perspective perspective - ChartNexus

74 ADDITIONAL COMPLIANCE INFORMATION (cont’d)
The Partnership also entered into a management agreement dated 7 March 2003 with Ascott International
Management (Malaysia) Sdn Bhd (“AIM”), a subsidiary of CapitaLand Limited which in turn is a major shareholder
of the Company, for purposes of engagement and appointment of AIM to operate, maintain, manage and market the
Business for and on behalf of the Partnership. As consideration for the management services to be rendered by AIM,
the Partnership has agreed to pay, inter alia, the following fees to AIM for each operating year during the initial 5year
period from the date of commencement:
• 3% of the total revenue of the Somerset Service Residences for that operating year;
• 10% of the gross operating profit of the Somerset Service Residences for that operating year; and
• 5% of the total revenue of the Corporate Service Residences for that operating year.
(ii) Joint venture and shareholders agreement dated 28 April 2004 between the Company and Malaysian Resources
Corporation Berhad (“MRCB”) to govern a joint venture company, namely Suasana Sentral Two Sdn Bhd (“SSTwo”),
for the development of the Suasana Sentral Loft condominium project in Kuala Lumpur Sentral.
(iii) Tenancy agreement dated 6 October 2004 between the Company and Tradewinds Corporation Berhad, a major
shareholder of the Company. The tenancy agreement is for the rental of office space at RM34,326.60 per month for
a duration of 3 years from 1 August 2004 to 31 July 2007.
(iv) Management agreement dated 2 January 2005 between SSTwo, a subsidiary of the Company, and CapitaLand
Residential Limited, a major shareholder of the company. The management agreement is for the procurement of
management assistance at Singapore Dollar 17,026 per month for the period from 1 January 2005 to 30 June 2005.
(v) Sale and purchase agreement dated 31 March 2005 between SSTwo and Datuk Mohd Khamil bin Jamil for sale of a
condominium for a cash consideration of RM659,072. Datuk Mohd Khamil bin Jamil was a former director of the
Company and SSTwo.
(vi) Sale and purchase agreement dated 31 March 2005 between SSTwo and Pee Tong Lim for sale of a condominium for
a cash consideration of RM562,108. Pee Tong Lim is the Acting Group Chief Executive Officer of the Company and
a director of SStwo.
(vii) Sale and purchase agreements dated 5 April 2005 and 9 August 2005 between SSTwo and Shahril Ridza bin Ridzuan
for sale of two condominiums for a total cash consideration of RM991,078. Shahril Ridza bin Ridzuan is a director
of SSTwo and MRCB which in turn is a major shareholder of SSTwo.
(viii) Sale and purchase agreement dated 11 April 2005 between SSTwo and Dato’ Ahmad bin Hj Ibnihajar for sale of a
condominium for a cash consideration of RM416,506. Dato’ Ahmad bin Hj Ibnihajar is a director of MRCB.
(ix) Sale and purchase agreement dated 12 April 2005 between SSTwo and Wan Abdullah bin Wan Ibrahim for sale of a
condominium for a cash consideration of RM607,220. Wan Abdullah bin Wan Ibrahim was a former alternate
director of SSTwo and former Group Chief Executive Officer of the Company.
(x) Sale and purchase agreement dated 19 April 2005 between SSTwo and Datuk Azlan bin Mohd Zainol for sale of a
condominium for a cash consideration of RM653,072. Datuk Azlan bin Mohd Zainol is a director of MRCB.
(xi) Sale and purchase agreement dated 25 April 2005 between SSTwo and Abdul Rahman bin Ahmad for sale of a
condominium for a cash consideration of RM493,800. Abdul Rahman bin Ahmad is a director of MRCB.
(xii) Sale and purchase agreement dated 25 April 2005 between SSTwo and Dennis Ng Yew Kim for sale of a
condominium for a cash consideration of RM672,592. Dennis Ng Yew Kim is the son of Dato’ Ng Eng Tee who in turn
is a director of SSTwo, and major shareholder and director of the Company.