43
ANNUAL REPORT 2014
(1) The property was valued by Knight Frank Pte Ltd using a combination of the Capitalisation
and Discounted Cash Flow approaches.
Studio M Hotel is a unique and stylised hotel in Singapore that blends modern
design with functionality. Designed by Italian style maestro and architect, Piero
Lissoni, it is the first fully loft-inspired Singapore hotel that also occupies a prime
and vibrant location in the city; within easy reach of both the Central Business
District and Orchard Road. The hotel offers a great leisure getaway or business stay
in the iconic entertainment precinct of Robertson Quay. Studio M Hotel has 360
stylish guest rooms and facilities include an open-air tropical oasis deck, 25-metre
lap pool, a jet pool, well-equipped open-air gymnasium and a food and beverage
outlet – MEMO.
The hotel has within the short time since commencement of business won the
AsiaOne’s People’s Choice Awards 2010: Top 3 Boutique Hotels in Singapore,
Travellers’ Choice 2012: Top 20 Trendiest Hotels in Singapore awarded by
TripAdvisor, Rakuten Travel Rising Star Award 2012 and Booking.com's Outstanding
Hotel Partner Award 2012. Other accolades include the BCA Green Mark (Gold) for
2015, PUB Water Efficiency Building Award (Basic) for 2014 and the BizSAFE Level
3 Certification (2012).
PROPERTY DETAILS
Number of guest rooms:
360
Number of food & beverage outlets:
One outlet — MEMO
Other facilities:
Recreational facilities
incorporating a 25-metre lap pool,
a jet pool, an open-air gymnasium
and three cabanas
Car park facilities:
30 car park lots
Land area:
2,932.1 sq m
Gross floor 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 2011:
S$154.0 million
Valuation
(1)
as at 31 December 2014:
S$164.0 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 first 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 first 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 nine
years after the first year of the lease, a fixed
rent of S$5 million per annum. On the
tenth anniversary date (the "
Rent Revision
Date
") of the commencement of the lease,
the fixed rent amount will be revised to an
amount equivalent to 50% of the average
annual aggregate fixed rent and variable
rent for the five fiscal 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
2014:
S$9.0 million
Net property income from the property
for FY 2014:
S$8.5 million
MEMO
