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100,319
67,598 68,881
S$5.10
S$8.20
S$7.40
FY2008 FY2009 FY2010
Office Expiry (by NLA)
Expiring Office Leases Average Monthly Gross Rent
(S$ psf pm)
Highest achieved rent is
S$13.50 psf pm
(as at 31 Dec 2007)
Sq ft S$ psf pm
2
4
6
8
10
12
14
16
18
20
20,000
40,000
60,000
80,000
100,000
120,000
0
0
12,820
8,506
12,529
45,252
S$5.20 S$5.30 S$5.20 S$4.90
S$7.70
S$12.10
S$9.20
S$$7.90
1Q 2Q 3Q 4Q
Office Expiry (by NLA)
Expiring Office Leases Average Monthly Gross Rent (S$
psf pm)
Average Gross Rents for Renewals & New Office Leases
(S$ psf pm)
Sq ft S$ psf pm
10,000
20,000
30,000
40,000
50,000
2
4
6
8
10
12
14
1,303
2,209
1,718
1,498
Sep 05 Dec 06 Jun 07 Dec 07
WA NAC Japan Properties Chengdu
S$ million
S$906
million uplift
since IPO
0
500
1,000
1,500
2,000
2,500
Robust Office Rentals Continue
In 2007, the Wisma Atria Property and the Ngee Ann
City Property in Singapore capitalised on the strong
upswing in the office rental market achieving an average
increase of 69% over passing rents. The properties will
continue to ride on the strength of the office sector
in 2008 as the average passing rents of office leases
expiring in 2008 are below current market rents.
Valuation Growth
With the revaluation of the Singapore properties and
new acquisitions, the value of properties in the portfolio
has increased S$906 million since MMP REIT’s initial
public offering (IPO) in September 2005. Driven
primarily by higher office rents, the value of the Wisma
Atria Property and the Ngee Ann City Property has on
a combined basis increased by S$629 million since the
IPO and by S$434 million since December 2006.
Portfolio Office Lease Expiry Profile
2007 Portfolio Office Lease Expiry Profile
Growth in Portfolio Value since IPO
PROPERTY PORTFOLIO SUMMARY