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)
(v)
Car park management services
For car park management services, the Trust will pay ASPL the following fees in relation to properties located
in Singapore:
•
in relation to the car parks located at certain 33 properties as set out in the property management
agreements (“Managed Car Parks”), a management fee of $2.16 million per annum (“Base Car Park
Fee”) and 40.0% of hourly parking collections for such car parks (excluding goods and services tax).
For the avoidance of doubt, any hourly car park rebates given to car park users will not be included in
the hourly car park collections for the computation of fees.
•
in the event that additional car parks are added or subsequently removed from the Managed Car
Parks, the Base Car Park Fee shall be adjusted as follows:
– in relation to a property which has up to 100 car park lots – the Base Car Park Fee shall be
increased or decreased by $35 per car park lot per month multiplied by the number of car park
lots in such property.
– in relation to a property which has more than 100 car park lots – the Base Car Park Fee shall
be increased or decreased by $25 per car park lot per month multiplied by the number of car
park lots in such property.
ACPL is not required to provide any car park management services.
(d) Fees under the lease management agreement
(i)
Lease management services
For lease management services, the Group will pay the Manager or its nominees (as the Manager may
direct), a fee of 1.0% per annum of the adjusted gross revenue of each property. In addition to the above
fee, the Group will pay the Manager or its nominees the following fees, subject to a refund of 50.0% of the
commission paid to the Manager or its nominees if the tenancy is prematurely terminated within six months
of the commencement of the tenancy. If the tenant fully compensates the Group for the pre-termination
(taking into account the loss of income and related expenses), the Manager or its nominees need not refund
50.0% of the commission. If the tenant only compensates the Group for a proportion of the loss, the amount
refunded to the Group by the Manager or its nominees would be pro-rated based on the unrecovered loss
divided by the aggregate total loss multiplied by 50.0% of the commission paid.
In relation to a tenancy which is renewed, the Group will pay the Manager or its nominees, the following fees:
•
pro-rated based on 0.5 month’s gross rent inclusive of service charge for securing a tenancy of six
months or more but less than one year;
•
0.5 month’s gross rent inclusive of service charge for securing a tenancy of one year or more but less
than or equivalent to three years;
•
pro-rated based on 1.0 month’s gross rent inclusive of service charge for securing a tenancy of more
than three years but less than five years;
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