Download Full Report - Ascendas REIT
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Notes to the financial statements<br />
(iii)<br />
Marketing services<br />
For the marketing services, A-<strong>REIT</strong> will pay the Property Manager, the following commissions:<br />
• one month’s gross rent inclusive of service charge for securing a tenancy of three years or<br />
less;<br />
• two months’ gross rent inclusive of service charge for securing a tenancy of more than<br />
three years;<br />
• if a third party agent secures a tenancy, the Property Manager will be responsible for all<br />
commissions payable to such third party agent and the Property Manager will be entitled<br />
to a commission of:<br />
– 1.2 months’ gross rent inclusive of service charge for securing a tenancy of three<br />
years or less; and<br />
– 2.4 months’ gross rent inclusive of service charge for securing a tenancy of more<br />
than three years;<br />
• one-half month’s gross rent inclusive of service charge for securing a renewal of tenancy of<br />
three years or less; and<br />
• one month’s gross rent inclusive of service charge for securing a renewal of tenancy of<br />
more than three years.<br />
(iv)<br />
Project management services<br />
For the project management services, A-<strong>REIT</strong> will pay the Property Manager the following fees<br />
for the development or redevelopment (if not prohibited by the Property Funds Appendix or if<br />
otherwise permitted by the Monetary Authority of Singapore) the refurbishment, retrofitting and<br />
renovation works on a property:<br />
• where the construction costs are $2.0 million or less, a fee of 3.0% of the construction<br />
costs;<br />
• where the construction costs exceed $2.0 million but do not exceed $12.0 million, a fee of<br />
2.15% of the construction costs;<br />
• where the construction costs exceed $12.0 million but do not exceed $40.0 million, a fee<br />
of 1.45% of the construction costs;<br />
• where the construction costs exceed $40.0 million but do not exceed $70.0 million, a fee<br />
of 1.40% of the construction costs;<br />
• where the construction costs exceed $70.0 million but do not exceed $100.0 million, a fee<br />
of 1.35% of the construction costs; and<br />
• where the construction costs exceed $100.0 million, a fee to be mutually agreed by the<br />
parties.<br />
122 <strong>Ascendas</strong> real estate investment trust