MANAGER’S REPORT
ANNUAL REVALUATION
It is a mandatory requirement to revalue the portfolio once a year. The total valuation of A-REIT portfolio is S$9.7 billion as
at 31 March 2016. This comprised of S$8.2 billion (84.9%) of investment properties in Singapore, S$1.1 billion (11.2%) in
Australia, and S$0.4 billion (3.9%) in China. As at 31 March 2016, certain investment properties recorded a depreciation on
revaluation against their corresponding values as at 31 March 2015 due to challenging market conditions. For details on the
movement in valuation of the investment properties, please refer to page 54 to 69.
Weighted average land lease to expiry for the portfolio of properties (excluding freehold properties) is 45.8 years. 74% of
A-REIT’s portfolio has a remaining land lease tenure of between 30 to 60 years. As at 31 March 2016, 63 properties worth
about S$3.7 billion are on a land rent basis. These properties on land rent will only have a nominal land value component in
their book values.
Land Lease Expiry Profile (by Country)
As at 31 March 2016
Singapore
S$m
Australia
S$m
China
S$m
Total
S$m
Total
%
< 30 years left
(2016 to 2046)
460
–
–
460
5%
< 60 years left
(2046 to 2075)
6,766
–
374
7,140
74%
>60 years left
(Beyond 2075)
900
–
–
900
9%
Freehold
77
1,082
–
1,159
12%
Total
8,203
1,082
374
9,659
100%
Land Lease Expiry Profile (by Property Type)
Land Tenure
Expiry as at
31 Mar 2016
Business &
Science Park
#
Hi-Specs
Industrial
Light Industrial
Logistics &
Distribution
Centres
Integrated
Development,
Amenities and
Retail*
Total
No. of
properties
S$m No. of
properties
S$m No. of
properties
S$m No. of
properties
S$m No. of
properties
S$m No. of
properties
S$m
< 30 years left
(2016 to 2046)
1
60
–
–
4
129
1
120
2
151
8
460
< 40 years left
(2047 to 2056)
5
638
6
552 20 669 13 890
–
–
44 2,749
< 50 years left
(2057 to 2066)
10 969
9
568
6
188
7
226
–
–
32 1,951
< 60 years left
(2067 to 2076)
9 1,524 2
236
–
–
3
121
1
559 15 2,440
>60 years left
(Beyond 2077)
3
363
3
537
–
–
–
–
–
–
6
900
Freehold
–
–
1
77
–
–
27 1,082 –
–
28 1,159
Total
28 3,554 21 1,970 30 986 51 2,439 3 710 133 9,659
# Includes China’s Ascendas Z-link and A-REIT City @Jinqiao
* Includes Australia’s 27 logistics properties and China’s A-REIT Jiashan Logistics Centre
.44
A-REIT ANNUAL REPORT
2015/2016
