Page 11 - ar2012

annual report 2012
09
2013: Tourism Outlook for Singapore
An additional supply of approximately 4,000 rooms,
or 8% of the existing room inventory is expected in
2013. Coupled with concerns relating to the global
economic environment, the hospitality sector is
expected to be more competitive in 2013.
Despite the above, the addition of new attractions
and improved tourism infrastructure in 2012, namely
The Marine Life Park in Resorts World Sentosa,
Phase 1 (Bay South) of the 101-hectare Gardens by
the Bay and the International Cruise Terminal, has
enhanced the Singapore tourism landscape further.
Notable upcoming attractions that will continue
to broaden and enrich the experience of visitors to
Singapore is the River Safari, featuring the Giant
Pandas, slated to be opened in the frst half of 2013.
CDLHT will be a benefciary of Singapore’s increasing
attractiveness as a destination of choice.
Going Forward
The Board believes that the strength of CDLHT’s
balance sheet, fnancial discipline and diversifed
portfolio places it in a good position to weather
economic uncertainties. At the same time, the Board
will seek to maximise the operating performance
of CDLHT’s existing assets and explore asset
enhancement opportunities to optimise the
value of its properties. With a healthy gearing of
approximately 27.9% (3) and ample debt headroom,
CDLHT will also continue to source for acquisition
opportunities in the next 12 months.
I would like to thank the management, partners,
staf, holders of the Stapled Securities (“Security
Holders”) and the H-REIT Trustee for their steadfast
support and eforts in 2012. I look forward to meeting
you at our annual general meeting to be held on
26 April 2013.
“The Board believes that the strength of CDLHT’s balance
sheet, fnancial discipline and diversifed portfolio places it
in a good position to weather economic uncertainties.”
Wong Hong Ren
Chairman
(3) Assuming the total acquisition cost (including transaction expenses) of US$72.4 million is 100% US dollar debt-funded and converted at an exchange rate
of US$1 = S$1.2224 as at 27 December 2012.