CDL: Operational Update for the quarter ended 30 September 2025

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For the third quarter ended 30 September 2025 (Q3 2025), below are the key highlights of the Group's operating performance.

Property Development

Singapore

In Q3 2025, the Group and its joint venture (JV) associates sold 88 units with a total sales value of $313.2 million (Q3 2024: 321 units with a total sales value of $611.1 million). Sales were primarily from existing projects as there were no new launches during this quarter. In contrast, Q3 2024 sales were boosted by the launch of the 276-unit freehold Kassia in July, a JV project located off Upper Changi Road North, which sold 144 units on its launch weekend.

For the first nine months ended 30 September 2025 (9M 2025), the Group and its JV associates sold 990 units totalling $2.5 billion in sales value (9M 2024: 905 units with sales value of $1.8 billion). Strong sales were driven by the 777-unit The Orie JV project at Toa Payoh, launched in January, with 730 units (94%) sold to date.

Piccadilly Grand, a fully-sold JV project at Farrer Park, obtained its Temporary Occupation Permit (TOP) in end-September and units are being handed over to purchasers. Directly linked to Farrer Park MRT station, the 407-unit residence is part of an integrated development that includes Piccadilly Galleria, a ground-floor podium offering retail shops, dining options and a childcare centre.

The Group has been active in land replenishment, acquiring the Lakeside Drive Government Land Sales (GLS) site at Jurong in June and two Executive Condominium (EC) GLS sites in August. One of the EC sites is in Woodlands Drive 17, near the Group's Norwood Grand project, which was launched in October 2024 and is now 87% sold. This 271,330 square feet (sq ft) site was won for $360.9 million (or $782 psf per plot ratio), a mere 0.17% over the next highest bidder. The second site at Senja Close, spanning 109,354 sq ft, was acquired for $252.9 million (or $771 psf per plot ratio). ECs represent an important segment of Singapore's housing market. These two new EC sites will add over 700 units to the Group's pipeline, with all its previously launched EC projects fully sold out.

Buying interests have stayed strong this year. With interest rates moderating, residential sales have picked up after the seasonal lull in September during the Hungry Ghost Festival. October saw a flurry of new launches, particularly well-located projects, which saw strong demand and robust sales.

In October, sales commenced for the 706-unit luxury Zyon Grand, a JV project with Mitsui Fudosan (Asia) Pte. Ltd.. On its launch weekend, 590 units (84%) were sold at an average selling price of

$3,050 psf, including one of the two penthouses sold for over $10 million. About 84% of the buyers are Singaporeans, while 14% are Permanent Residents (PRs) from China, Malaysia, India, Indonesia, South Korea, Japan and others. Located along Kim Seng Road, the iconic 62-storey twin tower luxury residence, directly linked to Havelock MRT station, is part of a new landmark integrated development that features Zyon Galleria with restaurants (F&B), a supermarket, an

early childhood development centre, and a 36-storey tower that houses Singapore's first long-stay serviced apartment concept.

Australia

At Brickworks Park in Brisbane, Stage 1 (107 units) achieved Practical Completion (PC) in July and is fully sold, while Stage 2 (51 units) is on track for completion in Q1 2026. To date, 92% of the 158 units launched have been sold. Town planning for Stage 3 (18 units) was approved in September.

China

For 9M 2025, the Group's wholly-owned subsidiary, CDL China Limited and its JV associates sold 120 residential, office and retail units, with a total sales value of RMB 263.8 million ($48.0 million).

Hong Leong Larimar Center, a mixed-use development in Suzhou's High-Speed Railway New Town is targeting to launch Phase 1 of its residential component in Q1 2026.

Construction for the mixed-use JV development site in Shanghai's Xintiandi area is expected to commence in Q4 2025.

Investment Properties

Singapore

As of 30 September 2025, the Group's office portfolio1 achieved a committed occupancy of 97.3%, outperforming the island-wide rate of 88.8% 2. This was supported by strong occupancies at Republic Plaza (97.6%) and City House (100%). The Group's wholly-owned office assets continued to achieve healthy rental reversions. By actively securing renewals and staying vigilant of macroeconomic headwinds, the Group's proactive approach has strengthened its office portfolio's lease expiry profile and enhanced its position to manage risks proactively.

Union Square Central, the premium Grade A office component of the Group's large-scale mixed-use redevelopment project in the Central area, remains on track for completion in 2028. Located along Havelock Road and served by three MRT stations, the office tower has secured a pre-commitment level of about 52% to date, reflecting steady leasing momentum well ahead of its completion. It continues to attract strong interest from established multinational corporations seeking high-quality, future-ready workplaces in the prime CBD fringe.

The Group's retail portfolio 3 maintained a strong committed occupancy of 96.9% as of 30 September 2025, surpassing the island-wide rate of 93.1%2. This continued outperformance underscores the resilience and quality of the Group's retail assets, which continue to attract steady tenant demand and deliver stable income streams. City Square Mall achieved a healthy 98% committed occupancy, supported by sustained footfall recovery and positive leasing momentum since its asset enhancement initiative (AEI) completion in 1H 2025. Palais Renaissance remained stable at 97.6%, attracting luxury retail and beauty brands, with high tenant retention and favourable lease renewals.

‌1Excludes South Beach Tower (divested 1 September 2025) and assets planned for redevelopment/divestment (ceased leasing activities).

‌2Based on URA real estate statistics for Q3 2025.

‌3Includes Sengkang Grand Mall (in accordance with CDL's proportionate ownership). Excludes South Beach and assets planned for redevelopment/divestment (ceased leasing activities).

UK

Despite economic uncertainties, the Group's UK commercial portfolio maintained strong momentum during the quarter, with leasing and demand outpacing long-term averages in the Central London office market. As of 30 September 2025, committed occupancy at 125 Old Broad Street rose to 91.1% from 87.9% in June. At Aldgate House, around 52,000 sq ft is under offer, with occupancy expected to rise to 98.2% from 75.8% (as of June 2025). Occupancy at St Katharine Docks remained stable at 87%. The Group's UK commercial portfolio is expected to remain resilient, supported by the prime locations of its assets, uptick in demand for Grade A offices, ongoing AEIs and strong tenant relationships.

Thailand

As of 30 September 2025, the committed occupancy at Jungceylon Shopping Center in Phuket remains resilient at 92%, with a positive rental reversion of 21%. Phuket's tourism stabilised in 2025, recording a modest 0.7% year-on-year (y-o-y) increase for 9M 2025, led by travellers from India, Russia and China, although Chinese tourist arrivals have yet to return to pre-pandemic levels.

China

As of 30 September 2025, the Group's China office portfolio recorded a committed occupancy of 58%, reflecting continued softness in the office market.

The Living Sector

Private Rented Sector (PRS)

Purpose-Built Student Accommodation (PBSA)

Hotel Operations

For 9M 2025, the Group's hotels recorded a slight drop in global Revenue Per Available Room (RevPAR) of 0.3% to $165.8 (9M 2024: $166.3), mainly due to weaker performance in Asia. This was offset by a 10.7% RevPAR growth in the rest of UK and Europe, driven by the acquisition of the Hilton Paris Opéra hotel in May 2024.

*For comparability, 9M 2024 Average Room Rate and RevPAR have been translated at constant exchange rates (30 Sep 2025).

Asia

Singapore hotels registered a 10.6% y-o-y decline in RevPAR, attributed to lower Average Room Rate (ARR) and occupancy. The decline was influenced by a high base effect from last year's popular events, including Taylor Swift concerts, as well as the shift of the Formula 1 Singapore Grand Prix from September (Q3) last year to October (Q4) this year. The Singapore Tourism Board reported a 0.4% decline in overnight visitors for 9M 2025 and a 1.6% drop in average length of stay, while hotel room availability increased by 2.0% for YTD August 2025, contributing to a competitive environment.

The rest of Asia saw a 3.6% y-o-y decrease in RevPAR, driven mainly by the weaker performance of Grand Millennium Beijing and Grand Millennium Kuala Lumpur. The inclusion of the newly opened M Social Resort Penang, which is still in the stabilisation phase, also affected the region's performance.

The GOP margin for Asia decreased by 3.2 percentage points to 37.3% due to lower RevPAR in Singapore, inflationary pressure and an operating loss incurred by M Social Resort Penang during the stabilisation period. Excluding M Social Resort Penang, Rest of Asia's GOP margin improved from 35.8% to 37.1%.

Australasia

Australasia hotels showed strong performance with RevPAR of $123.1, up 11.2% y-o-y. Occupancy and ARR increased by 2.5 percentage points and 7.2% y-o-y, respectively. Excluding The Mayfair Hotel Christchurch, acquired in January 2025, RevPAR improved by 9.9% y-o-y on a like-for-like basis.