N o t e s t o t h e f i n a n c i a l s t a t e m e n t s
Year ended 31 March 2015
1 General (continued)
(c)
Fees under the property management agreements (continued)
(iii)
Project management services
For project management services, the Group will pay the Property Managers the following fees for the (i)
development or redevelopment (if not prohibited by the Property Funds Appendix or if otherwise permitted by
the Monetary Authority of Singapore), refurbishment, retrofitting and renovation works to a property where
submission to the relevant authorities for the approval of such works is required or (ii) routine maintenance
where the expenses for the routine maintenance of the property results in such expenses being classified as
capital expenditure under the Singapore Financial Reporting Standards (“FRS”):
•
a fee of 3.00% of the construction costs, where the construction costs are $2.0 million or less in
Singapore, or RMB2.0 million or less in the PRC;
•
a fee of 2.15% of the construction costs, where the construction costs exceed $2.0 million but do not
exceed $12.0 million in Singapore, or exceed RMB2.0 million but do not exceed RMB12.0 million in
the PRC;
•
a fee of 1.45% of the construction costs, where the construction costs exceed $12.0 million but do
not exceed $40.0 million in Singapore, or exceed RMB12.0 million but do not exceed RMB40.0 million
in the PRC;
•
a fee of 1.40% of the construction costs, where the construction costs exceed $40.0 million but do
not exceed $70.0 million in Singapore, or exceed RMB40.0 million but do not exceed RMB70.0 million
in the PRC;
•
a fee of 1.35% of the construction costs, where the construction costs exceed $70.0 million but do
not exceed $100.0 million in Singapore, or exceed RMB70.0 million but do not exceed RMB100.0
million in the PRC; and
•
a fee to be mutually agreed by the parties, where the construction costs exceed $100.0 million in
Singapore, or exceed RMB100.0 million in the PRC.
For purpose of calculating the fees payable to the Property Managers, construction costs means all construction
costs and expenditure valued by the quantity surveyor engaged by the Group for the project, but excluding
development charges, differential premiums, statutory payments, consultants’ professional fees and goods
and services tax.
(iv)
Energy audit services
For energy audit services, the Group will pay the Property Managers $4,000 per chiller for the first two sets
of chiller and $2,000 for any subsequent set of chiller in a property located in Singapore (being the base
energy audit fee) and RMB10,000 per chiller in a property located in the PRC. In addition to these fees, the
Trust will pay ASPL 40.0% of the cost savings achieved in each property during the first three years after
the completion of the works in such property, subject to a maximum of $40,000 per property for properties
located in Singapore (such amount shall be inclusive of the base energy audit fee and the fees based on the
savings achieved).
ASCENDAS REAL ESTATE INVESTMENT TRUST ANNUAL REPORT 2014/15
