CCT Ar 2004

CCT Cover-OK
3/18/05
2:58 PM
Page 1
The Real Difference

CapitaCommercial Trust Annual Report 2004
CapitaCommercial Trust Management Limited

39 Robinson Road
#1801 Robinson Point
Singapore 068911
Phone: +65 6536 1188
Fax: +65 6533 6133
Email: ask-us@capitacommercial.com
www.capitacommercial.com
The Real Difference
CapitaCommercial Trust
Annual Report 2004
Company registration number: 200309059W
Back Cover
Front Cover
1 2 3 4 5 6 7 8 9 10 OK
P280 C
HTS
SL191322 DLMAC8 Osx 10.03.2005 175#
MY
C K
1
DALIM
SL
MOD : SL213/4
While every effort has been taken to carry out instruction to customers satisfaction
NO RESPONSIBILITY liability will be accepted for errors
CUSTOMERS ARE THEREFORE URGED TO CHECK THOROUGHLY BEFORE
AUTHORISING PRINT RUNS
CCT Cover-OK
3/18/05
3:04 PM
Page 2
Corporate Information
Manager
Registered address
HSBC Institutional Trust Services
(Singapore) Limited
21 Collyer Quay
#1401 HSBC Building
Singapore 049320
Phone: +65 6534 1900
Fax: +65 6533 1077
Registered address
CapitaCommercial
Trust Management Limited
39 Robinson Road
#1801 Robinson Point
Singapore 068911
Phone: +65 6536 1188
Fax: +65 6533 6133
Email:
ask-us@capitacommercial.com
Website address
Contents
1
3
5
7
8
11
14
19
20
CCTfor The Real Difference

A difference in focus
A difference in management
A difference in pedigree
Financial highlights
Letter to Unitholders
Delivering real results
Calendar of events 2004
A portfolio with real focus
21 Capital Tower
24 6 Battery Road
27 Starhub Centre
30 Robinson Point
33 Bugis Village
36 Golden Shoe Car Park
39 Market Street Car Park
42 Board of Directors
46 The Management
49 The Property Management Team
50 Contact us
51 Corporate governance
60 Financial statements
90 Statistics of Unitholdings
92 Additional information
IBC Corporate information
Trustee
HSBC Institutional Trust Services
(Singapore) Limited
21 Collyer Quay
#1401 HSBC Building
Singapore 049320
Phone: +65 6534 1900
Fax: +65 6533 1077
Auditor
KPMG
Certified Public Accountants
16 Raffles Quay
#2200 Hong Leong Building
Singapore 048581
Phone: +65 6213 3388
Fax: +65 6225 0984
(Partner-In-Charge: Leong Kok Keong)
(Since financial period ended
31 December 2004)
Unit Registrar
Lim Associates (Pte) Ltd
10 Collyer Quay
#1908 Ocean Building
Singapore 049315
Phone: +65 6536 5355
Fax: +65 6536 1360
Audit Committee
Mr Ho Swee Huat
Mr Stewart Fraser Ewen
Mr Fong Kwok Jen
Mr Lui Chong Chee
Corporate Disclosure Committee

Mr Fong Kwok Jen
Mr Kee Teck Koon
Mr Lui Chong Chee
Directors of the Manager

Mr Sum Soon Lim
Chairman and Non-Executive Director
Company Secretary
Michelle Koh
Calendar of financial events

(Tentative)
Mr Liew Mun Leong

Deputy Chairman and
Non-Executive Director
April 2005
CCT 1Q 2005 Results

Non-Executive Independent Director
Mr Fong Kwok Jen
Mr Ho Swee Huat
July 2005
CCT Half Year 2005 Results
August 2005
Distributions to Unitholders for period
January June 2005
October 2005
CCT 3Q 2005 Results
Mr Kee Teck Koon

January 2006
CCT Full Year 2005 Results
Mr Lui Chong Chee

Mr Martin Tan
Director and Chief Executive Officer
February 2006
Distributions to Unitholders for period
July December 2005
Executive Committee
Mr Liew Mun Leong
Mr Kee Teck Koon
Mr Lui Chong Chee
Mr Martin Tan
Concept and design by equus
Inside Front Cover
Inside Back Cover
1 2 3 4 5 6 7 8 9 10 OK
P280 C
HTS
SL191322 DLMAC8 Osx 10.03.2005 175#
MY
C K
1
DALIM
SL
MOD : SL213/4
*CCTAR/AB/FINAL/FULL DOC_P2-29
18/03/2005
02:04 PM
Page 1
CapitaCommercial Trust (CCT) is Singapores first Real Estate

Investment Trust (REIT) investing exclusively in commercial
properties. Having made its debut on the Singapore Exchange
Securities Trading Limited (SGX-ST) on 11 May 2004, CCT aims
to own and invest in real estate and real estate-related assets
which are income-producing and predominantly used for
commercial purposes.
In an innovative move, CCT, managed by CapitaCommercial Trust
Management Limited (CCTML or Manager), a wholly-owned
indirect subsidiary of CapitaLand Limited (CapitaLand), was
created through a capital reduction exercise rather than the usual
initial public offering (IPO). With CapitaLand distributing CCT
units (Units) to its existing shareholders in specie - 200 Units
for every 1,000 CapitaLand shares held, CCT has a distinct
advantage in the stability and strength of its capital sources.
CCTs portfolio, valued at S$1.9 billion as at 31 December 2004,
comprises seven top-quality properties in Singapores Central
Business District (CBD). They are Capital Tower, 6 Battery Road,
Starhub Centre, Robinson Point, Bugis Village, Golden Shoe Car
Park and Market Street Car Park.
Our vision to grow CCT into a leading REIT is supported by our
premier property portfolio, strong management and robust
foundations.
CCTfor The Real Difference.
18/03/2005
02:04 PM
Page 2
18/03/2005
02:04 PM
Page 3
A difference in focus
The strengths of our current portfolio
with its Grade A properties in premier
locations, excellent tenant mix, high
occupancy and high lease renewal rates,
already ensures a stable income stream.
Strategic acquisitions and on-going asset
enhancement initiatives are intended to
propel CCTs growth further and enhance
value to CCTs unitholders (Unitholders).
The contemporary architecture, the well-maintained and managed

facilities, the excellent neighbours, and the prime location in the
Central Business District. All these are compelling reasons why
we decided to locate here.
MR JOHN R. KNIGHT, MANAGING DIRECTOR AND CHIEF OPERATING OFFICER

(SOUTH & SOUTHEAST ASIA), JP MORGAN CHASE BANK, N.A, TENANT OF CAPITAL TOWER
18/03/2005
02:04 PM
Page 4
18/03/2005
02:04 PM
Page 5
A difference in management
CCTs growth is driven by the vision and
skills of its most important resource its
management team. With more than 20
years of experience in commercial real
estate management and investment, our
team has the expertise and professionalism
required to define and execute the right
strategies for CCTs growth.
The strength of CCT lies in its ability to deliver healthy distributions,

thanks to the managements commitment to growing the longterm net asset value of the portfolio. As the office rental market
is improving significantly, CCT will undoubtedly benefit with their
prime office space offerings and strong management. It is a good
fit to my diversified investment portfolio.
MR TERENCE WONG, UNITHOLDER
18/03/2005
02:04 PM
Page 6
18/03/2005
02:04 PM
Page 7
A difference in pedigree
Underpinning CCTs strength is the
CapitaLand Group. As both Manager
and substantial investor, this alignment of
interest assures CCT of good access both
to local and overseas markets and excellent
sources of capital. These twin foundations
will enhance CCTs further growth and
increase returns to Unitholders.
With the CapitaLand Group behind it and a more favourable

global economic outlook fuelling office space demand in 2004
and 2005, Im confident of CCTs ability to deliver a successful
performance and superior returns. Whats more, I get to enjoy
regular and stable tax-exempt distributions.
MR LEE PENG GUAN, UNITHOLDER
18/03/2005
02:04 PM
Page 8
Financial highlights
Financial period 15 May 2004 to 31 December 2004

Actual
Forecast
(1)
(2)
Variance
Gross revenue
S$ 68.3 m
S$ 66.7 m
2.4%
Net property income
S$ 48.5 m
S$ 47.1 m
3.0%
Taxable income available for distribution
S$ 35.2 m
S$ 31.7 m
11.2%
Distributable income (95% payout)
S$ 33.5 m
S$ 30.1 m
11.2%
Distribution per Unit (DPU)
(3)
15 May 2004 to 31 December 2004
3.99
3.58
11.2%
Annualised
6.32
5.68
11.2%
4.98%
4.47%
11.2%
Annualised distribution yield
(4)
CCT Unit price for the financial period 11 May 2004 to 31 December 2004
Unit price S$
1.35
1.30
1.25
1.20
1.15
1.10
1.05
1.00
0.95
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Source: Bloomberg
Total returns 11 May 2004 to 31 December 2004

Distribution yield
Capital growth
(5)
(6)
CapitaCommercial Trust AR 2004
31.0%
4.0%
27.0%
First trade opening price (11 May 2004)
S$1.00
Market closing price (31 December 2004) S$1.27
18/03/2005
02:05 PM
Page 9
As at 31 December 2004 or for the financial period

15 May 2004 to 31 December 2004
Balance sheet
Financial ratios
Total assets
S$1,979.9m
Distribution per Unit (DPU)
Unitholders' funds
S$1,373.6m
Net tangible asset per Unit
S$1.64
S$580.0m
Borrowings to total assets
29.3%
Total borrowings
Market capitalisation
(4)
Net asset value (NAV) per Unit
S$1,065.7m
S$1.64
6.32
(3)
Interest service coverage ratio

Management expense ratio
4.8 times
0.5%
(7)
(1)
Where applicable, the value has been adjusted to the nearest S$0.1 million.
(2)
Based on the forecast, together with the accompanying assumptions, in the introductory document dated 16 March 2004 (Introductory
Document) for the period 1 May 2004 to 31 December 2004 pro-rated for the financial period 15 May 2004 to 31 December 2004.
(3)
Based on the total of 839.1 million Units in issue as at 31 December 2004.
(4)
Based on market closing price per Unit of S$1.27 as at 31 December 2004.
(5)
Based on first trade opening price per Unit of S$1.00 on 11 May 2004.
(6)
Derived from market closing price per Unit of S$1.27 as at 31 December 2004 over the first trade opening price per Unit of S$1.00 on
11 May 2004 when CCT was first listed on SGX-ST.
(7)
Refers to the expenses of CCT (exclusive of property expenses, interest expense and income tax expense) incurred in the management of
CCT expressed as a percentage of its weighted average net assets for the financial period 15 May 2004 to 31 December 2004.
18/03/2005
02:05 PM
Page 10
18/03/2005
02:05 PM
Page 11
An innovative beginning to an impressive debut
Dear Unitholders
On behalf of the Board and management, we are pleased
to present our first annual report for CCT, the first
commercial REIT listed on the SGX-ST on 11 May 2004.
In an innovative move, Units were distributed to
CapitaLand shareholders in specie instead of through
the conventional IPO undertaken by other REITs.
Surpassing forecasts
Since listing, CCT has been well received by the market.
We are pleased to report that it had a good debut year,
outperforming its forecast for the financial period 15 May
2004 to 31 December 2004 by 11.2%. It also enjoyed
capital appreciation in its Unit price performance. At
S$1.27, the market closing price per Unit of CCT on
31 December 2004 was an appreciation of 27.0%
compared to the first trade opening price per Unit of
S$1.00 on 11 May 2004. Coupled with its first distribution
of 3.99 cents for the financial period 15 May 2004 to 31
December 2004, translating to an annualised DPU of 6.32
cents, the total return since listing was 31.0%.
Building on strong foundations
The attractive return achieved is recognition of the
strength of CCT. It is also a testament to its ability
to deliver regular and sustainable distributions to
Unitholders and long term capital appreciation.
Underpinning CCTs strength is its high-quality and

well-managed property portfolio.
Featuring superior locations, facilities and amenities,
CCTs property portfolio provides its tenants with
quality corporate environments ideal for highperformance business operations. Our landmark Grade
A prime office buildings Capital Tower and 6 Battery
Road, for example, are home to several leading
multinationals and financial-services companies. Our
efforts to maintain both office properties best-in-class
standing have seen 6 Battery Road being extensively
upgraded and retaining its Grade A status and Capital
Tower winning numerous international and local
building accolades. Both buildings are a reflection of
CCTs aim to own a portfolio of quality commercial
properties which are leaders in their categories.
Through the Managers proactive and professional asset
and lease management, we have optimised the strong
potential of our property portfolio to achieve even better
results in occupancy rates and net property income
during the financial period under review. Specifically, we
achieved an average portfolio committed occupancy rate
of 95.2% as at 31 December 2004.
Sustaining operational excellence
At CCT, we believe that strong operating performance is
key to every aspect of our business and work processes
11
18/03/2005
02:05 PM
Page 12
so as to implement our growth strategies and produce

sustainable optimal results for Unitholders.
Delivering and executing our objectives is a dedicated
team of professionals with a wealth of experience in
fund management, investment and asset management,
marketing and lease management and building
management.
Besides the rich experience of our management team,
we are also able to leverage on our relationship with
CapitaLand to provide us with access to the full
capabilities, skills and business network of the
CapitaLand Group. Working together, we are confident
that we will be able to implement our growth strategies
to produce sustainable optimal results for Unitholders.
Looking ahead
We believe that CCT is well poised to benefit as
Singapores office rental market gains further momentum.
We are confident that with the improving economy, 2005
will be an even better year for us. Thus far, CCTs strong
2004 results have largely been the achievement of our
active asset and lease management strategy. Going
forward, we believe that our growth strategies will
continue to deliver solid results to our Unitholders.
12
We have set out a two-pronged acquisition strategy to

drive growth. Specifically, we intend both to widen CCTs
sectoral coverage as well as regionalise the business by
acquiring yield-accretive properties outside Singapore.
In order to widen CCTs coverage of commercial sectors,
while we will continue to seek out opportunities to acquire
more high quality office properties, we will also explore
acquisition opportunities in other commercial sectors with
good potential for growth. To regionalise the business, we
have plans to leverage on CapitaLands operational
presence in overseas markets to gain access to such
markets and seek out suitable investment opportunities.
In doing so, we aim to strengthen CCT as an officefocused REIT, and expand its portfolio of profitable
commercial property assets so as to achieve further
sustainable growth. We intend to double our property
portfolio within a three-year time frame.
We are pleased to announce that on 2 February 2005,
a conditional put and call option agreement with The
Hongkong and Shanghai Banking Corporation Limited
(HSBC Bank) to acquire HSBC Building was
announced. This acquisition is our first step forward
towards achieving our growth strategy. As a prime
18/03/2005
02:05 PM
Page 13
office building located in Raffles Place, the heart of

Singapores financial and commercial hub, HSBC
Building would be a fitting addition to CCTs property
portfolio and reinforces CCTs position as an officefocused REIT anchored by a portfolio of premier
Singapore office properties.
Complementing our acquisition strategy are active asset
enhancement initiatives in which we seek to maintain or
augment the high quality of our assets. The first of these
is our asset enhancement plan for Market Street Car
Park. Featuring a revitalisation of the entire building, the
enhancement initiative will create new lettable area and
increase advertisement revenue opportunities in the
property. Further elaboration on our plans for the future
can be found in the ensuing pages of this Annual Report
(pp 15-16).
Also, we want to make a real difference to the way
we operate our buildings. New initiatives that aim to
provide tenants with a customer service experience
beyond the usual are being introduced. Instead of
merely providing commercial space, we want to
create Living Communities. Through these initiatives,
we hope to retain and attract tenants and further
improve occupancy rates.
We would like to thank all our Unitholders, customers,

business partners, management and staff for their
steadfast support during the financial period under
review. We would also like to thank our fellow Board
members for their invaluable counsel and contributions
in guiding the implementation of our growth strategies
towards the realisation of our goals. With sustained
efforts, we will certainly achieve further growth in the
years ahead. We look forward to generating even higher
value for Unitholders in the future.
Sum Soon Lim

Chairman
Martin Tan
Chief Executive Officer
13
18/03/2005
02:05 PM
Page 14
Trust performance
CCT delivered distributable income of S$33.5 million or
3.99 cents to its Unitholders for the financial period 15
May 2004 to 31 December 2004. This translated to an
annualised distribution of 6.32 cents per Unit and
exceeded the forecast of 5.68 cents per Unit by 11.2%.
Based on the market closing price per Unit of S$1.27 on
31 December 2004, the annualised distribution yield was
4.98%, higher than the forecast of 4.47%.
The strength and quality of CCTs property portfolio

enabled the achievement of an average portfolio
committed occupancy rate of 95.2%. This outperformed
the island-wide office occupancy rate of 84.0%, as at the
end of the fourth quarter (4Q) 2004.
Occupancy rates
95.2%
NAV per Unit decreased from S$1.74 on listing to

S$1.64 as at 31 December 2004. This was due to the
recognition of deficits on the revaluation of the portfolio.
CCTs property portfolio was valued at S$1,918.2 million
as at 1 December 2004. After the distribution to the
Unitholders for the financial period 15 May 2004 to 31
December 2004, the NAV per Unit would be S$1.60.
Pro-active lease and property management
CCTs strong leasing results and stable occupancy rates
have laid the foundation for stable returns. During the
financial period under review, CCT secured higher rental
rates for renewals and new commitments through active
asset and lease management, thereby exceeding the
forecast by an average of 11.8%.
Renewals and new commitments for the financial

period 15 May 2004 to 31 December 2004
Up for renewal
in sq m
(% of property
portfolio)
Renewed/new
leases in sq m
(% of property
portfolio)
Tenant
retention
rate (%)
11,211
(6.6)
9,121
(5.4)
81.4
15.2
NA
15,157
(9.0)
NA
9.7
Renewals
New leases
Weighted
average
14
Increase
over
forecast
rent (%)
11.8
91.1%
84.0%
URA
4Q 2004 (1)
CCT
committed (2)
CCT
actual
average (3)
88.9%
CCT
forecast
average (4)
(1)
URAs island-wide office occupancy rate as at the end of 4Q 2004.
(2)
Average portfolio committed occupancy as at 31 December 2004.
(3)
For the financial period 15 May 2004 to 31 December 2004.
(4)
Based on the forecast, together with the accompanying assumptions,

in the Introductory Document for the period 1 May 2004 to 31 December 2004.
The strong tenant-landlord relationship cultivated by the

management team have paid off with the high tenant
retention rate of 81.4%, compared to the forecast of
38.3%. CCTs stable occupancy was enhanced by its
retention of strong anchor tenants with long term leases.
The pro-active lease management also resulted in
shorter vacancy periods and accordingly, enhanced the
rental income for the financial period under review.
18/03/2005
02:05 PM
Page 15
Drive to improve revenue has also paid off in generating

higher car park revenue and other non-rental income
sources like advertising panels and casual leasing.
Keeping property operating expenses below forecast
further contributed to the good performance of CCT.
All these resulted in higher net property income, which
exceeded the forecast by 3.0%.
Delivering growth strategies
Following CCTs listing on the SGX-ST, the Manager
has focused on delivering sustainable distributions to
Unitholders by actively managing CCTs existing property
portfolio.
Going forward, the Manager will explore strategic
acquisition opportunities to grow and enhance CCTs
property portfolio for income stability and portfolio
diversity. The Manager plans to double CCTs property
portfolio within a three-year time frame from the current
S$2.0 billion to S$4.0 billion by 2007. A two-pronged
growth strategy covering sectoral diversification and
regionalisation is in place to propel CCTs growth and
increase returns to Unitholders. Although CCT will
remain an office-focused REIT, its investment coverage
CCT target asset size (S$ billion)
4.0
2.0
will be expanded to include quality property assets from

other commercial sectors with strong growth potential.
Through sectoral diversification, the Manager will
increase CCTs opportunities to acquire more properties
that are yield-accretive.
Acquisition of HSBC Building
In line with CCTs acquisition strategy, the Manager
announced on 2 February 2005 that it has entered into
a conditional put and call option agreement with HSBC
Bank, to acquire the 999-year leasehold HSBC Building,
a prime office building located in Raffles Place, the heart
of Singapores financial and commercial hub.
HSBC Bank will lease back the entire property for seven
years. Based on the estimated total acquisition cost of
S$158.5 million for HSBC Building, this investment is
expected to generate an initial annualised property yield
of 5.1% for the financial year ending 31 December 2005.
This is beneficial to CCT Unitholders as CCT is trading at
an implied property yield of 4.2%(1), based on the market
closing price per Unit of S$1.51 on 1 February 2005.
The completion of the acquisition is subject to CCTs
establishment of a financing structure to raise sufficient
funds for the acquisition. The transaction is expected to
be completed by May 2005.
Asset enhancement initiatives
In addition to expanding CCTs portfolio of properties, the
Manager will also work to improve the performance of
existing assets by implementing asset enhancement plans.
The Market Street Car Park, a landmark car park in the
CBD with retail and food outlets, will be the first to
benefit from CCTs asset enhancement drive. Designed
to revitalise and optimise its strategic prime location, the
(1)
31 Dec 2004
2007
Implied property yield is derived using CCTs annualised net property income for the
financial period 15 May 2004 to 31 December 2004 over CCTs enterprise value
(CCTs market capitalisation plus outstanding debt).
15
18/03/2005
02:05 PM
Page 16
Left: Artists impressions of the
proposed asset enhancement plan

for Market Street Car Park (subject
to authorities approvals).
plan will increase the patronage of the buildings

facilities, create new lettable area and increase
advertisement revenue opportunities. Subject to
approvals by the relevant authorities and currently slated
for completion in 2006, the proposed plan will increase
Market Street Car Parks property yield and deliver
greater returns to CCT Unitholders.
tenants with tenant services that go beyond the

traditional. For example, new tenants are presented
with a unique welcome gift and a customised Tenant
Handover Kit to orientate them to their new
surroundings. To improve on service quality, tenant
surveys are regularly conducted to obtain feedback for
continuous improvement.
Building living communities

At CCT, the objective of our asset management approach
is more than just providing commercial space. Distinct
from other REITs, tenant well-being is an area on which
the Managers efforts are heavily focused.
With regards to building management services, tenants

at CCTs portfolio of properties are offered in-house
handyman services thus doing away with having to
locate a handyman in times of need. At selected
properties such as 6 Battery Road, tenants are provided
with a concierge service during office hours to assist
them in the reception of their guests.
For CCTs portfolio of properties, the Manager aims to

provide tenants with a customer service experience
that goes beyond conventional building management
services. The Manager strives to build Living
Communities within each property where tenants can
conduct their business operations and co-exist in the
most comfortable, harmonious and conducive manner
possible.
With this Living Communities approach to managing
assets and tenants, CCTs tenants enjoy access to a
wide range of high-quality facilities and amenities,
customised tenant services, interactive activities and
networking opportunities.
16
Going forward, the Manager plans to progressively

introduce a series of enhancement initiatives which aim
to distinguish CCT as being more than just the owner of
commercial space. A building appraisal system has
been developed to measure, review and reward the
performance of building management staff and spur
them to continuously improve their performance. The
objective is to provide tenants with a level of building
management services that surpasses even the highest
industry standards.
With regards to facilities and amenities, tenants are

given access to the many quality facilities and amenities
provided at each property. At Capital Tower, tenants
have access to corporate meeting rooms, the
auditorium, the gymnasium and the swimming pool.
At 6 Battery Road, tenants have access to a stylish
lounge and waiting area.
Lastly, the Manager plans to organise and host more

activities and events for tenants. Activities that brought
tenants together during the financial period under review
were the 2004 Tenants Nite and Christmas Carolling
sessions. The Manager intends to organise more of such
events to foster a more vibrant environment and increase
opportunities for tenant networking. On the cards are
events such as movie screenings, art exhibitions and
seminars exclusively for CCTs tenants.
CCTs approach to its provision of tenant services is

both structured and well-considered. Also known as
Touch of Difference, the approach aims to provide
Unit price performance

CCT was listed on the SGX-ST on 11 May 2004 with the
issue of 839.1 million Units. CapitaLand retained, through
18/03/2005
02:05 PM
Page 17
Right: Capital Towers swimming

pool and gymnasium.
Far right: The stylish lounge and
waiting area at 6 Battery Road.
its wholly-owned subsidiaries, approximately 40.0% of

the issued Units. The remaining Units were distributed
in specie to CapitaLands shareholders. No further Units
have been issued since CCT was listed.
CCTs first trade opening price per Unit on 11 May 2004
was S$1.00. Units closed on 31 December 2004 at
S$1.27 per Unit, or 27.0% more than the first trade
opening price. The weighted average Unit price for the
period was approximately S$1.16 per Unit.
CCTs Unit price performance paralleled broader
market indices such as the Straits Times Index
(STI) and the Singapore Property Equities Index
(SESPROP), which rose 14.6% and 28.1%
respectively over the same period.
CCTs performance bears testimony to the Unitholders
confidence in CCT as an investment product, its ability
to deliver sustainable capital appreciation as well as

regular and stable distributions.
CCT Unit price performance for the financial

period 11 May 2004 to 31 December 2004
S$
First trade opening price (11 May 2004)
1.00
Market closing price (31 December 2004)
1.27
Highest
1.33
Lowest
0.96
Weighted average
1.16
Trading volume
(11 May 2004 to 31 December 2004)
162.4 million Units
Source: Bloomberg
Comparison of Unit price performance for the financial period 11 May 2004 to 31 December 2004
% change in closing prices

35
CCT
30
25
20
SESPROP
15
10
STI
5
0
CCT
STI
SESPROP
-5
+27.0%
+14.6%
+28.1%
-10
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Source: Bloomberg
17
18/03/2005
02:05 PM
Page 18
Capital management
For the financial period ended 31 December 2004,
CCTs outstanding borrowings totalled S$580.0 million,
or 29.3% of the value of its deposited property, via a
committed five-year credit facility granted to CCT by
a special purpose company, Silver Loft Investment
Corporation Limited (Silver Loft).
In line with the strategy of providing stable returns to
Unitholders, 100.0% of the borrowings were locked in
for two years or more and the weighted average interest
cost for the financial period under review was 2.54%.
The loan facility has been secured by mortgaging the
properties in CCT, together with a charge over the assets
and assignment of proceeds, insurances and property
management agreements. To fund the loan, Silver Loft
issued various tranches of floating rate notes, secured by
a notes debenture. The notes have been rated AAA, AA
and A or their equivalent by Standard & Poors, Fitch, Inc.
and Moodys, evidencing the high investment quality of
CCTs loan facilities and the conservativeness of its
capital structure.
Interest service coverage ratio of 4.8 times further
reinforces CCTs ability to pay interest costs from its
operating cash flows.
Positive market outlook
The Singapore economy grew by 6.5% in the fourth
quarter of 2004, bringing growth for the full year to
8.4%. This compared favourably to 2003 when the
economy grew by only 1.4% as economic activity was
severely hampered by the Severe Acute Respiratory
Syndrome (SARS) outbreak. Despite the strong
performance in 2004, the government has projected
a lower growth in 2005, citing a slowdown in semiconductor exports, continued uncertainty over a possible
hard landing in China and volatility in oil prices.
18
Robust economic growth has spearheaded the recovery

in the Singapore property market in 2004 and an
improved business environment has led to an increase
in demand for office space.
The market witnessed a two-tier demand situation
where prime office buildings enjoyed good occupancy
rates while demand for non-prime office buildings
remained weak due to the flight to quality factor. The
prime office market segment registered the strongest
performance in 2004. According to CB Richard Ellis (Pte)
Ltd, prime office rents increased by 10.0% in 2004 to
S$4.40 per square foot, the first increase since 2000.
The supply of new private office space was limited to
48,700 square metres (sq m) in 2004. One George
Street (40,300 sq m) was the only major office building
that was completed during the year. We do not expect
any major new supply of office space to come onstream
until 2006, taking into account the completion of 3
Church Street (31,600 sq m gross) and One Raffles
Quay (139,580 sq m gross). This bodes well for the
office property market and we expect the market to
strengthen further in the next year.
We are positive about the office market as a whole but
expect the prime office sub-market to be the most
resilient. Prime office rents are likely to extend on 2004s
gains through the year. The flight to quality trend is
expected to heighten in 2005 and more upside potential
can be seen in rents for good quality office space
especially in the Raffles Place area while poorer quality
office space is likely to face downward pressure in rents.
While the Government has estimated slower economic
growth of 3.0% to 5.0%, we do not expect major
negative impact on the office property market in light
of the limited new supply coming onstream.
18/03/2005
02:05 PM
Page 19
Calendar of events 2004
JANUARY 2004
FEBRUARY 2004
MARCH 2004
06
23
01
16
Establishment of CCT.
Acquisition of Capital Tower,
Starhub Centre, Robinson
Point, Bugis Village, Golden
Shoe Car Park and Market
Street Car Park.
APRIL 2004
MAY 2004
20
11
Commencement of trading on
a when issued basis on
SGX-ST.
15
Effective date of capital

reduction and distribution
in specie of CCT.
17
Commencement of trading on
a ready basis.
Approval granted by High

Court for capital reduction
and distribution in specie
of Units in CCT.
JULY 2004
16
S$580 million Commercial

Mortgage Backed Securities
(CMBS) was more than
four times oversubscribed.
JUNE 2004
AUGUST 2004
SEPTEMBER 2004
NOVEMBER 2004
DECEMBER 2004
Announcement of CCT
second quarter 2004 results
Distributable income
exceeds forecast
by 8.1%.
OCTOBER 2004
13
Acquisition of 6 Battery Road.
Announcement of CCT third

quarter 2004 results
Distributable income
exceeds forecast
by 11.0%.
19
18/03/2005
02:06 PM
Page 20
A portfolio with real focus

The portfolio of properties owned by CCT comprises Capital Tower, 6 Battery Road,
Starhub Centre, Robinson Point, Bugis Village, Golden Shoe Car Park and Market Street
Car Park.
The properties have a diverse tenant base of 258 international and local tenants (as at
31 December 2004) spread across a variety of business sectors. Widely recognised blue
chip tenants include Government of Singapore Investment Corporation Pte Ltd, Standard
Chartered Bank and JPMorgan Chase Bank, N.A..
Benefitting from high occupancy and renewal rates, the seven properties provide
income stability for CCT. CCTs average portfolio committed occupancy of 95.2% as
at 31 December 2004 is well in excess of the market average of 84.0%.
CCT property portfolio

tenant business sector analysis
CCT property portfolio key statistics as at 31 December 2004

Net lettable area (NLA)
169,132 sq m
Committed occupancy
95.2%
Purchase price (on acquisition)
S$2,018.5m
Valuation (as at 1 December 2004)
S$1,918.2m
No. of tenants
258
No. of car park lots
2,810
9.9%
(1)
9.3%
6.0%
12.3%
6.0%
5.8%
4.9%
4.9%
35.5%
3.6%
1.8%
CCT property portfolio top 10 tenants committed

as at 31 December 2004
Tenant
Leased
NLA
(sq m)
% of
gross
rent(1)
Government of Singapore
Investment Corporation Pte Ltd
26,422
13.1
Standard Chartered Bank
12,059
9.6
JPMorgan Chase Bank, N.A.
14,185
7.8
Mizuho Corporate Bank, Ltd
6,039
4.7
Nomura Singapore Limited
4,955
4.7
Cisco Systems (USA) Pte. Ltd.
7,553
4.2
Starhub Ltd.
7,472
3.3
5,504
3.1
CapitaLand Group
(2)
Calyon
3,851
1.9
Intel Technology Asia Pte Ltd
3,549
1.8
91,589
54.2
Total
(1)
(2)
20
For the month of December 2004, gross rent (Gross Rent) consists of base rental income and
tenant service charge.
Refers to CapitaLand and CapitaLand Commercial and Integrated Development Limited as tenants in
Capital Tower and Robinson Point respectively.
Banking, insurance & financial services

Government & government linked offices
Others
IT services & consultancy/internet trading
Food & beverage
Car park income
Real estate & property services
Telecommunication
Legal
Business management/consulting
services/business activities
Education
(1)
Based on Gross Rent for the month of December 2004

and including car park income from
Golden Shoe Car Park and Market Street Car Park.
CCT property portfolio

lease expiry profile
18.2% 21.2%
2005
18.0%
22.8%
2006
25.8% 25.6%
2007
Expiring leases as a percentage of NLA as at

31 December 2004.
Expiring leases as a percentage of Gross Rent for
the month of December 2004.
18/03/2005
02:06 PM
Page 21
CAPITAL TOWER
An award winning intelligent

office building located along
Robinson Road, Capital Tower
currently houses the flagship
office of CapitaLand as well as
key prominent tenants.
21
18/03/2005
02:07 PM
Page 22
Capital Tower
Capital Tower is a Grade A 52-storey intelligent office

building located along Robinson Road in Singapore's
prime business district and is adjacent to the Tanjong
Pagar MRT station. It has a NLA of 69,052 sq m as at
31 December 2004 and currently houses the flagship
office of CapitaLand as well as key prominent tenants
such as Government of Singapore Investment Corporation
Pte Ltd, JPMorgan Chase Bank, N.A., Mizuho Corporate
Bank, Ltd and Cisco Systems (USA) Pte. Ltd. China Club,
the exclusive members-only club, is located on the top
floor of the building.
The building has an intelligent building management system
with many smart office features available for tenants, such
as the electronic booking of meeting rooms, reservation
of car park lots and monitoring of the office environment.
There are retail outlets on the first and ninth storeys as
well as amenities such as conference room facilities, a
gymnasium and swimming pool on the ninth storey, and
415 car park lots on the third to eighth storeys. There is
also an expansive urban plaza in front of the building with
water features, sculptures and extensive landscaping.
The building has won numerous design and construction

awards such as:
2003 Asean Energy Efficiency & Conservation Best
Practice Competition for Energy Efficient Buildings
(New & Existing Building Category);
2003 Fiabci Prix d'Excellance - Highly commended in
the office/industrial category;
2003 BCA Energy Efficient Building Awards (New
& Existing Building Category - 1st Runner-Up);
2002 BCA Construction Excellence Award;
2001 BCA Best Buildable Design Award; and
2001 Singapore Institute of Architect (SIA) Faade
Design Excellence Merit Award (Office Category).
The objective for Capital Tower is to optimise financial
performance, strengthen its position as the leading office
building in the CBD and provide tenants with a level of
customer service that goes beyond conventional building
management services.
Left: Building management team at
Capital Tower.
Below: The buildings intelligent building
management system offer tenants many

smart office features.
22
18/03/2005
02:07 PM
Page 23
Capital Tower key statistics as at 31 December 2004 or for the

financial period 15 May 2004 to 31 December 2004
Capital Tower
Location
168 Robinson Road
NLA
69,052 sq m
Title
Leasehold estate expiring

31 December 2094
Committed occupancy
94.5%
S$793.9m
S$755.4m
No. of tenants
18
(1)
35.8%
11.6%
45.6%
415
Gross revenue
S$24.9m
Net property income
S$17.6m
3.0%
2.7%
1.3%
(1)

Government & government linked offices
Food & beverage
Others
Based on Gross Rent for the month of December 2004.
Capital Tower top 10 tenants committed as at 31 December 2004

Tenant
Leased
NLA
(sq m)
% of
Gross
Rent
Government of Singapore
Investment Corporation Pte Ltd
26,422
35.8
JPMorgan Chase Bank, N.A.
14,185
21.4
Mizuho Corporate Bank, Ltd
6,039
12.9
Cisco Systems (USA) Pte. Ltd.
7,553
11.6
Calyon
3,851
5.1
BHP Billiton Marketing Asia Pte Ltd
1,844
4.5
CapitaLand Limited
1,842
3.0
855
1.7
1,134
1.6
888
0.9
64,613
98.4
Capital Tower lease expiry profile
37.1% 38.2%
Malayan Banking Berhad
20.4%
15.0%
4.0% 5.7%
2005
China Club Investment Pte Ltd

Sportathlon Singapore Pte Ltd
Total
2006
2007

31 December 2004.
23
18/03/2005
02:08 PM
Page 24
6 BATTERY ROAD
The main entrance lobby of

6 Battery Road has hotel-like
features including a concierge
service counter, sofa seating
area, water feature and
expansive back-lit onyx walls.
24
18/03/2005
02:08 PM
Page 25
With an impressive baltic brown granite exterior that is

matched by an equally distinctive address, 6 Battery Road
is a landmark Grade A 42-storey office building located
in the heart of Raffles Place, Singapore's financial and
commercial hub, with a direct basement access to the
Raffles Place MRT station. It has a NLA of 45,922 sq m
as at 31 December 2004 and currently houses key
prominent tenants such as Standard Chartered Bank
and Nomura Singapore Limited.
The main entrance lobby has hotel-like features,
including a concierge service counter, sofa seating area,
water feature and expansive back-lit onyx walls. There
are 190 car park lots over three basement levels.
The property offers tenants the best in office space with

panoramic views of the Singapore River and Marina Bay.
This has made it the preferred choice of local and
multinational companies seeking a prestigious corporate
address. It also offers tenants the complete working
environment that is essential in todays modern
business setting.
The objective for 6 Battery Road is to optimise financial
performance, strengthen its position as the leading office
building in the Raffles Place area and provide tenants
with a level of customer service that goes beyond
conventional building management services.

6 Battery Road.
Below: Offering tenants the best in office
space, 6 Battery Road is the preferred

choice of companies seeking a
prestigious corporate address.
25
18/03/2005
02:09 PM
Page 26
6 Battery Road
6 Battery Road key statistics as at 31 December 2004 or for the

6 Battery Road
Location
6 Battery Road
NLA
45,922 sq m
Title

19 April 2825
Committed occupancy
97.5%
S$675.2m
S$640.0m
No. of tenants
79
190
Gross revenue
S$20.9m
Net property income
S$15.2m
10.8%
9.7%
8.8%
56.7%
8.7%
4.7%
0.6%
6 Battery Road top 10 tenants committed as at 31 December 2004

Tenant
Leased
NLA
(sq m)
% of
Gross
Rent
12,059
28.3
Nomura Singapore Limited
4,955
13.8
Symantec Singapore Pte Ltd
2,830
5.1
Servcorp Battery Road Pte Ltd
1,892
4.1
Sanetti Pte Ltd
1,128
2.8
1,500
2.7
Freemarkets Asia Pte. Ltd.
1,196
2.7
CB Richard Ellis (Pte) Ltd
1,454
2.6
Allianz Dresdner Asset

Management Singapore Limited
1,028
2.5
770
1.6
28,813
66.1
Standard Chartered Bank
ICAP AP (Singapore) Pte. Ltd.
(1)
(1)

Business management/consulting services/
business activities
Legal
Others
Telecommunication
6 Battery Road lease expiry profile
20.9%
24.3%
Total
(1)
26
Refers to ICAP AP (Singapore) Pte. Ltd. and ICAP-Nittan Pte Ltd.
28.7% 28.5%
20.2%
2005
TSMP Law Corporation
(1)
2006
17.5%
2007

31 December 2004.
18/03/2005
02:10 PM
Page 27
STARHUB CENTRE
A 10-storey office building

located in the prime Orchard
Road shopping belt with retail
space on the first storey and a
food court on the second storey.
27
18/03/2005
02:10 PM
Page 28
Starhub Centre
Starhub Centre is a 10-storey office building with retail

space on the first storey and a food court on the second
storey. It is located in the prime Orchard Road shopping
belt and is linked to the popular Centrepoint Shopping
Centre via a link-bridge on the second storey. The
building has a NLA of 25,889 sq m as at 31 December
2004 and currently houses prominent office tenants such
as Starhub Ltd., Intel Technology Asia Pte Ltd and STT
Communications Ltd. 281 car park lots are located on
the second to fifth storeys.
The objective for Starhub Centre is to optimise financial

performance, improve its position as a premium office
building in the Orchard Road area and provide tenants
with a level of customer service that goes beyond
conventional building management services.
Starhub Centre.
Below: The building houses prominent
office tenants such as Starhub Ltd., Intel

Technology Asia Pte Ltd and STT
Communications Ltd..
28
18/03/2005
02:10 PM
Page 29
Starhub Centre key statistics as at 31 December 2004 or for the

Starhub Centre
Location
51 Cuppage Road
NLA
25,889 sq m
Title
Leashold estate expiring

31 January 2095
Committed occupancy
98.1%
S$266.1m
S$246.5m
No. of tenants
22
281
Gross revenue
S$8.0m
Net property income
S$5.7m
11.0%
9.4%
41.4%
7.4%
2.6%
Leased
NLA
(sq m)
% of
Gross
Rent
Starhub Ltd.
7,472
28.3
Intel Technology Asia Pte Ltd
3,549
15.1
STT Communications Ltd
3,228
13.1
Foods First Private Limited
2,204
7.7
Telecommunication
Education
Others
Food & beverage
business activities
(1)
Starhub Centre lease expiry profile
39.1%
Prudential Assurance Company

Singapore (Pte) Limited
1,956
7.0
IBMEC Holdings Pte. Ltd.
1,865
6.5
Singapore Technologies Engineering Ltd
1,686
6.0
The Financial Training Company

(Singapore) Pte Ltd
1,283
5.3
43.3%
13.8% 14.9%
0.8% 1.2%
2005
ST Asset Management Pte. Ltd.
390
1.9
More World System (Singapore) Pte Ltd
234
1.7
23,867
92.8
Total
13.1%
15.1%
Starhub Centre top 10 tenants committed as at 31 December 2004

Tenant
(1)
2006
2007

31 December 2004.
29
3/18/05
1:27 PM
Page 30
ROBINSON POINT
A 21-storey office tower

located near the popular Lau
Pat Sat Festival Market and
within 10 minutes' walk to the
Raffles Place MRT station.
30
3/18/05
1:27 PM
Page 31
Robinson Point is a 21-storey office tower located near

the popular Lau Pat Sat Festival Market. It is within
10 minutes' walk to the Raffles Place MRT station.
The building has a NLA of 12,358 sq m as at 31
December 2004 and currently houses the offices of
CapitaLand Commercial and Integrated Development
Limited which takes up five storeys in the building. The
first storey of the building contains the banking hall of
Southern Bank Berhad as well as two food and beverage
outlets. There are 57 car park lots on the third to fifth
storeys of the building.
Occupancy in Robinson Point has improved

substantially over the past year as a result of
aggressive marketing efforts. Committed occupancy
as at 31 Dec 2004 reached 85.2% as compared to
72.6% in the previous year, which is an impressive
12.6% improvement in occupancy.
The objective for Robinson Point is to optimise financial
performance, improve its position as a quality office
building in the CBD and provide tenants with a level of

Robinson Point.
Below: Robinson Point currently houses
the offices of CapitaLand Commercial

and Integrated Development Limited
which takes up five storeys in the
building.
31
3/18/05
1:28 PM
Page 32
Robinson Point
Robinson Point key statistics as at 31 December 2004 or for the

Location
39 Robinson Road
NLA
12,358 sq m
Title
Freehold
Committed occupancy
85.2%
S$119.8m
S$108.2m
No. of tenants
18
57
Gross revenue
S$3.1m
Net property income
S$1.7m
Robinson Point
(1)
17.9%
18.2%
16.3%
3.4%
36.2%
Robinson Point top 10 tenants committed as at 31 December 2004

Tenant
Leased
NLA
(sq m)
% of
Gross
Rent
CapitaLand Commercial
and Integrated Development Limited
3,662
36.2
Southern Bank Berhad
1,159
18.2
Alban Tay Mahtani & De Silva
1,142
9.2
Shinryo Singapore Pte Ltd
761
5.3
Venture Era Group Pte. Ltd.
761
5.2
Decillion Solutions Pte Ltd
382
3.4
Maxxium Singapore
Fine Wines & Spirits Pte Ltd
380
3.1
IIR Exhibitions Pte Ltd
343
3.1
Freehills
381
2.7
Marcus Evans (Singapore) Pte Ltd
381
2.7
9,351
88.9
(1)

business activities
Legal
Others
Food & beverage
Telecommunication
Robinson Point lease expiry profile
22.6%
14.0%
2005
Total
32
3.1%
2.8%
2.1%
17.3% 18.8%
2006
18.1% 17
.2%
2007

31 December 2004.
3/18/05
1:28 PM
Page 33
BUGIS VILLAGE
Comprising 34 three-storey
shophouses, Bugis Village is
located in the bustling Bugis
Street/Queen Street area
and directly across Bugis
MRT station.
33
3/18/05
1:28 PM
Page 34
Bugis Village
Bugis Village comprises 34 three-storey pre-Second

World War shophouses that were restored in 1991 and
is located in the bustling Bugis Street/Queen Street area.
It is also located directly across Bugis MRT station and
the popular Bugis Junction shopping centre.
As at 31 December 2004, the development has a NLA
of 10,730 sq m comprising shop units, fast food outlets,
restaurants and offices.
Bugis Village is located in the heart of the Bras Basah,
Bugis District, which is planned as an Arts, Culture,
Learning and Entertainment hub in the city centre. URA
has recently launched for sale by tender, the first Urban
Entertainment Centre (UEC) site adjacent to Bugis
Village. The proposed UEC could potentially house

entertainment uses such as cinemas, thematic
restaurants, live show dinner theatres, indoor theme
parks and entertainment centres, discotheques, fine art
galleries, workshops, as well as TV, film and video
studios and production facilities. Once completed, it
is expected to benefit Bugis Village whose retail shops
will likely enjoy increased consumer traffic.
The objective for Bugis Village is to optimise financial
performance and provide tenants with a level of
Bugis Village.
Below: Bugis Village comprises shop
units, fast food outlets, restaurants

and offices.
34
3/18/05
1:28 PM
Page 35
Bugis Village key statistics as at 31 December 2004 or for the

Bugis Village
Location
62 to 67 Queen Street,
151 to 166 Rochor Road,
229 to 253 (odd nos. only)
Victoria Street
NLA
10,730 sq m
Title

30 March 2088
(1)
34.1%
(1)
Committed occupancy
92.9%
S$56.5m
(1)
S$60.2m
(1)
No. of tenants
66
Gross revenue
S$4.7m
Net property income
S$3.6m
59.0%
(1)
6.2%
0.7%
Takes into account the right of the President of the Republic of Singapore, as lessor under the State
Lease, to terminate the State Lease on 1 April 2019 upon payment of S$6,610,208.53 plus accrued
interest.
(1)
Others
Food & beverage
business activities
Educational
Bugis Village top 10 tenants committed as at 31 December 2004

Tenant
Leased
NLA
(sq m)
% of
Gross
Rent
Bee Cheng Hiang Hup Chong

Foodstuff Pte Ltd
250
7.3
Bon-Food Pte Ltd
193
5.0
Kentucky Fried Chicken

Management Pte Ltd
205
4.9
Amore Fitness Pte. Ltd.
1,080
4.4
This Fashion Holdings Pte Ltd
256
4.2
Japan Home Pte Ltd
225
3.5
Teo Hwei Kian & Teo Beng Hwee

T/A THK Enterprise
303
3.0
Cold Storage Singapore (1983) Pte Ltd
116
3.0
Kimage Salon Pte Ltd
271
2.9
McDonald's Restaurants Pte. Ltd.
237
2.9
3,135
41.0
Bugis Village lease expiry profile
43.8%
34.3%
35.5%
27.2%
26.3%
15.8%
2005
Total
2006
2007

31 December 2004.
35
3/18/05
1:28 PM
Page 36
GOLDEN SHOE CAR PARK
A 10-storey building located

on the western end of Market
Street, next to the heart of
Raffles Place and within a
short walking distance from
the Raffles Place MRT Station.
36
3/18/05
1:28 PM
Page 37
Golden Shoe Car Park is a 10-storey building located on

the western end of Market Street, next to the heart of
Raffles Place, Singapore's financial and commercial hub.
Commercial developments in the vicinity include UOB
Plaza, Republic Plaza, OCBC Centre and OUB Centre.
The Raffles Place MRT station is within a short walking
distance. Pursuant to the terms of the land lease relating
to Golden Shoe Car Park, CCT is required to allow the
Ministry of the Environment of Singapore to use, free of
rent, the second and third storeys of the building as a
food centre.
The NLA of Golden Shoe Car Park, excluding the space

occupied by the food centre on the second and third
storeys, is 3,631 sq m as at 31 December 2004. In
addition to the food centre on the second and third
storeys, the building has shops, food outlets and a petrol
kiosk on the first storey and 1,067 car park lots on the
second to ninth storeys as well as office units on the
tenth storey.
The objective for Golden Shoe Car Park is to optimise
financial performance and provide building management
and car park services that exceed tenants and drivers
expectations.

Golden Shoe Car Park.
Below: The building has 1,067 car park
lots as well as a food centre, retail

outlets and a petrol kiosk.
37
3/18/05
1:28 PM
Page 38
Golden Shoe Car Park
Golden Shoe Car Park key statistics as at 31 December 2004 or for the
Location
50 Market Street
NLA of the retail and

office components of the building
3,631 sq m
Title

31 January 2081
Committed occupancy
100.0%
S$72.1m
(1)
S$73.0m
(1)
No. of tenants
25
1067
Gross revenue
S$4.5m
Net property income
S$3.1m
(1)

(1)
22.4%
62.2%
6.8%
5.1%
1.8%
1.7%
Excludes the space on the second and third storeys granted to the Ministry of the Environment of
Singapore, free of rent, for use as a food centre.
Golden Shoe Car Park top 10 tenants committed

Tenant
(1)
Leased
NLA
(sq m)
% of
Gross
Rent
May Sin Food Centre Pte Ltd
540
13.4
Singapore Petroleum Company Limited
399
12.7
147
9.4
87
5.2
SDC Consulting
517
5.1
DCA Architects Pte Ltd
437
4.5
Wee Cher Peng & Wee Meng Soon

T/A Siang Heng Brothers Company
55
4.0
Long Life Stationery Pte. Ltd.
65
3.9
Joe Koh Holdings Pte Ltd

T/A Joe's Tailoring and Fashion Design
80
3.8
Victoria House Pte Ltd
45
3.6
2,373
65.5
Christina Yam Nee Choo Gwek Mei

T/A Acumed Medical Group Central
(1)
Others
Food & beverage
business activities
Education

57.0%
47.8%
25.2%
28.3% 27.1%
10.3%
Total
38
2005
2006
2007

31 December 2004.
3/18/05
1:28 PM
Page 39
MARKET STREET CAR PARK
An eight-storey building located

near Raffles Place and within
walking distance from the
Raffles Place MRT station.
39
3/18/05
1:28 PM
Page 40
Market Street Car Park
Market Street Car Park is an eight-storey building bounded

by Market Street, Cross Street and Cecil Street and is
near Raffles Place, Singapore's financial and commercial
hub. Commercial developments within the vicinity include
Hong Leong Building, City House, Equity Plaza and
Republic Plaza. The popular Lau Pat Sat Festival Market is
diagonally across the Cross Street/Robinson Road junction
from Market Street Car Park and the Raffles Place MRT
station is within walking distance. Market Street Car Park
has a NLA of 1,550 sq m as at 31 December 2004 with
800 car park lots.
In its continuous efforts to enhance the value of CCTs
property portfolio, the Manager has formulated an asset
enhancement plan to revitalise Market Street Car Park
and take advantage of its prime location. Subject to
approvals by the relevant authorities, the plan will inject
life and vibrancy into the building and will also enhance
its image as a preferred transportation hub in the CBD.
Some of the proposed changes are:

A new faade to enhance the visual impact of the
property. The shop front height will be raised to
increase the prominence of retail shops.
An upgraded food and beverage corner located at the
junction of Cecil Street and Market Street (facing
Prudential Tower) to provide customers with a
conducive eating environment.
A new atrium space with retail shops. The atrium will
be illuminated by skylight, air-conditioned and feature a
unique glass lift lobby.
A re-landscaped mall surrounding the property.
A softer and greener environment and a widened
covered walkway will be created to provide better
shelter and create visual interest in the property.
The objective for Market Street Car Park is to optimise
financial performance and provide building management
and car park services that exceed tenants and drivers
expectations.
Left: Building management team at Market

Street Car Park.
Below: An artists impression of how the
proposed asset enhancement plan will

improve the buildings vibrancy and image
(subject to authorities approvals).
40
3/18/05
1:28 PM
Page 41
Market Street Car Park key statistics as at 31 December 2004 or for

the financial period 15 May 2004 to 31 December 2004
Location
146 Market Street
NLA of the retail

component of the building
1,550 sq m
Title

31 March 2073
Committed occupancy
100.0%
S$34.9m
S$34.9m
No. of tenants
30
800
Gross revenue
S$2.2m
Net property income
S$1.6m

(1)
42.9%
57.1%
(1)
Food & beverage

Others
Market Street Car Park top 10 tenants committed

Tenant
Leased
NLA
(sq m)
% of
Gross
Rent
163
11.9
Lea Ong T/A Hair Inn Unisex Salon
89
8.5
Kuok Choon Ngiap T/A The Pelican House
73
7.2
Ng Bee Keow T/A Golden Caf Food Court
75
5.6
A Cake History Pte. Ltd.
65
5.2
Ng Say Gek, Lim Lai Moi

& Lim Choon Wah
51
4.9
Holland Village Cafe Pte. Ltd.
50
4.7
Aitullah Jawed s/o Abdul Sahid

T/A Makanan Bollywood
45
4.4
Samat Bin Mohamed Yusof T/A Bali Store
50
4.3
Fujiya Restaurant (Pte.) Ltd.
157
4.0
Total
818
60.7

63.1%
53.3%
26.4%
24.1%
11.0% 12.8%
2005
2006
2007

31 December 2004.
41
3/24/05
6:04 PM
Page 42
Board of Directors
Mr Sum Soon Lim

Chairman and
Mr Liew Mun Leong

Deputy Chairman and

Non-Executive
Independent Director
Mr Fong Kwok Jen

Non-Executive
42
P280 C
1 2 3 4 5 6 7 8 9 10 OK
HTS
SL191322 DLMAC8 Osx 10.03.2005 175#
MY
C K
1
DALIM
SL
MOD : SL213/4
Mr Ho Swee Huat
Non-Executive
3/24/05
6:05 PM
Page 43
Mr Kee Teck Koon

Mr Lui Chong Chee

Mr Martin Tan
Director and
43
P280 C
1 2 3 4 5 6 7 8 9 10 OK
HTS
SL191322 DLMAC8 Osx 10.03.2005 175#
MY
C K
1
DALIM
SL
MOD : SL213/4
3/18/05
1:28 PM
Page 44
Board of Directors
Mr Sum Soon Lim

Chairman and
Mr Liew Mun Leong

Deputy Chairman and
Mr Sum is a NonExecutive Director of

CapitaLand. In addition,
he is also the Chairman
of CapitaLand's Risk
Committee and Corporate
Disclosure Committee, and
a Member of CapitaLand's
Audit Committee.
Mr Liew is President
President and
and
Officer of
CapitaLand
of CapitaLand
andand
Deputy
Deputy
Chairman of The Ascott
Ascott
Group Limited, Raffles
Raffles
Holdings Limited and
and
CapitaMall Trust
Management Limited.
Limited. He
has
He has
more
more
thanthan
27 years'
27
local
years'and
local
international
and
experience
internationalinexperience
the
construction
in the construction
and real
and
estate
real estate
industries
industries
in in
Singapore and overseas.
overseas.
He led and
a number
participated
of public
in
sector
a number
infrastructural
of public sector
development
infrastructural projects
development
in
Singapore,
projects in Singapore,
including the
development
including the development
and
construction
and construction
of Changi
of Changi
International Airport.
Airport.
Mr Sum is also, amongst

others, a Director of
Chartered Semiconductor
Manufacturing Ltd,
Singapore Technologies
Telemedia Pte Ltd,
Singapore Press Holdings
Ltd, Vertex Venture
Holdings Ltd, Green Dot
Capital Pte Ltd, and
Singapore Health Services
Pte Ltd. Mr Sum is also
a Commissioner of PT
Indonesian Satellite
Corporation (Indosat) and a
Member of the Securities
Industry Council. He
formerly sat on the Board
of STATS ChipPAC Ltd, a
public company listed on
the SGX-ST.
Mr Sum has worked for
the Singapore Economic
Development Board, DBS
Bank, J P Morgan Inc,
Overseas Union Bank and
Nuri Holdings (S) Pte Ltd, a
private investment holding
company. He is currently a
corporate advisor to
Temasek Holdings (Private)
Limited.
Mr Sum is a graduate
of the University of
Nottingham, UK with a
BSc (Hons) in Production
Engineering.
44
Mr Liew is currently
Chairman of the Board
of Governors of Temasek
Polytechnic, Deputy
Chairman of the Civil
Aviation Authority of
Singapore, and a Board
member of the Public
Utilities Board. From 1997
to 1998, he was President
of the International
Organisation for
Standardisation (ISO). Mr
Liew graduated from the
University of Singapore
with a civil engineering
degree in 1970. He also
serves as a member of the
Council on Corporate
Disclosure and
Governance.
and DB RREEF Funds

Management Limited,
the entity responsible
for operations including
Deutsche Industrial Trust,
Deutsche Office Trust,
Deutsche Diversified Trust
and Deutsche Wholesale
Trust. He is the Chairman
of NavyB Holdings Pty
Limited, a private property
company that has
undertaken A$500 million
worth of projects in
Australia and New Zealand.
Mr Ewen has extensive
property experience
commencing with Hooker
Corporation, a major
Australian-listed property
company where he
worked throughout
Australia and South East
Asia. In 1983, he
established Byvan
Management Pty Limited
which, by 2000, managed
A$8 billion in shopping
centre assets. Mr Ewen
sold his interest in the
company to the Savills
Group in London,
remaining as Chairman
until 2001.
Mr Ewen was also
Managing Director of
Enacon Limited, one of
Australia's largest car
parking companies.
Mr Ewen is Chairman of
the Cure Cancer Australia
Foundation, a leading
cancer research
organisation.

Non-Executive
Mr Fong Kwok Jen

Non-Executive
Mr Ewen is currently a
Director of DB Real Estate
Mr Fong is a Director of a
legal practice, Fong Law
Corporation. He is also
Chairman of the
Disciplinary Committee of
Singapore Exchange
Securities Trading Limited.
Prior to that, Mr Fong was
a Council Member of the
Securities Industry Council
from 1992 to 2003 and a
Council Member of the
Law Society of Singapore
from 1990 to 1992.
Mr Fong spent eight years
as Deputy Senior State
Counsel and then Senior
State Counsel at the
Attorney-General's
Chambers from 1982 to
1989. Before that, he
worked as Deputy Public
Prosecutor at the AttorneyGeneral's Chambers from
1977 to 1982.
Mr Fong graduated from
the University of Singapore
with a LL.B. (Honours). In
1976/77, he was awarded
the Colombo Plan Award
to attend the Government
Legal Officer's Course in
the United Kingdom. In
1986, he attended the
NITA (National Institute of
Trial Advocates) Advocacy
Programme at Harvard
Law School.
Mr Ho Swee Huat
Non-Executive
Mr Ho is the Managing
Director and owner of
Abacus Assets Advisors
Pte Ltd, a financial
advisory business he
started in 1997. Prior to
that, Mr Ho had a 20-year
banking career in
Singapore, Hong Kong and
New York. Between 1993
3/18/05
and 1997, he was an

Executive Director of
Paribas Merchant Banking
Asia Pte Ltd.
From 1988 to 1993, Mr Ho
worked at Overseas Union
Bank Limited as Head,
Regional Business for
Corporate and Private
Banking. Prior to that,
Mr Ho worked for Morgan
Guaranty Trust Company
of New York where he held
various positions, including
the Head of Private
Banking for South East
Asia at Morgan Guaranty
Trust's Hong Kong office
from 1987 to 1988.
Mr Ho is the current
Chairman of the Autism
Association (Singapore)
which he co-founded with
a group of parents in 1992.
He holds a Master of
Science Degree in
Industrial Relations and
Personnel Management
from the London School
of Economics and Political
Science. He also obtained
a liberal arts degree in
Economics from Hamilton
College (U.S.A.).
Mr Kee Teck Koon
Mr Kee is currently the Vice

Chairman of CapitaLand
Commercial and Integrated
Development Limited
(formerly known as
Limited) (CCID) and
CapitaLand Retail Limited
and is also the Chief
Executive Officer of
CapitaLand Financial
Limited. He was Managing
Director and Chief
1:28 PM
Page 45
Executive Officer of The

Ascott Group Limited from
November 2000 to 1 April
2003. Between 1996 and
2000, he was the
Managing Director and
Chief Executive Officer of
Somerset Holdings, and an
Executive Vice President at
Pidemco Land Limited.
Prior to that, Mr Kee also
held senior management
appointments with several
other organisations.
He started his career in
1979 with the Singapore
Armed Forces and the
Ministry of Defence where
he remained until 1991.
Mr Kee is also the Vice
Chairman of the governing
council of the Singapore
Institute of Management.
He holds a Master of Arts
in Engineering Science
from Oxford University, UK.
Mr Lui Chong Chee
Mr Lui is Chief Financial

Officer of CapitaLand, a
Director of Australand
Holdings Limited,
CapitaMall Trust
Management Limited and
Raffles Holdings Limited.
Prior to joining CapitaLand,
Mr Lui was a Managing
Director at Citicorp
Investment Bank
(Singapore) Limited where
he was responsible for
overseeing all fixed income
securities, financial
advisory and equity related
transactions. He has 15
years of experience in
investment banking.
Mr Lui holds a Master of
Business Administration in
Finance and International
Economics as well as a
Bachelor of Science
degree in Business
Administration (magna
cum laude) from New York
University.
Mr Martin Tan
Director and
Mr Tan is also the Chief

Executive Officer of CCID
and CapitaLand Financial
Limited (Real Estate
Capital Management Commercial and Integrated
Development).
Concurrently, Mr Tan
holds the position of Chief
Executive Officer UK,
Europe & US in CapitaLand
and was the Head of
Strategic Corporate
Marketing at CapitaLand
until 1 February 2005.
Mr Tan has held various
key positions in Pidemco
Land Limited including
Head of Singapore
Residential Investments
and Marketing & Corporate
Communications Divisions.
In 2001, he was
responsible for e-enabling
the Groups key business
processes.
Mr Tan holds a Master of
Business Administration
Degree and a Bachelor of
Arts in Business
Administration Degree
with Honours (Summa
Cum Laude) from
Washington State
University. He has also
attended The General
Manager Program at
Harvard Business School
in 2000.
45
3/18/05
1:28 PM
Page 46
The Management
Mr Martin Tan
Martin is responsible for

the overall management of
CCT. He is committed to
the growth of CCT and
ensures that it delivers
superior investment
returns to Unitholders. He
reports to the Board of the
Manager and works with
the Board to determine the
strategy for CCT. Martin
works closely with the
other members of the
management team to
ensure that CCT is
operated in accordance
with the stated investment
strategy. His experience is
46
highlighted in the section

on the Board of Directors.
Ms Ang Siew Yan
Deputy Chief Executive
Officer and Finance
Manager
Siew Yan is responsible for

the day-to-day operations of
CCT and works closely with
the asset management and
investment personnel to
meet the investment
objectives of CCT. The
Finance Managers
responsibilities rests with
driving the key areas in
accounting, taxation,
treasury, secretariat,
compliance, investor
relations, reporting and

administrative functions,
both for the existing
operations as well as
evaluation of new projects.
settlement functions. Siew

Yan obtained a Bachelor of
Accountancy degree from
the National University of
Singapore.
Prior to joining CCTML,

Siew Yan was the Finance
Manager of CapitaMall
Trust Management Limited,
the manager of CapitaMall
Trust since its listing in July
2002. Also, she had for the
past 10 years been actively
involved in the treasury
functions within CCID and
involved in structuring,
sourcing and management
of funds as well as the
operations, accounting and
Investment Manager
The Investment Manager's

role is to identify and
evaluate potential
acquisitions with a view of
enhancing CCT's portfolio
or divestments when a
property is no longer
strategic and fails to be
accretive. The Investment
Manager also recommends
and analyses potential
asset enhancement
initiatives and develops
3/18/05
financial models to test the

financial impact of different
courses of action.
Mrs Wong Jen Lai
Investment Manager
Prior to joining CCTML, Jen

Lai was the Senior Vice
President of Investment
and Investment Sales at
CCID. Her responsibilities
included the investment
and divestment of CCIDs
office and industrial
property portfolio. She has
over 20 years of experience
and knowledge in the
property industry. It
encompasses valuation,
research, property
1:28 PM
Page 47
development appraisal, land

acquisition, divestment,
business development,
property tax assessment,
marketing and leasing of
projects in Singapore as
well as managing
marketing/sales operations.
Jen Lai graduated from the
National University of
Singapore with a Bachelor
of Science (Estate
Management) degree. She
is also a registered licensed
appraiser.
industry. They include

real estate investment,
business development,
asset management,
marketing and valuation.
Prior to joining CCTML,
she was a Marketing and
Leasing Manager at CCID.
Helen has a Bachelor of
Science (Estate
Management) (Honours)
degree from the National
University of Singapore.
She is also a registered
licensed appraiser.
Ms Helen Ang
Investment Analyst
Helen has over 12 years of
experience in the property
Ms Lee Ning Ning

Investment Analyst
Ning Ning has more that

6 years of real estate
experience in research
and consulting, business
planning and marketing
planning. She graduated
from the National
University of Singapore
with a Bachelor of Science
(Real Estate) (Honours)
degree and a Masters
of Science (Information
Studies) from the Nanyang
Technological University.
Mr Ho Lip Jin
Asset Manager
Lip Jin is responsible for

maximising the rental
income of CCT via active
asset management. He
works closely with the
Left to right: Martin Tan, Ang Siew Yan,

Wong Jen Lai, Penny Foo, Helen Ang,
Vernice Soh, Lee Eu Jin, Lee Ning Ning,
Ho Lip Jin.
47
3/18/05
1:28 PM
Page 48
The Management
Property Manager to
to
ensure that CCT's
properties maximise
maximise their
their
income generation and
and
minimise expenses without
compromising
the
without compromising
the
marketability of the
the lettable
lettable
space. Lip Jin was the
the Vice
Vice
President,
President,
AssetAsset
Management of CCID
where he led the asset
asset
management team for
for the
the
Singapore office and
and
industrial property
property portfolio.
He
graduated
from the
portfolio.
He graduated
National
from theUniversity
National of
Singapore
a Bachelor
University with
of Singapore
of
Engineering
with
a Bachelor(Electrical)
of
(Honours)
degree
and a
Engineering
(Electrical)
Masters
Science
(Real
(Honours)ofdegree
and
a
Estate)
Mastersdegree.
of Science (Real
Estate) degree.
Mr Lee Eu Jin
Mr Lee Eu&Jin
Research
Investor
Investor Relations
Relations
Manager&
Eu
Jin is responsible
Research
Manager for
all
Eu communications
Jin is responsiblewith
for all
Unitholders
so aswith
to
communications
uphold
transparency
Unitholders
so as to
standards.
This includes
uphold transparency
regular
analyst
standards.
Thismeetings,
includes
roadshows,
quarterly
regular analyst
meetings,
financial
announcements,
roadshows,
quarterly
production
of annual
financial announcements,
reports
andof
website
production
annual
management.
In addition,
reports and website
he
is responsible
for
management.
In addition,
benchmarking
CCT
he is responsible
foragainst
comparative
indices
and
benchmarking
CCT against
products.
Eu indices
Jin wasand
the
comparative
Marketing
Communications
products. Eu
Jin was the
Manager
Marketingfor CCID's office
and
industrial portfolio.
He
Communications
Manager
holds
a Master
Arts in
for CCID's
officeofand
Mass
Communications
industrial
portfolio. He
Degree
from Oklahoma
holds a Master
of Arts in
City
in the
MassUniversity
Communications
United
and a
DegreeStates
from Oklahoma
Bachelor
of ArtsinDegree
City University
the
in
Literature
United
Statesfrom
and the
a
University
British
Bachelor ofofArts
Degree
Columbia
in Canada.
in Literature
from the
48
University
of British
Fund Analysts
Columbia
in Canada.
The Fund Analyst
is
responsible for developing
and maintaining
Fund
Analysts financial
and asset
The
Fund models
Analyst to
is analyse
the performance
of CCT as
responsible
for developing
well maintaining
as preparingfinancial
asset and
and
management
reports.
and
asset models
to The
Fund Analyst
works closely
analyse
the performance
with
theasInvestment
of
CCT
well as
Manager and
Asset
preparing
asset
and
Manager to identify
andThe
management
reports.
analyse
potential
acquisition
Fund
Analyst
works
closely
opportunities
and asset
with
the Investment
enhancement
initiatives.
Manager
and Asset
Manager to identify and
analyse
potential
Ms Penny
Foo
acquisition
opportunities
Fund Analyst
and
asset
Penny
wasenhancement
a Finance
initiatives.
Manager at CCID with
more than 15 years of
experience.
Among other
Ms
Penny Foo
things,Analyst
her responsibilities
Fund
included
overseeing
Penny
was
a Financethe
daily accounting
Manager
at CCIDoperations,
with
monitoring,
reviewing
more
than 15
years of and
analysing theAmong
accounts
of
experience.
other
investment
properties in
things,
her responsibilities
CCID andoverseeing
management
included
the
reporting.
In 1995, Penny
daily
accounting
was tasked monitoring,
with setting up
operations,
the financial
system
of one
reviewing
and
analysing
of the
group'sofinvestments
the
accounts
in Ho Chi Minh
City, in
investment
properties
Vietnam.
CCID
and management
reporting. In 1995, Penny
was
tasked Soh
with setting up
Ms Vernice
the
financial
Fund
Analystsystem of one
of
the group's
Vernice
was aninvestments
Asset
in
Ho Chi at
Minh
City,
Manager
CCID
where
Vietnam.
she managed over S$500
million worth of assets of
which
one was
Ms
Vernice
Sohunder
development.
Fund
Analyst Her role
involvedwas
the strategising
Vernice
an Asset
and execution
of asset
Manager
at CCID
where
plansmanaged
to enhance
the
she
over
S$500
returns worth
of the of
assets.
million
assets of
Verniceone
holds
a First
Class
which
was
under
Honours degree
in role
development.
Her
Economics
the London
involved
thefrom
strategising
School
of Economics.
and
execution
of asset
plans to enhance the

returns of the assets.
Vernice holds a First Class
Honours degree in
Economics from the
London School of
Economics.
3/18/05
1:28 PM
Page 49
The Property Management Team
Ms Jessie Yong
General Manager
Jessie is responsible for

the profitability of CCT by
maximising rental income
and minimising expenses.
She works closely with the
Manager to implement the
target objectives and is
responsible for the building
operations of CCT's
portfolio of properties. She
is also responsible for the
marketing and leasing of
CCT's properties and
further oversees the lease
administration of the
properties which include
lease documentation,
service charge
determination, property tax
matters and rental
collection.
Ms Georgina Goh
Head, Marketing Services
Georgina oversees the

leasing and marketing
activities of CCT's portfolio

of properties. Her
responsibilities are to
maximise occupancy rates
and ensure rental income
meets or exceeds the
forecast. Among Georginas
key duties are fostering key
tenant relationships,
conceptualising and
implementing marketing
strategies, budgetary and
planning activities and lease
management. Georgina
also oversees the
marketing communication
activities for all CCT
properties.
Ms Kathrine Koo
Head, Property Services
Kathrine is responsible for

the operational and
financial performance of
CCT properties with a view
to achieve cost saving and
minimise maintenance
expenses. She oversees
the Building Managers and

is in-charge of site
operations and property
services. Kathrines duties
also include exploring and
maximising non-rental
revenue sources including
implementing new
initiatives for the car parks
and advertisement space,
kiosk and event spaces.
Mr Chin Chee Leok
Head, Lease
Administration
Chee Leok is responsible

for the lease administration
of CCTs properties.
Among other things, his
key duties include lease
documentation, rental
collection and arrears
management, service
charge determination and
property tax assessment.
Active lease administration
ensures timely collection of
rental income and supports
the profitability of CCT.

Chee Leok is also tasked
to achieve property tax
savings for the portfolio.
Building Managers
of CCT Properties
Ms Tan Cheau Ling
Ms Doreen Yeo
Mr Henry Voo
Ms Grace Goh
Ms Georgena Tan
Mr Ong Soon Ann
The Building Managers

main responsibility is
overseeing the daily
running and operations
of the properties they
manage. They are also
responsible for achieving
a high standard of
maintenance and customer
service. Building Managers
also ensure that
maintenance expenditure
is within budget and that
cost savings measures are
implemented properly.
Left to right: Jessie Yong,

Kathrine Koo, Georgina Goh,
Chin Chee Leok
49
3/18/05
1:29 PM
Page 50
Contact us
The Real Difference
CCT is committed to providing clear, accurate and timely

information to investors, analysts and fund managers in
order to generate their interest in CCT and facilitate their
assessment of it.
Helpline, fax and email

Unitholders and the public can obtain up-to-date
information on CCT as well as provide feedback via the
CCT helpline, fax and e-mail address.
The Manager maintains an open door policy with all

investors and any queries with regards to CCT are
welcomed. Investors can access information through the
following means:
Helpline: +65 6536 1188

Fax: +65 6533 6133
Email: ask-us@capitacommercial.com
Website
Other useful contacts
The CCT website provides quick and easy access to all

CCT related news releases, announcements and investor
presentations, as well as on-line checking of Unit prices
by visitors. It also provides visitors with the option of
signing up for email alerts which will inform them of the
latest news postings.
Annual report
The CCT annual report provides Unitholders with
comprehensive information on financial performance,
operating performance, the property portfolio, current
and planned developments and other important aspects.
50
Annual Report 2004
Central Depository
The Central Depository (Pte) Limited
4 Shenton Way
#02-01 SGX Centre 2
Singapore 068807
Phone: +65 6535 7511
Fax: +65 6535 0775
Email: cdp@sgx.com
Website: www.cdp.com.sg
Unit Registrar
Lim Associates (Pte) Ltd
Phone: +65 6536 5355
Fax: +65 6536 1360
3/18/05
1:29 PM
Page 51
Corporate governance
CCTML, as Manager of CCT, is committed to the highest

standard of corporate governance as it believes that such
self-regulatory controls are essential to protect the best
interests of the Unitholders of CCT as well as critical to
the performance of the Manager.
The Manager uses the Code of Corporate Governance
(the Code) as its benchmark. The following segments
describe the Managers main corporate governance
policies and practices.
The Manager of CCT
The Manager of CCT has general power of management
over the assets of CCT and its main responsibility is to
manage CCTs assets and liabilities for the benefit of the
Unitholders.
The primary role of the Manager is to set the strategic
direction of CCT and make recommendations to HSBC
Institutional Trust Services (Singapore) Limited (as trustee
of CCT) (the Trustee) on the acquisition, divestment or
enhancement of assets of CCT in accordance with its
stated investment strategy. The research, evaluation and
analysis required for this purpose is coordinated and
carried out by the Manager. The terms and duration of
the Managers appointment are governed by the trust
deed constituting CCT, dated 6 February 2004 between
CCTML and the Trustee (Trust Deed).
Other functions and responsibilities of the Manager
include:
using its best endeavours to carry on and conduct its
business in a proper and efficient manner and to
conduct all transactions with or for CCT at arms length;
preparing property plans on a regular basis which may
contain proposals and forecasts on net income, capital
expenditure, sales and valuations, explanation of major
variances to previous forecasts, written commentary
on key issues and underlying assumptions on inflation,
moving annual turnover, occupancy costs and any

other relevant assumptions;
ensuring compliance with the applicable provisions of
the Companies Act, the Securities and Futures Act
(SFA) and all other relevant legislation, the Listing
Manual of the SGX-ST, the Code on Collective
Investment Schemes (CIS Code) issued by the
Monetary Authority of Singapore (MAS), the Trust
Deed, the tax ruling issued by the Singapore Inland
Revenue Authority on the taxation of CCT and its
Unitholders and all relevant contracts;
attending to all communications with Unitholders; and
supervising the property manager, CapitaLand
Commercial Management Pte. Ltd. (the Property
Manager), which performs the day-to-day property
management functions (including leasing, marketing,
maintenance, promoting and accounting) for the CCT
properties, pursuant to the property management
agreements.
CCT, constituted as a trust, is externally managed by the
Manager and accordingly, has no personnel of its own.
The Manager appoints experienced and well qualified
management to run its operations. The Manager, not CCT,
remunerates all directors and employees of the Manager.
BOARD MATTERS
Role of the Board

The Board of Directors (the Board) is entrusted with
the responsibility for the overall management of the
Manager and CCT. It reviews and determines the overall
strategy and policies on business direction, financial
objectives, financial control, performance and resource
allocation. The Board deliberates on, among other things,
all significant acquisitions and disposals, the annual
budget and a review of CCTs performance.
51
3/18/05
1:29 PM
Page 52
Unitholders
Holdings of Units
Represents the
interests of
Unitholders
Management
services
Management Limited
(the Manager)
Management
fees
Trustees fees
Ownership of assets
Property
management services
Management Pte. Ltd.
(the Property Manager)
Property
management fees
52
CapitaCommercial
CapitaCommercial
Trust AR 2004
Trust AR 2004
HSBC Institutional Trust

Services (Singapore) Limited
(the Trustee)
Net Property Income
Properties
52
Distributions
Capital Tower
6 Battery Road
Robinson Point
Starhub Centre
Bugis Village
52
3/18/05
1:29 PM
Page 53
The Board has put in place a set of internal controls

which set out approval limits for capital expenditure,
new investments and divestments, acceptance of bank
facilities and operating of bank accounts. Within these
guidelines, the Board approves transactions above a
certain threshold and in particular, major investments and
divestments. The Board also approves the financial
results of CCT for release to the SGX-ST.
Newly appointed directors are given briefings by
management on the business activities of CCT and its
strategic directions.
Changes to regulations and accounting standards are
monitored closely. To keep pace with regulatory changes,
where these changes have an important bearing on CCT
and its disclosure obligations, the directors are briefed
either during Board meetings or at specially-convened
sessions.
Board meetings are scheduled in advance, and are held
at least once every quarter. Ad-hoc Board meetings are
also held as and when required. The Articles of
Association of the Manager permit Board meetings to be
held by way of tele-conference and video-conference.
The Board held three meetings during the year.
Board composition and balance
Presently, the Board consists of eight directors, of whom
three are independent non-executive directors. The
Chairman of the Board is Mr Sum Soon Lim and the
Chief Executive Officer is Mr Martin Tan. The other
members of the Board are Mr Liew Mun Leong, Mr Kee
Teck Koon, Mr Stewart Fraser Ewen, Mr Fong Kwok Jen,
Mr Ho Swee Huat and Mr Lui Chong Chee.
The Board comprises business leaders, financial
professionals and legal professionals with fund
management, property, banking and finance backgrounds.
The profiles of the directors are set out on pages 44 to
45 of this Annual Report. The Board considers the

present Board size appropriate for the nature and scope
of CCTs operations.
The majority of the Board members are non-executive
with one-third of the Board being independent of
management. This enables management to benefit from
their external and objective perspective on issues that
are brought forward before the Board. It also enables the
Board to interact and work with management through a
healthy exchange of ideas and views to help shape the
strategic process. This provides a healthy professional
relationship between the Board and management with
clarity of roles and robust deliberation on the business
activities of CCT.
Chairman and Chief Executive Officer
The roles of the Chairman and the Chief Executive
Officer are separate. The Chairman, Mr Sum Soon Lim,
is a non-executive director, while the Chief Executive
Officer, Mr Martin Tan is an executive director.
The Chairman ensures that the members of the Board
work together with management with integrity,
competency and moral authority, engaging management
in constructive debate on strategy, business operations
and enterprise risks. The Chief Executive Officer has full
executive responsibilities over the business direction and
operational decisions of managing CCT.
Access to information
Management provides the Board with regular updates on
financial results, market and business developments,
business and operational information.
Board papers are given to directors before Board
meetings so that directors may be familiar with the
matters before the meetings. Management who can
provide additional insight into the matters to be
discussed are present during the Board meetings.
53
3/18/05
1:29 PM
Page 54
The Board takes independent professional advice as

and when necessary to enable it to discharge its
responsibilities effectively. The Company Secretary of
the Manager will assist the Board in obtaining such
advice upon request. The Company Secretary also
attends to corporate secretarial administrative matters
and attends all Board meetings.
The Manager has implemented quarterly financial
reporting since inception. It also provides the directors
with management accounts on a monthly basis.
The Board has established a number of committees to
assist it in discharging its responsibilities, including the
Executive Committee, Corporate Disclosure Committee
and the Audit Committee. The terms of reference of the
Audit Committee are described in the section Audit
Committee.
Executive Committee
The Executive Committee oversees the day-to-day
activities of the Manager on behalf of the Board. The
members of the Executive Committee are Mr Liew Mun
Leong, Mr Kee Teck Koon, Mr Martin Tan and Mr Lui
Chong Chee.
Corporate Disclosure Committee
The Corporate Disclosure Committee reviews corporate
disclosure matters relating to CCT, including
announcements to the SGX-ST, and pursues best
practices in terms of transparency. The members of this
committee are Mr Fong Kwok Jen, Mr Kee Teck Koon
and Mr Lui Chong Chee.
Audit Committee
The Audit Committee has been appointed by the Board
from among its members and is comprised of four
members, the majority of whom (including the
Chairman of the committee) are independent directors.
The Chairman is Mr Ho Swee Huat and the members
54
are Mr Stewart Fraser Ewen, Mr Fong Kwok Jen and

Mr Lui Chong Chee.
The Audit Committee has adopted terms of reference
defining its scope of authority which include, in relation
to its management of CCT:
monitoring and evaluating the effectiveness of the
internal control process through reviewing internal and
external audit reports to ensure that where
deficiencies in internal controls have been identified,
appropriate and prompt remedial action is taken by
management;
reviewing the quality and reliability of information
prepared for inclusion in the financial reports and
approving the financial statements and the audit report
before recommending to the Board for approval;
monitoring the procedures established to regulate
Related Party Transactions (as defined below),
including ensuring compliance with the provisions of
the Listing Manual relating to transactions between
CCT and an interested person and provisions of the
Property Funds Guidelines of the CIS Code (the
Property Funds Guidelines) relating to transactions
between CCT and an interested party;
approving the appointment and re-appointment of
auditors and reviewing the adequacy of existing audits
in respect of cost, scope and performance;
reviewing the non-audit services provided by the
auditors and confirm that they would not, in the Audit
Committees opinion, impair the independence of the
auditors; and
monitoring the procedures in place to ensure
compliance with applicable legislation, the Listing
Manual and the Property Fund Guidelines.
3/18/05
1:29 PM
Page 55
The Audit Committee has full access to and co-operation

of the management, and full discretion to invite any
Director or executive staff to attend its meetings.
During the year, the Audit Committee held two
meetings. The Audit Committee has also met with the
external auditors, without the presence of management.
The Audit Committee reviewed the scope and results of
the external audit and also the independence and
objectivity of the external auditors, which included the
nature and extent of their non-audit services to the
Manager. The Audit Committee has confirmed that these
services would not, in the Audit Committees opinion,
affect the independence of the auditors.
In its review of the audited financial statements for the
financial period ended 2004, the Audit Committee
discussed with management and external auditors the
accounting principles that were applied. Based on the
review and discussions with management and the
external auditors, the Audit Committee is of the view
that the financial statements are presented in conformity
with generally accepted accounting principles in all
material aspects.
Internal control and audit
The Manager has put in place a system of internal
controls of procedures and processes to safeguard CCTs
assets, Unitholders interests, as well as to manage risk.
The internal audit function of the Manager is carried out
by CapitaLands Internal Audit Department (CLIA).
CLIA plans its internal audit schedules in consultation
with, but independent of, management and its plan is
submitted to the Audit Committee for approval at the
beginning of the year.
The Audit Committee met with the CLIA team without
the presence of management. The Audit Committee,
which has been delegated the responsibility by the

Board to review and oversee the internal control and
audit processes of the manager, is satisfied that the
Managers internal controls are adequate, based on
reports from the CLIA team and external auditors.
A majority of the CLIA staff are members of the
Singapore branch of the Institute of Internal Auditors,
Inc. (IIA), which has its headquarters in the USA. CLIA
subscribes to, and is guided by the Standards for the
Professional Practice of Internal Auditing developed by
the IIA and has incorporated these standards into its
audit practices.
The standards set by the IIA cover requirements in
respect of the following:
Independence
Professional proficiency
Scope of work
Performance of audit work
Management of the Internal Audit Department
To ensure that the internal audits are performed by
competent professionals, CLIA recruits and employs
suitably qualified staff.
In order that their technical knowledge remains current
and relevant, CLIA identifies and provides training and
development opportunities to the staff. The internal audit
function provided by CLIA meets with the standards set
by the IIA.
DEALINGS WITH RELATED PARTIES
Review procedures for related party transactions

In general, the Manager has established internal control
procedures to ensure that transactions involving the
Trustee, as the trustee of CCT, and a related party of the
Manager (Related Party Transactions) are undertaken
55
3/18/05
1:29 PM
Page 56
on an arms length basis and on normal commercial

terms, which are generally no more favourable than
those extended to unrelated third parties. In addition, the
following procedures are followed:
transactions (either individually or as part of a series)
equal to or exceeding S$100,000 in value but below
3.0% of CCTs net tangible assets are subject to
review by the Audit Committee at regular intervals;
equal to or exceeding 3.0% but below 5.0% of CCTs
net tangible assets are subject to the review and
approval of the Audit Committee. Such approval is only
given if the transactions are on normal commercial
terms and consistent with similar types of transactions
made by the Trustee with third parties which are
unrelated to the Manager; and
equal to or exceeding 5.0% of CCTs net tangible
assets are reviewed and approved by the Audit
Committee who may, if it deems fit, request for advice
on the transaction from independent sources or
advisors, including the obtaining of valuations from
professional valuers. Further, under the Listing Manual
and the Property Funds Guidelines, such transactions
are also approved by the Unitholders at a meeting of
Unitholders.
Where matters concerning CCT relate to transactions
entered into or to be entered into by the Trustee for and
on behalf of CCT with a related party of the Manager or
CCT, the Trustee is required to ensure that such
transactions are conducted on normal commercial terms,
are not prejudicial to the interest of CCT and the
Unitholders, and are in accordance with the applicable
requirements of the Property Funds Guidelines and/or
the Listing Manual relating to the transaction in question.
Further, the Trustee has the ultimate discretion under the
Trust Deed to decide whether or not to enter into a
56
transaction involving a Related Party Transaction of the

Manager or CCT. If the Trustee is to sign any contract
with a related party of the Manager or CCT, the Trustee
will review that contract to ensure that it complies with
applicable requirements relating to interested party
transactions in the Property Funds Guidelines and the
provisions of the Listing Manual relating to interested
person transactions as well as other guidelines as may
from time to time be prescribed by the MAS and the
SGX-ST or other relevant authority to apply to REITs.
Role of the Audit Committee for Related
Party Transactions
All Related Party Transactions are subject to regular
periodic reviews by the Audit Committee.
The Managers internal control procedures are intended
to ensure that Related Party Transactions are conducted
at arms length, on normal commercial terms and are not
prejudicial to Unitholders. The Manager maintains a
register to record all Related Party Transactions (and the
basis, including the quotations obtained to support such
basis, on which they are entered into) which are entered
into by CCT. The Manager has incorporated into its
internal audit plan a review of all Related Party
Transactions entered into by CCT. The Audit Committee
has reviewed the internal audit reports to ascertain that
the guidelines and procedures established to monitor
Related Party Transactions have been complied with.
The Audit Committee periodically reviews Related Party
Transactions to ensure compliance with the internal
control procedures and with the relevant provisions of
the Listing Manual and the Property Funds Guidelines.
The review includes the examination of the nature of the
transaction and the supporting documents or such other
data deemed necessary to the Audit Committee.
If a member of the Audit Committee has an interest in a
transaction, he is to abstain from participating in the
review and approval process in relation to that transaction.
3/18/05
1:29 PM
Page 57
Details of all Related Party Transactions (equal to or

exceeding S$100,000 each in value) entered during the
financial year are disclosed on page 92 of this Annual
Report.
Dealings with conflicts of interest
The following procedures have been established to deal
with potential conflicts of interest which the Manager
(including its directors, executive officers and employees)
may encounter in managing CCT:
The Manager will not manage any other real estate
investment trust which invests in the same types of
properties as CCT.
All executive officers will be employed by the
Manager.
All resolutions at Board meetings in relation to matters
concerning CCT must be decided by a majority vote of
the Directors, including at least one independent
director.
At least one-third of the Board shall comprise
independent directors.
In respect of matters in which CapitaLand and/or its
subsidiaries have an interest, direct or indirect, any
nominees appointed by CapitaLand and/or its
subsidiaries to the Board to represent its/their interests
will abstain from voting. In such matters, quorum must
comprise a majority of the independent directors of the
Manager and must exclude such nominee directors of
CapitaLand and/or its subsidiaries.
If the Manager is required to decide whether or not to
take any action against any person in relation to any
breach of any agreement entered into by the Trustee for
and on behalf of CCT with an affiliate of the Manager,
the Manager shall be obliged to consult with a reputable
law firm (acceptable to the Trustee) who shall provide
legal advice on the matter. If the said law firm is of the

opinion that the Trustee, on behalf of CCT, has a prima
facie case against the party allegedly in breach under
such agreements, the Manager shall be obliged to
pursue the appropriate remedies under such
agreements. The directors of the Manager will have a
duty to ensure that the Manager shall comply with the
aforesaid. Notwithstanding the foregoing, the Manager
shall inform the Trustee as soon as it becomes aware of
any breach of any agreement entered into by the Trustee
for and on behalf of CCT with an affiliate of the Manager
and the Trustee may take such action as it deems
necessary to protect the rights of Unitholders and/or
which is in the interests of Unitholders. Any decision by
the Manager not to take action against an affiliate of the
Manager shall not constitute a waiver of the Trustees
right to take such action as it deems fit against such
affiliate.
Additionally, the Trustee has been granted a right of first
refusal by CCID over properties with certain specified
characteristics which may in the future be identified and
targeted for acquisition by CCID or any of its subsidiaries.
Risk assessment and management
The Manager places strong emphasis on risk
management as evidenced by the risk management
framework that has been set up. This provides a
structured context for the personnel to undertake a half
yearly review of the past performance of, and to profile
the current and future risks facing, their area of
responsibility.
This risk information is consolidated and used as key
input into the corporate strategy sessions attended by
management and the Property Manager. This is held
regularly to review CCTs strategic direction in detail and
includes specific focus on the identification of key
business and financial risks which could prevent CCT
from achieving its objectives. Management is then
required to ensure that appropriate controls are in place
57
3/18/05
1:29 PM
Page 58
to effectively manage those risks, and will be monitored

by the Board on a regular basis.
The internal audit plan is developed in conjunction with
the risk management programme and focused to confirm
the operation of internal controls and to assess the
effectiveness and efficiency of the control environment.
In addition, the Board requires that each major proposal
submitted to the Board for decision is accompanied by a
comprehensive risk assessment and, where required,
Managements proposed mitigation strategies.
Communications with Unitholders
In line with the disclosure obligations of REITs, the
Boards policy is that Unitholders be kept informed of all
major developments that impact CCT. During the
financial period, a continuous disclosure process was put
in place to ensure compliance with such obligations.
CCT believes that it should engage in regular, effective,
unbiased and transparent communication with
Unitholders. Communication channels with Unitholders
are made accessible via:
a.
b.
c.
d.
e.
Annual reports;
Press releases on major developments of CCT;
Disclosures to the SGX-ST;
Other announcements, as appropriate; and
CCTs website at www.capitacommercial.com.
CCT has been included in various prestigious investment

indices which are widely referred to by European fund
managers as performance benchmarks in the selection
and monitoring of investments. These include Global
Property Researchs GPR General Index, as well as the
EPRA/NAREIT Global Real Estate Index.
The GPR General Index tracks the performance of the
full global universe of properties and the EPRA/NAREIT
Global Real Estate Index comprises listed property
58
companies with a total free float market capitalisation

greater than US$200 million and traded value in excess
of US$100 million on a 3-month annualised basis for two
consecutive quarters.
Additionally, with about 13.5% of Units held by
unrelated institutional investors, the Management
considers meeting with local and foreign fund managers
as an integral part of the investor relations component.
During the financial period under review, the Manager
met with institutional investors from Singapore, Hong
Kong, United Kingdom, Europe, United States of
America and Australia. The purpose of these meetings
were to update potential and current investors on the
developments that had taken place in the year. The
Manager will continue to pursue opportunities to
educate and keep retail investors informed of the
emergence of the REIT industry.
Unitholders and potential stakeholders have 24-hour
access to CCTs website for information on CCTs major
developments, property descriptions, announcements
and other corporate information. Real time information
on CCTs Unit price is also made available on the site. In
addition, the public can pose questions on CCTs Ask
Us e-mail address and have their queries addressed
accordingly. Also available on the website is an archive of
CCTs announcements, press releases, annual reports
and operational details. The latest information is posted
on the website as soon as it is released to the SGX-ST
and the media.
Dealings in Securities
The Manager has voluntarily issued guidelines to its
directors and employees which prohibit dealings in CCT
Units while in possession of price-sensitive information
and during the two weeks before and up to (and
including) the date of announcement of CCTs results
(quarterly as well as full year). Under these guidelines,
directors and employees are also prohibited from dealing
in Units on short-term considerations.
3/18/05
1:29 PM
Page 59
Composition of Board and Committees

The nature of the directors appointments on the Board,
and details of their memberships in the Board
Committees are shown below:
Board
Members
Audit
Committee
Executive
Committee
Corporate
Disclosure
Committee
Sum Soon Lim (C)

Liew Mun Leong (DC)
Stewart Fraser Ewen
Fong Kwok Jen
Ho Swee Huat
Kee Teck Koon

Lui Chong Chee
Martin Tan
Denotes: C Chairman DC Deputy Chairman M - Member
The Manager believes that contributions from each

director can be reflected in ways other than the reporting
of attendances at Board and committee meetings. A
director of the Manager would have been appointed on
the principles outlined earlier in this Statement and his
ability to contribute to the proper guidance of the
Manager in its management of CCT.
59

CCT Ar 2004

Hochgeladen von

Dokumentinformationen

Originalbeschreibung:

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

CCT Ar 2004

Hochgeladen von

Copyright:

Verfügbare Formate

CCT Cover-OK

The Real Difference

CapitaCommercial Trust Management Limited

The Real Difference

Company registration number: 200309059W

SL191322 DLMAC8 Osx 10.03.2005 175#

CCTfor The Real Difference

Corporate Disclosure Committee

Directors of the Manager

Calendar of financial events

Mr Liew Mun Leong

Mr Stewart Fraser Ewen

Mr Kee Teck Koon

Mr Lui Chong Chee

Concept and design by equus

Inside Front Cover

Inside Back Cover

SL191322 DLMAC8 Osx 10.03.2005 175#

CapitaCommercial Trust (CCT) is Singapores first Real Estate

The contemporary architecture, the well-maintained and managed

MR JOHN R. KNIGHT, MANAGING DIRECTOR AND CHIEF OPERATING OFFICER

The strength of CCT lies in its ability to deliver healthy distributions,

MR TERENCE WONG, UNITHOLDER

With the CapitaLand Group behind it and a more favourable

MR LEE PENG GUAN, UNITHOLDER

Financial period 15 May 2004 to 31 December 2004

Net property income

Taxable income available for distribution

Distributable income (95% payout)

Distribution per Unit (DPU)

15 May 2004 to 31 December 2004

Annualised distribution yield

Total returns 11 May 2004 to 31 December 2004

CapitaCommercial Trust AR 2004

First trade opening price (11 May 2004)

Market closing price (31 December 2004) S$1.27

As at 31 December 2004 or for the financial period

Distribution per Unit (DPU)

Net tangible asset per Unit

Borrowings to total assets

Net asset value (NAV) per Unit

Interest service coverage ratio

Based on the total of 839.1 million Units in issue as at 31 December 2004.

Based on market closing price per Unit of S$1.27 as at 31 December 2004.

CapitaCommercial Trust AR 2004

Underpinning CCTs strength is its high-quality and

CapitaCommercial Trust AR 2004

so as to implement our growth strategies and produce

CapitaCommercial Trust AR 2004

We have set out a two-pronged acquisition strategy to

office building located in Raffles Place, the heart of

We would like to thank all our Unitholders, customers,

Sum Soon Lim

CapitaCommercial Trust AR 2004

Delivering real results

The strength and quality of CCTs property portfolio

NAV per Unit decreased from S$1.74 on listing to

Renewals and new commitments for the financial

CapitaCommercial Trust AR 2004

URAs island-wide office occupancy rate as at the end of 4Q 2004.

Average portfolio committed occupancy as at 31 December 2004.

For the financial period 15 May 2004 to 31 December 2004.