Sunway REIT AR 2015 Part 2

169 Pages·2015·2.09 MB·English

96 SUNWAY REIT ANNUAL REPORT 2015
PORTFOLIO AT A GLANCE
gEOgrAPhicAL cOnTribuTiOn bY PrOPErTY
vALuE OF rM6.32 biLLiOn AS AT 30 junE 2015
19
% kuALA LuMPur
8
% PEnAng SunWAY TOWEr
SunWAY PuTrA MALL
SunWAY cArnivAL ShOPPing MALL
SunWAY PuTrA hOTEL
SunWAY hOTEL SEbErAng jAYA
SunWAY PuTrA TOWEr
SunWAY hOTEL gEOrgETOWn
1 72
% PErAk % SELAngOr
SunciTY iPOh hYPErMArkET SunWAY PYrAMid ShOPPing MALL
SunWAY rESOrT hOTEL & SPA
PYrAMid TOWEr EAST
MEnArA SunWAY
SunWAY MEdicAL cEnTrE
WiSMA SunWAY
SUNWAY REIT ANNUAL REPORT 2015 97
PORTFOLIO AT A GLANCE (cOnT’d)
bandar Sunway
To Subang Airport
Subang Golf Club
Freescale (Motorola)
Federal Highway
Sunway-Setia
Jaya Station
Railway Line
To Kelana Jaya TayMIlnoetre’tsrr onCCpSaooSotclilrllholiiee tnoKaggoaneLell Persiaran Kewajipan SMinede icDaalr Cbyentre SS12 PJS8aMt Baasjnidd aArl -SHuunswnaay MentariStation PiSnrutoenpgwoUrasa-yetTi doUS nRJK NTaSMtta-tBioRnT U-TURNToPllJ PTCSlO IaT2 zYKa UCAELNA(T NRLPUEEM)PUR
TO SUBANG New Pantai Expressway Link (NPE) (LDP)
JAYA Sunway Sunway Pyramid Sunway
Pyramid 3 Shopping Mall Metro
Pyramid
LRT Line napijaweK naraisreP SS13 PNRPOE PLOINSKED KoPmP1SaJ,p2urk0lnSe 0&wk b 1sRaa iyydB1seRT Jalan PJS 11/9 SSuunInnwAtweSpaSSHruaayuncorn yhnaUtsw mot-CtnieUoaooielv lynlnelaetrlgs eity RSesuind e-n Uce CentSMreue nEdwxictaSeLaynualsngiwooonanyTowSMeCSureeu HndEnnwoiatwctraseeaatyll y& R SepsaoTrRLhtaeSSeMSPgs uuPuaeoonnnilnronmwwtwan nCaarv aaaCyyiolycllne uledboSunway LagoonStationJalan Lagoon Timur (RPesidJenStial 9Area) DP)gL( nhoPuc aarnasmaDay harubeL (RPesidJenStial 7Area)
SunU-Monash Sun Med
Jalan Lagoon Selatan Station Jalan Lagoon Selatan Station
WAY Future ReSseidrveinccees PJS9
U-TURN TO SUN DCeovmelmopemrceianlt UMMNIAOVLENARAYSSSIHTIA Y ConLduoxmuirnyium BayBRoouLctaikqksue eGs/iaRdreedteanil BusRSinueetnLaswsuil axOSyuuf rfiGiytceeeoss & (Residential Area) UTnaivyelorrs’isty
Sunway Waterfront Villas Condominium
TKOO TKAL IKAE /MKULANNINGG / SoSuttaht iQounay ReSMsuoidnnewansachyesLOakffiecseidse South Quay CoAn’dmomariinnieum
RDeseisdiegnnceers RDeseisdiegnnceers LaCosta ConNdaoumtiicnaium TSoulln Pwlaazya TOC IKTUY ACLEA NLTURMEPUR
Condominium
(KESAS)
U-TURN TO Sunway
SUNWAY Toll Plaza
USJ 7Station PiUnrStoeJpg-orSsauetindow nL aRayTt- SBtRaTtion Klang River (LDP)
TO PUTRA HEIGHTS PUTCOHONG / PUTRAJAYA
LEGEND
Malaysia’s First Elevated Bus Rapid
Transit (“BRT”) Sunway Line
Kelana Jaya LRT (“Light Rail Transit”)
Extension Link (expected completion
by 2015)
KTM Komuter Railway
Road expansion /
improvements by Sunway
Completed new KESAS link by Sunway
Elevated Pedestrian & Canopy Walk
U-turn
Malaysia’s First Bus Rapid Transit System to enhance the connectivity within Bandar Sunway
98 SUNWAY REIT ANNUAL REPORT 2015
RETAIL
rESiLiEnT cOnSuMEriSM
SUNWAY REIT ANNUAL REPORT 2015 99
PORTFOLIO SUMMARY (rETAiL)
SUNWAY PYRAMID SHOPPING MALL SUNWAY CARNIVAL SHOPPING MALL
Location Location
Selangor Penang
Date of acquisition Date of acquisition
8 jul 2010 8 jul 2010
Acquisition price (RM million) Acquisition price (RM million)
2,132 232
Year of completion Year of completion
Phase 1 in 1997; Phase 2 in 2007 2007
Title details & expiry date Title details & expiry date
- Pn 17414 Lot no. 62059 - Pn 1816 Lot no. 5497
21 February 2102 (commenced 22 February 2003, approx. 21 October 2092 (commenced 22 October 1993, approx.
87 years remaining)
77 years remaining)
- Pn 9500 Lot no. 51175
1 April 2097 (commenced 2 April 1998, approx.
- Pn 1817 Lot no. 5498
82 years remaining)
21 October 2092 (commenced 22 October 1993, approx.
- Pn 9495 Lot no. 32 77 years remaining)
1 April 2097 (commenced 2 April 1998, approx.
82 years remaining)
- Pn 1818 Lot no. 5499
- hS(d) 259957 Lot no. PT 1312
21 October 2092 (commenced 22 October 1993, approx.
1 April 2097 (commenced 2 April 1998, approx.
77 years remaining)
82 years remaining)
- hS(d) 233143 Lot no. PT 891
All in Mukim1, daerah Seberang Perai Tengah,
14 August 2105 (commenced 15 August 2006, approx.
negeri Pulau Pinang.
90 years remaining)
All in bandar Sunway, daerah Petaling, negeri Selangor.
Tenure Tenure
Leasehold - 99 years Leasehold - 99 years
Encumbrances Encumbrances
i) charged to Public investment bank berhad i) charged to hwangdbS investment bank berhad
ii) Private caveat by Public bank berhad
iii) charged to hSbc Amanah Malaysia berhad
Appraised value (RM million) Appraised value (RM million)
3,200 340
Date of latest valuation* Date of latest valuation*
june 2015 june 2015
* note: valued by knight Frank (Proprietor: Ooi & Zaharin Sdn bhd)
100 SUNWAY REIT ANNUAL REPORT 2015
PORTFOLIO SUMMARY (rETAiL)
SUNCITY IPOH HYPERMARKET SUNWAY PUTRA MALL
Location Location
Perak kuala Lumpur
Date of acquisition Date of acquisition
8 jul 2010 19 Apr 2011
Acquisition price (RM million) Acquisition price (RM million)
46 219
Year of completion Year of completion
2005 1988
Title details & expiry date Title details & expiry date
- Pn 258216 Lot no. 331232 - geran 10012 Lot no. 38, Seksyen 51
22 February 2100 (commenced 23 February 2001, approx.
85 years remaining)
Mukim hulu kinta, daerah kinta, negeri Perak. kuala Lumpur, Wilayah Persekutuan.
Tenure Tenure
Leasehold - 99 years Freehold
Encumbrances Encumbrances
i) charged to Public investment bank berhad i) charged to Public investment bank berhad
ii) charged to hSbc Amanah Malaysia berhad ii) charged to hSbc Amanah Malaysia berhad
iii) Private caveat by Public bank berhad iii) 30 years lease to Lembaga Letrik negara Tanah Melayu
(Tenaga nasional berhad) expiring 4 April 2017
iv) Private caveat by Trustee
Appraised value (RM million) Appraised value (RM million)
60 588
Date of latest valuation* Date of latest valuation**
june 2015 june 2015
* note: valued by knight Frank (Proprietor: Ooi & Zaharin Sdn bhd)
** note: valued by ch Williams Talhar & Wong Sdn bhd
SUNWAY REIT ANNUAL REPORT 2015 101
PORTFOLIO SUMMARY (rETAiL)
Sunway Sunway
Pyramid Carnival SunCity Ipoh Sunway Putra
Retail Assets Shopping Mall Shopping Mall Hypermarket Mall1 Total
Land Area (sq.ft.) 820,070 348,428 354,994 193,6212 1,717,113
gross Floor Area (sq.ft.) 2,454,795 769,546 193,408 988,988 4,406,737
gross Floor Area - carpark (sq.ft.) 1,873,470 213,554 - 575,2582 2,662,282
net Lettable Area (sq.ft.) 1,610,384 464,821 181,216 557,689 2,814,110
net Lettable Area - convention centre (sq.ft.) 143,467 32,292 - - 175,759
number of Parking bays > 3,900 > 1,100 400 > 1,5002 > 6,900
number of Tenancies 746 214 1 222 1,183
Occupancy as at 30 june 2015 (%) 98.4 96.1 100.0 82.43 95.1
Annual Shopper Traffic (million) > 34.0 > 8.0 n/A - > 42.0
revenue (rM million) 283.7 42.7 5.0 1.3 332.7
net Property income (rM million) 212.8 27.0 4.7 (7.6) 236.9
Appraised value as at 30 june 2015
3,200 340 60 588 4,188
(rM million)4
value per sq.ft. (rM) 1,825 684 331 1,054 N/A
capitalisation rate - current /
6.00 to 8.00 6.50 to 8.00 7.50 / 7.75 6.25 to 6.75 N/A
reversionary (%)
1 closed for refurbishment since May 2013 and re-opened on 28 May 2015
2 For the entire complex comprising Sunway Putra Mall, Sunway Putra hotel and Sunway Putra Tower
3 Secured tenancies
4 All the properties are valued by knight Frank (Proprietor: Ooi & Zaharin Sdn bhd), except for Sunway Putra Mall which is valued by ch Williams Talhar & Wong Sdn bhd
n/A not Applicable
102 SUNWAY REIT ANNUAL REPORT 2015
PORTFOLIO DETAILS
SUNWAY PYRAMID SHOPPING MALL
Sunway Pyramid Shopping Mall, the trophy asset of Sunway rEiT is one to our other assets such as Sunway resort hotel & Spa, Pyramid
of the largest malls in Malaysia and has won many prestigious awards. Tower East, Menara Sunway and Sunway Medical centre and enjoys
it is the first health Promoting Mall in Malaysia which promotes healthy convenient access to kuala Lumpur and klang valley via five major
living among shoppers who patronise this mall. expressways which include the new Pantai Expressway, north klang
valley Expressway, kESAS Expressway, damansara-Puchong highway
As the country’s first thematic mall, Sunway Pyramid Shopping Mall has and the Federal highway.
an Egyptian-inspired architectural design with four themed precincts
each with their own unique interior designs and retail concepts; Asian The mall serves as a one-stop destination featuring a wide variety
Avenue, Oasis boulevard, Fashion central and Marrakesh. of dining, fashion, specialty offerings and entertainment, including a
12-screen cineplex, Malaysia’s first and largest in-mall ice-skating rink,
The mall is located within the heart of an internationally renowned a convention centre which hosted various international conferences
township known as Sunway resort city which is master-planned and and multi-storey parking facilities.
developed by the Sponsor, Sunway berhad. it is seamlessly connected
MALAYSIA’S FIRST HEALTHY LIFESTYLE SHOPPING MALL
No. 3 Jalan PJS 11/15, Bandar Sunway, 47500 Selangor Darul Ehsan
ONGOING INITIATIVES –
IN COLLABORATION WITH THE SPONSOR
Sunway rEiT’s Sponsor, Sunway berhad, is currently undertaking the
Sunway Pyramid Shopping Mall Phase 3 project, which will feature an
additional 2 levels of retail floors with nLA of approximately 63,000
sq.ft., 11 levels of car park and a hotel facility. This project, which will
be completed in 1h cY2016, will be connected to Sunway Pyramid
Shopping Mall via basement car park levels and Lower ground One
(“Lg1”). The Asset Manager shall collaborate with the Sponsor to
ensure seamless connection as well as future operations of the retail
space. The retail space together with its ample carpark facility with
approximately 729 bays will further complement the existing mall.
contact details for Management Office
centre Management Office, Level cP6, blue Atrium, Sunway Pyramid Shopping Mall
no. 3 jalan PjS 11/15 bandar Sunway, 47500 Selangor darul Ehsan.
Tel: [phone]
Fax: [phone]
www.sunwaypyramid.com
SUNWAY REIT ANNUAL REPORT 2015 103
PORTFOLIO DETAILS (cOnT’d)
SUNWAY PYRAMID SHOPPING MALL
Land area GFA NLA No. of No. of Occupancy Annual Shopper Revenue NPI
(sq.ft.) (sq.ft.) (sq.ft.) parking tenancies as at 30 June Traffic (million) (RM million) (RM million)
bays 2015 (%)
820,070 2,454,795 1,610,384 > 3,900 746 98.4 > 34.0 283.7 212.8
(retail & (retail)
convention
143,467
centre)
(convention
1,873,470 centre)
(carpark)
HISTORICAL OCCUPANCY RATE LEASE EXPIRY SCHEDULE
98.5% 98.6% 98.3% 98.1%
97.8%
52.0%
23.3%
22.4%
0.7%
FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 Monthly Tenancy
Average occupancy rate Expiring tenancies by % of NLA
TENANT MIX BY TRADE SECTOR TOP TENANTS
based on june 2015 gross rental income based on june 2015 gross rental income
Total Top Tenants 12.1%
36.9%
Fashion & Footwear Aeon co.(M) berhad 2.2%
22.3%
Parkson corporation Sdn bhd 1.7%
Others
Tgv cinemas Sdn bhd 1.4%
6.7%
Education & Services Sunway resort hotel Sdn bhd (convention centre) 1.1%
4.4%
Padini dot com Sdn bhd 1.0%
Electronics
5.2% h & M retail Sdn bhd 1.0%
Leisure & Entertainment
Peregrine Technology Sdn bhd (digital centre) 1.0%
4.4%
departmental Store j.v Fitness concepts Sdn bhd 0.9%
20.1%
Elitetrax Marketing Sdn bhd (harvey norman)
Food & beverage 0.9%
Pyramid bowl Sdn bhd
0.9%
0% 5% 10% 15%
Weighted Average 1.37
Lease Expiry
Years
104 SUNWAY REIT ANNUAL REPORT 2015
PORTFOLIO DETAILS (cOnT’d)
SUNWAY PYRAMID SHOPPING MALL – MARKETING ACTIVITIES
Child Safe Shopping Hari Raya Celebration 2014
Mrs. Universe Beauty Pageant Chinese New Year 2015
Skate Malaysia 2014 (June 2014) also to spend quality time with their children. The syllabus in the child
Skate Malaysia was a platform for more than 200 ice skaters from Safe Shopping Workshop included essential safety tips when riding on
Abu dhabi, hong kong, indonesia, Thailand, Singapore and Malaysia to escalators and lifts, staying safe when walking to the car park with
showcase their routines gracefully. For many years, Sunway Pyramid their parents or guardians and what to do when children lose sight of
ice has been the preferred training ground that has groomed thousands their parents in a shopping mall. Through this proactive engagement
of ice skaters and has become a favourite venue for international with the young community, parents will now have a feeling of security
competitions such as Skate Asia and ice hockey competitions. when their children patronise our mall. More importantly, children are
able to spend their holiday time wisely by learning essential safety
Hari Raya Aidilfitri (July - August 2014) knowledge besides making new friends during the workshop.
Sunway Pyramid celebrated the festive season in the sweetest
way. Shoppers found a delightful range of offerings from baju raya, Dedicate Something Nice (September 2014)
delectable tidbits and more while getting rewarded with discounts and Sunway Pyramid kickstarted the #dedicatesomethingnice to Malaysia,
redemptions. The raya celebration in Sunway Pyramid was themed which ran under the umbrella of #SaySomethingnice, a campaign by
“Manisnya raya” which was inspired by the colourful kuih-muih, a Zubedy, to spread positive vibes during the Merdeka/hari Malaysia
must-have delicacy especially during the month of ramadhan. season. More than 40 finalists of the Mrs. universe beauty pageant
dedicated special messages to Malaysia in a unique dedication booth
Child Safe Shopping (August 2014) in conjunction with the event and gave away flowers and balloons.
The child Safe Shopping Workshop was held in conjunction with Sunway
Pyramid’s school holiday celebrations in june and was participated by Deepavali (October 2014)
over 200 children. it was a good opportunity for parents to give their Shoppers enjoyed mesmerising diwali decorations which featured a
children a chance to learn invaluable lessons about mall safety (ways colourful setting inspired by rangoli (or kolam) motifs. Other elements
to protect themselves and those around them while shopping) and of the decoration included arches, elephant sculptures and flowers.
SUNWAY REIT ANNUAL REPORT 2015 105
PORTFOLIO DETAILS (cOnT’d)
SUNWAY PYRAMID SHOPPING MALL – MARKETING ACTIVITIES/AWARDS AND RECOGNITION
Earth Hour Night Walk A Hopeful Christmas
Favourite Shopping Mall Award - World Bloggers and Social Media Award
Christmas (November 2014 - December 2014) June School Holidays with Disney Channel School’s Out!
in celebration of the year-end holiday season, the mall transformed into (May 2015 – June 2015)
a festive haven to reward shoppers and touched hearts with exclusive celebrating disney Pixar’s Monsters university, cars, Toy Story
gift offerings during Sunway Pyramid’s “A hopeful christmas”. Shoppers and Finding nemo, the Orange concourse turned into a full blown
were mesmerised by an extravagant circus-themed christmas mall playground for kids as they were given the opportunity to run in a
décor, featuring entertaining polar bears, vibrant hula hoops and stacks maze, race a remote control car through obstacles, do arts and crafts
of colourful presents. with buzz Lightyear, and scream their lungs out in a scream room.
Everyone had an amazing time with these activities as it was a fun
Chinese New Year (January 2015 - February 2015) yet educational concourse for children and parents alike where quality
Themed ‘cheery Woolly Spring’, the mall celebrated the auspicious family time can be spent during the weekends.
chinese new Year with adorable fluffy sheep, exciting festive activities
and exclusive redemptions such as sheep pillows and ang pow packets
to create a unique shopping experience for our valued shoppers. Whilst AWARDS AND RECOGNITION
going about festive shopping, the mall also prepared free Porter boy
& buggy Services which was available daily at selected car park Sunway Pyramid won the Social Media Excellence Award for Favourite
entrances as part of our touching heart service to our customers. Shopping Mall at the World bloggers and Social Media Awards. The
award ceremony was graced by Yb. khairy jamaluddin, Minister
Earth Hour (March 2015) of Youth and Sports and the award was presented to Ms. Loo hoey
Earth hour saw more than 1,000 participants taking part in a Theen, Senior Manager of Sunway Pyramid. The award ceremony
1.8 kilometre night Walk and an energy-free dance to show their highlighted, recognised and rewarded organisations for their active
support for environmental conservation. Earth hour, which took place roles in promoting social media to the mass community through
from 8:30pm to 9:30pm, was a global environmental initiative by various channels available on the media scene today.
WWF that encouraged everyone to take personal accountability for
their impact on the planet and make behavioural changes to facilitate
a sustainable lifestyle. This event is aimed to minimise the adverse
impacts of climate change by reducing the usage of electricity and
emission of heat.