A P P E N D I X
Development Projects
Since A-REIT embarked on its first development project in 2006, it has completed 12 development projects and achieved total
cumulative unrealised gains of S$338.4 million (34.3% over cost of development).
Development
Sector
Development
Cost
Revaluation
as at
31 March 2015
Completion
(S$’m)
(S$’m)
1 Courts Megastore
IDAR
46.0
65.5
Nov-06
2 Giant Hypermart
IDAR
65.4
86.0
Feb-07
3 Hansapoint @ CBP
Business & Science Park Properties
26.1
86.9
Feb-08
4 15 Changi North Way Logistics & Distribution Centres
36.2
48.4
Jul-08
5 Pioneer Hub
Logistics & Distribution Centres
79.3
119.1
Aug-08
6 1,3 & 5 Changi
Business Park Crescent
Business & Science Park Properties
200.9
333.0
Feb-09,
Sep-09,
Dec-10
7 71 Alps Avenue
Logistics & Distribution Centres
25.6
21.8
Sep-09
8 38A Kim Chuan Road High-Specifications Industrial
Properties & Data Centres
170.0
184.7
(1)
Dec-09
9 90 Alps Avenue
Logistics & Distribution Centres
37.9
49.7
Jan-12
10 FoodAxis @ Senoko
(2)
Light Industrial Properties &
Flatted Factories
57.8
80.8
Feb-12
11 Four Acres Singapore Business & Science Park Properties
58.7
(3)
58.3
Apr-13
12 Nexus @one-north
Business & Science Park Properties
181.3
189.4
Sep-13
Total
985.2
1,323.6
Notes:
(1)
Property was valued by independent valuer at S$184.7 million. A-REIT has recorded the property at S$184.7 million comprising S$122.7 million in land and
building and S$62.0 million in M&E equipment.
(2)
FoodAxis @ Senoko (previously known as 1 Senoko Avenue) was first acquired on 15 May 2007. It was subsequently redeveloped to maximise the allowable
plot ratio.
(3)
Includes S$26.4 million land premium paid upfront and net development cost of S$32.3 million.
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