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Investment Properties Portfolio Statement
As at 31 March 2010
Investment properties comprise a diverse portfolio of industrial properties that are leased to external customers. Most
of the leases for multi-tenanted buildings contain an initial non-cancellable period ranging from one to three years.
Subsequent renewals are negotiated with the respective lessees.
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Independent valuations for ninety-one properties were undertaken by CB Richard Ellis (Pte) Ltd, DTZ Debenham
Tie Leung (SEA) Pte Ltd, Colliers International Consultancy & Valuation (Singapore) Pte Ltd, Jones Lang LaSalle
and Cushman & Wakefield Singapore Pte Ltd in March 2010. In March 2009, independent valuations for
eighty-nine properties were undertaken by CB Richard Ellis (Pte) Ltd, Chesterton Suntec International Pte. Ltd.
(formerly known as Chesterton International Property Consultants Pte Ltd), DTZ Debenham Tie Leung (SEA)
Pte Ltd, Colliers International Consultancy & Valuation (Singapore) Pte Ltd and Jones Lang LaSalle. These firms
are independent valuers having appropriate professional qualifications and recent experience in the location
and category of the properties being valued. The valuations for these properties were based on the Direct
Comparison Method, Capitalisation Approach and Discounted Cash Flow Analysis. The valuations adopted
amounted to $4,608 million (2009: $4,426 million). The net decrease in valuation of $53.7 million (2009: $115.4
million) has been recognised in the Statement of Total Return.
DBS Asia Hub and 31 Joo Koon Circle which were acquired in March 2010 were recorded at the costs incurred
upon acquisition.
Includes an option for A-REIT to renew the land lease for a further term of 30 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 28 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 17 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 24.4 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 15 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 13 years upon expiry.
Includes an option for A-REIT to renew the land lease for a further term of 12 years upon expiry.
At the end of the 30 years lease, A-REIT has the option to renew the land lease for Building A for a further term
of 26 years upon expiry and to renew the land lease for Building B for a further term of 16 years, 4 months and
16 days upon expiry.
DBS Asia Hub was acquired from a related party of the Manager, Ascendas (Tuas) Pte Ltd, during the financial
year.
As at 31 March 2010, the valuation of 1 & 3 Changi Business Park Crescent includes phase II of the development,
Plaza 8 @ CBP, which was completed on 25 September 2009.
The accompanying notes form an integral part of these financial statements.
116 Ascendas real estate investment trust