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CAPITAMALLS MALAYSIA TRUST
ANNUAL REPORT 2012
CAPITAL VALUES
CBRE Research has found that capital values
and yields/capitalisation rates have varied widely
based on shopping centre transactions in the
last three years. In general, capitalisation rates
for retail property in Malaysia have been
compressed to below 6.0% in recent
transactions.
SHOPPING CENTRE OWNERSHIP
In terms of ownership, the retail market in
Malaysia is extremely fragmented. The vast
majority of retail assets are independently
owned, with a few larger national players having
portfolios of multiple assets.
Capital Values from Selected Shopping Centre Transactions from 2010 to 2012
Property
NLA
(sq ft)
Transaction
Price
(RM mil)
Capital
Value
(RM psf)
Purchaser
Aeon Bandaraya Melaka
615,608
377.0
612 ARA Asia Dragon Fund
SACC Mall
185,178
90.0
486 ARREIT
1 Mont’Kiara
1
410,000
333.0
812 ARA Asia Dragon Fund
Gurney Plaza
707,503
800.0
1,131 CMMT
Sungei Wang Plaza
2
450,470
724.0
1,607 CMMT
The Mines
719,563
530.0
737 CMMT
Sunway Pyramid Shopping Mall
1,685,568
2,300.0
1,365 Sunway REIT
Sunway Carnival Shopping Mall
484,364
250.0
516 Sunway REIT
Gurney Plaza (Extension)
139,964
215.0
1,536 CMMT
Queensbay Mall
3
892,361
651.8
730 CapitaMalls Asia
Selayang Mall
379,685
128.0
337 Amanahraya REIT
Putra Place (The Mall)
4
507,193
223.0
440 Sunway REIT
East Coast Mall
441,342
310.0
702 CMMT
Landmark Central Shopping
Centre
289,462
98.0
339 Hektar REIT
Central Square Shopping Centre
5
300,782
83.0
276 Hektar REIT
Pavilion KL Mall
1,335,119
3,190.3
2,390 Pavilion REIT
Citta Mall
424,467
245.0
577 ARA Asia Dragon Fund
Kompleks Sungai Buloh
114,130
68.5
600 The Store (M) Sdn Bhd
Mid Valley MegaMall
1,718,951
3,440.0
2,001 IGB REIT
The Gardens Mall
817,053
1,160.0
1,420 IGB REIT
Source: CBRE Research, REIT prospectuses and annual reports and published news sources.
1
The total net lettable area and acquisition price for 1 Mont’Kiara includes the shopping centre and a 20-storey office
tower with roughly 185,000 sq ft of net lettable area.
2
CMMT acquired 205 strata parcels within the mall which, based on the total share units allocated to the 205 strata
parcels, represents 62.8% of the voting rights in Sungei Wang Plaza Management Corporation. These 205 strata
parcels consist of retail space with an aggregate floor area of approximately 511,103 sq ft (representing approximately
61.9% of the aggregate retail floor area of Sungei Wang Plaza) and approximately 1,298 car park bays with an
aggregate floor area of approximately 435,411 sq ft, (which comprises 100.0% of the car park bays in Sungei Wang
Plaza).
3
CapitaMalls Asia acquired about 90.7% of the mall’s retail strata area (about 916,181 sq ft) and all its car park spaces.
4
The sale of Putra Place consists of The Mall (retail), 100 Putra Place (office), The Legend Hotel (hotel) and 1,323 car
parking bays. The consideration paid for the auction of The Putra Place was RM513.95 million. According to the
announcement of Sunway REIT, the valuation exercise reports a value of RM223 million for the 507,193sq ft shopping
centre.
5
The purchase was based on 110 strata parcels within the shopping mall (measuring 464,520 sq ft and representing
85% of the voting rights in Perbadanan Pengurusan Komplek Central Square) together will all the accessory parcels
thereto, which consists of retail space with an aggregate NLA of approximately 300,782 sq ft and 488 car parking bays.