Slide 1: 1H 2024 Results Presentation
1H 2024 RESULTS PRESENTATION 14 August 2024 Lumina Grand I Singapore Artist’s Impression Artist’s Impression Copen Grand I Singapore
Slide 2: Agenda
AGENDA ➢ Overview & Strategic Initiatives ➢ Financial Highlights ➢ Operations Review – Singapore Operations – International Operations – Hospitality The Yardhouse I London, UK Artist’s Impression
Slide 3: Overview
OVERVIEW Amber Park I Singapore
Slide 4: Key Financial Highlights 1H 2024
KEY FINANCIAL HIGHLIGHTS 1H 2024 REVENUE EBITDA PBT PATMI 1H 2024 $1.6B $456.2MM $155.4MM $87.8MM ▼ 42% ▼ 0.8% ▼ 13% ▲ 32% 1H 2023 $2.7B $459.7MM $179.5MM $66.5MM SUMMARY Revenue: • Revenue in 1H 2024 declined due to lower contributions from the property development segment. In 1H 2023, revenue was
Slide 5: Key Financial Highlights 1H 2024
KEY FINANCIAL HIGHLIGHTS 1H 2024 NAV RNAV per share per share If FV gains on investment properties $19.49 had been factored in If revaluation $10.12 $17.17 and the Group’s hotels continue to be stated at cost surpluses of the hotel portfolio had been included – ▼ 0.2% y-o-y FY 2023: $10.12 FY 2023:
Slide 6: Key Operational Highlights 1H 2024
KEY OPERATIONAL HIGHLIGHTS 1H 2024 PROPERTY DEVELOPMENT COMMERCIAL PROPERTIES ▪ SINGAPORE: Sold 588 units with total sales value of $1.2B1 driven by the ▪ SINGAPORE: Strong committed occupancy for portfolio3: healthy sales of launched projects: − Office: 93.0% (NLA: 1.4MM sq ft) ‒ Lumina Grand: 78%
Slide 7: Global Portfolio Overview 1H 2024
GLOBAL PORTFOLIO OVERVIEW 1H 2024 TOTAL ASSETS SEGMENT ANALYSIS Others Others 7% 18% DP Hotel 34% US Singapore 25% 7% Assets by 43% Assets by Geography Business China Segment $24B 12% UK IP 20% 34% With Fair Value of IPs & Hotels Others Others 16% 3% DP Hotel 26% US 26% 6% Singapore Assets by Assets
Slide 8: 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 9: Global Investments 1H 2024
GROWTH GLOBAL INVESTMENTS 1H 2024 $1.1B Singapore Japan UK 1 IN ACQUISITIONS & INVESTMENTS Hospitality Artist’s Impression Zion Road (Parcel A)2 GLS site Roygent Saitama Shintoshin Escenario Akasaka The Yardhouse $1.1B ¥3.28B ($30.2MM) ¥3.1B ($28.0MM) £88MM ($148.6MM) 31% France 49% $1.1B (By busine
Slide 10: Singapore Residential Launch Pipeline
GROWTH SINGAPORE RESIDENTIAL LAUNCH PIPELINE Upcoming Launches Launched in Jan 2024 – 78% sold4 Norwood Grand Lumina Grand (512 units) Union Square Residences 2H 2024 (Central Mall and Central Square redevelopment) Norwood Grand 2H 2024 Lorong 1 Toa Payoh2 1H 2025 Zion Road (Parcel A)2 2H 2025 CURRE
Slide 11: Strategic Land Tender: Jurong Lake District Master Developer Site
GROWTH STRATEGIC LAND TENDER: JURONG LAKE DISTRICT MASTER DEVELOPER SITE Set to be Singapore’s largest business district outside of the central area Submitted two joint bids for Jurong Lake District (JLD) master developer site in March 2024 with four other developers 6.5-hectare white site comprisin
Slide 12: Strategic Land Tender: Joint Bid for Jurong Lake District
GROWTH STRATEGIC LAND TENDER: JOINT BID FOR JURONG LAKE DISTRICT MASTER DEVELOPER SITE JLD master developer site: Plots 1, 2 and 3 Joint Venture Partnership amongst 5 of Asia’s Leading Developers: Plot 3 From 2027 Plot 2 From 2027 Plot 1 From 2024 12
Slide 13: Strategic Divestments
GROWTH STRATEGIC DIVESTMENTS Healthy Take-up in 1H 2024 PORTFOLIO VALUE ~$271MM 1 LAUNCHED FOR SALE IN 1H 2024 Sold out Sold out Citilink Warehouse Complex (55 strata units) Cititech Industrial Building (44 strata units) Fortune Centre (27 strata units) SALES VALUE ACHIEVED TO-DATE ~$172MM 2 Ongoing
Slide 14: 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 15: Key Asset Enhancements
ENHANCEMENT KEY ASSET ENHANCEMENTS COMPLETED AEI Jungceylon Shopping Center & M Social Phuket ONGOING AEI Singapore Commercial Assets Officially reopened in Jun 2024 Phased AEIs in progress City Square Mall – $50MM ▪ Phase 1: Reopened in May 2024, with a 94% committed occupancy ▪ Phase 2: Ongoing; o
Slide 16: 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 office, retail, residential apartments 45-storey and a co-living com
Slide 17: Hotel Refurbishments & Developments
ENHANCEMENT HOTEL REFURBISHMENTS & DEVELOPMENTS LONDON – £16.5MM ($28.3MM) 222 Guestrooms • Conversion of Millennium Hotel London Knightsbridge to M Social Knightsbridge -- First M Social in the UK. • Refurbishment scheduled to commence in 2H 2024 and complete in 1H 2025. Brand Expansion • Hotel wil
Slide 18: Sustainability Leadership
ENHANCEMENT SUSTAINABILITY LEADERSHIP Milestones Achieved for YTD 2024: LISTED ON 14 LEADING GLOBAL SUSTAINABILITY RATINGS, RANKINGS & INDEXES #2 Singapore Governance out of and Transparency 477 companies Index (SGTI) 2024 Ranked Top S&P DJSI APAC Index Since 2018 Real Estate Company Since 2010 (sin
Slide 19: 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 20: Overview on Share Buyback Programme
TRANSFORMATION OVERVIEW ON SHARE BUYBACK PROGRAMME Initiated on 8 March 2024 Portfolio Restructuring to Unlock Value Buyback via Open Market Purchases: CDL shares trading at 70% discount to RNAV Macroeconomic headwinds depressing valuations $ ▪ Average price: $5.88 per share - 42% discount to NAV of
Slide 21: Fund Management – Drive AUM Growth
TRANSFORMATION FUND MANAGEMENT – DRIVE AUM GROWTH Prioritise Capital Raising for Fund Management Business through Value Creation STRATEGIC 3 Commercial Assets in Central London FOCUS Global Living Sector Portfolio PRS PBSA Strategic Partnerships Manage / co-invest with external parties, ~4,900 ~2,40
Slide 22: Global Living Sector Portfolio – 1H 2024
TRANSFORMATION GLOBAL LIVING SECTOR PORTFOLIO – 1H 2024 $187MM Japan $2.7B (250 units) $407MM 1 ➢ 2,246 PRS units3 across (563 units) 7% 40 assets3 in Tokyo, Osaka and Yokohama 15% 27% $726MM TOTAL GDV (2,246 units) TOTAL PRS PBSA GDV 18% ~4,900 ~2,400 $473MM (2,368 beds) 33% $904MM units beds (1,85
Slide 23: Financial Highlights
FINANCIAL HIGHLIGHTS Republic Plaza I Singapore
Slide 24: Financial Highlights
FINANCIAL HIGHLIGHTS Property Hotel Investment Development Operations Properties 1H 1H 1H 1H 1H 1H 2024 2023 2024 2023 2024 2023 Revenue $469MM $1,724MM Revenue $746MM $673MM Revenue $248MM $205MM PBT $9MM $195MM PBT $23MM ($7MM) PBT $107MM ($27MM) ▪ Decrease in revenue and PBT primarily attributed
Slide 25: RevPAR by Region for CDL Group
REVPAR BY REGION FOR CDL GROUP ASIA AUSTRALASIA Singapore Rest of Asia Australasia Strong RevPAR growth ▲2.7% vs 1H 2023 following the 166.8 171.3 newly acquired 416-room ▲30.4% 121.9 ▲2.7% Sofitel Brisbane Central 99.5 102.2 93.5 hotel in Dec 2023 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 US
Slide 26: Continued Outperformance in Hotel Ops
CONTINUED OUTPERFORMANCE IN HOTEL OPS Room Occupancy Average Room Rate Revenue Per Available GOP Margin Room (RevPAR) % 1.9% pts $ 0.1% 3.0% 0.9% pts 217.1 $ % 71.8 156.0 72.0 217.0 216.8 31.7 156.0 32 69.9 30.8 70.0 216.5 153.0 31 151.5 68.0 216.0 150.0 30 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H
Slide 27: Revenue by Segment
REVENUE BY SEGMENT 1H 2024 1H 2023 y-o-y Revenue $1,563MM $2,704MM ▼ 42% Property Hotel Investment Others Development Operations Properties $MM 2,000 1,724 1,600 1,200 ▼73% ▲11% 673 746 800 469 ▲21% 400 205 248 102 100 0 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 The decline in
Slide 28: EBITDA by Segment
EBITDA BY SEGMENT 1H 2024 1H 2023 y-o-y EBITDA $456MM $460MM ▼ 1% Property Hotel Investment Others Development Operations Properties $MM 300 252 236 250 200 150 116 100 100 100 67 50 24 21 0 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 1 The property development segment registered
Slide 29: PBT by Segment
PBT BY SEGMENT 1H 2024 1H 2023 y-o-y PBT $155MM $180MM ▼ 14% Property Hotel Investment Others Development Operations Properties $MM 195 200 150 107 100 50 23 19 16 9 0 (7) (50) (27) 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 1H 2023 1H 2024 1 The property development segment registered a lower
Slide 30: Capital Management
CAPITAL MANAGEMENT Strong Balance Sheet & Liquidity Position Sufficient Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing Total Cash 1 Interest Cover % of Ratio Fixed Rate Debt 116% $1.7B 2.0x 40% FY 2023: 103% FY 2023: $2.2B FY 2023: 2.8x FY 2023: 45% Net Gearing 2 Cash and
Slide 31: Prudent Capital Management
PRUDENT CAPITAL MANAGEMENT Balanced debt Balanced debt High Level of expiry profile currency mix Natural Hedge Well-Spread Debt Maturity Profile Debt Currency Mix 3,600 Others (5.5%) Bonds 3,200 25% JPY (3.1%) 23% RMB (4.1%) 658 22% Loans 377 2,800 615 200 502 Debt $ (MM) 2,400 685 USD (7.6%) 16% 91
Slide 32: CDL Group – Natural Hedge 2024
CDL GROUP – NATURAL HEDGE 2024 Substantially 75% natural hedge for the key geographical markets the Group operates in GBP RMB USD JPY AUD Natural Hedge Natural Hedge Natural Hedge Natural Hedge Natural Hedge 99% 52% 52% 80% 57% $MM 4,816 4,791 5,000 4,000 2,951 3,000 1,829 2,000 1,523 956 897 1,000
Slide 33: Operations Review
OPERATIONS REVIEW Amber Park I Singapore
Slide 34: Singapore Operations: Property Development
SINGAPORE OPERATIONS PROPERTY DEVELOPMENT Lumina Grand I Singapore Artist’s impression
Slide 35: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT Property Price Index – Residential (2014 – Q2 2024) Price Increase (+0.9% q-o-q) All Residential Residential prices increased in Q2 2024, moderating from the 1.4% increase in the previous quarter. Overall, prices have increased by 2.3% for YTD 30 June 2024. 220 Q2 24:
Slide 36: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT ➢ Private residential property prices moderated in Q2 2024, with the Private Residential Property Price Index (PPI) registering a 0.9% growth q-o-q, marking a slowdown from the 1.4% increase in the previous quarter. PPI registered a 2.3% increase in 1H 2024 and 6.0% gr
Slide 37: Singapore Property Development: Residential Units Sold
SINGAPORE PROPERTY DEVELOPMENT Residential Units Sold1 1H 2023 1H 2024 Sales Value Units Sold 5.3% y-o-y 15.7% y-o-y 588 $1.2 $1.1 1H 2024 Highlights 680,632 508 Performance was driven by the launch of Lumina Grand in January and the sales of select units released at The Residences at W Singapore Se
Slide 38: Singapore Property Development
SINGAPORE PROPERTY DEVELOPMENT Resilient Sales for 2024 Launched Projects and Existing Inventory ➢ Sold 588 units with total sales value of $1.2B for 1H 2024 1 ➢ Performance was driven by launch of Lumina Grand in January and strong response for the sales of select units released at The Residences a
Slide 39: Inventory of Launched Residential Projects
SINGAPORE PROPERTY DEVELOPMENT Inventory of Launched Residential Projects – As at 30 Jun 2024 Total CDL’s Share of Project Equity Stake Total Units Units Sold Unsold Unsold Inventory Inventory St. Regis Residences 33% 173 163 10 3 One Shenton 100% 341 333 8 8 Cliveden at Grange 100% 110 48 62 62 UP@
Slide 40: Residential Launch 1H 2024
RESIDENTIAL LAUNCH 1H 2024 Lumina Grand – Luxury Executive Condominium (EC) in the Heart of Established Bukit Batok West Location Tenure Equity Stake Total Units Total Units Sold1 Site Area (sq ft) Total Saleable Area (sq ft) Bukit Batok West Ave 5 99-year 100% 512 399 178,936 565,569 Strong Sales f
Slide 41: Upcoming Residential Launch – 2H 2024
UPCOMING RESIDENTIAL LAUNCH – 2H 2024 Union Square Residences – Iconic landmark residence in the heart of the vibrant and culturally-rich Singapore River precinct, a blend of heritage and modern sculptural design Location Tenure Equity Stake Total Units1 Site Area (sq ft)1 Total Saleable Area (sq ft
Slide 42: Upcoming Residential Launch – 2H 2024
UPCOMING RESIDENTIAL LAUNCH – 2H 2024 Norwood Grand – True Luxury in the North Location Tenure Equity Stake Total Units1 Site Area (sq ft)1 Total Saleable Area (sq ft)1 Champions Way 99-year 100% 348 155,351 Est. 310,575 Most anticipated private residential development launch in Woodlands since 2012
Slide 43: Singapore Operations: Asset Management
SINGAPORE OPERATIONS ASSET MANAGEMENT Republic Plaza I Singapore
Slide 44: Singapore Commercial Market
SINGAPORE COMMERCIAL MARKET Property Price Index – Commercial (2014 – Q2 2024) 150 Office Retail Price Increase 140 (+3.1% q-o-q) Office prices increased in Q2 2024, reversing the negative growth of 1.2% in the previous 130 quarter. Overall, prices have increased by 1.9% for YTD 30 June 2024. 120 11
Slide 45: Singapore Commercial Market
SINGAPORE COMMERCIAL MARKET Property Rental Index – Commercial (2014 – Q2 2024) 250 Rental Increase (+3.1% q-o-q) Office rents continue to hold Office Retail steady, increasing in Q2 2024 and reversing the negative growth of 1.7% in the previous quarter. Overall, rents have increased by 200 1.3% for
Slide 46: Singapore Commercial Portfolio Occupancy
SINGAPORE COMMERCIAL PORTFOLIO OCCUPANCY As at 30 Jun 2024 The Group’s commercial portfolio1 maintained a strong committed occupancy as at 30 Jun 2024, underpinned by a diverse lease expiry profile to mitigate any potential risks over the next few years. Office Space Lease Expiry Profile (by % GR) O
Slide 47: Singapore Commercial Portfolio Trade Mix
SINGAPORE COMMERCIAL PORTFOLIO TRADE MIX As at 30 Jun 2024 Diverse tenant base maintained across the Group’s commercial portfolio1 to mitigate overexposure to cyclical sectors. Office: Diversified tenant trade mix comprising a good mixture of established corporate tenants. Retail: A strong emphasis
Slide 48: International Operations
INTERNATIONAL OPERATIONS The Yardhouse I London Artist’s Impression
Slide 49: International Operations Australia
INTERNATIONAL OPERATIONS AUSTRALIA Focus on Developments across Eastern Seaboard of Australia Queensland Group’s first BTS PRS project in Australia Victoria PRS BTS ➢ Fitzroy Fitzroy has sold 56% of the total 61 units. Artist’s Impression Construction Brickworks Park (Residential) commenced Q4 2023.
Slide 50: International Operations China
INTERNATIONAL OPERATIONS CHINA Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Landmark waterfront mixed-use development site: ➢ 6 towers of high-end residential Shenzhen(深圳) 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 51: 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 8 freehold residential properties in Osaka (533 units) 1 freehold residential property in Saitama, Greater Tokyo (115 units) Horie Lux Pregio Joto Chu
Slide 52: 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 Construction in progress for a (209 units) (1,473 units1) Le
Slide 53: International Operations UK – PBSA
INTERNATIONAL OPERATIONS UK Purpose-Built Student Accommodation (PBSA) Portfolio comprises 2,368 beds across 6 assets with occupancy of 93% for Academic Year 2023/20241 Sycamore House, Leeds Infinity, Coventry Trinity View, Coventry (117 beds) (505 beds) (614 beds) Altura, Birmingham (435 beds) Arti
Slide 54: International Operations UK – Commercial Portfolio Occupancy
INTERNATIONAL OPERATIONS UK Commercial Portfolio Occupancy (as at 30 Jun 2024) The committed occupancy of the Group’s UK commercial portfolio increased marginally to 90.3% mainly due to the office despite market uncertainty and ongoing structural change in the London office market. The long lease ex
Slide 55: International Operations UK – Commercial Portfolio Trade Mix
INTERNATIONAL OPERATIONS UK Commercial Portfolio Trade Mix (as at 30 Jun 2024) Optimising tenant management efficiency and stability through focused tenant base across office and retail commercial portfolios. Office: Diversified and resilient tenant base comprising of established corporate tenants.
Slide 56: Hospitality
HOSPITALITY M Social Suzhou
Slide 57: Hotel Operations – Trading Performance
HOTEL OPERATIONS – TRADING PERFORMANCE 1H 2024 1H 2023 Change $MM $MM % Revenue 745.7 672.9 10.8 PBT 23.0 (6.8) NM* EBITDA 116.0 100.0 16.0% M Social Phuket Revenue and EBITDA increased mainly due to: • RevPAR growth for 1H 2024 was recorded across virtually all portfolio markets even though the pen
Slide 58: Hotel Operations (1H 2024 vs 1H 2023)
HOTEL OPERATIONS (1H 2024 vs 1H 2023) Hotel Occupancy, Average Room Rate, RevPAR and GOP Margin by Region for CDL Group (Like-for-like comparison, excluded hotels held under CDL Hospitality Trusts that are not operated by the Group) Room Occupancy Average Room Rate RevPAR GOP 1H 2024 1H 2023 Incr /
Slide 59: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) Trading Performance 1H 2024 1H 2023 Change $MM $MM % Hotel Brooklyn Gross Revenue 127.3 119.2 6.8% Net Property Income (NPI) 66.5 62.9 5.9% For 1H 2024, NPI increased 5.9% (or $3.7MM) year-on-year (y-o-y) to $66.5MM in tandem with the 6.8% y-o-y increase in gross reven
Slide 60: CDL Hospitality Trusts (CDLHT)
CDL HOSPITALITY TRUSTS (CDLHT) y-o-y Country change in Remarks RevPAR (%) RevPAR growth was attributed by close to 2 million arrivals improvement y-o-y, largely concentrated in Q1 due to the period’s robust concert calendar and commencement of visa-free travel between China and Singapore. Q2 saw mor
Slide 61: 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 62: 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