For our core property development segment in our home market, we launched four projects in 2024 – Lumina Grand, Kassia – a joint venture (JV), Norwood Grand and Union Square Residences – totalling 1,502 units. All four new launches saw strong take-up with an average sellthrough rate of 70%, and our other launched projects also registered healthy sales. In 2024, the Group and our JV associates sold 1,489 units including Executive Condominiums (ECs), representing a 19% market share (out of a total of 7,696 units including ECs sold) in Singapore. Through our selective land replenishment programme and redevelopment initiatives, we have a healthy launch pipeline of around 950 units in Singapore, which is in addition to around 900 units in our existing inventory. In January 2025, we launched The Orie, a 777-unit JV residential development in Toa Payoh, located near Braddell MRT station, which is 88% sold to date. In the second half of 2025, we plan to launch an integrated mixeduse development on Zion Road, directly connected to the Havelock MRT station. The site was secured in April 2024 in partnership with Mitsui Fudosan (Asia) Pte. Ltd. under the Government Land Sales (GLS) programme for $1.1 billion. Subject to authorities' approval, the development will comprise two 62-storey residential towers with 706 units, a retail podium on the first storey and a 36-storey tower with 373 serviced apartment units. GROUP CEO’S STATEMENT “2024 has been a year of formidable headwinds, with macroeconomic pressures and sectorspecific challenges weighing on the Group’s near-term earnings and portfolio calibration plans. Despite all this, the Group remains resilient, exercising financial prudence while maintaining flexibility, with the aim of maximising shareholder value. Focused on our Growth, Enhancement and Transformation (GET) strategy as our roadmap, our key priorities include strengthening our financial position by accelerating capital recycling, unlocking portfolio value through strategic initiatives, pursuing attractive acquisitions in a disciplined manner and just as importantly, future-proofing our business.” SHERMAN KWEK Group CEO Dear Shareholders, For the year under review, the Group continued to build on the momentum of our GET strategy, to boost performance outcomes and build the foundation for sustained growth. GROWTH Building a development pipeline while strengthening recurring income In line with our expansion focus, we continued to build our development pipeline and enhance our living sector portfolio across our key markets of Singapore, China, UK, Japan and Australia. We also grew our hospitality footprint with strategic asset acquisitions in key gateway cities. In 2024, our global investments totalled around $2.2 billion. We advanced on our portfolio calibration plans and capital recycling initiatives. Despite macroeconomic pressures that confronted the real estate sector, we achieved over $600 million in global asset divestments in 2024, which include the Ransome’s Wharf site in London, the retail and office components of Hong Leong City Center (HLCC) in Suzhou, the freehold Cideco Industrial Complex in Singapore, as well as various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore. 16 CITY DEVELOPMENTS LIMITED OVERVIEW
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