Slide 1: FY 2018 Results Presentation
FY 2018 Results Presentation 21 February 2019
Slide 2: Agenda
Agenda ➢ General Overview & ➢ International Operations Strategic Initiatives ➢ Hospitality ➢ Financial Highlights ➢ Singapore Operations
Slide 3: General Overview
General Overview
Slide 4: Key Financial Highlights – FY 2018
Key Financial Highlights – FY 2018 Revenue EBITDA PATMI Basic EPS $4.2 billion $1.2 billion $557.3 million 59.9 cents 10.3% 12.4% 6.7% 7.0% FY 2017 (Restated) *: $3.8 billion $1.1 billion $522.2 million 56.0 cents ▪ For the first time, revenue has crossed the $4 billion mark ▪ Solid financial perfor
Slide 5: Key Financial Highlights – Q4 2018
Key Financial Highlights – Q4 2018 Revenue EBITDA PATMI $788.3 million $192.4 million $77.9 million Excl. impairments & divestment gains^ 40.6% 34.4% 54.7% 17% Q4 2017 (Restated) *: $1.3 billion $293.2 million $171.9 million ▪ Included in Q4 2017 was the contribution of revenue in entirety from The
Slide 6: Key Financial Highlights – FY 2018
Key Financial Highlights – FY 2018 NAV per share ROE Share Price Performance $11.07 5.6% $8.12^ Share price has since recovered to >$9 levels ($9.53 as of 20 Feb 2019, 17% for YTD 2019) 7.2% YoY - 35% 2018 HIGHEST - $13.52 (13 Mar) FY 2017 (Restated) *: $10.33 5.6% $12.69 (2 Jan) $8.12 Proposed Div
Slide 7: Key Operational Highlights – FY 2018
Key Operational Highlights – FY 2018 PROPERTY DEVELOPMENT ▪ SINGAPORE: Sold 1,113 units with total sales value of $2.2 billion* in FY 2018 Steady sales uptake for 2018 launched projects^: New Futura The Tapestry South Beach Residences # The Jovell # Whistler Grand (124 units) (861 units) (190 units)
Slide 8: Key Operational Highlights – FY 2018
Key Operational Highlights – FY 2018 HOTEL OPERATIONS ▪ M&C results were severely impacted by: 125 Old Broad Street ➢ Substantial hotel impairment losses, largely in the US ➢ Full closure of Millennium Hotel London Mayfair in Jul 2018 for refurbishment ➢ Higher financing cost FUND MANAGEMENT ▪ Good
Slide 9: Portfolio Composition – 2018
Portfolio Composition – 2018 Recurring Income Segments Property Hotel Rental $ million Others Total Development Operations Properties EBITDA * Local 429 77 182 24 712 Overseas 229 115 121 11 476 658 192 303 35 1,188 Total Assets ^ Local 5,676 698 3,293 603 10,270 Overseas 3,075 4,654 2,468 362 10,55
Slide 10: Diversified Global Portfolio
Diversified Global Portfolio Deepening Presence in Key Markets ➢ Geographical diversification allows flexibility to capitalise on opportunities $4.2 billion $20.9 billion Others Others 20% Singapore 20% Singapore 51% 49% US US Revenue 7% Assets 13% China 9% China 8% UK UK 8% 15% FY 2018 10
Slide 11: Diversified Land Bank
Diversified Land Bank Land Area (as of 31 Dec 2018) – CDL’s Attributable Share Type of Development Land Area (sq ft) Singapore International Total % Residential 849,340 1,454,803 2,304,143 93 Commercial / Hotel 66,401 116,244 182,645 7 Total 915,741 1,571,047 2,486,788 100 Total Proposed GFA – 4.1 m
Slide 12: Strategic Initiatives
Strategic Initiatives
Slide 13: GET Strategy
GET Strategy Accelerate Transformation of Asset Portfolio and Business Operations for Growth Growth Growth ➢ Build development pipeline & recurring Enhancement income streams Transformation Artist’s Impression Enhancement Transformation ➢ Enhance asset portfolio ➢ Transform business via ➢ Drive oper
Slide 14: GET Strategic Targets & Outcomes
GET Strategic Targets & Outcomes Growth Enhancement Transformation > $2.5 billion $100 million US$5 billion Acquisitions & investments AEI on 2 investment AUM target by 2023 in 2018 properties to improve asset performance Targeting $900 million Organisational Acquisitions Recurring income target by
Slide 15: Grow Global Footprint
GROWTH Grow Global Footprint Strategic Investments in 2018 UK & EUROPE CHINA >> Acquisition of Aldgate >> E-House IPO – HK$237.81 House in London for million £183 million >> Acquisition of office block >> Acquisition of 125 Old within Yaojiang International Broad Street in London complex in Shanghai
Slide 16: Singapore Property Market
GROWTH Singapore Property Market In 2018, private residential prices increased by 7.9% y-o-y though developers’ sales declined by 16.8% to 8,795 units. This still exceeds the annual average demand of 8,324 new homes from 2014 – 2017 Units Sales volume vs Price Index Index 25,000 153.2 160 22,197 149
Slide 17: Planned Residential Project Launches in 2019
GROWTH Planned Residential Project Launches in 2019 Boulevard 88* Total Sengkang Central* 1H 2019 High End 2,434 2H 2019 Mid-Tier Units 154 units Freehold 680 units 99-years Only EC launch for 2019 Amber Park* Haus on Handy Sumang Walk EC* 1H 2019 High End 1H 2019 High End 2H 2019 EC 592 units Freeh
Slide 18: Improve Asset Positioning & Relevance
ENHANCEMENT Improve Asset Positioning & Relevance Le Grove Serviced Residences – Reopened in mid-July 2018 Le Grove Serviced Residences Post AEI 173 Occupancy (Jan 2019) apartment units for lease ( from 97 units) >85% 18
Slide 19: Improve Asset Positioning & Relevance
ENHANCEMENT Improve Asset Positioning & Relevance Republic Plaza Asset Enhancement to rejuvenate the Group’s flagship building and increase space efficiency (Expected completion in 2H 2019) Revamped Facade along Malacca Street Artist’sImpression Artist’s Impression Artist’s Impression Artist’s Impre
Slide 20: Improve Asset Positioning & Relevance
ENHANCEMENT Improve Asset Positioning & Relevance Some Exciting New Retail / F&B Outlets, which include New to Market Concepts Revamped Basement 1 20
Slide 21: Smart Building App – Republic Plaza
ENHANCEMENT Smart Building App – Republic Plaza Exclusive Partnership with Distrii to Develop Smart Building / Office Applications in South East Asia Market Target launch of City Nexus app in 1H 2019 as an integral part of AEI programme • Mobile Access Management Secure and hassle-free access for te
Slide 22: Improve Asset Positioning & Relevance
ENHANCEMENT Improve Asset Positioning & Relevance Planning for timely asset refurbishment to create value and drive higher returns Asset Revitalisation Programme Asset Refurbishment @ Fuji Xerox Towers @ Aldgate House Activate public spaces and Refurbishment improve works accessibility Functional Im
Slide 23: Drive Operational Efficiency
ENHANCEMENT Drive Operational Efficiency Speed to Market – Quicken turnaround to capitalise on cyclical trends Turnaround Site Acquisition Sales Preview / Launch (acquisition to launch) 15 months March 2011 May 2012 11 Artist’s Impression months April 2017 March 2018 9 Artist’s Impression months Jan
Slide 24: Sustainability Focus
ENHANCEMENT Sustainability Focus Sustainability Theme 2019: Changing The Climate 1 Committed to fostering Climate Action and SDGs via engagement & 3P Partnerships globally & locally 2 Dedicated Microsite, Integrated Sustainability Report (ISR) aligned with TCFD and SDG framework & Voluntary Quarterl
Slide 25: Fund Management Roadmap
TRANSFORMATION Fund Management Roadmap AUM Target – US$5 billion by 2023 ORGANIC GROWTH • Partner with institutional investors in countries and asset classes where the Group has deep domain knowledge and track record: TWO-PRONGED STRATEGY - Geographical focus: Singapore, UK, China, Japan and Austral
Slide 26: Profit Participation Securities (PPS)
TRANSFORMATION Profit Participation Securities (PPS) The Group currently acts as Asset Manager for all the PPS structures: PPS 1 – Dec 2014 PPS 3 – Oct 2016 $1.5 billion comprising the Quayside Collection in Sentosa PPS 2 – Dec 2015 $1.0 billion comprising Nouvel 18, a 156-unit luxury residential de
Slide 27: Financial Highlights
Financial Highlights
Slide 28: Revenue by Segment for 4th Quarter (2016 – 2018)
Financial Highlights Revenue by Segment for 4th Quarter (2016 – 2018) 900 $788m $1,328m $1,167m 800 760 700 598 600 $ million 500 453 450 444 400 300 197 200 103 86 89 100 35 36 32 0 Q4 2018 Q4 2017 (Restated) * Q4 2016 Property Development Hotel Operations Rental Properties Others * Restated due to
Slide 29: Revenue by Segment for Full Year (2016 – 2018)
Financial Highlights Revenue by Segment for Full Year (2016 – 2018) Record Revenue $4,223m $3,829m $3,905m 2,200 2,045 2,000 1,745 1,800 1,679 1,653 1,694 1,633 1,600 1,400 $ million 1,200 1,000 800 600 359 347 367 400 140 135 160 200 0 FY 2018 FY 2017 (Restated) * FY 2016 Property Development Hotel
Slide 30: Profit Before Tax by Segment for 4th Quarter
Financial Highlights Profit Before Tax by Segment for 4th Quarter (2016 – 2018) 300 $111m $223m $332m 243 250 200 177 150 103 101 $ million 100 58 50 40 3 1 5 0 (9) (3) (50) (53) (100) Q4 2018 Q4 2017 (Restated) * Q4 2016 Property Development Hotel Operations Rental Properties Others * Restated due
Slide 31: Profit Before Tax by Segment for Full Year
Financial Highlights Profit Before Tax by Segment for Full Year (2016 – 2018) 800 $876m $763m $914m 700 624 600 520 500 435 $ million 400 300 189 207 200 149 160 116 100 71 40 23 19 0 FY 2018 FY 2017 (Restated) * FY 2016 Property Development Hotel Operations Rental Properties Others * Restated due t
Slide 32: EBITDA by Segment for Full Year (2016 – 2018)
Financial Highlights EBITDA by Segment for Full Year (2016 – 2018) 800 $1,188m $1,057m $1,216m 700 658 600 550 461 $ million 500 400 303 324 290 276 264 300 192 200 100 78 35 30 0 FY 2018 FY 2017 (Restated) * FY 2016 Property Development Hotel Operations Rental Properties Others * Restated due to ad
Slide 33: Balance Sheet
Financial Highlights Balance Sheet As at 31/12/18 As at 31/12/17 Gross borrowings $6,343m $5,036m Cash and bank balances ^ $2,512m $3,989m Net borrowings $3,831m $1,047m Net gearing ratio without taking in fair value 31% 9% gains on investment properties Net gearing ratio after taking in fair value
Slide 34: CDL Group – Prudent Capital Management
Financial Highlights CDL Group – Prudent Capital Management ➢ Balanced debt expiry profile ➢ Balanced debt currency mix – adopting a natural hedging strategy ➢ Average borrowing cost kept low ➢ Balance of fixed rate borrowings to mitigate rate hikes Debt Expiry Profile 1,800 Bond Bank Loan 31/12/201
Slide 35: Singapore Operations – Property Development
Singapore Operations Property Development
Slide 36: Property Price Index – Residential (2013–2018)
Singapore Property Market Property Price Index – Residential (2013 –2018) All Residential Beginning of 180 Residential Market Recovery 160 Q4 18 149.6 140 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 17 17 18 18 18
Slide 37: Residential Units Sold by CDL
Singapore Property Development Residential Units Sold by CDL FY 2018 FY 2017 $2,197,543 1,171 1,269,641 $1,928,112 1,113 Sales Value 1,077,147 14% yoy Units Sold 5% yoy No. of Units* Sales Value* Total Floor Area* (#039;000) (sq ft) * Includes share of JV partners 37
Slide 38: Steady Sales for 2018 Launched Projects
Singapore Property Development Steady Sales for 2018 Launched Projects Location Tenure Equity Total Total Units Total Saleable Completion Stake Units Sold* Area (sq ft) Leonie Hill Road Freehold 100% 124 115 248,199 Aug 2017 Sold 115 units, including 2 penthouses ▪ Achieved average selling price (AS
Slide 39: Steady Sales for 2018 Launched Projects
Singapore Property Development Steady Sales for 2018 Launched Projects Location Tenure Equity Total Units Total Total Saleable Expected Stake Units Released Units Area (sq ft) TOP Sold* West Coast 99-year 716 + 2 100% 300 260 602,392 2021 Vale leasehold shops Sold 260 of 300 released units since lau
Slide 40: Positive Uptake for South Beach Residences
Singapore Property Development Positive Uptake for South Beach Residences Location Tenure Equity Total Units Total Units Total Saleable Completion Stake Units Released Sold* Area (sq ft) 99-year Beach Road 50.1% 190 75 53 347,510 Dec 2016 leasehold 53 units sold at ASP of $3,450 psf ▪ Soft launched
Slide 41: Completed Residential Projects in FY 2018
Singapore Property Development Completed Residential Projects in FY 2018 Project Location Equity Total Units TOP Obtained Stake Coco Palms Pasir Ris Grove / 51% 944 Phase 1 – Jan 2018 Pasir Ris Drive 1 Phase 2 – April 2018 The Criterion Exec Condo (EC) Yishun Street 51 70% 505 Feb 2018 Coco Palms Th
Slide 42: Limited Inventory of Launched Residential Projects
Singapore Property Development Limited Inventory of Launched Residential Projects – As of 31 Dec 2018 Total Unsold CDL’s Share of Project Equity Stake Total Units Units Sold Inventory Unsold Inventory Cuscaden Residences 25% 75 74 1 0.3 St. Regis Residences 33% 173 161 12 4.0 The Oceanfront @ Sentos
Slide 43: Diversified Residential Launch Pipeline
Diversified Residential Launch Pipeline CDL’s Pipeline comprises EC, Mass Market, Mid-Tier & High End segments Project / Site Tenure Equity Total Est Total Land Price Land Cost Expected Stake Units Saleable Area ($ million) ($ psf ppr) Launch (sq ft) Boulevard 88 Freehold 40% 154 316,844 * * (Former
Slide 44: Upcoming Residential Launch in 1H 2019
Upcoming Residential Launch in 1H 2019 Boulevard 88 – Exclusive Freehold Luxury Residences in District 10 Location Tenure Equity Total Total Saleable Area Expected Stake Units (sq ft) TOP Cuscaden Road / Freehold 40% 154 316,844 2022 Orchard Boulevard 154-unit residences on Orchard Boulevard, perche
Slide 45: Upcoming Residential Launches in 1H 2019
Upcoming Residential Launches in 1H 2019 High-End Residences in Prime Locations Project Location Tenure Equity Total Total Saleable Stake Units Area (sq ft) Amber Park Amber Road Freehold 80% 592 604,000 Haus on Handy Handy Road 99-year 100% 188 121,242 Amber Park – Iconic freehold residences in Eas
Slide 46: Singapore Operations – Asset Management
Singapore Operations Asset Management
Slide 47: Property Price Index – Commercial (2013–2018)
Singapore Commercial Market Property Price Index – Commercial (2013 –2018) 150 Office Retail Q4 18 140 138.9 130 120 Q4 18 112.5 110 100 90 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 17 17 18 18 18 18 Source : URA,
Slide 48: Property Rental Index – Commercial (2013–2018)
Singapore Commercial Market Property Rental Index – Commercial (2013 –2018) 250 Office Retail 200 Q4 18 175.5 150 Q4 18 100 98.2 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 17 17 18 18 18 18 Source : URA, Q4 2018
Slide 49: Singapore Commercial Portfolio
Singapore Commercial Portfolio Strong Committed Occupancy for Office & Retail Portfolio (As of 5 Jan 2019)* Office Retail 15 properties 19 properties 91.3% 95.1% Committed Occupancy Committed Occupancy 2.1 million sq ft 820,000 sq ft Net Lettable Area REPUBLIC PLAZA Net Lettable Area CITY SQUARE MAL
Slide 50: Singapore Commercial Portfolio Trade Mix
Singapore Commercial Portfolio Trade Mix of Office & Retail Space by % of Total Gross Rental Income (As of 5 Jan 2019)* Office Retail Supermarkets & Sporting Goods, Value Store, Electrical, Electronics & 2.2% 3.2% Banking, Telecommunications, Technology & Others, 2.8% 2.0% ICT, 14.5% Insurance & Fin
Slide 51: International Operations
International Operations
Slide 52: UK – Expansion of Commercial Portfolio
UK – Expansion of Commercial Portfolio Acquired 2 Prime Grade A Freehold Commercial Properties in 2018 Aldgate House 125 Old Broad Street Location 33 Aldgate High Street 125 Old Broad Street London EC3N 1DL London EC2N 1AR Grade A office, retail and ancillary Grade A office and retail over 3 spaces
Slide 53: UK Asset Update – Aldgate House
UK Asset Update – Aldgate House Strategy: Feasibility study of undertaking Asset Excellent Frontage presents opportunities for AEI Enhancement Initiatives (AEI) Artist’s Impression Asset Overview Net Lettable Area Tenure 211,000 sq ft Freehold Occupancy Rents 88%* £43.60 psf WAULT (existing) Number
Slide 54: International Operations – Australia
International Operations – Australia Focus on Increasing Exposure in Australia Brisbane Sydney Luxury Retirement Housing Projects: Collaboration with Waterbrook Lifestyle Resorts on 2 Freehold Luxury Retirement Housing Projects in Sydney for A$57 million ➢ Developments offer a high-end hospitality e
Slide 55: International Operations – China
International Operations – China Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Continued Sales Chongqing(重庆) Momentum: Relaunched in May 2018: Total sales of RMB 3.74 billion generated for 87% of Sold 49 units to date* ➢ Sales value of RMB 270 million 1,804 units to date*^ ➢ Phase 1 – 93% sold with
Slide 56: International Operations – Japan
International Operations – Japan Two Prime Freehold Residential Projects in Tokyo Park Court Aoyama The Tower Completed in Jan 2018: ➢ 160-unit freehold JV residential project launched in Oct 2016 ➢ 148 units (92.5%) units have been handed over* Freehold site in Shirokane Land Bank Site: ➢ Prime 180
Slide 57: International Operations – UK
International Operations – UK Established Strong Project Pipeline in Greater London Under Construction Projects to be Completed 2019 – 2021 Completed in July 2018 Preliminary Artist’s Impression Planning Approval Knightsbridge Belgravia Obtained Chelsea Artist’s Impression Artist’s Impression Teddin
Slide 58: Hospitality
Hospitality
Slide 59: M&C Hotel Operations – Trading Performance
M&C Hotel Operations Trading Performance Reported Constant Currency Currency FY 2018 FY 2017 Change FY 2017 Change Revenue £997m £1,008m (1.1%) £987m 1.0% Revenue (hotel) £867m £880m (1.5%) £862m 0.6% Profit before tax £106m £147m (27.9%) £144m (26.4%) PATMI £43m £124m (65.3%) ▪ Group RevPAR:↓ 1.5%
Slide 60: M&C Hotel Operations – Operating Profits and PBT
M&C Hotel Operations Operating Profits and Profit Before Tax £m Operating Profit FY 2017 to FY 2018 160 2 120 (8) 145 (9) (14) (8) (3) 105 80 Op Profit REIT & Impairment/ Other Hotels Central Forex Op Profit FY17 Property revaluation Income Costs FY18 ▪ Operating profit is down by £40m (27.6%) in re
Slide 61: M&C Hotel Operations – Trading Performance
M&C Hotel Operations Trading Performance ▪ RevPAR in reported currency fell by 1.5% but in constant currency was up by 0.7% for FY 2018 as compared to the same period last year; FY 2018 Reported Currency Constant Currency New York £165.49 ↑ 0.4% ↑ 3.8% Regional US £59.61 ↓ 3.7% ↓ 0.4% Total US £94.5
Slide 62: CDL Hospitality Trusts – Trading Performance
CDL Hospitality Trusts Trading Performance FY 2018 FY 2017 Change $m $m % Gross Revenue 201.8 204.3 (1.2) Net Property Income (NPI) 146.1 151.8 (3.8) The Lowry Hotel Gross Revenue and NPI decreased mainly due to: ➢ Absence of rental income from Mercure and Ibis Brisbane since Jan 2018 due to divestm
Slide 63: 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 64: www.cdl.com.sg
New Futura, Singapore www.cdl.com.sg
Slide 65: Appendix
Appendix
Slide 66: International Property Development – Launched Projects
International Property Development Residential Projects Launched To Date Project City Equity Total Est. Total Expected Stake Units Saleable Area Completion (sq ft) Australia Ivy and Eve Brisbane 33%# 476 348,678 Completed China Hong Leong City Center (Phase 1) Suzhou 100% 1,374 1,378,891 Completed H
Slide 67: International Property Development – Unlaunched Projects
International Property Development Unlaunched Residential Projects Project City Tenure Equity Total Est. Total Saleable Area / Expected Stake Units GFA^ / Site Area+ (sq ft) Completion UK Chelsea London Freehold 100% 9 16,143 Q1 2019 Knightsbridge London Freehold 100% 34 135,379^ TBC (Pavilion Road)
Slide 68: China – Chongqing JV Projects
China – Project Development China– Chongqing JV Projects Eling Palace (鹅岭峯) and Emerald (翡翠都会) Project Tenure Equity Total Expected Stake Units Completion Eling Palace 50% 126 Completed 50-year- Emerald lease 30% 684 2020 ▪ Eling Palace: ➢ Sold 49 units with sales value of RMB 270 million*^ since re
Slide 69: China – Development / Recurring Income Projects
China – Development / Recurring Income Projects Suzhou Mixed-use Waterfront Project HongLeongCityCenter (丰隆城市中心) Equity Total Total Units % Tenure Expected Completion Stake Units Sold* Sold* 70 years (Residential) / 40 years 100% 1,804 1,565^ 87 Completed (Phase 1 & 2~) (Commercial) ▪ Total sales of
Slide 70: China – Recurring Income Projects
China – Recurring Income Projects Hong Leong Plaza Hongqiao, Shanghai Tenure Equity Stake Est. Total GFA (sqm) 50-year lease 100% 32,182 ▪ The project was completed in Q4 2017, and comprises five office towers with two levels of basement carparks will be operational by Q2 2019 Artist’s Impression ▪
Slide 71: UK – Planning Approvals Obtained
UK – Property Development UK – Planning Approvals Obtained 28 Pavilion Road, Knightsbridge, London Equity Est. Total GFA Expected Tenure Stake (sq ft) Completion Freehold 100% 135,379 TBC ▪ Currently a freehold car park site of 102,000 sq ft. It has just obtained planning approval to be converted in
Slide 72: UK – Projects under Construction
UK – Property Development UK – Projects under Construction Teddington Riverside, Broom Road, Teddington Est. Total Equity Total Units Expected Tenure Saleable Stake Units Released Completion Area (sq ft) Freehold 100% 233,552 225^ 76 Q1 2020 ▪ Phase One of the project, five-storey Carlton House (57
Slide 73: UK – Completed Projects
UK – Property Development UK – Completed Projects Chesham Street, Belgravia Hans Road, Knightsbridge Est. Total Saleable Area 12,375 5,193 (sq ft) Equity Stake 100% 100% Total Units 6 units 3 units Tenure Freehold Freehold Status All apartments fully-fitted and actively marketed by local agencies fo
Slide 74: M&C Hotel Operations – Asset Enhancement
M&C Hotel Operations Asset Enhancement Artist’s Impression Artist’s Impression Orchard Hotel Singapore Millennium Hotel London Mayfair • Commence renovation works at guest • Started refurbishment in Nov 2017 and is on track, with the rooms in the Orchard Wing and the hotel to be opened as a 5-star d
Slide 75: Hotel Room Count and Pipeline
M&C Hotel Operations Hotel Room Count and Pipeline Hotels Rooms 31 Dec 31 Dec 31 Dec 31 Dec Hotel and Room Count 2018 2017 2018 2017 By region: ● New York 4 4 2,238 2,238 ● Regional US 15 15 4,559 4,559 ● London 7 8 2,266 2,649 ● Rest of Europe 23 21 3,741 3,528 ● Middle East * 36 31 11,980 10,346 ●