“The Singapore office market is poised for further growth. As the biggest player in the local office market with a first class portfolio in the CBD, we are well-positioned to capitalise on this growth. We will also export our integrated development expertise by growing our Raffles City brand name in key Chinese cities and new markets like Bahrain and the GCC region.”
Mr Martin Tan
CEO, CapitaLand Commercial and Integrated Development Limited

CapitaLand Commercial and Integrated Development Limited (CCID) focuses on offices and integrated developments both in Singapore and overseas. Today, CCID has close to 13 million sq ft of lettable area under management. In Singapore, CCID is a leading landlord and manager of commercial space with about 7.8 million sq ft of net lettable area of which about 5 million sq ft are in the Singapore Downtown Core alone. CCID’s overseas portfolio extends to gateway cities in China, Hong Kong, Malaysia, Bahrain and the United Kingdom with more than 5.1 million sq ft of lettable area. CCID’s total assets under ownership/ management are worth about
S$10 billion, making it a significant Asian real estate player for commercial and integrated development projects.

In 2006, the Group continued to distinguish itself by its portfolio of quality projects; its capacity to capitalise on its core competencies to develop landmark integrated developments and office buildings; and track record of successful projects through its participation in funds and joint ventures. Currently, CCID has prime office properties in Singapore like Capital Tower, 6 Battery Road and Raffles City, which are owned by CapitaCommercial Trust (CCT). Its other properties include Raffles City in Shanghai, Capital Tower in Beijing, AIG Tower in Hong Kong, High Street Kensington in London and Temasek Tower in Singapore. Last year, the Group won a tender to develop a Raffles City in Chengdu. It was also invited to develop a prime waterfront integrated development in Bahrain’s capital city, Manama. Named Raffles City Bahrain, it will be one of the focal points within Bahrain Bay, which is Manama’s new premium residential, entertainment and business district.

Singapore
Given the optimistic economic outlook, the Singapore office rental market will continue to rise, underpinned by tightening supply and active occupier demand for good quality office space. CB Richard Ellis reported that as at end-2006, average prime rents in Singapore rose 50.2% in the year to S$7.81 psf per month, while rent for Grade A offices gained 53.1% to an average S$8.73 psf per month.

CCID, with its prime portfolio of office properties in the core Central Business District (CBD) area, will benefit from this tight supply and strong demand. As at end-2006, about 96% of CapitaLand’s office space in Singapore were leased, compared to approximately 91% in 2005. CapitaLand’s high-tech industrial complexes in Singapore also performed better with 87% of space leased, compared to 81% in 2005.