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Cambridge Industrial Trust • Annual Report 2012
Manager’s
Report
30 Marsiling Industrial Estate Road 8 86/88 International Road
A Year of Continued Growth
2012 was a challenging year with continued
economic uncertainties in the global environment.
The Singapore economy grew 1.3% for the whole
year. Despite the slowdown, we delivered a set of
positive results, increasing DPU year-on-year by
12.9% to 4.784 cents from 4.237 cents.
Acquisition of Value-Enhancing Properties
The number of properties in our portfolio grew
from 45 in FY2011 to 49 in FY2012 and total assets
increased by 17.9% to S$1.3 billion. In FY2012, we
completedfveout of theninecommittedacquisitions.
We commenced the year with the completion of
3C Toh Guan Road East for S$35.5 million and 25
Pioneer Crescent for S$15.3 million respectively.
On 29 May 2012, we completed the acquisition of
16 Tai Seng Street (Phase I) for S$59.3 million. This
is our frst venture into Paya Lebar iPark (“PLiP”),
Jurong Town Corporation’s (“JTC”) hub for light
manufacturing and lifestyle-related industries such
as printing, food processing and lifestyle furnishings.
PLiP is JTC’s pilot project under its Park21 initiative
to transform Singapore’s industrial landscape into a
vibrant enterprise ecosystem.Well-known companies
with established headquarters in the PLiP include
the Breadtalk Group, Sakae Holdings and Charles
& Keith Group. With a GFA of 175,262 sq ft, the
property is leased to Nobel Design Holdings Ltd
for six years. Phase II of 16 Tai Seng Street with
a GFA of approximately 38,703 sq ft, at a cost
of S$13.1 million is on track to be completed in
1Q2013. When completed, the total GFA of this
property will be approximately 213,965 sq ft, with
an end value of approximately S$72.5 million.
In 4Q2012, we completed the acquisition of two
more properties located in the northern part of
Singapore, 30Marsiling Industrial Road 8 for S$39.0
million and 11 Woodlands Walk for S$17.3 million.