general presentation 11 july 2007investor.cdlht.com/newsroom/general_presentation11jul07.pdflocation...

General Presentation

11 July 2007

2

The value of Stapled Securities and the income derived from them may fall as well as rise. Stapled Securities are not obligations of, deposits in, or guaranteed by the H-REIT Manager or M&C Business Trust Management Limited, as trustee of CDL Hospitality Business Trust (the “HBT Trustee-Manager”), or any of their respective affiliates.

An investment in Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request that the H-REIT Manager and/or the HBT Trustee-Manager redeem or purchase their Stapled Securities while the Stapled Securities are listed. It is intended that holders of the Stapled Securities may only deal in their Stapled Securities through trading on Singapore Exchange Securities Trading Limited (the “SGX-ST”). Listing of the Stapled Securities on the SGX-ST does not guarantee a liquid market for the Stapled Securities.

This presentation contains certain tables and other statistical analyses (the "Statistical Information") which have been prepared by the H-REIT Manager and the HBT Trustee-Manager. Numerous assumptions were used in preparing the Statistical Information, which may or may not be reflected herein. As such, no assurance can be given as to the Statistical Information’s accuracy, appropriateness or completeness in any particular context, nor as to whether the Statistical Information and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Statistical Information should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business.

You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events.

This document and its contents shall not be disclosed without the prior written permission of the H-REIT Manager or HBT Trustee-Manager.

Disclaimer

3

Table of Contents

Strengths of CDL Hospitality Trusts

The Acquisition of Novotel Clarke Quay Hotel, Singapore

Appendix

♦ Results of Q1 2007

♦ Background and Structure of CDL Hospitality Trusts

♦ CDL Hospitality Trusts portfolio of hotels

4

Strengths of CDL Hospitality Trusts

5

Strengths Of CDL Hospitality Trusts

Well Positioned Assets22

Favourable Industry Fundamentals in Singapore33

Blue Chip Sponsor11

Growth Through Active Asset Management55

Growth Through Acquisitions44

6

Listed on the London Stock Exchange

with market capitalisation of ~ £1.87 billion as at 27 June 2007

Blue Chip Sponsor With Global Brands

3 Global Brands 121 hotels in 18 Countries

Ecuador

France

Germany

Korea

Indonesia

Hong Kong

Malaysia

China

Egypt

United States

United Kingdom

New Zealand

Taiwan

UAE

Philippines

Singapore

Thailand

Qatar

7




Blue Chip Sponsor11



8

CDLHT Asset Portfolio

New Zealand

NZ$248,352

(S$263,749)(1)

NZ$113.0m

(S$120.0 m)(1)

455

Rendezvous

Hotel Auckland

SingaporeSingaporeSingaporeSingaporeSingaporeSingaporeLocation

S$562,814

S$224.0m

398

Novotel Clarke

Quay

S$463,512(2)S$7,184 psm

(S$667 psf)S$325,806S$462,470S$485,818S$589,433

Valuation per

room

S$1,323.2 mS$35.1mS$101.0mS$191.0mS$267.2mS$384.9mValuation

N/A

Orchard Hotel

Shopping Arcade

2,779

Total

310413550653Number of

Rooms

Copthorne

King’s Hotel

M HotelGrand Copthorne

Waterfront Hotel

Orchard Hotel

1 Based on exchange rate of NZ$1 = S$1.0622 Excludes Orchard Hotel Shopping Arcade

New Acquisitions post-IPO

Growth Since IPO

Portfolio by Asset Size 35%

Portfolio by Room Number 44%

9

CDL-HT is the Largest Hotel Owner in Singapore

1,926

2,324

1,500

1,750

2,000

2,250

2,500

Portfolio prior to Novotel Clarke Quay Portfolio after Novotel Clarke Quay

+20.7%

No. of Rooms

10

Improved diversification while maintaining Singapore focus

CDLHT’s single largest property (Orchard Hotel) will now account for 29% of CDLHT’s total property value

Portfolio Valuation By Property

IPO Portfolio Present Portfolio

CDLHT’s single largest property (Orchard Hotel) accounts for 39% of CDLHT’s total property value

Orchard Hotel, S$384.9m, 29%

Grand Copthorne Waterfront Hotel, S$267.2m, 20%

M Hotel, S$191.0m, 14%

Copthorne King's Hotel, S$101.0m,

8%

Rendezvous Hotel Auckland,

S$120.0m, 9%

Novotel Clarke Quay, S$224.0m,

17%

Orchard Hotel Shopping Arcade,

S$35.1m, 3%

Orchard Hotel, S$384.9m, 39%

Grand Copthorne Waterfront,

S$267.2m, 27%

Copthorne King's Hotel, S$101.0m,

10%

Orchard Hotel Shopping Arcade,

S$35.1m, 4%

M Hotel, S$191.0m, 20%

Assumptions

• Based on valuation of Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel and Orchard Hotel Shopping Arcade as at 31 December 2006

• Based on valuation of Rendezvous Hotel Auckland as at 13 October 2006.

• Based on valuation of Novotel Clarke Quay as at 30 March 2007.

11

Hotels In Strategic Locations

Singapore Hotels New Zealand Hotel

Rendezvous

Hotel

Auckland

CENTRALBUSINESSDISTRICT

ORCHARDROAD

SINGAPORERIVER

INTEGRATEDRESORT SITE

BUSINESS &FINANCIAL CENTRE

SITE

Orchard

Hotel &

Shopping

Arcade

Copthorne

King’s

Hotel

Grand

Copthorne

Waterfront

Hotel

M Hotel Novotel

Clarke Quay

12




Blue Chip Sponsor11



13

Strong Growth In Visitor Arrivals In Singapore – Historical and Forecast

8,3288,942

9,748 10,200

17,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2004 2005 2006 2007 (F) 2015 (F)

Thou

sand

s

Visitor Arrivals (Full year)

Singapore received a record 9.7m visitors in 2006, up by 9% from 2005

Noticeable increase in business and MICE travel, as well as tourists from emerging affluent markets such as China and India

Singapore Tourism Board estimates that Singapore could draw 17.0mvisitors by 2015

The Business Times, citing Merrill Lynch research (18 June 2007), noted that demand for hotel rooms is expected to increase by 4,050 rooms per year from 2007 to 2015, while supply is expected to increase by only 3,300 rooms per year, leading to shortfall of 750 rooms (19% of forecast demand)

+4.6%

CAGR for 2007 to 2015 =

+6.4%

+9.0%+7.4%

Visitor Arrivals In Singapore

Source: Singapore Tourism Board

14

Limited Supply Of Hotel Rooms In The Immediate Future

30,476

1,885

707

2,197

3,030

38,295

25,000

30,000

35,000

40,000

2006 2007 2008 2009 2010 Total 2010

Tota

l Dai

ly R

oom

Inve

ntor

y

2006 to 2010 CAGR = +5.9%Total Supply Growth (2006 to 2010) = +25.7%

Source: CBRE Report dated 30 March 2007. Chart is not drawn to scale

Current and Expected Hotel Room Supply in Singapore

15

Significant Growth From Many Of The Top 10 Sources Of Visitors To Singapore

January to April 2006 & 2007 Year-On-Year Growth in Visitor Arrivals from Top-

10 Sources

2.2%

11.1%

2.7%

0.0%

4.9%

2.1%

5.0%

18.8%

-1.7%

-0.1%

-5.0% 0.0% 5.0% 10.0% 15.0% 20.0%

Indonesia

China

Australia

India

Malaysia

Japan

UK

South Korea

USA

Philippines

Breakdown of Visitor Arrivals to Singapore from January to April 2007

China, 366,294

Australia, 219,406

India, 207,431

Malaysia, 196,784Japan, 193,611

United Kingdom,

202,613

South Korea, 152,472

USA, 136,962

Phillippines, 140,594

Others, 869,302

Indonesia, 575,113

18%

11%

7%

6%

6%6%

7%

5%

4%

4%

26%

Source for both charts: Singapore Tourism Board

16

Potential For Average Room Rates To Rise

Regional Upper Tier(1) Hotel Market Comparision(2)

155180

202

236

31274% 75%

81%

70%

85%

0

50

100

150

200

250

300

350

Bangkok Beijing Singapore Shanghai Hong Kong

Ave

rage

Roo

m R

ates

(US$

)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Occ

upan

cies

(%)

ARR (US$) OccupancyNote: (1) Comprises 4- and 5-star hotels(2) As of Dec 2006

Source: Jones Lang LaSalle Hotels, Industry Sources

Average Room Rates in Singapore relative to Regional Cities

17




Blue Chip Sponsor11



18

Acquisition Opportunities From Multiple Sources

Owns / operates 121 hotels globally (1)

Right of First Refusal(2)

Future sales of Singapore hotels owned by M&C

Offers of Singapore hotels made to M&C

Potential growing acquisition pipeline as M&C

seeks to expand its presence globally with

greenfield hotel developments

Global network of hospitality relationships

Hotel chains seeking to free-up capital to focus on

management fee income

Independent, single hotel owners lacking scale and

looking to exit hotel investment

Private equity looking to exit investments

Independent hotel owners looking for sale and

leaseback arrangements

Turnaround opportunities

M&C Third Parties

(1) Excluding 4 hotels in Singapore(2) For 5 years from listing date

19

CDLHT Target Markets

Specific Countries of Interest

Singapore ▪ Australia ▪ China ▪ Hong Kong ▪ India ▪ Indonesia ▪ Japan ▪ Malaysia ▪Maldives ▪ New Zealand ▪ Philippines ▪ Thailand ▪ Vietnam ▪ UAE

Singapore

Australia

New Zealand

VietnamThailand

ChinaIndia

Malaysia

Middle East

Maldives

Hong Kong

Singapore

Australia

New Zealand

VietnamThailand

China

India

Malaysia

UAE

Maldives

Hong Kong

Japan

Indonesia

Philippines

20




Blue Chip Sponsor11



21

Continuing Shift To Higher Yielding Corporate Segment(1)

66.8%

33.2%

66.7%

33.3%

69.1%

30.9%

71.2%

28.8%

43.4

60.5

72.9

94.2

Evolution of Market Mix

14.4 20.1 22.5 27.1

9.2

29.0

40.450.4

67.1

17.3

0

10

20

30

40

50

60

70

80

90

100

2003 2004 2005 2006 Q1 2007

Hot

els

Roo

ms

Rev

enue

(S$

m)

Leisure/Others Corporate

`

65.4%

34.6%

26.5

Note (1): “Corporate segments” as defined by the Sponsor would refer to guests who are staying with the hotel for primarily business purposes as opposed to leisure or other guests such as cabin crew. Under this segment, the following category of guests would be included: (i) guests who book at rack rate (full published rate), (ii) guests who book through corporate travel agencies / management companies, (iii) guests who book through the internet, (iv) guests who book at rates offered under a corporate agreement and (v) guests who are attending meetings, incentive activities or events / exhibitions / conferences in the city

Strategic shift in market mix towards high yielding corporate segment to optimise guest mix, maximise cash flow and value of the Hotels

22

Asset Enhancement Opportunities Being Considered

Grand CopthorneWaterfront

Orchard HotelShopping Arcade

5th and 6th Floors -

currently bareEntire building

Areas Under Consideration For Asset Enhancement

23

The Acquisition of Novotel Clarke Quay Hotel, Singapore

24

Novotel Clarke Quay

13 year lease to Accor expiring 31 December 2020.

Variable lease payment of more than 90% of GOP

depending on the hotel’s performance

Lease Terms:

398 room hotel including 21 suites

Six food and beverage outlets

1,217 sqm of function/meeting space

25-metre swimming pool and sundeck

755 car park spaces(1)

Refurbished recently for $18.8 million

Property Description:

Approximately 27,000 sqmGross Floor Area:

Approximately 38,000 sqmStrata Title Area:

97 Years and 30 days commencing 2nd of April 1980Land Tenure:

1984Year Built:

Date of Valuation: 30 March 2007

Valued at S$224 million by CB Richard Ellis

Valuation:

177A River Valley RoadSingapore 179031

Newly refurbished, superior hotel, located in the heart of Singapore’s

entertainment/social sceneNote: (1) CDL-HT will have 23% ownership of the car park spaces based on Novotel Clarke Quay’s

23% share value of the strata title plan for Liang Court

25

With…Over 25 Established Bars & Night Clubs- Ministry of Sound (MoS)

Over 20 Authentic RestaurantsOver 50 Unique Shops

Sunday Flea MarketExciting Recreational Activities

Part Of Vibrant Clarke Quay

The S$85 million redevelopment of Clarke Quay has transformed the historical riverside quay into one of Singapore’s main food, entertainment, lifestyle destination…

… and a world class waterfront destination with excellent

communication links

Courtesy of Lifebrandz

26

Excellent Potential For Growth From Repositioned Asset

Recently refurbished 1

Potential for market / revenue mix enhancement 2

• Recently concluded a S$18.8 million comprehensive refurbishment program to guestrooms, public areas, restaurants and function rooms

• Increased number of higher paying corporate guests and banquets / functions

27

Strong Year-On-Year Growth At The NovotelClarke Quay

ARR: FY '05 v FY '06

112148

050

100150200

FY '05 FY '06

Occupancy: FY '05 v FY '06

73.9

75.0

73.0

74.0

75.0

76.0

FY '05 FY '06

RevPAR: FY '05 v FY '06

83

111

0

20

40

60

80

100

120

FY '05 FY '06

+1.4%

+32.1%+33.7%

S$S$

%

Note: Between 2005 and 2006 all of the guestrooms at the Novotel Clarke Quay were renovated – 185 Guestrooms were upgraded in 2005 and the remaining 213 guestrooms were upgraded in 2006

28

ARR:Q1 '06 v Q1 '07

141

163

130140150160170

Q1 '06 Q1 '07

Occupancy: Q1 '06 v Q1 '07

75

88

657075808590

Q1 '06 Q1 '07

RevPAR: Q1 '06 v Q1 '07

105

143

0

20

40

60

80

100

120

140

160

Q1 '06 Q1 '07

+17.3%

+15.6%+36.2 %

S$S$

%

Note: 213 guestrooms were upgraded in 2006

Acquiring Growth – The Novotel Clarke Quay

29

Strategic Location In Singapore

Near to major cultural and tourist attractions – EsplanadeC

Short distance from Singapore’s business and financial districtsB

Strong growth potential through its proximity to Singapore’s must-visit nightlife venue and ability to tap into Singapore’s developing meetings, incentives, conventions and exhibitions segments

A

Prime superior hotel located in immediate proximity to Clarke Quay, Robertson Quay and Boat Quay: Singapore’s premier entertainment hub

A

B

C

NovotelClarke Quay

Closely located to Singapore’s prime shopping belt - Orchard RoadD

D

30

Appendix –Results for Q1 2007

31

Three Quarters Of Strong Growth

RevPAR: Q3 '06, Q4 '06 & Q1 '07

$140

$146

153

$130

$135

$140

$145

$150

$155

Q3 '06 Q4 '06 Q1 '07

Gross Revenue: Q3 '06, Q4 '06 & Q1 '07

$11,260$13,609

17,979

$0

$5,000

$10,000

$15,000

$20,000

Q3 '06 Q4 '06 Q1 '07

NPI: Q3 '06, Q4 '06 & Q1 '07

$10,330

$15,559 $16,741

$0

$5,000

$10,000

$15,000

$20,000

Q3 '06 Q4 '06 Q1 '07

+9.3%S$ S$

Note: 2,637 room nights were taken out of the Orchard Hotel’s room inventory for rectification works

Distributable Income: Q3 '06, Q4 '06 & Q1 '07

$7,889

$12,415 $12,306

$0

$5,000

$10,000

$15,000

Q3 '06 Q4 '06 Q1 '07

+62.1% +55.9%

+59.7%

S$S$

32

S$

Overall, Performance “Strong”:Compared To Projected Q1 2007

Gross Revenue and NPI - Comparison For Projection Q1

2007 and Actual Q1 2007

13,872

17,979

12,697

16,741

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

Projected Q1 2007 Actual Q1 2007

Gross Revenue NPI

Distributable Income - Comparision For Projection Q1

2007 and Actual Q1 2007

9,635

12,306

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,00011,00012,00013,000

Projected Q1 2007 Actual Q1 2007

Distributable income

Gross Rev = 29.6%NPI = 31.9% 27.7%

S$S$

Note: Projections for Q1 2007 are based on management’s projections for the year ending 31/12/07 shown in the Prospectus pro-rated for the period from 01/01/07 to 31/03/07

33

Strong Year-On-Year Growth:Pro-Forma Indicative Comparison

ARR: Q1 '06 v Q1 '07

$157

$182

$140$150$160$170$180$190

Q1 '06 Q1 '07

Occupancy: Q1 '06 v Q1 '07

78.0%

84.0%

74.0%76.0%78.0%80.0%82.0%84.0%86.0%

Q1 '06 Q1 '07

RevPAR: Q1 '06 v Q1 '07

$122

$153

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

Q1 '06 Q1 '07

+15.9%

+7.7%

+25.4%

S$ S$

Note: 2,637 room nights were taken out of the Orchard Hotel’s room inventory for rectification works

34

Overall Q1 Performance Is Strong:Projected vs. Actual

ARR: Projected vs. Actual Q1 '07

$162

$182

$150$160$170$180$190

Projected Q1 Actual Q1

Occupancy: Projected vs. Actual Q1 '07

82.0%

84.0%

81.0%82.0%83.0%84.0%85.0%


RevPAR: Projected vs. Actual Q1 '07

$132

$153

$120

$125

$130

$135

$140

$145

$150

$155


+12.3%

+2.4%

+15.9%

S$ S$

Note: 2,637 room nights were taken out of the Orchard Hotel’s room inventory for rectification works.Projections for Q1 2007 are based on management’s projections for the year ending 31/12/07 shown in the Prospectus pro-rated for the period from 01/01/07 to 31/03/07

35

Overall Q1 Performance Is Strong:Projected vs. Actual

ARR: Projected vs. Actual Q1 '07

$162

$182

$150$160$170$180$190


Occupancy: Projected vs. Actual Q1 '07

82.0%

84.0%

81.0%82.0%83.0%84.0%85.0%


RevPAR: Projected vs. Actual Q1 '07

$132

$153

$120

$125

$130

$135

$140

$145

$150

$155


+12.3%

+2.4%

+15.9%

S$ S$

Note: 2,637 room nights were taken out of the Orchard Hotel’s room inventory for rectification works.Projections for Q1 2007 are based on management’s projections for the year ending 31/12/07 shown in the Prospectus pro-rated for the period from 01/01/07 to 31/03/07

36

H-REIT Revenue Streams More Diversified

Breakdown between Fixed and Variable Rent

6,7138,880

6,267

8,209

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000


Thou

sand

s

Fixed Rent Variable Rent

Breakdown of Gross Revenue By Property (S$,000)

Orchard Hotel

Shopping Arcade, 890

Copthorne King's Hotel,

2,093

Rendezvous Hotel

Auckland, 2214

Orchard Hotel, 5,552

Grand Copthorne Waterfront

Hotel, 4,212

M Hotel, 3,018

12,98017,089

51.7%

48.3%

52.0%

48.0%5%

5%

12%

23%

30%

12%

17%

Note: Projections for Q1 2007 are based on management’s projections for the year ending 31/12/07 shown in the Prospectus pro-rated for the period from 01/01/07 to 31/03/07

37

Appendix –Background and Structure of CDL Hospitality Trusts

38

Holdings of Stapled Securities

CDLHT Structure

Sponsor Investors

Master Lessees

Hotel Manager (MCIL)

DBS Trustee

M&C REIT Management Limited

(H-REIT Manager)

M&C Business Trust Management Limited

(HBT Trustee Manager)H-REIT (owns hotels)

HBT(1)

H-REIT HBT

≈39.2% ≈60.8%

Distributions

Stapling Deed

Lease of Hotels

Operates and manages the Hotels under hotel management agreements

Lease of Hotels

Fixed Revenue, Service Charge and Variable Rent

Acts on behalf of the holders of H-REIT Units

Management services

Management services and acts on behalf of the holders of the HBT Units

Operates and manages the Hotels under hotel management agreements

(1) Dormant as at Listing Date(2) To be appointed by HBT when HBT steps in as master lessee.

For simplicity, the diagram does not include the relationships in relation to Orchard Hotel Shopping Arcade. Orchard Hotel Shopping Arcade tenants will pay rent to H-REIT directly and H-REIT Manager will manage Orchard Hotel Shopping Arcade directlyMCIL = Millennium & Copthorne International Limited

Hotel Manager(2)

39

Lease Structures

Favourable Lease Structure

in Base Portfolio(1)

• Rendezvous Hotel Auckland:• Base rent + Variable rent• Base rent escalates at 2.75% per annum• For first year, total rent = NZ$8.9 m (S$9.2 m)(2)(3)

• Total Rent secured by Vendor for first 3 years

High Degree of Stability from

Auckland Lease

• Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel:• 20% of Hotel's revenue + 20% of Hotel’s gross operating profit subject to a Fixed Rent

floor of $26.4 m• Term of 20 years from Listing with 20 year option

• Orchard Hotel Shopping Arcade:• H-REIT receives rents direct from tenants

(1) Based on IPO prospectus dated 10 July 2006(2) At exchange rate of NZ$1 = S$1.03 as at 27 October 2006(3) Based on announcement of acquisition dated 30 October 2006

Novotel Clarke Quay:Lease based on gross operating profit less Accor’s management feeVariable rental payment of more than 90% of Gross Operating Profit, depending on Novotel Clarke Quay’s performance13 years till 31 December 2020Lessee will provide a $6.5 m reserve to fund shortfall in event annual rent is below $6.5 m

Lease Structure with Reserve

and High Variable Rent

40

Appendix –CDLHT Portfolio of Hotels

41

Orchard Hotel, Singapore

♦ 653 rooms♦ Located in Orchard Road♦ Newly renovated rooms♦ Significant meeting facilities - large columnless

ballroom for large events♦ Appeals to both corporate and leisure segment

Significant Highlights

♦ Best Accommodation Experience 2006

♦ Executive Chef of the Year 2006

♦ Asian Ethnic Chef of the Year 2005 & 2006

♦ Asian Ethnic Restaurant of the Year 2005

Accolades

42

Grand Copthorne Waterfront, Singapore

♦ 550 rooms – 11 new rooms added on 1 January 2007 to room inventory from conversion of certain areas into hotel rooms

♦ Located between CBD and Orchard Road

♦ Close to proposed BFC and IR

♦ One of the largest conference facilities in Singapore

♦ Well positioned for the MICE market


♦ Best Meetings & Conventions Hotel 2006

♦ Winner of Chef RAS 2006 competition

♦ Best Business Hotel (Deluxe) 2006

♦ Best Concierge Team 2006

Accolades

43

M Hotel, Singapore

♦ 413 rooms♦ Located in the heart of the financial district♦ Close to proposed BFC and IR♦ Completed refurbishment in 2003 ♦ Strong following of business travellers


♦ Best Mid-Range Business Hotel 2005♦ The Award for Excellence, best

Corporate/Business Hotel – Hospitality Asia 2004-2005

♦ 2003 PAT Gold Awards – Marketing Category

Accolades

44

Copthorne King’s Hotel, Singapore

Significant Highlights♦ 310 rooms♦ Located between CBD and Orchard Road♦ Completed refurbishment in 2004♦ Strong corporate segment focus

Accolades

♦ Wine & Dine Singapore’s Best Restaurants 2006 – Tien Court

♦ American Express Top Restaurant Award 2005 – Princess Terrace

45

S$6,984.80 psm

(S$648.91 psf)

Valuation psm (psf)

75 years

from Listing Date

Lease Term

3%% of total valuation

S$34.5 mCBRE valuation

57.4%

(month of Jan 2006)

Contribution to total retail rental

income by 8 major tenants

4,939 sq mNet Lettable Area

Orchard Hotel Shopping Arcade

46

Rendezvous Hotel Auckland, New Zealand

455 rooms – largest hotel in Auckland by roomsFreeholdLocated in the central business district and next to a major conference centre


47

Novotel Clarke Quay, Singapore

♦ Prime superior hotel with 402 rooms ♦ Leasehold ♦ Located in immediate proximity to Clarke

Quay, Robertson Quay and Boat Quay: Singapore’s premier entertainment hub

♦ Recently concluded a S$18.8 million comprehensive refurbishment program to guestrooms, public areas, restaurants and function rooms


Accolades♦ Hospitality Asia Platinum Award 2007 "GM of

the Year" ♦ Hospitality Asia Platinum Award 2007 "Best

Executive Lounge" finalist♦ Singapore Tourism Award 2007 "Best Deluxe

Hotel" finalist

Thank You

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