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