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annual report 2012
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Property Details
Number of guest rooms: 360
Number of food & beverage outlets: Espressamente Illy (café and bar) is located on the 1st storey; and ta.ké, an
alfresco cocktail and tapas bar at Level 2
Others: Recreational facilities incorporating a 25-metre lap pool, a jet pool, an open-air
gymnasium and three cabanas
Car park facilities: 30 covered car park lots
Land area: 2,932.1 sq m
Gross foor area: 8,209.9 sq m
Title: 99-year leasehold interest commencing from 26 February 2007
Vendor: Republic Iconic Hotel Pte. Ltd.
Purchase price at 3 May 2012: S$154.0 million
Valuation (1) as at 31 December 2012: S$163.0 million
Master Lease Details
Master lessee: Republic Iconic Hotel Pte. Ltd., a subsidiary of M&C
Term of lease with master lessee: 20 years from 3 May 2011 with:
(i) an option to extend the lease for a frst additional term of 20 years
commencing immediately after the expiry of the initial term;
(ii) an option to extend the lease for a second additional term of 20 years
commencing immediately after the expiry of the frst additional term; and
(iii) an option to extend the lease for a third additional term of 10 years
commencing immediately after the expiry of the second additional term.
Minimum rental income: For the frst twelve months of the lease (ie. from 3 May 2011 through 2 May 2012),
the lessee guarantees a minimum aggregate rent of S$9.24 million to the lessor.
For the following nine years after the frst year of the lease, a fxed rent of S$5
million per annum. On the tenth anniversary date (the “Rent Revision Date”) of
the commencement of the lease, the fxed rent amount will be revised to an
amount equivalent to 50% of the average annual aggregate Fixed Rent and
Variable Rent for the fve fscal years preceding the Rent Revision Date
(the “Revised Fixed Rent”).This amount would thereon be the Revised Fixed
Rent amount.
Key Financials
Rental income from the property for FY 2012 (2): S$10.9 million
Net property income from the property for S$10.2 million
FY 2012 (2) :
Studio M Hotel exudes avant-garde style and class in its ofer of a great business stay or leisure getaway in the iconic
entertainment precinct of Robertson Quay. Designed by Italian style maestro and architect, Piero Lissoni, it is the frst fully loft-
inspired Singapore hotel that also occupies a prime location in the city, within easy reach of both the Central Business District
and the world famous Orchard Road.
Featuring unique loft style living spaces, Studio M Hotel has 360 guest rooms ofering a stylish urban escape, each coming with
essential contemporary conveniences such as wif connectivity. Guests can relax in style at the open-air tropical deck and enjoy
recreational highlights such as a 25-metre lap pool, jet pool and open-air gymnasium.
Unsurprisingly, Studio M Hotel has within the short time since commencement of business won both the Asiaone’s “People’s
Choice Awards 2010: Top 3 Boutique Hotels in Singapore” and TripAdvisors’ “Travellers’ Choice 2012: Top 20 Trendiest Hotels
in Singapore” award.
(1) The property was valued by Jones Lang LaSalle Property Consultants Pte Ltd using a combination of the Capitalisation and Discounted Cash
Flow approaches.
(2) The full year rental income was recognised for FY 2012 (FY 2011 : From 3 May 2011, the acquisition date, to 31 December 2011).