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NOTES TO THE FINANCIAL STATEMENTS
C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
1.
General (Cont’d)
(D)
Property Manager’s fees
Cambridge Industrial Property Management Pte. Ltd. (the “Property Manager”), as property manager of
all CIT’s properties including the property held through Cambridge SPV1 LLP, is entitled to receive the
following fees:
(i)
A property management fee of 2.0% per annum of the gross revenue of the relevant property;
(ii)
A lease management fee of 1.0% per annum of the gross revenue of the relevant property;
(iii)
A marketing services commission equivalent to:
(a)
one month’s gross rent, inclusive of service charge, for securing a tenancy of three years or less;
(b)
two month’s gross rent, inclusive of service charge, for securing a tenancy of more than
three years;
(c)
half month’s gross rent, inclusive of service charge, for securing a renewal of tenancy of
three years or less; and
(d)
one month’s gross rent, inclusive of service charge, for securing a renewal of tenancy of
more than three years.
(iv)
A project management fee in relation to development or redevelopment (if not prohibited by
the Property Funds Appendix of the Code on Collective Investment Schemes (“CIS Code”) or
if otherwise permitted by the MAS), the refurbishment, retrofitting and renovation works on a
property, as follows:
(a)
where the construction costs are $2.0 million or less, a fee of 3.0% of the construction costs;
(b)
where the construction costs exceed $2.0 million but do not exceed $20.0 million, a fee of
2.0% of the construction costs;
(c)
where the construction costs exceed $20.0 million but do not exceed $50.0 million, a fee of
1.5% of the construction costs; and
(d)
where the construction costs exceed $50.0 million, a fee to be mutually agreed by the
Manager, the Property Manager and the Trustee.
(v)
A property tax services fee in respect of property tax objections submitted to the tax authority on
any proposed annual value of a property if, as a result of such objections, the proposed annual
value is reduced resulting in property tax savings for the relevant property:
(a)
where the proposed annual value is $1.0 million or less, a fee of 7.5% of the property tax savings;
(b)
where the proposed annual value is more than $1.0 million but does not exceed $5.0
million, a fee of 5.5% of the property tax savings; and
(c)
where the proposed annual value is more than $5.0 million, a fee of 5.0% of the property
tax savings.
The above-mentioned fee is a lump sum fixed fee based on the property tax savings calculated
over a 12-month period.
