MANAGER’S REPORT
PRO-ACTIVE ASSET MANAGEMENT
During 2014, we saw the early completion of the AEI
Phase I for 3 Pioneer Sector 3, four months ahead of
schedule, on 3 June 2014 and achieved a cost savings
of S$1.0 million. Phase I AEI involved the construction
of a four-storey ramp up warehouse, a first for CIT, with
an additional GFA of approximately 315,350 sq ft. This
brings the total GFA to 716,510 sq ft. The property, which
is located within the Jurong Industrial Estate, is currently
undergoing Phase II AEI, involving the connection
of the new ramp-up warehouse with the existing
building, upgrading the building façade and is targeted
to complete in 1Q2015. The property is leased to CWT
Limited for three years.
On 31 July 2014, we completed the AEI for 30 Toh
Guan Road, a multi-tenanted eight-storey warehouse
with office accommodation and an adjoining two-level
conventional warehouse.
On 10 December 2014, we completed Phase II of the
AEI works at 21B Senoko Loop. Phase II AEI involved the
construction of a four-level industrial warehouse, with a
basement and a detached single-level factory building.
The completion of Phase II AEI will add an additional
GFA of approximately 73,000 sq ft. The property is
currently undergoing Phase I AEI which involves cargo-lift
upgrading, and is targeted to complete in 1Q2015. Upon
the completion of Phase I AEI, this property will have a total
GFA of approximately 196,872 sq ft. AEIs further unlock
portfolio value, optimising the Trust’s performance.
DIVESTMENT OF NON-CORE PROPERTIES
During the year, we divested 81 Defu Lane 10 for
S$7.8 million which was approximately 16% above the
book value of S$6.7 million.
A summary of the FY2014 acquisitions, divestment and
AEIs can be found in tables below:
FY2014 AEIS / DEVELOPMENTS SUMMARY
AEIs / Developments
Add'I GFA (sq ft)
Completion
Contract Cost / Cost (S$million)
3 Pioneer Sector 3 (Phase I)
315,350
3 Jun 2014
44.4
30 Toh Guan Road
–
31 Jul 2014
2.3
21B Senoko Loop (Phase II)
(Phase I)
~73,026
~26,744
10 Dec 2014
1Q2015
12.8
3 Pioneer Sector (Phase II)
–
1Q2015
12.4
31 Changi South Avenue 2
~9,242
1Q2015
1.6
Total for 2014
~424,362
73.5
CAMBRIDGE INDUSTRIAL TRUST | ANNUAL REPORT 2014
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