Appendix
Development Projects
Since A-REIT embarked on its first development project in 2006, it has completed 14 development projects and achieved total
cumulative unrealised gains of S$311.4 million (30.3% over cost of development).
Development
Sector
Development
Cost (S$’m)
Revaluation
as at
31 March 2016
(S$’m)
Completion
1 Courts Megastore
IDAR
46.0
65.3
Nov-06
2 Giant Hypermart
IDAR
65.4
86.0
Feb-07
3 Hansapoint@CBP
Business & Science Park Properties
26.1
90.7
Feb-08
4 15 Changi North Way
Logistics & Distribution Centres
36.2
48.4
Jul-08
5 Pioneer Hub
Logistics & Distribution Centres
79.3
119.8
Aug-08
6 1,3 & 5 Changi Business
Park Crescent
Business & Science Park Properties
200.9
312.4
Feb-09,
Sep-09,
Dec-10
7 71 Alps Avenue
Logistics & Distribution Centres
25.6
22.1
Sep-09
8 38A Kim Chuan Road
High-Specifications Industrial
Properties & Data Centre
170.0
185.5
(1)
Dec-09
9 90 Alps Avenue
Logistics & Distribution Centres
37.9
50.4
Jan-12
10 FoodAxis @ Senoko
(2)
Light Industrial Properties &
Flatted Factories
57.8
83.3
Feb-12
11 Four Acres Singapore
Business & Science Park Properties
58.7
(3)
60.0
Apr-13
12 Nexus @one-north
Business & Science Park Properties
181.3
191.4
Sep-13
13 DBS Asia Hub Phase 2
Business & Science Park Properties
21.8
N.A.
(4)
Apr-14
14 A-REIT Jiashan Logistics
Centre
Logistics & Distribution Centres
22.1
25.2
Mar-15
Total
1,029.1
1,340.5
Notes:
(1)
Property was valued by independent valuer at S$185.5 million. A-REIT has recorded the property at S$185.5 million comprising S$123.1 million in land and
building and S$62.4 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.
(4)
Valuation for DBS Asia Hub Phase 2 is not available. The entire property was valued at S$168.2 million.
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A-REIT ANNUAL REPORT
2015/2016
