CCT and Suntec

CCT and Suntec :continue to capitalise on the office market recovery, with demand remaining robust. CCT have 18% of their portfolio expiring in 2015, but with average passing rent at ~S$6-8psf, compared with market at S$10-11psf, abd UBS remains relatively comfortable. Suntec's leasing progress on Stage 3 of the Suntec retail mall redevelopment has disappointed, with pre-commitment at 60%, perhaps reflecting the general slow-down in the retail environment.