Perennial Real Estate Holdings Limited - Annual Report 2017

CHINATOWN POINT ڵ࿔ ᗝ Chinatown Point is a 25-storey commercial development comprising an office block and six-storey retail podium with two basement levels. The property enjoys prime frontages along Cross Street and New Bridge Road and high visibility from Upper Pickering Street, a major gateway into the CBD from the Central Expressway. Located in the heart of the Chinatown precinct in the CBD, the oriental-themed Chinatown Point retail podium is a prime shopping and dining destination for locals, the working crowd in the surrounding office developments and tourists. The development enjoys direct connectivity via Level 1 and the basement level to Chinatown MRT Interchange Station, which serves the North-East Line and Downtown Line. Key Developments in FY2017 On 3 November 2017, Perennial acquired an additional stake of about 5.4% in Chinatown Point for a total consideration of S$8.5 million, translating to a purchase price of about S$2,080 per sq ft of NLA. The acquisition increases Perennial’s effective interest from 45.2% to 50.6%, maintaining its position as the largest investor in the prime asset. Chinatown Point’s total committed occupancy stood at 93.4% as at 31 December 2017, of which 98% of tenants by net lettable area have commenced business. In the year, new brands and concepts introduced included Kazo, Heetea and Tendon Kohaku. In October 2017, 16 new stations on the Downtown Line 3 opened. Chinatown Point, which is connected underground to Chinatown MRT Interchange station that sits along the Downtown Line, will potentially see increased footfall with the enhanced connectivity to Singapore’s eastern areas. Focus Areas for FY2018 Through proactive leasing and asset management, Chinatown Point will focus on strengthening its operating performance by improving tenant mix and reconfiguring its layouts to improve space efficiency. Chinatown Point is exploring asset enhancement works for 2018, subject to receiving the necessary regulatory approvals. INTEGRATED STRATEGY, ENHANCED VALUE 47 Annual Report 2017