Slide 1: FY 2024 Results Presentation
FY 2024 RESULTS PRESENTATION 26 February 2025 Artist’s Impression Union Square I Singapore Copen Grand I Singapore Artist’s impression
Slide 2: Agenda
The Octagon I Birmingham, UK AGENDA ➢ Overview & Strategic Initiatives ➢ Financial Highlights ➢ Operations Review – Singapore Operations – International Operations – Hospitality
Slide 3: Overview
OVERVIEW Irwell Hill Residences I Singapore
Slide 4: Key Highlights FY 2024
KEY HIGHLIGHTS FY 2024 Capital Recycling Achieved over $600MM in global asset divestments Strong Residential Sales Performance Key divestments: ▪ Singapore: Cideco Industrial Complex, Sold 1,489 units with a total sales value of $2.97 billion1 Citilink Warehouse Complex, Cititech Industrial Building
Slide 5: Financial Highlights FY 2024
FINANCIAL HIGHLIGHTS FY 2024 Resilient Performance Financial Highlights FY 2024 FY 2023 Change Dividend Revenue $3.3B $4.9B ▼ 33.8% 10.0 Comprises: • Special Interim Dividend: cents per share – 2.0 cents EBITDA $1.0B $1.1B ▼ 8.6% • Proposed Final Dividend: FY 2023: 12.0 cents per share – 8.0 cents P
Slide 6: Global Portfolio Overview FY 2024
GLOBAL PORTFOLIO OVERVIEW FY 2024 TOTAL ASSETS SEGMENT ANALYSIS Others Others 18% 7% Hotel DP US Singapore 36% 7% 24% Assets by 42% Assets by Geography Business China Segment $26B 15% UK 18% IP 33% With Fair Value of IPs & Hotels Others Others 5% 17% DP Hotel 27% US 24% 6% Assets by Assets by Singap
Slide 7: Growth Enhancement Transformation
G E T ► ► Growth Enhancement Transformation Build Development Pipeline Enhance Asset Portfolio Transform Business via New Platforms & Recurring Income Streams & Drive Operational Efficiency Strategic Investments, Fund Management, Innovation & Venture Capital Irwell Hill Residences | Singapore Newpor
Slide 8: Global Investments 2024
GROWTH GLOBAL INVESTMENTS 2024 Singapore Japan China UK France Escenario Akasaka ¥3.1B ($28.0MM) Artist’s Impression Downtown Shanghai site2 The Yardhouse Hilton Paris Opéra RMB 8.94B ($1.66B) £88MM ($148.6MM) €240MM ($350.2MM) Zion Road (Parcel A)2 GLS site Roygent Saitama Shintoshin $1.1B ¥3.28B (
Slide 9: Singapore Residential 2024 Launches
GROWTH SINGAPORE RESIDENTIAL 2024 LAUNCHES Strong Take-up for 4 Project Launches 2024 Launches Units % sold4 Lumina Grand Jan 512 89% Kassia2 Jul 276 71% Artist’s Impression Norwood Grand Oct 348 84% Norwood Grand Union Square Artist’s Impression Nov 366 31% Residences Kassia2 4 PROJECTS WITH 1,502
Slide 10: Singapore Residential Launch Pipeline
GROWTH SINGAPORE RESIDENTIAL LAUNCH PIPELINE Upcoming Launches Launched in Jan 2025 – 88% sold4 The Orie2 (777 units) Zion Road (Parcel A)2 2H 2025 Newport Residences TBD CURRENT EXISTING LAUNCH PIPELINE UNSOLD INVENTORY Zion Road (Parcel A)2 ~950 1 ~900 1 UNITS UNITS Artist’s Impression Newport Res
Slide 11: Global Divestments FY 2024
GROWTH GLOBAL DIVESTMENTS FY 2024 China UK >$600MM IN DIVESTMENTS Asset sale completed Asset sale completed Ransome’s Wharf Hong Leong City Center (HLCC) Reflects the Group’s strategic capital – retail and office components £69.08MM ($115.3MM) recycling focus to optimise and unlock RMB 1.01B ($187.4
Slide 12: Strategic Acquisition in Nov 2024
GROWTH STRATEGIC ACQUISITION IN NOV 2024 Rare mixed-use development site in downtown Shanghai jointly acquired with PRC partner Lianfa Group Co., Ltd. for RMB 8.94B • Acquired a mixed-use development site in the core and mature Xintiandi are in Shanghai’s Huangpu District for RMB 8.94B (approx. $1.6
Slide 13: Growth Enhancement Transformation
G E T ► ► Growth Enhancement Transformation Build Development Pipeline Enhance Asset Portfolio Transform Business via New Platforms & Recurring Income Streams & Drive Operational Efficiency Strategic Investments, Fund Management, Innovation & Venture Capital Irwell Hill Residences | Singapore Newpor
Slide 14: Key Asset Enhancements
ENHANCEMENT KEY ASSET ENHANCEMENTS ONGOING AEI City Square Mall COMPLETED AEI Jungceylon Shopping Center & M Social Phuket Phased $50MM AEI with completion in 1H 2025 Officially reopened in Jun 2024 Jungceylon Shopping Center M Social Phuket Artist’s impression ▪ Committed occupancy: 90.3% ▪ 418-roo
Slide 15: Strategic Asset Revitalisation
ENHANCEMENT STRATEGIC ASSET REVITALISATION ONGOING ASSET REDEVELOPMENTS Union Square Newport Plaza Redevelopment under Strategic Development Incentive Scheme Redevelopment under CBD Incentive Scheme Mixed-use development comprising 45-storey office, retail, residential apartments freehold and a co-l
Slide 16: Hotel Refurbishments & Developments
ENHANCEMENT HOTEL REFURBISHMENTS & DEVELOPMENTS PENANG –MYR96MM ($29MM) 318 Guestrooms • Conversion of Copthorne Orchid Hotel Penang to M Social Resort Penang -- first M Social in Malaysia. • Phased soft opening from 15 February 2025. Brand Expansion NEW YORK – US$46MM ($60MM) 569 Guestrooms • Conve
Slide 17: Business Excellence & Sustainability Leadership
ENHANCEMENT BUSINESS EXCELLENCE & SUSTAINABILITY LEADERSHIP LISTED ON 13 LEADING GLOBAL SUSTAINABILITY RATINGS, RANKINGS & INDEXES #2 out of 477 companies Singapore Governance and Transparency Index (SGTI) 2024 Accolades received in 2024 Ranked Top S&P DJSI Since 2018 Since 2020 Real Estate Company
Slide 18: Growth Enhancement Transformation
G E T ► ► Growth Enhancement Transformation Build Development Pipeline Enhance Asset Portfolio Transform Business via New Platforms & Recurring Income Streams & Drive Operational Efficiency Strategic Investments, Fund Management, Innovation & Venture Capital Irwell Hill Residences | Singapore Newpor
Slide 19: Global Living Sector Portfolio – FY 2024
TRANSFORMATION GLOBAL LIVING SECTOR PORTFOLIO – FY 2024 $202MM Japan $2.6B (250 units) 1 ➢ 2,246 PRS units across $688MM 40 assets in Tokyo, $381MM 8% (2,246 units) Osaka and Yokohama (563 units) 26% TOTAL GDV 15% TOTAL PRS PBSA GDV $474MM 18% ~4,600 ~2,400 (2,368 beds) 33% $846MM units beds Austral
Slide 20: Key Priorities
KEY PRIORITIES Strategically focused on capital recycling initiatives and portfolio optimisation – Aligned with our GET Strategy Resilient Portfolio Capital Management Future-proofing ➢ Investment discipline ➢ Accelerate capital ➢ Prioritise ESG recycling initiatives ➢ Geographical ➢ Harness innovat
Slide 21: Financial Highlights
FINANCIAL HIGHLIGHTS Republic Plaza I Singapore
Slide 22: Financial Highlights
FINANCIAL HIGHLIGHTS Property Hotel Investment Others Development Operations Properties FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Revenue $939MM $2,793MM Revenue $1,622MM $1,499MM Revenue $500MM $449MM Revenue $210MM $200MM PBT $193MM $189MM PBT $146MM ($41MM) PBT $16MM ($15MM)
Slide 23: RevPAR by Region for CDL Group
REVPAR BY REGION FOR CDL GROUP ASIA AUSTRALASIA Singapore Rest of Asia Australasia 179.1 ▼3.4% 173.1 ▲25.3% 122.2 105.3 ▲3.2% 108.7 97.5 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 US EUROPE New York Rest of US London Rest of UK and Europe 316.2 ▲2.7% 324.6 255.7 ▲2.4% 261.9 ▲17.6% 153.1 116.1 ▼
Slide 24: Key Metrics in Hotel Operations
KEY METRICS IN HOTEL OPERATIONS Room Occupancy Average Room Rate Revenue Per Available GOP Margin Room (RevPAR) % 0.9% pts $ 1.4% $ 2.6% % 0.5% pts 35.0 172.5 34.5 74.0 233.0 229.8 168.1 73.1 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 1 Room occupancy and average room rate conti
Slide 25: Revenue by Segment
REVENUE BY SEGMENT FY 2024 FY 2023 Y-o-Y Revenue $3,271MM $4,941MM ▼ 34% Property Hotel Investment Others Development Operations Properties $MM 3,200 2,793 2,800 2,400 ▲8% ▼66% 2,000 1,622 1,499 1,600 1,200 939 ▲11% 800 449 500 400 200 210 0 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY
Slide 26: EBITDA by Segment
EBITDA BY SEGMENT FY 2024 FY 2023 Y-o-Y EBITDA $1,024MM $1,120MM ▼ 9% Property Hotel Investment Others Development Operations Properties $MM 500 466 ▼8% ▲129% 468 416 381 400 300 ▼69% 204 200 144 100 34 31 0 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 26
Slide 27: PBT by Segment
PBT BY SEGMENT FY 2024 FY 2023 Y-o-Y PBT $374MM $473MM ▼ 21% Property Hotel Investment Others Development Operations Properties $MM 400 340 300 ▲2% ▼94% 189 193 200 146 100 19 16 0 (15) (100) (41) FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 1 Hotel operations was the main contrib
Slide 28: Capital Management
CAPITAL MANAGEMENT Strong Balance Sheet & Liquidity Position for FY 2024 Sufficient Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing Total Cash 1 Interest Cover % of Ratio Fixed Rate Debt 117% $2.8B 2.1x 38% FY 2023: 103% FY 2023: $2.2B FY 2023: 2.8x FY 2023: 45% Net Gearing
Slide 29: Prudent Capital Management
PRUDENT CAPITAL MANAGEMENT Balanced debt Balanced debt High Level of expiry profile currency mix Natural Hedge Well-Spread Debt Maturity Profile CDL Property Group 5,000 35% Bonds Others (5.4%) 4,500 616 JPY (5.8%) 719 4,000 Loans 773 RMB (3.4%) Debt $ (MM) 3,500 459 23% 3,000 200 USD (7.2%) 955 19%
Slide 30: CDL Group – Natural Hedge 2024
CDL GROUP – NATURAL HEDGE 2024 Substantially 77% natural hedge for the key geographical markets in which the Group operates GBP RMB USD JPY AUD Natural Hedge Natural Hedge Natural Hedge Natural Hedge Natural Hedge 99% 65% 52% 82% 49% S$MM 5,000 4,673 4,647 4,000 3,769 3,000 2,438 1,918 2,000 994 978
Slide 31: Operations Review
OPERATIONS REVIEW Norwood Grand I Singapore Artist’s impression
Slide 32: Singapore Operations – Property Development
SINGAPORE OPERATIONS PROPERTY DEVELOPMENT Norwood Grand I Singapore Artist’s impression
Slide 33: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT Property Price Index – Residential (2014 – 2024) 2024 Price Increase All Residential (+3.9%) In Q4 2024, residential prices increased by 2.3% q-o-q, 220 compared with the 0.7% decrease in the previous quarter. Q4 24: 209.4 200 180 160 140 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 34: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT ➢ The private residential Property Price Index (PPI) registered a 2.3% expansion in Q4 2024, recovering from a 0.7% contraction in the previous quarter and increasing 3.9% Y-o-Y. ➢ Developers sold 3,420 units (excl. ECs) in Q4 2024, a substantial increase from the 1,16
Slide 35: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT Residential Units Sold1 FY 2023 FY 2024 Sales Value Units Sold 1,489 96.3% Y-o-Y 104.0% Y-o-Y $2.97B 1,494,894 FY 2024 Highlights ➢ Performance was driven by 4 new launches: ➢ Jan: Lumina Grand ➢ Jul: Kassia (JV) ➢ Oct: Norwood Grand ➢ Nov: Union Square Residences And
Slide 36: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT Resilient Sales for 2024 Launched Projects and Existing Inventory ➢ Sold 1,489 units with total sales value of $2.97B for 20241 ➢ Sales were mainly driven by Lumina Grand, Tembusu Grand, Kassia and Norwood Grand Steady Sales for Launches from 2019 Launch Year Project L
Slide 37: Inventory of Launched Residential Projects
SINGAPORE PROPERTY DEVELOPMENT Inventory of Launched Residential Projects – As of 31 Dec 2024 Equity Total Unsold CDL’s Share of Project Total Units Units Sold Stake Inventory Unsold Inventory St. Regis Residences Singapore 33% 173 168 5 2 One Shenton 100% 341 333 8 8 Cliveden at Grange 100% 110 48
Slide 38: Residential Launch in Jan 2025
RESIDENTIAL LAUNCH IN JAN 2025 The Orie – First Residential Launch in Toa Payoh since 2016 Location Tenure Equity Stake Total Units Total Units Sold1 Site Area (sq ft) Total Saleable Area (sq ft) Lorong 1 Toa Payoh 99-year 50% 777 683 169,458 694,075 777-unit luxury residence in the established Toa
Slide 39: Singapore Operations – Asset Management
SINGAPORE OPERATIONS ASSET MANAGEMENT Republic Plaza I Singapore
Slide 40: Singapore Commercial Market
SINGAPORE COMMERCIAL MARKET Property Price Index – Commercial (2014 – 2024) 150 Office Retail 140 2024 Price Increase (+1.8%) In Q4 2024, office prices decreased by 130 0.7% q-o-q, compared to 0.6% increase in the previous quarter. 120 110 Q4 24: 113.1 Q4 24: 98.4 100 2024 Price Increase 90 (+1.0%)
Slide 41: Singapore Commercial Market
SINGAPORE COMMERCIAL MARKET Property Rental Index – Commercial (2014 –2024) 2024 Rental Stagnant 250 (0.0%) In Q4 2024, office rents decreased by Office Retail 0.9% q-o-q, compared with the 0.5% decrease in the previous quarter. 200 Q4 24: 200.0 150 100 Q4 24: 79.1 2024 Rental Increase 50 (+0.5%) In
Slide 42: Singapore Commercial Portfolio Occupancy
SINGAPORE COMMERCIAL PORTFOLIO OCCUPANCY As of 31 Dec 2024 The commercial portfolio1 consistently maintains stable occupancy, supported by a well-spread lease expiry profile that ensures a healthy income stream while mitigating significant vacancy risks. Office Space Lease Expiry Profile (by % GR) O
Slide 43: Singapore Commercial Portfolio Trade Mix
SINGAPORE COMMERCIAL PORTFOLIO TRADE MIX As of 31 Dec 2024 The Group’s tenant profile features a well-balanced mix of trades, effectively mitigating potential market volatility and risks. Office: A well-diversified trade mix anchored by established corporate tenants, ensuring portfolio resilience. R
Slide 44: International Operations
INTERNATIONAL OPERATIONS The Yardhouse I London Artist’s Impression
Slide 45: International Operations Australia
INTERNATIONAL OPERATIONS AUSTRALIA Focus on Developments across Eastern Seaboard of Australia New South Wales BTS Queensland BTS ➢ Waterbrook Bowral, a 135-unit retirement housing project, has sold 76% of the available villas in the first phase. Artist’s Impression Artist’sImpression Artist’s Impres
Slide 46: International Operations China
INTERNATIONAL OPERATIONS CHINA Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Shenzhen(深圳) Landmark waterfront mixed-use development site: ➢ 6 towers of high-end residential apartments ➢ Grade A office space and 5-star Hong Leong City Center (丰隆城市中心) hotel in a 250-metre tall tower ➢ Construction has
Slide 47: International Operations Japan
INTERNATIONAL OPERATIONS JAPAN Continue to Grow our Japan PRS Footprint with New Investments 26 freehold residential properties in Tokyo (866 units)1 9 freehold residential properties in Osaka (797 units) 1 freehold residential property in Saitama (115 units) Horie Lux Pregio Joto Chuo B-Proud Tenma
Slide 48: International Operations UK
INTERNATIONAL OPERATIONS UK London Residential PRS PRS PRS PP Artist’s Impression The Joinery, Manchester The Junction, Leeds Artist’s Impression Artist’s Impression (261 units) (665 units) The Yardhouse, White City Morden Wharf, Greenwich Acquired a freehold site for a PRS First operational asset i
Slide 49: International Operations UK – PBSA
INTERNATIONAL OPERATIONS UK Purpose-Built Student Accommodation (PBSA) Portfolio comprises 2,368 beds across 6 assets with occupancy of 91% for Academic Year 2024/20251 Sycamore House, Leeds Infinity, Coventry Trinity View, Coventry (117 beds) (505 beds) (614 beds) Altura, Birmingham (435 beds) Arti
Slide 50: International Operations UK – Commercial Occupancy
INTERNATIONAL OPERATIONS UK Commercial Portfolio Occupancy (as of 31 Dec 2024) The committed occupancy of the Group’s UK commercial portfolio softened to 79.5% from Q3 2024, primarily due to a pre-termination in the office segment. Leasing activities are actively underway to enhance occupancy levels
Slide 51: International Operations UK – Trade Mix
INTERNATIONAL OPERATIONS UK Commercial Portfolio Trade Mix (as of 31 Dec 2024) Efficient and resilient tenant management is achieved through a focused tenant base across both office and retail commercial portfolios. Office: A balanced tenant base consisting of established corporate tenants. The top
Slide 52: Hospitality
HOSPITALITY M Social Phuket
Slide 53: Hotel Operations – Trading Performance
HOTEL OPERATIONS – TRADING PERFORMANCE FY 2024 FY 2023 Change $MM $MM % Revenue 1,622.1 1,498.5 8.2 PBT 193.4 188.6 2.5 EBITDA 381.1 416.2 (8.4) M Social Phuket Revenue saw a modest increase mainly due to: • Market adjusting to new demand normalisation, which led to RevPAR growth across most portfol
Slide 54: Hotel Operations (2H 2024 vs 2H 2023)
HOTEL OPERATIONS (2H 2024 vs 2H 2023) Hotel Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group Room Occupancy Average Room Rate RevPAR GOP 2H 2024 2H 2023 Incr / (Decr) 2H 2024 2H 20231 Incr / (Decr) 2H 2024 2H 20231 Incr / (Decr) 2H 2024 2H 2023 Incr / (Decr) % % % pts
Slide 55: Hotel Operations (FY 2024 vs FY 2023)
HOTEL OPERATIONS (FY 2024 vs FY 2023) Hotel Occupancy, Average Room Rate, and RevPAR and GOP Margin by Region for CDL Group Room Occupancy Average Room Rate RevPAR GOP 1 1 FY 2024 FY 2023 Incr/(Decr) FY 2024 FY 2023 Incr/(Decr) FY 2024 FY 2023 Incr/(Decr) FY 2024 FY 2023 Incr/(Decr) % % % pts S$ S$
Slide 56: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) Trading Performance FY 2024 FY 2023 Change $MM $MM % Gross Revenue 260.3 257.6 1.0 Net Property Income (NPI) 135.2 138.3 (2.2) RevPAR growth was recorded across most portfolio markets (except Singapore and New Zealand), similar to the trend observed in the second half
Slide 57: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) YoY change Country in RevPAR Remarks (%) Hotels registered a decline in RevPAR as the post-pandemic pent up demand continued to normalise, but finished 10.1% above 2H 2019’s RevPAR. Singapore recorded 16.5MM visitor arrivals for YTD Dec 2024, meeting the upper bound of
Slide 58: Disclaimer
Disclaimer: This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions
Slide 59: www.cdl.com.sg
OUR VISION: OUR MISSION: OUR VALUES: C onceptualise spaces and solutions We aim to be recognised by INNOVATION customers, employees and R espect planet Earth peers as an innovative COLLABORATION E ncourage diversity of people and ideas creator of quality and sustainable spaces. A dvance the communit