Slide 1: 1H 2021 Results Presentation
1H 2021 Results Presentation 12 August 2021 Artist’s Impression Irwell Hill Residences I Singapore
Slide 2: Agenda
Agenda ➢ Overview & ➢ Operations Review Strategic Initiatives – Singapore Operations – International Operations ➢ Financial Highlights – Hospitality
Slide 3: Overview
Overview
Slide 4: Key Financial Highlights – 1H 2021
Key Financial Highlights – 1H 2021 Revenue EBITDA PBT PATMI 1H 2021 $1.2B $272.1MM $9.7MM ($32.1MM) 1H 2020 $1.1B $189.7MM $13.8MM $3.1MM Increase in revenue is due to a steady increase in property development segment boosted by Whistler Grand, Amber Park and The Tapestry which accounted for 70% of
Slide 5: Key Financial Highlights – 1H 2021 (NAV, dividend, share price)
Key Financial Highlights – 1H 2021 NAV per share RNAV per share 1H 2021 $9.22 $14.22 If FV gains on 1.7% 0.3% investment properties $17.00 had been factored in If revaluation surpluses of the and the Group’s hotels hotel portfolio had been FY 2020: FY 2020: continue to be stated included (based on 2
Slide 6: Key Operational Highlights – 1H 2021
Key Operational Highlights – 1H 2021 Performance Summary ▪ SINGAPORE: Sold 971 units with total sales value of $1.7B* ▪ Strategic expansion of Singapore residential land bank with 2 GLS site acquisitions in 1H 2021: ‒ Northumberland Road site (Est 407 units) ‒ Tengah Garden Walk EC site (Est 628 uni
Slide 7: Portfolio Composition by Segment – 1H 2021
Portfolio Composition by Segment – 1H 2021 EBITDA * 1H 2021 Total Assets ^ $272.1MM $24.5B $182.3MM Property Development $10.3B ($47.2MM) Hotel Operations $5.8B $92.3MM Investment Properties $7.0B $44.7MM Others $1.4B * Earnings before interest, tax, depreciation and amortisation. ^ Excludes tax rec
Slide 8: Global Portfolio Overview
Global Portfolio Overview The Group's diversified portfolio enables it to weather cyclical typhoons from time to time Others 17% US 6% Singapore Total Assets ^: Assets by 46% Geography $24.5B China 17% UK 14% ^ Excludes tax recoverable and deferred tax asset. As at 30 Jun 2021 8
Slide 9: Strategic Initiatives
Strategic Initiatives
Slide 10: 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 Irwell Hill Residences I Singapore Enhancement Transformation ➢ Enhance asset portfolio ➢
Slide 11: G.E.T Strategy & Focus 2021
G.E.T Strategy & Focus 2021 G rowth ➢ Build development • Launched Irwell Hill Residences in April and launching CanningHill Piers in Q4 2021 (Liang Court redevelopment project) pipeline & recurring • Active land replenishment of 2 GLS sites: income streams Northumberland Road and Tengah Garden Walk
Slide 12: Growth
Growth ➢Build development Strategic pipeline & recurring income streams Initiatives Artist’s Impression Irwell Hill Residences I Singapore
Slide 13: Diversified Residential Launch Pipeline
GROWTH Diversified Residential Launch Pipeline Singapore Pipeline ranges from Mass Market to High-end Projects Tengah Garden Walk EC^ CanningHill Piers^ (696 units) (Est 628 units) Launch Pipeline ~ 2,000 units* Upcoming Launches CanningHill Piers^ Source: HDB (Residential component of Liang Court Q
Slide 14: Upcoming Launch in Q4 2021
GROWTH Upcoming Launch in Q4 2021 CanningHill Piers – A New Landmark Residence Nestled between Fort Canning Hill and Singapore River, by renowned Danish architecture firm Bjarke Ingels Group Location Tenure Equity Total Units Site Area Est Total Saleable Area Stake (sq ft) (sq ft) River Valley Road
Slide 15: Active Land Replenishment – Northumberland Road
GROWTH Active Land Replenishment Strategic Acquisition of District 8 Site at Northumberland Road Site Area Location Tenure Equity Stake Total Units (sq ft) Northumberland Road 99-year 50% Est 407 94,000 Top bid placed for first Government Land Sales (GLS) tender in 2021 – Tender closed on 27 April 2
Slide 16: Active Land Replenishment – Tengah Garden Walk
GROWTH Active Land Replenishment Strategic Acquisition of Prime Tengah Garden Walk EC Site Site Area Location Tenure Equity Stake Total Units (sq ft) Tengah Garden Walk 99-year 50% Est 628 237,032 Top bid placed for prized EC site in Tengah New Town – Tender closed on 25 May 2021 • Strategic top bid
Slide 17: Enhancement
Enhancement Strategic ➢Enhance asset portfolio Initiatives ➢Drive operational efficiency Republic Plaza I Singapore
Slide 18: Focus on Asset & Operational Efficiency
ENHANCEMENT Focus on Asset & Operational Efficiency Improve Asset Positioning and Relevance, Enhance Asset Portfolio and Drive Operational Efficiency and Returns Asset Rejuvenation and Redevelopment Reposition assets and replenish land bank through schemes such as the CBD Incentive Scheme and Strate
Slide 19: Embedding Strategic ESG Initiatives
ENHANCEMENT Embedding Strategic ESG Initiatives Driving Business Transformation through Strong Sustainability Focus Environmental Performance ▪ First Singapore real estate conglomerate in Southeast Asia to sign WorldGBC’s Net Zero Carbon Buildings Commitment – pledging net zero operational carbon fo
Slide 20: Strategic Focus on Green Financing Streams
ENHANCEMENT Strategic Focus on Green Financing Streams Enhancing Linkage between Capital Markets and Sustainability Performance Green Bonds & Loans Apr 2017: $100MM Apr 2019: $500MM Dec 2020: $470MM Apr 2021: $1.22B >$2.5B 1st Green Bond issued by a Singapore company 1st Green Loan for New Property
Slide 21: ESG Achievements
ENHANCEMENT ESG Achievements Ranked on 13 Leading Global Sustainability Ratings and Rankings LATEST ESG MILESTONES Ranked #4 out of 519 companies Singapore Governance and Only Singapore Only company in Southeast Top 7% of CDP Ranked world’s top real estate Transparency real estate company Asia & Hon
Slide 22: Asset Enhancement Initiatives – Palais Renaissance
ENHANCEMENT Asset Enhancement Initiatives (AEI) Palais Renaissance Scope • Widen main entrance and create alfresco F&B area • Revamp of common areas • Addition of an escalator to the basement Target Completion: Mall Entrance 1H 2022 Design Inspiration From Traditional French ‘Savoir Faire’ Atrium &
Slide 23: Asset Enhancement Initiatives – King's Centre
ENHANCEMENT Asset Enhancement Initiatives (AEI) King’s Centre Scope • Revamp main lobby and common areas like lift lobbies, lift interiors and restrooms • Reconfigure existing floor layout for efficiency • Air-conditioning system upgrade for energy efficiency Target Completion: Main Entrance 1H 2022
Slide 24: Asset Enhancement Initiatives – Tower Club
ENHANCEMENT Asset Enhancement Initiatives (AEI) Tower Club Ba Xian Restaurant Scope ▪ Increase functional space by slabbing over void space in the middle of the restaurant and creating flexible spaces for hosting of events/banquets ▪ Revamp of main dining hall, private dining rooms and restrooms Tar
Slide 25: Asset Enhancement Initiatives – Jungceylon, Phuket
ENHANCEMENT Asset Enhancement Initiatives (AEI) Jungceylon, Phuket Functional Upgrade • Refurbishment of the Port Zone: Replacement of canopy, flooring, and cables, and water fountain repair works • Functional repair works for restrooms • Revamp of 4 sets of passenger lifts • Facade painting and rep
Slide 26: Asset Repositioning – M Social New York
ENHANCEMENT Asset Repositioning – M Social New York Opening of M Social New York in May 2021 – First M Social Property in US 480-room hotel located in the heart of Times Square Debut in Times Square, New York on 27 May New lifestyle offering will merge the energy of Times Square with contemporary de
Slide 27: Asset Repositioning – M Social Paris
ENHANCEMENT Asset Repositioning – M Social Paris Opening of M Social Paris Opera in Sep 2021 – First M Social Property in Europe 163-room hotel located on Boulevard Haussmann in the Opera district Works are ongoing to re-brand Millennium Opera Paris as M Social Paris Opera – the Group’s first M Soci
Slide 28: Asset Rejuvenation to Unlock Value
ENHANCEMENT Asset Rejuvenation to Unlock Value Redevelopment of Existing Assets – Realise GFA uplift from Incentive Schemes Proposed redevelopment under Fuji Xerox Towers CBD Incentive Scheme*: 46-storey freehold mixed-use integrated development comprising office, retail, residential and serviced ap
Slide 29: Transformation
Transformation Strategic ➢Via new platforms Initiatives 125 Old Broad Street I London, UK
Slide 30: Fund Management
TRANSFORMATION Fund Management Target AUM: US$5B Organic AUM by Merger & Growth 2023 Acquisitions TWO-PRONGED STRATEGY Leverage CDL’s core capabilities Accelerate growth of Fund to drive scale and Management business through maximise business returns acquisitions Singapore-listed REIT platform with
Slide 31: IREIT Global
TRANSFORMATION IREIT Global 71% Growth in AUM IREIT AUM (€MM) Since investment in Apr 2019, AUM grew from €504.9MM ($808.7MM) to €861.2MM ($1.38B)* € 1,000.0 € 900.0 € 861.2 CDL acquired a total of 21% stake in IREIT Global’s units: € 800.0 • 12.5% in 2019 € 719.6 • 8.4% in April 2020 € 700.0 € 600.
Slide 32: Financial Highlights
Financial Highlights
Slide 33: Financial Highlights by Segment
Financial Highlights Property Hotel Investment Others Development Operations Properties 1H 1H 1H 1H 1H 1H 1H 1H 2021 2020 2021 2020 2021 2020 2021 2020 Revenue $628MM $464MM Revenue $317MM $355MM Revenue $171MM $186MM Revenue $76MM $68MM PBT $119MM $115MM PBT ($143MM) ($208MM) PBT $10MM $26MM PBT $2
Slide 34: Revenue by Segment for Half Year (2019–2021)
Financial Highlights Revenue by Segment for Half Year (2019 – 2021) $1,597MM $1,073MM $1,192MM 1,000 785 800 628 $ (MM) 600 536 464 400 355 317 208 186 200 171 68 68 76 0 1H 2019 1H 2020 1H 2021 Property Development Hotel Operations Investment Properties Others 34
Slide 35: EBITDA by Segment for Half Year (2019–2021)
Financial Highlights EBITDA by Segment for Half Year (2019 – 2021) $661MM $190MM $272MM 440 400 360 334 320 280 240 197 $ (MM) 200 182 160 147 116 108 120 92 80 61 45 40 14 0 (40) (80) (47) (120) (160) (126) 1H 2019 1H 2020 1H 2021 Property Development Hotel Operations Investment Properties Others 3
Slide 36: Profit Before Tax by Segment for Half Year (2019–2021)
Financial Highlights Profit Before Tax by Segment for Half Year (2019 – 2021) $490MM $14MM $10MM 280 258 240 200 180 160 119 115 120 81 80 $ (MM) 29 23 26 24 40 10 0 (40) (80) (120) (160) (143) (200) (240) (208) 1H 2019 1H 2020 1H 2021 Property Development Hotel Operations Investment Properties Othe
Slide 37: Strong Balance Sheet & Liquidity Position
Financial Highlights Strong Balance Sheet & Liquidity Position Sufficient Financing Balanced Gearing Liquidity Flexibility Debt Profile Net Gearing Total Cash Interest Cover % of Ratio 1 Fixed Rate Debt 97% $2.8B 2.5x 33% FY 2020: 93% FY 2020: $3.2B FY 2020: 3.4x FY 2020: 34% Net Gearing 2 Cash and
Slide 38: Prudent Capital Management
Financial Highlights Prudent Capital Management ➢ Balanced debt expiry profile ➢ Balanced debt currency mix – adopting a natural hedging strategy ➢ Average borrowing cost kept low Well-Spread Debt Maturity Profile 4,800 39% Others (2.0%) Bond Bank Loan RMB (5.5%) 4,400 160 222 Debt $ (MM) 4,000 JPY
Slide 39: Operations Review
Operations Review
Slide 40: Singapore Operations – Property Development
Singapore Operations Property Development
Slide 41: Singapore Property Market
Singapore Property Market Property Price Index – Residential (2014 – Q2 2021) Price Increase All Residential (7.1% YoY) Residential prices continue to increase for five consecutive 180 quarters Q2 21: 163.5 160 140 120 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 Q2 Q3
Slide 42: Singapore Property Market
Singapore Property Market • Private residential market continues to show signs of recovery with URA Private Residential Property Price Index registering a 4.1% increase in 1H 2021 as compared to end 2020. • Robust primary home sales in 1H 2021 with 6,459 units sold registering a 67.2% increase as co
Slide 43: Singapore Property Development
Singapore Property Development Residential Units Sold by CDL 1H 2020 1H 2021 Majority of units sold were Irwell Hill Residences, Amber Sales Value Park and Sengkang Grand $1,715,560 Residences projects 233.3% YoY 971 832,386 Units Sold 172.8% YoY 1H 2021 Mainly luxury projects sold 332,631 Period Pr
Slide 44: Singapore Property Development
Singapore Property Development Resilient / Strong Sales Performance for 1H 2021 Amid Pandemic ➢ Sold 971 units with total sales value of $1.7B for 1H 2021^ Steady Sales for Launches from 2018 – 2021 Launch Project Location Tenure Total Total Units % Sold* Achieved Average Year Units Sold* Selling Pr
Slide 45: Singapore Operations – Asset Management
Singapore Operations Asset Management
Slide 46: Singapore Commercial Market
Singapore Commercial Market Property Price Index – Commercial (2014 – Q2 2021) Price Decline (-4.6% YoY) Slight increase in office price as compared to 150 previous quarter Office Retail 140 130 Q2 21: 121.1 120 110 Q2 21: 102.4 Price Decline 100 (-5.9% YoY) Retail prices continue to decline for thr
Slide 47: Singapore Commercial Market
Singapore Commercial Market Property Rental Index – Commercial (2014 – Q2 2021) 250 Rental Decline (-3.6% YoY) Office Retail Prime office rents increased from the previous quarter 200 Q2 21: 162.7 150 100 Q2 21: 82.0 Rental Decline 50 (-13.9% YoY) Slight decline in retail rents from previous quarter
Slide 48: Singapore Commercial Portfolio
Singapore Commercial Portfolio Strong Committed Occupancy and Positive Rental Reversion for Office Portfolio (As at 30 June 2021) * Office Retail 11 properties 8 properties 90.6% 93.8% Committed Occupancy Committed Occupancy 1.7MM sq ft 686,000 sq ft Net LettableArea REPUBLIC PLAZA Net Lettable Area
Slide 49: Singapore Commercial Portfolio
Singapore Commercial Portfolio Trade Mix of Office & Retail Space by % of Total Gross Rental Income (As at 30 June 2021) * Office Retail Supermarkets Electrical, Electronics, IT & Value Store, & Telecommunications, Sporting Goods, 6.6% 1.7% Telecommunications, Banking, 3.7% Media & Technology, Insur
Slide 50: Singapore Office Market Outlook
Singapore Office Market Outlook Grade A office rental rose 1.0% q-o-q to $10.50 psf per month in Q2 2021, the first rental growth since Q4 2019 despite the emergence of COVID-19 clusters which led to the tightening of measures in May 2021. Grade A market outlook expected to remain positive in the me
Slide 51: Singapore Retail Market Outlook
Singapore Retail Market Outlook Average prime island-wide retail rents declined by 0.4% q-o-q in Q2 2021. The retail sector remained challenged with another round of stricter measures during Phase 2 (Heightened Alert), coupled with default work from home arrangements and closure of tourism borders.
Slide 52: COVID-19 Support for Retail Tenants
COVID-19 Support for Retail Tenants Supporting tenants impacted by Phase 2 (Heightened Alert) ➢ Committed over $40MM in property tax and rental rebates to tenants in Singapore and overseas since the beginning of COVID-19 in 2020 Singapore First Phase 2 (Heightened Alert): 16 May to 13 June 2021 ➢ Pr
Slide 53: International Operations
International Operations
Slide 54: International Operations – Australia
International Operations – Australia Focus on Developments across Eastern Seaboard of Australia New South Wales Queensland Artist’s Impression Waterbrook Bayview Artist’s Impression Brickworks Park (Residential) ➢ Launched 222-unit development consisting of apartments and Artist’s Impression townhou
Slide 55: International Operations – China
International Operations – China Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Continued Sales Momentum: Chongqing(重庆) Total sales of RMB 4.04B generated Relaunched in May 2018: for 92% of 1,813 units to date*^ ➢ Phase 1 – 99% sold Sold 111 units to date* ➢ Phase 2 – 67% sold ➢ Sales value of RMB 70
Slide 56: International Operations – Japan
International Operations – Japan Presence in 3 Cities – Tokyo, Osaka and Yokohama PRS Land Bank Artist’s Impression Freehold site in Shirokane Horie Lux, Osaka City Lux Yokohama Development Site: Freehold residential asset Freehold residential asset ➢ Prime 180,995 sq ft freehold site acquired in Oc
Slide 57: International Operations – UK Residential
International Operations – UK Residential Strengthening our Presence 31 & 33 Chesham Street 100 Sydney Street Freehold developments consisting of 15 units# across 2 properties in Prime Central London Artist’s Impression Monk Bridge, Leeds Construction in progress for a 665-unit Build-to-Rent (BTR) d
Slide 58: UK – Recurring Income Projects
UK – Recurring Income Projects Strengthening our Presence in London NLA 328,806 NLA 209,840 Tenants 25 Tenants 4 Occupancy 94.6% Occupancy 86.8% WALE^ 4.83 years WALE^ 5.78 years Yield 4.9% Yield 4.7% CDL’s CDL’s £385MM £183MM Acquisition Acquisition Aldgate House 125 Old Broad Street Artist’s Impre
Slide 59: Hospitality
Hospitality
Slide 60: Hotel Operations
Hotel Operations Trading Performance 1H 2021 1H 2020 Change $MM $MM % Revenue 317.0 355.3 (10.8) Profit Before Tax (PBT) (142.9) (208.2) NM^ Adjusted EBITDA (47.2) (126.0) NM^ Group RevPAR : ↓ 10.3% in 1H 2021 (reported currency) Grand Copthorne Waterfront Hotel Singapore ↓ 10.1% in 1H 2021 (constan
Slide 61: Hotel Operations (Q2 2021 vs Q2 2020)
Hotel Operations (Q2 2021 vs Q2 2020) Hotel Occupancy, Average Room Rate, and RevPAR by Region for CDL Group Room Occupancy Average Room Rate RevPAR Q2 Q2 Incr / Q2 Q2 Incr / Q2 Q2 Incr / 2021 2020 (Decr) 2021 2020 * (Decr) 2021 2020 * (Decr) % % % pts $ $ % $ $ % Singapore 71.6 74.3 (2.7) 108.8 87.
Slide 62: Hotel Operations (1H 2021 vs 1H 2020)
Hotel Operations (1H 2021 vs 1H 2020) Hotel Occupancy, Average Room Rate, and RevPAR by Region for CDL Group Room Occupancy Average Room Rate RevPAR 1H 1H Incr / 1H 1H Incr / 1H 1H Incr / 2021 2020 (Decr) 2021 2020 * (Decr) 2021 2020 * (Decr) % % % pts $ $ % $ $ % Singapore 71.1 65.5 5.6 105.8 125.6
Slide 63: CDL Hospitality Trusts
CDL Hospitality Trusts Trading Performance 1H 2021 1H 2020 Change $MM $MM % Gross Revenue 66.2 52.1 27.2 Net Property Income 37.0 29.7 24.4 (NPI) Although the impact of the pandemic continues to weigh on W Hotel, Singapore demand in the hospitality sector, widespread vaccination efforts have helped
Slide 64: CDL Hospitality Trusts – Trading Performance by Country
CDL Hospitality Trusts Trading Performance % Change Country Remarks in RevPAR Occupancy supported by continued demand for dedicated isolation facilities. Singapore1 (9.5) Postponement/cancellation of MICE events, continued border closure and the ongoing moratorium on social functions continues to we
Slide 65: 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 66: www.cdl.com.sg
Artist’s Impression IRWELL HILL RESIDENCES I SINGAPORE www.cdl.com.sg
Slide 67: Appendix
Appendix
Slide 68: Diversified Land Bank
Diversified Land Bank Land Area (as at 30 June 2021) – CDL’s Attributable Share Type of Development Land Area (sq ft) Singapore International Total % Residential 470,987 2,188,671 2,659,657 87 Commercial / Hotel 87,990 296,552 384,542 13 Total 558,977 2,485,223 3,044,199 100 Total Land Area1 – 3.0MM