10 YEARS OF ACHIEVEMENTS 十年辛勤筑辉煌 ARA ASSET MANAGEMENT LIMITED

Transcription

1 10 YEARS OF ACHIEVEMENTS 十年辛勤筑辉煌 ARA ASSET MANAGEMENT LIMITED A n n u a l R e p o r t

2 CONTENTS Corporate Profile Our Core Values Celebrating 10 Years of Achievements Letter to Shareholders Year in Review Highlights of the Year Financial Highlights Performance Review Our Business Business Segments Funds and Services Real Estate Investment Trusts Private Real Estate Funds Real Estate Management Services Corporate Finance Advisory Services Our People Board of Directors Management Team Structure Management Team Investor Relations and Awards Corporate Information Report on Corporate Governance Financial Statements Supplementary Information Shareholders Information Notice of Annual General Meeting Notice of Books Closure ANNUAL REPORT

3 CORPORATE PROFILE ARA Asset Management Limited ( ARA or the Company and together with its subsidiaries, the Group ) is an Asian real estate fund management company focused on the management of public listed real estate investment trusts ( REITs ) and private real estate funds. ARA was incorporated on 1 July 2002 and was admitted to the official list of the Main Board of the Singapore Exchange Securities Trading Limited ( SGX-ST ) on 2 November ARA currently manages REITs listed in Singapore, Hong Kong and Malaysia with a diversified portfolio spanning the office/retail (commercial), industrial/office and logistics sectors; private real estate funds investing in Asia; and provides real estate management services, including property management and convention & exhibition services; and corporate finance advisory services. ARA is one of the largest real estate fund managers in the region and has total assets under management ( AUM ) of S$20.2 billion (approximately US$15.6 billion) as at 31 December ARA ASSET MANAGEMENT LIMITED

4 OUR CORE VALUES INTEGRITY EXCELLENCE RESpect TEAMWORK ANNUAL REPORT

5 Celebrating 10 Years of achievements ARA was founded ten years ago as a joint venture between our Group CEO, Mr John Lim and Cheung Kong Group. Over the past decade, ARA has grown to become a leading Asian real estate fund manager, with a capable management team at the helm and employs over 800 people across 11 cities in the Asia- Pacific region. On the 10 th anniversary of ARA, we have reached a significant milestone in achieving over S$20 billion of AUM as at 31 December We will continue to pursue our vision of becoming the premier integrated real estate fund manager in Asia Establishment of ARA Initial Public Offering ( IPO ) of Fortune REIT in Singapore the first cross-border REIT in Asia Establishment of the Al-Islami Far Eastern Real Estate Fund ( AIFEREF ) the first Shariahcompliant fund in Asia 2004 IPO of Suntec REIT the first composite REIT in Singapore 4 ARA ASSET MANAGEMENT LIMITED

6 celebrating 10 years of achievements 2005 IPO of Prosperity REIT the first private sector REIT in Hong Kong 2006 IPO of AmFIRST REIT one of the largest commercial REITs in Malaysia Establishment of ARA Corporate Finance Advisory Services 2007 IPO of ARA Asset Management Limited the first real estate fund manager listed in Singapore First closing of the ARA Asia Dragon Fund ARA s flagship private real estate fund with committed capital of US$716 million AIFEREF divested with an internal rate of return ( IRR ) (unlevered) of 23.7% 2008 Final closing of the ARA Asia Dragon Fund with total committed capital of US$1.1 billion 2009 Establishment of the ARA Harmony Fund a single asset private real estate fund invested in the Suntec Singapore International Convention & Exhibition Centre 2010 Dual primary listing of Fortune REIT in Hong Kong IPO of Cache Logistics Trust ( Cache ) the first REIT IPO in Singapore since the global financial crisis Acquired strategic stake in APN Property Group Limited, a listed Australian boutique real estate fund manager ARA s revenue crosses the S$100 million mark ARA s market capitalisation crosses the S$1 billion mark for the first time ARA was accorded Forbes Asia s 200 Best Under a Billion 2011 IPO of Hui Xian REIT the first offshore RMB-denominated public equity offering listed in Hong Kong and the first RMB-denominated REIT in the world The ARA Harmony Fund achieves an IRR of 64.8% for investors The ARA Asia Dragon Fund II was established and achieved its first closing of US$300 million ARA was accorded Forbes Asia s 200 Best Under a Billion for the second year running Establishment of Suntec Singapore a convention & exhibition services provider Acquisition of APM Property Management Pte. Ltd. the property manager of Suntec City ANNUAL REPORT

7 Letter to Shareholders 6 ARA ASSET MANAGEMENT LIMITED

8 ANNUAL REPORT

9 Letter to shareholders For the financial year ended 31 December 2011 ( FY2011 ), the Group posted a record net profit of S$68.2 million, a 7% jump from the S$63.8 million achieved in the previous year. Earnings per share (1) were 8.9 cents (FY cents). 8 ARA ASSET MANAGEMENT LIMITED

10 letter to shareholders Becoming the Premier Integrated Real Estate Fund Manager in Asia ARA celebrates its 10 th anniversary this year and we are very pleased to be on track to realise our objective of becoming the premier integrated real estate fund manager in Asia. Over the decade, we have expanded our portfolio and now manage six REITs in three jurisdictions, as well as three private real estate funds that invest in the Asian region. As at 31 December 2011, ARA has accumulated assets under management ( AUM ) of S$20.2 billion, an impressive compounded annual growth rate of 56% from Today, ARA manages over 35 million square feet of real estate space across Asia through REITs and private real estate funds platforms, making ARA one of the largest real estate fund managers in the region. With multiple platforms and an excellent track record, ARA is well positioned to ride on the Asian growth story to continue growing its AUM and extending its presence in the region. Dividend The Directors are pleased to propose a final dividend of 2.7 Singapore cents per share for FY2011. Including the interim dividend of 2.3 Singapore cents per share paid out on 8 September 2011, the total dividend for FY2011 amounts to 5.0 Singapore cents per share. With the one-for-ten bonus issue in June 2011, the proposed dividend payout in FY2011 represents an effective 15% increase from FY2010. The proposed final dividend is subject to shareholders approval at the Company s Annual General Meeting to be held on 26 April Delivering results amid an uncertain environment FY2011 started off with uncertainty as the slow recovery of the US was weighed down by unresolved and expanding sovereign debt issues in Europe. There were also fears that Asian economies might overheat due to accommodative monetary policies. As the year continued, a slow but discernable pattern emerged the US and the weaker European Union countries continued to be stymied by economic slowdown and the persistent sovereign debt crisis. The devastating catastrophe in Japan, political upheavals in the Middle East and floods in Thailand exacerbated the economic uncertainties and Asian economies experienced slower growth and rising inflation. Amid this uncertain environment, ARA continues to deliver consistent earnings based on strong fundamentals and this has positioned ARA to ride out the volatility of the market and maintain sustainable results. In FY2011, our revenue jumped 9% to S$122.8 million and our net profit increased to S$68.2 million, an increase of 7% year-on-year. The outstanding performance was due mainly to our twin growth drivers of REIT management and private real estate funds platforms. ARA was commended for its achievements in branding, strong corporate governance policies and internal controls in FY2011. Affirming our strong performance, ARA was included in Asia s 200 Best Under a Billion list in September 2011 s edition of Forbes Asia Magazine for the second year running. ARA was the only one of eight Singapore companies in the 2010 list to be awarded in ARA has also been recognised as a Business Superbrands in Singapore, a strong testament to ARA s excellent branding and recognition locally and abroad. At the Investors Choice Awards 2011 organised by the Securities Investors Association (Singapore), ARA received the inaugural Internal Audit Excellence Award (Merit, Overall Category). We value the recognition accorded by industry peers for our strength in delivering consistent performance through business cycles. We continue to outperform the market at large and our major revenue lines including management fees, acquisition and performance fees posted record results. (1) Based on enlarged share capital of 768,319,189 shares ANNUAL REPORT

11 Letter to shareholders REIT Management ARA had another busy banner year in terms of REIT management, with the listing of Hui Xian REIT in Hong Kong. Our REITs were also active on the acquisition front, making several acquisitions during the year. In April 2011, ARA, together with our joint venture partners Cheung Kong Group and CITIC Securities Group, jointly listed Hui Xian REIT on the Stock Exchange of Hong Kong. As the first RMB-denominated REIT listed in Hong Kong, Hui Xian REIT was listed with Beijing Oriental Plaza, one of the largest and most iconic commercial complexes in China. Hui Xian REIT has since announced the acquisition of the Sheraton Shenyang Lido Hotel in Shenyang, one of the largest international five-star hotels in North-eastern China in November In August 2011, Suntec REIT acquired majority control of Suntec Singapore, a premier convention and exhibition centre which is integrated with the iconic Suntec City. As a result, Suntec REIT s effective interest in Suntec Singapore increased from 20.0% to 60.8%. In October 2011, Suntec REIT announced the divestment of Chijmes at a 23% premium over valuation and the S$410 million remaking of Suntec City into a more exciting shopping and Meetings, Incentives, Conventions and Exhibitions ( MICE ) destination. The asset enhancement initiative ( AEI ), which is scheduled to start in mid-2012, comprises S$230 million in capital expenditure to remake Suntec City Mall and S$180 million to modernise Suntec Singapore. When completed in mid-2015, Suntec City will offer almost 1 million square feet of shopping experience. In December 2011, Fortune REIT announced the acquisition of The Belvedere Garden Property and The Provident Centre Property for a total purchase consideration of HK$1,900 million. Upon completion, the acquisition of these two properties will add 457,100 square feet or 23% of gross rentable area ( GRA ) to Fortune REIT s portfolio, bringing its total portfolio GRA to 2.4 million square feet. Cache Logistics Trust made its maiden acquisition in Singapore by acquiring two logistics properties, and marked its foray into China with the acquisition of Jinshan Chemical Warehouse in Shanghai. Capitalising on the economic growth and vibrancy of Cyberjaya s commercial office segment, AmFIRST REIT made its first investment in Cyberjaya with the acquisition of Prima 9 and Prima 10 properties for a total consideration of RM133 million in November The outlook for the Singapore and Hong Kong markets may be uncertain given their relatively open economies, which are more exposed to external factors. However, we note that the fundamentals in Asia, and in particular these two cities, remain strong as the region s economies continue to grow. Looking ahead, we will continue to grow our REIT management platform, proactively manage our assets, undertake AEIs as well as list new REITs in new jurisdictions. Private Real Estate Funds Our flagship private real estate fund, the ARA Asia Dragon Fund ( ADF ), completed its investment period in 2011 and shifted its focus to asset management and divestment. Over the next three years, the ADF will be divesting its assets, after having successfully deployed all its capital. ARA has officially launched the ARA Asia Dragon Fund II and was able to raise US$300 million at its first closing with the final closing scheduled for Despite the challenging fund raising environment, we are heartened by the good support received from investors. We are indeed pleased with the performance of the ARA Harmony Fund which held a majority stake in Suntec Singapore. In August 2011, the ARA Harmony Fund achieved an overall internal rate of return of 64.8% when the private investors in the fund divested their interests. Real Estate Management Services Our real estate management services division continues to deliver steady results as it manages Suntec City in Singapore and properties in Malaysia. Our real estate management services division plays a crucial role in enhancing the performance of the assets of our REITs and private funds in these two countries. The real estate management services division will benefit 10 ARA ASSET MANAGEMENT LIMITED

12 letter to shareholders from the AEI in the longer term as the rejuvenated Suntec City will be a more exciting shopping and MICE destination. We will continue to develop APM Property Management Pte. Ltd. as a premium brand in property management in Asia. Our expertise in property management was recognised when Suntec Singapore won the Asia s Leading Meetings and Conference Centre title at the World Travel Awards for the sixth year, beating strong competition from seven other establishments across leading Asian cities. We are also proud that Suntec Singapore s efforts at internationalising its operations is bearing fruit as Suntec International has been appointed the sales and marketing representative for both Vancouver Convention Centre as well as Adelaide Convention Centre to spearhead efforts in drawing more meetings and events from Asia to the respective continents of North America and Australia. Prospects With concerns that growth in Asia could be adversely affected by the slowdown in the US and European economies, it is vital for ARA to proactively manage the risks that arise and to focus on managing our funds prudently. Although the uncertain economic environment poses challenges, it also offers opportunities for ARA to expand our existing platforms and strengthen our organisation. We have and will always keep to our core values of integrity, excellence, respect and teamwork. These have been our guiding principles in all our dealings with our stakeholders and business partners, and we will continue to inculcate these core values within the organisation. Acknowledgement We would like to thank our Board of Directors for their guidance in the past year, as well as our employees for their hard work in contributing to the success of ARA during our founding decade. There is a Chinese wisdom that a journey of a thousand miles starts with a first step. We would also like to thank our investors and business partners for their support, many of whom have been with us since ten years ago. We look forward to their support for many decades to come. Chiu Kwok hung Justin Chairman Lim Hwee Chiang John Group Chief Executive Officer ANNUAL REPORT

13 Year in Review 12 ARA ASSET MANAGEMENT LIMITED

14 ANNUAL REPORT

15 HIGHLIGHTS OF THE YEAR FEBRUARY Cache establishes a S$500 million multicurrency medium term note programme MARCH Cache acquires 6 Changi North Way and 4 Penjuru Lane for S$39.8 million AmFIRST REIT completes the acqusition of SYF Unit No. S2.140B 2 nd Floor The Summit Subang USJ APRIL ARA FY2010 Annual General Meeting Listing of Hui Xian REIT on the Stock Exchange of Hong Kong ( SEHK ) MAY Payment of FY2010 final dividend of S$0.025 per share JUNE 1-for-10 bonus issue of 69,847,192 new ordinary shares of S$0.002 each Cache acquires Jinshan Chemical Warehouse in Shanghai, China for RMB 71.0 million 14 ARA ASSET MANAGEMENT LIMITED

16 HIGHLIGHTS OF THE YEAR JULY The ADF II secures US$300 million of capital commitments Fortune REIT announces new Fortune Malls asset branding exercise for 14 malls Suntec REIT announces the establishment of a S$500 million multicurrency medium term note programme AUGUST Suntec REIT acquires majority control of Suntec Singapore International Convention & Exhibition Centre The ARA Harmony Fund achieves an IRR of 64.8% for investors Cache acquires 22 Loyang Lane for S$13.0 million Suntec REIT issues S$150 million 3.1% fixed rate notes due in 2016 september Prosperity REIT completes the asset enhancement initiative for Trendy Centre Payment of FY2011 interim dividend of S$0.023 per share october ARA conferred the inaugural Internal Audit Excellence Award by Securities Investors Association (Singapore) ( SIAS ) ARA recognised as a Business Superbrands 2011/2012 by Superbrands Suntec REIT announces the divestment of Chijmes for S$177 million Suntec REIT announces the remaking of Suntec City Suntec REIT conferred the Most Transparent Company Award 2011 Runner-up Award by SIAS november Hui Xian REIT announces the acquisition of the Sheraton Shenyang Lido Hotel in Shenyang, China for RMB 980 million december AmFIRST REIT completes the aquisition of Prima 9 & 10 for RM133 million Fortune REIT announces the proposed acquisition of The Belvedere Garden Property and The Provident Centre Property for HK$1,900 million ARA named one of Asia s 200 Best Under a Billion by Forbes Asia Magazine for the second year running ANNUAL REPORT

17 financial highlights Total revenue rose 9% to S$122.8 million Net profit increased 7% to S$68.2 million Proposed final dividend of S$0.027 per share, total payout of S$0.050 per share for FY2011 Total AUM up 18% to S$20.2 billion (approximately US$15.6 billion) KEY FINANCIAL RESULTS FY2011 FY2010 Change (%) Revenue Management fees S$ ,860 84,630 7% Acquisition and performance fees S$ ,288 17,499 22% Other income S$ ,613 10,382 2% Total revenue S$ , ,511 9% Net profit S$ ,202 63,812 7% EPS (1) S$ cents % Dividend S$ cents % (1) Earnings per share based on the enlarged share capital of 768,319,189 shares in issue as at 31 December 2011 Total Assets Under Management (2) 31 Dec Dec 2010 Change REITs - Real estate (3) (S$ billion) Private real estate funds - Real estate (4) (S$ billion) (0.1) Private real estate funds - Capital (5) (S$ billion) (0.1) Real estate management services (6) (S$ billion) Total AUM (S$ billion) (2) Based on exchange rates as at 31 December 2011 (3) Gross property value of REITs managed by subsidiaries & associated companies (4) Gross value of real estate investments in private real estate funds (5) Unutilised commitments in private real estate funds, excluding capital committed for projects pending completion (6) Revenue base for real estate management services fee computation 16 ARA ASSET MANAGEMENT LIMITED

18 financial highlights Total Revenue & Net ProFIt (S$ million) LEGEND Other Income acquisition & performance fees management fees NET PROFIT FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 Total Assets Under Management (S$ billion) LEGEND real estate management services private funds - capital private funds reits FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 ANNUAL REPORT

19 PERFORMANCE REVIEW Performance Overview The Group achieved another record year of net profit of S$68.2 million for the financial year ended 31 December 2011, a 7% jump from S$63.8 million in FY2010. Total revenue rose 9% to S$122.8 million, backed by an increase in recurrent management fee income as the Group benefitted from the full year management fees contribution from the acquisition of a one-third interest in the Marina Bay Financial Centre ( MBFC Property ) (1) by Suntec REIT on 9 December 2010 and the listing of Cache on the SGX-ST on 12 April During the year, the Group also listed Hui Xian REIT, the world s first offshore RMB-denominated REIT on the SEHK, and successfully divested investors interest in the ARA Harmony Fund with an excellent IRR of 64.8%. The successful execution of these transactions contributed significantly to the Group s net profit for FY2011, as well as cemented the Group s reputation as a leading Asian real estate fund manager. Assets Under Management In line with the Group s sustained growth since its establishment in 2002, the total AUM as at 31 December 2011 increased by 18% to S$20.2 billion from S$17.1 billion as at 31 December REIT real estate assets under management climbed S$3.4 billion to S$14.9 billion, primarily from the listing of Hui Xian REIT on the SEHK and revaluation gains for existing properties. For the Group s private real estate funds, there was a slight fall in AUM as the ARA Asia Dragon Fund ( ADF ) commenced its divestment of some of its assets and returned capital to investors. Revenue Despite the challenging macroeconomic environment, the Group s revenue climbed 9% to S$122.8 million in FY2011 from S$112.5 million in FY2010. Recurrent management fee income grew 7% to S$90.9 million, primarily due to the full year management fee contribution from the MBFC Property acquisition by Suntec REIT and the listing of Cache. Acquisition and performance fees rose to S$21.3 million from S$17.5 million in the previous year. The acquisition and performance fees received were primarily from the performance fees received in relation to the divestment of investors interest in the ARA Harmony Fund and the acquisition fees received in relation to the acquisition of a 51% interest in Harmony Partners Investments Limited by Suntec REIT. In FY2010, the Group received acquisition and performance fees of S$17.5 million primarily from Suntec REIT s acquisition of the MBFC Property. Expenses The Group recorded higher total operating expenses of S$48.8 million in FY2011 compared to S$38.6 million in FY2010, primary due to a net loss on fair valuation (mark-to-market loss) of S$6.1 million on the Suntec REIT acquisition units received by the Group for the acquisition of MBFC Property last year, as well as management fee income received in the form of units. The acquisition units were subject to a one year moratorium as stipulated in the Collective Investment Schemes issued by the Monetary Authority of Singapore. The increase was also partly due to higher staff-related expenses in line with the Group s continuing business expansion. Finance cost in FY2011 was reduced significantly to S$0.4 million from S$0.9 million as a secured revolving credit facility of RM44.9 million (approximately S$18.9 million) from AmInvestment Bank Berhad ( AIBB ) was fully repaid in May (1) Refers to Marina Bay Financial Centre Tower 1, Marina Bay Financial Centre Tower 2, the Marina Bay Link Mall and 695 car park lots 18 ARA ASSET MANAGEMENT LIMITED

20 PERFORMANCE REVIEW REVENUE BY SEGMENTS 9% 17% 46% TOTAL: S$122.8m LEGEND 10% reit management fees private fund management fees real estate management services 18% acquisition & performance fees other income REAL ESTATE ASSETS UNdER MANAGEMENT BY COUNTRY 5% 26% TOTAL: S$19.8b 47% LEGEND singapore 22% hong kong china malaysia ANNUAL REPORT

21 PERFORMANCE REVIEW Earnings The Group s share of profits of associates totalled S$2.8 million for FY2011. The increase of S$2.3 million was primarily due to the contribution from the Group s 30% effective interest in Hui Xian Asset Management Limited, the manager of Hui Xian REIT. Tax expense declined 27% to S$6.8 million in FY2011 from S$9.3 million in FY2010 despite higher operating profits as part of the income was received offshore for FY2011. Net profit attributable to equity holders of the Company in FY2011 was S$68.2 million, a 7% jump from S$63.8 million in the previous year. Excluding the effects of the mark-to-market loss on certain REIT units amounting to S$6.1 million and the related tax effects, the Group s net profit would have been S$73.3 million, 15% higher than that achieved in FY2010. While the share base of the Company increased following the 1-for-10 bonus issue in June 2011, FY2011 earnings per share was 8.9 Singapore cents, higher than the 8.3 Singapore cents per share achieved in FY2010. Dividends The Directors are pleased to propose a final tax-exempt dividend of 2.7 Singapore cents per share. Inclusive of the interim dividend of 2.3 Singapore cents per share paid out in September 2011, the total dividend per share for FY2011 amounted to 5.0 Singapore cents per share, higher than the 4.8 Singapore cents declared for FY2010. The total dividend paid/payable for FY2011 amounts to S$38.4 million, a 15% increase from the previous year, primarily due to the enlarged share base of the Company following the bonus issue. Assets The Group has an asset-light but human-capital focused business model of generating fee-based income from real estate fund management and related services. As at 31 December 2011, the Group s total assets was S$214.6 million, comprising S$57.3 million of cash and cash equivalents as well as S$121.7 million of financial assets. Financial assets, which include the Group s strategic stakes in AmFIRST REIT, Suntec REIT, Cache and seed investments in private funds and associated securities, decreased by 18% primarily due to the general softening of the global equity markets and the partial sale of AmFirst REIT units held by the Group. Borrowings The Group has fully repaid the secured revolving credit facility from AIBB that was used to part finance the acquisition of a 12.5% interest in AmFIRST REIT. As at 31 December 2011, the Group had no outstanding borrowings. Shareholders Equity In June 2011, the Company undertook a bonus share issue of one share credited as fully paid for every ten existing shares held in the capital of the Company. This amounted to the issuance of 69,847,192 new ordinary shares, bringing the total number of shares outstanding to 768,319,189. There were no outstanding options or convertible securities of the Company as at 31 December The Group s total reserves was S$187.4 million as at 31 December 2011 while total shareholders equity stood at S$189.6 million. Net tangible assets per share on the Company s enlarged share base as at 31 December 2011 was S$0.25, unchanged from 31 December ARA ASSET MANAGEMENT LIMITED

22 PERFORMANCE REVIEW Cash Flows & Liquidity The Group s main sources of operating cashflows are fees from the management of REITs and private real estate funds as well as the provision of real estate management services. The fees for the provision of these services are generally received in cash, except for management fees in respect of certain REITs, which are received in cash and/or REIT units. The Group s practice for REIT units received as part payment of REIT management fees is to realise them into cash as soon as practicable and outside of the corresponding black-out periods for the respective REITs. Additionally, the Group maintains the following facilities: an unutilised secured revolving credit facility of S$20.0 million which bears interest at a floating rate of 1.35% p.a. above the Association of Banks in Singapore Swap Offer Rate; an unutilised secured revolving credit facility of RM16.0 million which bears interest at a floating rate of 1.4% p.a. above the bank s cost of funds; and unutilised unsecured overdraft facilities of S$6.0 million and HK$3.0 million which bear interest at the respective Singapore and Hong Kong prime lending rates. Net cash generated from operating activities in FY2011 decreased to S$49.4 million from S$56.1 million in FY2010, primarily due to a decrease in proceeds from the sale of REIT units. The proceeds received from the sale of REIT units in FY2010 included REIT units received as fees in prior financial periods. Net cash inflows from investing activities amounted to S$21.6 million in FY2011, compared with a net cash outflow of S$28.3 million in the preceding year. The net cash inflow from investing activities in FY2011 was primarily due to net proceeds received from the partial sale of AmFIRST REIT units in April 2011 and repayment in relation to the Group s participation in a mezzanine loan to the ARA Harmony Fund. The net cash outflow for investing activities in FY2010 comprised mainly of the acquisition of a strategic stake in Cache during its IPO in April 2010, a strategic investment in APN Property Group and seed capital investment in the ADF pursuant to capital calls from the fund in FY2010. There was an increase in net cash outflow from financing activities of S$56.1 million in FY2011 compared to S$31.2 million in FY2010, mainly due to the repayment of the RM 44.9 million revolving credit facility from AIBB and an increase in dividend paid. As a result of the above, the Group s cash position increased by S$15.0 million from S$42.3 million as at 31 December 2010 to S$57.3 million as at 31 December ANNUAL REPORT

23 22 ARA ASSET MANAGEMENT LIMITED

24 Our Business ANNUAL REPORT

25 business segments As a real estate fund manager, ARA is focused on the management of public-listed REITs and private real estate funds. These investment vehicles allow ARA to invest across a broad spectrum of real estate investment classes. Supporting them are ARA s real estate management services and corporate finance advisory services divisions which provide in-house expertise in property management, convention & exhibition services and capital markets. Together, ARA s various business segments constitute an Asia-focused real estate fund manager with extensive expertise and experience across a wide range of real estate asset classes complemented by asset-specific skill sets. The revenues contributed by these business segments are summarised as follows: business segments REITs Private Real Estate Funds Real Estate Management Services Corporate Finance Advisory Services Revenue (Primary Basis) Base Fees (Gross Property Value) Performance/ Variable Fees (Net Property Income) Acquisition/ Divestment Fees (Gross Property Value) Portfolio Management Fees (Committed Capital / Contributed Capital / Gross Property Value) Performance Fees (IRR above hurdle) Return on Seed Capital Portfolio Management Fees (Property Gross Revenue) Convention & Exhibition Service Fees (Gross Revenue) Consultancy Fees (Project Value) Advisory Fees (Purchase Value) 24 ARA ASSET MANAGEMENT LIMITED

26 funds and services DiversiFIed and complementary fund platforms and services REITs Listing Venue SGX-ST & SEHK SGX-ST SEHK Bursa SGX-ST SEHK Focus Suburban retail Prime office & Office & Commercial Logistics Commercial properties in retail properties industrial/ office properties in properties in the properties in the Hong Kong in Singapore properties in Malaysia Asia Pacific region PRC Hong Kong Property Value (1) HK$16,388m S$7,698m HK$6,991m RM1,157m S$843m RMB 33,190m Private Real Estate Funds Description Flagship strategic and 2 nd strategic and Single-asset private real Strategic alliance with opportunistic private opportunistic private estate fund which owns Australian specialist real real estate fund real estate fund the Suntec Singapore estate investment manager, investing in Singapore, investing in Singapore, International Convention APN Property Group (2) for Hong Kong, China, Hong Kong, China, & Exhibition Centre private funds investing Malaysia and other Malaysia and other primarily in Australian emerging economies emerging economies real estate in Asia in Asia Fund Size US$1.1b US$1.0b S$400m (Committed Capital) (Target Fund Size) (Gross Asset Value) Real Estate Management Services Description Property management services provider Operations, sales and marketing services provider & consultant for convention, exhibition, meeting and event facilities Notes: (1) Property values as per the latest publicly-announced valuation (2) ARA held a 13.9% interest in APN Property Group as at 31 December 2011 ANNUAL REPORT

27 real estate investment trusts The REITs managed by ARA are regulated investment vehicles that are freely traded on stock exchanges in the region. They typically have core strategies focusing on properties within their respective sectors or geographical locations that offer stable rental income. Distinguishing features of these REITs include a requirement to pay out nearly all income to investors through regular distributions and limits on debt and development or operating activities. ARA currently manages six REITs listed in Singapore, Hong Kong and Malaysia with a combined floor area of 17 million square feet and an aggregate gross property value of S$14.9 billion (approximately US$11.5 billion) as at 31 December Suntec REIT First composite REIT in Singapore 1 26 ARA ASSET MANAGEMENT LIMITED

28 real estate investment trusts 2 3 Listed on 9 December 2004 on the SGX-ST and with a primary focus on prime commercial property in Singapore, Suntec REIT was the first composite REIT in Singapore owning both office and retail properties. Suntec REIT is managed by ARA Trust Management (Suntec) Limited, a wholly-owned subsidiary of the Company, and currently owns a portfolio of office and retail properties with a total net lettable area of approximately 3.5 million square feet. Property Location NET Lettable Area (Square Feet) 1 Suntec City Marina Bay 2,129,804* 2 Park Mall Orchard 269,959** 3 CHIJMES *** City Hall 79,794 4 One Raffles Quay Marina Bay 445,120 (one-third interest) 5 The MBFC Property Marina Bay 581,653 (one-third interest) Total 3,506,330 * Includes Suntec REIT s 60.8% effective interest in the retail net lettable area in the Suntec Singapore International Convention & Exhibition Centre ** Excludes the permissible gross lettable area of 65,454 square feet from the acquired land along Penang Road *** Disposed on 20 January ANNUAL REPORT

29 real estate investment trusts Fortune REIT Asia s first cross border and the only dual-listed REIT 1 Listed on 12 August 2003 on the SGX-ST and with a dual primary listing on the SEHK on 20 April 2010, Fortune REIT was Asia s first cross-border REIT and also the first REIT to hold assets in Hong Kong. Fortune REIT is managed by ARA Asset Management (Fortune) Limited, a wholly-owned subsidiary of the Company, and currently owns a portfolio of 14 private housing estate retail properties in Hong Kong with a total gross rentable area of approximately 2.0 million square feet. 28 ARA ASSET MANAGEMENT LIMITED

30 real estate investment trusts 2 Property Location GROSS Rentable Area (Square Feet) 1 Fortune City One Shatin 414,469 2 Ma On Shan Plaza Shatin 310,084 3 Metro Town Tseung Kwan O 180,822 4 Fortune Metropolis Hung Hom 332,168 5 Waldorf Avenue Tuen Mun 80,842 6 Caribbean Square Tung Chung 63,018 7 Smartland Tsuen Wan 123,544 8 Jubilee Square Shatin 170,616 9 Tsing Yi Square Tsing Yi 78, NOB Hill Square Kwai Chung 91, Centre de Laguna Kwun Tong 43, Hampton Loft West Kowloon 74, Lido Avenue Tsuen Wan 9, Rhine Avenue Tsuen Wan 14,604 Total 1,988, ANNUAL REPORT

31 real estate investment trusts Prosperity REIT First private sector REIT in Hong Kong 1 Listed on 16 December 2005 on the SEHK, Prosperity REIT was the first private sector REIT in Hong Kong. Prosperity REIT is managed by ARA Asset Management (Prosperity) Limited, a wholly-owned subsidiary of the Company, and currently owns a diverse portfolio of seven high quality office, industrial/office, and industrial properties in Hong Kong, with a total gross rentable area of about 1.2 million square feet ARA ASSET MANAGEMENT LIMITED

32 real estate investment trusts 4 5 Property Location GROSS Rentable Area (Square Feet) 1 The Metropolis Tower Hung Hom 271,418 2 Harbourfront Landmark (portion) Hung Hom 77,021 3 Prosperity Millennia Plaza North Point 217,955 4 Trendy Centre Cheung Sha Wan 173,764 5 Prosperity Place Kwun Tong 240,000 6 Prosperity Center (portion) Kwun Tong 149,253 7 New Treasure Centre (portion) San Po Kong 86,168 Total 1,215, ANNUAL REPORT

33 real estate investment trusts AmFIRST REIT Commercial REIT in Malaysia 1 Listed on 21 December 2006, AmFIRST REIT is one of the largest commercial REITs listed on Bursa Malaysia with eight properties in its portfolio with approximately 2.6 million square feet of net lettable area. AmFIRST REIT is managed by Am ARA REIT Managers Sdn. Bhd. and is wholly-owned by Am ARA REIT Holdings Sdn. Bhd., which in turn is 70% owned by AmInvestment Group Berhad and 30% owned by ARA Asset Management (Malaysia) Limited, a wholly-owned subsidiary of the Company. 32 ARA ASSET MANAGEMENT LIMITED

34 real estate investment trusts 3 4 Property Location NET Lettable Area (Square Feet) 1 Bangunan AmBank Group Kuala Lumpur Golden Triangle 360,166 2 Menara AmBank Kuala Lumpur Golden Triangle 458,387 3 AmBank Group Leadership Centre Kuala Lumpur Golden Triangle 57,801 4 Kelana Brem Towers Kelana Jaya 286,267 5 Menara AmFIRST Petaling Jaya 159,001 6 The Summit Subang USJ Subang Jaya 1,030,741 7 Prima 9 Cyberjaya 111,224 8 Prima 10 Cyberjaya 100,272 Total 2,563, ANNUAL REPORT

35 real estate investment trusts Cache Logistics Trust Asia-Pacific focused logistics REIT in Singapore 1 Listed on 12 April 2010 on the SGX-ST, Cache has a mandate to invest in logistics properties across the Asia Pacific region. Cache is managed by ARA-CWT Trust Management (Cache) Limited, a joint-venture between ARA (60% interest) and CWT Limited (40% interest), the largest listed logistics company in Southeast Asia. Cache currently owns ten high quality logistics warehouse properties located in the Asia Pacific Region, with a total gross floor area of approximately 4.3 million square feet ARA ASSET MANAGEMENT LIMITED

36 real estate investment trusts 3 4 Property Location GROSS floor Area (Square Feet) 1 CWT Commodity Hub Penjuru/Pandan, Singapore 2,295,927 2 CWT Cold Hub Penjuru/Pandan, Singapore 341,947 3 Schenker Megahub Airport Logistics Park of Singapore 439,789 4 Hi-Speed Logistics Centre Airport Logistics Park of Singapore 308,632 5 C&P Changi Districentre Changi International LogisPark (South), Singapore 364,361 6 C&P Changi Districentre 2 Changi International LogisPark (South), Singapore 111,359 7 APC Distrihub Changi North Logistics Park, Singapore 176,955 8 Kim Heng Tubulars Penjuru/Pandan, Singapore 54,449 9 Air Market Logistics Centre Loyang Industrial Park, Singapore 63, Jinshan Chemical Warehouse Shanghai Chemical Industry Park, China 145,815 Total 4,302, ANNUAL REPORT

37 real estate investment trusts Hui Xian REIT First RMB-denominated REIT in the world Listed on 29 April 2011, Hui Xian REIT is the first offshore RMB-denominated equity offering to be listed on the SEHK. Hui Xian REIT is managed by Hui Xian Asset Management Limited, a joint venture between Cheung Kong Group (30% interest), CITIC Securities Group Limited (40% interest) and ARA (30% interest). At the time of listing, Hui Xian REIT s main real estate asset was the Oriental Plaza, one of the largest and most iconic integrated developments in Beijing with a valuation of RMB 33.2 billion and a combined gross floor area of approximately 800,000 square meters. 36 ARA ASSET MANAGEMENT LIMITED

38 real estate investment trusts Property Location Oriental Plaza (The Malls, The Tower Offices, The Tower Apartments, Grand Hyatt Beijing) approximate gross floor AREA (Square Meter) Beijing, China 800,000 Total 800,000 ANNUAL REPORT

39 PRIVATE REAL ESTATE FUNDS The private real estate funds managed by ARA are generally unlisted closed-end investment vehicles with a specified lifespan. These funds seek to acquire strategic and opportunistic real estate within their investment mandate which offer the potential for higher risk-adjusted total returns through development, major refurbishment or asset repositioning. ARA currently manages private real estate funds investing in Asia with total AUM of S$5.1 billion (approximately US$3.9 billion) as at 31 December ARA Asia Dragon Fund Flagship private real estate fund investing in Asia Established in September 2007, the ARA Asia Dragon Fund ( ADF ) is the Group s flagship private real estate fund with aggregate capital commitments in excess of US$1.1 billion. A closed-end fund, the ADF has an initial lifespan of seven years, including an investment period of four years. With a mandate to invest across Asia with a primary focus on the main cities of China, Singapore, Hong Kong and Malaysia as well as a secondary focus on other emerging economies in Asia, the ADF attracted a broad range of investors including public pension funds, foundations and other global institutional investors seeking to invest in a diversified portfolio of real estate investments in Asia. Leveraging on ARA s experience and intimate knowledge of the real estate market in Asia, the ADF seeks to make strategic and opportunistic investments in real estate assets with the goal of optimising total returns from a combination of income and capital appreciation. To date, the ADF has made investments in completed and development projects in the residential, retail and office sectors in Singapore, Hong Kong, Malaysia and in various major cities of China Nanjing, Dalian, Shanghai and Tianjin. The fund is fully invested and has commenced the realisation of its investments. ARA Asia Dragon Fund II Successor fund to the ARA Asia Dragon Fund 38 ARA ASSET MANAGEMENT LIMITED

40 PRIVATE REAL ESTATE FUNDS As the ADF approached the end of its investment period, the Group established the ARA Asia Dragon Fund II ( ADF II ) in July 2011 which adopts the same successful and proven investment strategy of ADF. The ADF II is also a closed-end fund with an initial lifespan of ten years, including an investment period of five years. ARA Harmony Fund Private real estate fund invested in the Suntec Singapore International Convention & Exhibition Centre Established in September 2009, the ARA Harmony Fund is a single-asset private real estate fund which owns Suntec Singapore. In August 2011, the ARA Harmony Fund achieved an overall IRR of 64.8% and an equity multiple of 2.2 times for investors when the private investors in the fund divested their interests. Suntec REIT currently holds an effective 60.8% interest in the ARA Harmony Fund. APN Property Group Strategic alliance with leading boutique Australian real estate fund manager Founded in 1996, APN Property Group Limited ( APN ) is one of Australia s leading boutique real estate investment managers with AUM of A$2.5 billion as at 30 September APN currently manages real estate securities funds, private equity real estate funds, a listed REIT and unlisted property funds investing primarily in Australian real estate. As a strategic shareholder, ARA will collaborate with APN on real estate fund opportunities in Australia, which may include the provision of seed capital, capital raising and/or joint management of such funds. ANNUAL REPORT

41 REAL ESTATE MANAGEMENT SERVICES ARA s real estate management services business division complements and supports the growth of the Group s core REITs and private real estate funds business divisions through the provision of property management and other supporting management services. APM Property Management ARA s property management arm APM Property Management Pte. Ltd. ( APM ) is a wholly-owned subsidiary of ARA and the Group s in-house property management arm. APM is staffed by a team of experienced professionals with expertise in property and facilities management, leasing and marketing. APM is currently the property manager for Suntec REIT s properties in Suntec City as well as the managing agent for The Management Corporation Strata Title Plan No. 2197, responsible for the management and maintenance of the common property of Suntec City. APM has a presence in Malaysia via the provision of consultancy services to retail malls owned by the ADF. Suntec Singapore and Suntec International Convention & exhibition services provider 40 ARA ASSET MANAGEMENT LIMITED

42 REAL ESTATE MANAGEMENT SERVICES Suntec Singapore A wholly-owned subsidiary of ARA, Suntec Singapore International Convention & Exhibition Services Pte. Ltd. ( SSICES ) has a team of highly driven and dedicated professionals with extensive local, regional and international experience. The management team of SSICES has diverse backgrounds ranging from the airline, hospitality, healthcare, logistics to the service sector industries. Collectively, they direct and manage a team of specialised and highly professional individuals who are well versed in the art and science of providing world-class service to ensure that all events held in Suntec Singapore are successfully executed. The SSICES team has been managing Suntec Singapore since its inception in 1995 and over the years, has accumulated extensive experience in hosting a range of events ranging from corporate meetings to mega-events, including the World Trade Organisation Ministerial Meeting in 1996, the World Economic Forum in 1998, the Annual Meetings of the Board of Governors of the International Monetary Fund and the World Bank Group in 2006, the APEC Economic Leaders Meetings 2009 and the Singapore 2010 Youth Olympic Games. Suntec Singapore has also been home to ITB Asia since 2008 as well as Tax Free World Association Asia Pacific since Suntec International Suntec International Convention & Exhibition Services Pte. Ltd. ( Suntec International ), a wholly-owned subsidiary of ARA, is headquartered in Singapore. Launched in May 2010, Suntec International is positioned to offer a wide ranging portfolio of services that include sales and marketing representation, venue management, franchising and brand transfer opportunities and consultancy services specially designed for the Meetings, Incentives, Conventions and Exhibitions ( MICE ) and venue industry. Suntec International offers custom-designed solutions for clients and draws on the experience, knowledge and skill of resident experts at Suntec Singapore. Suntec International represents the Vancouver Convention Centre and the Adelaide Convention Centre in sales and marketing, and is pursuing venue management opportunities in the region. Suntec International has signed a venue management as well as a consulting contract with one of Malaysia s top developers, NAZA TTDI Sdn Bhd. Suntec International has also successfully completed an industry database project that was commissioned by Singapore s MICE industry-trade association, the Singapore Association for Convention and Exhibition Organisers and Suppliers (SACEOS) and that was launched at ITB Asia Corporate Finance Advisory Services ARA Financial Pte. Ltd. ( ARA Financial ) is the Group s in-house corporate finance advisory arm. ARA Financial currently provides advisory services on asset acquisitions by the REITs managed by the Group and advises the Group on the establishment of REITs, partnerships and joint ventures as well as mergers and acquisitions. ANNUAL REPORT

43 42 ARA ASSET MANAGEMENT LIMITED

44 Our People ANNUAL REPORT

45 board of directors 1. CHIU KWOK HUNG JUSTIN Chairman and Non-Executive Director 1 Mr Chiu Kwok Hung Justin is the Founder Chairman and Non- Executive Director of the Company. He is also the chairman and non-executive director of ARA Asset Management (Fortune) Limited (the manager of Fortune REIT), ARA Trust Management (Suntec) Limited (the manager of Suntec REIT) and ARA Asset Management (Prosperity) Limited (the manager of Prosperity REIT). Fortune REIT is listed on the Main Board of the SEHK and the SGX-ST while Suntec REIT is listed on the SGX-ST and Prosperity REIT is listed on the Main Board of the SEHK. Mr Chiu is also a director of ARA Fund Management (Asia Dragon) Limited as the manager of the ARA Asia Dragon Fund. Mr Chiu is a member of the 11 th Shanghai Committee of the Chinese People s Political Consultative Conference of the People s Republic of China, a fellow of the Hong Kong Institute of Real Estate Administrators and a member of the Board of Governors of Hong Kong Baptist University Foundation. 2 3 Mr Chiu has more than 30 years of international experience in real estate in Hong Kong and various countries and is one of the most respected professionals in the property industry in Asia. Mr Chiu is an executive director of Cheung Kong (Holdings) Limited ( Cheung Kong ), a company listed on the Main Board of the SEHK. He joined Cheung Kong in 1997 and has been an executive director since 2000, heading the real estate sales, marketing and property management teams. Prior to joining Cheung Kong, Mr Chiu was with Sino Land Company Limited from 1994 to 1997 and Hang Lung Development Company, Limited (now known as Hang Lung Group Limited) from 1979 to 1994, responsible for the leasing and property management in both companies. Both Sino Land Company Limited and Hang Lung Group Limited are listed on the Main Board of the SEHK. Mr Chiu holds Bachelor degrees in Sociology and Economics from Trent University in Ontario, Canada ARA ASSET MANAGEMENT LIMITED

46 board of directors 2. LIM HWEE CHIANG JOHN Group Chief Executive Officer and executive director Mr Lim Hwee Chiang John is the Group Chief Executive Officer and Executive Director of the Company since its establishment. He is a non-executive director of ARA Asset Management (Fortune) Limited, ARA Trust Management (Suntec) Limited, ARA Asset Management (Prosperity) Limited, Am ARA REIT Managers Sdn. Bhd. (the manager of AmFIRST REIT), ARA-CWT Trust Management (Cache) Limited (the manager of Cache Logistics Trust), APN Property Group Limited listed in Australia and Hui Xian Asset Management Limited (the manager of Hui Xian REIT). Mr Lim is also the chairman of APM Property Management Pte. Ltd., Suntec Singapore International Convention & Exhibition Services Pte. Ltd. and the management council of The Management Corporation Strata Title Plan No (Suntec City). In addition, Mr Lim is an independent director, chairman of the remuneration committee and share options scheme committee and member of the audit and nominating committees of Singapore-listed Teckwah Industrial Corporation Limited. He is also the vice president of the Hong Kong-Singapore Business Association, the senior vice president of the Asia Pacific Real Estate Association, a council member of the Singapore Chinese Chamber of Commerce & Industry and a member of the Valuation Review Board of the Ministry of Finance of Singapore. 5 6 Mr Lim has more than 30 years of experience in real estate. Prior to founding ARA, from 1997 to 2002, he was an executive director of GRA (Singapore) Pte. Ltd., a whollyowned subsidiary of Prudential (US) Real Estate Investors. From 1996 to 1997, he founded and was the managing director of The Land Managers (S) Pte. Ltd., a Singaporebased property and consulting firm specialising in feasibility studies, marketing and leasing management in Singapore, Hong Kong and China. He was the general manager of the Singapore Labour Foundation Management Services Pte. Ltd. from 1991 to 1995, and was with DBS Land Limited (now part of CapitaLand Limited) from 1981 to Mr Lim holds a Bachelor of Engineering (First Class Honours) in Mechanical Engineering, a Master of Science in Industrial Engineering, as well as a Diploma in Business Administration, each from the National University of Singapore ANNUAL REPORT

47 board of directors 3. IP TAK CHUEN EDMOND Non-Executive Director Mr Ip Tak Chuen Edmond is a Non-Executive Director of the Company and member of the Remuneration Committee. He is also the non-executive director of ARA Asset Management (Fortune) Limited and ARA Trust Management (Suntec) Limited. Mr Ip has been an executive director of Cheung Kong since 1993 and deputy managing director since 2005, responsible for overseeing all financial and treasury functions of Cheung Kong and its subsidiaries, particularly in the fields of corporate and project finance. He has been an executive director of Cheung Kong Infrastructure Holdings Limited ( CK Infrastructure ) since its incorporation in 1996 and deputy chairman since 2003, and the senior vice president and chief investment officer of CK Life Sciences Int l., (Holdings) Inc. ( CK Life Sciences ) since He oversees matters relating to corporate finance, strategic acquisition and investment of both CK Infrastructure and CK Life Sciences. Mr Ip is also a non-executive director of TOM Group Limited ( TOM ), AVIC International Holding (HK) Limited ( AVIC ), Excel Technology International Holdings Limited ( Excel ), Real Nutriceutical Group Limited (formerly known as Ruinian International Limited) ( Real Nutriceutical ) and Shougang Concord International Enterprises Company Limited ( Shougang ). Cheung Kong, CK Infrastructure, CK Life Sciences, TOM, AVIC, Real Nutriceutical and Shougang are listed on the Main Board of the SEHK. Excel is listed on the Growth Enterprise Market (GEM) of the SEHK. Prior to joining Cheung Kong, Mr Ip held a number of senior financial positions in major financial institutions and has extensive experience in the Hong Kong financial market covering diverse activities such as banking, capital markets, corporate finance, securities brokerage and portfolio investments. Mr Ip holds a Bachelor of Arts in Economics and a Master of Science in Business Administration. LEE YOCK SUAN 4. Independent Non-Executive Director Mr Lee Yock Suan is an Independent Non-Executive Director of the Company and chairman of the Audit Committee. Mr Lee was elected as a Member of Parliament of Singapore in 1980 and remained a Member of Parliament until his retirement from politics in He was a Minister in the Singapore Cabinet from 1981 to 2004 and his portfolios included Finance, National Development, Education, Foreign Affairs, Information and the Arts, Trade and Industry, Environment and Labour. Mr Lee was also the chairman of the Singapore Labour Foundation from 1997 to 2002, deputy chairman of the People s Association from 1984 to 1991 and deputy managing director of the Petrochemical Corporation of Singapore Pte Ltd from 1980 to Mr Lee started his career in the Economic Development Board of Singapore in Mr Lee holds a Bachelor of Science (First Class Honours) in Chemical Engineering from the Imperial College, London University and a Diploma in Business Administration from the University of Singapore. He was awarded the President s Scholarship in LIM HOW TECK Independent Non-Executive Director Mr Lim How Teck is an Independent Non-Executive Director of the Company and chairman of the Nominating Committee. He is also the chairman of ARA-CWT Trust Management (Cache) Limited, Certis CISCO Security Pte. Ltd., Heliconia Capital Management Pte. Ltd. and deputy chairman of Tuas Power Generation Pte Ltd. Mr Lim is also an independent non-executive director of Swissco Holdings Ltd, Mewah International Inc. and Rickmers Trust Management Pte Limited (trustee-manager of Rickmers Maritime), all of them listed on the SGX-ST. Mr Lim is also a governor of the Foundation for Development Cooperation. Currently, Mr Lim is the chairman of Redwood International Pte. Ltd., an investment and consultancy company. From 1979 to 2005, Mr Lim was with Neptune Orient Lines Ltd ( NOL ) where he held various positions including executive director, group chief financial officer, group chief operating officer and group deputy chief executive officer. He also held directorships in various subsidiaries, associated companies and investment interests of NOL. Prior 46 ARA ASSET MANAGEMENT LIMITED

48 board of directors to joining NOL, he was with Coopers & Lybrand, an international accounting firm and Plessey Singapore, a multinational trading and manufacturing company. Mr Lim holds a Bachelor of Accountancy from the University of Singapore. He also completed the Corporate Financial Management Course and Advanced Management Programme at the Harvard Graduate School of Business. In addition, he is a fellow of the Chartered Institute of Management Accountants, Certified Public Accountants Australia, the Institute of Certified Public Accountants of Singapore and the Singapore Institute of Directors as well as an associate of the Australian Institute of Business Administration. Mr Lim was awarded the Public Service Medal (PBM) by the Singapore Government in Dr Cheng Mo Chi Moses is an Independent Non-Executive Director of the Company and chairman of the Remuneration Committee. He is also an independent non-executive director of a number of public-listed companies. These include the Hong Kong Exchanges and Clearing Limited, K.Wah International Holdings Limited, China Mobile Limited, China Resources Enterprise Limited, Towngas China Company Limited, Kader Holdings Company Limited, Liu Chong Hing Investment Limited, City Telecom (H.K.) Limited, Guangdong Investment Limited and Tian An China Investments Company Limited, all being public-listed companies in Hong Kong. Dr Cheng is also the founder chairman of The Hong Kong Institute of Directors of which he is now the honorary president and chairman emeritus. Presently, Dr Cheng is the chairman of the Education Commission, the chairman of the Advisory Committee on Post-office Employment for former Chief Executives and Politically Appointed Officials, the chairman of the Advisory Committee on Post-service Employment of Civil Servants, and a member of the Financial Reporting Council of Hong Kong. Dr Cheng is also an active Rotarian and served as district governor of Rotary International District 3450 from 1993 to In addition, Dr Cheng is an active member of the Anglican Church and is the chancellor of the Province of the Hong Kong Sheng Kung Hui. Dr Cheng is currently the senior partner of Messrs. P.C. Woo & Co., a law firm in Hong Kong. He served as a member of the Legislative Council of Hong Kong between 1991 and 1995, and was appointed a Justice of the Peace by the Hong Kong Special Administrative Region Government in Dr Cheng holds a Bachelor of Laws from the University of Hong Kong, a Post-Graduate Certificate in Laws from the University of Hong Kong, a Doctor of Law from the Hong Kong Baptist University and a Doctor of Law from Lingnan University. Dr Cheng was awarded the Order of the British Empire by Her Majesty, the Queen of the United Kingdom, in 1997 and the Gold Bauhinia Star medal by the Hong Kong Special Administrative Region Government in COLIN STEVENS RUSSEL Independent Non-Executive Director CHENG MO CHI MOSES 6. Independent Non-Executive Director Mr Colin Stevens Russel is an Independent Non-Executive 7. Director of the Company and member of the Audit, Nominating and Remuneration Committees. He is also an independent non-executive director of CK Infrastructure, CK Life Sciences and Husky Energy Inc.. Mr Russel is the founder and managing director of Emerging Markets Advisory Services Ltd., a company which provides advisory services on business strategy and planning, market development, competitive positioning and risk management. He is also the managing director of EMAS (HK) Limited. From 1972 to 2001, Mr Russel held various appointments in the Canadian Diplomatic Service, including ambassador to Venezuela, consul general in Hong Kong, director for China of the Department of Foreign Affairs (Ottawa), director for East Asia Trade (Ottawa), senior trade commissioner in Hong Kong, director for Japan Trade of the Department of External Affairs (Ottawa). He also served in the Canadian Trade Commissioner Service in Spain, Hong Kong, Morocco, the Philippines, London and India. Prior to that, Mr Russel was a project manager for RCA Limited in Canada, Liberia, Nigeria, Mexico and India and a development engineer with RCA Limited in Canada and with Associated Electrical Industries Limited in the United Kingdom. Mr Russel holds a degree in Electronics Engineering and a Master in Business Administration from McGill University, Canada. He is a registered professional engineer and qualified commercial mediator. ANNUAL REPORT

49 MAnagement team structure Lim Hwee Chiang JohN Group Chief Executive Officer CEO Public Market John Lim CEO Private Market Ng beng tiong CEO Principal Investments Moses song Management Services Corporate Finance Advisory Services Corporate Divisions Suntec REIT YEO see kiat CEO ADF I ng beng tiong CEO ARA CIP Derek lai Senior Portfolio Manager APM anthony yip / susan sim Deputy Chairman / CEO ARA Financial low poh choo Senior Director Finance & Compliance cheryl seow Senior Director, Group Finance Fortune REIT anthony ang CEO Prosperity REIT mavis wong Acting CEO AmFIRST REIT lim yoon peng CEO Cache Logistics Trust daniel cerf CEO ADF II paul yi CEO ARA Harmony Fund siew siew hoon Fund Director China Desk Mun hon pheng Head Australia Desk moses song Head India Desk Japan Desk GCC Desk Suntec Singapore pieter idenburg CEO Suntec International pieter idenburg CEO Corporate Office ng beng tiong Director Corporate Business Development Moses song Director Group Risk Management & IA TanG boon kang Senior Manager Hui Xian REIT Stephen chu CEO Group HR & Corporate Development Pauline lim Senior Manager Group Office Administration serene yeo Senior Manager 48 ARA ASSET MANAGEMENT LIMITED

50 MAnagement team Yeo See Kiat Chief Executive Officer ARA Trust Management (Suntec) Limited, manager of Suntec REIT Mr Yeo See Kiat is the chief executive officer and executive director of ARA Trust Management (Suntec) Limited. He is also a director of One Raffles Quay Pte. Ltd., BFC Development Pte. Ltd. and Suntec Harmony Pte Ltd. Mr Yeo has more than 30 years of experience in the real estate industry, managing and overseeing various projects with Hwa Hong Corporation Limited, The Wharf Group, Parkway Holdings Limited, and CapitaLand Limited. He has held senior management positions over the last 20 years. Mr Yeo started his career in Turquand Young (now Ernst & Young) and was with the firm from 1976 to Mr Yeo holds a Bachelor of Accountancy from the University of Singapore and a Graduate Diploma in Management Studies from the Singapore Institute of Management. He is also a fellow of the Institute of Certified Public Accountants of Singapore. Ang Meng Huat Anthony Chief Executive Officer ARA Asset Management (Fortune) Limited, manager of Fortune REIT Mr Anthony Ang is the chief executive officer of ARA Asset Management (Fortune) Limited. He is a Board member of ARA Asia Dragon Limited (ARA Asia Dragon Fund), the flagship US$1.1 billion private real estate fund of the Group. Mr Ang is also an alternate director to Mr Lim Hwee Chiang John of Am ARA REIT Managers Sdn. Bhd., and an independent non-executive director of Armstrong Industrial Corporation Limited, a precision engineering group listed on the SGX-ST. Prior to his current appointment, Mr Ang was the chief executive officer of ARA Managers (Asia Dragon) Pte. Ltd., the manager of the ARA Asia Dragon Fund. Before joining the ARA Group in 2006, Mr Ang held various senior positions with GIC Real Estate Pte. Ltd., a global real estate fund management company; Vertex Management Pte Ltd, a Singapore-based global venture capital company; Majulah Connection Limited, a global business networking and consulting organisation, and Armstrong Industrial Corporation Limited. Mr Ang began his career with the Singapore Economic Development Board ( EDB ) where he served for 14 years, including 6 years in the United States as the regional director of their North American operations. Mr Ang holds a Bachelor of Science (Mechanical Engineering) with First Class Honours from the Imperial College, London University, and obtained a Master of Business Administration from the European Institution of Business Administration (INSEAD) in 1982 on a scholarship from the Singapore and French governments. Mr Ang is a fellow of the Chartered Management Institute (United Kingdom) and a Council Member of the Chartered Management Institute Singapore. He is also currently the Secretary of the EDB Society. Wong Lai Hung Mavis Acting Chief Executive Officer ARA Asset Management (Prosperity) Limited, manager of Prosperity REIT Ms Mavis Wong is the acting chief executive officer of ARA Asset Management (Prosperity) Limited. Prior to this, she held various senior management appointments in ARA Asset Management (Prosperity) Limited. Ms Wong has more than 15 years of experience in the industry. Prior to joining the Group, she was the deputy manager (leasing) for New World Development Company Limited responsible for the marketing of office and industrial buildings and overseeing the landlord profit and loss account. She was an assistant leasing manager of Cheung Kong (Holdings) Limited from 1997 to 2004, assistant property manager of Jardine Matheson & Co Limited in 1997 and administrative officer of Goodwill Management Limited from 1995 to Ms Wong began her career with Yaohan Department Store (HK) Limited in Ms Wong holds a Bachelor of Arts from the Chinese University of Hong Kong, a Postgraduate Certification in HK Law from the City University of Hong Kong and a Diploma in Property Development from the University of Hong Kong. Lim Yoon Peng Chief Executive Officer Am ARA REIT Managers Sdn. Bhd., manager of AmFIRST REIT Mr Lim Yoon Peng is the chief executive officer of Am ARA REIT Managers Sdn. Bhd.. Prior to joining the Group, Mr Lim was the chief financial officer of Axis REIT Managers Bhd, where he was involved in the establishment of Axis REIT, the first REIT listed in Malaysia in From 2001 to 2005, Mr Lim was the financial controller and company secretary of Victoria Investments ANNUAL REPORT

51 MAnagement team & Properties Pty Ltd, a real estate company focusing on real estate in Melbourne, Australia. He started his career in 1980 as a credit and finance manager with Finplan Credit & Leasing Sdn. Bhd. and was with various international companies including Balfour, Williamson & Co. Ltd of the United Kingdom and the Pacific Dunlop Group of Australia. Mr Lim is a fellow of The Chartered Association of Certified Accountants, United Kingdom, a member of the Malaysian Institute of Accountants and a fellow of Certified Public Accountants Australia. He is currently the vice chairman of the Malaysian REIT Managers Association. Daniel Cerf Chief Executive Officer ARA-CWT Trust Management (Cache) Limited, manager of Cache Logistics Trust Mr Daniel Cerf is the chief executive officer of ARA-CWT Trust Management (Cache) Limited. Mr Cerf has more than 20 years of experience in real estate in Asia, working on investment and development ventures in Singapore, Hong Kong, China, Malaysia, Thailand, Philippines, Vietnam and Indonesia. Prior to joining the Manager, Mr Cerf was the deputy chief executive officer of K-REIT Asia Management Limited, (the manager of K-REIT Asia, a REIT listed on the SGX-ST). Mr Cerf is a licensed architect in the United States and holds a Bachelor of Architecture Degree (Dean s List) from the University of Oklahoma, USA. Stephen Chu Chief Executive Officer Hui Xian Asset Management Limited, manager of Hui Xian REIT Mr Stephen Chu is the chief executive officer of Hui Xian Asset Management Limited, a 30% associated company of ARA. Prior to this, he was the chief executive officer of ARA Asset Management (Prosperity) Limited. Mr Chu has more than 20 years of international property experience in the fields of leasing, sales, facility and property management and marketing work covering the retail, residential, hotel, and commercial sectors of the real estate market. Prior to joining the Group, Mr Chu was with Harbour Plaza Hotels & Resorts from 1998 to 2007 where he held various positions including general manager, and deputy general manager (group leasing). Before that, he held senior posts with various companies including Sino Land Company Limited, Primeland Realty Inc, and Century 21 Chartered Realty Inc. Mr Chu holds a Bachelor of Arts (Honours) and a Master of Business Administration. Ng Beng Tiong Chief Executive Officer ARA Private Funds Chief Executive Officer ARA Managers (Asia Dragon) Pte. Ltd., manager of the ARA Asia Dragon Fund Director Corporate Office ARA Asset Management Limited Mr Ng Beng Tiong is the chief executive officer of ARA Private Funds, comprising all the private funds in the Group. He is also the chief executive officer of ARA Managers (Asia Dragon) Pte. Ltd.. He holds the concurrent appointment of director, corporate office overseeing corporate development, administration and training & development for the Group. Prior to joining the Group, from 2003 to 2007, Mr Ng was the finance director of Low Keng Huat (Singapore) Ltd, a property, construction and hotel group listed on the SGX-ST. He was a director of Stone Forest M&A Pte Ltd, a mergers and acquisitions advisory company from 2002 to 2003, and director of corporate planning and business development at Labroy Marine Limited, a shipping, shipbuilding and marine engineering company listed on the SGX-ST from 1997 to Mr Ng began his career with DBS Bank Ltd in 1989, initially as a corporate banker, and subsequently as an investment banker. Mr Ng holds a Master of Engineering (Software Engineering) (First Class Honours) from the Imperial College, London. He is also a CFA Charterholder. Paul Yi Chief Executive Officer ARA Managers (Asia Dragon II) Pte. Ltd., manager of the ARA Asia Dragon Fund II DIRECTOR Investment & Research, ARA Private Funds Mr Paul Yi is the chief executive officer of ARA Managers (Asia Dragon II) Pte. Ltd.. He holds the concurrent appointment 50 ARA ASSET MANAGEMENT LIMITED

52 MAnagement team of director, investment and research of ARA Private Funds, responsible for sourcing, evaluating and underwriting of investment opportunities for the ARA private funds platform. Prior to joining the Group, Mr Yi was based in Tokyo from 2005 to 2008 as a managing director at Capmark Finance Inc., responsible for the company s business development and funds management platform in Asia. From 2000 to 2005, Mr Yi was based in Seoul and Hong Kong with Merrill Lynch (Asia) as a director in the global principal investments group covering real estate investment activities in Asia ex-japan. Mr Yi also worked for Blackrock Inc. from 1998 to 2000 as an associate. Mr Yi began his career in the United States, as an analyst at PNC Bank N.A in Mr Yi holds a Master of Business Administration and Bachelor degree, both from the Pennsylvania State University, USA. Siew Siew Hoon Fund Director ARA Managers (Harmony) Pte. Ltd., manager of the ARA Harmony Fund DIRECTOR Asset Management, ARA Managers (Asia Dragon) Pte. Ltd., manager of the ARA Asia Dragon Fund Ms Siew Siew Hoon is the fund director of ARA Managers (Harmony) Pte. Ltd.. She is also the director, asset management of ARA Managers (Asia Dragon) Pte. Ltd., where she is responsible for the management of the residential assets in the fund portfolio. Ms Siew has close to 20 years of experience in the marketing, sales, leasing and management of real estate in both Singapore and Australia. She joined ARA in 2004, managing the AIFEREF which was fully divested in Prior to joining the Group, Ms Siew was the marketing manager of The Land Managers (S) Pte. Ltd., where she was involved in the development and sales of residential properties in Singapore. Ms Siew started her career with the Far East Organization, one of the largest property developers in Singapore. Ms Siew holds a Bachelor of Science (Estate Management) from the National University of Singapore. Mun Hon Pheng Country Head, China Mr Mun Hon Pheng is the country head of ARA s China Desk. Prior to joining the Group, Mr Mun operated a boutique advisory business specialising in advising Singapore companies on cross border acquisition opportunities in China particularly in the acquisition of commercial properties. Mr Mun began his career in banking with the SIMBL, a joint venture merchant bank between a UK merchant bank and OCBC in He subsequently joined the First National Bank of Chicago where he served for eight years, including four years in Beijing, China as the bank s representative and three years in Hong Kong heading the bank s China group. He was also an executive director of Singapore-listed Aztech Systems Ltd, an Information Technology company. Mr Mun holds a Bachelor of Commerce (Accounting and Information Systems) from the University of New South Wales, Australia and a Master of Business Administration from the Australian Graduate School of Management, Australia. He is also a member of the Chartered Institute of Arbitrators (United Kingdom) and fellow of the Singapore Institute of Arbitrators. Moses Song Chief Executive Officer PRINCIPAL INVESTMENTS Director Corporate Business Development Country Head, Australia Mr Moses Song is the chief executive officer of principal investments of the Group. He holds the concurrent appointment of director, corporate business development responsible for the establishment of new investment management platforms and the Group s business development initiatives. In addition, he oversees the Australia Desk of the Group. Mr Song is also an alternate director to Mr Lim Hwee Chiang John of ARA-CWT Trust Management (Cache) Limited. Prior to joining the Group, Mr Song was a principal and chief operating officer at Lubert-Adler Asia Advisors Pte. Ltd., the Asia investment platform of United States-based real estate private equity firm Lubert-Adler Partners L.P., where he was responsible for North Asia investment opportunities, and with Marathon Asset Management (Singapore) Pte. Ltd., as managing director responsible for real estate finance and ANNUAL REPORT

53 MAnagement team investments in Asia. He was based in Hong Kong from 2004 to 2007 with Merrill Lynch (Asia Pacific) Ltd. as a director in the global commercial real estate group and Morgan Stanley Asia Ltd. as a vice president of Morgan Stanley International Real Estate Funds. Mr Song began his career as a corporate and real estate finance attorney in the United States. He moved to Asia in 2000 as a seconded attorney to Morgan Stanley International Real Estate Funds in Tokyo, Japan and was appointed general counsel of Morgan Stanley s real estate asset management platform in Korea in Mr Song holds a Juris Doctor from the Vanderbilt University School of Law and a Bachelor of Science in Economics from the Centre College. He is a member of the State Bar of Texas (inactive status). Derek Lai Senior Portfolio Manager ARA CIP Mr Derek Lai is the senior portfolio manager of ARA CIP. Prior to joining the Group, Mr Lai was a principal at the Blackstone Group in Hong Kong, where he was responsible for investment opportunities in the Greater China region, and was with the Global Commercial Real Estate division of Merrill Lynch (Asia Pacific) as vice president responsible for real estate investments in Asia. Prior to that, he was an associate in the Asia Real Estate Fund of the Carlyle Group and an analyst in the Real Estate Private Equity Group of Deutsche Bank AG. Mr Lai holds a Bachelor of Commerce from the University of British Columbia. He is also a CFA Charterholder. Anthony Yip Deputy Chairman APM Property Management Pte. Ltd. Mr Anthony Yip is the deputy chairman of APM Property Management Pte. Ltd.. Mr Yip has more than 30 years experience in the real estate sector focusing on mixed-use developments, the hospitality industry and recently in the education industry. Prior to joining the Group, Mr Yip was the chief executive of Shatec Institutes Pte Ltd, a hospitality and culinary institution. He was director (retail management) at Far East Organization, director and general manager of Tincel Properties, the previous owner of the Raffles City Complex. Prior to that, Mr Yip was the senior vice president, planning and business development for Raffles Holdings Limited. Mr Yip holds a Master in Business Administration from the National University of Singapore and Bachelor of Engineering (Civil) from the University of Auckland, New Zealand. He was the President of the Shopping Centre Association of Singapore and currently serves on the Singapore National Family Council. Susan Sim Chief Executive Officer APM Property Management Pte. Ltd. Ms Susan Sim is the chief executive officer of APM Property Management Pte. Ltd.. Ms Sim has more than 20 years of experience in property development and management in Singapore, Malaysia, China, Indonesia and Vietnam. Prior to joining the Group, Ms Sim was the co-founder and chief executive officer of SGL Capital Investment Pte. Ltd., manager of an AIM-listed Vietnam property fund. She was the general manager of GuocoLand Limited and prior to that, the senior vice president of Mapletree Investments Pte. Ltd. and director (retail) of DBS Land Pte. Ltd. (now known as CapitaLand Ltd). Ms Sim began her career with the Singapore Tourism Board. Ms Sim holds a Bachelor of Science in Finance (Honours) from the Southern lllinois University, USA. Pieter Idenburg Chief Executive Officer Suntec Singapore International Convention & Exhibition Services Pte. Ltd. Suntec International Convention & Exhibition Services Pte. Ltd. Mr Pieter Idenburg is the executive director and chief executive officer of Suntec Singapore International Convention & Exhibition Services Pte. Ltd., as well as chief executive officer of Suntec International Convention & Exhibition Services Pte. Ltd.. Having been with Suntec Singapore since 2005, Mr Idenburg brings more than 20 years of extensive senior management expertise and international experience from the airline and hospitality industries where he has worked with American Airlines, The Walt Disney Company and 52 ARA ASSET MANAGEMENT LIMITED

54 MAnagement team British Airways in the United States and Europe. Mr Idenburg has a track record as an innovator in the service industry and has been influential in implementing large scale change initiatives to increase shareholders value. At Suntec Singapore, Mr Idenburg has been instrumental in helming landmark projects such as the extensive building enhancement programme; he led the teams that were responsible for the complex Suntec Singapore venue operations for the IMF-World Bank Annual Meetings (2006), APEC Singapore (2009) and the Singapore 2010 Youth Olympic Games. Within the organisation, he has been influential in driving change at all levels. He has been successful in growing the business exponentially while encouraging employees to constantly raise the bar in providing service excellence. Mr Idenburg is presently chairman of the Board of the Dutch Chamber of Commerce (Singapore) and also sits on the Board of Singapore s European Chamber of Commerce. He also serves as a committee member of the Hospitality and Retail Group of the Singapore International Chamber of Commerce. Seow Bee Lian Cheryl Senior Director Group Finance Ms Seow Bee Lian Cheryl is the senior director, group finance of ARA. Prior to joining the Group, Ms Seow established and ran her own boutique consultancy firm providing accounting and consultancy services to small and medium enterprises from 2002 to From 1990 to 2002, she was with various companies listed on the SGX-ST. She was the deputy financial controller and company secretary of L.C. Development Ltd from 1997 to 2002, and was with Royal Sporting House from 1994 to 1997 and Lum Chang Holdings Limited from 1990 to Ms Seow began her career with Deloitte & Touche, Singapore in Ms Seow holds a Bachelor of Accountancy from the National University of Singapore and is a Certified Public Accountant with the Institute of Certified Public Accountants of Singapore. Low Poh Choo Senior Director ARA Financial Pte. Ltd. Ms Low Poh Choo is the senior director of ARA Financial Pte. Ltd., the corporate finance advisory arm of the Group. Prior to joining the Group, Ms Low was vice president of global financial markets (asset backed structured products) at DBS Bank Ltd from 2003 to She was with the REIT origination team, where she evaluated, advised, structured and marketed various primary and secondary REIT offerings. Ms Low began her career as an equity analyst and has 17 years of experience in the field, including 11 years as a specialist in the real estate sector. Ms Low holds a Bachelor of Arts from the University of California, Berkeley, USA. ANNUAL REPORT

55 investor relations and awards ARA maintains timely and consistent communications with stakeholders including shareholders, prospective investors, analysts and the media. ARA makes disclosures on an immediate basis as required under the Listing Manual of the SGX-ST, or as soon as possible where immediate disclosure is not practicable. In addition to face-to-face meetings and conference calls with analysts and investors, ARA also participates in investment conferences and non-deal roadshows and where appropriate, conducts interviews with the media. Through a proactive investor relations and communications programme, ARA has been able to raise the level of awareness and understanding of the Group s business, strategy and financial performance. ARA is committed to maintaining effective engagement of stakeholders and will continue to strive towards enhancing investor relations practices, corporate governance and transparency. To this end, the Group s emphasis on effective investor relations has been recognized by the investment community with numerous awards including: ARA Asset Management Asia s 200 Best Under a Billion, Forbes Asia 2011 Business Superbrands 2011/2012, Superbrands Merit Award Internal Audit Excellence Award, SIAS Investors Choice Award 2011 Suntec REIT Runner Up (REITs Category) Most Transparent Company Award, SIAS Investors Choice Award ARA ASSET MANAGEMENT LIMITED

56 investor relations and awards Fortune REIT Directors of the Year Awards 2011 Listed Companies Board (SEHK Non Hang Seng Index Constituents), The Hong Kong Institute of Directors Gold Award Overall Annual Report : REIT, International Annual Report Competition (ARC) Awards 2011 Bronze Award Cover : Real Estate, International Annual Report Competition (ARC) Awards 2011 Bronze Award Interim Report 2011, International Mercury Awards Honour Award Corporate Website, inova Awards 2011 Best Use of Knowledge Management of the Year (Property Management) - Customer Relationship Excellence Awards 2011, The Asia Pacific Customer Service Consortium Customer Service Centre of the Year (Merit) - Customer Relationship Excellence Awards 2011, The Asia Pacific Customer Service Consortium Prosperity REIT Silver Award - Annual Report REIT Sector, GALAXY Awards 2011 Bronze Award REIT Sector, LACP 2010 Vision Awards Annual Report Competition Corporate Service Team of the Year - Customer Relationship Excellence Award 2011, The Asia Pacific Customer Service Consortium First Runner-up Water Conservation Design Competition for Prosperity Place, The Water Supply Department, Hong Kong Excellence in Facility Management Award (Office Building), The Hong Kong Institute of Facilities Management Suntec Singapore Asia s Leading Meetings and Conference Centre, World Travel Awards 2011 Best Business Event Venue Experience, Singapore Experience Awards 2011 Meritorious Home Team Partner Award, Ministry Of Home Affairs Distinguished Patron of The Arts Award, National Arts Council AIPC Innovation Award Member s Choice, AIPC Innovation Award 2011 Best International Venue Special Commendation, Exhibition News Awards 2011 Best Convention/Exhibition Centre (Second Runner-up), CEI Industry Awards 2011 Best MICE Sales Team (Second Runner-up), CEI Industry Awards 2011 ANNUAL REPORT