37
ANNUAL REPORT 2014
(1) The basement level car park facility was not acquired by H-REIT from City Developments
Limited ("
CDL
"). However, the hotel enjoys a right of easement to use the basement level
car park facility.
(2) H-REIT leases fromCDL the second level ofWaterfront Plazawhich comprises theWaterfront
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 Knight Frank Pte Ltd using a combination of the Capitalisation
and Discounted Cash Flow approaches.
The 574-roompremier 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 offers 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 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. Grand Copthorne
Waterfront Hotel is the third largest conference hotel in Singapore. With one of
the best designed conference venues in the region, offering unparalleled cutting
edge meeting facilities, it is a choice venue for many multi-national organisations.
Equipped with a full service business centre and four serviced offices, the hotel offers
the full range of secretarial and business support services. A salon providing hair,
beauty and wellness services satisfies the needs of the leisure guests. In terms of
dining options, award-winning Pontini is a fine-dining restaurant that serves authentic
Italian cuisine. Diners at Café Brio’s can indulge in local favourites or international
cuisines while dining indoor or alfresco.
Recent accolades garnered by the hotel include TripAdvisor Certificate of Excellence
2013, Excellence Service Award 2014 (7 Gold, 1 Silver awards), BizSAFE Level 4
Certification, Hotel Security Excellence Award 2014, Fire Safety Excellence Award
2014, the SHA Singapore Green Hotel Award 2013, PUB Water Efficient Building
Gold Award 2014-2017, STB ASEAN Green Hotel Award 2012-2013 and BCA Green
Mark (Gold) certification 2011-2013.
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
Other facilities:
A fully equipped
Business Centre, hair, beauty and
wellness services and four units of fully
furnished Serviced Offices offering 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:
10,860.2 sq m
(including adjoining Waterfront Plaza)
(2)
Gross floor area:
51,726.0 sq m
(including adjoining Waterfront Plaza)
(2)
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 2014:
S$363.0 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$7.2 million
comprising a fixed rent of S$3.0 million and
a service charge of S$4.2 million per annum
KEY FINANCIALS
Rental income from the property for
FY 2014:
S$22.6 million
Net property income from the
property for FY 2014:
S$20.9 million
Grand Ballroom
