Slide 1: Q3 2019 Results Presentation
Q3 2019 Results Presentation 12 November 2019
Slide 2: Agenda
Agenda ➢ Overview & ➢ International Operations Strategic Initiatives ➢ Hospitality ➢ Financial Highlights ➢ Singapore Operations
Slide 3: Overview
Overview
Slide 4: Key Financial Highlights – Q3 2019
Key Financial Highlights – Q3 2019 Revenue EBITDA PATMI Basic EPS $885.3 million $242.9 million $115.0 million 12.7 cents 12.9% 27.6% 33.7% 33.5% Q3 2018 (Restated) *: $1.02 billion $335.7 million $173.3 million 19.1 cents • PATMI decline impacted by impairment losses for hotels and costs of M&C pri
Slide 5: Key Financial Highlights – YTD Sep 2019
Key Financial Highlights – YTD Sep 2019 Revenue EBITDA PATMI Basic EPS $2.48 billion $904.4 million $476.9 million 51.9 cents 27.7% 9.2% 0.5% 0.2% YTD Sep 2018 (Restated) *: $3.43 billion $996.0 million $479.4 million 52.0 cents NAV per share • Decrease in revenue due to timing of profit recognition
Slide 6: Key Operational Highlights
Key Operational Highlights PROPERTY DEVELOPMENT ▪ SINGAPORE: ➢ Launched three projects in Q3 2019: Haus on Handy Nouvel 18~ Piermont Grand # Total Units 188 156 820 Launch Date July July July Units sold to date^ 30 24 444 ASP ~ $2,870 psf > $3,450 psf $1,080 psf Artist’s Impression Artist’s Impressi
Slide 7: Key Operational Highlights
Key Operational Highlights HOTEL OPERATIONS ▪ Reopening of refurbished London property – The Biltmore Mayfair: ➢ Rebranded hotel has just reopened on 9 September 2019 after a refurbishment that cost around £60 million ➢ The five-star deluxe hotel with 256 guest rooms and 51 designer suites is manage
Slide 8: Strategic Initiatives
Strategic Initiatives
Slide 9: 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 10: Record Number of Projects Launched
GROWTH Record Number of Projects Launched Total of 6 Projects Launched In A Calendar Year – 2019 Strong Sales Achieved for 2019 Launched Projects (excludes Nouvel 18~) Total Units * Units Sold * Total Sales Value * 2,434 units 977 units $2.02 billion Amber Park Nouvel 18 ~ Sengkang Grand 2019 MARCH
Slide 11: Recurring Income Assets Acquired – YTD 2019
GROWTH Recurring Income Assets Acquired – YTD 2019 Shanghai, China Osaka, Japan (1) Pregio Joto (2) B-Proud Chuo Tenmabashi V Osaka Rental Portfolio Shanghai Hongqiao Sincere Centre (3) Pregio (Phase 2) Horie Lux Miyakojima II Prime commercial asset in Shanghai 14-storey residential building Portfol
Slide 12: Asset Enhancement – Republic Plaza
ENHANCEMENT Asset Enhancement – Republic Plaza Positive Rental Reversions following $70 million Asset Enhancement Initiative (AEI) • Post-AEI rents achieved are more than 10% higher than pre-AEI rents • Enhanced asset is expected to continue achieving positive rental reversions and increased income
Slide 13: Asset Enhancement – City Industrial Building
ENHANCEMENT Asset Enhancement – City Industrial Building Planned Upgrading Works to Enhance Building Specifications BEFORE AFTER • Functional enhancement works to building exterior and interiors, including revamp of lift lobbies, reception counter, restrooms Artist’s Impression City Industrial Build
Slide 14: Asset Enhancement – Jungceylon
ENHANCEMENT Asset Enhancement – Jungceylon Phase 1 to Commence in Q4 2019 with Completion by Q2 2020 • Revamp of Jungceylon retail mall at the heart of Patong, Phuket • Designed by well-known Thai architect, URBAN ARCHITECTS • Creation of experiential retail and new F&B concepts Artist’s Impression
Slide 15: M&C Takeover Offer – Key Milestones
TRANSFORMATION M&C Takeover Offer – Key Milestones From Initiation to Privatisation – 5 Months 7 Jun Announced recommended 12 Sep 8 Oct 4 Nov pre-conditional final cash Acceptance Condition Compulsory Acquisition M&C General offer for M&C satisfied; Final Offer Notices Despatched Meeting ➢ Supported
Slide 16: M&C Roadmap – Integration Focus
TRANSFORMATION M&C Roadmap – Integration Focus Holistic Review of the Hotel Operations Segment to Enhance Performance Drive sustainable hotel performance Internal Implement Restructuring Priority Initiatives Improve Operational Processes Maximise Shareholder Value ▪ Drive efficiency and performance
Slide 17: Financial Highlights
Financial Highlights
Slide 18: Financial Highlights
Financial Highlights Property Hotel Investment Development Operations Properties Q3 YTD Sep Q3 YTD Sep Q3 YTD Sep 2019 2019 2019 2019 2019 2019 Revenue $176M $1B Revenue $18M $5M Revenue $25M $63M PBT $52M $230M PBT $65M $92M PBT $4M $167M ▪ Decrease in revenue and PBT due ▪ Q3 2019 revenue increase
Slide 19: Revenue by Segment for 3rd Quarter (2017 – 2019)
Financial Highlights Revenue by Segment for 3rd Quarter (2017 – 2019) $864m $1,017m $885m 600 500 467 445 446 428 400 $ million 291 290 300 200 111 89 86 100 39 36 38 0 Q3 2017 (Restated) * Q3 2018 Q3 2019 Property Development Hotel Operations Investment Properties Others * Restated due to adoption
Slide 20: Profit Before Tax by Segment for 3rd Quarter (2017 – 2019)
Financial Highlights Profit Before Tax by Segment for 3rd Quarter (2017 – 2019) 200 $232m $251m $156m 163 160 120 111 84 $ million 80 74 64 44 40 37 33 40 10 7 0 (40) (28) Q3 2017 (Restated) * Q3 2018 (Restated) ^ Q3 2019 Property Development Hotel Operations Investment Properties Others * Restated
Slide 21: Revenue by Segment for YTD September (2017 – 2019)
Financial Highlights Revenue by Segment for YTD September (2017 – 2019) $2,501m $3,434m $2,482m 2,000 1,848 1,800 1,600 1,400 1,244 1,227 1,231 $ million 1,200 1,000 893 826 800 600 400 261 319 255 200 103 104 106 0 YTD Sep 2017 (Restated) * YTD Sep 2018 YTD Sep 2019 Property Development Hotel Opera
Slide 22: EBITDA by Segment for YTD September (2017 – 2019)
Financial Highlights EBITDA by Segment for YTD September (2017 – 2019) $764m $996m $904m 600 545 550 500 450 405 $ million 400 350 333 300 279 256 250 208 208 212 200 150 137 100 50 21 31 29 0 YTD Sep 2017 (Restated) * YTD Sep 2018 (Restated) ^ YTD Sep 2019 Property Development Hotel Operations Inve
Slide 23: Profit Before Tax by Segment for YTD September (2017 – 2019)
Financial Highlights Profit Before Tax by Segment for YTD September (2017 – 2019) 600 $546m $765m $646m 550 520 500 450 400 350 $ million 291 298 300 264 250 200 148 131 150 120 93 100 55 50 14 21 2 0 YTD Sep 2017 (Restated) * YTD Sep 2018 (Restated) ^ YTD Sep 2019 Property Development Hotel Operati
Slide 24: Strong Balance Sheet & Liquidity Position (YTD Sep 2019)
Financial Highlights Strong Balance Sheet & Liquidity Position (YTD Sep 2019) Net Gearing Net Gearing 1 Interest Cover Ratio (include fair value) 43% 32% 14.0x 31% in FY 2018 23% in FY 2018 14.9x in FY 2018 % of Fixed Rate Debt Ave Borrowing Cost % Secured Borrowings 46% 2.4% 24% 45% in FY 2018 2.3%
Slide 25: Financial Highlights
Financial Highlights As at 30/09/19 As at 31/12/18 Gross borrowings $8,218m $6,342m Lease liabilities $193m - Cash and bank balances ^ ($3,046m) ($2,512m) Net borrowings $5,365m $3,830m ^ Include restricted deposits of $317m (2018: $223m) classified as non current assets 25
Slide 26: 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 More than 3 years Within 1 year Debt Expiry Profil
Slide 27: Singapore Operations – Property Development
Singapore Operations Property Development
Slide 28: Singapore Property Market
Singapore Property Market Property Price Index – Residential (2013 – Q3 2019) All Residential 180 Price increase (+1.3% QoQ) 2nd consecutive quarter of price increase since July 2018 cooling measures Q3 19: 160 152.8 140 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 29: Singapore Property Market
Singapore Property Market • Private residential prices increased by 1.3% in Q3 2019. Cumulatively, prices have risen 2.1% in the first three quarters of this year. • Primary home sales remained healthy in 3Q 2019, a total of 3,281 units were sold. Developers moved a total of 7,469 private homes in t
Slide 30: Residential Units Sold by CDL
Singapore Property Development Residential Units Sold by CDL YTD Sep 2018 YTD Sep 2019 1,130 $2,557,109 1,274,934 Sales Value 787 $1,558,206 64% yoy 758,600 Units Sold 43.6% yoy No. of Units* Sales Value* Total Floor Area* (#039;000) (sq ft) * Includes Executive Condominiums (ECs) and share of JV partn
Slide 31: Steady Sales for 2018 Launched Projects
Singapore Property Development Steady Sales for 2018 Launched Projects Project Location Tenure Equity Total Total Units Ave. Selling Total Saleable Expected Stake Units Sold* Price (ASP) Area (sq ft) TOP 124 Completed New Futura Leonie Hill Road Freehold 100% 124 >$3,500 psf 248,199 (Fully sold) Aug
Slide 32: Residential Launch in Q1 2019
Residential Launch in Q1 2019 Boulevard 88 – Sales value of over $750 million* Location Tenure Equity Total Units Total Units Total Saleable Expected Stake Units Released Sold* Area (sq ft) TOP Orchard Boulevard Freehold 40% 154 90 83 316,844 2022 154-unit Freehold Luxury Residences in District 10 ▪
Slide 33: Residential Launch in Q2 2019
Residential Launch in Q2 2019 Amber Park – Iconic Freehold Residence in East Coast Location Tenure Equity Total Units Units Total Units Total Saleable Expected TOP Stake Released Sold* Area (sq ft) Amber Road Freehold 80% 592 200 188 604,006 2023 Best-selling Freehold Property Launch in District 15:
Slide 34: Residential Launch in Q3 2019
Residential Launch in Q3 2019 Haus on Handy – Exclusive Condo in Prime District 9 Location Tenure Equity Total Units Units Total Units Total Saleable Expected TOP Stake Released Sold* Area (sq ft) Handy Road 99-year 100% 188 40 30 120,791 2023 Exclusive Condo in Prime Orchard Road Area: ▪ 30 units o
Slide 35: Residential Launch in Q3 2019
Residential Launch in Q3 2019 Nouvel 18 – A Freehold Masterpiece by Jean Nouvel Location Tenure Equity Total Units Units Total Units Total Saleable Completion Stake Released Sold* Area (sq ft) Anderson Road Freehold --^ 156 30 24 351,054 2014 The Epitome of Luxury Living in the Ardmore & Anderson Re
Slide 36: Residential Launch in Q3 2019
Residential Launch in Q3 2019 Piermont Grand Executive Condominium (EC) – Luxurious Waterfront EC Location Tenure Equity Total Units Units Total Units Total Saleable Expected TOP Stake Released Sold* Area (sq ft) Sumang Walk 99-year 60% 820 820 444 908,804 2023 Best-selling Property Launch in 2019 –
Slide 37: Latest Residential Launch in Q4 2019
Latest Residential Launch in Q4 2019 Sengkang Grand Residences – Integrated Development with Seamless Connectivity Location Tenure Equity Total Units Units Total Units Total Saleable Expected TOP Stake Released Sold* Area (sq ft) Sengkang Central 99-year 50% 680 280 232 550,728 2022 Best-selling Int
Slide 38: Inventory of Launched Residential Projects
Singapore Property Development Inventory of Launched Residential Projects – As of 30 Sep 2019 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 @ Sentosa Cove 5
Slide 39: Singapore Operations – Asset Management
Singapore Operations Asset Management
Slide 40: Singapore Commercial Market
Singapore Commercial Market Property Price Index – Commercial (2013 – Q3 2019) 150 Q3 19: 138.8 (-3.9% QoQ) Office Retail 140 130 120 Q3 19: 112.0 (+1.1% QoQ) 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 Q1 Q2 Q3 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 1
Slide 41: Singapore Commercial Market
Singapore Commercial Market Property Rental Index – Commercial (2013 – Q3 2019) 250 Office Retail Q3 19: 175.7 200 (-0.6% QoQ) 150 Q3 19: 98.7 (+2.3% QoQ) 100 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 Q1 Q2 Q3 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 1
Slide 42: Singapore Commercial Market
Singapore Commercial Market Grade A Office rental is projected to increase in Q3 2019 and exceed the 10-year average Grade A rent of $9.96 moving into 2020/2021 GRADE A OFFICE RENTAL PROJECTIONS Source: CBRE Research 42
Slide 43: Singapore Commercial Portfolio
Singapore Commercial Portfolio Strong Committed Occupancy for Office & Retail Portfolio (As at 30 September 2019) (1) Office Retail 15 properties 19 properties 91.3% 94.2% Committed Occupancy Committed Occupancy 2.1 million sq ft 775,000 sq ft Net Lettable Area REPUBLIC PLAZA Net Lettable Area (2) C
Slide 44: Singapore Commercial Portfolio
Singapore Commercial Portfolio Trade Mix of Office & Retail Space by % of Total Gross Rental Income (As at 30 September 2019)* Office Retail • Diverse and well-spread tenant mix across both office and retail segments: ➢ Office: Representation across varied industries provide stability. Demand sustai
Slide 45: International Operations
International Operations
Slide 46: International Operations – Australia
International Operations – Australia Focus on Increasing Exposure in Australia Brisbane Bowral Sydney Artist’s Impression Artist’s Impression Waterbrook Bowral Waterbrook Bayview Luxury Retirement Housing Projects: Collaboration with Waterbrook Lifestyle Resorts on 2 Freehold Luxury Retirement Housi
Slide 47: International Operations – China
International Operations – China Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Continued Sales Momentum: Total sales of RMB 3.96 billion Chongqing(重庆) generated for 91% of 1,804 units to Relaunched in May 2018: date*^ Sold 71 units to date* ➢ Phase 1 – 99% sold ➢ Sales value of RMB 391 million ➢ Pha
Slide 48: International Operations – Japan
International Operations – Japan Expansion of “Build-to-Rent” Portfolio with New Acquisition Total “Build-to-Rent” assets in Japan 164 units AUM of JPY 5.46 billion ($69.3 million) Freehold site in Shirokane Park Court Aoyama The Tower Development Site: Completed in Q1 2018: ➢ Prime 180,995 sq ft fr
Slide 49: International Operations – UK Residential
International Operations – UK Residential Strengthening our Presence Under Construction Projects to be completed 2019 – 2021 Pending TOP Certification Artist’s Impression Artist’s Impression Chelsea Monk Bridge, Leeds Leasing Completed Ongoing in July & – 19 units leased Aug 2018 – Leasing Teddingto
Slide 50: International Operations – UK Commercial
International Operations – UK Commercial Strengthening our Presence in Greater London Acquisition Metrics (acquired in Sep 2018) NLA ~211,000 sq ft Occupancy 88% WAULT^ 7.0 years Yield ~5.0% CDL’s £183m Acquisition Aldgate House Preliminary Planning Approval Obtained 125 Old Broad Street Acquisition
Slide 51: Hospitality
Hospitality
Slide 52: Hotel Operations
Hotel Operations Performance Highlights (Q3 2019 & YTD Sept 2019) Q3 2019 Q3 2018 YTD Sep 2019 YTD Sep 2018 $m $m $m $m Revenue 445.9 428.1 1,231.2 1,226.6 Profit before tax (27.9) 36.7 1.6 93.1 M&C accounts for 94% of the revenue for hotel operations for YTD Sep 2019. $37m impairment losses PBT for
Slide 53: Q3 2019 Performance
Q3 2019 Performance Hotel Occupancy, Average Room Rate, and RevPAR by Region for CDL Group Room Occupancy Average Room Rate RevPAR Q3 Q3 Incr / Q3 Q3 Incr / Q3 Q3 Incr / 2019 2018 (Decr) 2019 2018 * (Decr) 2019 2018 * (Decr) % % % pts S$ S$ % S$ S$ % Singapore 90.5 90.5 - 199.9 173.8 15.0 180.9 157.
Slide 54: YTD 2019 Performance
YTD 2019 Performance Hotel Occupancy, Average Room Rate, and RevPAR by Region for CDL Group Room Occupancy Average Room Rate RevPAR YTD Sep YTD Sep Incr / YTD Sep YTD Sep Incr / YTD Sep YTD Sep Incr / 2019 2018 (Decr) 2019 2018 * (Decr) 2019 2018 * (Decr) % % % pts S$ S$ % S$ S$ % Singapore 86.5 84.
Slide 55: The Biltmore Mayfair – LXR Hotels & Resorts
The Biltmore Mayfair – LXR Hotels & Resorts Key Dates: Refurbishment started in Nov 2017 Fully closed in July 2018 Re-opened on 9 September 2019 Re-branded as ‘The Biltmore’ The hotel re-opened as a 5-star deluxe property; as LXR Hotels & Resorts’ first UK property, following an agreement between Hi
Slide 56: CDL Hospitality Trusts
CDL Hospitality Trusts Trading Performance YTD Sep YTD Sep Change 2019 2018 $m $m % Gross Revenue 142,896 149,522 (4.4) Net Property Income 103,195 107,642 (4.1) (NPI) Gross Revenue and NPI decreased mainly due to : • Closure of Raffles Maldives Meradhoo for renovation and Raffles Maldives Meradhoo
Slide 57: 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 58: Appendix
Appendix
Slide 59: Portfolio Composition – YTD Sep 2019
Portfolio Composition – YTD Sep 2019 Recurring Income Segments Property Hotel Investment $ million Others Total Development Operations Properties EBITDA * Local 246 66 320 27 659 Overseas 87 71 85 2 245 333 137 405 29 904 Total Assets ^ Local 5,769 1,034 3,509 732 11,044 Overseas 3,312 4,979 2,635 9
Slide 60: Diversified Global Portfolio
Diversified Global Portfolio Deepening Presence in Key Markets ➢ Geographical diversification allows flexibility to capitalise on opportunities $2.5 billion $23.0 billion Others Singapore Others 21% 46% 18% Singapore 48% US 7% Revenue Assets US 16% China 12% China 5% UK UK 12% 15% YTD Sep 2019 60
Slide 61: Diversified Land Bank
Diversified Land Bank Land Area (as of 30 Sep 2019) – CDL’s Attributable Share Type of Development Land Area (sq ft) Singapore International Total % Residential 490,563 1,638,190 2,128,753 92 Commercial / Hotel 66,401 116,244 182,645 8 Total 556,964 1,754,434 2,311,398 100 Total Proposed GFA – 3.6 m
Slide 62: International Property Development
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 The Marker Melbourne 50% 195 174,048 Q4 2021 China Hong Leong City Center (Pha
Slide 63: International Property Development
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 Knightsbridge London Freehold 100% 24 135,379^ TBC (Pavilion Road) Stag Brewery, Mortlake London Freehold 100% 6
Slide 64: Australia – Property Development
Australia – Property Development The Marker, Melbourne Equity Est. Total Saleable Total Expected Tenure Stake Area (sq ft) Units Completion Freehold 50% 174,048 195 Q4 2021 ▪ Launched for pre-sales in May 19 with 106 units sold/reserved The Marker Artist’s Impression Site in Fitzroy, Melbourne Equit
Slide 65: China – Project Development
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 years 50% 126 Completed 50 years (Residential) / Emerald 30% 820 2020 40 years (Commercial) Eling Palace, Chongqing ▪ Eling Palac
Slide 66: 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 1,646^ 91 Completed (Phase 1 & 2~) (Commercial) ▪ Total sales of
Slide 67: 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 ▪ Operations to begin by Q4 2019 ▪ One office tower (20% of total NLA) has been leased out to a serviced apartment operator, expected to open in Q4 2019 Artist’s I
Slide 68: UK – Property Development
UK – Property Development UK – Planning Approvals Obtained 28 Pavilion Road, Knightsbridge, London Equity Est. Total Saleable Total Expected Tenure Stake Area (sq ft) Units Completion Freehold 100% 135,379 24 TBC ▪ Currently a freehold car park site of 102,000 sq ft. It has obtained planning approva
Slide 69: UK – Property Development
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% 233,552 224^ 76 Q1 2020 ➢ 10 units sold (ASP: about £1,388 psf) ➢ 19 units leased
Slide 70: UK – Property Development
UK – Property Development UK – Completed Projects Chesham Street, Belgravia Hans Road, Knightsbridge Est. Total Saleable 12,375 5,166 Area (sq ft) Equity Stake 100% 100% Total Units 6 units 3 units Tenure Freehold Freehold Status All apartments are fully-fitted and marketed by local agencies for sal
Slide 71: M&C Hotel Operations
M&C Hotel Operations Hotel Room Count and Pipeline Hotels Rooms 30 Sep 31 Dec 30 Sep 31 Dec Hotel and Room Count 2019 2018 2019 2018 By region: ● New York 4 4 2,238 2,238 ● Regional US 15 15 4,533 4,559 ● London 8 7 2,573 2,266 ● Rest of Europe 25 23 4,274 3,741 ● Middle East * 41 36 14,524 11,980 T
Slide 72: www.cdl.com.sg
Artist’s impression Amber Park, Singapore www.cdl.com.sg