Jurong Point Information Memorandum_(280x320mm)_latestV1_final-4 (6 Oct)

Unique retail concepts, household retail brand names, a strong
catchment and a district undergoing dynamic changes in the
next 10 years…
Rare opportunity to acquire a jewel of a property.

Section 1
Executive Summary
Section 9
Asset Enhancement Initiatives
34
Key Investment Highlights
5
Section 2
Portfolio Description
Fact Sheet
7
Section 10
Proposed Mode of Transaction
34
Location and Connectivity
Present
Future
9
13
Section 11
Timeline
35
Section 3
Growth Potential
Section 12
The Retail Market
36
Residential Catchment
15
Jurong Lake District; the Next CBD
Jurong Gateway
Jurong Lakeside
17
17
Section 13
Disclaimer and Confidentiality
37
Jurong Innovation District, Singapore’s “Silicon Valley”
18
Tuas, the New Port
19
Section 4
Mall Position and Target Market
21
Section 5
Anchors; Community and Sports Facility Tenants;
National Library Board
23
Section 6 Centre Composition
28
Section 7
Lease Expiry Profile/ Management
32
Section 8
Cashflow Analysis
34

Key Investment Highlights
One and only chance to acquire Jurong Point Shopping
Centre 1 - Singapore’s largest suburban mall, arguably the most
successful and pursued by many suitors.
A rare opportunity to own a stable, revenue generating mall
especially in an industry where such assets are tightly held by
long-term investors and reluctant sellers.
The management team comprises veterans in the industry
supported by a younger team of experienced individuals. Given
the ever-changing retail dynamics, the team is constantly
keeping the mall relevant by regular asset enhancement
initiatives and also injecting fresh concepts and new to mall/
market players to stay ahead of the curve.
Under this management team, Jurong Point was the first
to introduce a 24-hour hypermarket, a halal themed food
court and colourful retail precincts such as Mongkok and
Shokutsu Ten.
1 Excludes #B1-09 (NTUC FairPrice Supermarket), #B1-20 (POSB)
and #03-25B/26/26A (Golden Village) which are separately
owned by the respective subsidiary proprietors.
5

Portfolio Description
Fact sheet
Description:
4 levels of retail space from B1 to L3;
3 levels of Community/Sports Facilities Scheme (CSFS) space from L4 to L6;
and 3 basement levels of 1,160 car park lots
Shopper Traffic:
Vehicular Traffic:
6 million per month
200,000 per month
Tenure:
Gross Floor Area:
Net Lettable Area:
Occupancy:
JP1 – Leasehold expiring 30 Nov 2092
JP2 – Leasehold expiring 20 Jun 2105
Approximately 1,071,000 square feet
Approximately 702,000 square feet, including 44,000 square feet of Community/
Sports Facilities Scheme (CSFS) space
99.7%
Anchored by:
24-hr FairPrice Xtra, Golden Village^, NTUC FairPrice Supermarket^, Courts, Popular,
Harvey Norman, Kopitiam, Uniqlo, Kiddy Palace, National Library Board (NLB) # ,
BHG Department Store*
Thematic Zones (Japanese Street operated by Shokutsu Ten, Mongkok, Korean Street)
^The premises occupied by NTUC FairPrice Supermarket and Golden Village are separately owned by the respective
subsidiary proprietors and do not form part of the sale
*From 1 January 2017
#
NLB is located at Pioneer Community Centre and is linked to Jurong Point via an overhead pedestrian bridge
No. of Shops:
400
Annual Total Revenue:
S$125,332,000*
Annual Net Property Income:
S$92,171,000*
*Forecasted as of 1 July 2016
7

jln bahar
Innovation
district (U/c)
PIE
tengah (U/C)
Bukit batok rd
Location and Connectivity
Present
Jurong Point is strategically located in Jurong West Central, in the midst of several future urban
transformations.
Innovation
district (U/c)
PIE
jurong west ave 4
jurong
point
Jln boon lay
jurong
lake
district (U/C)
Strongly driven by government policies to promote public transportation in the land-scarce city-state,
buses and Mass Rapid Transport (MRT) are the main modes of transport in Singapore. Jurong Point is
sandwiched between the bus interchange and MRT station, resulting in a favourable exposure to a high
level of shopper traffic which commutes by the 2 key transportation modes.
pioneer rd north
corporation rd
jurong west st 64
residential
boon lay way
Boon Lay
Station
jurong
central
Park
jurong town hall rd
AYE
Commercial
AYE
*Map not drawn to scale
9

Bus and rail ridership rose by 4.1 per cent
last year to hit a daily average of 6.9 million,
a new record and the 11th consecutive
annual rise since 2005 2 .
Connected to Boon Lay MRT station on the
East West Line, one of the most important
MRT lines linking most of the key activity
nodes in the city such as Changi Airport
and the Central Business District (CBD).
67-bay Boon Lay Bus Interchange, making
it an indispensable transit point for the
residents of Jurong West.
2 Bus and train ridership hits new high, The Straits Times, 10 March 2016. Retrieved from http://www.straitstimes.
com/singapore/transport/bus-and-train-ridership-hits-new-high 11

Location and Connectivity
Future
The Tuas West Extension, expected to be completed by end 2016 3 , extends MRT connectivity to the Tuas area and is expected
to serve more than 100,000 commuters daily.
The upcoming Jurong Region Line, expected to begin revenue service in 2025, will complement the existing East West Line
and North South Line and serve future residents of Tengah, students of Nanyang Technological University, future workers of
CleanTech Park and the Jurong Industrial Estate (LTA, 2013).
Spanning Singapore, the Cross Island Line (CRL) will be about 50km in length and is targeted to be completed around 2030.
When completed, the CRL, which starts from Changi, will pass through major residential districts and is expected to have a daily
ridership of at least 600,000 commuters.
Cross Island Line
These future infrastructure developments seek to further enhance the connectivity and appeal of the Jurong area as well as the resulting
catchment. This is likely to further strengthen Jurong Point’s competitive edge in location and accessibility.
Indicative timeline: By 2030
Approx length: 50 km
Cross Island Line
Indicative timeline: By 2030
Approx length: 50 km
Jurong
Industrial
Estate
West
Coast
Bukit
Timah
Clementi Bukit
Timah
JurongChoa Chu West Kang Clementi
Industrial
Coast
Estate Tengah
Jurong West
Boon Choa LayChu Jurong Kang East
Tengah
Jurong West
Boon Lay West Jurong Coast East
Jurong Industrial Estate
West Coast
Jurong Industrial Estate
Source: The Business Times © Singapore Press Holdings Limited. Reprinted with permission.
Punggol
Pasir Ris
Ang Mo Kio
Loyang
Sin Ming
Hougang Punggol
Ang Mo Kio
Sin Ming
Hougang
Pasir Ris
Loyang
Changi
Changi
Existing rail lines
Land Transport Masterplan 2008
Cross Island Line
Existing rail lines
Land Transport Masterplan 2008
Jurong Region Cross Line Island Line
Indicative timeline: By 2025
Approx length: 20 km
Existing rail lines
Jurong Region Line
Land Transport Masterplan 2008
Indicative timeline: By 2025
Jurong Region Line
Approx length: 20 km
Existing rail lines
Land Transport Masterplan 2008
Jurong Region Line
3 Factsheet: Four New Stations On Tuas West Extension On Track For Completion By 2016, Land Transport Authority, 29 Oct 2015, Retrieved from https://www.lta.
gov.sg/apps/news/page.aspx?c=2&id=00cee659-5c13-4864-808f-c3ee9204935e 13

*Map not drawn to scale
Residential catchment
Jurong Point enjoys a 150,000 household catchment within 5 km. The catchment is expected to see further increase in the
near future with both private and public residential supply in the pipeline. These include several new condominiums, which will
bring more middle to middle upper shoppers to the catchment profile. Large-scale township development is also on the way.
Integrated with nature as well as the nearby Jurong Innovation District, the Tengah Forest Town will have 42,000 housing units
when completed 4 .
4 Tengah to be developed into a ‘Forest Town’, The Straits Times, 12 April 2016. Retrieved from http://www.straitstimes.com/singapore/housing/tengah-to-bedeveloped-into-a-forest-town
GROWTH POTENTIAL
(600 ha)
Jurong Innovation District
Tengah
(700 ha)
Boon Lay
Station
(290 ha)
Jurong
Lake
District
Jurong
Gateway
(70 ha)
Forest town
The first new Housing Board town in two decades, Tengah will be a nature-lover’s paradise with green features such as a 5km forest corridor,
community farmways and a car-free town centre. Each of its five public housing districts will have a distinctive concept and feel.
PLANNED FEATURES
Forest corridor
The 100m-wide, 5km-long corridor
forms part of a larger green network
linking the western and central
catchment areas.
Smart town
Information technology will guide the
development of Tengah, from computer
simulations to sensors that capture
information such as temperature and
humidity.
Walking and cycling
All roads in Tengah will have dedicated
walking and cycling paths on both sides.
Car-free town centre
Tengah’s car-free town centre, named Market Place, will be
set in a lush park with vehicles running underneath
instead.
Community farmways
Running through the housing estates, these
corridors provide places for residents to play, farm,
exercise and enjoy the greenery.
Central Park
At the heart of the town is a 20ha Central Park, with features such as
a forest amphitheatre. An existing canal will be transformed into a
“forest stream”.
Transport links
The eventual Jurong Region Line will
connect Tengah to the rest of the
island.
KRANJI EXPRESSWAY
FOREST HILL
DISTRICT
BRICKLAND ROAD
BRICKLAND
DISTRICT
FOREST HILL DISTRICT
Bordered by the forest corridor on two sides and Central Park on another,
this district will bring nature to residents’ doorsteps.
PARK DISTRICT
Next to the forest corridor and Central Park, this district will contain
Tengah’s car-free town centre.
Part of
Jurong
Innovation
District
Tengah Pond
PARK
DISTRICT
BUKIT BATOK ROAD
GARDEN DISTRICT
A landscaped community farmway
will run through the housing
estates here, with gardens, play
areas, community farms and more.
PLANTATION DISTRICT
Featuring waterfront housing and a
community farmway, this will be the
first district to be developed, with
the first flats launched in 2018.
Lakeside station
Pioneer Boon Lay
station station
Choa Chu Kang
station
Tengah
Town
Chinese
Gardens
station
Jurong
Lake
Bukit
Gombak
station
Bukit
Batok
station
Jurong East
station
GARDEN
DISTRICT
PAN-ISLAND EXPRESSWAY
PLANTATION
DISTRICT
About 700ha
– the size of Bishan
42,000 new homes
30,000
public housing
12,000
private housing
BRICKLAND DISTRICT
In their design, housing blocks here could draw inspiration from the brick
factories that used to be there.
Source: HOUSING AND DEVELOPMENT BOARD ARTIST’S IMPRESSIONS: HOUSING AND DEVELOPMENT BOARD TEXT: JANICE HENG STRAITS TIMES GRAPHICS
Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with permission.
15

Jurong Lake District; the next CBD
Jurong Lake District 5 is a major regional centre in the west of
Singapore which provides an attractive location for commercial
development outside the city centre. The aim is to cater to the
diverse needs of businesses and to create job opportunities
closer to where people live.
It is further believed that its proximity to more than 3,000
multinational and global businesses clustered in the International
Business Park and the Jurong and Tuas Industrial Estates could
make it “the next CBD of Singapore”.
Jurong Gateway
The 70-hectare Jurong Gateway 6 is projected to be developed
into a vibrant commercial hub; the biggest outside the
Central Business District with about 500,000 square metres
of office space and 250,000 square metres of retail, F&B and
entertainment. An estimated 2,800 hotel rooms are projected to
also be developed to cater to business travellers and to visitors
of the leisure destinations around the lake. To add vitality and
create a “live, work, play and learn” environment, 1,000 or more
homes are targeted to be introduced.
Jurong Lakeside
Jurong Lakeside 6 spreads over 290 hectares, where new parks, improved promenades, more
water activities and numerous attractions are expected to be blended in with the scenic lakeside
setting. It seeks to be a key recreational and edutainment destination while complementing
the commercial and residential uses of the areas nearby.
5 Explore Jurong Lake District, URA master plan. Retrieved from https://www.ura.gov.sg/uol/master-plan/View-
Master-Plan/master-plan-2008/Growth-Area/Jurong-Lake-District/Explore-Jurong-Lake-District.aspx#
6 Blueprint for Jurong unveiled, URA, 4 April 2008. Retrieved from http://www.ura.gov.sg/uol/media-room/news/2008/
apr/Copy%20of%20pr08-38.aspx
17

Jurong Innovation District,
Singapore’s “Silicon Valley”
The Jurong Innovation District (600 hectares)
is envisioned to be a bed for innovations as
the Singapore government continues to
commit in R&D spending 7 .
Tuas, the new port
The Tuas Terminal is targeted to be developed in four phases over 30 years, with Phase 1 scheduled to be completed by the early
2020s.
Phase 1 of the terminal seeks to handle about 20 million twenty-foot equivalent units (TEUs) of cargo a year. The entire Tuas
Terminal could eventually handle 65 million TEUs of cargo annually - nearly double what Singapore handled in 2014.
On top of serving as an alternative location
for budding tech and creative entrepreneurs,
it is believed that strategic location near the
High-Speed Rail between Jurong and Kuala
Lumpur and the Smart Nation Trials which
are planned to be at the Jurong Lake District
may one day measure up to the ecosystem
of Silicon Valley in San Francisco.
Singapore’s plan is to move all its port activities to Tuas South from 2027, freeing up prime land in Tanjong Pagar and Pasir Panjang
for future residential and mixed-use developments.
The first phase of the district, which will be in
Jurong West is expected to be completed by
2022 and is projected to draw more workers
and dwellers into the area and further boost
the catchment of Jurong Point, which
currently is at around 500,000 (5-km radius).
An artist’s impression of the Jurong Innovation District which, once complete, could host over 100,000 people across living spaces, including student and soho
residences, learning spaces and start-up and research facilities. PHOTO: JTC CORPORATION
Jurong to be ‘industrial
park of the future’
Jurong Innovation District will be S’pore’s
largest living lab for new technologies
7 Govt commits S$19b to new 5-year plan for R&D
initiatives RIE2020, Chanel News Asia, 08 Jan 2016.
Retrieved from http://www.channelnewsasia.com/
news/business/singapore/govt-commits-s-19b-tonew/2409426.html
Rennie Whang
After one-north, another next-generation
industrial area is coming up
in the west.
The Jurong West area is set to be
home to Singapore’s largest living
lab for the testing and development
of new technologies, including
self-driving vehicles, robots and
other smart solutions.
The Jurong Innovation District
(JID) – comprising Nanyang Technological
University, CleanTech
Park and the surrounding region –
was one of three government measures
announced yesterday to
boost innovation.
“Our earlier industrial estates
were developed for specific
industries, focused mostly on
production,” Finance Minister
Heng Swee Keat said. “Today, however,
learning, research, innovation
and production are closely intertwined.”
All these different activities
will be housed together at JID,
forming an “industrial park of the future”,
he added.
When fully developed, it could
host over 100,000 people across living
spaces, including student and
soho residences, learning spaces
and start-up and research facilities.
Observers such as Mr Nguyen Do
Dzung, senior planner at CPG Consultants,
noted that JID is in line
with the Government’s long-term
strategy of moving towards higher
value-added economic activities.
“The global economic environment
is not the best at the moment
and new, exciting ideas (such as
JID) are critical to ensure Singapore
is competitive, an attractive place
to do business and innovate as
well,” he said.
Solar panels atop an HDB block in Jurong. Once a swampland, the area has
become a test bed for multiple technologies in recent years, like using solar
energy to power common-area services like lights and lifts. ST FILE PHOTO
Its creation is also in line with global
trends, noted Ms Angelene
Chan, chief executive of DP Architects,
who cited the Guangzhou
Knowledge City Core Area master
plan in China which the firm
worked on as an example. There,
the vision was for a city attractive to
knowledge-based industries.
The idea of a holistic, sustainable
environment catering to the modern
demands of users will be attractive
to firms. JID will also be close to
the lifestyle elements of the Jurong
Lake District in Jurong East, she
added.
JTC Corporation is constructing
LaunchPad @ JID, a space where entrepreneurs,
researchers and students
can design, make prototypes
and test their new creations.
It has also invited private sector
technology owners to test and develop
sustainable infrastructure solutions
in the district.
The first phase of JID is targeted
for completion around 2022.
For Mr Frank Phuan, chief executive
of local solar energy developer
Sunseap Group, the choice of Jurong
is not surprising, given multiple
technologies piloted in the area.
For example, Yuhua last year was
the first estate to get smart-living
features, including metering systems
that give real-time information
on electricity usage.
Sunseap and other private companies
have been collaborating with
the National University of
Singapore’s Solar Energy Research
Institute of Singapore in CleanTech
Park as well.
“What’s exciting now is the potential
scale, compared with smaller pilots
so far,” he said.
“The technologies that prove
successful can then be implemented
in other districts.”
JID comes as a further transformation
of Jurong, a swampland-turned-manufacturing
hub.
Jurong Island, for example, has attracted
over $47 billion worth of investments
to date from over 100 global
companies, said the Economic
Development Board.
In the past five years, a slew of
Government Land Sales in Jurong
have allowed the region to take on
the form of a self-sufficient urban
system, said Mr Alan Cheong,
Savills Singapore’s research head.
“To ensure new age companies
find Jurong attractive, the entire ambience
of the district has to be transformed
further,” he said.
wrennie@sph.com.sg
WATCH IT
ONLINE
Get a closer look
at the new
Jurong
Innovation
District at
http://
str.sg/ZtDD
Source: The Straits Times © Singapore Press Holdings Limited. Reprinted with
permission.
19

MALL POSITION AND TARGET MARKET
The mall attracts an average of 6 million visits a month or close
to 72 million a year, probably the highest among Singapore
malls.
Targeted at heartlanders, it is positioned as the biggest mass
mall in the western quadrant.
The number of vehicular traffic per month exceeds 200,000
and this translates to a passenger count of 600,000 8 which
represents about 10% of total shopper visits.
Over the years, the mall has effectively and successfully engaged
the community with a host of campaigns and a variety of civic
public relations events that have yielded intangible results.
The mall has won several awards and accolades and these
include the Top 3 Best Shopping Centre (Suburban) by AsiaOne
People’s Choice Awards for 3 consecutive years (2014-2016)
and Service Excellence Award (2016) to name a few.
8 Assuming 3 passengers in each car 21

Anchors; Community and Sports
Facility Tenants; National
Library Board
The mall is underpinned by strong and reputable tenants such
as FairPrice Xtra (a 24-hour hypermarket), Courts, Harvey
Norman, Popular, Kopitiam, Cantine and Malaysia Boleh.
The other anchors are Golden Village and NTUC FairPrice
Supermarket, both of which draw high shopper visits on a
consistent basis which has benefitted the specialty shops.
The premises occupied by Golden Village and NTUC FairPrice
Supermarket are separately owned by the respective subsidiary
proprietors and do not form part of the sale.
23

The thematic precincts created such as Mongkok and Shokutsu
Ten strengthened the trade mix by refreshing and injecting
vibrancy to the mall.
Come mid-December this year, the anchoring would be further
strengthened by the presence of BHG Department Store which
will occupy 50,000sf straddling 3 levels.
Given the mall’s positioning and desire to be communityoriented,
it has created several units under the Community and
Sports Facility Scheme and filled them up with Voluntary Welfare
Organisations (VWOs) and Non Government Organisations
(NGOs) such as Dyslexia Association of Singapore (DAS), iC2
Prephouse and Training and Research Academy (TaRA@JP).
25

Jurong Point was the first mall in Singapore to house a public
library and that was in 1996. With the completion of Pioneer
Community Centre across the road, the library was moved into
that building. However, the library was reconnected to the mall
in 2015 when the management decided to build an overhead
bridge to link the two buildings. With this link, Jurong Point now
enjoys an additional footfall of 63,000 per month.
27

Centre composition
The tenant mix, reflected in terms of NLA and gross monthly rent is shown below. Jurong Point is well served by the food and beverage, fashion and
accessories as well as the beauty and healthcare categories. These categories make up 45% of the NLA and contribute XX% towards the total gross
monthly rent. The well planned trade mix caters and fulfills the wide array of wants and needs not just for the catchment area but to the working
population within the Jurong district.
Gifts & Novelties 0.2%
Toys & Hobbies 0.6%
Telecommunications 1.5%
Jewellery & Watches 1.6%
Arts & Crafts 0.1%
Music & Videos 0.04%
Houseware & Furnishings 1.6%
Kids & Apparel 1.9%
Shoes & Bags 2.3%
Sports apparel / accessories
2.5%
Information Technology
2.8%
Food & Beverages 23.5%
Books & Stationary 2.9%
Electricals & Electronics 5.4%
Beauty & Healthcare 12.7%
Department Store 7.4%
Hypermarket 10.5%
Fashion &
Accessories 11.1%
Sundry & Services 11.5%
Tenant Composition by NLA
29

Tenant Composition by Gross Monthly Revenue
The details of the trade mix are summarized below:
Toys & Hobbies 0.7%
Gifts & Novelties 0.3%
Arts & Crafts 0.2%
trade category
% of
Total NLA
% of
Total Monthly Gross
Rental Revenue
Average
Gross Rent
(S$ psf pm)
Books & Stationary 1.8%
Houseware & Furnishings 1.6%
Electricals &
Electronics 3.1%
Kids & Apparel 1.0%
Shoes & Bags 3.9%
Sports apparel / accessories
1.6%
Information Technology 1.6%
Jewellery & Watches 4.4%
Department Store 3.1%
Hypermarket 3.9%
Telecommunications 1.5%
Fashion & Accessories 14.9%
Music & Videos 0.07%
Food & Beverages 27.0%
Beauty & Healthcare 16.8%
Food & Beverages 23.5% 27.0% $17
Beauty & Healthcare 12.7% 16.8% $19
Sundry & Services 11.5% 12.6% $16
Fashion & Accessories 11.1% 14.9% $20
Hypermarket 10.5% 3.9% $5
Department Store 7.4% 3.1% $6
Electricals & Electronics 5.4% 3.1% $9
Books & Stationary 2.9% 1.8% $9
Information Technology 2.8% 1.6% $8
Sports apparel / accessories 2.5% 1.6% $9
Shoes & Bags 2.3% 3.9% $25
Kids & Apparel 1.9% 1.0% $8
Houseware & Furnishings 1.6% 1.6% $14
Jewellery & Watches 1.6% 4.4% $41
Telecommunications 1.5% 1.5% $16
Toys & Hobbies 0.6% 0.7% $18
Gifts & Novelties 0.2% 0.3% $24
Arts & Crafts 0.1% 0.2% $21
Music & Video 0.04% 0.07% $25
Total 100% 100% $14.67
Sundry & Services 12.6%
31

Lease Expiry Profile/ Management
3,500
250
Gross rent at lease expiry (S$’000)
3,000
2,500
2,000
1,500
1,000
500
200
150
100
50
NLA at expiry (sqft ’000)
-
No. of Leases
Existing Gross Rent
NLA
2H of 2016 2017 2018 2019 2020 2021
62 146 146 52 3 5
1,821,000 3,201,000 2,927,000 1,286,000 126,000 316,000
195,800 191,900 170,800 73,200 5,400 57,600
-
33

cashflow analysis
2015
2016
Actual
Forecast
S$’000
S$’000
Operating Revenue 123,069 125,332
TIMELINE
The Vendors are seeking Expression of Interest (“EOI”) for the acquisition of the Group via a purchase of 100% of the shares. All
EOIs are to be in writing and deposited into the tender box located at the front desk at:
1 Fifth Avenue
#02-06/07 Guthrie House
Singapore 268802
Property Expenses (33,187) (33,161)
Net Property Income 89,882 92,171
Net Profit Before Tax 58,037 60,439
Net Profit After Tax 45,510 47,187
The following information is to be provided in the EOI:
• Offer price: this must be stated in Singapore Dollars and any conditions or qualifications which the prospective purchaser(s)
would attach to such offer must be stated clearly.
• Identity: To provide the full name of the legal entity, which shall be the acquiring entity or entities (if a consortium, then
the participants and the shareholding of each member of the consortium and a representative of the consortium). It is to
include contact details with names, address, telephone numbers, email address and facsimile numbers.
• Conflict: Disclosure of any actual or potential conflicts of interests.
Asset enhancement initiatives
Although the mall has been regularly refreshed to stay ahead of the curve, there are still some pockets and potential
to add more value and revenue with a reasonable CAPEX budget.
PROPOSED MODE OF TRANSACTION
Subject to terms to be agreed, Guthrie GTS Limited and Lee Kim Tah Holdings Limited (the “Vendors”) intend to sell their entire interest in
relation to all of the strata lots comprised in Jurong Point (other than the strata lots which are separately owned by NTUC FairPrice, POSB
and Golden Village) (“Property”) held through the following companies in which they have 100% equity stake:
• Jurong Point Realty Limited
• Jurong Point Venture Pte Ltd
• Jurong Point Real Estate Pte Ltd
• Jurong Point Land Realty Pte Ltd
• Prestige Realty Pte Ltd and its two subsidiary companies, and
their entire interests in:
EOIs must be signed by an authorised officer of the acquiring entity.
This information memorandum does not create an obligation on the Vendors to consider any EOI and the Vendors reserve
the right in their absolute discretion not to accept any EOI, without limitation, and are not obliged to accept the EOI with
the highest consideration offered. The Vendors may in their absolute discretion, and without prior notice and without giving
reasons to any prospective purchaser(s), reject any or all proposals, negotiate with any prospective purchaser(s) on any
terms with respect to any transaction(s) in respect of the Property and/or the Group, change the sales offering process,
re-structure the manner of divestment of the Property and/or the Group, terminate negotiations at any time prior to the
execution of binding contracts, enter into binding contracts with any person with respect to any transaction(s) in respect
of the Property and/or the Group, withdraw any opportunity to acquire the Property and/or the Group from the market. No
person is entitled to seek redress against the Vendors in the event that the Vendors exercise their discretion in respect of
any of the above. The Vendors are not responsible for any costs or expenses incurred by any prospective purchaser(s) in
preparing and lodging of the EOI.
All confidentiality obligations undertaken by all prospective purchaser(s) previously shall continue to apply.
• Starmall Property Management Pte Ltd and its subsidiary company (which provide mall management services to
Jurong Point 1 and Jurong Point 2)
(collectively, the “Group”).
35

THE RETAIL MARKET
Albeit a slowdown in consumer spending, suburban malls continue to be resilient and defy negative predictions that shopping centres
are not holding well against E-commerce and other headwinds. Malls at regional centres with good location attributes and an immediate
catchment population continue to perform with resilience and low vacancy rate.
As at the end of the 2nd quarter of 2016, there was a total supply of 734,000 sq m GFA of retail space from projects in the pipeline and
occupancy rate at 92.2% (URA, 2016).
’000 sq m gross
Retail Space 3
Total
Under Construction
Planned
Written Permission
Provisional Permission
Total
734
626
108
40
68
2016
130
130
-
-
-
2017
197
197
-
-
-
2018
234
229
5
1
4
2019
41
33
8
7
1
2020
96
25
71
8
63
>2020
36
12
24
24
-
Average Monthly Gross Rents of Prime Retail Space (by Micro-market)
SGD per sq ft
45.00
43.00
41.00
39.00
37.00
35.00
33.00
31.00
29.00
27.00
25.00
Q2 2011
Q4 2011
Q2 2012
Q4 2012
Q2 2013
Q4 2013
Q2 2014
Q4 2014
Q2 2015
Q4 2015
Q2 2016
Figure 4 Prime Retail Space Rents (Source: Colliers)
Orchard Road
Regional Centres
Figure 3 Retail Space Supply in the Pipeline (Source: URA)
Despite the slight climb in vacancy rate, largely due to the headwinds faced by prime shopping districts such as Orchard Road, suburban
malls continue to gain popularity, buoyed by factors such as proximity to population catchments and easy accessibility via public transport.
Partly driven by a 1.3% Quarter on Quarter (QoQ) increase in retail space, suburban occupancy saw the largest increase of +1.6 pp to 6.0%
(Credit Suisse, 2016). The retail leasing segment also saw more transactions in Q2 2016. There were a total of 2,382 retail leasing transactions
in Q2 2016, up 35.6% compared to the 1,757 transactions a quarter earlier (URA, 2016). As such, it is believed that the vacancies could narrow
over the next quarters as committed spaces may currently be under fit-out period.
Although the average monthly gross rent for prime ground floor shopping mall space in the Orchard Road micro-market shed 0.5% Quarter
on Quarter (QoQ) to SGD40.21 per sq ft, the average monthly gross rent for similar space in the Regional Centres was more resilient with a
0.3% QoQ slide to SGD33.66 per sq ft, slower than the 0.5% QoQ decline in Q1 2016.
DISCLAIMER AND CONFIDENTIALITY
This information memorandum and all related documents are for the exclusive use of the persons to whom this information memorandum is
addressed and their advisors in connection with the proposed divestment of the Group (as defined in Section [10]) (“Proposed Transaction”),
and are being provided to a limited number of recipients for the sole purpose of providing some preliminary information to assist them in
deciding whether they wish to proceed with a further investigation in respect of the Proposed Transaction.
This information memorandum is produced solely as a general guide only for interested and pre-qualified parties (“Prospective Purchaser(s))”
and is not intended to form the basis of any investment decision. It does not constitute and should not be construed as an offer or invitation
for the sale or purchase of the Group or any company or interest comprised in the Group or as any valuation or any other advice and neither
the information memorandum nor its contents shall form the basis of any contract.
This information memorandum is confidential and is subject to the terms of a confidentiality undertaking which has already been given by
the recipient. Neither this information memorandum nor its contents may be distributed, published, reproduced or disclosed to any other
person or used for any other purpose, except as permitted by the confidentiality undertaking.
In furnishing this information memorandum, no obligation is undertaken to provide any additional information or to update this information
memorandum or to correct any inaccuracies which may become apparent.
37

Further notice is given that:
• Certain of the economic, financial market and real estate market information contained in this information memorandum has been
obtained from third party sources and/or prepared by other parties. Whilst such information is believed to be reliable for the purposes
used herein, none of the Vendors, the Group and Array Realty Pte Ltd and their respective officers, employees, agents and affiliates,
assume any responsibility for the correctness or accuracy of such information;
This information memorandum has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this
information memorandum and any other related document may not be circulated or distributed, nor may shares or interests in the Group be
offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly to persons in Singapore
other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”), (ii) to a
relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in
Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
• This information memorandum does not purport to be comprehensive or to contain all the information that a recipient may need in order
to evaluate the Property, the Group and/or the Proposed Transaction;
• No representation or warranty, express or implied, is given and no responsibility or liability is accepted by any person, with respect to
the accuracy or completeness of the information memorandum or its contents or any oral or written communication in connection
with any sale of the Group contemplated under this information memorandum. In all cases, Prospective Purchaser(s) should not rely
on any material contained in this information memorandum as a statement or representation of fact and should satisfy itself as to the
correctness and accuracy by its own advisors and should conduct their own investigation, assessment and analysis of the Proposed
Transaction;
Recipients should inform themselves about, and observe any applicable legal or regulatory requirements in relation to, the distribution
or possession of this information memorandum. None of the Vendors, the Group and Array Realty Pte Ltd and their respective officers,
employees, agents and affiliates accept any liability to any person in relation to the distribution or possession of the information memorandum
in any jurisdiction.
Under no circumstances should any contact be made with the management or employees of the Group in relation to the Proposed
Transaction. All communications in relation to the Proposed Transaction should be directed to Gerald Wee/Ko Szu Yu (Tel: 64662555 Fax:
64660578).
• Forecasts and projections contained in this information memorandum and any related documents must be read strictly in conjunction
with the explanations, qualifications and assumptions set out in the text (if any). All forecasts and projections involve a significant
element of subjective judgment and are designed to only indicate what could be possible outcomes in the Vendor’s opinion. They
are not assurances that any particular result or outcome will occur. No representation or warranty is given as to the achievement or
reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts contained in this information
memorandum. No assurance is given that any of the assumptions, on which the forecasts and projects are based on, are accurate or
exhaustive;
• The definitive and legal binding sale and purchase agreement that is signed by the Vendors will take precedence in the event of any
discrepancy between the information in this information memorandum and those contained in such sale and purchase agreement;
• Neither the Vendors nor any Prospective Purchaser(s) will be legally committed and no arrangement or understanding will be binding
on or enforceable against the Vendors or the Prospective Purchaser(s), unless and until a definitive and legal binding sale and purchase
agreement is executed and exchanged, and then will be binding only in accordance with the express terms of that sale and purchase
agreement; and
• All currency amounts are denominated in Singapore (S$) unless stated otherwise.
39

Marketed Jointly by:
Array Realty Pte Ltd
CEA Licence No. L3010618J | Company Registration No. 201229311C-PTE-01
Agency License No. L3007326E | Company Registration No. 198004794D