport extends its reach beyond its immediate
NET PROPERTY INCOME
MARVEL10US
10
JUNCTION 8 is located in the densely populated
JUNCTION 8 PROPERTY INFORMATION
catchment area.

In
S$28.9 million
new
electronic
car
guidance
July
2006,
system
was
installed
to
motorists
speedily
to
available
lots
park
guide
in
the
car park.
Urbis JHD Singapore Retail Review dated October 2005.
171
3/26/07 10:12:49 AM
junction 8
MARVEL10US
10
The food kiosk area in Basement 1 is currently
undergoing reconfiguration works to provide a wider
variety of food for both dining-in and take-aways.

When completed, the revamped Marketplace will
have 12 food kiosks cum eateries selling popular local

and Asian food and will also have seating areas for
diners. Six of the newly revamped food kiosks, which

were completed in November 2006, have since
commenced trading. New additions include YiKouWei,

Daun Pandan Rice Dumpling and Bravissimo.
TENANCY MIX
To further strengthen the fashion accessories

offerings at Junction 8, new brand names like ZINC
and Pazzion shoes were introduced on Level 1 of

the mall. Other new tenants who were brought into
Junction 8 in 2006 included The Face Shop, Subway

and Chocolat World, a newly created kiosk on Level 3.
Shop frontages of existing tenants such as Swatch,

Ocean Pacific, Red Earth, Nokia and OSIM were also
upgraded to refresh the shopping environment in

the mall.
172
3/26/07 10:12:55 AM
173
3/26/07 10:13:06 AM
10
junction 8
MARVEL10US
PROMOTIONAL AND
Junction 8s highly acclaimed event, the Most
Beautiful Mum contest, once again received overwhelming response. Other than dressing the Beautiful
Mums in glamorous wedding gowns designed by

local renowned designer, Frederick Lee, the Beautiful
Mums made their first debut catwalk with their
husbands on stage. As an additional highlight last
year, the finalists also visited some old folks homes

to perform for the elderly.
With the World Cup taking place in 2006, Junction

8 took the opportunity to screen the World Cup
2006 LIVE at the Open Landscaped Plaza on Level

3. The event was well received by spectators who
gathered to soak in the soccer fever among their

family, neighbours and friends.
On 16 December 2006, Junction 8 held its iconic

Late Nite Sale event which lasted till midnight. The
event increased weekend sales by 36.0 percent and

shoppers traffic by 19.0 percent.
174
3/26/07 10:13:26 AM
0
World Cup 2006 Live
Late Nite Shopping
Most Beautiful Mum 2006
The Justirisers
175
3/26/07 10:13:31 AM
10
junction 8
MARVEL10US

NET LETTABLE AREA

42.3%
34.0%
28.7% 28.2%
21.2%
20.3%
17.5%
7.8%
0.0% 0.0%
2007
F&B/Food Court
21.0%
F&B/Food Court
27.3%

Sports & Fitness
17.2%
Fashion
26.8%
Fashion
13.8%
14.7%
Departmental Store
12.8%

Sports & Fitness
9.2%
10.1%
Electronics
6.5%
Supermarkets
10.1%
Departmental Store
5.8%
9.6%
Supermarkets
5.7%

Hobbies/Toys
4.8%

Hobbies/Toys
3.2%
Home Furnishings
0.8%
0.6 %
2009
2010
2011 and
beyond

Electronics
Home Furnishings
2008
176
3/26/07 10:13:34 AM
0
JUNCTION 8
(L to R): Vivian Kok (Marcom
Manager from 19 December
2006), Soo Wei Ping (Leasing
Manager), Chee Hiang Chuan
(Operations Manager) and
Pauline Yeh (Centre Manager)
177
3/26/07 10:13:36 AM
178
funan
MARVEL10US
The objective for Funan DigitaLife Mall is to

continuously optimise its financial performance,
strengthen its position as the premier one-stop
destination for all IT, digital and lifestyle needs
and to provide one of the best shopping
179
179
funan
MARVEL10US
10
FUNAN enjoys an excellent location in the downtown
core of Singapore. It is also in close proximity to the
City Hall MRT interchange station, Boat Quay and

national landmarks such as the Supreme Court, the
Parliament House and the Padang. Together with
its unique mix of reputable retailers, who provide

genuine products and quality customer service,
FUNAN PROPERTY INFORMATION

NET LETTABLE AREA
NUMBER OF TENANTS
169
CAR PARK LOTS
339
the mall attracts many Professionals, Managers,
Executives, Businessmen (PMEBs) and tourists,
TITLE
Leasehold tenure of
from 12 December 1979
retail levels and three levels of basement car park.
PURCHASE PRICE
S$191.0 million
MARKET VALUATION
S$260.0 million
A two-storey retail extension, housing approximately
8,000 sq ft of NLA, was constructed in mid 2006.
OCCUPANCY RATE
Level 1 and 2 are tenanted by Times Bookshop and
Caf De Amigo respectively.
SHOPPER TRAFFIC
FOR 2006
10.1 million
To further drive traffic to the upper floors of the mall,
GROSS REVENUE
S$24.5 million
making it one of Singapores choice destinations for

IT, digital and lifestyle products. The mall has six
the food court, previously located on the Basement
(for the year ended

31 December 2006)
level, was relocated to Level 5. The freed up prime
NET PROPERTY INCOME
space on the Basement level has been leased out to
(for the year ended

31 December 2006)
Harvey Norman, an electronics superstore.
180
180
292,195 sq ft
99.6%
S$14.7 million
181
181
182
182
funan
Level 1 to Level 6 (facing Hill Street), the new

escalators were also converted to a scissors layout
to provide better and faster accessibility to the upper

floors.
The air-conditioning system was also upgraded

to keep pace with the addition of new retail space
created through the slab-over of voids on Levels 2

and 3, recovery of space from the relocation of AHU
on Levels 4, 5 and 6, as well as the creation of new

retail kiosks on Level 5.
An electronic car park guidance system was also
MARVEL10US
10
Besides replacing the full set of escalators serving
installed to offer easy access and convenience to

enable drivers to locate available lots quickly in the
heavily utilised carpark.
TENANCY MIX
In 2006, Funan welcomed new concept showrooms,
like Oki printers and Sandisk, to its already extensive

list of showrooms, which includes Apple, Canon,
Fujitsu, Hewlett Packard & Lenovo. The evolution

of IT to become an integral part of our lifestyles
has also created a new customer driven demand

for brands such as Hannspree. Harvey Norman
has expanded from a 7,000 sq ft store to a
16,000 sq ft mega electronics superstore in the

mall to serve this demand.
183
183
10
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MARVEL10US
New tenants, including Times The Bookshop, Caf de
Amigo and three schools (Seimpi School of Music,

DanceArt Singapore and ClayCove), were also added
to the existing retail mix to cater to the lifestyle and
educational needs of our shoppers.
PROMOTIONAL AND
Funan continues to bring a wide variety of exciting
events and promotions to shoppers. Numerous

competitive gaming events were held at the mall.
This ranged from the Annual World Cyber Games,
the Xtreme X-boxing Championship, the first ever

Sony PSP Challenge, to the highly successful Inter-
School e-Gaming Challenge, which attracted more

than 60 schools islandwide during the March school
holidays.
Throughout the year, there were also many other

exciting
events
organised.
This
included
the
aggressive Great Singapore Sale campaign, which
promised shoppers the chance to shop for FREE,

the 2006 Microsoft XBOX Cup during the World
Cup Season and a Christmas IT Charity Auction,

which had more than S$25,000 worth of prizes to
be auctioned away.
Sales promotion, such as the
Great Singapore Sale Loyalty Program and the 3-
hour Mega Sale in August 2006, also drew great

response from shoppers.
184
184
0
Inter-School e-Gaming Challenge
2006 Microsoft XBOX Cup
Sony PSP Challenge
Xtreme X-boxing Championship
Christmas IT Charity Auction
185
185
10
funan
MARVEL10US
NET LETTABLE AREA
39.1%
32.9%
21.9%
22.2%
20.9%
18.1%
15.4%
12.7%
12.5%
4.3%
2007
186
186
Electronics
55.4%
Electronics
51.6%
14.7%
16.5%
F&B/Food Court
13.8%
F&B/Food Court
15.9%

Hobbies/Toys
5.6%

Hobbies/Toys
5.3%

Sports & Fitness
4.2%

Sports & Fitness
4.3%
Supermarkets
2.8%
Fashion
2.7%
Home Furnishings
2.4%
Home Furnishings
1.9%
Fashion
1.1%
Supermarkets
1.8%
2008
2009
2010
2011 and
beyond

FUNAN
(L to R): Roy Sim (Leasing
Senior Executive), Phyllis Cheng
(Marcom Manager), Jeffrey Goh
(Centre Manager) and Roy Lai
(Operations Manager)
187
187
imm
MARVEL10US
The
objective
continuously
for
IMM
optimise
Building
its
is
to
financial
performance, strengthen its market position

as the leading suburban mall in the western
and north-western regions of Singapore
and to provide one of the best shopping
188
Sec10_04Mall_imm.indd Sec10:188
3/26/07 10:16:08 AM
189
3/26/07 10:16:12 AM
190
1
3/26/07 10:16:17 AM
imm
IMM PROPERTY INFORMATION
area of Jurong East and is in close proximity to major

office and industrial developments like the International
Business Park. The mall is also just five minutes walk
NET LETTABLE AREA
Retail: 441,411 sq ft
Non Retail: 488,822 sq ft
NUMBER OF TENANTS
Retail: 274
Non Retail: 325
CAR PARK LOTS
1,296 (Cars), 111 (Lorries
& Heavy Vehicles)
TITLE
Leasehold tenure of
30 + 30 years with effect
from 23 January 1989
PURCHASE PRICE
S$247.4 million
MARKET VALUATION
S$558.0 million
away from the Jurong East MRT interchange station

and bus interchange.
The five-storey mixed development comprises retail,

office and warehouse components. It has a multi-
storey car park with five levels of covered and one

level of open-air car park space. Currently, shoppers
enjoy free car parking as well as a free shuttle bus
service plying between the mall and Jurong East,

Clementi, Boon Lay and Bukit Batok MRT stations.
OCCUPANCY RATE
Retail: 99.0%
About two-thirds of the major asset enhancement
Non-Retail: 71.5%
works planned at IMM has been completed. A two-
SHOPPER TRAFFIC
FOR 2006
14.9 million
storey retail extension block has been built on the
GROSS REVENUE
S$54.2 million
previous open-air car park space fronting the mall.
(for the year ended

31 December 2006)
NET PROPERTY INCOME

(for the year ended
31 December 2006)
MARVEL10US
10
IMM is located in the densely populated residential
To enhance the vehicular discharge, a car park ramp
and an electronic car park guidance system were
S$29.9 million
installed in the existing multi-storey carpark. The

open air car park was also successfully relocated to
the newly created car park on Level 5 of the mall.
191
3/26/07 10:16:22 AM
10
imm
MARVEL10US
Multiple sets of escalators, connecting Level 1 to
5, were added to improve the vertical connectivity

of the mall. Existing toilets were upgraded in 2006,
and a few baby care rooms were also created for
the convenience of parents shopping with younger

children.
On the top floor of the retail extension block, a roof-
top landscaped plaza of approximately 32,000 sq

ft will be completed in 2007. The open plaza will
feature a childrens playground and designated water
play area with interactive features for children, a

television corner and a koi pond. When completed,
IMM will be the first retail mall in Singapore to have
a dedicated and unique water play area for children

within its premise.
In 2007, IMM will continue with the remaining portion

of the planned asset enhancement initiatives. Mainly,
it will involve the reconfiguration of the retail area on
Level 2 and Level 3 of the existing building. Retail
trades, such as books, stationery, gifts & novelties,
kids and related merchandise and hair & beauty, will
be introduced to the reconfigured units on Level 2.
On Level 3, a new seamless concept furniture zone

will be created to house some of the current popular
furniture tenants. Together with the interior design,
192
3/26/07 10:16:28 AM
0
193
3/26/07 10:16:34 AM
10
imm
MARVEL10US
sanitary, air-conditioning and lighting trades, it will
PROMOTIONAL AND
provide a one-stop home furnishing destination for
shoppers from all over Singapore. This final phase
In 2006, thematic events, such as Korea Fair,
of the asset enhancement works is expected to be
IMMpactful Promotions during the Great Singapore
Sale, Baby Contest and Baby Fair, generated much
shopping excitement. Direct advertising promotions
TENANCY MIX
organised jointly with tenants, which included events
More F&B outlets, fashion and fashion-related trades
such as Mothers Day, festive activities and stage
were brought into the mall on Level 1 of the newly
shows, helped to drive an average 15.0 percent
created retail extension block to cater to the PMEBs
increase in shoppers traffic to the mall.
and families working and residing in the vicinity.

New tenants at the mall now include Ajisen, Pepper
To tie-in with the opening of the retail extension
Lunch, Fish & Co., Coffee Club, Mos Burger, Street
block at the end of 2006, IMM rebranded itself
Caf, Esprit outlet, G2000, Adidas, Ebase, Samuel &
with a new Logo and a new tag line - Takes Life
Kelvin, BYSI, and The Faceshop.
to the Next Level. In view of the well-planned A&P

activities executed in 2006, IMM was awarded the
On Level 2 of the new retail extension, electrical, IT
Outstanding Efforts in Advertising and Promotions
and IT-related trades were added to strengthen
prize by The Singapore Retailer Association for 2006.
the
retail
offerings
and
Separately, IMM was also awarded one of the Best
Challenger,
Loved Pro-Family Businesses prize by the Ministry
Cyberactive, Newstead, Pacific City, EVO2. Existing
of Community, Youth and Social Services (MCYS) in
tenant, Best Denki, was also relocated to a bigger
recognition for the multiple family centric marketing
unit on this level. Other existing tenants who were
activities at the mall. With the completion of the open
also relocated to Level 2 include Oto, Osim, Ogawa,
landscape plaza in 2007, more collaboration with
DIY Homefix, Telediscovery. Together with other
family organisations, government authorities and
trades, such as gifts & novelties and music, it will
grassroot organisations, including MCYS and South
further strengthen IMM as the leading suburban mall
West Community Development Council (CDC), can be
in the West.
expected to embrace the communities living in the
telecommunication
at
tenants
IMM.
New
include
IT
surrounding areas.
194
3/26/07 10:16:48 AM
0
IMM Siblings Look-alike Contest
5566 Meet-The-Fan Session
Cast of Lady of Leisure at Mighty Mummy Event
IMM Fastest Crawler Contest
195
3/26/07 10:16:50 AM
10
imm
MARVEL10US
NET LETTABLE AREA
58.3%
47.6%
39.9%
21.7%
15.3%
Warehouse
35.6%
F&B/Food Court
18.4%
Home Furnishings
14.0%
Home Furnishings
17.5%
Supermarkets
11.6%
Fashion
16.8%
15.3%
7.4%
5.1% 4.7%
0.0% 0.0%
F&B/Food Court
9.2%
Office Rental
8.6%
Supermarkets
9.1%
8.3%
Warehouse
7.7%
Electronics
5.7%
Electronics
7.2%
Fashion
4.9%
Office Rental
3.6%

Sports & Fitness
1.1%

Sports & Fitness
2.8%

Hobbies/Toys
1.0%

Hobbies/Toys
1.6%
2007
2008
2009
2010
2011 and
beyond

196
3/26/07 10:16:53 AM
0
IMM
(L to R): Raymond Chan
(Marcom Manager), Jeffrey Teo
(Leasing Manager), Callie Yah
(Centre Manager), Abdul Rahman
Bin Zaraz (Operations Manager),
Ivy Ang (Leasing Manager),
and Mustafa Bin Abdul Rahim
(Assistant Centre Manager)
197
3/26/07 10:16:55 AM
plaza singapura
MARVEL10US
The objective for Plaza Singapura is to continuously
market position as the leading mid-end one-stop
shopping, dining and entertainment mall in the
downtown core of Singapore, and to provide one of
the best shopping experiences to its visitors.
199
plaza singapura
MARVEL10US
10
PLAZA SINGAPURA is one of the largest retail
malls located along Orchard Road, Singapores main
shopping street. This prime freehold property is
directly linked at Basement 2 to the Dhoby Ghaut
PLAZA SINGAPURA
MRT station, which is the interchange station linking
PROPERTY INFORMATION
the North-South MRT Line and the North-East MRT

Line. The new Circle Line, which is currently under
construction and is expected to commence operation
in 2010, will also be connected to this station.
NET LETTABLE AREA
NUMBER OF TENANTS
Plaza Singapura is also in close proximity to the Civic
Centre, where developments such as the Singapore
CAR PARK LOTS
Management
University,
Main
National
Library,
National Museum and a new entertainment complex
497,661 sq ft
204
699
TITLE
Freehold
PURCHASE PRICE
S$710.0 million
Plaza Singapura has nine levels of retail, including
MARKET VALUATION
S$835.0 million
two basement levels. It houses a hypermarket, a
cineplex, two department stores and a variety of
OCCUPANCY RATE
retail and F&B outlets. In addition, it has a multi-
are located.
storey car park which is easily accessible at every
SHOPPER TRAFFIC
FOR 2006
18.9 million
level from Level 2 to Level 7. Its broad-based

market positioning as well as strong focus on basic
GROSS REVENUE
S$64.2 million
consumer goods and services differentiates it from
(for the year ended

31 December 2006)
other malls along Orchard Road. The mall thus

appeals to families, youths and working adults all
over Singapore.
200
100.0%
NET PROPERTY INCOME

(for the year ended
31 December 2006)
S$44.5 million
201
202
plaza singapura
In 2006, multiple areas of work to optimise the retail

space at the mall were implemented. This included
the conversion of several AHU rooms into retail
area, the re-alignment of corridors on Level 4 and
the conversion of common area on Basement 1 into

kiosks. Improvement works were also carried out to
facilitate motorists searching for parking lots in the
heavily utilised carpark and to improve the overall air

quality in the mall.
In 2007, asset enhancement plans include the
conversion of more AHU rooms into retail space
and the re-alignment of corridors on Level 3. The
MARVEL10US
10
Marketplace on Basement 2 will also be entirely

reconfigured. The number of food kiosks will be
increased from the present 7 to 21. Other than
providing seating areas for diners, the revised layout

will provide better visibility for all the Marketplace
tenants.
TENANCY MIX
New tenants such as La Senza and Guess were

introduced to further reinforce the international
fashion positioning on Level 1. On Level 4, Creative

Technology and Pacific City made their debut to beef
203
10
plaza singapura
MARVEL10US
up the IT and Electronics Mix. The opening of Daiso,
characters, such as Ice Age 2, Garfield 2 and
a Japanese retailer known for its value-for-money
Open Season, proved to be highly popular with
S$2 merchandise, and new F&B outlets including
families and young children. The mall also organised
Carls Junior, Subway and Toastbox, has further
events such as ST URBANs Project Fashionista
strengthened the tenancy mix in the mall. Made
The Search for the Most Fashionable Shopper @
with Love, the first and largest scrapbook store of
PS, World Cup Live Screening, I Can Cook & Re-
its kind in Singapore and South East Asia, has also
invented Dish Competitions, Singapore Food Festival
expanded and relocated to a bigger unit which now
and Christmas Midnite Sale which catered to the
encompasses a caf corner in its premise.
working professionals and students. The mall was
also the official venue sponsor for community events,
PROMOTIONAL AND
such as the Community Chest Charity Roadshow
Give a Hand! Campaign, Singapore Street
A wide variety of events and promotions were
Festival, 30-Hour Netball Marathon and Come
organised throughout the year to reinforce the
Celebrate Christmas in Singapore, as well as highly
malls positioning as a one-stop shopping and lifestyle
acclaimed events like the LianHe ZaoBao Glamour
destination for all segments of the population.
Quest 2006, Singapore JewelFest and the Worlds

Largest KIT KAT Chocolate Bar. The Worlds Largest
204
LIVE character shows and meet-and-greet sessions,
KIT KAT Chocolate Bar, which weighed 2.668
which included Barney & Friends, The Justirisers
tonnes, registered a new Guinness Book of Records
and Precious Moments, as well as popular movie
by surpassing the previous record of 2.28 tonnes.
0
Barney & Friends
Give A Hand! Campaign
Singapore Food Festival
LianHe ZaoBao Glamour Quest 2006
205
10
plaza singapura
MARVEL10US
NET LETTABLE AREA
45.9%
47.8%
33.3% 33.7%
13.5%
11.6%
7.3% 6.9%
Supermarkets
17.7%
Fashion
26.0%
16.8%
21.2%
F&B/Food Court
17.8%
0.0% 0.0%
2007
2008
2009
2010
2011 and
beyond

Sports & Fitness
14.1%
F&B/Food Court
13.5%
9.0%
8.7%
Fashion
12.9%

Sports & Fitness
Home Furnishings
10.6%
Home Furnishings
6.4%
6.5%
Electronics
4.6%
5.5%
Departmental Store
3.4%
2.4%

Hobbies/Toys
2.9%
Departmental Store
Electronics

Hobbies/Toys
206
Supermarkets
PLAZA SINGAPURA
(L to R): Francis Ong (Operations
Manager), Lim Kim Loon (Acting
Centre Manager), Isabel Kwek
(Marcom Manager) and Melissa
Ang (Leasing Manager)
207
bugis junction
MARVEL10US
The objective for Bugis Junction is to optimise

its financial performance, strengthen its market
positioning as the leading urban lifestyle mall in
the downtown core of Singapore, and to provide
one of the best shopping experiences to its
visitors.
208
209
210
bugis junction
Singapores civil and cultural Bugis district, and is

flanked by a five-star hotel and an office tower. The
mall is conveniently located with direct access from
the Basement level to the Bugis MRT train station
and is well served by major bus routes. It is also
BUGIS JUNCTION PROPERTY INFORMATION
in close proximity to the National Library, the new

Singapore Management University city campus
NET LETTABLE AREA
414,375 sq ft
is scheduled to be opened in 2007. The mall is
NUMBER OF TENANTS
211
expected to benefit from its ideal location within the

centre of Singapores Arts, Culture, Learning and
CAR PARK LOTS
and the LASALLE-SIA College of the Arts, which
6481
Entertainment Hub.
TITLE
Leasehold tenure of
PURCHASE PRICE
S$605.82 million
MARKET VALUATION
S$665.0 million
100.0%
at young adults and PMEBs, Bugis Junction houses

211 specialty shops spread over five retail levels,
including a basement level.
Asset enhancement works carried out in 2006

included the reconfiguration of the food and beverage
SHOPPER TRAFFIC
FOR 2006
NA3
GROSS REVENUE
S$53.7 million
units located at the Malabar Block and the creation

of new retail units over the void at the bubble lift and
(for the year ended

31 December 2006)
NET PROPERTY INCOME
entertainment cum lifestyle destination mall targeted
OCCUPANCY RATE
Positioned as a modern one-stop fashion, dining,
MARVEL10US
BUGIS JUNCTION is located in the heart of
information counter on Level 1 of Seiyu. The open

space outside Sketches restaurant was transformed
S$35.7 million
(for the year ended

31 December 2006)
into a nice cosy caf area and the lease line of five
prime retail units at the air-conditioned street was
also extended.
1 The car park lots are owned by the management corporation.

2 Comprises of purchase price of S$580.8 million paid for the
acquisition of Bugis Junction in October 2005, and a sum of
S$25.0 million paid to Seiyu (Singapore) Private Limited in respect
of its surrender of 74,299 sq ft of NLA at Bugis Junction.
4 Not available as traffic system was set up in 2006.
211
bugis junction
MARVEL10US
10
Amenities at the malls were also upgraded in 2006.
These included the installation of an electronic car
park guidance system, the makeover of restrooms

and air-conditioning improvement works.
In 2007, a series of asset enhancement initiatives

will be carried out. Through the extension of the
lease line on Level 1 and the creation of balconies on
Level 2 of the restaurant block along Hylam Street,
we expect the creation of approximately 5,000 sq ft
of prime retail space. On Level 1, S$0.4 million out of
the S$1.5 million projected increase in rental revenue

p.a. has already been committed on a stabilised
basis. Separately, the food court on Basement 1 will

be relocated to Level 3 where approximately 6,400
sq ft of new retail space will be created through the

amalgamation of corridor space on Level 3. As a
result, rental revenue is expected to increase by
56.7 percent from S$1.6 million to S$2.5 million.

The reconfiguration of Basement 1, which has direct
connectivity to the Bugis MRT station will allow us

to introduce more specialty shops to strengthen the
retail mix at the mall. Rental revenue p.a. is expected

to increase by 36.6 percent from S$8.2 million to
S$11.2 million.
Finally, to create a more open concept, the shop
fronts on the second and third storey fronting Hylam
and Malay Streets will be given a face-lift, subject

to the relevant authorities approval. Other than
the creation of balconies on Level 2, the previously
opaque shop fronts on Level 3 will be opened-up and

replaced with glass parapets to enhance visibility to
the upper-storey shops.
212
213
10
bugis junction
MARVEL10US
TENANCY MIX
change of ownership. Thematic fairs, lifestyle and
Bugis Junction has a large and diversified tenant base
celebrity events, which included the World Cup Match
comprising 211 leases as at 31 December 2006.
Screening, Late Night Shopping, Singapore Food
The tenant mix includes popular brand names such
Ball Festival, received overwhelming response from
as Seiyu, Shaw Theatres, Kinokuniya Bookstore, Cold
the public.
Storage, Topshop, and Fox.
an estimated 10.0 percent increase during these
Shoppers traffic at the mall recorded
events.
New tenants brought into the mall in 2006 included,

a la nuit, Mu and Pazzion. Existing retailers such as
Bugis Junction rounded off the year with a highly
Esprit, Celadon, Giordano have also refreshed their
publicised Christmas campaign. As part of the
store designs to give their shopfronts a brand new
celebration, a S$1.6 million diamond-encrusted
look.
Christmas Tree, sponsored by Soo Kee Jewellery,
was displayed at the mall. This made it to the
PROMOTIONAL AND
Singapore Book of Records as the First & Most
Diamonds on a Christmas Tree record, and received
2006 marks an important milestone for Bugis
massive media coverage on both television and print
Junction, kicking off the new year as part of the
media. Spectacular aerial performances by Katia and
CMTs portfolio. A series of concerted advertising,
Sebastian, who were formerly from Cirque du Soleil,
promotional
also entertained the festive crowd during Christmas.
and
communication
efforts
were
executed to inform shoppers and public alike on the
214
0
Christmas 2006
Fashion Vibe
Singapore Food Ball Festival
Singapore - Japan Joint Stamp Issue Exhibition
215
10
bugis junction
MARVEL10US
NET LETTABLE AREA
42.9%
32.7%
31.2%
25.4%
18.6%
18.0%
16.9%
12.3%
1.2% 0.8%
2007
216
Departmental Store
43.0%
Fashion
31.3%
F&B/Food Court
17.2%
F&B/Food Court
23.8%
Fashion
12.7%
Departmental Store
18.1%

Sports & Fitness
11.3%
11.8%
6.7%
Supermarkets
3.4%

Sports & Fitness
8.1%

Hobbies/Toys
3.3%

Hobbies/Toys
3.3%
Supermarkets
2.4%
Electronics
1.9%
Electronics
1.7%
2008
2009
2010
2011 and
beyond

BUGIS JUNCTION
(L to R): Margaret Khoo (Centre
Manager), Christopher Ang
(Marcom Manager), Foo Chai
Hong (Leasing Manager), and
Pang Chee Seng (Operations
Manager)
217
218
Sec10_07Mall_3smallmalls.indd Sec10:218
3/26/07 10:20:54 AM
ssc, jec, hougang plaza
in the northern part of Singapore, and to provide one

of the best shopping experiences to its visitors.
The objective for Jurong Entertainment Centre is
to continuously optimise its financial performance,
MARVEL10US
The objective for Sembawang Shopping Centre is

to continuously optimise its financial performance,
strengthen its market positioning as the leading mall
strengthen its market position as a one-stop

shopping, dining and entertainment destination and
to provide one of the best shopping experiences to
its visitors.
The objective for Hougang Plaza is to continuously
optimise its financial performance through tenancy
remixing and asset enhancement.
219
219
3/26/07 10:20:58 AM
ssc
MARVEL10US
SEMBAWANG SHOPPING CENTRE (SSC) is a retailcum-residential property located along Sembawang

Road. It is in close proximity to the Sembawang and
Yishun MRT stations. The retail component, which
comprises four above ground and one basement
levels, measures approximately 97,130 sq ft of NLA.
The residential component has been left vacant in
preparation for asset enhancement works. SSC is
positioned as a one-stop family-oriented necessity
mall catering to the local residents.
NET LETTABLE AREA
SSC will commence major redevelopment works

March
2007.
The
enhancement
1
97,130 sq ft

in
SSC PROPERTY INFORMATION
initiative
incorporates the conversion of approximately 42,610

sq ft of residential GFA from the residential block for
NUMBER OF TENANTS
CAR PARK LOTS
External car park: 2391
TITLE
Leasehold tenure of
from 26 March 1885
Permission granted by the URA in December 2005.

the current Level 3 and 4 of SSC, close to 80,000 sq
ft of GFA will be transferred to Basement 1, Level 1
and 2 of the redeveloped SSC to create more prime
retail space. In addition, the car park lots currently
occupying prime space on Basement 1, Level 1 and
Multi-storey car park: 211
retail usage at the mall. This follows the Provisional

Together with approximately 35,974 sq ft of GFA on
70
PURCHASE PRICE
MARKET VALUATION
S$78.0 million
S$84.0 million
OCCUPANCY RATE
96.5%
1 The refers to teh external car park, under a temporary occupation

license, located next to SSC.
220
220
3/26/07 10:21:00 AM
10
SSC
(L to R): Jaclyn Chan (Centre
Manager), Jeffrey Hor
(Technical Officer), Sharon
Cheng (Marcom Executive) and
Ivy Ang (Leasing Manager)
221
221
3/26/07 10:21:04 AM
ssc
MARVEL10US
2 will be relocated to the upper car park decks which

will be created.
This will free up the prime retail
space and optimise rentals.
On the top floor of the new SSC, an open landscape

plaza, comprising a childrens playground and a
designated water play area with interactive features
for children, will be constructed. There will also be an
open-air events area and an alfresco dining area to

cater to diners who prefer to eat outdoors. Separately,
travelators will be installed, spanning Basement 1 to
Level 3, to enhance the vertical connectivity at the

new SSC.
Construction of Basement 1, Level 1 and the car park

are expected to be completed by fourth quarter 2007.
Level 2 and Level 3 are expected to be completed
by first quarter 2008. The final part of the asset

enhancement works, which involves the construction
of the open landscaped plaza, is expected to be

The
project
is
expected
to
incur
capital
expenditure of S$47.0 million, and is expected

to increase net property income by S$4.2 million
per annum and achieve an ungeared ROI of

9.0 percent.
222
222
3/26/07 10:21:08 AM
TENANCY MIX
SSC is anchored by Giant Hypermart, and other

major tenants include Kopitiam Foodcourt, Taste of
Thailand, Satay Club and Sakae Sushi.
In line with the proposed asset enhancement works,
the tenancy mix at SSC will be renewed and enhanced

with the addition of a wide variety of new shops and
trades.
PROMOTIONAL AND
To reinforce and strengthen the positioning of SSC as
a family mall, marketing activities were planned around
Most Beautiful Grandma Contest
families and kids in 2006. Favourite characters like
Power Rangers, Barney and The Justirisers were

brought into SSC. Activities, such as mask making
and hand painting workshops, tea parties, colouring
and jigsaw puzzle contests, were organised for the

children during the school holidays.
SSC also hosted The Most Beautiful Grandma

Contest, jointly with Dongli 88.3 FM and Shin Min
Dailys in May 2006. The high profile event received
overwhelming response and attracted contestants as

young as 42 year old and even those staying in the
Eastern part of Singapore.
Power Rangers
223
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3/26/07 10:21:09 AM
jec
MARVEL10US
JEC is a five-storey entertainment complex

situated in the heart of Jurong East Regional
Centre. The mall is strategically located next to
the Jurong East MRT station and bus interchange,

as well as the Jurong East National Library. JEC
comprises four levels of retail and entertainment
space and one level of basement car parking. The
mall is positioned as a one-stop shopping, dining

and entertainment destination for youths and
residents in the Western region of Singapore.
JEC PROPERTY INFORMATION

NET LETTABLE AREA
NUMBER OF TENANTS
CAR PARK LOTS

TITLE
PURCHASE PRICE
MARKET VALUATION
OCCUPANCY RATE
224
224
111,293 sq ft
34
220
Leasehold tenure of
from 1 March 1991
S$68.0 million
S$73.0 million
99.9%
3/26/07 10:21:10 AM
10
JEC
(L to R): Callie Yah (Centre
Manager), Raymond Chan
(Marcom Manager), Jeffrey
Teo (Leasing Manager), Ivy
Tan (Leasing Manager), Abdul
Rahman Bin Zaraz (Operations
Manager), and Mustafa Bin
Abdul Rahim (Assistant Centre
Manager)
225
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3/26/07 10:21:21 AM
10
jec
MARVEL10US
TENANCY MIX
Multiple asset enhancement initiatives were carried
JEC houses Fuji Ice Palace, the only ice-skating rink
out since JEC was acquired in October 2005. A new
in Singapore, Shaw Theatres, a six-screen cineplex,
food court was brought into the mall to enhance the
K-box, a family karaoke club, a games arcade, food
food & beverage offerings.
court and major fast food outlets.
In addition, the toilets
located on Levels 1 and 2 were upgraded and the
floor tiles on the same levels were replaced to give
New tenants such as ZingDo, Ah Hock Kaya Roti,
the mall a fresh new look. The cinema ticketing booth
Spectacle Hut, Pets R Us, Pretticure, QB House
on Level 1 was also relocated to Level 2 to free up the
Zone X, Pretty Pix and Hobby Point were brought into
atrium space for promotional activities and events.
the mall to further strengthen the retail offerings. At
Other minor works included the subdivision of some
Level 2, the shopfront of the arcade game centre was
retail units and the widening of the car park entrance
extended to enhance the shops visibility. Pushcarts
to enhance vehicular traffic flow.
and promotion space vendors were also brought in to

add variety to the tenant mix.
URA also granted CMT OPP to increase the plot

ratio at JEC from 1.85 to 3.00 for full commercial
PROMOTIONAL AND
development. The approval effectively increases the
NLA of JEC by 85.0 percent, from approximately
During the year, joint promotions were organised
111,140 sq ft to approximately 206,000 sq ft,
with local television stations, movie distributors and
subject to the payment of a differential premium
record companies. These included Singapores first
of approximately S$12.0 million.
Proposed asset
ever Doggie Lou Hei, the March School Holidays
enhancement plans for JEC, which includes the
Basketball and Football Challenge, Im Not Stupid
reconfiguration of space, extension of lease line to
movie promotion, and the South West CDC Charity
maximise efficiency and the addition of retail space
Fiesta. Artiste autograph sessions with stars like
on Level 5, have been submitted to the relevant
Alan Kuo, Fann Wong and Christopher Lee also
authorities for their approvals.
appealed to the teens from nearby secondary schools
and polytechnic institutions, as well as residents from

the West.
226
226
3/26/07 10:21:24 AM
Basketball and Football Challenge
South West CDC Charity Fiesta
Artiste Autograph Session - Alan Kuo
Artiste Autograph Session - Fann Wong and Christoper Lee
Doggie Lou Hei
227
227
3/26/07 10:21:26 AM
hougang plaza
MARVEL10US
HOUGANG PLAZA PROPERTY INFORMATION
NET LETTABLE AREA
70,095 sq ft
NUMBER OF TENANTS
CAR PARK LOTS
154
HOUGANG
PLAZA
is
strategically
located
in
MALL UPDATE
Hougang Central and is in close proximity to the
In the first quarter 2006, the URA granted CMT an
Hougang MRT station and bus interchange. It has
OPP to increase the plot ratio of Hougang Plaza from
three-stories of retail and a basement car park
1.4 to 3.0 for full residential development or mixed
comprising 154 park lots. Hougang Plaza is positioned
development. The approval effectively increases
as a neighbourhood mall and caters to the basic
the GFA by approximately 91,000 sq ft, from
shopping and entertainment needs of the residents
approximately 79,648 sq ft to 171,141 sq ft. We
in the vicinity.
are currently exploring various options to reconfigure
It has a population catchment of
Leasehold tenure of
from 1 March 1991
approximately 156,000 within the main trading area
PURCHASE PRICE
S$49.1 million
TENANCY MIX
Plaza with the completion of the acquisition of the
MARKET VALUATION
S$49.7 million
Major tenants at Hougang Plaza include Kopitiam,
remaining 3.3 percent of the total share values at
Shop and Save supermarket, Novena Furnishing
Hougang Plaza for approximately S$5.3 million.
TITLE
OCCUPANCY RATE
95.6%
spanning a two kilometers radius from the mall.
CMT also now owns 100.0 percent of Hougang
Centre and K-Box. To add variety to the existing tenant

mix, pushcarts and promotional space vendors were
introduced in 2006.
228
228
the retail space and enhance the offerings.
3/26/07 10:21:28 AM
10
HOUGANG PLAZA
(L to R): Dennis Cheong
(Marcom Manager), Ricky Ho
(Centre Manager), Rachel Loh
(Leasing Manager), and Eddie
Lim (Operations Manager)
229
229
3/26/07 10:21:31 AM
10
ssc, jec, hougang plaza
MARVEL10US
BY NET LETTABLE AREA
43.8%
42.5%
37.3%
32.7%
21.0%

Sports & Fitness
F&B/Food Court
F&B/Food Court
32.3%
38.3%
21.0%
11.7%

Sports & Fitness
7.2%
25.1%
3.8%
Supermarkets
14.9%
16.8%
10.8%
Supermarkets
12.4%
Home Furnishings
8.9%
Fashion
6.3%
Fashion
4.8%
Home Furnishings
4.9%
Books/Gifts & Specialty

Hobbies/Toys
0.7%

Hobbies/Toys
1.2%
Electronics
0.6%
Electronics
1.0%
0.0% 0.0%
2007
2008
2009
2010
2011 and
beyond

230
230
3/26/07 10:21:34 AM
0
231
231
3/26/07 10:21:35 AM
raffles city
MARVEL10US
The objective for Raffles City is to continuously

market position as the premier mixed-development
of choice in the downtown core of Singapore, and to
provide one of the best integrated lifestyle experiences
to its visitors.
232
232
Sec10_08Mallraffles.indd Sec10:232
3/26/07 10:22:08 AM
233
3/26/07 10:22:12 AM
234
234
1
3/26/07 10:22:18 AM
raffles city
comprising retail, commercial, hotels and convention

centre in the heart of Singapores Central Business
District. The complex consists of Raffles City
Shopping Centre (RCSC), Raffles City Tower, Swissotel

The Stamford, Raffles The Plaza and Raffles City
Convention Centre.
Raffles City enjoys direct connectivity to City Hall MRT
RAFFLES CITY PROPERTY INFORMATION1
station, one of Singapores major MRT interchanges

where the north and southbound lines meet the
NET LETTABLE AREA
Retail: 351,959 sq ft
east and westbound lines. It will also have direct
Office: 380,222 sq ft
connectivity to the proposed Esplanade MRT station
NUMBER OF TENANTS
Retail: 186
on the new Circle Line, which is expected to be fully
Office: 45
operational by 2010. In addition, it is well-served by
Hotels and Convention
major bus routes along the four main city streets,
Centre:1
namely Bras Basah Road, Beach Road, Stamford
1,068
Road and North Bridge Road.
Leasehold tenure of
The joint acquisition of Raffles City by CMT (40.0
CAR PARK LOTS
MARVEL10US
10
RAFFLES CITY is a premier mixed-used development
TITLE
from 15 July 1979
percent stake) and CCT (60.0 percent stake) was

completed on 1 September 2006.
PURCHASE PRICE
S$2,166.0 million
MARKET VALUATION
S$2,266.01 million
RAFFLES CITY SHOPPING CENTRE
RCSC is a prime retail mall spread over five levels,

including a basement level. Positioned to cater
OCCUPANCY RATE
Retail: 99.3%
Office: 99.8%
SHOPPER TRAFFIC
FOR 2006
29.1 million
GROSS REVENUE
S$51.71 million
to the middle-to-upper income market segments,
RCSC appeals to a diverse group of visitors including

tourists, exhibitors, office workers and shoppers
from all over Singapore.
(for the period 1 September

2006 to 31 December 2006)
NET PROPERTY INCOME
S$36.61 million
(for the period 1 September

2006 to 31 December 2006)
1 The information shown in relation to Raffles City is as a whole

and not CMTs 40.0 percent interest in Raffles City.
235
3/26/07 10:22:23 AM
raffles city
MARVEL10US
10
also exploring the construction of a link which could
Approximately 53,000 sq ft of new retail space was
provide direct access from the City Hall MRT station
added to the Basement level through the conversion of
to either Basement 2 or 3 or the mall.
part of the hotels back of house area. The revamped
Basement 1, named The Raffles Marketplace, was
TENANCY MIX
completed in July 2006 and offers a wider selection
RCSC houses over 180 specialty shops and is
of retail and dining options in an organic setting. Two
anchored by Robinsons Department Store and
new water features, Momentum and Ballo, set in a
Jasons Market Place, a gourmet supermarket.
contemporary atrium and skylight environment served
The tenant mix includes international labels such as
to heighten the interactive nature of the shopping and
Coach, Calvin Klein Jeans and high street brands
dining experience.
Warehouse and Naf Naf.
guidance
With the expansion of The Raffles Marketplace, new
system was implemented in November 2006.
concept stores as well as retailers who are new
Refurbishment works, which included improvements
to Singapore, including Animal, Apothecary & Co,
made to the lighting levels at the car park, have
Donut Factory, Aerins and Seasons Reasons, are
also been completed.
now exclusively available at RCSC. The revamped
Separately,
an
electronic
car
park
basement is also home to familiar brands like
There is potential to increase the retail NLA at RCSC
Anthropology,
by between 150,000 sq ft to 200,000 sq ft, through
Prints.
Birkenstock,
Crumpler,
Nike
and
the conversion of lower yielding spaces to higher

yielding spaces. The additional space can be used to
Continued efforts will be made to further improve
strengthen the retail offerings on Basement 1 and
the current retail offerings through the introduction
to potentially create two additional levels of retail on
of innovative concepts and renowned brand names
Basement 2 and 3. Basement 2 of Raffles City is
with an aim to strengthen RCSCs unique market
intended to have direct connectivity to the proposed
positioning.
Esplanade MRT station on the Circle Line. We are
236
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3/26/07 10:22:28 AM
0
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3/26/07 10:22:33 AM
10
raffles city
MARVEL10US
PROMOTIONAL AND
conjunction with GSS for the second year running,
saw a 6.0 percent increase in shopper traffic against
A whole series of marketing and promotional
2005. Participating retail tenants also reported good
events focused on branding, celebration themes,
sales.
signature events and partnership programmes were

implemented in 2006.
To end the year with a big bang, Barbie and The 12
Dancing Princesses, our Christmas blockbuster put
For the first time, RCSC partnered the Australian
up an impressive LIVE show. Meet and greet as well
Trade Commission to present Lifestyle Australia
as interactive activities and photo sessions were also
2006. The event offered an exclusive showcase of
organised. The fun-filled entertainment captivated our
designer jewellery, contemporary art pieces and
shoppers alongside a string of shopping rewards.
gourmet products by eight Australian lifestyle brands,
Singapore Arts Festival - Finals!
including Katelyn Aslett, Mukti Botanicals and Moon
On the fashion side, RCSC partnered the British
Haven.
Council to present the first-ever United Kingdom (UK)
event called hyBrit. It showcased four celebrated UK
As an avid supporter of the arts and in conjunction
fashion designers, as well as other new and trendy
with the Singapore Arts Festival 2006, RCSC
UK labels. It was indeed a way to bring cutting-edge
partnered the National Arts Council to present
couture to shoppers at the mall. RCSC, together with
Finals!, a multimedia street theatre performance
Textile & Fashion Federation Singapore and supported
which celebrates the universal passion for football.
by International Enterprise Singapore, presented the
The performance provided football fanatics a chance
creative works of young promising Singaporeans
to immerse in the World Cup fever at Raffles City.
and regional fashion talents. The annual Singapore
Fashion Week event generated much buzz and
RCSC also participated in the iconic Great Singapore
excitement within the fashion industry. It was also
Sale (GSS) for 2006 and presented a host of super
a much anticipated event where winners for the
buys and attractive promotions. Retail Therapy by
Singapore Fashion Designers Contest and Asian
Moonlight, the late-night shopping event held in
Young Fashion Designers Contest were announced.
A Poetic Night by Swarovski
238
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3/26/07 10:22:56 AM
0
Singapore Fashion Week
Lifestyle Australia 2006
Barbie and The 12 Dancing Princesses
Singapore Fashion Festival - hyBrit
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3/26/07 10:22:56 AM
10
raffles city
MARVEL10US
RAFFLES CITY TOWER
Raffles City Tower is a 42-storey office block. Its

anchor
tenants
include
Economic
Development
Board, Phillips Securities Pte Ltd and Accenture

Pte Ltd.
SWISSOTEL THE STAMFORD, RAFFLES THE PLAZA

AND RAFFLES CITY CONVENTION CENTRE
Swissotel The Stamford, a 73-storey deluxe hotel,
Raffles The Plaza, a 28-storey twin tower hotel, and
the Raffles City Convention Centre are on a long term

master lease to RC Hotels (Pte) Ltd (RC Hotels).
RC Hotels is an indirect subsidiary of Colony Capital,
LLC. The master lease is for 20 years, commencing

from 7 November 1996, with an option to renew for
a further term expiring on 31 December 2036.
The master lease provides cash flow stability
through minimum step-up rental and service charge
components, which is projected to contribute at

least 70.0 percent of the gross rental income
from the lease to RC Hotels.
The minimum rent
component ranges from S$26.0 million to S$44.0

million p.a. In addition, the master lease provides
good organic growth with the step-up minimum rent
structure and variable rent pegged to the gross
operating revenue of the hotels and convention space

(RC Hotels revenue). The variable rent is 9.5 percent
of RC Hotels gross operating revenue for the period
from November 2005 to November 2006. For the
period from November 2006 to November 2011,

the variable rent is 8.5 percent of gross operating
revenue up to S$250.0 million and 13.0 percent of

gross operating revenue over S$250.0 million.
240
240
3/26/07 10:22:57 AM
0
241
241
3/26/07 10:23:01 AM
10
raffles city
MARVEL10US
RENEWALS AND NEW LEASES COMMITTED FROM 1 SEPTEMBER TO 31 DECEMBER 2006

RENEWED/NEW LEASES
AS AS 31 DECEMBER 06
(% OF PORTFOLIO)
(SQ FT)
Raffles City Tower
Raffles City Shopping Centre
Weighted Average
INCREASE IN RENTAL VS
FORECAST
PRECEDING
RENT
RENT
COMMITTED
OCCUPANCY AS AT
31 DECEMBER 06
(23.1%)
87,726
5.9%
4.2%
99.8%
(1.5%)
5,188
3.0%
6.3%
99.3%
(12.7%)
92,903
5.1%
7.4%
99.5%
242
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3/26/07 10:23:23 AM
0
RAFFLES CITY

45.0%
30.4%
22.6%
12.4%
8.9%
9.3%
4.7%
2007
0.8%
1.5%
2008
2009
60.0%
44.0%
31.4%
17.4%
RAFFLES CITY TOWER

2010
2011 and
beyond
Leases up for Renewal

(By Gross Rent1 as at 31 December 06)
2007
2008
2009
2.0%
0.0%
2010
2011 and
beyond
2007
9.6%
0.0%
2008
2009
2010
0.0%
2011 and
beyond
Weighted Average Expiry: 1.3yrs
Weighted Average Expiry: 1.4yrs

(By Gross Rent1 as at 31 December 06)

(By Gross Rent as at 31 December 06)
Raffles City Tower
Hotels and Convention Centre
1 Excludes turnover rent.
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3/26/07 10:23:29 AM
10
raffles city
MARVEL10US
RAFFLES CITY SHOPPING CENTRE TOP TEN TENANTS
TOP TEN COMMITTED TENANTS AS AT 31 DECEMBER 2006

TENANT
Robinson & Company (Singapore) Private Limited2
LEASE EXPIRY DATE1
% OF GROSS RENT3
Feb 07, Mar 07
17.9%
Esprit Retail Pte Ltd
Sep 07
3.3%
Cold Storage Singapore (1983) Pte Ltd
Nov 08
3.2%
Food Junction Management Pte Ltd
Nov 08
2.6%
DBS Bank Ltd
Jun 07, Nov 08
1.9%
Hinckley Singapore Trading Pte. Ltd.
May 08, Nov 09
1.9%
May 09
1.6%
Feb 07, Sep 07, Dec 08
1.6%
Cortina Watch Pte Ltd
Apr 09
1.6%
American Style Pte. Ltd.
Apr 09
1.5%
Adidas Singapore Pte Ltd
Jay Gee Enterprises (Pte.) Ltd
Top Ten Tenants
37.1%
Other Tenants
62.9%
Total
100.0%
1 Some of the tenants above have signed more than one tenancy agreement and this has resulted in more than one expiry date for such tenants.
2 Comprises Robinson & Company (Singapore) Private Limited, and John Little Private Limited.
3 Excludes GTO rent.
244
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3/26/07 10:23:34 AM
0
RAFFLES CITY TOWER TOP TEN TENANTS
TOP TEN COMMITTED TENANTS AS AT 31 DECEMBER 2006

TENANT
Economic Development Board2
% OF GROSS RENT
Feb 08, Jun 09
31.0%
Phillip Securities Pte Ltd
Dec 09
14.9%
Accenture Pte Ltd
Aug 07
11.8%
Total Trading Asia Pte. Ltd.
Dec 09
3.9%
Qantas Airways Limited
Feb 073
2.3%
Professional Investment Advisory Services Pte Ltd
Aug 07
2.0%
Petro-Diamond Singapore (Pte) Ltd
Oct 08
1.9%
LVMH Watch and Jewellery Singapore Pte Ltd
Jun 07
1.8%
The European Community
Jun 09
1.8%
Dentsu Asia Pte Ltd
Jan 074
1.8%
Top Ten Tenants
73.2%
Other Tenants
26.8%
Total
1
2
3
4
LEASE EXPIRY DATE1
100.0%
Some of the tenants above have signed more than one tenancy agreement and this has resulted in more than one expiry date for such tenants.
Comprises Economic Development Board and TIF Ventures Pte Ltd, an indirect wholly-owned subsidiary.
Tenant is not renewing its lease upon expiry.
Tenant has renewed for a period of two years.
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3/26/07 10:23:41 AM
10
raffles city
MARVEL10US
RAFFLES CITY TOWER
BY GROSS RENTAL INCOME1
Fashion
37.5%
F&B/Food Court
21.8%
Departmental Store
16.6%
Government and
Government Linked Office
32.6%
Banking, Insurance &

Financial Services
21.2%
9.0%
Others
19.3%

Hobbies/Toys
6.2%
IT Services & Consultancy/

Internet trading
13.7%

Sports & Fitness
3.8%
Supermarkets
3.2%
Home Furnishings
1.1%
Electronics
0.8%
Business Management/
Consultancy Services
Business Activities
9.3%
Real Estate & Property

Services
2.5%
Telecommunications
1.4%
1 Excluding GTO rent
246
246
3/26/07 10:23:46 AM
0
RAFFLES CITY
(L to R): S Ganasan (Security
Manager), Lee Mun Ling
(Corporate Director, Marketing
Communications), Tan Kee Yong
(General Manager), Teresa
Teow (Deputy General Manager),
Paw Tan (Operations Manager),
Eugenie Yap (Corporate Director,
Leasing - Retail) and Ms Carol
Liew (Manager, Leasing - Office)
247
3/26/07 10:23:48 AM
investments
MARVEL10US
(1) CAPITARETAIL SINGAPORE LIMITED

CRS is a private retail property fund sponsored by
CapitaLand. Constituted in 2003, CRS owns three
suburban malls in Singapore, namely Lot One, Bukit
Panjang Plaza and Rivervale Mall.
CMT owns a 27.2 percent stake in CRS through the
Class E bonds issued by CRS. The bonds delivered
a coupon rate of 8.5 percent in 2006. CMT also
has the right of first refusal to acquire the CRS
portfolio.
CRS DELIVERS TARGET COUPON RATE OF 8.5 PERCENT

FROM ACQUISITION TO 31 DECEMBER 2006 (EXCLUDING NEWLY CREATED UNITS)
PROPERTY
NO. OF RENEWALS/
NEW LEASES
NET LETTABLE
AREA
AREA
(SQ FT)
%
TOTAL NLA1
INCREASE IN
CURRENT RENTAL RATES
VS.
FORECAST RENTAL
RATES
PRECEDING
RENTAL RATES
Lot One
119
227,325
111.7%
8.6%
19.9%
Bukit Panjang Plaza
112
95,189
63.3%
7.5%
12.4%
Rivervale Mall
102
107,489
131.9%
2.5%
10.0%
CRS Portfolio
333
430,003
98.7%
7.0%
15.8%
Lot One
248
248
Bukit Panjang Plaza
Rivervale Mall
(2) CAPITARETAIL CHINA TRUST
CRCT ENJOYS A PROPRIETARY AND SECURED PIPELINE OF ASSETS
CRCT is the first pure-play China retail REIT listed

on the SGX-ST on 8 December 2006. The portfolio
CAPITARETAIL CHINA
DEVELOPMENT FUND
CAPITALAND RETAIL
LIMITED
comprises seven quality retail malls strategically
(US$600.0 MILLION OF
COMMITTED EQUITY RAISED)
CAPITARETAIL CHINA
INCUBATOR FUND
(US$425.0 MILLION OF
COMMITTED EQUITY RAISED)
located within large population catchment areas in

five cities across China. The quality geographically
diversified quality portfolio, valued at approximately
S$690.0 million as at 30 September 2006, is
anchored by major international and domestic
retailers, such as Wal-Mart, Carrefour and the
Beijing Hualian Group. Other tenants include Sport
100 and B&Q. The malls are positioned as one-stop
family-oriented shopping, dining and entertainment
destinations in their localities. The seven malls are
Wangjing Mall, Jiulong Mall and Anzhen Mall in
Beijing, Qibao Mall in Shanghai, Zhengzhou Mall in
Zhengzhou, Jinyu Mall in Huhehaote and Xinwu Mall
in Wuhu.
Develops greenfield retail malls

Pipeline of 25 retail malls across
China amounting to US$1.0 billion
(S$1.6 billion) and measuring
over 1.1 million sq m in GRA
Completed retail properties in

the PRC1
1 Includes China, Hong Kong SAR and
Macau SAR
Signed Memorandum of
Understanding to acquire over 35
retail malls with a total asset size
of approximately US$1.3 billion
(S$2.1 billion) and measures
over 1.5 million sq m in GRA
Incubates completed malls

Xihuan Plaza Retail Mall in
Xizhimen, Beijing, acquired at
approximately US$162.5 million
(approximately S$260.0 million)
Potential pipeline from
- Beijing Hualian Group alliance
- Third party entities
A further 70.0 percent of future

Wal-Mart developments by SZITIC
up to 2010
Other potential pipeline from

- Beijing Hualian Group
- Third party entities
CRCT enjoys strong acquisition growth potential

supported by secured and proprietary pipeline from
CapitaLand. CRCT has been granted the right of
RIGHTS OF FIRST REFUSAL
first refusal to assets owned by CapitaRetail China

Development Fund (CRCDF), CapitaRetail China
Incubator Fund (CRCIF) and CapitaLand Retail Limited
CAPITARETAIL CHINA TRUST
(CRTL), the retail business unit of CapitaLand.

CRCDF and CRCIF are private retail property funds
sponsored by CapitaLand. CRCDF, CRCIF and CRTL
together potentially own more than 70 retail malls
across China.
Jinyu Mall, Huhehaote,

Inner Mongolia
Wangjing Mall,
Beijing
Xinwu Mall, Wuhu,

Anhui
Jiulong Mall,
Beijing
Qibao Mall,
Shanghai
Anzhen Mall,
Beijing
Zhengzhou Mall,
Zhengzhou, Henan
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249
investments
MARVEL10US
CRCT PERFORMANCE SINCE IPO (8 DECEMBER 2006) TO 1 MARCH 2007
% change in unit price/index value
CRCTs Forecast Year 2007 and Projection Year
Strategic long term investment
2008 distribution yields are 5.4 percent and 5.8
95.1 million units held by CMT
percent respectively.
200.7 percent unit price appreciation2
205
IPO1 to 1 March 07
185
CRCT
STI
SESPROP
165
145
CMT owns a 20.0 percent stake in CRCT, which
S$186.0 million net gain2
is equivalent to 95.1 million units in CRCT at a
+161.1%
+
6.1%
+ 12.3%
committed investment of S$93.3 million. As at
CRCT
1 March 2007, CRCTs unit price has appreciated

161.1 percent from S$1.13 cents at listing to
125
S$2.95, presenting a S$186.0 million net gain.

105
85
The strategic long term investment in CRCT is expected
65
to provide CMTs Unitholders with an opportunity
45
to enjoy the tremendous growth in the China retail

real estate market without drastically changing its
SESPROP
25
01 Mar 07
25 Feb 07
21 Feb 07
17 Feb 07
13 Feb 07
09 Feb 07
05 Feb 07
01 Feb 07
28 Jan 07
24 Jan 07
20 Jan 07
16 Jan 07
12 Jan 07
08 Jan 07
04 Jan 07
31 Dec 06
27 Dec 06
23 Dec 06
19 Dec 06
15 Dec 06
11 Dec 06
-35
07 Dec 06
-15
risk profile.
STI
Source : Bloomberg, CMTML
1 CRCT IPO on 8 December 2006

2 Based on the subscription price of S$0.981 per unit in CRCT (as described in the CRCT prospectus dated 29 November 2006)
and the closing price of S$2.95 per CRCT unit on 1 March 2007, CMTs paper gain from its investment in CRCT is approximately
S$186.0 million or S$148.8 million if we assume tax thereof of 20.0%. The above paper gain is also arrived at, using CMTs interest cost to date of
S$1.2 million.
250
250
CAPITALAND RETAIL LIMITEDS GROWING PRESENCE IN CHINA
Currently, own/manage 33 retail malls across China.
Potentially own/manage over 70 retail malls across China with new Memorandums of Understandings1 signed to acquire over 35 retail malls in
major provinces/cities which include Beijing, Guangdong, Sichuan, Shandong and Inner Mongolia.
Heilongjiang
Jilin
Jinyu Mall
Jiulong Mall
Liaoning
Anyang
Xinxiang
Inner Mongolia
Beijing
Tianjin
Gansu
Zibo
Hebei
Shanxi
Shandong
Qinghai
Weifang
Yangzhou
CHINA
Mianyang
Changsha
Deyang
Wangjing Mall
Xihuan Plaza Retail Mall
Xinjiang
Zhengzhou Mall
Chengdu
Anzhen Mall
Shaanxi
Xizang
(Tibet)
Sichuan
Jiangsu
Henan
Anhui
Shanghai
Zhejiang
Yibin
Jiangxi
Fujian
Chongqing
Yiyang
Guizhou
Hunan
Nanhai
Yunnan
Zhaoqing
Guangxi
Qibao Mall
Xinwu Mall
Hubei
Chongqing
Kunshan
Nanchang
Quanzhou
Zhangzhou
Guangdong
Foshan
Huiyang
Zhanjiang
Dongguan
Maoming
Shenzhen
Hainan
Shunde
CapitaRetail China Trust

CapitaRetail China Development Fund
CapitaRetail China Incubator Fund
CapitaLand
1 CapitaLand press release dated 15 January 2007
251
251
FINANCIAL STATEMENTS
report of the trustee
253
statement by the manager
254
independent auditors report
255
balance sheets
257
statements of total return
259
distribution statements
260
statements of movements in unitholders funds
262
portfolio statements
263
cash flow statements
268
notes to the financial statements
271
report of the trustee
(the Trust) and its associates and joint venture (together referred to as the Trust and its investees) in trust for the holders (Unitholders)
of units in the Trust (the Units). In accordance with, inter alia, the Securities and Futures Act, Chapter 289 of Singapore, its subsidiary
legislation and the Code on Collective Investment Schemes and the Listing Manual (collectively referred to as the laws and regulations), the
Trustee shall monitor the activities of CapitaMall Trust Management Limited (the Manager) for compliance with the limitations imposed on
the investment and borrowing powers as set out in the trust deed dated 29 October 2001 (as amended) (the Trust Deed) between the
Manager and the Trustee in each annual accounting period and report thereon to Unitholders in an annual report which shall contain the
matters prescribed by the laws and regulations as well as the recommendations of the Statement of Recommended Accounting Practice 7
Reporting Framework for Unit Trusts issued by the Institute of the Certified Public Accountants of Singapore and the provisions of the Trust
Deed.
To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Trust during the period covered by these
financial statements, set out on pages 257 to 320, comprising the Balance Sheets, Statements of Total Return, Distribution Statements,
Statements of Movements in Unitholders Funds, Portfolio Statements, Cash Flow Statements and Notes to the Financial Statements, in
accordance with the limitations imposed on the investment and borrowing powers set out in the Trust Deed, laws and regulations and
otherwise in accordance with the provisions of the Trust Deed.
For and on behalf of the Trustee,

HSBC Institutional Trust Services (Singapore) Limited
HSBC Institutional Trust Services (Singapore) Limited (the Trustee) is under a duty to take into custody and hold the assets of CapitaMall Trust
Arjun Bambawale
Director
Singapore
22 February 2007
253
statement by the manager
In the opinion of the directors of CapitaMall Trust Management Limited, the accompanying financial statements set out on pages 257 to
320 comprising the Balance Sheets, Statements of Total Return, Distribution Statements, Statements of Movements in Unitholders Funds,
Portfolio Statements, Cash Flow Statements and a summary of significant accounting policies and other explanatory notes of CapitaMall Trust
and its associates and joint venture (together referred to as the Trust and its investees) and of the Trust are drawn up so as to present
fairly, in all material respects, the financial position of the Trust and its investees and of the Trust as at 31 December 2006, the total return,
distributable income, cash flows and movements in unitholders funds of the Trust and its investees and of the Trust for the year then ended in
accordance with the recommendations of Statement of Recommended Accounting Practice 7 Reporting Framework for Unit Trusts issued
by the Institute of Certified Public Accountants of Singapore and the provisions of the Trust Deed. At the date of this statement, there are
reasonable grounds to believe that the Trust and its investees will be able to meet their financial obligations as and when they materialise.
For and on behalf of the Manager,

CapitaMall Trust Management Limited
Pua Seck Guan

Director
Singapore
22 February 2007
254

unitholders of capitamall trust
(established in the republic of singapore pursuant to a trust deed dated 29 october 2001 (as amended))
referred to as the Trust and its investees), which comprise the balance sheets and portfolio statements of the Trust and its investees and
the Trust as at 31 December 2006, and the statements of total returns, distribution statements, statements of movements in unitholders
funds and cash flow statements of the Trust and its investees and the Trust for the year then ended, and a summary of significant accounting
policies and other explanatory notes, as set out on pages 257 to 320.
Managers responsibility for the financial statements
The Manager of the Trust is responsible for the preparation and fair presentation of these financial statements in accordance with Statement of
Recommended Accounting Practice 7 Reporting Framework for Unit Trusts issued by the Institute of Certified Public Accountants of
Singapore. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.
Auditors responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Trusts
preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,
We have audited the accompanying financial statements of CapitaMall Trust (the Trust) and its associates and joint venture (together
but not for the purpose of expressing an opinion on the effectiveness of the Trusts internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Manager of the Trust, as well as
evaluating the overall presentation of the financial statements.
255

unitholders of capitamall trust
(established in the republic of singapore pursuant to a trust deed dated 29 october 2001 (as amended))
We
believe
that
the
audit
evidence
we
have
obtained
is
sufficient
and
appropriate
to
provide
basis
for
our
audit opinion.
Opinion
In our opinion, the financial statements of the Trust and its investees and the financial statements of the Trust present fairly, in all material
respects, the financial position of the Trust and its investees and of the Trust as at 31 December 2006, the total return, distributable
income, movements in unitholders funds and cash flows of the Trust and its investees and the Trust for the year then ended in accordance
with the Statement of Recommended Accounting Practice 7 Reporting Framework for Unit Trust issued by the Institute of Certified Public
Accountants of Singapore.
KPMG
Certified Public Accountants
Singapore
22 February 2007
256
balance sheets
as at 31 december 2006
Trust and its Investees

2006
2005
$000
$000
Trust
2006
$000
2005
$000
Non-current assets
Plant and equipment
888
547
508
547
Investment properties
4,575,080
3,365,000
3,668,680
3,365,000
Associates and joint venture
169,636
64,928
676,773
58,000
4,745,604
3,430,475
4,345,961
3,423,547
Current assets
Inventories
Trade and other receivables
Cash and cash equivalents
167
18,306
13,942
23,490
13,942
47,201
39,147
31,802
39,147
65,674
53,089
55,292
53,089
Current liabilities
Trade and other payables
Current portion of security deposits

Interest-bearing loans and borrowings
74,043
55,543
66,445
55,543
20,296
22,209
17,699
22,209
255,793
255,793
367
367
367
367
350,499
78,119
340,304
78,119
(284,825)
(25,030)
(285,012)
(25,030)
Current tax payable
Net current liabilities

Non-current liabilities
Non-current portion of security deposits
Net assets
1,434,279
1,089,232
1,089,733
1,089,232
50,686
32,308
45,588
32,308
1,484,965
1,121,540
1,135,321
1,121,540
2,975,814
2,283,905
2,925,628
2,276,977
Note
The accompanying notes form an integral part of these financial statements.
257
balance sheets
Note

2006
2005
$000
$000
Trust
2006
$000
2005
$000
Represented by:
Unitholders funds
Units in issue (000)
Net asset value per unit
10
2,975,814
2,283,905
2,925,628
2,276,977
1,561,441
1,379,698
1,561,441
1,379,698
1.91
1.66
1.87
1.65

258
statements of total return

year ended 31 december 2006

2006
2005
$000
$000
Gross revenue
11
331,728
Property expenses
12
(114,087)
Net property income

Interest income
13
Investment income
Interest expense
Asset management fees
14
Professional fees
243,087
(89,006)
217,641
154,081
967
Trust
2006
$000
2005
$000
311,050
243,087
(108,054)
(89,006)
202,996
154,081
219
5,801
4,975
9,951
(42,529)
(23,991)
(37,588)
(23,991)
(20,510)
(14,948)
(19,180)
(14,948)
(670)
(797)
(659)
(797)
(1,201)
(828)
(1,164)
(828)
Audit fees
(181)
(160)
(165)
(160)
Other charges
(374)
(963)
(372)
(963)
Trustees fees
Net income before share of profit of associate
153,143
112,613
159,620
117,369
14,258
4,400
167,401
117,013
159,620
117,369
252,960
293,284
219,570
293,284
420,361
410,297
379,190
410,653
420,361
410,297
379,190
410,653
Basic
11.62
9.48
11.08
9.50
Diluted
11.62
9.48
11.08
9.50
Share of profit of associate

Net income
Net appreciation on revaluation of
investment properties
Total return for the year before income tax
Income tax expense
15
Total return for the year

Earnings per unit (cents)
Note
16

259

2006
2005
$000
$000
Trust
2006
$000
2005
$000
Income available for

distribution to Unitholders at beginning of year
Net income before share of profit of associate
Net tax adjustments (Note A)
Interest income from associate
Income available for distribution to Unitholders
26,204
49,133
26,204
49,133
153,143
112,613
159,620
117,369
11,329
9,413
9,783
9,413
4,931
4,756
169,403
126,782
169,403
126,782
195,607
175,915
195,607
175,915
Distribution to Unitholders:
Distribution of 4.07 cents per unit
for period from 2/8/2004 to 31/12/2004
(48,971)
(48,971)
(29,745)
(29,745)
(30,245)
(30,245)
(40,750)
(40,750)

(25,800)
(25,800)
(37,551)
(37,551)
(38,267)
(38,267)
(41,056)
(41,056)

(142,674)
(149,711)
(142,674)
(149,711)
Income available for distribution

to Unitholders at end of the year
52,933

260
26,204
52,933
26,204

2006
2005
$000
$000
2006
$000
Trust
2005
$000
7,007
8,463
7,007
Non-tax deductible/(chargeable) items:

-
asset management fees paid/payable in units
9,793
trustees fees
1,201
828
1,164
828
write-off of assets
900
1,559
900
1,559
other items
(558)
1,655
(737)
1,655
Tax deductible item:-
capital allowances/balancing allowances
Net tax adjustments
(7)
11,329
(1,636)
9,413
(7)
9,783
(1,636)
9,413
Note A Net tax adjustments comprise:

261
statements of movements in unitholders funds


2006
2005
$000
$000
Net assets at beginning of the year
Trust
2006
$000
2005
$000
2,283,905
1,620,426
2,276,977
1,610,653
167,401
117,013
159,620
117,369
252,960
293,284
219,570
293,284
420,361
410,297
379,190
410,653
401,000
406,895
Operations
Net income
Net appreciation on revaluation
of investment properties
Net increase in net assets resulting from operations
Hedging reserve
Effective portion of changes in fair value of cash flow
hedges
2,087
(2,489)
Unitholders transactions
Creation of units
-
contributions on placements and public offering
401,000
406,895
asset management fees paid/payable in units
8,463
8,853
8,463
8,853
units issued in respect of RCS Trusts acquisition fees
8,664
8,664
322
322
units issued in respect of RCS Trusts managers asset

management fees
Issue expenses (Note 17)
(6,314)
(10,366)
(6,314)
(10,366)
Distribution to Unitholders
(142,674)
(149,711)
(142,674)
(149,711)
269,461
255,671
269,461
255,671
2,975,814
2,283,905
2,925,628
2,276,977
Net increase in net assets resulting from

Unitholders transactions
Net assets at end of the year

262
Description of Property
Tenure of
Land
Term of
Lease
Remaining
Term of
Lease
Location
Existing
Use
Occupancy
Rates as at
31 December
2006
2005
%
%
At
Valuation
2006
2005
$000
$000
Percentage
of Total
Net Asseis
2006
2005
%
%
Investment properties in Singapore
Tampines Mall
Leasehold
99 years
85 years
4 Tampines
Commercial
100.0
100.0
655,000
633,000
22.0
27.7
Commercial
96.0
100.0
489,000
473,000
16.4
20.7
Commercial
92.1
98.7
260,000
247,500
8.7
10.8
Commercial
84.21
79.11
558,000
400,000
18.8
17.5
Commercial
98.9
99.6
835,000
803,000
28.1
35.2
Commercial
95.6
100.0
49,680
44,300
1.7
2.0
Commercial
96.5
100.0
84,000
79,600
2.8
3.5
2,930,680
2,680,400
98.5
117.4
Central 5,
Singapore
Junction 8
Leasehold
99 years
84 years
9 Bishan
Place, Singapore
Leasehold
99 years
72 years
109 North
Bridge Road,
Singapore
IMM Building
Leasehold
60 years
42 years
2 Jurong
East Street 21,
Singapore
Plaza Singapura
Freehold
68 Orchard
Road, Singapore
Hougang Plaza2
Leasehold
99 years
84 years
1189 Upper ,
Serangoon Road
Singapore
Sembawang
Shopping Centre3
Leasehold
999 years
878 years
604 Sembawang
Road, Singapore
Balance carried forward

263
Tenure of
Land
Term of
Lease
Remaining
Term of
Lease
Existing
Use
Location
Occupancy
Rates as at
31 December
2006
2005
%
%
At
Valuation
2006
2005
$000
$000
Percentage
of Total
Net Asseis
2006
2005
%
%
Balance brought forward
2,930,680
2,680,400
98.5
117.4
Jurong Entertainment
Centre4
Leasehold
99 years
84 years
2 Jurong
Commercial
99.6
99.3
73,000
69,600
2.5
3.0
Commercial
100.0
100.0
665,000
615,000
22.3
26.9
906,400
30.4
4,575,080
3,365,000
153.7
147.3
169,636
64,928
5.7
2.8
4,744,716
3,429,928
159.4
150.1
East Central 1,
Singapore
Bugis Junction5
Leasehold
99 years
83 years
200 Victoria
Street, Singapore
Raffles City
Leasehold
99 years
72 years
250 & 252
Retail
99.3
North Bridge Road,
Office
99.8
2 Stamford Road
and 80 Bras
Basah Road, Singapore
Investment properties, at valuation
Interest in associates (Note 5)
Other assets and liabilities (net)

Net assets

264
(1,768,902) (1,146,023)
2,975,814
2,283,905
(59.4)
100.0
(50.1)
100.0
Tenure of
Land
Term of
Lease
Remaining
Term of
Lease
Location
Existing
Use
Occupancy
Rates as at
31 December
2006
2005
%
%
At
Valuation
2006
2005
$000
$000
Percentage
of Total
Net Asseis
2006
2005
%
%
Tampines Mall
Leasehold
99 years
85 years
4 Tampines
Commercial
100.0
100.0
655,000
633,000
22.4
27.8
Commercial
96.0
100.0
489,000
473,000
16.7
20.8
Commercial
92.1
98.7
260,000
247,500
8.9
10.9
Commercial
84.2 1
79.11
558,000
400,000
19.1
17.6
Commercial
98.9
99.6
835,000
803,000
28.5
35.3
Commercial
95.6
100.0
49,680
44,300
1.7
1.9
Commercial
96.5
100.0
84,000
79,600
2.9
3.5
2,930,680
2,680,400
100.2
117.8
Central 5,
Singapore
Junction 8
Leasehold
99 years
84 years
9 Bishan
Place, Singapore
Leasehold
99 years
72 years
109 North
Bridge Road,
Singapore
IMM Building
Leasehold
60 years
42 years
2 Jurong
East Street 21,
Singapore
Plaza Singapura
Freehold
68 Orchard Road,
Singapore
Hougang Plaza2
Leasehold
99 years
84 years
1189 Upper
Trust
Serangoon Road,
Singapore
Sembawang Shopping
Centre3
Leasehold
999 years
878 years
604 Sembawang
Road, Singapore
265
Tenure of
Land
Term of
Lease
Remaining
Term of
Lease
Location
Existing
Use
Occupancy
Rates as at
31 December
2006
2005
%
%
At
Valuation
2006
2005
$000
$000
Percentage
of Total
Net Asseis
2006
2005
%
%
2,930,680
2,680,400
100.2
117.8
Jurong Entertainment
Centre4
Leasehold
99 years
84 years
2 Jurong
Commercial
99.6
99.3
73,000
69,600
2.5
3.1
Commercial
100.0
100.0
665,000
615,000
22.7
26.9
3,668,680
3,365,000
125.4
147.8
East Central 1,
Singapore
Bugis Junction5
Leasehold
99 years
83 years
200 Victoria
Street, Singapore
Investment properties, at valuation
Interest in associates and joint

venture (Note 5)
Other assets and liabilities (net)

Net assets
676,773
58,000
23.1
2.5
4,345,453
3,423,000
148.5
150.3
(1,419,825) (1,146,023)
2,925,628
2,276,977
(48.5)
100.0
(50.3)
100.0
Figure based on occupancy of entire building. Occupancy rate at 31 December 2006 excluding office and warehouse is 98.3% (2005: 99.5%).
Hougang Plaza was acquired from Hougang Town Central Development Pte Ltd, S28 Holdings Pte Ltd, Jacks Place Holdings Pte Ltd, Kosma Holdings Pte Ltd and Wong Siew Mah and Chan Eng Lian, Adeline on 20 June
2005 (13.6%), 30 June 2005 (78.8%), 16 August 2005 (4.3%), 10 May 2006 (2.7%) and 7 June 2006 (0.6%), respectively.
Sembawang Shopping Centre was acquired from Ang Oon Hue Private Limited, on 10 June 2005.
Jurong Entertainment Centre was acquired from Shaw Jurong Development Pte Ltd, on 31 October 2005.
Bugis Junction was acquired from BCH Retail Investment Pte Ltd, a related party of the Manager, on 31 October 2005.
On 17 October 2005, the Trust entered into the Agreement to Surrender with Seiyu (Singapore) Private Limited (Seiyu Singapore) and The Seiyu, Ltd., in respect of the surrender of the Surrender Premises by Seiyu
Singapore to the Trust. The Surrender Premises, which comprise #B1-01, part of #01-01 and part of the 4th storey, forms part of the premises at Bugis Junction currently leased by Seiyu Singapore for a term of 20
years commencing from 7 April 1995. Under the Agreement to Surrender, the existing tenancy and licence agreements in favour of the existing tenants and licensees at the Surrender Premises will be novated by Seiyu
Singapore to the Trust on 1 November 2005.

266
Shopping Centre, Jurong Entertainment Centre, Bugis Junction were undertaken by CB Richard Ellis (Pte) Ltd while the independent valuation
of Plaza Singapura was undertaken by Knight Frank Pte Ltd. The Manager believes that the independent valuers have appropriate professional
qualifications and recent experience in the location and category of the properties being valued. The valuations were based on capitalisation
and discounted cash flow approaches. The valuations adopted were $655,000,000, $489,000,000, $260,000,000, $558,000,000,
$835,000,000, $49,680,000, $84,000,000, $73,000,000 and $665,000,000 for Tampines Mall, Junction 8, Funan DigitaLife Mall,
IMM Building, Plaza Singapura, Hougang Plaza, Sembawang Shopping Centre, Jurong Entertainment Centre and Bugis Junction, respectively.
The net change in fair values of the properties has been taken to the Statement of Total Return.
On 1 December 2006, independent valuation of Raffles City was undertaken by CB Richard Ellis (Pte) Ltd. The Manager believes that the
independent valuer has appropriate professional qualifications and recent experience in the location and category of the property being valued.
The valuation was based on capitalisation and discounted cash flow approaches. The valuation adopted was $2,266,000,000 and the Trusts
proportionate interest in the property value is $906,400,000. The net change in fair value of the property has been taken to the Statement
of Total Return.
The carrying amounts of Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Hougang Plaza, Sembawang
Shopping Centre, Jurong Entertainment Centre and Bugis Junction as at 31 December 2005 were based on independent valuations
undertaken by CB Richard Ellis (Pte) Ltd. The valuations were based on the capitalisation and discounted cash flow approaches.
Investment properties comprise commercial properties that are leased to external customers. Generally, the leases contain an initial noncancellable period of three years. Subsequent renewals are negotiated with the lessee. Contingent rents recognised in the Statement of Total
Return of the Trust and its investees and in the Statement of Total Return of the Trust amounted to $12,135,000 (2005: $5,811,000) and
$9,319,000 (2005: $5,811,000) respectively.
On 1 December 2006, independent valuations of Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Hougang Plaza, Sembawang

267


2006
2005
$000
$000
Trust
2006
$000
2005
$000
Operating activities
Net income
167,401
117,013
159,620
117,369
15
Asset management fees paid/payable in units
9,793
7,007
8,463
7,007
Depreciation and amortisation
1,137
540
1,045
540
42,529
23,991
37,588
23,991
Adjustments for:
Allowance for doubtful receivables
Interest expense
Interest income
(967)
Receivables written off

14
(14,258)
Write-off of assets
Operating income before working capital changes
(219)
11
(4,400)
(5,801)
(4,975)
14
11
900
1,559
900
1,559
206,564
145,502
201,829
145,502
Changes in working capital:

Inventories
Security deposits
Cash flows from operating activities
(167)
(4,669)
(3,954)
4,449
8,291
(10,277)
4,428
(3,954)
8,291
9,955
2,661
8,770
2,661
216,132
152,500
204,750
152,500
Investing activities
Capital expenditure on investment properties
Interest received
Investment in associate
(76,390)
5,802
(93,293)
Investment in joint venture
(37,345)
4,970
(74,420)
5,705
(37,345)
4,970
(93,293)
(516,493)
Net cash outflow on purchase of

investment property (including acquisition charges)
(see Note A below)
(856,463)
Proceeds from sale of plant and equipment
91
Purchase of plant and equipment

Cash flows from investing activities
(5,327)
91
(786,066)
(350)
(312)
(286)
(312)
(1,020,603)
(818,753)
(684,023)
(818,753)
(804,471)
(666,253)
(479,273)
(666,253)

268
(786,066)

Trust
2006
$000
2005
$000
(804,471)
(666,253)
(479,273)
(666,253)
(142,674)
(149,711)
(142,674)
(149,711)
(39,921)
(20,807)
(35,877)
(20,807)
(8,073)
(11,168)
(6,314)
(11,168)
Financing activities
Distribution to Unitholders
Interest paid
Payment of issue and financing expenses
Proceeds from interest-bearing loans and borrowings
602,193
573,000
255,793
573,000
Proceeds from issue of units
401,000
406,895
401,000
406,895
Repayment of short-term borrowings
Cash flows from financing activities
812,525
Net increase/(decrease) in cash and cash equivalents
8,054
(140,000)
658,209
(8,044)
471,928
(7,345)
(140,000)
658,209
(8,044)
Cash and cash equivalents at beginning of the year
39,147
47,191
39,147
47,191
Cash and cash equivalents at end of the year (Note 7)
47,201
39,147
31,802
39,147

2006
2005
$000
$000

269

Note:
(A)
Net Cash Outflow on Purchase of Investment Properties (including acquisition charges)

Net cash outflow on purchase of investment properties (including acquisition charges) is set out below:
2006
2005
$000
$000
Investment properties (including acquisition charges)

Plant and equipment
Cash
Other assets
5,327
796,312
6,510
12,954
12,954
496
1,066
1,066
(5,579)
(6,510)
Purchase consideration paid in units

Cash acquired
Net cash outflow
(B)
796,312
352
Security deposits
Cash consideration paid
2005
$000
876,368

Net identifiable assets and liabilities acquired
Trust
2006
$000
871,637
(8,664)
862,973
(6,510)
856,463
1,642
(12,954)
799,020
5,327
1,642
(12,954)
799,020
799,020
5,327
799,020
(12,954)
786,066
5,327
(12,954)
786,066
Significant Non-Cash Transactions

During the financial year, there were the following significant non-cash transactions:
(i)
4,516,913 (2005: 3,969,705) units were issued or will be issued as payment for the asset management fees payable in units,
amounting to a value of $8,785,000 (2005: $8,853,000); and
(ii)
3,652,767 (2005: Nil) units were issued as payment for the acquisition fees of $8,664,000 (2005: $Nil) in relation to
investment properties acquired. Under the Property Funds Guidelines, the acquisition fees paid in respect of transactions with
interested parties will have to be in the form of units.

270
The financial statements were authorised for issue by the Manager and the Trustee on 22 February 2007.
General
CapitaMall Trust (the Trust) is a Singapore-domiciled unit trust constituted pursuant to the trust deed dated 29 October 2001 (as
amended) (the Trust Deed) between CapitaMall Trust Management Limited (the Manager) and HSBC Institutional Trust Services
(Singapore) Limited (the Trustee). The Trust Deed is governed by the laws of the Republic of Singapore. The Trustee is under a duty
to take into custody and hold the assets of the Trust in trust for the holders (Unitholders) of units in the Trust (the Units).
The Trust was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited (SGX-ST) on 17 July 2002
(Listing Date) and was included under the Central Provident Fund (CPF) Investment Scheme on 13 September 2002.
The principal activity of the Trust is to invest in income producing real estate, which is used or substantially used for retail purposes
with the primary objective of achieving an attractive level of return from rental income and for long-term capital growth.
The consolidated financial statements relate to the Trust and its associates and joint venture (together referred to as the Trust and
its investees).
The Trust has entered into several service agreements in relation to management of the Trust and its property operations. The fee
structures of these services are as follows:
These notes form an integral part of the financial statements.
271
Property management fees

Under the Property Management Agreements, property management fees are charged as follows:
(a)
2.00% per annum of the gross revenue of the properties;
(b)
2.00% per annum of the net property income of the properties; and
(c)
0.50% per annum of the net property income of the properties, in lieu of leasing commissions.
The property management fees are payable quarterly in arrears.

Pursuant to the Trust Deed, the asset management fees shall not exceed 0.70% per annum of the Deposited Property or such higher
percentage as may be fixed by an Extraordinary Resolution at a meeting of Unitholders. Deposited Property refers to all the assets
of the Trust, including all its Authorised Investments (as defined in the Trust Deed) for the time being held or deemed to be held upon
the trusts of the Trust Deed.
For the period prior to 1 October 2006, the asset management fees comprise a base component of 0.25% per annum of Property
Value and a performance component of 2.85% per annum of gross revenue of the Trust for each financial year. Property Value means
the aggregate of the value of investment properties.
Subsequent to 1 October 2006, the Trust Deed was amended such that the asset management fees comprise:(a)
in respect of Authorised Investments which is in the form of real estate, a base component of 0.25% per annum of Deposited
Property and a performance component of 2.85% per annum of gross revenue of the Trust for each financial year; and
(b)
in respect of all other Authorised Investments which is not in the form of real estate, 0.5% per annum of the investment
value of the Authorised Investment, unless such Authorised Investment is an interest in a property fund (either a real estate
investment trust or private property fund) wholly managed by a wholly-owned subsidiary of CapitaLand Limited, in which case
no asset management fee shall be payable in relation to such Authorised Investment.
When the asset management fees are paid in the form of units, the Manager shall be entitled to receive such number of units as may
be purchased for the relevant amount of the base component at the market price (as defined in the Trust Deed).
272
(a)
(for the 60-month period from the Listing Date), paid in cash to the Manager in respect of Tampines Mall, Junction 8 and
Funan DigitaLife Mall; and
(b)
((after 60-months following the Listing Date), in respect of Tampines Mall, Junction 8 and Funan DigitaLife Mall)) and all other
Authorised Investments which are in the form of real estate paid to the Manager in the form of cash and/or units (as the
Manager may elect).
The performance component is:

(a)
(for the 60-month period from the Listing Date) paid in the form of units to be issued to the Manager in respect of Tampines
Mall, Junction 8 and Funan DigitaLife Mall and thereafter, in the form of cash or in the form of units or a combination of both
(as the Manager may elect); and
(b)
in respect of all other Authorised Investments which are in the form of real estate acquired by the Trust paid to the Manager
in the form of cash, in the form of units or a combination of both (as the Manager may elect).
When the performance component is paid in the form of units, the Manager shall be entitled to receive such number of units as may
be purchased for the relevant amount of the management fee at:
(a)
(in respect of Tampines Mall, Junction 8 and Funan DigitaLife Mall), for the 60-month period from the Listing Date at an issue
price of S$0.96 per unit, unless the market price (as defined in the Trust Deed) at the time of issue exceeds S$2.00 or more
per unit, in which event, the units will be issued at a 25% discount from that market price; and
(b)
The base component is:-
(in respect of Tampines Mall, Junction 8 and Funan DigitaLife Mall (after 60 months following the Listing Date)), IMM Building,
Plaza Singapura, Hougang Plaza, Sembawang Shopping Centre, Jurong Entertainment Centre, Bugis Junction and any other
property to be acquired by the Trust) the market price.
The asset management fees are payable quarterly in arrears.

Trustees fees
Pursuant to the Trust Deed, the Trustees fees shall not exceed 0.10% per annum of the Deposited Property (subject to a minimum
sum of $6,000 per month) payable out of the Deposited Property of the Trust. The Trustee is also entitled to reimbursement of
expenses incurred in the performance of its duties under the Trust Deed.
The Trustees fees are payable quarterly in arrears.
273
Summary of significant accounting policies
2.1
Basis of preparation
The financial statements have been prepared in accordance with the Statement of Recommended Accounting Practice (RAP)
7 Reporting Framework for Unit Trusts issued by the Institute of Certified Public Accountants of Singapore, and the applicable
requirements of the Code on Collective Investment Schemes (the CIS Code) issued by the Monetary Authority of Singapore (MAS)
and the provisions of the Trust Deed.
The financial statements are prepared on the historical cost basis, except that investment properties are stated at valuation.
The financial statements of the Trust and its investees and the Trust are presented in Singapore dollars, which is the functional
currency of the Trust. All financial information presented in Singapore dollars has been rounded to the nearest thousand, unless
otherwise stated.
The preparation of financial statements in conformity with RAP 7 requires management to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that
have the most significant effect on the amount recognised in the financial statements are described in the following notes:
Note 4 valuation of investment properties
Note 19 valuation of financial instruments
The accounting policies set out below have been applied consistently by the Trust and its investees. The accounting policies used by
the Trust and its investees have been applied consistently to all periods presented in these financial statements.
2.2
Plant and equipment

Plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is
directly attributable to the acquisition of the asset.
274
components) of plant and equipment.

The cost of replacing part of an item of plant and equipment is recognised in the carrying amount of the item if it is probable that
the future economic benefits embodied within the part will flow to the Trust and its investees and its cost can be measured reliably.
The costs of the day-to-day servicing of plant and equipment are recognised in the Statement of Total Return as incurred.
Depreciation is provided on a straight-line basis so as to write off items of plant and equipment, and major components that are
accounted for separately, over their estimated useful lives as follows:
Furniture, fittings and equipment
2 to 5 years
Gains or losses arising from the retirement or disposal of plant and equipment are determined as the difference between the
estimated net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Total Return on the
date of retirement or disposal.
Depreciation methods, useful lives and residual values are reviewed, and adjusted as appropriate, at each reporting date.
2.3
Investment properties are accounted for as non-current assets and are stated at initial cost on acquisition, and valuation thereafter.
The cost of a purchased property comprises its purchase price and any directly attributable expenditure. Transaction costs shall
be included in the initial measurement. Valuation is determined in accordance with the Trust Deed, which requires the investment
properties to be valued by independent registered valuers in the following events:
in such manner and frequency required under the CIS Code issued by MAS; and
at least once in each period of 12 months following the acquisition of each parcel of real estate property.
When parts of an item of plant and equipment have different useful lives, they are accounted for as separate items (major
Any increase or decrease on revaluation is credited or charged to the Statement of Total Return as a net revaluation surplus or
deficit in the value of the investment properties.
275
When an investment property is disposed of, the resulting gain or loss recognised in the Statement of Total Return is the difference
between net disposal proceeds and the carrying amount of the property.
Investment properties are not depreciated. The properties are subject to continued maintenance and regularly revalued on the basis
set out above. For income tax purposes, the Trust and its investees and the Trust may claim capital allowances on assets that qualify
as plant and machinery under the Income Tax Act.
2.4
Interest in associates and joint venture

Associates are those entities in which the Trust has an significant influence, but not control, over the financial and operating policies.
Investment in associate is stated in the Trusts balance sheet at cost, less impairment losses. In the financial statements of the
Trust and its investees, the interest in an associate is accounted for using the equity method. The consolidated financial statements
include the Trust and its investees share of the income and expenses of the associate, after adjustments to align the accounting
policies with those of the Trust and its investees, from the date that significant influence commences until the date that significant
influence ceases. When the Trust and its investees share of losses exceeds its interest in an associate, the carrying amount of that
interest (including any long-term investments) is reduced to zero and the recognition of further losses is discontinued except to the
extent that the Trust and its investees has an obligation or has made payment on behalf of the investees.
Joint ventures are those entities over whose activities the Trust has joint control, established by contractual agreement and requiring
unanimous consent for strategic financial and operating decisions. Investment in joint venture is stated in the Trusts balance sheet
at cost, less impairment losses. In the financial statements of the Trust and its investees, the interest in joint venture is accounted
for by including its proportionate share of the jointly-controlled entitys assets, liabilities, income and expenses with the similar item,
line by line, in its financial statements. The consolidated financial statements include the Trust and its investees share of the income
and expenses of joint venture, after adjustments to align the accounting policies with those of the Trust and its investees, from the
date that joint control commences until the date that joint control ceases.
276
and joint venture are eliminated against the investment to the extent of the Trusts interest in the investee. Unrealised losses are
eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
2.5
Foreign currencies
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of the Trust and its investees at the
exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting
date are retranslated to the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities
denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange
rate at the date on which the fair value was determined.
Foreign currency differences arising on retranslation are recognised in the Statement of Total Return, except for differences arising
on the retranslation of monetary items that in substance form part of the Trust and its investees net investment in a foreign
operation, available-for-sale equity instruments and financial liabilities designated as hedges of the net investment in a foreign
operation.
2.6
Financial instruments
Non-derivative financial instruments
Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, financial liabilities, and trade
and other payables.
In preparing the financial statements of the Trust and its investees, unrealised gains arising from transactions with associates
Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value through profit or loss,
any directly attributable transaction costs. Subsequent to initial recognition, non-derivative financial instruments are measured at
amortised cost using the effective interest method, less any impairment losses.
277
A financial instrument is recognised if the Trust and its investees becomes a party to the contractual provisions of the instrument.
Financial assets are derecognised if the Trust and investees contractual rights to the cash flows from the financial assets expire
or if the Trust and investees transfers the financial asset to another party without retaining control or transfers substantially all the
risks and rewards of the asset. Regular way purchases and sales of financial assets are accounted for at trade date, ie, the date
that the Trust and its investees commits itself to purchase or sell the asset. Financial liabilities are derecognised if the Trust and
investees obligations specified in the contract expire or are discharged or cancelled.
Cash and cash equivalents comprise cash balances and bank deposits. Bank overdrafts that are repayable on demand and that form
an integral part of the Trust and its investees cash management are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Derivative financial instruments and hedging activities
The Trust and its investees holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures.
Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and
risks of the host contract and the embedded derivative are not closely related, a separate instrument with the same terms as the
embedded derivative would meet the definition of a derivative, and the combined instrument is not measured at fair value through
the Statement of Total Return.
Derivatives are recognised initially at fair value; attributable transaction costs are recognised in the Statement of Total Return
when incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as
described below.
Cash flow hedges
Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognised directly in equity to the
extent that the hedge is effective. To the extent that the hedge is ineffective, changes in fair value are recognised in the Statement
of Total Return.
278
accounting is discontinued prospectively. The cumulative gain or loss previously recognised in equity remains there until the forecast
transaction occurs. When the hedged item is a non-financial asset, the amount recognised in equity is transferred to the carrying
amount of the asset when it is recognised. In other cases the amount recognised in equity is transferred to the Statement of Total
Return in the same period that the hedged item affects Statement of Total Return.
Fair value hedges
Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in the Statement of
Total Return. The hedged item is also stated at fair value in respect of the risk being hedged, with any gain or loss being recognised
in the Statement of Total Return.
Economic hedges
Hedge accounting is not applied to derivative instruments that economically hedge monetary assets and liabilities denominated in
foreign currencies. Changes in the fair value of such derivatives are recognised in the Statement of Total Return as part of foreign
currency gains and losses.
Impairment of financial assets
A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on
the estimated future cash flows of that asset.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying
amount, and the present value of the estimated future cash flows discounted at the original effective interest rate.
If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, hedge
Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed
collectively in groups that share similar credit risk characteristics.
All impairment losses are recognised in the Statement of Total Return.
An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was
recognised. For financial assets measured at amortised cost, the reversal is recognised in the Statement of Total Return.
279
Intra-group financial guarantees

Financial guarantees are classified as financial liabilities.
Financial guarantees are recognised initially at fair value. Subsequent to initial measurement, the financial guarantees are stated
at the higher of the initial fair value less cumulative amortisation and the amount that would be recognised if they were accounted
for as contingent liabilities. When financial guarantees are terminated before their original expiry date, the carrying amount of the
financial guarantees is transferred to the Statement of Total Return.
2.7
Impairment non-financial assets

The carrying amounts of the Trust and its investees assets are reviewed at each balance sheet date to determine whether there
is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated at each balance sheet
date.
An impairment loss is recognised in the Statement of Total Return whenever the carrying amount of an asset or its cash-generating
unit exceeds its recoverable amount. An impairment loss in respect of investment properties carried at revalued amount is
recognised in the same way as a revaluation decrease on the basis set out in Note 2.3.
The recoverable amounts of the Trust and its investees receivables carried at amortised costs are calculated as the present
value of estimated future cash flows discounted at the original effective interest rate. Receivables with a short duration are not
discounted.
The recoverable amount of other assets is the greater of its value in use and its fair value less costs to sell. In assessing value in
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent
cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
280
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An
impairment loss is reversed only to the extent that the assets carrying amount does not exceed the carrying amount that would
have been determined, net of depreciation, if no impairment loss had been recognised.
2.8
Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition,
interest-bearing liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in
the Statement of Total Return over the period of the borrowings on an effective interest basis.
2.9
Income tax expense

Income tax on the return for the year comprises current and deferred tax. Income tax is recognised in the Statement of Total Return
except to the extent that it relates to items directly related to Unitholders funds, in which case it is recognised in Unitholders
funds.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased
or no longer exists.
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for
the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting
nor taxable profit. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they
reverse, based on the laws that have been enacted or substantively enacted by the reporting date.
281
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the
temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that
it is no longer probable that the related tax benefit will be realised.
The Inland Revenue Authority of Singapore (the IRAS) has issued a tax ruling on the income tax treatment of the Trust. Subject to
meeting the terms and conditions of the tax ruling, the Trustee is not subject to tax on the taxable income of the Trust. Instead, the
distributions made by the Trust out of such taxable income are subject to tax in the hands of Unitholders, unless they are exempt
from tax on the Trusts distributions. This treatment is known as the tax transparency treatment, and will not apply to distribution
from CRCT.
Individuals and qualifying Unitholders, i.e. companies incorporated and tax resident in Singapore, Singapore branches of foreign
companies that have obtained waiver from the IRAS from tax deducted at source in respect of the distributions from the Trust, and
bodies of persons registered or constituted in Singapore, are entitled to gross distributions from the Trust. For distributions made
to foreign non-individual Unitholders, the Trustee is required to withhold tax at the rate of 10%. For other types of Unitholders, the
Trustee is required to withhold tax at the prevailing corporate tax rate on the distributions made by the Trust. Such other types of
Unitholders are subject to tax on the regrossed amounts of the distributions received but may claim a credit for the tax deducted
at source at the prevailing corporate tax rate by the Trustee.
The Trust has a distribution policy where it is required to distribute at least 90% of its taxable income, other than gains from the
sale of real estate properties that are determined by the IRAS to be trading gains. For the taxable income that is not distributed,
referred to as retained taxable income, tax will be assessed on the Trustee. Where such retained taxable income is subsequently
distributed, the Trustee need not deduct tax at source.
2.10
Issue expenses
Issue expenses relate to expenses incurred in the issuance of additional units in the Trust. The expenses are deducted directly
against Unitholders funds.
282
Revenue recognition
Rental income from operating leases
Rental income receivable under operating leases is recognised in the Statement of Total Return on a straight-line basis over the
term of the lease, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased
assets. Lease incentives granted are recognised as an integral part of the total rental to be received. Contingent rentals, which
include gross turnover rental, are recognised as income in the accounting period on a receipt basis. No contingent rentals are
recognised if there are uncertainties due to the possible return of amounts received.
2.12
Expenses
Property expenses
Property expenses consist of quit rents, property taxes and other property outgoings in relation to investment properties where
such expenses are the responsibility of the Trust and its investees.
Included in the property expenses are the property management fees.
Asset management fees are recognised on an accrual basis using the applicable formula, stipulated in Note 1. Where applicable,
upon issuance of the units, the asset management fees are adjusted based on the market value of the actual number of units issued
on date of issuance of the units to the Manager.
2.11
Trustees fees
The Trustees fees are recognised on an accrual basis.
283
2.13
Finance income and expense

Finance income comprises interest income on funds invested and dividend income are recognised in the Statement of Total Return.
Interest income is recognised as it accrues, using the effective interest method. Dividend income is recognised on the date that
the Trust and its investees right to receive payment is established, which in the case of quoted securities is the ex-dividend date.
Finance expenses comprise interest expense on borrowings are recognised in the Statement of Total Return. All borrowing costs
are recognised in the Statement of Total Return using the effective interest method, except to the extent that they are capitalised
as being directly attributable to the acquisition of investment properties which necessarily takes a substantial period of time to be
prepared for its intended use.
2.14
Segment reporting
A segment is a distinguishable component of the Trust and its investees that is engaged either in providing products or services
(business segment), or in providing products or services within a particular economic environment (geographical segment), which
is subject to risks and rewards that are different from those of other segments.
284
Plant and equipment

Furniture,fittings
and equipment
$000

Cost
At 1 January 2005
Additions
At 31 December 2005
Additions
Disposals
Assets acquired through acquisition of joint venture
At 31 December 2006
522
312
834
350
(97)
352
1,439
Accumulated depreciation
At 1 January 2005
Charge for the year
At 31 December 2005
Charge for the year
Disposals
At 31 December 2006
133
154
287
270
(6)
551
Carrying amount
At 1 January 2005
At 31 December 2005
At 31 December 2006
389
547
888
Trust
Cost
At 1 January 2005
Additions
At 31 December 2005
Additions
Disposals
At 31 December 2006
522
312
834
286
(97)
1,023
285
Furniture,fittings
and equipment
$000
Trust
Accumulated depreciation
At 1 January 2005
133
Charge for the year
154
At 31 December 2005
287
Charge for the year
234
Disposals
(6)
At 31 December 2006
515
Carrying amount
At 1 January 2005
389
At 31 December 2005
547
At 31 December 2006
508
2006
2005
$000
$000
At 1 January
Acquisition of investment properties
Capital expenditure capitalised
Write-off of assets
Surplus on revaluation
2005
$000
3,365,000
2,234,950
3,365,000
2,234,950
876,368
796,312
5,327
796,312
81,652
42,013
79,683
42,013
(900)
4,322,120
At 31 December
Trust
2006
$000
(1,559)
3,071,716
(900)
3,449,110
(1,559)
3,071,716
252,960
293,284
219,570
293,284
4,575,080
3,365,000
3,668,680
3,365,000
The investment properties have been mortgaged as security for credit facilities granted by Silver Maple Investment Corporation Ltd
and Silver Oak Ltd (Note 9) to the Trust and its investees.
286
Associates and joint venture

2006
2005
$000
$000
Investment in joint venture

Investment in associates
Trust
2006
$000
2005
$000
525,480
169,636
64,928
151,293
58,000
169,636
64,928
676,773
58,000
Details of the associates and joint venture are as follows:

Name of associates and joint venture
Place of
incorporation/
business
Effective equity
interest held by
the Trust
2006
2005
%
%
Associates
CapitaRetail Singapore Limited1
Singapore
27.2
27.2
CapitaRetail China Trust2
Singapore
20.0
Singapore
40.0
Joint venture
RCS Trust1
1
Audited by KPMG Singapore.
No audit performed since its date of establishment.
287
Associates
CapitaRetail Singapore Limited
The Trust has invested $58,000,000 in the Class E Bonds and 232 attached Redeemable Preference Shares issued by CapitaRetail
Singapore Limited (CRSL), representing 27.2% of the Class E Bonds and Redeemable Preference Shares, respectively.
CRSL is a Singapore incorporated company and has its place of business in Singapore. The principal activity of CRSL is that of an
investment holding company. CRSL is a special purpose vehicle, whose main objects are to own all the issued units in CapitaRetail
BPP Trust (CRBPPT), CapitaRetail Lot One Trust (CRLOT) and CapitaRetail Rivervale Trust (CRRT) and to issue the bonds and the
redeemable preference shares as well as to extend mortgage loans to CRBPPT, CRLOT and CRRT. CRBPPT, CRLOT and CRRT in
turn own Bukit Panjang Plaza, Lot One Shoppers Mall and Rivervale Mall respectively.
The bonds and redeemable preference shares issued by CRSL are as follows:
(i)
67,500,000 Secured Floating Rate Final Class A Bonds due 2009 (Class A Bonds);
(ii)
13,500,000 Secured Floating Rate Final Class B Bonds due 2009 (Class B Bonds);
(iii)
$33,000,000 Secured Fixed Rate Final Class C Bonds due 2009 (Class C Bonds);
(iv)
$83,000,000 Secured Fixed Rate Final Class D Bonds due 2009 (Class D Bonds); and
(v)
$213,000,000 Secured Fixed Rate Class E Bonds due 2009 (Class E Bonds), together with 852 Redeemable Preference
Shares of $0.10 each.
The salient terms of the Class E Bonds are as follows:

(i)
Class E Bonds bear interest at the fixed rate of 10% per annum, payable semi-annually in arrears. In the event of failure to
pay 10% per annum interest on Class E Bonds, the rights of holders of Class E Bonds to unpaid interest will be extinguished
and such failure does not constitute an event of default;
288
(ii)
the payment of interest on Class E Bonds is subordinated to other classes of the Bonds (Class A to Class D); and
(iii)
the redemption of Class E Bonds is subordinated to other classes of the Bonds (Class A to Class D).
circumstances (other than those conferred by law). The holders of Redeemable Preference Shares shall be entitled to, amongst
others, the following:
(i)
Special Preferential Dividend based on the sale price of the units or property (as the case may be) less liabilities of CRSL and
expenses when any properties or units in the property trusts (namely, CRBPPT, CRLOT and CRRT) are sold; and
(ii)
each preference share shall be redeemed by CRSL on redemption date as defined. The redemption amount shall be based on
the aggregate of the par value of redeemable preference shares, outstanding special preferential dividend, net asset value of
CRSL and any insurance proceeds less expenses.

CapitaRetail China Trust (CRCT) is a real estate investment trust constituted in Singapore by a trust deed dated 23 October 2006
(as amended). CRCT was formally admitted to the Official List of the Singapore Exchange Securities Trading Limited (SGX-ST) on 8
December 2006. CRCT is established with the objective of investing on a long term basis in a divested portfolio of income producing
real estate and primarily for retail purposes and located primarily in the Peoples Republic of China.
As CRCT was exempted from reporting its results for the first quarter ended 31 December 2006, CRCTs results for the period
ended 31 December 2006 have not been included in CMT and its investees results for the financial year ended 31 December
2006. On a recurring basis, as the results of CRCT are not expected to be announced in sufficient time to be included in CMT and
its investees results for the same calender quarter, CMT and its investees will equity account the results of CRCT based on a 3
month lag time.
The fair value of both the Trust and its investees investment and the Trusts investment in CRCT is $199,710,000 as at
The Redeemable Preference Shares issued in connection with Class E Bonds have limited voting rights under certain prescribed
31 December 2006.
Joint Venture
RCS Trust
The Trust is an unlisted special purpose trust established under a trust deed (RCS Trust Trust Deed) dated 18 July 2006 entered
into between HSBC Institutional Trust Services (Singapore) Limited as trustee-manager of RCS Trust (RCS Trust Trustee-Manager),
HSBC Institutional Trust Services (Singapore) Limited as trustee of CapitaCommercial Trust (CCT), the Trustee, CapitaCommercial
Trust Management Limited (as Manager of CCT) and the Manager. RCS Trust is 40% owned by the Trust and 60% owned by
CCT.
289
RCS Trust has entered into several service agreements in relation to management of the trust and its property operations. The fee
structures of these services are as follows:
(i)

Under the property management agreement, property management fees are charged as follows:
(i)
2.00% per annum of the property income of the property; and
(ii)
2.50% per annum of the net property income of the property.
The property management fees are payable monthly in arrears.

(ii)

Pursuant to the RCS Trust Trust Deed, the asset management fees comprise a base component of 0.25% per annum of the
value of Deposited Property of RCS Trust and a performance component of 4.00% per annum of the net property income of
RCS Trust, including all its Authorised Investments for the time being held or deemed to be held upon the trusts of the RCS
Trust Trust Deed.
The asset management fees shall be paid entirely in the form of units or, with the unamimous approval of the Manager and
CapitaCommercial Trust Management Limited (as Manager of CCT), either partly in units and partly in cash or wholly in
cash.
The asset management fees are payable quarterly in arrears.
(iii)
Trustee-Managers fees
Pursuant to the RCS Trust Trust Deed, the Trustee-Managers fees shall not exceed 0.10% per annum of the value of
Deposited Property of RCS Trust, as defined in the RCS Trust Trust Deed (subject to a minimum sum of $15,000 per month),
payable out of the Deposited Property of RCS Trust. The RCS Trust Trustee-Manager is also entitled to reimbursement of
expenses incurred in the performance of its duties under the RCS Trust Trust Deed.
The Trustee-Managers fees are payable quarterly in arrears.
290
its investees. The summarised financial information of the joint venture represents the Trust and its investees share.
The financial information of the associates and the Trusts interests in the joint venture are as follows:
Associates 1
2006
2005
$000
$000
Joint venture
2006
2005
$000
$000
Assets and Liabilities

Non-current assets
Current assets
Total assets
1,351,251
583,070
Current liabilities
Total liabilities
808,006
557,628
54,295
48,690
906,779
17,925
924,704
349,644
10,194
359,838
20,678
(12,274)
Results
Revenue
Expenses
Revaluation surplus
34,253
(2,436)
42,179
50,583
759
The Trust and its investees share of joint

venture capital commitment
The summarised financial information relating to associates is not adjusted for the percentage of ownership held by the Trust and
1 As CRCT was exempted from reporting its results for the first quarter ended 31 December 2006, CRCTs results for the period ended 31 December 2006 have not been included in
the CMT and its investees results for the financial year ended 31 December 2006.Consequently, the above information exclude the financial results of CRCT, which is not expected to
be material to the Trust and its investees. The total assets and total liabilities of CRCT were estimated based on CRCTs pro forma balance sheet in its prospectus dated 29 November
2006.
291
Trade receivables
Allowance for doubtful receivables
Deposits
Prepayments

2006
2005
$000
$000
2006
$000
2005
$000
7,852
6,520
7,535
(15)
7,535
Trust
7,837
7,535
6,520
7,535
3,440
2,430
2,470
2,430
175
215
171
215
Interest receivable
2,500
2,404
2,500
2,404
Amount due from related parties
1,405
8,950
Other receivables
2,949
1,358
2,879
1,358
18,306
13,942
23,490
13,942
Cash and cash equivalents

2006
2005
$000
$000
Cash at bank and in hand

Fixed deposits with financial institutions
17,601
34,128
Trust
2006
$000
2005
$000
13,802
34,128
29,600
5,019
18,000
5,019
47,201
39,147
31,802
39,147
The weighted average effective interest rates relating to cash and cash equivalents at the balance sheet date for the Trust and its
investees and Trust are 3.0% (2005: 2.6%) and 3.0% (2005: 2.6%) respectively, per annum. Interest rates reprice at intervals
of 1 month.
292

2006
2005
$000
$000
Trust
2006
$000
2005
$000
40,731
44,650
40,731
Trade payables and accrued operating expenses
50,587
Amounts due to related parties (trade)
10,683
8,141
10,473
8,141
7,930
3,792
7,233
3,792
Deposits and advances

Interest payables
4,843
2,879
4,089
2,879
74,043
55,543
66,445
55,543
Included in amounts due to related parties is an amount due to the Manager of $3,214,000 (2005: $2,364,000) and an amount
due to the property manager of $5,683,000 (2005: $4,813,000). Included in trade payables and accrued operating expenses
was an amount due to the Trustee of $640,000 (2005: $262,000).

2006
2005
$000
$000
Trust
2006
$000
2005
$000
Current liabilities
Term loans (unsecured)
255,793
255,793
1,411,400
1,065,000
1,065,000
1,065,000
Term loans (secured)
Amortised transaction cost
`
Revolving credit facility (secured)
Total loans and borrowings
(5,121)
(3,768)
(3,267)
(3,768)
1,406,279
1,061,232
1,061,733
1,061,232
28,000
28,000
28,000
28,000
1,434,279
1,089,232
1,089,733
1,089,232
1,690,072
1,089,232
1,345,526
1,089,232
255,793
255,793
Maturity of loans and borrowings

-
Within 1 year
After 5 years
1,004,546
172,000
660,000
172,000
429,733
917,232
429,733
917,232
1,690,072
1,089,232
1,345,526
1,089,232
293
Terms and debt repayment schedule

Terms and conditions of outstanding loans and borrowings are as follows:2006
2005
Nominal
interest rate
%
Year of
Maturity
Face
Value
S$000
Carrying
Amount
S$000
Face
Value
S$000
Carrying
Amount
S$000
3.13
2014
433,000
429,733
433,000
429,232

SGD fixed rate term loan
3.91
2008
172,000
172,000
172,000
172,000
2.76 2.80
2011
460,000
460,000
460,000
460,000
4.17 4.21
2011
346,400
344,546
SIBOR + 0.43
2011
28,000
28,000
28,000
28,000
SGD floating rate term loan
SOR + 0.22
2007
162,500
162,500
SOR + 0.30
2007
93,293
93,293
1,695,193
1,690,072
1,093,000
1,089,232
SGD floating rate

revolving credit facility
Trust
3.13
2014
433,000
429,733
433,000
429,232
3.91
2008
172,000
172,000
172,000
172,000
2.76 2.80
2011
460,000
460,000
460,000
460,000
SIBOR + 0.43
2011
28,000
28,000
28,000
28,000
SGD floating rate

revolving credit facility
294
SOR + 0.22
2007
162,500
162,500
SOR + 0.30
2007
93,293
93,293
1,348,793
1,345,526
1,093,000
1,089,232
Maple Investment Corporation Ltd (Silver Maple).

Under the facility agreement between Silver Maple and the Trustee, Silver Maple has granted the Trust a total facility of $1,187
million (2005: $1,187 million), made up of $1,065 million (2005: $1,065 million) term loan and $122 million (2005: $122
million) revolving credit facility.
The total facility drawn down by the Trust from Silver Maple as at 31 December 2006 is $1,093 million (2005: $1,093 million),
consisting of:
(i)
$433 million (2005: $433 million) term loan at a fixed interest rate of 3.13% (2005: 3.13%) per annum, fully repayable on
30 April 2014. Under the facility agreement, the Trust has the option to prepay in full on 31 October 2012. In the event
that the Trust opts not to fully settle the term loan on 31 October 2012, the interest rate of 1.00% (2005: 1.00%) above
the Singapore Interbank Offered Rate (SIBOR) repriced every three months, will be applicable for the period from 31 October
2012 to 30 April 2014;
(ii)
26 August 2008. Under the facility agreement, the Trust has the option to prepay in full on 26 February 2007. In the event
the Trust opts not to fully settle the term loan on 26 February 2007, the interest rate of 2.62% (2005: 2.62%) above SIBOR
repriced every three months, will be applicable for the period from 26 February 2007 to 26 August 2008;
(iii)
26 December 2011. Under the facility agreement, the Trust has the option to prepay in full on 26 June 2010. In the event
the Trust opts not to fully settle the term loan on 26 June 2010, the interest rate of 2.91% (2005: 2.91%) above the SIBOR
repriced every three months, will be applicable for the period from 26 June 2010 to 26 December 2011;
(iv)
The secured term loans and revolving credit facility drawn down by the Trust were granted by a special purpose company, Silver
$335 million (2005: $335 million) term loan at a fixed interest rate of 2.80% (2005: 2.80%) per annum for the period
ending on 2 August 2007, and at the swap rate applicable at the draw-down date (as defined in the facility agreement) plus
0.435% per annum for the period from 2 August 2007 to 2 August 2009, provided that such rate does not exceed 8.935%
per annum and shall not fall below 2.905% per annum. The term loan is fully repayable on 2 February 2011. Under the facility
agreement, the Trust has the option to prepay in full on 2 August 2009. In the event the Trust opts not to fully settle the
term loan on 2 August 2009, the interest rate of 0.87% above the SIBOR repriced every three months, will be applicable for
the period from 2 August 2009 to 2 February 2011; and
(v)
$28 million (2005: $28 million) revolving credit facility at floating interest rate of 0.43% (2005: 0.43%) above the SIBOR for
a period of either one, three or six months and fully repayable on 26 December 2011. Under the facility agreement, the Trust
has the option to prepay in full on 26 June 2010. In the event the Trust opts not to fully settle the revolving credit facility on
26 June 2010, the interest rate of 2.43% (2005: 2.43%) above the SIBOR repriced every three months, will be applicable
for the period from 26 June 2010 to 26 December 2011.
295
As security for credit facilities granted by Silver Maple to the Trust, the Trust has granted in favour of Silver Maple the following:
(i)
a mortgage over each of the properties;
(ii)
an assignment and charge of the rental proceeds and tenancy agreements of units in the properties;
(iii)
an assignment of the insurance policies relating to the properties;
(iv)
an assignment of the agreements relating to the management of the properties; and
(v)
a charge creating a fixed and floating charge over certain assets of the Trust relating to the properties.
Under the terms of the Silver Maple loan facility agreement, the Trust undertakes that:
(i)
it shall not borrow or raise any monies if upon the effecting of such borrowing or raising the amount thereof would in the
aggregate exceed such percentage of all assets of the Trust or other restriction or limit as may be imposed on the Trust from
time to time by the Property Funds Guidelines of the Code on Collective Investment Schemes (the Property Funds Guidelines)
issued by MAS and other relevant authorities; and
(ii)
it shall maintain the debt service ratio at greater than 2.0.
During the financial year, the Trust was granted unsecured credit facilities amounting to $332.5 million.
The total unsecured credit facilities drawn down by the Trust as at 31 December 2006 is $255.8 million, consisting of:
(i)
$162.5 million term loan at a floating interest rate of 0.22% above the Singapore Swap Offer Rate (SOR); and
(ii)
$93.3 million term loan at a floating interest rate of 0.30% above the SOR.
The above unsecured credit facilities drawn down are repayable within the next 12 months.
Silver Maple has secured a $2 billion (2005: $2 billion) Medium Term Note Programme due 2008 (MTN Programme). Under this
MTN Programme, Silver Maple may, subject to compliance with all relevant laws, regulations and directives, from time to time issue
fixed or floating interest rate notes (the Notes). The maximum aggregate principal amount of the Notes to be issued shall be $2
billion. The Notes will be secured by the Notes Debenture.
To fund the loans to the Trust of $1,065 million (2005: $1,065 million) fixed rate term loan and $28 million (2005: $28 million)
floating rate revolving credit, Silver Maple has raised funds through the following:
296
US$255.5 million (2005: US$255.5 million) Floating Rate Notes at floating interest rate of 0.24% (2005: 0.24%) above the
US dollar London Interbank Offered Rate (LIBOR) repriced every three months, for the period from 31 October 2005 to 31
October 2012. In the event that the Floating Rate Notes are not redeemed by Silver Maple on 31 October 2012, interest
will accrue at the rate of 1.0% (2005: 1.0%) above the US dollar LIBOR repriced every three months, for the period from
31 October 2012 to date of redemption on 30 April 2014;
(ii)
$172 million (2005: $172 million) Fixed Rate Notes at fixed interest rate of 3.86% (2005: 3.86%) per annum for the period
from 26 February 2002 (date of first issue of Fixed Rate Notes) to 26 February 2007. In the event that the Fixed Rate Notes
are not redeemed by Silver Maple on 26 February 2007, interest will accrue at the rate of 2.52% (2005: 2.52%) above the
SIBOR repriced every three months, for the period from 26 February 2007 to date of redemption on 26 August 2008;
(iii)
US dollar LIBOR repriced every three months, for the period from 26 June 2003 to 26 June 2010. In the event that the
Floating Rate Notes are not redeemed by Silver Maple on 26 June 2010, interest will accrue at the rate of 2.30% (2005:
2.30%) above the US dollar LIBOR repriced every three months, for the period from 26 June 2010 to date of redemption on
26 December 2011;
(iv)
US dollar LIBOR repriced every three months, for the period from 2 August 2004 to 2 February 2011. In the event that the
Floating Rate Notes are not redeemed by Silver Maple on 2 August 2009, interest will accrue at the rate of 0.80% (2005:
0.80%) above the US dollar LIBOR repriced every three months, for the period from 2 August 2009 to date of redemption
on 2 February 2011; and
(v)
$28 million (2005: $28 million) Floating Rate Notes at floating interest rate of 0.43% (2005: 0.43%) above the SIBOR, due
and renewable on either one, three or six months duration until final redemption on 26 June 2010. In the event the Trust
(i)
opts not to fully settle on 26 June 2010, the interest rate of 2.11% (2005: 2.11%) above the SIBOR repriced every three
months, will be applicable for the period from 26 June 2010 to 26 December 2011.
The term loans drawn down by the Trust and its investees included a term loan facilities of $866.0 million granted to RCS Trust by a
special purpose company, Silver Oak Ltd (Silver Oak). Under the facility agreement between Silver Oak and the RCS Trust TrusteeManager, Silver Oak has granted RCS Trust a total five-year facility comprising the term loan facility of $866.0 million and revolving
credit facility of $164.0 million (2005: Nil) commencing from initial drawdown date of 13 September 2006.
297
The
total
facility
drawn
down
by
RCS
Trust
as
at
31
December
2006
is
$866.0
million
(2005:
Nil),
consisting of:
(i)
$670.0 million (2005: Nil) term loan at a fixed interest rate of 4.17% per annum, fully repayable on 13 September 2011;
(ii)
$60.0 million (2005: Nil) term loan at a fixed interest rate of 4.21% per annum, fully repayable on 13 September 2011;
and
(iii)
$136.0 million (2005: Nil) term loan at a fixed interest rate of 4.21% per annum, fully repayable on 13 September 2011.
The term loan facilities were used to finance the acquisition of Raffles City.
As security for the facilities granted by Silver Oak to the RCS Trust Trustee-Manager, the RCS Trust Trustee-Manager has granted
in favour of Silver Oak the following:
(i)
a mortgage over all Raffles City;
(ii)
an assignment of the insurance policy relating to Raffles City;
(iii)
an assignment of the agreements relating to the management of Raffles City;
(iv)
an assignment and charge of the rental proceeds and tenancy agreements of units in Raffles City; and
(v)
a fixed and floating charge over certain assets of RCS Trust relating to Raffles City.
To fund the term loans to RCS Trust amounting to $866.0 million (2005: Nil), Silver Oak has raised funds through issuance of the
following Floating Rate Notes (collectively, the Notes):
298
US$427,000,000 Class A1 Secured Floating Rate Notes at floating interest rate of 0.19% above the LIBOR repriced every
three months, for the period from 13 September 2006 to 13 September 2011. In the event that the Class A1 Floating
Rate Notes are not redeemed by Silver Oak on 13 September 2011, interest will accrue at the rate of 1.19% above the US
dollar LIBOR repriced every three months, for the period from 13 September 2011 to date of redemption on 13 September
2013;
(ii)
Euro 30,000,000 Class A2 Floating Rate Notes at floating interest rate of 0.23% above the Euro Interbank Offered Rate
(EURIBOR) repriced every three months, for the period from 13 September 2006 to 13 September 2011. In the event that
the Class A2 Floating Rate Notes are not redeemed by Silver Oak on 13 September 2011, interest will accrue at the rate of
1.23% above the EURIBOR repriced every three months, for the period from 13 September 2011 to date of redemption on
13 September 2013; and
(iii)
US$86,500,000 Class B Floating Rate Notes at floating interest rate of 0.28% above the US dollar LIBOR repriced every three
months, for the period from 13 September 2006 to 13 September 2011. In the event that the Class B Floating Rate Notes
are not redeemed by Silver Oak on 13 September 2011, interest will accrue at the rate of 1.28% above the US dollar LIBOR
repriced every three months, for the period from 13 September 2011 to date of redemption on 13 September 2013.
As security for the Notes, Silver Oak has created a fixed and floating charge over the assets of RCS Trust in favour of the Silver Oak
Notes Trustee under the Notes Debenture. The proceeds from the issue of the Notes are approximately $866,000,000.
As at 31 December 2006, the revolving credit facility granted by Silver Oak to RCS Trust is not utilised.
(i)
299
Effective interest rates and repricing analysis

Fixed interest rate
maturing
Effective
interest rate
%
Floating
interest
$000
Within 1 year
$000
1 to 5 years
$000
After 5 years
$000
Total
$000
3.84
255,793
255,793
3.37
172,000
804,546
429,733
1,406,279
4.13
28,000
28,000
283,793
172,000
804,546
429,733
1,690,072

2006
Financial Liabilities
2005
300
3.11
172,000
889,232
1,061,232
2.56
28,000
28,000
28,000
172,000
889,232
1,089,232
Fixed interest rate

maturing
Effective
interest rate
%
Floating
interest
$000
Within 1 year
$000
1 to 5 years
$000
After 5 years
$000
Total
$000
Trust
2006
3.84
255,793
255,793
3.11
172,000
460,000
429,733
1,061,733
4.13
28,000
28,000
283,793
172,000
460,000
429,733
1,345,526
172,000
889,232
1,061,232
2005
3.11
2.56
28,000
28,000
28,000
172,000
889,232
1,089,232
Effective interest rates and repricing analysis
301
10
Units in issue
Trust
2006
000
2005
000
1,379,698
1,203,200
174,348
173,400
3,613
3,098
Units in issue:
At 1 January
Units created:
-
equity fund raising
asset management fees paid in units
settlement of asset management fees in relation to

the Trusts 40% interest in Raffles City through RCS Trust
as payment of acquisition fees
As 31 December
129
3,653
1,561,441
1,379,698
Units to be issued:
-
assets management fees payable in units
Total issued and issueable units at 31 December
775
871
1,562,216
1,380,569
On 1 September 2006, the Trust issued 174,348,000 units at $2.30 per unit for cash to part finance the investment in RCS
Trust.
On 31 October 2005, the Trust issued 29,746,224 units and 143,653,776 units at $2.33 and $2.35 per unit respectively for
cash:
-
to part finance the acquisition of Bugis Junction;
to part refinance the $123 million bridge loan taken to finance the acquisitions of Hougang Plaza and Sembawang Shopping
Centre;
to part refinance the $6.8 million bridge loan taken to finance the payment of a deposit of 10% of the purchase consideration
and part finance the balance of the purchase consideration on Jurong Entertainment Centre; and
for the Trusts working capital purposes.
Each unit in the Trust represents an undivided interest in the Trust. The rights and interests of Unitholders are contained in the
Trust Deed and include the right to:
302
Receive income and other distributions attributable to the units held;
Participate in the termination of the Trust by receiving a share of all net cash proceeds derived from the realisation of the
assets of the Trust less any liabilities, in accordance with their proportionate interests in the Trust. However, a Unitholder has
no equitable or proprietary interest in the underlying assets of the Trust and is not entitled to the transfer to it of any assets
(or part thereof) or of any estate or interest in any asset (or part thereof) of the Trust;
Attend all Unitholders meetings. The Trustee or the Manager may (and the Manager shall at the request in writing of not
less than 50 Unitholders or one-tenth in number of the Unitholders, whichever is lesser) at any time convene a meeting of
Unitholders in accordance with the provisions of the Trust Deed; and
One vote per unit.
The restrictions of a Unitholder include the following:
A Unitholders right is limited to the right to require due administration of the Trust in accordance with the provisions of the
Trust Deed; and
A Unitholder has no right to request the Manager to redeem his units while the units are listed on SGX-ST.
A Unitholders liability is limited to the amount paid or payable for any units in the Trust. The provisions of the Trust Deed provide
that no Unitholders will be personally liable for indemnifying the Trustee or any creditor of the Trustee in the event that liabilities of
the Trust exceed its assets.
11
Gross revenue
2006
2005
$000
$000
Gross rental income

Car park income
Others
307,301
223,468
Trust
2006
$000
2005
$000
287,595
223,468
8,912
7,580
8,400
7,580
15,515
12,039
15,055
12,039
331,728
243,087
311,050
243,087
303
12
Property expenses
2006
2005
$000
$000
Land rental
2005
$000
269
247
269
247
Property tax
29,114
22,406
27,362
22,406
Utilities
20,585
13,610
19,167
13,610
12,388
8,937
11,588
8,937
Property management reimbursements
15,055
9,579
14,292
9,579
Advertising and promotion
12,279
11,036
11,889
11,036
Maintenance
21,326
19,548
20,520
19,548
Others
13
Trust
2006
$000
3,071
3,643
2,967
3,643
114,087
89,006
108,054
89,006

2006
2005
$000
$000
2006
$000
2005
$000
Interest income
Trust
Interest income
14
associated company
financial institution
4,931
4,756
967
219
870
219
967
219
5,801
4,975

Included in the asset management fees is an aggregate of 3,516,295 (2005: 2,913,755) relating to management fees paid/
payable in units of the Trust that have been or will be issued to the Manager as payment of the performance component of
management fees.
Asset management fees for RCS Trust are paid in units.
304
Income tax expense

Reconciliation of effective tax rate
2006
2005
$000
$000
Net income before tax

Tax calculated using Singapore tax rate of 20%
Non-tax deductible items
Income not subject to tax
Tax transparency
2005
$000
167,401
117,013
159,620
117,369
33,480
23,403
31,924
23,474
2,265
1,882
1,956
1,882
(1,865)
(33,880)
16
Trust
2006
$000
71
(25,356)
(33,880)
(25,356)

2006
2005
$000
$000
2006
$000
2005
$000
159,620
117,369
Earnings per unit

Basic earnings per unit is based on:
Net income before tax
167,401
117,013
Trust
15
Less:
Income tax attributable to net income
Net income after tax
167,401
117,013
159,620
117,369
305
Trust
Number of Units
000
000
Weighted average number of units

-
outstanding during the year
1,379,699
1,203,200
58,275
29,454
1,155
Creation of new units:

-
equity fund raising
issued as satisfaction of acquisition fee
issued as satisfaction of asset management fees in
issued and issuable as payment of asset management fees paid in units
relation to the Trusts 40% interest in Raffles City through RCS Trust
26
1,966
1,797
1,441,121
1,234,451
Diluted earnings per unit is the same as the basic earnings per unit as there are no significant dilutive instruments in issue during
the year (2005:Nil).
17
Issue expenses
Underwriting and selling commissions

Professional fees
Miscellaneous expenses

2006
2005
$000
$000
2006
$000
Trust
2005
$000
5,512
8,150
5,512
8,150
625
439
625
439
177
1,777
177
1,777
6,314
10,366
6,314
10,366
These expenses are deducted directly against the Unitholders funds. Included in the professional fees are non-audit fees paid and
payable to auditors of the Trust amounting to $148,000 (2005: $128,000) for acting as independent reporting accountants and
scrutineers with respect to the issuance and placement of additional units in the Trust.
306
Related parties
For the purposes of these financial statements, parties are considered to be related to the Trust and its investees if the Trust
and its investees has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making
financial and operating decisions, or vice versa, or where the Trust and its investees and the party are subject to common significant
influence. Related parties may be individuals or other entities. The Manager, Property Manager (CapitaLand Retail Management
Private Limited) and Property Manager of RCS Trust (CapitaLand (RCS) Property Management Pte. Ltd.) are indirect wholly-owned
subsidiaries of a substantial Unitholder of the Trust.
In the normal course of the operations of the Trust, asset management fees and trustees fees have been paid or are payable to
the Manager and Trustee respectively.
During the financial year, other than those disclosed elsewhere in the financial statements, there were the following significant
related party transactions, which were carried out in the normal course of business on arms length commercial terms:
2006
2005
$000
$000
Trust
2006
$000
2005
$000
Asset enhancement works and consultancy

fees paid/payable to a related company of the Manager
892
1,123
892
1,123
41
8,664
9,206
8,664
9,206
Rental and related income received/receivable from related

companies of the Manager
Underwriting, advisory and acquisition fees paid/payable to
the Manager
18
307
19
Financial instruments
Financial risk management objectives and policies
Exposure to credit, interest rate and liquidity risks arises in the normal course of the Trust and its investees business. The Trust
and its investees have written policies and guidelines, which set out its overall business strategies and its general risk management
philosophy.
Credit risk
Credit risk is the potential financial loss resulting from the failure of a customer or a counterparty to settle its financial and contractual
obligations to the Trust and its investees, as and when they fall due.
The Manager of the Trust and its investees has established credit limits for customers and monitors their balances on an ongoing
basis. Credit evaluations are performed by the Manager of the Trust and its investees before lease agreements are entered into
with customers. Cash and fixed deposits are placed with financial institutions which are regulated.
At 31 December 2006 and 2005, there were no significant concentrations of credit risk. The maximum exposure to credit risk is
represented by the carrying value of each financial asset on the balance sheet.
Interest rate risk
The Trust and its investees exposure to changes in interest rates relates primarily to interest-earning financial assets and interestbearing financial liabilities. Interest rate risk is managed by the Manager on an ongoing basis with the primary objective of limiting
the extent to which net interest expense could be affected by adverse movements in interest rates.
Liquidity risk
The Manager of the Trust monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance
its operations. In addition, the Manager also monitors and observes the Code on Collective Investment Schemes issued by the MAS
concerning limits on total borrowings.
308
In managing the interest rate risk, the Trust and its investees aims to reduce the impact of short-term fluctuations on its
earnings.
As at 31 December 2006, it was estimated that a general increase in one percentage point in interest rates would reduce the Trust
and its investees and the Trust earnings by approximately $2,838,000 (2005: $280,000) and $2,838,000 (2005: $280,000),
respectively.
Estimation of fair values
Fair value, which is determined for disclosure purpose is calculated based on the present value of future principal and interest cash
flows discounted at the market rate of interest at the reporting date.
Interest rates used in determining fair values
Interest rates used to discount estimated cash flows, where applicable, is computed from the market interest rates for the Trust
and its investees as follows:
Financial liabilities
2006
%
2005
%
3.3 - 4.0
3.2 - 3.9
Sensitivity analysis
309
The aggregate net fair values of recognised financial liabilities which are not carried at fair value in the balance sheet at 31 December
are represented in the following table:
Carrying
amount
$000
Fair value
$000
Percentage of
net assets
%

2006
1,406,279
1,340,377
45.0
1,061,232
1,043,257
45.7
1,061,733
1,046,666
35.8
1,061,232
1,043,257
45.7
2005
Trust
2006
2005
The carrying values of other financial assets and liabilities (including trade and other receivables, cash and cash equivalents, trade
and other payables and security deposits) approximate their fair values.
310
Segment reporting
Segment information is presented in respect of the Trust and its investees business segments. The primary format, business
segments, is based on its management and internal reporting structure.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a
reasonable basis. Unallocated items comprise mainly income-earning assets and revenue, interest-bearing loans and borrowings
and expenses, and related assets and expenses.
Segment capital expenditure is the total cost incurred during the year to acquire segment assets that are expected to be used for
more than one year.
Business segments
The Trust and its investees is in the business of investing in the following shopping malls, which are considered to be the main
business segments: Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, other
investment properties and the Trust and its investees share in RCS Trust Raffles City.
Geographical segments
The Trust and its investees operations are primarily in Singapore except for one of its associates, where operations are in China.
20
311
Business segments
Property income and expenses
40%
interest
Other
in RCS
Investment
Trust
Properties1 Raffles City2
$000
$000
2006
Tampines
Mall
$000
Junction
8
$000
Funan
DigitaLife
Mall
$000
IMM
Building
$000
Plaza
Singapura
$000
Bugis
Junction
$000
Gross rental income
49,998
38,373
21,893
51,238
59,890
50,562
15,641
19,706
Total
$000
307,301
Car park income
2,119
1,364
1,656
2,178
1,083
512
8,912
Others
1,690
2,331
905
2,996
2,144
3,184
1,805
460
15,515
53,807
42,068
24,454
54,234
64,212
53,746
18,529
20,678
331,728
37,833
28,899
14,739
29,949
44,533
35,748
11,295
14,645
217,641
Gross revenue
Segment net property

income
Interest income
967
Unallocated expenses
(65,465)
153,143
14,258
Net income
167,401
Net appreciation on
revaluation of investment
properties
18,461
13,072
5,111
104,679
28,178
44,705
5,364
33,390
252,960

before income tax
Income tax expense
312
420,361
420,361
Junction
8
$000
Funan
DigitaLife
Mall
$000
IMM
Building
$000
Plaza
Singapura
$000
Bugis
Junction
$000
Other
Investment
Properties1
$000
Gross rental income
46,500
36,277
20,207
49,572
57,347
7,867
5,698
Total
$000
223,468
Car park income
2,172
1,348
1,560
2,169
326
7,580
Others
1,824
2,742
906
3,081
2,001
765
720
12,039
50,496
40,367
22,673
52,658
61,517
8,632
6,744
243,087
34,888
26,451
13,394
25,874
43,829
5,471
4,174
154,081
Gross revenue
Segment net property

income
Interest income
219
Unallocated expenses
(41,687)
112,613
4,400
Net income
117,013
Net appreciation on
revaluation of investment
properties
80,674
67,550
38,253
47,625
57,386
1,751
45
293,284

before income tax
Income tax expense
410,297
2005
Tampines
Mall
$000
410,297
313
Business segments
2006
Tampines
Mall
$000
Junction
8
$000
Funan
DigitaLife
Mall
$000
IMM
Building
$000
Plaza
Singapura
$000
Bugis
Junction
$000
261,066 560,601
838,403
666,506
40%
interest
Other
in RCS
Investment
Trust
$000
$000
Total
$000
Assets and liabilities
Segment assets
656,581
490,252
207,979
924,705
Interest in associates
169,636
Unallocated assets
35,549
Total assets
Segment liabilities
4,606,093
4,811,278
13,573
12,671
12,457
37,758
20,347
18,742
5,695
359,838
481,081
Unallocated liabilities:
-
interest-bearing
loans and borrowings
interest payables
asset management
current tax payable
others
fees
1,345,526
4,089
3,214
367
1,187
1,354,383
Total liabilities
314
1,835,464
Junction
8
$000
Funan
DigitaLife
Mall
$000
IMM
Building
$000
Plaza
Singapura
$000
Bugis
Junction
$000
Total
$000
Other segmental information
Depreciation of plant and

equipment
22
30
72
45
33
29
36
270
21
12
158
14
13
62
64
350
Plant and equipment:

-
Capital expenditure
Investment properties:
-
Capital expenditure
3,875
2,928
7,795
53,321
3,980
5,295
2,489
1,969
81,652
Write-off of assets
336
406
158
900
Allowance for doubtful

receivables
Receivables written off
15
15
14
14
2006
Tampines
Mall
$000
40%
interest
Other
in RCS
Investment
Trust
$000
$000
315
Business segments
2005
Junction
8
$000
Funan
DigitaLife
Mall
$000
IMM
Building
$000
634,729 474,150
248,432
401,016
Tampines
Mall
$000
Plaza
Singapura
$000
Bugis
Junction
$000
Other
Investment
Properties1
$000
Total
$000
Assets and liabilities
Segment assets
804,979 618,188
194,461
Interest in an associate
64,928
Unallocated assets
42,681
Total assets
Segment liabilities
3,375,955
3,483,564
14,003
16,566
11,706
24,887
15,299
12,660
6,170
101,291
Unallocated liabilities:
-
interest-bearing loans and

borrowings
1,089,232
interest payables
2,879
asset management fees
2,364
current tax payable
others
367
3,526
1,098,368
Total liabilities
316
1,199,659
Funan
DigitaLife
Mall
$000
IMM
Building
$000
Plaza
Singapura
$000
Bugis
Junction
$000
2005
Other
Investment
Properties1
$000
16
22
12
57
40
154
15
53
10
10
19
123
82
312
Total
$000
Other segmental information
Depreciation of plant and equipment

Plant and equipment:
-
Capital expenditure
Investment properties:
-
Capital expenditure
4,431
9,715
7,978
375
9,121
613,249
193,456
838,325
Write-off of assets
105
265
731
458
1,559
16
11
Allowance for doubtful receivables/

receivables written off
1
2
(2)
(1)
(3)
Junction
8
$000
Tampines
Mall
$000
Other investment properties comprises Sembawang Shopping Centre, Hougang Plaza and Jurong Entertainment Centre.
The joint acquisition of Raffles City through RCS Trust by CMT (40%) and CCT (60%) was completed on 1 September 2006.
317
Geographical segments
Singapore
operations
$000
Overseas
operations
$000
Total
$000
2006
Gross revenue
Segment assets
331,728
331,728
14,258
14,258
4,606,093
4,606,093
76,343
93,293
169,636
Capital expenditure:
Plant and equipment
350
350
81,652
81,652
243,087
243,087
4,400
4,400
3,375,955
3,375,955
64,928
64,928
2005
Gross revenue
Segment assets
Capital expenditure:
Plant and equipment
318
312
312
838,325
838,325
Commitments
2006
2005
$000
$000
Trust
2006
$000
2005
$000
Capital commitments:
-
contracted but not provided for
66,577
3,445
66,267
3,445
authorised but not contracted for
79,571
145,964
79,122
145,964
146,148
149,409
145,389
149,409
The Trust and its investees leases out its investment properties.
Non-cancellable operating lease rentals are receivable as
follows:
2006
2005
$000
$000
22
Trust
2006
$000
2005
$000
Within 1 year
302,422
243,355
261,011
243,355
363,910
230,669
315,091
230,669
666,332
474,024
576,102
474,024
Contingent liability
Pursuant to the tax transparency ruling from IRAS, the Trustee has provided a tax indemnity for certain types of tax losses, including
unrecovered late payment penalties, that may be suffered by IRAS should IRAS fail to recover from Unitholders tax due or payable
21
on distributions made to them without deduction of tax, subject to the indemnity amount agreed with the IRAS. This indemnity is
applicable to distributions made out of the Trusts income for the period from the date of the listing of the Trust to 1 August 2004.
The amount of indemnity, as agreed with IRAS for any one year is limited to the higher of $500,000 or 1.0% of the taxable income
of the Trust for that year. Each yearly indemnity has a validity period of the earlier of seven years from the end of the relevant year
of assessment and three years from the termination of the Trust.
319
23
Subsequent events
Subsequent to the year ended 31 December 2006, the Manager declared a distribution of $52,331,000 to Unitholders in respect
of the period from 1 October 2006 to 31 December 2006.
24
Financial ratios
2006
%
2005
%
Expenses to weighted average net assets1

-
including performance component of Managers management fees
0.88
0.92
excluding performance component of Managers management fees
0.53
0.56
Portfolio turnover rate2
320
The annualised ratios are computed in accordance with the guidelines of Investment Management Association of Singapore. The expenses used in the computation relate to
expenses of the Trust, excluding property expenses and interest expense.
The annualised ratio is computed based on the lesser of purchases or sales of underlying investment properties of the Trust and its invastees expressed as a percentage of daily
average net asset value.
unitholders statistics
STATISTICS OF UNITHOLDINGS
AS AT 1 MARCH 2007
Issued and Fully Paid Units
1,562,576,356 units (voting rights : 1 vote per unit)
Market Capitalisation $5,250,256,556 (based on closing unit price of S$3.36 on 1 March 2007)
Distribution of Unitholdings
Size of Holdings
1 - 999
No. of Unitholders
No. of Units
175
2.39
56,910
0.00
1,000 - 10,000
5,229
71.43
21,397,517
1.37
10,001 - 1,000,000
1,890
25.82
100,018,173
6.40
26
0.36
1,441,103,756
92.23
7,320
100.00
1,562,576,356
100.00
1,000,001 and above
Location of Unitholders
Country
No. of Unitholders
No. of Units
7,189
98.21
1,558,210,376
99.72
Malaysia
48
0.66
996,350
0.06
Others
83
1.13
3,369,630
0.22
7,320
100.00
1,562,576,356
100.00
Singapore
321
Twenty Largest Unitholders

S/No.
Name
No. of Units
1
2
Pyramex Investments Pte Ltd
300,219,553
19.21
Citibank Nominees Singapore Pte Ltd
258,794,240
16.56
DBSN Services Pte Ltd
177,180,126
11.34
DBS Nominees Pte Ltd
164,394,923
10.52
Albert Complex Pte Ltd
147,000,000
9.41
HSBC (Singapore) Nominees Pte Ltd
104,660,971
6.70
NTUC Fairprice Co-Operative Ltd
81,070,000
5.19
Raffles Nominees Pte Ltd
75,190,615
4.81
United Overseas Bank Nominees Pte Ltd
33,709,508
2.16
10
Premier Healthcare Services International Pte Ltd
33,000,000
2.11
11
Alphaplus Investments Pte Ltd
25,330,000
1.62
12
Morgan Stanley Asia (Singapore) Securities Pte Ltd
10,220,050
0.65
13
5,768,051
0.37
14
BNP Paribas Nominees Singapore Pte Ltd
3,337,100
0.21
15
The Asia Life Assurance Society Ltd-Par Fund
3,114,000
0.20
16
Yong Loo Lin Holdings Private Limited
3,000,000
0.19
17
DB Nominees (S) Pte Ltd
2,965,074
0.19
18
Thioequities Pte Ltd
2,663,039
0.17
19
Merrill Lynch (Singapore) Pte Ltd
1,555,806
0.10
20
Lim Kim San
List of Directors Interest as at 21 January 2007
322
Name
No. of CMT Units Held
Hsuan Owyang
Nil
Liew Mun Leong
525,000 (Deemed)
Pua Seck Guan
Nil
James Glen Service
Nil
60,000 (Direct)
30,000 (Deemed)
S Chandra Das
Nil
Hiew Yoon Khong
267,000 (Direct)
Kee Teck Koon
50,000 (Direct)
132,000 (Direct)
110,000 (Deemed)
Wen Khai Meng
346,000 (Direct)
143,550 (Deemed)
1,440,000
0.09
1,434,613,056
91.80
List of Substantial Unitholders as at 1 March 2007

Name
No. of Units Held
NTUC FairPrice Co-operative Limited
Direct: 81,070,000 units
5.19
Deemed: 25,330,000 units
1.62
held by Alphaplus Investments Pte Ltd

The Capital Group Companies, Inc.
5.93
Albert Complex Pte Ltd (ACPL)
9.41
Pyramex Investments Pte Ltd (PIPL)
19.21
CapitaLand Retail Limited
30.73
-147,000,000 units held by ACPL

- 300,219,553 units held by PIPL
- 33,000,000 units held by Premier Healthcare
Services International Pte Ltd (PHSIPL)
CapitaLand Limited
31.10
- 147,000,000 units held by ACPL

- 300,219,553 units held by PIPL
- 33,000,000 units held by PHSIPL
- 5,768,051 units held by the Manager
Temasek Holdings (Private) Limited
32.99
FREEFLOAT
Based on the information made available to the Manager, no less than 10.0 percent of the units in CMT were held in the hands of the
public as at 1 March 2007. Accordingly, Rule 723 of the listing Manual of the SGX-ST has been complied with.
323
additional information
Related Party Transactions

The transactions entered into with related parties during the financial year, which fall under the Listing Manual and the CIS Code, are as
follows:
Name of Related Party
Aggregate value of all related

party transactions during the
financial period under review
(excluding transactions of less
than S$100,000 each)
S$000
CapitaLand Limited and its subsidiaries or associates

- Management fees1
- Property management fees & reimbursables
- Acquisition fees related to acquisitions
of 40% interest in Raffles City, through RCS Trust
- Project management and consultancy fees for
asset enhancement works
- Acquisition of 40% interest in Raffles City, through RCS Trust
Temasek Holdings (Private) Limited and its associates
- Rental and service income
- Utilities
- General Maintenance
1
8,664
3,244
866,400
12,735
12,647
374
For the purposes of Clause 907 of the Listing Manual of the SGX-ST, in arriving at this figure, the market price of the CMT Units (being the closing price of the Units traded on the SGX-ST on the
relevant date of issue of the Units) issued to the Manager for the performance component of its management fees, was used to determine the amount of the aggregate asset management fees paid to
the Manager for the period from 1 January 2006 to 31 December 2006. A total of 4,005,875 CMT Units amounting to an aggregate of S$10,750,756 have been or will be issued to the Manager
as payment of the performance component of the asset management fees (as computed pursuant to the Trust Deed) for the period from 1 January 2006 to 31 December 2006. In respect of the
period from 1 January 2006 to 31 March 2006, a total of 893,517 Units, comprising 481,262 and 412,255 CMT Units at issue prices of S$1.748175 and S$ 2.3309* per Unit respectively,
were issued on 11 May 2006 to the Manager. The market price at the date of issue was S$2.38 per Unit and the aggregate market value of these Units was S$2,126,571 based on this market
price. In respect of the period from 1 April 2006 to 30 June 2006, a total of 997,074 Units, comprising 544,284 and 452,790 CMT Units at issue prices of S$1.5712 and S$2.0949* per Unit
respectively, were issued on 3 August 2006 to the Manager. The market price at the date of issue was S$2.18 per Unit and the aggregate market value of these Units was S$2,173,621 based on
this market price. In respect of the period from 1 July 2006 to 30 September 2006, a total of 979,633 CMT Units, comprising 462,589 and 517,044 CMT Units at issue prices of S$1.87035
and S$2.4938* per Unit respectively, were issued on 20 October 2006 to the Manager. The market price at the date of issue was S$2.62 per Unit and the aggregate market value of these Units
was S$2,566,638 based on this market price. In respect of the period from 1 October 2006 to 31 December 2006, a total of 1,135,651 CMT Units, comprising 413,302 and 722,349 CMT Units
at issue prices of S$2.0994 and S$2.7992* per Unit respectively, were issued on 6 February 2007 to the Manager. The market price at the date of issue was S$3.42 per Unit and the aggregate
market value of these Units was S$3,883,926 based on this market price.
*
324
20,510
27,443
Based on the volume weighted average traded price for a Unit for all trades on the SGX-ST in the ordinary course of trading on the SGX-ST for the last ten business days of the relevant period
in which the management fee accrues.
Save as disclosed above, there were no additional Related Party Transactions (excluding transactions of less than S$100,000 each) entered
into during the financial period under review.
On 16 February 2004, CMT announced that the SGX-ST has on 10 February 2004 granted a waiver to CMT from rules 905 and 906 of the
SGX-STs Listing Manual in relation to payments for management fee, payments for acquisition and divestment fees, payments of property
management fee, reimbursement to the property manager in respect of payroll and related expenses as well as payments of trustees fee not
to be included in the aggregated value of total related party transactions as governed by rules 905 and 906 of the Listing Manual.
Please also see Significant Related Party Transactions on note 18 in the financial statements.
Subscription of CMT Units
For the financial year ended 31 December 2006, an aggregate of 181,742,238 CMT units were issued and subscribed for. As at 31
December 2006, 1,561,440,705 CMT units were in issue and outstanding. On 6 February 2007, 1,135,651 CMT units were issued to
the Manager as part payment of the performance component of its asset management fees for the fourth quarter of 2006.
325
GLOSSARY
326
ACM
Assistant Centre Manager
CSAs
AHU
Air Handling Unit
DPU
Distribution per Unit
ASEAN
Association of Southeast Asian Nations
EGM
Extradordinary General Meeting
BCA
Building Control Authority
EPRA
European Public Real Estate Association
BMI
Broad Market Index
F&B
Food and Beverage
CapitaLand
CapitaLand Limited
FOTFS
Focus On The Family Singapore Ltd
CBD
Central Business District
FTSE
Financial Times - Stock Exchange
CCT
CapitaCommercial Trust
Funan
CDC
Community Development Council
FY
Financial Year
CFFL
Centre for Fathering Ltd
GDP
Gross Domestic Product
CIS
Collective Investment Scheme
GFA
Gross Floor Area
CMBS
Commercial Mortgaged Backed Securities
GPR
General Property Research
CMT
CapitaMall Trust
GLA
Gross Lettable Area
CMTML
GRA
Gross Retail Area
CPI
Consumer Price Inflation
GSS
Great Singapore Sale
CLIA
CapitaLand Internal Audit
GTO
Gross Turnover
CRCDF
CapitaRetail China Development Fund
IIA
Institute of Internal Auditors, Inc.
CRCIF
CapitaRetail China Incubator Fund
IPO
Initial Public Offering
CRCT
IT
Information Technology
CRCTML
CapitaRetail China Trust Management Limited
IMM
IMM Building
CRTL
CapitaLand Retail Limited
JEC
Jurong Entertainment Centre
CRMPL
CapitaLand Retail Management Private Limited
Lot 1
Lot One Shoppers Mall
CRS
CapitaRetail Singapore
MAS
Monetary Authority of Singapore
Customer Service Assistants
MCYS
Ministry of Community, Youth and Social Services
RPI
Retail Price Inflation
Moodys
Moodys Investors Service
SESPROP
Singapore Property Equities Index
MRT
Mass Rapid Transit
SGX-ST
Singapore Exchange Securities Trading Limited
MSCI
Morgan Stanley Capital International
SIAS
Securities Investors Association (Singapore)
MTN
Medium Term Note
Silver Maple
Silver Maple Investment Corporation Ltd
NAREIT
National Association of Real Estate Investment Trusts
Silver Oak
Silver Oak Limited
NAV
Net Asset Value
S&P
Standard & Poors
NLA
Net Lettable Area
SP
Singapore Power Ltd
NPI
Net Property Income
sq ft
Square Feet
OIS
Offer Information Statement
sq m
Square Metres
OJT
On-The-Job-Training
SSC
Sembawang Shopping Centre
OPP
Outline Planning Permission
STI
Straits Times Index
p.a.
Per Annum
The Board
The Board of Directors of the Manager
PMEBs
Professionals, Managers, Executives and Businessmen
URA
Urban Redevelopment Authority
POS
Point of Sales
US
United States
PPP
Purchasing Price Parity
PRC
Peoples Republic of China
RAP
Recommended Accounting Pratices
RC Hotels
RC Hotels (Pte) Ltd
RCF
Revolving Credit Facility
RCS
Raffles City Singapore
RCSC
REIT
Real Estate Investment Trust
ROI
Return on Investment
327
MALLS INFORMATION
MALLS
ADDRESS
TEL (GENERAL)
FAX (GENERAL)
WEBSITE
Bugis Junction
200 Victoria Street,
(65) 6557 6556
(65) 6338 1783
www.bugisjunction-mall.com.sg
Bukit Panjang Plaza
1 Jelebu Road, Singapore 677743
(65) 6314 6380
(65) 6763 4829
www.capitalandretail.com/bpp.htm
Funan DigitaLife Mall 109 North Bridge Road, Singapore 179097
(65) 6332 7843
(65) 6333 4275
www.funan.com.sg
Hougang Plaza
1189 Upper Serangoon Road, Singapore 534785
(65) 6788 8377
(65) 6385 7338
IMM Building
2 Jurong East Street 21, Singapore 609601
(65) 6665 8288
(65) 6562 3933
www.imm.sg
Junction 8
9 Bishan Place, Singapore 579837
(65) 6354 9282
(65) 6354 2977
www.junction8.com.sg
Jurong
2 Jurong East Central 1, Singapore 609731
(65) 6665 8288
(65) 6562 3933
www.capitalandretail.com/jec.htm
Plaza Singapura
68 Orchard Road, Singapore 238839
65) 6332 9770
(65) 6339 5006
www.plazasingapura.com.sg
Lot One
21 Choa Chu Kang Avenue 4, Singapore 689812
(65) 6314 6210
(65) 6763 2405
www.capitalandretail.com/lotone.htm
Retail:
252 North Bridge Road, Singapore 179103 (65) 6338 7766
(65) 6337 3618
www.rafflescity.com
Office:
250 North Bridge Road, Singepore 179101
Singapore 188021
Entertainment Centre
Shoppers Mall
Raffles City
Hotels: 2 Stamford Road Singapore 178882,

80 Bras Basah Road Singapore 189560
Rivervale Mall
11 Rivervale Crescent, Singapore 545082
(65) 6489 1954
(65) 6489 1956
www.capitalandretail.com/river.htm
Sembawang
604 Sembawang Road, Singapore 758459
(65) 6757 8009
(65) 62571463
www.capitalandretail.com/semb.htm
4 Tampines Central 5, Singapore 529510
(65) 6788 8377
(65) 6787 0995
www.tampinesmall.com.sg
Shopping Centre
Tampines Mall
328
THE MANAGER
REGISTERED ADDRESS
HSBC Institutional Trust Services
(Singapore) Limited
21 Collyer Quay
#14-01 HSBC Building
Singapore 049320
Phone: +65 6534 1900
Fax:
+65 6533 1077
REGISTERED ADDRESS
CapitaMall Trust Management
Limited
39 Robinson Road
#18-01 Robinson Point
Singapore 068911
Phone: +65 6536 1188
Fax:
+65 6536 3884
WEBSITE ADDRESS
www.capitamall.com
Email: ask-us@capitamall.com.sg
DIRECTORS OF THE MANAGER

Mr Hsuan Owyang
Chairman & Independent NonExecutive Director
CONCEPT, DESIGN AND PRODUCTION BY LEXISBRANDING.COM
Trustee
HSBC Institutional Trust Services
(Singapore) Limited
21 Collyer Quay
#10-01 HSBC Building
Singapore 049320
Phone: +65 6534 1900
Fax:
+65 6533 1077
coverartwork.indd 2
Mr Liew Mun Leong

Deputy Chairman & Non-Executive
Director
Mr Pua Seck Guan
Chief Executive Officer & Executive
Director
AUDITOR
KPMG
Certified Public Accountants
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
Phone: +65 6213 3388
Fax:
+65 6225 0984
Partner-In-Charge : Leong Kok Keong
(Since financial period ended
31 December 2002)
Mr James Glen Service

Independent Non-Executive Director
UNIT REGISTRAR
Lim Associates (Pte) Ltd
3 Church Street,
#08-01 Samsung Hub
Singapore 049483
Phone: +65 6536 5355
Fax:
+65 6536 1360
Mr Kee Teck Koon

Non-Executive Director
Mr David Wong Chin Huat

Independent Non-Executive Director
Non-Executive Alternate Director

EXECUTIVE COMMITTEE
Mr Liew Mun Leong
Mr Pua Seck Guan
Mr Kee Teck Koon
Mr Olivier Lim Tse Ghow
AUDIT COMMITTEE
Mr Hsuan Owyang
Mr James Glen Service
Mr David Wong Chin Huat
CORPORATE DISCLOSURE
COMMITTEE
Mr Hsuan Owyang
Mr Liew Mun Leong
Mr Kee Teck Koon
COMPANY SECRETARY
Ms Michelle Koh
CORPORATE INFORMATION
CAPITAMALL TRUST
Mr S. Chandra Das
Mr Hiew Yoon Khong

Mr Wen Khai Meng
3/26/07 11:18:02 AM

39 Robinson Road
#18-01 Robinson Point
Singapore 068911
www.capitamall.com

CMT Ar 2006

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CMT Ar 2006

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2

An investment in CapitaMall Trust (CMT) is an investment in a distinctively different

Performance. Strong and consistent performance

People are central to our success. Having

funan digitalife mall

jurong entertainment centre

sembawang shopping centre

vision & mission

capitamall trust structure

trust management team

property management team

letter to unitholders (english)

letter to unitholders (chinese)

key achievements in 2006

consistently outperformed dpu forecasts

steady dpu growth since listing in 2002

core drivers of dpu growth

102 intrinsic organic growth

nav per unit growth

103 innovative asset enhancement initiatives

strong rental renewal rates

104 invaluable investments

high occupancy rates

106 inviting experiences

steadily increasing shopper traffic

107 intensive capital & risk management

growing market share in singapore

100 integrated retail real estate platform

7ALENT & SOCIE7Y

154 portfolio at a glance

252 financial statements

158 tampines mall

321 unitholders statistics

324 additional information

178 funan digitalife mall

188 imm building

118 investor relations update

198 plaza singapura

122 financial calendar

208 bugis junction

123 unit price performance

218 sembawang shopping centre/

328 mall information

124 comparative yields/

jurong entertainment centre/

capitalisation of approximately S$4.51 billion and an asset size

Based on the CMT closing unit price of S$2.91 on 29 December 2006.

PUA SECK GUAN

2006 was the most

2006 has been a spectacular year for CMT with

accomplished a remarkable 14.3 percent and 15.1

Aggregate purchase price for the acquisition of CMTs 40.0 percent

The hotels and restaurant sector also performed

of the remaining units in Hougang Plaza8. Strong

CORE COMPONENTS OF DPU GROWTH

well, growing 5.1 percent. This was higher than

rental renewals from new and existing leases and

the 4.3 percent achieved in 2005. The sectors

asset enhancement works at other malls within the

6.78 cents to 11.69 cents since IPO. Our strong

good performance was backed by a record high of

portfolio also contributed to the higher gross revenue