ASSET PORTFOLIO

Bedok Point (勿洛坊) has five retail levels (including one basement level) and one basement car park. the mall is located in the town centre of Bedok, which is one of the largest residential estates in Singapore by population. The mall is well-served by the nearby Bedok MRT station and the Bedok bus interchange.

The mall offers an exciting array of restaurants, food outlets, enrichment centres, retail and service offerings that makes it an attractive destination for families, students and PMEBs (professionals, Managers, executives and Businessmen) around the precinct. The tenants at Bedok Point include Harvey Norman, Challenger, Ssiksin Korea BBQ, Mind stretcher, the learning lab and paradise Inn, among others. Total shopper traffic to the mall in FY2014 was 4.7 million.

Bedok Point was awarded the BCA Green Mark gold award in 2014.

Property Description

Description

Five retail levels (including one basement level) and one basement car park

Address

799 New Upper Changi Road. Singapore 467351

Net Lettable Area

82,713 square feet1

Car Park Lots

76

Title

99 years leasehold w.e.f 15 Mar 1978

Year Acquired by FCT

2011

Market Valuation

$108.0 million as at 30 Sep 2015

Annual Shopper Traffic

4.7 million (Oct 2014 – Sep 2015)

Assistant Centre Manager

Ms Donna Oh

Key Tenants

Harvey Norman, Challenger, Ssiksin Korea BBQ, Mind Stretcher

1 As indicated in the valuation report for Bedok Point, dated 30 September 2015, by CBRE Pte Ltd.

Mall Performance Highlights


Financial year ended 30 Sep ($'000)

FY2015

 FY2014

 Increase/(Decrease)

Gross Revenue

9,386

10,805

(13.1%)

Property Expenses

 4,441

4,573

 (2.9%)

Net Property Income

 4,945

6,232

 (20.7%)

Occupancy (at end of period)

 84.2%

98.2%

 (14.0%-point)

Shopper Traffic (million)

 4.7

5.3

(11.3%)

Lease expiry profile as at 30 September 2015


FY2016

FY2017

FY2018

FY2019

FY2020

Total

Number of Leases Expiring

12

26

9

-

-

47

Net Lettable Area of Expiring Leases (square feet)

14,557

40,657

14,425

-

-

69,639

Expiries as % Mall's Total Leased Area

20.9%

58.4%

20.7%

-

-

100.0%

Gross rental income (GRI) Contribution of Expiring Leases as % of Mall's Total GRI

23.1%

58.0%

18.9%

-

-

100.0%

Top 10 Tenants by Gross Rental Income as at 30 September 2015

Tenants
% of Mall's Gross rental Income

1. Pertama Merchandising Pte Ltd1

10.9%

2. Go Sushi Pte Ltd2

5.4%

3. Korea BBQ Pte Ltd3

5.3%

4. Louisiana QSR Pte Ltd4

4.2%

5. Mind Stretcher Learning Centre Ltd

3.9%

6. Creative Eateries Pte Ltd5

3.9%

7. Starbucks Coffee Singapore Pte Ltd

3.7%

8. Chen Kang Foot Spa Pte Ltd

3.1%

9. Cristofori Music Pte Ltd

3.0%

10. Meng Har Le Spa Pte Ltd

2.8%

 Total

46.2%

1 Operator of the Harvey Norman store at Bedok point
2 Operator of Sushi Express at Bedok Point
3 Operator of Ssiksin Korea BBQ at Bedok Point
4 Operator of Popeyes at Bedok Point
5 Operator of Sukiya at Bedok Point

 

Trade Sector Analysis as at 30 September 2015


By Net Lettable Area

By Gross Rental Income5

Food & Restaurants

36.8%

50.1%

Household

18.5%

13.7%

Services/Education

14.6%

13.4%

Beauty, Hair, Cosmetics, Personal Care

7.5%

13.0%

Fashion 2.3%
5.0%

Sports Apparels & Equipment

 2.7%

 2.5%

Healthcare

 0.6%

 1.2%

Books, Music, Art & Craft, Hobbies

 1.2%

 1.1%

Vacant

 15.8%

 0.0%

Total

 100.0%

100.0%

5 Excludes gross turnover rent