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annual report 2012
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Master Lease Details
Master lessee: Republic Hotels & Resorts Limited, a subsidiary of M&C
Term of lease with master lessee: 20 years from 19 July 2006 with an option to renew for another 20 years
Minimum rental income: S$7.2million comprising a fxed rent of S$3.0million and a service charge of S$4.2
million per annum
Key Financials
Rental income from the property for FY 2012: S$25.0 million
Net property income from the property for
FY 2012:
S$23.2 million
(1) The basement level car park facility was not acquired by H-REIT fromCity Developments Limited (“CDL”). However, the hotel enjoys a right of easement
to use the basement level car park facility.
(2) H-REIT leases from CDL the second level of Waterfront Plaza which comprises the Waterfront Conference Centre which H-REIT in turn sub-lets to
Republic Hotels & Resorts Limited (“ RHRL”). Rental income received from RHRL is thereafter paid to CDL as rental expense.
(3) The property was valued by Jones Lang LaSalle Property Consultants Pte Ltd using a combination of the Capitalisation and Discounted Cash
Flow approaches.
Property Details
Number of guest rooms: 550 rooms and La Residenza’s 24 serviced suites
Number of food & beverage outlets: Four outlets comprising Café Brio’s, Pontini, The Piano Bar and The Pool Bar
Banquet/Conference/Meeting facilities: 34 versatile meeting rooms covering 6,039 sq m, including a six-metre high
column-free ballroom of 853 sq m and seating up to 900 guests theatre-style
Others: A fully equipped Business Centre, hair, beauty and wellness services and four units
of fully furnished Serviced Ofces ofering a range of secretarial and business
support services including on-site IT support, video conferencing facilities and
high-speed internet connection
Car park facilities: 287 car park lots (1)
Land area: 9,626 sq m (including adjoining Waterfront Plaza (2))
Gross foor area: 51,726 sq m
Title: 75-year leasehold interest commencing from 19 July 2006
Vendor: City Developments Limited
Purchase price at 19 July 2006: S$234.1 million
Valuation (3) as at 31 December 2012: S$350.0 million
The 574-room premier deluxe conference hotel is situated on the banks of the historic Singapore River and close to the Central
Business District, Clarke Quay, Robertson Quay, Boat Quay, Orchard Road and the Integrated Resorts. The hotel ofers lifestyle
comfort and business-enabling conveniences to facilitate travellers’ executive accommodation and leisure needs, including La
Residenza, comprising 24 serviced suites, which have high ceilings and come in studio, one or two bedroom units.
The adjoining refurbished Waterfront Conference Centre has 34 versatile meeting rooms that covers an area of 6,039 sq m,
including a six-metre high column-free ballroom covering 853 sq m and seating up to 900 guests theatre-style. As one of the
best designed conference venues in the region ofering unparalleled cutting edge meeting facilities, it is a choice venue for
many multi-national organisations.
A full service business centre, hair, beauty and wellness services and four units of serviced ofces are also available at level three
of the hotel. With 24-hour access, one can utilise the full range of secretarial and business support services. In addition, the hotel
ofers much to satisfy all palates. Award-winning Pontini is a fne-dining Italian restaurant that serves authentic Italian cuisine
with a modern twist. Diners at Café Brio’s can indulge in local favourites or international cuisines while dining indoor or alfresco.