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annual report 2012
37
(1) The property was valued by Jones Lang LaSalle Property Consultants Pte Ltd using a combination of the Capitalisation and Discounted Cash
Flow approaches.
The 310-room hotel is conveniently located minutes away from the Central Business District, Robertson Quay, Clarke Quay, Boat
Quay, Orchard Road, Chinatown and the Integrated Resorts.
Copthorne King’s Hotel’s elegantly-appointed rooms and suites ofer all the comforts of modern day amenities, replete with
award-winning restaurants, seven fully equipped function rooms that can be confgured to various meeting arrangements,
complete with the latest audio-visual equipment and wireless broadband connectivity. Recreational facilities include a landscaped
outdoor pool and jacuzzi, mini putting green, gymnasium, sauna and steam bath.
Its award-winning restaurants include Tien Court Restaurant which serves regional Chinese cuisine including Cantonese delicacies
and Princess Terrace which is renowned in Singapore for serving the best authentic Penang cuisine. Both restaurants have been
voted into Singapore Tatler’s “Best Restaurants” list for six years consecutively from 2007 to 2012.
Delivering higher value to its guests, the hotel has converted retail space on level 2 to two new function rooms and a pre-function
area. Refurbishment work has also uplifted the appearances of the staircase and toilets.
Property Details
Number of guest rooms:
310
Number of food & beverage outlets:
Four outlets comprising Tien Court Restaurant, Princess Terrace Café, Connections
Lounge and Starscafé
Banquet/Conference/Meeting facilities:
Seven fully-equipped function rooms that can be easily confgured to various
meeting arrangements
Car park facilities:
77 car park lots
Land area:
5,636.9 sq m
Gross foor area:
17,598.3 sq m
Title:
99-year leasehold interest commencing from 1 February 1968
Vendor:
Republic Hotels & Resorts Limited
Purchase price at 19 July 2006:
S$86.1 million
Valuation
(1)
as at 31 December 2012:
S$124.4 million
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$2.8 million comprising a fxed rent of S$0.6 million and a service charge of
S$2.2 million per annum
Key Financials
Rental income from the property for FY 2012: S$10.2 million
Net property income from the property for
FY 2012:
S$8.7 million
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