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(iii) Marketing services
For marketing services, the Trust will pay the Property Manager, the following commissions:
• 1.0 month’s gross rent inclusive of service charge for securing a tenancy of three years or less;
• 2.0 months’ gross rent inclusive of service charge for securing a tenancy of more than three years;
• if a third party agent secures a tenancy, the Property Manager will be responsible for all commissions payable to such
third party agent and the Property Manager will be entitled to a commission of:
- 1.2 months’ gross rent inclusive of service charge for securing a tenancy of three years or less; and
- 2.4 months’ gross rent inclusive of service charge for securing a tenancy of more than three years;
• 0.5 month’s gross rent inclusive of service charge for securing a renewal of tenancy of three years or less; and
• 1.0 month’s gross rent inclusive of service charge for securing a renewal of tenancy of more than three years.
(iv) Project management services
For project management services, the Trust will pay the Property Manager the following fees for the development or
redevelopment (if not prohibited by the Property Funds Appendix or if otherwise permitted by the Monetary Authority of
Singapore) the refurbishment, retroftting and renovation works on a property:
• where the construction costs are $2.0 million or less, a fee of 3.00% of the construction costs;
• where the construction costs exceed $2.0 million but do not exceed $12.0 million, a fee of 2.15% of the construction
costs;
• where the construction costs exceed $12.0 million but do not exceed $40.0 million, a fee of 1.45% of the construction
costs;
• where the construction costs exceed $40.0 million but do not exceed $70.0 million, a fee of 1.40% of the construction
costs;
• where the construction costs exceed $70.0 million but do not exceed $100.0 million, a fee of 1.35% of the construction
costs; and
• where the construction costs exceed $100.0 million, a fee to be mutually agreed by the parties.
(v) Energy audit services
For energy audit services, the Trust will pay the Property Manager $4,000 per chiller for the frst two sets of chiller and $2,000
for any subsequent set of chiller in the property. In addition to these fees, the Trust will share with the Property Manager
40.0% of the cost savings achieved in each building subject to a maximum of $40,000 per property within a period of 3 years.
NOTES TO THE FINANCIAL STATEMENTS
ASCENDAS REAL ESTATE INVESTMENT TRUST
ANNUAL REPORT FY11/12
138