Frasers Property Ltd. · SGX:TQ5
Frasers Property — 9M FY2019 Earnings Presentation
76 slides from Frasers Property's earnings presentation, Aug 8, 2019
Slide 1: Financial results presentation for the nine months ended 30 June 2019
Frasers Property Limited Financial results presentation for the nine months ended 30 June 2019 8 August 2019 Frasers Property Australia industrial Waterway Ceva Building facility, Point, Singapore 1, Melbourne, Melbourne, Australia Australia
Slide 2: Important notice
Important notice Statements in this presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual results, pe
Slide 3: Contents
Contents Key highlights Operational updates – Singapore – Australia – Hospitality – Europe & rest of Asia Results & financials Appendices 3
Slide 4: Key highlights
Key highlights Victoria at the Frasers Frasers Clifford Wolli Property Property Hallam Creek Australia 9 Indian Healthcare (Discovery Frasers Europe, Drive, facility industrial warehouse, Point), Hospitality’s in Keysborough, The NSW, office, Rheinberg, facility, Frasers Melbourne Melbourne, Centrep
Slide 5: Higher attributable profit
Higher attributable profit Large base of recurring income assets Large base of recurring income sources continued to provide stability to earnings and helped to offset the inherent effects of lumpy development Attributable income contribution profit anchored by a large base Revenue S$2,656 million
Slide 6: Key highlights: Effective portfolio management
Key highlights Effective portfolio management Group AUM1 grew on the back of enhanced retail presence in Singapore and land bank additions in Australia Group AUM up 10.1% to S$37.1 billion as at 30 June 2019 from S$33.7 billion as at 31 March 2019 Building Completed acquisition of shares in PGIM
Slide 7: Capital structure aligned to strategic focus on sustainability
Key highlights Capital structure aligned to strategic focus on sustainability Fifth green loan and fourth issuance of perpetual securities for the Group On 16 July 2019, the Group secured a syndicated green loan with pricing structure linked to BCA Green Mark1 – A$750 million term loan comprising
Slide 8: Recurring income base provides resilience and stability
Recurring income base provides resilience and stability Total property assets evenly spread across asset classes > 80% of the Group’s total property assets are recurring income assets > 75% of the Group’s operating PBIT1 for 9M FY19 was from recurring income sources Recurring vs non-recurring
Slide 9: Increasing geographic diversification
Increasing geographic diversification Total assets in key markets in Asia Pacific and Total assets by geographical segment: S$33.6 billion Europe 80% of the Group’s assets as at 9M FY19 are in Singapore, Australia and Europe Singapore, > 80% of the Group’s PBIT for 9M FY19 is generated S$13.0
Slide 10: Operational update: Singapore
Operational update Singapore Artist Impression of Rivière, Rivière, Singapore Singapore
Slide 11: Singapore Residential
Singapore Residential Rivière – An iconic development by the Singapore River TOP1 Rivière for North Park – Located in a prime waterfront location along the iconic Residences Singapore River – 455 exclusive residential apartments as well as 80 serviced apartments fully integrated with the three con
Slide 12: Singapore Retail
Singapore Retail Strengthened retail platform and optimised Portfolio metrics4 9M FY19 9M FY18 Change capital productivity through asset recycling Scaled up presence in suburban retail mall sector and Average occupancy rate5 94.5% 93.2% 1.3 pp added to recurring income via ~53.7%1 investment in PG
Slide 13: Singapore Commercial
Singapore Commercial Optimised capital productivity Portfolio metrics3 9M FY19 9M FY18 Change Dilution of interest in Frasers Tower to 50% after equity injection by long-term strategic investor in June 2019, Average occupancy rate4 75.1% 71.2% 3.9 pp which raised S$442.7 million1 – Around ~98% of
Slide 14: REIT - Frasers Centrepoint Trust (FCT)
Singapore REIT - Frasers Centrepoint Trust (“FCT”) 3Q FY19 results highlights Financial highlights 3Q FY19 3Q FY18 Change Revenue was up 1.6% y-o-y and net property (“NPI”) income was down 1.1% y-o-y on higher property expenses Gross revenue S$49.1 m S$48.3 m 1.6% Distribution to unitholders inc
Slide 15: REIT - Frasers Commercial Trust (FCOT)
Singapore REIT - Frasers Commercial Trust (“FCOT”) 3Q FY19 results highlights Financial highlights 3Q FY19 3Q FY18 Change NPI decreased 3.0% y-o-y mainly due to – Lower occupancy rate and higher property tax for Alexandra Gross revenue S$30.2 m S$32.5 m 7.0% Technopark – Divestment of 55 Market St
Slide 16: Singapore PBIT breakdown
Singapore PBIT breakdown Recurring income boosted by contributions from Frasers Tower, the south wing of Northpoint City, and investment in PGIM ARF Offset by lower level of development profits due mainly to one-off profit recognition from completion of Parc Life EC in last FY 9M FY18 Segment 9M
Slide 17: Singapore Operating environment
Singapore Operating environment GDP shrank 3.4% q-o-q (advance estimate) Residential price increased by 1.5% Sales volume for 1H19 was ~6% higher with unemployment rate of 2.2% in 2Q19 in 2Q19 than 1H18 10.0% 155 12,000 10,566 8.0% 10,000 8,795 150 7,972 6.0% 8,000 4.0% 145 6,000 4,188 2.0% 4,000 0.
Slide 18: Operational update: Australia
Operational update Australia YatalaShell Cove Central (Reward (The Park Waterfront), (Wonderland), Chullora Hospitality), (PFD), NSW,Australia NSW, Queensland, Australia
Slide 19: Australia Residential
Australia Residential Solid levels of planned completion and settlement 1,4101 units underpin outlook for FY19 earnings settled during 9M FY19 Planned release of around 1,2001 units in remainder of 8901 units planned for FY19 completion and settlement – ~78% in NSW and VIC over the remainder of FY
Slide 20: Australia Commercial & industrial and retail development
Australia Commercial & industrial and retail development Strong workload driven by demand from quality tenants Completed & delivered nine new assets totalling 106,600 sq m 9 – Two industrial assets and one retail asset with combined new assets delivered GDV of S$54 million2 sold to third parties d
Slide 21: Australia Investment properties
Australia Investment properties Strong portfolio metrics maintained Industrial portfolio metrics5 9M FY19 9M FY18 Change 99.4% portfolio occupancy1,5 Average occupancy1 99.5% 98.7% 0.8 pp Solid tenant profile6 Average rental reversion6 -3.5% -4.6% 1.1 pp – 55% multinational companies WALE7 5.6 Y
Slide 22: REIT - Frasers Logistics and Industrial Trust (FLT)
Australia REIT - Frasers Logistics and Industrial Trust (“FLT”) 3Q FY19 DPU of 1.73 Singapore Cents1 Financial highlights 3Q FY19 3Q FY18 Change Distributable income up 20.4% y-o-y Proactive asset management Revenue A$60.0 m A$49.3 m 21.6% – Announced two strategic divestments in May and June 20
Slide 23: Australia PBIT breakdown
Australia PBIT breakdown Higher development profits from residential projects 9M FY18 Segment 9M FY19 Change (Restated) Residential development S$121.4 m S$69.0 m 75.9% Investment properties / C&I development S$28.9 m S$44.3 m 34.8% REIT S$124.8 m S$98.7 m 26.4% Corporate & others S$3.1 m S$8.1 m
Slide 24: Australia Operating environment
Australia Operating environment Unemployment rate remains low despite Sydney and Melbourne house prices Sydney and Melbourne unit prices recent slowdown in GDP growth declining from peak levels declining from peak levels 4.0% 5.5% 790 1,050 3.5% 5.4% 740 950 690 3.0% 5.3% 2.5% 850 640 A$'000s 5.2% A
Slide 25: Operational update: Hospitality
Operational update Hospitality Capri by Fraser, FraserChina SuitesSquare, Singapore Hamburg, Germany
Slide 26: Hospitality Management business
Hospitality Management business Continued growth with openings and new sign-ups New openings 6 – Modena by Fraser Buriram, in October 2018 new openings – Fraser Place Puteri Harbour, in November 2018 9M FY19 – Capri by Fraser, Johor Bahru / Malaysia, in December 2018 – Fraser Residence Orchard, Si
Slide 27: Hospitality Investment
Hospitality Investment Non-REIT portfolio of S$2.4 billion1 Launched Fraser Suites Hamburg and Capri by Fraser China Square in May 2019 with healthy ramp up in occupancies in both properties Constant review of technology as an enabler to better meet guests needs, and reduce manpower needs wher
Slide 28: REIT - Frasers Hospitality Trust (FHT)
Hospitality REIT - Frasers Hospitality Trust (“FHT”) DPS1 for 3Q FY19 at 1.0086 Singapore Cents Lower GR2 and NPI3 due mainly to weaker performance of the Financial highlights 3Q FY19 3Q FY18 Change Australia portfolio Gross revenue S$35.0 m S$38.2 m 8.4% Sydney properties continued to face toug
Slide 29: Hospitality PBIT breakdown
Hospitality PBIT breakdown Stable operating performance Segment 9M FY19 9M FY18 Change Non-REIT S$37.7 m S$35.1 m 7.4% REIT S$53.8 m S$58.0 m 7.2% Fee income & overheads (S$1.2 m) (S$1.0 m) N/M TOTAL S$90.3 m S$92.1 m 2.0% Non-REIT: Higher contributions from China properties, particularly Fraser
Slide 30: Operational update: Europe & rest of Asia
Operational update Europe & rest of Asia Frasers Property Logistics Europe’s property Business Buchäckerringfacility inLogistics Bangna, Rheindeichstraße Park 18, inDuisburg, Samutprakan, 155,Rheinberg, site, Bad Duisburg, Rappenau, Thailand Germany Bielefeld,Germany Germany Germany
Slide 31: Germany and the Netherlands
Europe & rest of Asia Germany and the Netherlands Acquisitions and divestments Overall portfolio metrics 9M FY19 9M FY189 Change Completed acquisition of six logistics properties in FY19, part Average occupancy rate7 97.3% 99.5% 2.2 pp of 21 assets that Frasers Property Europe (“FPE”) agreed to ac
Slide 32: Germany and the Netherlands – Operating environment
Europe & rest of Asia Germany and the Netherlands – Operating environment GDP steady and both countries have one Netherlands prime rents remain stable Germany prime rents on an uptrend of Europe’s lowest unemployment rate €/sq m/p.a. €/sq m/p.m. 15.00 Unemployment Rate % 10.00 5.00 .00 -5.00 -10.00
Slide 33: United Kingdom (UK)
Europe & rest of Asia United Kingdom (“UK”) Stable portfolio metrics maintained in 3Q FY19 Portfolio metrics 9M FY19 9M FY183 Change S$1.9 billion1 of property assets across business parks, commercial and residential development segments Average occupancy rate4 89.1% 88.5% 0.6 pp Commercial inve
Slide 34: UK – Operating Environment
Europe & rest of Asia UK – Operating Environment UK’s unemployment rate Bank of England has maintained GDP growth remains stable continues to hit new lows low interest rates to support growth despite political uncertainty 10 10 7 7 4 4 9 9 6 6 8 8 3 3 7 7 5 5 6 6 4 4 5 5 2 2 3 3 4 4 3 3 2 2 1 1 2 2
Slide 35: China
China economy continues to grow though at a slower rate Europe & rest of Asia 12.0% 10.0% 10.6% 9.5% 7.9% 7.8% China 8.0% 6.0% 5.4% 7.3% 6.9% 6.7% 6.9% 6.6% 6.3% 3.3% 4.0% 2.6% 2.6% 2.1% 2.2% 2.0% 2.0% 1.6% 1.4% S$0.8 billion1 unrecognised development revenue 2.0% 0.0% 6652 residential units sold
Slide 36: Thailand – Frasers Property Thailand (FPT)
Europe & rest of Asia Thailand – Frasers Property Thailand (“FPT1”) Financial highlights 1HFY19 Stable occupancy portfolio metrics in 1H FY19 Improved revenue and net profit after tax, largely driven by the Demand from customers in electronics, automotive & following: autoparts, logistics and e-
Slide 37: Thailand: Golden Land and One Bangkok
Europe & rest of Asia Thailand Golden Land 48 active residential projects4 as at April 2019 Balance sheet with 0.95x net gearing ratio2 as at Presale of Triple Y Residence, GOLD’s first condominium 1H FY19 and “BBB+” (Alert Positive) credit rating by TRIS3 development in Samyan Mitrtown Mixed
Slide 38: Europe & rest of Asia – Thailand Operating environment
Europe & rest of Asia – Thailand Operating environment Thailand GDP growth & CPI inflation Thailand interbank rates House price index 4.50% 190.0 2.40% 180.0 3.50% 2.20% 2.00% 170.0 2.50% 1.80% 160.0 1.50% 1.60% 150.0 1.40% 0.50% 140.0 1.20% -0.50% 2015 2016 2017 2018f 2019f 2020f 130.0 1.00% 2015 2
Slide 39: Vietnam
Europe & rest of Asia Vietnam’s economy stabilised after the last downturn and growth remains strong Vietnam 20.00% 18.00% 16.00% 14.00% 12.00% 10.00% Q2 Thao Dien1 (“Q2TD”) obtained full legal 8.00% 6.00% status 4.00% 2.00% 0.00% Over the last 9 months, Q2TD remained one of the few 2010 2011 2012
Slide 40: Europe & rest of Asia PBIT breakdown
Europe & rest of Asia PBIT breakdown Full nine-month contributions from business parks in the UK, as well as higher contributions from operations in Thailand Segment 9M FY19 9M FY18 Change Europe S$92.2 m S$94.4 m 2.3% China S$59.1 m S$82.9 m 28.7% Thailand and Vietnam S$75.9 m S$57.6 m 31.8% TOTA
Slide 41: Results and financials
Results and financials Frasers Property Europe’s office, Amsterdam, Netherlands
Slide 42: Key financial highlights
Key financial highlights Attributable profit amounted to S$600 million in 9M FY19 Development profits from residential developments in Australia offset lower contributions from Singapore and China due to timing of completions Maiden contributions from Frasers Tower and PGIM ARF in Singapore, as
Slide 43: PBIT by business segments
PBIT by business segments Business 9M FY18 9M FY19 Change Remarks segment (Restated) • Recurring income boosted by contributions from Frasers Tower, the south wing of Northpoint City, and investment in PGIM ARF Singapore S$345.7 m S$348.5 m 0.8% • Offset by lower level of development profits due mai
Slide 44: Capital management
Capital management Increase in cash mainly due to sales and settlements of development projects in Australia and China Net gearing reduced to ~74% mainly due to increased equity in FCT and new issuance of S$400 million perpetual securities Net debt over property assets at ~41% As at 30 Sep 18
Slide 45: Debt maturity profile
Debt maturity profile Frasers Property is well-equipped to manage its debt maturities Clear visibility over future cash flows Continuing efforts to extend debt maturities with focus on sustainable financing ie. A$750m 5 year partial green loans syndication by Frasers Property Treasury completed
Slide 46: Key financial ratios
Key financial ratios As at 30 Sep 18 As at 30 Jun 19 Change (Restated) Net asset value per share1 S$2.59 S$2.56 1.2% Return on equity based on annualised 4.3% 5.6% 1.3 pp APBFE2 Return on equity based on annualised APBFE plus fair value change and 8.2% 9.0% 0.8 pp exceptional items for the reporting
Slide 47: Appendix I
Appendix I A-Space, Frasers FrasersChengdu Property Property Australia, Frasers One One Australia‘s Sydney Bangkok, Logistics Bangkok Hub, site, office, office, Bangkok, Chengdu, Bangkok, Sydney Australia Thailand China Thailand
Slide 48: Overview of Frasers Property
Overview of Frasers Property Multi-national real estate company with multi-segment expertise ~7,300 S$8.7 billion S$37.1 billion assets under management1 across five asset classes logistics Three strategic business units – Singapore, Australia, Hospitality; residential units & industrial and Eur
Slide 49: Frasers Property strategy
Frasers Property strategy Achieve sustainable earnings growth through significant Sustainable development pipeline, investment Earnings properties, Growth and fee income + Sustainable Grow portfolio Growth and in a balanced manner across geographies and property segments Balanced Portfolio = Long-Te
Slide 50: Earnings visibility from development pipeline
Earnings visibility from development pipeline Pre-sold revenue amounting to S$1.9 billion Across Singapore, China and Australia Provides earnings visibility over the next two to three financial years Calibrated in line with market conditions of relevant geographies S$ billion Unrecognised reve
Slide 51: Scaled platforms in Singapore and Australia
Scaled platforms in Singapore and Australia Singapore asset breakdown by Australia asset breakdown by business segment as at 30 June 2019 business segment as at 30 June 2019 (S$ million) (S$ million) 264.7, 2% 621.7, 8% 1,650.4, 1,682.5, 13% 13% 1,843.0, 894.2, 24% 12% 217.1, 3% Total assets: 12,971
Slide 52: Optimising capital productivity
Optimising capital productivity REIT platforms and active asset management help optimise capital productivity S$ million 1,800 1,600 1,400 1,200 1,000 Changi City Point: FLT: 800 153 1,7001 600 Mandeveld 12: Sofitel Sydney: Industrial 39 223 Assets: 400 FHT: 9335 655 Waterway 200 Point: Industrial 3
Slide 53: Frasers Property Singapore
Singapore Frasers Property Singapore Among the top residential property developers in Retail and commercial portfolio value2 (S$ million) Singapore 12,000 11,136 10,513 10,487 9,769 Over 21,000 homes built 10,000 9,264 7,922 Two projects currently under development 8,000 6,082 6,183 5,165 – Seas
Slide 54: REIT – FCT
Singapore REIT – FCT 36.3%1 stake in a stable retail REIT with six properties Country Properties Portfolio value1 3Q FY19 NPI Causeway Point Northpoint City North Wing (including Yishun 10 retail podium) Changi City Point Singapore S$2,749.5 m S$34.6 m Bedok Point YewTee Point Anchorpoint NB: FCT al
Slide 55: REIT – FCOT
Singapore REIT – FCOT 25.6%1 stake in an office and business space / park REIT with six properties Country Properties Portfolio value1 3Q FY19 NPI One office asset – China Square Central Singapore S$1,159.7 m (55%) S$9.0 m (41%) One business space asset – Alexandra Technopark Three office assets – C
Slide 56: Frasers Property Australia
Australia Frasers Property Australia One of Australia’s leading diversified Development pipeline Gross development value2 property groups 17,400 pipeline residential development units1 Residential1 S$8.1 b Market leader in industrial sector C&I3 S$1.4 b Market leader in mixed use development e
Slide 57: REIT – FLT
Australia REIT – FLT 21.2%1 stake in logistics and industrial trust with 81 quality properties Region Properties Portfolio value4 3Q FY19 NPI Victoria – 282 logistics and industrial assets New South Wales – 15 logistics and industrial assets Australia Queensland – 123 logistics and industrial assets
Slide 58: Frasers Hospitality
Hospitality Frasers Hospitality Well-established hospitality brands with quality assets in prime locations Strong and established international footprint Scalable operations in more than 70 cities in over 20 countries Breakdown of total units by geography International footprint Germany UK Hunga
Slide 59: REIT - FHT
Hospitality REIT - FHT 24.6% stake in global hotel and serviced residence trust; 15 quality assets1 3Q FY19 portfolio Country Properties Portfolio value,2,3 net property income2 Australia 3 hotels, 1 serviced residence S$757.3 m (A$803.1 m) (32%) 29% Singapore 1 hotel, 1 serviced residence S$835.4 m
Slide 60: Germany, the Netherlands and Austria
Europe & rest of Asia Germany, the Netherlands and Austria Properties in key industrial and logistics markets in S$2.2 billion1 portfolio focused on strong tenants in Germany, the Netherlands and Austria key industries in Germany, the Netherlands and Austria 36 logistics, 10 light industrial prope
Slide 61: UK
Europe & rest of Asia UK Commercial investment Winnersh Chineham5 Watchmoor Hillington Farnborough Maxis Six business parks – Five in the Thames Valley1 and one in Glasgow – Properties are held as freehold assets Location Reading Basingstoke Camberley Glasgow Farnborough Bracknell NLA of ~512,00
Slide 62: China, Thailand, and Vietnam
Europe & rest of Asia China, Thailand, and Vietnam China Thailand Vietnam 39.9% stake 10,600 homes in built to date; Golden Land 3 projects under development Property Development 89.5%1 75.0% 75% stake stakeinin 70.0% stake in deemed S$0.8 billion Me Linh Point, Q2 Thao Dien, interest in a 21-storey
Slide 63: Appendix II
Appendix II OneWinnersh Bangkok office, Business Farnborough Bangkok, Triangle, Thailand Park, UK United Kingdom
Slide 64: Singapore Notes on profit recognition and land bank
Singapore Notes on profit recognition and land bank Notes on profit recognition1 Effective Estimated total Target Total no. % of % Project share saleable area completion of units units sold2 completed2 (%) （’000 sq m) date Parc Life (EC) 80.0 628 100.0 100.0 62 Completed North Park Residences 100.0
Slide 65: Australia Residential – Notes on profit recognition
Australia Residential – Notes on profit recognition % of Estimated total Target Effective Total no. Project1 units saleable area completion share (%) of units2 sold （’000 sq m) date Botany (Tailor's Walk, Building D) - H/MD, NSW 100 173 98.8 14.6 Completed Botany (Tailor's Walk, Building B) - H/MD,
Slide 66: Australia Residential – Notes on profit recognition
Australia Residential – Notes on profit recognition % of Estimated total Target Effective Total no. Project1 units saleable area completion share (%) of units2 sold （’000 sq m) date East Perth (Queens Riverside, QIII) - HD, WA 100 267 97.0 22.1 Completed Chippendale (Central Park) - Retail, NSW 100
Slide 67: Australia Residential – Notes on profit recognition
Australia Residential – Notes on profit recognition % of Estimated total Target Effective Total no. Project1 units saleable area completion share (%) of units2 sold （’000 sq m) date Edmondson Park (Ed Square, The Lincoln) - HD, NSW 100 50 78.0 4.6 1Q FY21 Point Cook (Life, Point Cook) - L3, VIC 50 5
Slide 68: Australia Residential – Notes on profit recognition
Australia Residential – Notes on profit recognition % of Estimated total Target Effective Total no. Project1 units saleable area completion share (%) of units2 sold （’000 sq m) date Shell Cove (The Waterfront) - L3, NSW PDA4 3133 71.6 n/a 2027 Baldivis (Baldivis Grove) - L3, WA 100 368 23.6 n/a 2028
Slide 69: Australia Residential – Land bank
Australia Residential – Land bank Estimated total Effective Estimated total Site1 saleable area share (%) no. of units2 (‘000 sq m) Macquarie Park - HD, NSW PDA3 2279 169.7 3 Hardy's Road - L, VIC PDA 1545 n/a Deebing Heights - L, QLD 100 926 n/a Edmondson Park (Ed Square) - HD, NSW 100 608 54.8 Par
Slide 70: Australia C&I – Notes on profit recognition
Australia C&I – Notes on profit recognition % Target Effective Total area Type Site Revenue completion share (%) (‘000 sq m) to go date Berrinba (Pinnacle), QLD 100 12.3 5 4Q FY19 Braeside (Gale Pacific & Spec), VIC 100 19.9 80 1Q FY20 Development Truganina (Arlec & Spec), VIC 100 35.6 75 1Q FY20 fo
Slide 71: Australia C&I – Land bank
Australia C&I – Land bank Estimated total Effective Site Type saleable area share (%) (‘000 sq m) Epping, VIC 100 Industrial 478.3 Dandenong South, VIC 100 Industrial 355.8 Yatala, QLD 100 Industrial 112.7 Braeside, VIC 100 Industrial 98.0 Berrinba, QLD 100 Industrial 69.7 Truganina, VIC 100 Industr
Slide 72: Australia Retail – Notes on profit recognition and land bank
Australia Retail – Notes on profit recognition and land bank Notes on profit recognition % Target Effective Total area Type Site Revenue completion share (%) (‘000 sq m) to go date Horsley Park (WSPT Stage 1), NSW PDA1 10.4 45 1Q FY20 Development Shell Cove (Stage 3), NSW PDA1 0.4 100 1Q FY20 for th
Slide 73: UK Notes on profit recognition
UK Notes on profit recognition Residential1 Target Effective Total no. % of Saleable area Project completion share (%) of units2 units sold (‘000 sq m) date Camberwell on the Green 100 101 84% 9.3 Completed Three Riverside Quarter 100 139 99% 13.0 Completed Five Riverside Quarter 100 149 90% 12.5 Co
Slide 74: China Notes on profit recognition
China Notes on profit recognition1 Saleable Target Effective Total no. % of Project area completion share (%) of units2 units sold （’000 sq m) date Baitang One (Phase 2B), Suzhou 100 360 100.0 73 Completed Baitang One (Phase 3B), Suzhou 100 380 91.6 58 Completed Chengdu Logistics Hub (Phase 1), Chen
Slide 75: China Land bank
China Land bank Estimated total Effective Estimated total Site saleable area share (%) no. of units (‘000 sq m) Chengdu Logistics Hub (Phase 2A), Chengdu 80 1791 91 Gemdale Megacity (Phase 5–6), Songjiang, Shanghai 45 3622 39 1. Warehouse/office units 2. Residential units 75
Slide 76: Frasers Property Australia’s
Frasers Capri A-Space, Chengdu Property Frasers Australia’s byWinnersh Fraser, Changi The Logistics Capri by Hub, Fraser office, City, Centrepoint, Winnersh Triangle,Melbourne Singapore Chengdu, Berlin, Triangle, Singapore London China Germany Reading, UK