44
PERENNIAL REAL ESTATE HOLDINGS LIMITED
Annual Report 2015
Total Property Value Versus Total Gross Floor Area
As at 31 December 2015, Perennial’s completed projects
in Singapore and China, which accounted for about 63.2%
of total property value (effective stake basis), provided
income stability. With the recent receipt of the Temporary
Occupation Permit (“
TOP
”) for Eden Residences Capitol
at Capitol Singapore in February 2016, Perennial’s projects
in Singapore are 100% completed. As a result, Perennial’s
completed projects as a proportion of total property value
has increased to 66.3% as at 29 February 2016.
China development properties on the other hand
contributed only about 28.7% of total property value
(effective stake basis), whilst accounting for about 57%
of total attributable
1
GFA. The completion of these China
development projects is expected to drive Perennial’s
net asset value (“
NAV
”) growth over time.
SINGAPORE
COMPLETED
ASSETS VS.
DEVELOPMENT
ASSETS
(
Attributable
GFA Basis
)
93.0%
7.0%
Singapore Completed
Singapore Development
CHINA
COMPLETED
ASSETS VS.
DEVELOPMENT
ASSETS
(
Attributable
GFA Basis
)
69.0%
31.0%
China Completed
China Development
1 Computed based on the proportionate stake held in the asset.
BUSINESS OVERVIEW
Total GFA (Singapore and China)
As at 31 December 2015, 93% of Perennial’s Singapore
portfolio (based on attributable
1
GFA) is completed. With
the recent receipt of the TOP at Eden Residences Capitol,
100% of Perennial’s Singapore portfolio (based on
attributable
1
GFA) is completed. As for Perennial’s projects
in China, 69% of its portfolio (based on attributable
1
GFA)
is under development and the progressive completion of
these projects will provide significant growth potential.
28.8%
Singapore
Completed
China
Completed
Malaysia
Development
China
Development
Singapore
Development
Ghana
Development
3.1%
34.4%
28.7%
1.3%
3.7%
China
Singapore
Ghana
Malaysia
4.4%
0.3%
Singapore
Completed
Malaysia
Development
China
Development
Singapore
Development
Ghana
Development
57.0%
8.7%
4.1%
China
Singapore
Ghana
Malaysia
TOTAL
PROPERTY VALUE
(
Effective
Stake Basis
)
TOTAL GROSS
FLOOR AREA
("GFA")
(
Attributable
GFA Basis
)
China
Completed
25.5%
