124 125
26.
Related party transactions (continued)
(b)
Property Manager’s management fees (continued)
(iv)
Marketing services
For the marketing services, the property owner will pay the Property Manager the following commissions:
a.
One month’s rent (including property and fit-out rental) for every lease with duration of less than one year;
b.
One and a half months’ rent (including property and fit-out rental) for every lease with a duration of
between one and three years;
c.
Two months’ rent for every lease with duration of more than three but not exceeding ten years;
d.
2% of the total lease payment for the entire lease period for every lease with a duration exceeding
ten years;
e.
Renewal of an existing lease will be calculated at half of the above commission otherwise payable for
a new tenancy; and
f.
2% of the total sale consideration for the sale of property.
Where external property agents are involved in securing a lease, renewal or sale of a property, a 20% mark-up
applies to the abovementioned commissions.
(v)
Project management services
For the project management services, the property owner will pay the Property Manager a fee of 2% of the
construction cost for development, re-development, refurbishment, retrofitting, addition to and alteration of
or renovation carried out in the property.
In addition to the transactions disclosed elsewhere in the financial statements, the following are related party transactions
during the financial year based on agreed terms:
Group
2015
2014
$'000
$'000
Companies Controlled By A Unitholder
That Has Significant Influence Over The Group:
Trustee-Manager's fees paid/payable
7,622
6,692
Property management services
2,415
2,407
Lease management services
1,207
1,203
General management fee
2,648
2,586
Marketing services
2,374
3,280
Project management fees
309
480
Rental income received/receivable
(303)
(316)
On 31 March 2015, the Group’s subsidiary, CP acquired AISCPL from Ascendas Land International Pte Ltd and Crystal Clear
Limited for a consideration of INR 1,613 million (equivalent to $35,173,000). An acquisition fee of INR 16 million (equivalent
to $352,000) has been included in “Trustee-Manager’s fees paid/payable”.
