PROPERTY OVERVIEW - Mapletree Commercial Trust
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22 Mapletree Commercial Trust
PROPERTY OVERVIEW
MCT’s portfolio comprises five properties located
in Singapore’s Alexandra Precinct, HarbourFront
Precinct and the CBD.
VIVOCITY pool, childcare centre, clinic and MAPLETREE ANSON
wide-ranging F&B offerings.
Singapore’s largest mall with A 19-storey office building located
With its excellent location and
1,077,296 square feet of NLA in the Tanjong Pagar micro-
connectivity, MBC stands out as
spread over a three-storey market of the CBD. Mapletree
a choice location for businesses.
shopping complex, two basement Anson offers 329,237 square feet
It is a ten-minute drive from the
levels and an eight-storey annexe of premium space with Grade
CBD and is seamlessly linked to
carpark. Strategically located in A specifications and is one of
the Labrador Park MRT station and
the heart of the HarbourFront the first buildings in Singapore
other public transport nodes via
Precinct, this iconic development to be awarded the Green Mark
sheltered walkways.
is directly connected to the Platinum certification by the BCA.
HarbourFront Mass Rapid Transit It is conveniently situated within
MBC’s appeal is further enhanced
(“MRT”) station and enjoys a two-minute walk from the
by its wide public spaces, an eco-
exceptional connectivity to Tanjong Pagar MRT Station and
pond, art installations set amidst
Sentosa and the HarbourFront connected to major arterial roads
1.8 hectares of lush landscape, as
Centre. VivoCity is positioned and expressways.
well as convenient access to parks in
as a multi-dimensional retail
the vicinity. MBC’s environmentally
and lifestyle destination for
sustainable design and features
Singaporeans and tourists
have also garnered prestigious local MLHF
alike, offering visitors a unique
and international awards. A premium six-storey office building
waterfront shopping and dining
with an NLA of 215,734 square feet.
experience.
MLHF features modern office
mTOWER specifications such as large and
efficient column-free rectangular
MBC mTower, formerly known as PSA
floor plates of approximately
Building, is an established integrated
MBC is one of the largest integrated 46,000 square feet and integrated
development with a 40-storey
developments in Singapore, suspended ceiling and raised floors.
office block and a three-storey retail
conveniently situated within the
centre, ARC. It has an aggregate
Alexandra Precinct. Comprising
NLA of 525,701 square feet.
MBC I and MBC II, the integrated
development is made up of one
mTower’s excellent location within
office tower and seven business
the Alexandra Precinct and its short
park blocks supported by a retail
distance from the CBD make it an
and F&B cluster. Together, they
ideal choice for companies who
offer 2,891,917 square feet of
prefer a quality office location
premium office, business park
outside the CBD. ARC further offers
and ancillary retail space.
a wide range of amenities and F&B
offerings to the working population
MBC’s campus-style environment
in the vicinity.
features premises with Grade A
building specifications as well as a
full suite of contemporary facilities
and amenities such as state-of-the-
art multi-purpose hall and meeting
rooms, gymnasium with heated
Annual Report 2020/21 23
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CITY HALL
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HORTPARK CHINATOWN
RAFFLES PLACE
AY
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ALEXANDRA
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SS L E
RE OUTRAM TA
EXP PARK CENTRAL AS
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TR TANJONG NA
PASIR CE
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PAGAR
DISTRICT RI
PANJANG MOUNT MA
FABER MARINA
BAY
LABRADOR
PARK
TELOK
BLANGAH
HARBOURFRONT
LABRADOR
NATURE RESERVE
HARBOURFRONT
PRECINCT
BRANI
ISLAND
RESORT
WORLD
SENTOSA
SENTOSA
MBC MAJOR EXPRESSWAYS
MRT STATION
SENTOSA EXPRESS LINE
NATURE PARK
mTOWER
VIVOCITY
MLHF MAPLETREE
ANSON
SINGAPORE TOTAL NET
LETTABLE AREA
5.0 million square feet
Changi
Airport
PORTFOLIO
APPRAISED VALUE
Map zoomed out
S$8.7 billion
24 Mapletree Commercial Trust
PROPERTY OVERVIEW
VIVOCITY
VivoCity is Singapore’s largest
retail and lifestyle destination that
continues to surprise shoppers
with its vibrant mix of retail and
A three-storey shopping complex with two basement entertainment offerings.
levels and an eight-storey annexe carpark
Despite the COVID-19 challenges,
Net Lettable Area 1,077,296 square feet
VivoCity has remained focused
Number of Leases 347
on invigorating its retail mix and
Carpark Lots 2,183
executing suitable enhancement
Title Leasehold 99 years commencing from
initiatives to maintain its market-
1 October 1997
leading position.
Market Valuation S$3,148.0 million
Key Tenants FairPrice, Tangs, Zara, Golden Village, During the year, reconfiguration
Best Denki works were carried out at a mini-
Awards and Accolades 15th South West Public Health Awards anchor’s space on Level 2 and the
- Clean, Dry and Sparkling Public Toilets promenade-facing F&B cluster at
(Shopping Malls Category) – Winner Level 1, allowing us to inject fresh
F&B and fashion concepts to the
mall. VivoCity’s existing tenant,
LEASE EXPIRY PROFILE BY GROSS RENTAL INCOME adidas, also expanded to establish
29.1% two exciting flagship stores on
27.5%
Basement 1 and Level 1.
18.4% To help tenants tide through
13.5%
COVID-19, VivoCity rolled out
11.5% one of the most comprehensive
support packages in the market.
Consequently, FY20/21 gross
revenue and NPI contracted
FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 &
by 19.5% and 20.8% to reach
beyond S$169.3 million and S$125.6 million
respectively. This was mostly due
Number
126 109 73 26 13 to the impact from COVID-19
of leases
including the rental rebates granted
to eligible retail tenants as well as
TRADE MIX BY GROSS RENTAL INCOME restrictions on atrium events.
Food & Beverage 31.9%
Fashion 18.4%
Fashion Related 10.2%
Hypermarket / Departmental Store 9.4%
Beauty 6.9%
Electronics 5.3%
Sports 5.3%
Lifestyle 5.2%
Entertainment 3.5%
Others1 3.9%
1
Others includes Optical, Retail Bank, Education, Services, Medical and Convenience.
2
Actual occupancy was 97.1%.
Data are as at 31 March 2021. Gross revenue and NPI are for the financial year ended 31 March 2021.
Annual Report 2020/21 25
GROSS
REVENUE
S$169.3
million
NET PROPERTY
INCOME
S$125.6
million
COMMITTED
OCCUPANCY2
99.1 %
26 Mapletree Commercial Trust
PROPERTY OVERVIEW
FY20/21 SHOPPER TRAFFIC AND TENANT SALES IMPACTED BY COVID-191
TENANT SALES2 SHOPPER TRAFFIC
S$695.8 million 25.7 million
951.8 958.2 939.1 55.8 55.0 55.2
907.1
51.5
695.8
25.7
FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY16/17 FY17/18 FY18/19 FY19/20 FY20/21
PROGRESSIVE RECOVERY IN TANDEM WITH PHASED EASING OF HEALTH AND SAFETY MEASURES
BREAKDOWN OF TENANT SALES2 BREAKDOWN OF SHOPPER TRAFFIC
BY QUARTER (S$ MILLION) BY QUARTER (MILLION)
907.13 51.5
695.83
209.3 13.1
76.5
235.0 4Q FY20/21 183.3 25.7
tenant sales 14.0
2.8
was 5.2%
6.8
higher than
270.3 232.2
4Q FY19/20 14.1
8.5
193.4 203.4 10.3 7.6
FY19/20 FY20/21 FY19/20 FY20/21
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
1
Includes the circuit breaker from 7 April to 1 June 2020 and Phase One easing of circuit breaker from 2 to 18 June 2020 during which the majority
of businesses were closed, as well as prolonged work-from-home directives, restrictions on atrium events and border closures.
2
Includes estimates of tenant sales for a portion of tenants.
3
Total does not add up due to rounding differences.
1 1
2
Annual Report 2020/21 27
043 3
4 5
6 1 Revitalised Level 1 promenade-facing F&B
cluster warmly received by shoppers
2 Garden-inspired Spring Blossoms of Fortune
to celebrate Chinese New Year 2021
3 adidas Originals and Performance flagship
stores, the largest in Southeast Asia and
Singapore respectively
4 Love, Bonito takes on a family-friendly
concept, catering to mothers and kids
5 Ongoing tenant remixing effort amid
COVID-19 disruptions, introducing new
concepts like The Original Boat Noodle
6 Took advantage of circuit breaker downtime
to replace flooring of the entire mall
28 Mapletree Commercial Trust
PROPERTY OVERVIEW
MAPLETREE
MBC has been lauded as
a best-in-class integrated
office and business park
BUSINESS CITY complex. Conveniently
located within the
Alexandra Precinct, it
Comprising MBC I and MBC II, MBC is a large-scale integrated enjoys close proximity
office and business park complex with Grade A building to the CBD as well as
specifications and ancillary retail space. parks in the vicinity.
It offers more than
just Grade A building
MBC I comprises one 18-storey office tower (MBC 10) and three specifications. Nestled
business park blocks (MBC 20E, 20W and MBC 30), and MBC II amidst lush greenery
comprises four business park blocks (MBC 50, 60, 70 and 80) and and art installations,
and furnished with a full
the Common Premises (the common carpark, multi-purpose hall, suite of facilities and
retail area and common property which includes the landscape amenities, it was created
areas, driveways and walkways). to provide a vibrant and
positive environment
MBC I MBC II for contemporary
Net Lettable Area 1,707,213 square feet 1,184,704 square feet businesses. Because of
these, MBC is home to
Number of Leases 38 48
many well-established
Carpark Lots 2,001 (combined for MBC I and MBC II) tenants.
Title Strata lease commencing Leasehold 99 years
from 25 August 2016 to commencing from In FY20/21, MBC II made
29 September 2096 1 October 1997 its maiden full year
Market Valuation S$2,226.0 million S$1,535.0 million NPI contribution
Purchase Price / S$1,780.0 million S$1,550.0 million of S$70.6 million,
Agreed Property Value representing 18.7% of
Date of Purchase 25 August 2016 1 November 2019 the portfolio’s total
Key Tenants The Hongkong and Shanghai Google Asia Pacific Pte. Ltd., NPI. This also gave a
Banking Corporation Limited, Cisco Systems (USA) Pte. Ltd., timely cushion against
Info-Communications Media Covidien Private Limited, COVID-19’s impact to
the portfolio.
Development Authority, Crédit Agricole Corporate
SAP Asia Pte. Ltd. and Investment Bank
As at 31 March 2021,
MBC I recorded 94.6%
committed occupancy
LEASE EXPIRY PROFILE BY TRADE MIX BY while MBC II achieved
GROSS RENTAL INCOME GROSS RENTAL INCOME full physical occupancy.
27.2% 27.8%
IT Services & Consultancy 39.4%
MBC’s stable cashflows
17.8% Banking & Financial Services 13.7% from high quality tenants
15.4% make it an anchor of
11.8% Government Related 11.4%
stability for MCT.
Pharmaceutical 6.7%
Consumer Goods 6.7%
FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 & Electronics 6.1%
beyond
Number of leases
Shipping Transport 5.7%
19 26 20 8 13 Others 1
10.3%
1
Others include Energy, Real Estate, F&B, and Services.
2
Actual occupancy for MBC I was 90.2%.
Data are as at 31 March 2021. Gross revenue and NPI are for the financial year ended 31 March 2021.
Annual Report 2020/21 29
GROSS
REVENUE
S$128.8
million
NET PROPERTY
INCOME
S$107.2
million
COMMITTED
OCCUPANCY2
94.6%
MBC I
GROSS
REVENUE
S$86.3
million
NET PROPERTY
INCOME
S$70.6
million
OCCUPANCY
100%
MBC II
30 Mapletree Commercial Trust
PROPERTY OVERVIEW
mTOWER
mTower, formerly known as
PSA Building, is a 40-storey
integrated development
located in the Alexandra
Integrated development comprising a 40-storey office
Precinct. Its seamless
building and a three-storey retail centre connectivity to the Labrador
Net Lettable Area 525,701 square feet Park MRT and proximity to
Number of Leases 117 the CBD make it an appealing
Carpark Lots 749 alternative to a CBD office.
Title Leasehold 99 years commencing
from 1 October 1997 Its retail podium, ARC,
Market Valuation S$742.0 million provides a wide range of F&B,
Purchase Price S$477.2 million convenience and services
Date of Purchase 27 April 2011 offerings to the working
Key Tenants Office: Mapletree Investments Pte Ltd, population in the vicinity.
Casino Regulatory Authority, Maritime and
Port Authority of Singapore
Retail: FairPrice, McDonald’s, Ichiban
Sushi, Canton Paradise
LEASE EXPIRY PROFILE BY GROSS RENTAL INCOME
33.2%
24.0% 24.3%
13.5%
5.0%
FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 &
beyond
Number
36 33 36 7 5
of leases
TRADE MIX BY GROSS RENTAL INCOME
Government Related 23.1%
Trading 16.2%
Food & Beverage 14.8%
Real Estate 12.6%
Shipping Transport 12.1%
IT Services & Consultancy 5.9%
Beauty 2.4%
Consumer Services 2.4%
Others1 10.5%
1
Others includes Hypermarket / Departmental Store, Education, Retail Bank, Medical, Fashion
Related, Lifestyle, Insurance, Services, Convenience, Sports, Optical and Electrical.
2
Actual occupancy was 75.5% and this was mainly due to the expiry of a major tenant’s short-term
lease on 31 August 2020.
3
Subsequent to reporting year, there was mutual agreement to terminate a lease at mTower
ahead of its commencement. Assuming the lease pre-termination had occurred before
31 March 2021 and the space had remained uncommitted as at 31 March 2021, mTower’s
committed occupancy would be 79.7%.
Data are as at 31 March 2021. Gross revenue and NPI are for the financial year ended 31 March 2021.
Annual Report 2020/21 31
GROSS
REVENUE
S$40.2
million
NET PROPERTY
INCOME
S$29.4
million
COMMITTED
OCCUPANCY2,3
91.7 %32 Mapletree Commercial Trust
PROPERTY OVERVIEW
MAPLETREE ANSON Mapletree Anson is a 19-storey
premium office building situated
in the Tanjong Pagar micro-
19-storey office building in the CBD with Grade A building market. The building features
Grade A building specifications
specifications including large column-free
Net Lettable Area 329,237 square feet floor plates of over 20,000
Number of Leases 22 square feet, making it suitable
Carpark Lots 80 for contemporary workplace
Title Leasehold 99 years commencing strategies as well as flexible and
from 22 October 2007 collaborative floor-space.
Market Valuation S$747.0 million
Purchase Price S$680.0 million Mapletree Anson boasts
of a quality tenant profile
Date of Purchase 4 February 2013
that comprises reputable
Key Tenants WeWork Singapore Pte. Ltd., Goldman
multinational office tenants.
Sachs Services (Singapore) Pte. Ltd.,
Through a proactive leasing
Hubspot Asia Pte. Ltd.
strategy, Mapletree Anson was
100% occupied for the full
FY20/21.
LEASE EXPIRY PROFILE BY GROSS RENTAL INCOME
34.4%
32.0%
13.2%
12.3%
8.1%
FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 &
beyond
Number
3 6 3 6 4
of leases
TRADE MIX BY GROSS RENTAL INCOME1
IT Services & Consultancy 28.5%
Real Estate 25.1%
Banking & Financial Services 21.8%
Trading 7.1%
Insurance 6.6%
Electronics 5.0%
Shipping Transport 2.0%
Energy 2.0%
Others 1.8%
1
Total does not add up to 100% due to rounding.
Data are as at 31 March 2021. Gross revenue and NPI are for the financial year ended 31 March 2021.Annual Report 2020/21 33
GROSS
REVENUE
S$34.5
million
NET PROPERTY
INCOME
S$27.9
million
OCCUPANCY
100%34 Mapletree Commercial Trust
PROPERTY OVERVIEW
BANK OF AMERICA MLHF remained steady and
consistent. It reported full
occupancy throughout
MERRILL LYNCH FY20/21 and contributed
S$16.2 million of NPI to
HARBOURFRONT the portfolio.
A six-storey office building with a basement carpark
Net Lettable Area 215,734 square feet
Number of Leases 3
Carpark Lots 94
Title Leasehold 99 years commencing GROSS
from 1 October 1997 REVENUE
Market Valuation S$339.0 million
Purchase Price S$311.0 million S$19.8
Date of Purchase 27 April 2011 million
Key Tenant Merrill Lynch Global Services Pte. Ltd.
NET PROPERTY
INCOME
LEASE EXPIRY PROFILE BY GROSS RENTAL INCOME
88.8% S$16.2
million
OCCUPANCY
11.2% 100%
FY21/22 FY22/23 FY23/24 FY24/25 FY25/26 &
beyond
Number
– 2 – 1 –
of leases
Data are as at 31 March 2021. Gross revenue and NPI are for the financial year ended 31 March 2021.Annual Report 2020/21 35
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