Overview of Portfolio

Cache's portfolio comprises 16 high quality logistics warehouse properties (including the ongoing build-to-suit logistics warehouse development for DHL Supply Chain Singapore) strategically located in established logistics clusters in Singapore, Australia and China. The portfolio has a total gross floor area of approximately 6.7 million square feet and a portfolio value of approximately S$1.2 billion as at 30 June 2015.

Strategically-Located Portfolio in Singapore, Australia and China

as at 30 June 2015(1)
Number of Properties 16 Properties
12 - Singapore
1 - China
3 - Australia
Total Valuation S$1.2 billion
Gross Floor Area (GFA) 6.66 million sf
Portfolio Occupancy 98.3%
Average Building Age 8.4 years
Weighted Average Lease to Expiry (“WALE”) 4.5 years
Weighted Average Land Lease Expiry 36.4 years (2)
Property Features 10 - Ramp-up
2 - Cargo Lift
4 - Single Storey
Rental Escalations built into Master Leases ~1% to 3.50% p.a.
Number of Tenants 33


  • This includes property and tenant information related to DSC ARC
  • Assumes freehold properties (e.g. those located in Australia) are considered 99-year leasehold in tenure

All Properties


Property Name Property
Purchase Price
Gross Floor Area (sq ft) Address
CWT Commodity Hub Ramp-up 12 April 2010 S$323.0 S$364.7 2,295,927 24 Penjuru Road
Schenker Megahub Ramp-up 12 April 2010 S$99.0 S$115.3 439,789 51 ALPS Avenue
Cache Changi Districentre 1 Ramp-up 12 April 2010 S$82.0 S$93.4 364,361 5 Changi South Lane
Cache Cold Centre (formerly CWT Cold Hub) Ramp-up 12 April 2010 S$122.0 S$139.0 341,947 2 Fishery Port Road
Pandan Logistics Hub Ramp-up 3 July 2012 S$66.0 S$65.1 329,112 49 Pandan Road
Hi-Speed Logistics Centre Ramp-up 12 April 2010 S$69.5 S$81.5 308,632 40 ALPS Avenue
Precise Two Ramp-up 1 April 2013 S$55.2 S$56.1 284,384 15 Gul Way
Pan Asia Logistics Centre Ramp-up 30 April 2012 S$35.2 S$36.8 196,990 21 Changi North Way
Cache Changi Districentre 3 (formerly APC Distrihub) Ramp-up 31 March 2011 S$30.9 S$32.1 176,955 6 Changi North Way
Cache Changi Districentre 2 Cargo lift 12 April 2010 S$17.7 S$20.4 111,359 3 Changi South Street 3
Air Market Logistics Centre Cargo lift 19 August 2011 S$13.0 S$14.2 67,564 22 Loyang Lane
DHL Supply Chain Advanced Regional Centre Ramp-up Received TOP in July 2015 N.A. S$110.3 989,224 1 Greenwich Drive
Jinshan Chemical Warehouse Single storey 15 June 2011 S$13.9 16.9
(¥79.3 million)
145,816 288 Gongchuang Road, Caojing Town, Jinshan District, Shanghai
127 Orchard Road, Chester Hill, NSW Single storey 27 February 2015 A$37.0 A$37.0 278,034 127 Orchard Road, Chester Hill, NSW
16-28 Transport Drive Somerton, VIC Single storey 27 February 2015 A$22.3 A$22.3 229,047 16-28 Transport Drive, Somerton, VIC
51 Musgrave Road, Coopers Plains, QLD Single storey 27 February 2015 A$10.7 A$10.7 102,172 51 Musgrave Road, Coopers Plains, QLD
Total ~S$1,218.5 6,661,313

Strong and Diverse Demand by Underlying End-Users

Cache's portfolio enjoys a high underlying occupancy by end-users, majority of which are multinational corporations. The end-users are also diversified by trade sectors such as industrial and commercial goods, commodities and chemical sectors, food and cold storage, aerospace, healthcare, courier services and hospitality.


High Occupancy in Underlying Portfolio

Cache enjoys a high occupancy of 98.3% as at 30 June 2015. This compares favorably with the Singapore industrial average occupancy rate of approximately 90.0%2 for warehouses.

Stability of Cash Flows from Long Term Master Leases

74% of gross rental income is derived from master lease agreements3. The triple net ("NNN") master lease agreements provide for long lease tenures ranging from two to 10 years with locked-in annual rental escalations, providing Cache with a stable income stream. Multi-tenancy properties, on the other hand, provide potential positive rental reversions, which contribute to organic income growth within the portfolio.

Minimal Renewal Risk from Long WALE

The Weighted Average Lease to Expiry (WALE) by net lettable area of the portfolio is 4.5 years4. This provides a high degree of predictability in cash flow and stability in earnings for the portfolio.

Additional Confidence through Security Deposits

Security deposits underpinning the rental obligation average 3 to 12 months. This provides additional confidence in our cashflow.

Built-in Rental Escalations contributing to Organic Growth

The lease agreements are structured with built-in rental escalation of ~1% to 3.50% per annum over the respective lease term. This provides organic growth and enhances predictability of cash flow for the portfolio.

Long Leasehold for Expiry of Underlying Land Lease

The weighted average unexpired lease term for the underlying leasehold land is 36.4 years.

  • The S$ equivalent figures are based on AUD/SGD exchange rate of A$1.00 = S$1.0386.
  • JTC Corporation, Quarterly Market Report- Industrial Properties, 1Q 2015
  • 3 properties, namely Cache Cold Centre (formerly CWT Cold Hub), Cache Changi Districentre 1, Cache Changi Districentre 2 will be converting to multi-tenanted properties in April 2015
  • This takes into account the initial 10-year lease with DHL Supply Chain Singapore Pte Ltd at DHL Supply Chain Advanced Regional Centre ("DSC ARC")
  • All other information is provided as at 30 June 2015.