Slide 1: FY 2020 Results Presentation
FY 2020 Results Presentation 26 February 2021
Slide 2: Agenda
Agenda ➢ Overview & ➢ Operations Review Strategic Initiatives – Singapore Operations – International Operations ➢ Financial Highlights – Hospitality ➢ Sincere Property Update
Slide 3: Overview
Overview
Slide 4: Key Financial Highlights
Key Financial Highlights Revenue EBITDA PBT PATMI 2H 2020 $1.0B ($1.6B) ($1.8B) ($1.9B) $187MM ($18MM) ($134MM) Exclude Sincere Exclude Sincere Exclude Sincere 2H 2019 $1.8B $464.8MM $263.8MM $202.6MM Revenue EBITDA PBT PATMI FY 2020 $2.1B ($1.4B) ($1.8B) ($1.9B) $367MM ($14MM) ($140MM) Exclude Sinc
Slide 5: Key Financial Highlights – FY 2020
Key Financial Highlights – FY 2020 NAV per share RNAV per share FY 2020 $9.38 $14.26 If FV gains on investment $16.88 If revaluation properties had surpluses of the 19.1% YoY 13.4% YoY been factored in hotel portfolio had and the Group’s been included FY 2019 FY 2019: hotels continue to (based on 20
Slide 6: Key Operational Highlights – FY 2020
Key Operational Highlights – FY 2020 Performance Summary ▪ SINGAPORE: Sold 1,318 units with total sales value of $1.846B* ▪ CHINA: Sold 441 units with total sales value of RMB 1.48B ($284MM) Property Development ▪ AUSTRALIA: Sold over 77% of 198-unit The Marker project in Melbourne ▪ SINGAPORE: Resi
Slide 7: Portfolio Composition by Segment – FY 2020
Portfolio Composition by Segment – FY 2020 Adjusted EBITDA * FY 2020 Total Assets ^ $466.3MM $23.7B $267.9MM Property Development $9.4B ($201.5MM) Hotel Operations $5.8B $307.5MM Investment Properties $6.8B $92.4MM Others $1.7B * Earnings before interest, tax, depreciation and amortisation exclude i
Slide 8: Global Portfolio Overview
Global Portfolio Overview The Group's diversified portfolio enables it to weather cyclical typhoons from time to time Others 18% US Total Assets: 6% Assets by Singapore Geography 50% $23.7B China 12% UK 14% As at 31 December 2020 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 Enhancement Transformation ➢ Enhance asset portfolio ➢ Transform business via ➢ Drive oper
Slide 11: Focus 2021
Focus 2021 • Pipeline launches: Irwell Hill Residences and Liang Court redevelopment project G rowth • Active land replenishment: Maintain a strategic inventory level • Asset rejuvenation: Redevelopment of Enhancement Fuji Xerox Towers (CBD Incentive Scheme) and Central Mall (Strategic Development I
Slide 12: Growth
Growth ➢Build development Strategic pipeline & recurring income streams Initiatives Artist’s Impression
Slide 13: Completed Strategic Acquisitions & Investments
GROWTH Completed Strategic Acquisitions & Investments Europe FY 2020: Additional 8.4% stake in Singapore-listed IREIT Global ~$1.52B^ Japan Acquisitions & investments 78-unit prime freehold residential development, Yokohama City Darmstadt Campus, Germany $25.5MM China 51.01% joint venture equity inv
Slide 14: Diversified Singapore Residential Launch Pipeline
GROWTH Diversified Singapore Residential Launch Pipeline Launch Pipeline >1,200 units* Irwell Hill Residences (540 units) GLS site near upcoming Upcoming Launches Great World Irwell Hill Residences Q2 2021 MRT station awarded in Liang Court redevelopment^ 2H 2021 Jan 2020 Liang Court redevelopment^
Slide 15: Upcoming Launch in Q2 2021
GROWTH Upcoming Launch in Q2 2021 Irwell Hill Residences – Exclusive Luxury Living Designed by World-Renowned Architects MVRDV (Concept) and ADDP (Principal) Location Tenure Equity Stake Total Units Site Area (sq ft) Gross Floor Area (sq ft) Irwell Hill Residences 99-year 100% 540 137,634 Approx. 38
Slide 16: Enhancement
Enhancement Strategic ➢Enhance asset portfolio Initiatives ➢Drive operational efficiency
Slide 17: 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 18: Asset Enhancement Initiatives (AEI)
ENHANCEMENT Asset Enhancement Initiatives (AEI) City Industrial Building and Cideco Industrial Complex: Functional Upgrade City Industrial Building – Completed in 2020 • Refresh the buildings’ aesthetics. • Upgrade amenities to improve user experience. Cideco Industrial Complex – Target to complete
Slide 19: Asset Rejuvenation
ENHANCEMENT Asset Rejuvenation Redevelopment of Existing Assets – Realise GFA uplift from Incentive Schemes Fuji Xerox Towers Proposed redevelopment under CBD Incentive Scheme*: 47-storey freehold mixed-use integrated development comprising office, retail, residential and serviced apartments Residen
Slide 20: Transformation
Transformation Strategic ➢Transform business via new Initiatives platforms: Strategic Investments, Fund Management, Innovation & Venture Capital
Slide 21: Fund Management
TRANSFORMATION Fund Management Target AUM: US$5B Organic Merger & AUM by Growth Acquisitions 2023 TWO-PRONGED STRATEGY Partner with institutional investors in Accelerate growth of Fund countries and asset classes where CDL Management business through has domain knowledge and track record acquisition
Slide 22: Fund Management – Strengthen Expertise Through Strategic Investments
TRANSFORMATION Fund Management Strengthen Fund Management Expertise Through Strategic Investments IREIT Global (IREIT) is the first Singapore-listed real estate investment trust which is principally investing in a portfolio of income-producing real estate in Europe which is used primarily for office
Slide 23: Strategic ESG Integration
TRANSFORMATION Strategic ESG Integration Driving Business Transformation through Strong Sustainability Focus Environmental Performance ▪ First Singapore real estate developer and conglomerate in Southeast Asia to sign WorldGBC’s Net Zero Carbon Buildings Ranked #3 Commitment – pledging net zero carb
Slide 24: Financial Highlights
Financial Highlights
Slide 25: PBT Reconciliation
Financial Highlights PBT Reconciliation $ (MM) FY 2020 (Exclude Sincere) (1,777) Net loss from Sincere Impairment Foreseeable Decline in Decline in FY losses for losses for PD* Hotels~ FY 2019 Hotels~ PD* 2020 * Property Development ^ Investment Properties ~ Hotel Operations 25
Slide 26: Sincere Property – Profit & Loss Effect
Financial Highlights Sincere Property – Profit & Loss Effect Invested in Invested in Sincere Shenzhen Property Jun 2020 Dec 2020 Apr 2020 Sep 2020 Feb 2021 Recognise +$43MM of negative goodwill +$8MM of FV gain on call option -$41MM of share of JV loss Recognise Q3 share of JV loss -$35MM Recognise
Slide 27: Sincere Property – Impairment on Equity Investment
Sincere Property – Impairment on Equity Investment Investment in Sincere (51.01%) RMB 4.4B ≈ ($882MM) Equity accounting for losses (up to Sep 20) ($76MM) Impairment loss ($806MM) As at 30 April 2020 Management accounts Management accounts (per Sincere Group) (per the Group) – PRC GAAP – SFRS(I) RMB
Slide 28: Sincere Property – Impairment on Financial Assets
Sincere Property – Impairment on Financial Assets Impairment loss on USD bonds ($288MM) & loans extended to Sincere Property ($324MM) In line with accounting standards, the Group considers the financial assets to be credit impaired FRS 109 • 3 Red Lines • Significant financial difficulty of the • Re
Slide 29: Financial Highlights by Segment
Financial Highlights Property Hotel Investment Others Development Operations Properties FY FY FY FY FY FY FY FY 2020 2019 2020 2019 2020 2019 2020 2019 Revenue $966MM $1.1B Revenue $640MM $1.7B Revenue $361MM $438MM Revenue $141MM $149MM PBT ($740MM) $378MM PBT ($573MM) ($7MM) PBT ($575MM) $333MM PB
Slide 30: Revenue by Segment for 2H (2018 – 2020)
Financial Highlights Revenue by Segment for 2H (2018 – 2020) $1,806MM $1,832MM $1,035MM 1,000 920 881 900 800 700 663 601 $ (MM) 600 502 500 400 285 300 230 190 176 200 72 81 72 100 0 2H 2018 2H 2019 2H 2020 Property Development Hotel Operations Investment Properties Others 30
Slide 31: EBITDA by Segment for 2H (2018 – 2020)
Financial Highlights EBITDA by Segment for 2H (2018 – 2020) Exclude Sincere $ (MM) $528MM $465MM ($1,600MM) $187MM 500 400 288 300 238 191 200 157 140 127 100 62 62 31 31 21 25 0 (100) (200) (162) (300) (269)^ (400) (500) (600) (524)^ (700) (800) (900) (838)^ 2H 2018 2H 2019 2H 2020 2H 2020 ^ Includ
Slide 32: Profit Before Tax by Segment for 2H (2018 – 2020)
Financial Highlights Profit Before Tax by Segment for 2H (2018 – 2020) Exclude Sincere $362MM $264MM ($1,805MM) ($18MM) $ (MM) 400 300 267 198 200 110 114 102 75 100 27 16 16 9 0 (100) (16) (36) (200) (300) (258) (400) (365)^ (500) (600) (700) (601)^ (800) (900) (855)^ 2H 2018 2H 2019 2H 2020 2H 202
Slide 33: Revenue by Segment for Full Year (2018 – 2020)
Financial Highlights Revenue by Segment for Full Year (2018 – 2020) $4,223MM $3,429MM $2,108MM 2,400 2,200 2,045 2,000 1,800 1,679 1,705 1,600 $ (MM) 1,400 1,200 1,137 966 1,000 800 640 600 438 359 361 400 140 149 141 200 0 FY 2018 FY 2019 FY 2020 Property Development Hotel Operations Investment Pro
Slide 34: EBITDA by Segment for Full Year (2018 – 2020)
Financial Highlights EBITDA by Segment for Full Year (2018 – 2020) Exclude Sincere $ (MM) $1,188MM $1,126MM ($1,410MM) $367MM 700 658 600 474 500 435 400 303 295 268 300 192 178 200 92 92 100 35 39 0 (100) (200) (300) (400) (288) (395)^ (500) (416)^ (600) (700) (800) (691)^ (900) FY 2018 FY 2019 FY
Slide 35: Profit Before Tax by Segment for Full Year (2018 – 2020)
Financial Highlights Profit Before Tax by Segment for Full Year (2018 – 2020) Exclude Sincere $876MM $754MM ($1,791MM) ($14MM) $ (MM) 800 700 624 600 500 378 400 333 300 220 189 136 200 97 97 100 40 23 50 0 (100) (7) (200) (300) (400) (500) (467) (600) (573)^ (575)^ (700) (800) (740)^ FY 2018 FY 201
Slide 36: 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 93% $3.2B 3.4x 34% FY 2019: 61% FY 2019: $3.1B FY 2019: 9.1x FY 2019: 40% Net Gearing 2 Cash and
Slide 37: 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 37% 4,400 RMB (4.3%) Others (2.1%) 4,000 100 Bond Bank Loan 250 Debt $ (MM) JPY (4.8%)
Slide 38: Sincere Property Update
Sincere Property Update
Slide 39: Strategic Review
Strategic Review ➢ Operating Challenges ➢ Corporate Action to Improve Liquidity Shenzhen Longgang Tusincere Tech Park
Slide 40: $8 Trillion of China Real Estate Loans Outstanding
$8 Trillion of China Real Estate Loans Outstanding Other Real Estate Loans Outstanding Construction Loans Outstanding Mortgage Loans Outstanding 60 Real Estate Sector Loans as a % of Total Loans Outstanding 50 40 Trillion Yuan 28.4% 29.0% 28.8% 30 26.8% 25.0% 22.4% 21.3% 19.2% 20.3% 20 10 0 2012 201
Slide 41: China Property Control Measures
China Property Control Measures “To unswervingly implement the real estate long-term mechanism; focus on the goals of stabilising land and home prices and expectations; insist on one city and one policy; strengthen real estate financial regulation; to firmly adhere to the positioning that houses are
Slide 42: China Property Control Measures
China Property Control Measures • “Positioning that Houses are for Living in, Not for Speculation; Not to use real estate as a short term means of stimulating the economy” • Shanghai new rule: 29 Jan 2021 to stop mortgage approvals for projects in which the building structure has not been topped out
Slide 43: Sincere Property – Overview of Projects
Sincere Property – Overview of Projects Over 300 entities under Sincere Property Group, 67 projects over 17 cities (As at 31 Dec 2020) Northern China Region 8 projects Tianjin Beijing Central Region Yantai Qingdao 2 projects Jiangsu Region Zhengzhou Zhenjiang Suzhou 13 projects Luoyang Changzhou Wux
Slide 44: Sincere Property – Portfolio by Property Type
Sincere Property – Portfolio by Property Type Hotel & Others Serviced Apartments 3% 6% Residential 33% Commercial 36% & Office 22% Business Park Two-thirds of the portfolio are non-residential properties 44
Slide 45: Debt Restructuring Framework
Debt Restructuring Framework Review of financial positions Portfolio Framework of Grouping Debt Restructuring Debt Restructuring Identify sources for restructuring Identify potential business partners 45
Slide 46: Sincere Property Loans Summary
Sincere Property Loans Summary As at 31 Dec 2020 RMB’B Principal Loan Repayment Interest Rate 14.00% 25.0 12.00% 11.18% 11.58% 20.6 10.00% 8.62% 9.12% 20.0 2.2 8.00% 8.21% 1.7 6.00% 4.00% 2.6 15.0 2.00% 0.00% 4.6 Banks Bonds Asset Others Others - Management Related 10.0 Co. Party Unsecured 4.4 5.0 9
Slide 47: Sincere Property – Three Red Lines Impact
Sincere Property – Three Red Lines Impact Policy Three Red Lines 31-12-2019 30-4-2020 31-12-2020 Target 红线1：剔除预收款后的资产负债率大于70% 剔除预收款后的资产负债率=(总负债-预收账 款)/(总资产-预收账款) 77% 77% 79% <70% (Total liabilities less advances received)/ (Total assets less advances received)> 70%; 红线2：净负债率大于100% 净负债率=（有息负债-货币资金）/净
Slide 48: Challenging Liquidity Position
Challenging Liquidity Position ➢ Severe Impact by the Prolonged COVID-19 Pandemic ➢ Tightening of Liquidity for Real Estate Companies in China with Three Red Lines Planned Post-transaction Current Scenario Priorities & Immediate Focus PORTFOLIO REBALANCING • Significant changes in China’s operating
Slide 49: Shenzhen Longgang Tusincere Tech Park Acquisition
Shenzhen Longgang Tusincere Tech Park Acquisition
Slide 50: Shenzhen Longgang Tusincere Tech Park
Shenzhen Longgang Tusincere Tech Park Acquisition of Majority Stake in Tech Park in China’s “Silicon Valley” – First Corporate Action to Improve Liquidity of Sincere Property Development Details Location Longcheng Street, Longgang District, Shenzhen (northeast of Shenzhen city, 30km from Hong Kong,
Slide 51: Operations Review
Operations Review
Slide 52: Singapore Operations – Property Development
Singapore Operations Property Development
Slide 53: Singapore Property Market
Singapore Property Market Property Price Index – Residential (2014 – 2020) All Residential Price Increase (2.2% YoY) 180 Residential prices continue to increase, following recovery from the previous quarter Q4 20: 157.0 160 140 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 54: Singapore Property Market
Singapore Property Market • Private residential market continues to show signs of recovery with URA Private Residential Property Price Index registering a 2.1% increase in Q4 2020. Cumulatively, prices have risen 2.2% in 2020. • Robust primary home sales in Q4 2020 with 2,603 units sold registering
Slide 55: Singapore Property Development
Singapore Property Development Residential Units Sold Majority of units sold were The Tapestry, Whistler FY 2019 FY 2020 Grand, Piermont Grand and 2H 2020 Highlights Penrose projects Resilient performance 1,554 $3,268,242 2H ➢ Improved performance from 1H: 2H − Residential units sold in 2H 2020 were
Slide 56: Singapore Property Development
Singapore Property Development Resilient / Strong Sales Performance for FY 2020 Amid Pandemic ➢ Sold 1,318 units with total sales value of $1.85B for FY 2020^ Best-Selling Projects in 2020 Project Location Tenure Equity Stake Total Units Units Sold* Units Sold in Achieved Average Launch 2020 Selling
Slide 57: Inventory of Launched Residential Projects
Singapore Property Development Inventory of Launched Residential Projects – As at 31 Dec 2020 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 58: Singapore Operations – Asset Management
Singapore Operations Asset Management
Slide 59: Singapore Commercial Market
Singapore Commercial Market Property Price Index – Commercial (2014 – 2020) Price Decline (-10.7% YoY) Slight drop in office price as compared 150 to previous quarter Office Retail 140 Q4 20: 123.3 130 120 Q4 20: 108.9 110 Price Decline 100 (-4.5% YoY) Slight drop in retail price as compared to prev
Slide 60: Singapore Commercial Market
Singapore Commercial Market Property Rental Index – Commercial (2014 – 2020) Rental Decline (-8.5% YoY) 250 Prime office rents fell at a smaller rate of decline Office Retail than the previous quarter Q4 20: 155.5 200 150 Q4 20: 86.2 100 Rental Decline 50 (-14.7% YoY) Retail rents posted a bigger de
Slide 61: Singapore Commercial Portfolio
Singapore Commercial Portfolio Strong Committed Occupancy and Positive Rental Reversion for Office Portfolio (As at 31 Dec 2020) (1) Office Retail 11 properties 8 properties 92.2% 92.2% Committed Occupancy Committed Occupancy 1.7MM sq ft 686,000 sq ft Net Lettable Area REPUBLIC PLAZA Net Lettable Ar
Slide 62: Singapore Commercial Portfolio
Singapore Commercial Portfolio Trade Mix of Office & Retail Space by % of Total Gross Rental Income (As at 31 Dec 2020)* Office Retail Supermarkets Electrical, Electronics & & Value Store, Telecommunications, 1.6% Banking, Sporting 6.3% Technology & Insurance & Goods, 3.2% Fashion & ICT, 13.9% Finan
Slide 63: Singapore Office Market Outlook
Singapore Office Market Outlook Grade A office rental declined for its fourth consecutive quarter to $10.40 psf per month in Q4 2020. This represented a full year decline of 10% in Grade A office rents. Nonetheless, on the back of vaccine rollout, economic activity and business sentiments are expect
Slide 64: Singapore Retail Market Outlook
Singapore Retail Market Outlook Average prime island-wide retail rents declined by 8.6% for 2020. The retail sector remained challenged with continued social distancing measures and closure of tourism borders. Nonetheless, consumer demand and retailers’ confidence are expected to recover in 2021 wit
Slide 65: International Operations
International Operations
Slide 66: International Operations – Australia
International Operations – Australia Focus on Developments Across Eastern Seaboard of Australia Queensland New South Wales Artist’s Impression Artist’s Impression Waterbrook Bowral Brickworks Park (Residential) ➢ Waterbrook Bowral, a 135-unit ➢ Launching officially for pre-sales in 1H 2021 Artist’s
Slide 67: International Operations – China
International Operations – China Focus on Tier 1 and Tier 2 Cities Suzhou (苏州) Continued Sales Momentum: Total sales of RMB 4.03B generated Chongqing(重庆) for 92% of 1,813 units to date*^ Relaunched in May 2018: ➢ Phase 1 – 99% sold Sold 105 units to date* ➢ Phase 2 – 67% sold ➢ Sales value of RMB 64
Slide 68: International Operations – Japan
International Operations – Japan Japan PRS Sector Continues to Display Resilience Park Court Aoyama The Tower* Freehold site in Shirokane Completed in Q1 2018: Development Site: ➢ 160-unit freehold joint venture ➢ Prime 180,995 sq ft freehold residential project launched in Oct 2016 site acquired in
Slide 69: International Operations – UK Residential
International Operations – UK Residential Strengthening our Presence Marketing in progress Artist’s Impression Monk Bridge, Leeds 100 Sydney Street Planning in progress Artist’s Impression Artist’s Impression 28 Pavilion Road Ransomes Wharf Teddington Riverside Fully sold Planning in progress 31 & 3
Slide 70: 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 Income £19.0MM Income £8.3MM Yield 4.9% Yield 4.7% CDL’s CDL’s £385MM £183MM Acquisition Acquisition Aldgate House Planni
Slide 71: Hospitality
Hospitality
Slide 72: Hotel Operations
Hotel Operations Trading Performance YTD 2020 YTD 2019 Change $MM $MM % Revenue 640.4 1,705.0 (62.4) Profit Before Tax (PBT) (573.4) (6.6) NM* EBITDA (395.1) 178.3 NM* Group RevPAR : ↓ 64.5% in FY 2020 (constant currency) Studio M Hotel Singapore ↓ 63.5% in FY 2020 (reported currency) Revenue, PBT a
Slide 73: Hotel Operations (2H 2020 vs 2H 2019)
Hotel Operations (2H 2020 vs 2H 2019) Hotel Occupancy, Average Room Rate, and RevPAR by Region for CDL Group Room Occupancy Average Room Rate RevPAR 2H 2H Incr / 2H 2H Incr / 2H 2H Incr / 2020 2019 (Decr) 2020 2019 * (Decr) 2020 2019 * (Decr) % % % pts S$ S$ % S$ S$ % Singapore 89.8 89.1 0.7 97.1 20
Slide 74: Hotel Operations (FY 2020 vs FY 2019)
Hotel Operations (FY 2020 vs FY 2019) Hotel Occupancy, Average Room Rate, and RevPAR by Region for CDL Group Room Occupancy Average Room Rate RevPAR FY FY Incr / FY FY Incr / FY FY Incr / 2020 2019 (Decr) 2020 2019 * (Decr) 2020 2019 * (Decr) % % % pts S$ S$ % S$ S$ % Singapore 76.7 86.9 (10.2) 110.
Slide 75: Hotel Divestments in FY 2020
Hotel Divestments in FY 2020 Non-Core Hotel Divestments held by M&C Copthorne Hotel Birmingham, United Kingdom Copthorne Orchid Hotel & Resort Penang Millennium Cincinnati. United States Millennium Cincinnati Copthorne Hotel Birmingham Copthorne Orchid Hotel & Resort Option to acquire alternative si
Slide 76: CDL Hospitality Trusts
CDL Hospitality Trusts Trading Performance FY 2020 FY 2019 Change $MM $MM % Gross Revenue 117.56 196.87 (40.3) Net Property Income 69.33 141.16 (50.9) (NPI) The COVID-19 pandemic severely impacted hospitality and Orchard Hotel, Singapore conference businesses globally, affecting CDLHT’s overall perf
Slide 77: CDL Hospitality Trusts
CDL Hospitality Trusts Trading Performance YoY change in Country Remarks RevPAR (%) Occupancy supported by continued demand for dedicated isolation facilities and from foreign workers affected by border closures, but at much Singapore1 (51.4) lower RevPAR. Postponement/cancellation of MICE events co
Slide 78: 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 79: www.cdl.com.sg
Artist’s Impression BOULEVARD 88 I SINGAPORE www.cdl.com.sg
Slide 80: Appendix
Appendix
Slide 81: Diversified Land Bank
Diversified Land Bank Land Area (as at 31 Dec 2020) – CDL’s Attributable Share Type of Development Land Area (sq ft) Singapore International Total % Residential 445,642 2,691,016 3,136,658 89 Commercial / Hotel 87,990 296,552 384,542 11 Total 533,632 2,987,568 3,521,200 100 Total Land Area1 – 3.5MM