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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

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