47
ANNUAL REPORT 2014
Lease Expiry Analysis By Passing Rent
As At 31 Dec 2014
(1) Subject to change and resurvey post AEI.
(2) The property was valued by Knight Frank Pte Ltd using a combination of Capitalisation
and Discounted Cash Flow approaches.
(3) All tenants have moved out of the mall in FY 2014 for the AEI, which commenced in
December 2013 (except for three tenants occupying the Galleria, which is not part of
the AEI).
Claymore Connect is within short walking distance of Orchard MRT station, which is
situated at the junction of Scotts Road, Paterson Road and Orchard Road. Its main
entrance is along Claymore Road, with access to Orchard Hotel. The redeveloped
mall has received its TOP in March 2015 and is expected to commence operations
in second quarter of 2015.
The newly refurbished mall with enhanced retail offerings will cater to the growing
captive residential population in the precincts of Tanglin, Orchard, and Claymore.
Apart from the anchor tenant Cold Storage, Claymore Connect will feature tenants
such as MapleBear Singapore – an early education centre offering Canadian education
philosophies and practices combined with Singapore's bilingual literacy curriculum;
Ch’i Life Studio – Singapore’s Premier International Martial Arts Studio for children
and adults of all ages; as well as a range of food & beverages options, suitable for
families and for all patrons.
Claymore Connect is well-poised to fill a gap in family-oriented malls, given the
increasing number of residential developments in and along the fringes of Orchard
Road. The tenant mix post-asset enhancement is expected cater to the needs of
the residents living in the nearby precincts.
PROPERTY DETAILS
Net lettable area:
Approximately
7,000 sq m
(1)
Car park facilities:
The car park facilities
are shared with Orchard Hotel
Title:
75-year leasehold interest
commencing from 19 July 2006
Vendor:
City Hotels Pte. Ltd.
Purchase price at 19 July 2006:
S$34.5 million
Valuation
(2)
as at 31 December 2014:
S$106.0 million
KEY FINANCIALS
The key financials and statistics below
only relate to Galleria, which is the
section of the mall that is not part of
the redevelopment that commenced in
December 2013.
Rental income from the property for
FY 2014:
S$1.8 million
Net property income from the
property for FY 2014:
S$0.9 million
Total number of tenants as at 31
December 2014:
3
(3)
Average occupancy rate for FY 2014:
100%
Average rent for FY 2014:
S$7.08 per
sq ft per month
2015
2016
2017
38%
33%
29%
Tenant Mix By Rental Income
For FY 2014
60%
40%
Entertainment
F&B
% Contribution Of Rental Income For The 3 Tenants In Galleria
For FY 2014
40%
34%
26%
RENT PROFILE RELATING TO GALLERIA
(3)
TAB SG Pte. Ltd.
Gourmets United
Pte. Ltd.
Jamcute Pte. Ltd.
Entertainment F&B
