The Office. October A review of the Singapore office market. Recent Clients

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1 October 2012 Singapore Hong Kong The Office A review of the Singapore office market Recent Clients Visit our new website: Club Med (Singapore HQ) (Valley Point) E-Sun Bank (Asia Square) Asahi Group Holdings (The Central) Trafigura (Ocean Financial Centre) Bang & Olufsen Reg HQ (AIA Tower) Reyl Singapore (MBFC Tower 2) Germanischer Lloyd (Haw Par Centre) BBAM (Babcock & Brown) (UOB Plaza II) SAC Capital (AIA Tower) Nissho Odyssey (Valley Point) Jasper Drilling (Harbourfront Tower 1) Ensco Asia Pacific (Suntec City T 5) Air Liquide (Republic Plaza) The information in this publication should be regarded as a general guide only. Whilst every effort has been made to take care in its preparation, no representation is made or responsibility accepted for its accuracy. Also interested in Hong Kong office space? Corporate Locations (S) Pte Ltd License No. L A Tel / info@corporatelocations.com.sg /

2 Raffles Place Raffles Place, the long standing established core of the prime office market, has been seeing mixed fortunes over the last 9 months with the critical mass of supply shifting towards the new Downtown area. Activity has been patchy with some buildings leasing well and others less so. 6 Battery Road has been particularly active and Capitaland have done an excellent job of retaining their tenants whilst undertaking major renovation on a floor by floor basis, by moving them within the building onto floors that were renovated earlier. New tenants to the building include Mayer Brown JSM, RHT Law Taylor Wessing (2 whole floors) and Blue Crest Capital Management. Other tenants to relocate here recently include Open Text from Stamford Court and Fairfield Chemicals from Tung Centre. In Bank of Singapore Centre new tenants here include Banque Transatlantique, UFA Sports Asia and SNI Holdings. Another building that has been active is 16 Collyer Quay where CA Technologies have leased several floors, Western Bulk has leased a floor here moving from 6 Battery Road and other new occupiers include JA Mitsui Leasing and Universal Wellbeing. One Raffles Place Tower 1 has attracted A2A, Hanghuo Energy, and Cava Shipping as new tenants. Other established buildings such as Singapore Land Tower has leased a whole floor to Forest Pine Group, and other units to Valartis Bank and law firm Nabarro. UOB Plaza 1 has leased space to Agritrade International, Tanoto Foundation and MRI Trading whilst UOB Plaza 2 has secured BBAM Singapore (from 55 Market Street) and Singapore Petrochemical & Energy as new tenants. Some of the smaller buildings have been active Some of the smaller buildings have been active as well such as 55 Market Street, which has secured Chancery Law Corporation, Judd Ferris Recruitment and ATC Trustees Singapore (from UOB Plaza 1) as new tenants. Maybank Tower has leased floors to Valpes Investment and Recheer Resources. New tenants to Chevron House include Graydon Capital, Swisslinx and Bentley Systems. On the supply side Tung Centre has ample space available with good sea views although the rates are still reasonably high. There is a good choice of units available in Chevron House and One Raffles Place Tower 1, and 6 Battery Road is still a popular choice despite the rates and the ongoing refurbishment. One George Street is expected to be significantly affected with more large tenants relocating to other buildings later this year. Asking Rates per sq ft Raffles Place / New Downtown 16 Collyer Quay $ Market Street $ Battery Road $11-$12.00 Asia Square Tower 1 $12-$14.00 Bank of China Building Bharat Building Bank of Singapore Ctr $9.75-$9.90 Chevron House $10.50 Clifford Centre $8.50 Equity Plaza $9.00 Maybank Tower MBFC Towers 1-3 $11-$13.00 OCBC Centre $10.50 OCBC Centre East $9.80 Ocean Financial Centre $13.00 One Finlayson Green $8.50 One George Street $11.00 One Marina Boulevard $10.00 One Raffles Pl Twr 1 $11.50 One Raffles Pl Twr 2 $12-$12.50 One Raffles Quay $10.80 OUE Bayfront $13.00 RB Capital Building $6.80 Republic Plaza 1 $12-$13.00 Republic Plaza 2 $10.00 Royal Group Building Royal One Phillip (One Philip St) Singapore Land Tower $11.50 Straits Trading Building $11.00 The Arcade $7.50 Tung Centre $13.00 UOB Plaza 1 $11.00 UOB Plaza 2 $10.50 $11.50 psf* Tung Centre Collyer Quay Units from 1,500 to 30,000 sq ft $8.50 psf* Chevron House 30 Raffles Place Units from 1,000 18,000 sq ft $11.50 psf* 6 Battery Road Battery Road Units from 1,000 sq ft to 11,000 sq ft $10.50 psf* One Raffles Place Tower 1 Raffles Place Units from 1,700 to 9,000 sq ft

3 Edge of Raffles Place Whilst this area has generally been much more competitive in terms of rental than prime Raffles Place it is a little surprising to see that it is this location that has been hardest hit with a significant number of major tenants relocating to the major new developments. Schemes like One George Street, Samsung Hub, China Square Central and Prudential Tower all lost their major anchor tenants to these new projects and have taken some while to recover. There is now a wide choice of quality space available in these buildings and is slowly being taken up. For example in Samsung Hub new tenants here include Sage Publishing, Acuatico, Shagang International, Legal Standard and Ellis Munro Asset Management. In China Square Central space has been leased by WT Partnership (relocated from 2HR) and Grasshopper. In Prudential Tower new tenants include Kumon (relocating from One George Street), JM Financial, Berry Maritime and Lianfeng International. When AIA gave up a large swathe of space in AIA Tower the landlord was particularly pro-active in finding replacement tenants offering very competitive packages and new tenants here include Bang & Olufsen (regional HQ), Pine Bridge Investment and Absolute Asia Asset Management (relocating from The Central). Elsewhere on the fringe of Raffles Place, PWC Building has attracted Century Tokyo Leasing as a new tenant moving from The Corporate Office and Faithfull & Gould relocating from Cecil Court. $8.50 psf* Samsung Hub 3 Church Street Units from 1,200 26,000 sq ft $8.50 psf* Prudential Tower 30 Cecil Street Units from 1,000 22,000 sq ft $8.00 psf* China Square Central 18 Cross Street Units from 1,200 50,000 sq ft $10-$10.50 psf* One George Street George Street Units from 2,633 24,000 sq ft $9.00 psf* Capital Square 23 Church Street Units from 2,659 30,000 sq ft $6.85 psf* AIA Tower 1 Robinson Road Units from 1,900 sq ft 8,000 sq ft

4 Robinson Road / Shenton Way Leasing activity in this location has been sporadic with the newer buildings and those offering the best value attracting the most tenants. DBS Tower II in particular has been busy filling in the voids left by Deutsche Bank and DBS Bank and new tenants here include Royal Cheme International, KFW Ipex Bank, Core Consulting Solutions, KMMT, Malacca Sourcing and Longitude Engineering. Grayling Asia has also moved here relocating from Shell House and IIFL have just moved in from Tung Centre. Robinson 77 has secured several new tenants such as Nuvest Capital, Canaccord Genuity and Briq. It also managed to attract Mizuho Corporate Bank at the beginning of the year. Robinson Centre has leased space to Walt Disney and Patni. 120 Robinson Road (previously known as Parakou Building) has leased 2 floors with Patsystems and MAM each taking a floor. Sapient Singapore leased space in 158 Cecil Street. Asking Rates per sq ft Edge of Raffles Place / Robinson Road / Shenton Way 4 Robinson Road 6 Raffles Quay $ Robinson Road $ Robinson Road $ Robinson Road $ Robinson Road $ Cecil Street $ Telok Ayer Street $ Robinson Road $ Cecil Street $ Cecil Street $8.00 AIA Tower $8.00 ASO Building Bangkok Bank Building $6.00 Capital Square $10.50 Capital Tower $9.80 Cecil Court $4.50 China Square Central $8.50 City House $8.00 CPF Building $7.20 DBS Tower 1 $7.50-$8.00 DBS Tower 2 $7.50-$8.00 Far East Finance Building Far Eastern Bank Building $6.50 Finexis Building $6.50 GB Building $7.80 Grace Global Raffles $8.50 Great Eastern Centre $9.50 Hong Leong Building $9.20 International Factors Building Keck Seng Tower $7.50 PIL Building PWC Building $8.50 Prudential Tower $9.50 Robinson 77 $8.50 Robinson 112 $7.50 Robinson Centre $9.00 Robinson Point $8.00 Robinson Towers Samsung Hub $9.00-$9.50 SGX Centre $7.50-$8.50 SIF Building Shenton House $4.00 The Corporate Office (Oxley Tower) $7.00 The Globe $6.20 The Octagon $5.60 Tokio Marine Centre Tong Eng Building $6.00 psf* DBS Tower 1 6 Shenton Way Units from 3,500 30,000 sq ft $7.00 psf* 158 Cecil Street Cecil Street Units from 3,700 9,000 sq ft $7.30 psf* Robinson 77 Robinson Road Units from 3,552 11,755 sq ft $6.80 psf* DBS Tower 2 6 Shenton Way Units from 2,500 16,324 sq ft $8.00 psf* 71 Robinson Road Robinson Road Units from 3,563 20,000 sq ft

5 Tanjong Pagar In this location AXA Tower has seen the most movement with several tenants expanding within the building such as Clarkson Shipping. Other notable new entries include LinkedIn, Poten Partners who relocated across the road from International Plaza, Pacific Resources and V Wealth Capital. Cardinal Health leased a whole at Fuji Xerox Tower relocating from Keppel Tower and Libra leased 8,000 sq ft in MAS Building. 78 Shenton Way has attracted Acronis Asia and Union Marine Management Services. World Trade Group leased space in Anson House and Simatech moved from Southpoint to 79 Anson Road. Supply in this sub-market is generally more restricted with many buildings enjoying high occupancy rates. The best quality and widest range of choices can still be found in Mapletree Anson, Springleaf Tower and AXA Tower. $8.50 psf* Mapletree Anson 60 Anson Road Units from 2,000-12,000 sq ft $8.00 psf* AXA Tower 8 Shenton Way Units from 1,600 28,000 sq ft Orchard Orchard Road has always been an office location that has enjoyed relatively high occupancy rates and hence rates have been strong for a long time in this district. Activity has been limited because of the lack of supply. Per Aquum leased a whole floor in The Forum. New tenants to Shaw House include Marriott International and Orchard Capital Partners. Malvolia have moved into Ngee Ann City and new tenants to TripleOne Somerset include Casio Singapore and Styrolution South East Asia. Further down Orchard Road CKE/Carl s Junior and Agape moved into Winsland House II and Germanisher Lloyd leased a whole floor (20,000 sq ft) in Haw Par Centre relocating from Shell House. $8.00 psf* Springleaf Tower 3 Anson Road Units from 1,500-18,000 sq ft Asking Rates per sq ft 50 Scotts Road $9.00 Albert Complex $6.00 Burlington Square $7.80 Faber House $8.50 Fortune Centre $5.00 Forum $8.00 Goldbell Towers $8.00 Haw Par Centre $7.00 Haw Par Glass Tower International Building $8.50 Liat Towers Manulife Centre $7.80 Ngee Ann City $11.00 Orchard Building $8.50 Palais Renaissance $9.80 Park Mall $7.80 Regency House Shaw Centre $8.00 Asking Rates per sq ft 260 Tanjong Pagar Rd 78 Shenton Way $ Anson Road $7.50 ABI Plaza Amara Corporate Tower Anson Centre Anson House $8.50 AXA Tower $9.00 Fuji Xerox Towers $8.00 Hub Synergy Point $6.00 International Plaza $6.50 Jit Poh Building $6.20 Keppel Towers $7.00 Mapletree Anson $9.00 MAS Building St. Andrew s Centre Southpoint Springleaf Tower $8.50 Tower Fifteen $7.50 Twenty Anson $8.50 Shaw House $9.50 Sunshine Plaza $6.00 Tanglin Shopping Ctr $7.00 The Atrium@Orchard The Bencoolen $7.00 The Heeren The Paragon Thong Sia Building Thong Teck Building Tong Building TripleOne Somerset $9.50 VisionCrest Commercial $10.00 Wheelock Place $13.00 Wilkie Edge $8.50 Winsland House 1 $11.80 Winsland House 2 $11.80 Wisma Atria $11.00 $8.50 psf* TripleOne Somerset 111 Somerset Road Units from 2,500 28,000 sq ft $10.00 psf* Ngee Ann City Tower A 391 Orchard Road Units from 1,583 15,500 sq ft $12.50 psf* $6.50 psf* Wheelock Place 501 Orchard Road Units from 2,700 20,000 sq ft Haw Par Centre Clemenceau Avenue Units from 6,000 20,000 sq ft

6 City Hall / Beach Road / Marina Centre Supply in this location is more restricted than one would expect and Suntec City in particular boasts a relatively high occupancy rate with just the smaller units available - hence the landlords here are more bullish on their rates. Millenia Tower has a significant amount of space coming available as a result of Citibank relocating and over 8 whole floors (circa 17,000 sq ft each) will be released over the next 12 months. By contrast Centennial Tower and even The Gateway have only a limited number of units available. Ample space coming available in Millenia Tower This area has seen reasonable activity since the beginning of the year. Parkview Square has secured a number of large tenants including International Baccalaurette (whole floor 15,000 sq ft) relocating from Tower 15 in Tanjong Pagar, and BMC Software has taken a large unit relocating from IOI Plaza on Middle Road. Other new tenants to recently move to this building include The Embassy of Oman, Ingenico International, Rich Tree Capital and Fiat/Chrysler. Another tenant to relocate from IOI Plaza was law firm Viering, Jentschura & Partner who upgraded and moved to Bugis Junction. Asking Rates per sq ft 11 Beach Road 30 Hill Street $ High Street 700 Beach Bugis Junction Towers Centennial Tower $12.00 Keypoint $5.50-$6.50 Millenia Tower $12.00 Odeon Towers $8.00 One Raffles Link Parkview Square $9.50 Peninsula Plaza Raffles City Tower $10.00 Shaw Tower $6.00 Stamford Court $7.50 Suntec Tower 1-3 $8.80-$10 Suntec Tower 4-5 $10.00 The Adelphi The Concourse $8.00 The Gateway East/West $7.50 Centennial Tower has found some high calibre tenants and new occupiers here include Rolls Royce, Maxwell Chambers, Rongsheng Offshore (a whole floor) and DHR International. Millenia Tower, has also been one of the more active buildings in this area. New tenants here include Qatar National Bank who moved next door from Centennial Tower, as well as Xstrata Coal Sales, Panduit Singapore, Cape International, Hoya Optics, Origeo and Western Pacific Resources. Singapore Technologies Telemedia has just leased 12,000 sq ft here and will be relocating from 51 Cuppage Road. $ $9.50 psf* $7.00 psf* Suntec City Tower Temasek Boulevard Units from 1,200 7,782 sq ft The Gateway 150 Beach Road Units from 1,231 5,537 sq ft Suntec City has seen significant activity Suntec City always sees plenty of movement for a variety of reasons and new tenants to Suntec City Tower 1 include The Malaysian High Commission, Asia Soho and Singapore Julong International. Tower 2 leased a whole floor to Indika Energy and other new tenants include Sky China and Palo Alto Networks. Tower 3 probably saw the most leasing activity and secured Visy & Pratt, SK Hynix, Gold Knight Capital, Coopervision, Clear Channel, ECS and G&C as new tenants. Aussino also purchased its own unit here. Elsewhere in the area The Gateway was relatively quiet, but new tenants here include Hutchison Ports, Springer Science and Air India. The Concourse has seen several new tenants arrive this year including The Discovery Group, Hevilift Group, AP Bullion, Constellum and Hotels Connection. $5.50 psf* Shaw Tower 100 Beach Road Units from 1,181 4,729 sq ft $11.00 psf* Millenia Tower 1 Marina Avenue Units from 4,500 36,000 sq ft Edge of CBD The supply situation on the edge of the CBD is tighter than expected. There have been some major relocations from Shell House include Germanischer Lloyd moving to Haw Par Centre and BG Asia Pacific moving to Asia Square, but the owners have already attracted new tenants such as Grass Valley Singapore, Marguard & Bahls and Deugro Singapore. Valley Point has been especially proactive in seeking new tenants since losing their huge anchor tenant Manulife, offering very competitive packages. New tenants here include Odyssey Shipping (whole floor), Black & Veatch, Ivory Capital, Rysho Techno and Amkor Technology. The most recent major tenant to lease a whole floor here is Club Mediterranean - a Corporate Locations client. Asking Rates psf Edge of CBD / Chinatown / River Valley Rd 2HR (Havelock Road) $7.50 Newton 200 Alfa Centre Novena Square $9.00 Boon Siew Building Rex House Central $10.00 Royal Merukh SEA Bldg Central Mall $7.50 San Centre $4.50 Central Plaza $7.00 Shell House $7.50 Chinatown Point $6.00 SLF Building $4.50 Goldhill Plaza United Square $8.50 Great World City $7.20 Valley Point $6.50 King s Centre $6.80

7 Edge of CBD cont. $5.75 psf* $6.50- $7.00 psf* $7.50 psf* $6.00 psf* Valley Point 491B River Valley Road Units from 1,539 5,877 sq ft Shell House 83 Clemenceau Avenue Units from 1,141 9,500 sq ft United Square 101 Thomson Road Units from 1,894 9,655 sq ft King s Centre 390 Havelock Road Units from 1,216 11,000 sq ft Elsewhere Great World City often attracts a wide range of tenants and new occupiers include Verita Oil who relocated here from Central Mall, as well as Ascend Capital, Global Orion, DCG Capital, Lambert and Pacific Carriers. SDV moved from Fortune Centre on Middle Road to lease large space in Central Mall. In the Novena area, Goldhill Plaza secured Univar Singapore and Vam Far East as tenants, and United Square attracted Synthes Singapore, Confidence Commodities and a sister company of Oakwood as new occupiers. Decentralised Office Locations Demand is still healthy for quality office buildings located outside the CBD, provided they have good public transport facilities. Hence Harbourfront has been a popular choice and new tenants here include GE Healthcare Technologies (30,000 sq ft) and Donnelly Simpson Cleary & Oehlers (moved from Raffles Place). Nearby PSA Building has attracted Novartis Asia, Opus Offshore, GMR Energy and IHC as new occupiers. Moving East, Singapore Post Centre has leased space to Maybaru Shipping (relocating from AXA Tower/Shenton Way) as well as TUV PSB. Further East in Tampines, Crown Systems and Asia Petroleum moved into Tampines Concourse, Daikin Asia, Swisslog, Aldwych International and Kuroda all moved into Tampines Grande and Twin Global and Lincoln Lubrication Systems moved into Abacus Plaza. Asking Rates per sq ft West / Others East $6.70-$7.50 psf* Harbourfront Centre 1 Maritime Square Units from 1,000 20,000 sq ft $4.20-$4.50 psf* UE Biz Hub 6-8 Changi Business Park Units from 2,222 30,000 sq ft Alexandra Point $7.00 Alexandra Techno Park* $4.50 Harbourfront Ctre $7-$8.00 Harbourfront Tower 1 $8.50 Harbourfront Tower 2 $8.00 Harbour Link Int l Biz Park (Jurong)* $4.00 Keppel Bay Tower $9.00 Mapletree Business City* $7.00 New Tech Park* $4.20 NOL Building Pacific Tech Centre* $3.55 PSA Building $8.00 PSA Vista $4.50 S pore Science Park* $4.20-$5 Sime Darby Biz Centre* Tech Point* $3.20 The Comtech* Abacus Plaza AIA Tampines Changi Business Park* $4.20 Cisco Centre II CPF Tampines Building $5.30 KA Centre* $3.30 KA Place* $3.30 NTUC Tampines Junction $5.50 NTUC Tampines Point $5.50 Parkway Parade S pore Post Centre $6.50 Tampines Concourse Tampines Grande $5.50 Tampines Plaza $5.50 Techlink* $3.20 Technopark@Chai Chee $3.30 Tech View* $3.30 $3.90 psf* The Synergy 2 International Business Park, Jurong Units from 3,746 17,233 sq ft $5.50 psf* Solaris 1 Fusionopolis Walk, Buona Vista Units from 4,000 20,000 sq ft * Light industrial space

8 New Office Schemes ink Asia Square Tower 2 Boon Tat St Amoy St Telok Ayer Robinson Rd Asia Square Tower 1 Central Boulevard Church St Raffles Quay One Raffles Quay Downtown T2 Marina Boulevard St 1 Ocean Financial Centre 2 OUE Bayfront T1 Marina Bay Financial Centre 3 Tower 3 4 One Raffles Place Singapore River Most of the new developments in the financial district have leased out particularly well over the last 12 months, with both Ocean Tower 2 erton Raffles Place Hotel Financial Centre and OUE Bayfront nearly full. Only two of the lowest floors remain available for lease in the former and just a handful of units with a Raffles Place view remain in OUE Bayfront. Battery Rd erton Rd Marina Bay Marina Bay Sands There is still ample choice of space in Marina Bay Financial Centre Tower 3 as this is the most recent scheme to be completed, and a variety of floors in mid and high-rise zones can be selected. The same is true with Asia Square Tower 1 because of the sheer size of the scheme and there is abundant space available, but most of the high-rise floors have been leased out. The leasing activity at One Raffles Place Tower 2 perhaps got off to a slower start than expected partly because of the competition from the other big 3 schemes, but the quality of space is first class, the location is in the heart of Raffles Place, and with smaller floor plates of around 11,000 sq ft it is not necessarily targeting the largest space users. We expect this development to attract significantly more interest over the next half year. 1. Ocean Financial Centre This 43-storey office scheme was completed in March last year, provides a total of 850,000 sq ft of net useable space and has been nearly fully leased out. Only a couple of low-rise floors remain available for lease (each 20,000 sq ft) and the subdivision of the space can be flexible. Ocean Financial Centre has leased out exceptionally well The tower occupies the most prime site of all the new developments and has leased out exceptionally well. The original anchor tenants were Bank Paribas, ANZ Bank and Drew Napier. The most recent tenants to move here include Trafigura (circa 50,000 sq ft), PDS Commodities, Gazprom, Squire Sanders, Anglo American Tobacco, Hanergy Global and Neuberger Berman. $ psf* 10 Collyer Quay Units from 4,200 sq ft 20,000 sq ft 2. OUE Bayfront A low-rise 18-storey office development which was completed in June 2011 and provides a total floor area of approximately 500,000 sq ft. The large floor plates range from 26-30,000 sq ft. The original anchor tenants were Bank of America Merrill Lynch, Allen & Overy and Skandilda Banken. Remaining units available at competitive rates The most recent tenants to move in this year include Santander, Oanda Pacific, Presidio Holdings, Muji Global Sourcing and Roland Berger. There are now no whole floors available and most of the sea/bay facing space has been leased out, hence the rates for the remaining units (facing Raffles Place) will be more competitive. $ psf* 50 Collyer Quay Units from 3,000 sq ft 12,000 sq ft *all rates are a guide only on estimated effective rates

9 3. Marina Bay Financial Centre Tower 3 This is another world class project and competes directly with Asia Square. This 50-storey office scheme is the newest significant office development to be completed having received TOP only earlier this year. It provides a total of 1.25 million sq ft of office space spread over 43 floors (levels 7-50) with an average floor plate of approximately 25,000 sq ft. The first major anchor tenant was DBS Bank, leasing some 700,000 sq ft. Other tenants to commit early were Clifford Chance, McGraw-Hill, Wong Partnership and Ashurst LLP, all of whom have just moved in or are about to move in. Plenty of good choices in mid-rise floors $ psf* More recent tenants include Clifford Capital, Regus, Berge Bulk (moving from Republic Plaza) Clyde & Co (from Springleaf Tower) and Mead Johnson. The scheme is now over 70% leased out but there are plenty of good choices in the mid-rise floors. 10 Marina Boulevard Units from 4,000 sq ft upwards 4. One Raffles Place Tower 2 $ $12.00 psf* 1 Raffles Place This 38-storey office scheme was completed earlier this year and provides a total net useable floor space of approximately 350,000 sq ft with an average floor plate size of around 11,000 sq ft. It occupies a 100% prime site in Raffles Place with a direct link to the MRT station. The project boasts high quality Units from 3,600 20,000 sq ft specifications with raised flooring, and floor to ceiling windows allowing for excellent natural lighting. Leasing activity beginning to gather momentum There is still a wide choice of floors and sizes available, and the leasing activity is beginning to gather momentum. Recent tenants to move in this year include Akamei, Markit, LDH Energy and Rock Capital, most of whom are new set ups in Singapore. Other companies that have relocated to this scheme include Lockton Group (from City House), Michael Page International and Mubadala Petroleum (both from UOB Plaza II), and ADC International. 5. Asia Square Tower 1 Completed in June last year this is a truly world class office development boasting the highest specification and providing over 1.25 million sq ft of space. The office tower has 38 floors (6-43/F) with an average floor plate of 32,500-35,000 sq ft sub-divisible down to around 4,000 sq ft. There is parking for 313 vehicles. Original anchor tenants were Citibank, Google, Marsh & McLennan and Lloyds of London. They have since been joined by a number of well-known banks such as Sarasin Bank, E-Sun Bank, and Royal Bank of Canada. Ample space available with landlord offering good incentives The most recent tenants to move in this year include Sinochem International, XL Reinsurance, BG Asia Pacific (British Gas) and GDF Suez Trading. Being such a large scheme there is still ample space available and the rates are very competitive for such good quality space. $ $13.00 psf* 12 Marina View Units from 3,000 34,000 sq ft *all rates are a guide only on estimated effective rates

10 OVERVIEW Grade A rents range from $ $13.00 per sq ft The Singapore office market has evolved so much in the last 15 years that every facet of a mature market is now prevalent from world class schemes like Asia Square, Ocean Financial Centre and Marina Bay Financial Centre, to some of the oldest office buildings in secondary locations which still have a market for economy tenants. This means that nearly every type of size and budget requirement can be catered for in or around the Central Business District. Despite the slowdown in demand for office space from financial institutions, which are always the driving force of any office market, we are seeing new demand from some occupiers in other industries such as insurance, professional and legal services, consumer products and commodities. Rates for prime Grade A buildings in Raffles Place still range from $ $11.50 per sq ft. The new Downtown area commands slightly higher rates between $12.00 and $13.00 per sq ft (effective), but the longer rent free periods on offer make these options more attractive. The fringe of Raffles Place will see a significant amount of space coming available because Current market rentals are still relatively firm/ healthy and haven t dropped as much as some had expected. With the backdrop of ample supply and modest demand we expect rates in the Raffles Place / New Downtown microof relocations. The Robinson Road / Shenton Way area offers some of the best value for money options ranging from $6.50 to $8.00 per sq ft. The Tanjong Pagar area is enjoying relatively high occupancy so rates are firm in this district. The same is true for Orchard Road and the City Hall/ Suntec City area where low vacancy levels have consolidated the rates to between $8.50 and $10.00 per sq ft in both these submarkets. The fringe of the CBD sees rates averaging around $ $6.50 per sq ft, but there are very few options to secure space below $5.50. A History of Singapore Office Rental Rates 4,000 3,750 3,500 3,250 Global Financial Crisis Forecast $26 $24 3,000 $22 2,750 $20 2,500 $18 STI Index 2,250 2,000 1,750 1,500 First Gulf War Asian Financial Crisis Dot Com Crash STI Index $16 $14 $12 $10 Gross Rentals PSF 1,250 $8 1,000 $6 750 $4 500 $ Average Top Prime Grade A Office Rentals in Singapore Per sq ft per month FORECAST Rates have not fallen as much as expected Demand for office space is expected to remain moderate for the medium term because of the effect of the Eurozone crisis which is also causing a regional slowdown. This has stifled any growth in the financial sector which has always been a key supporter for the office market, but Singapore remains a popular choice for new enterprises in the Asia Pacific region as well as a location that is still far more cost effective for further expansion compared to other regional centers such as Hong Kong. Despite the fact there are very few other office schemes scheduled for completion until Q (Asia Square Tower 2-784,000 sq ft), there are concerns amongst some there still might be an oversupply situation. There will be a substantial amount of space being freed up in established buildings as a result of relocations as well as a significant amount of shadow space (currently in the region of 440,000 sq ft) looking for subtenants or assignees. Supply may increase further if Capitaland confirm a contemplated move of all or some of their divisions to their own building at Westgate Tower. They are currently using office space in Capital Tower, Robinson Point, AXA Tower and Wilkie Edge. Fall in rates to slow down but overall drop in 2012 will be around 15% market to soften further for the next 6 months, but at a slower pace than the previous nine month of this year maybe around 6-7% which would mean an overall drop of around 15% for the full year. We expect that rates in the other submarkets such as City Hall / Suntec City, Tanjong Pagar and Orchard Road to firm at current rates because of limited supply and should remain stable for the foreseeable future. This will mean the rate gap between the prime locations and other submarkets will narrow slightly. There will still be ample choice of space in the high-end market, but tenants may need to calculate the exact space requirements accurately to select the most efficient size of unit and counterbalance any budget constraints. Corporate Locations (S) Pte Ltd License No. L A Tel / info@corporatelocations.com.sg /