NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 44 ASSOCIATES AND JOINT VENTURES The following are the Group’s significant investments in associates and joint ventures: Principal activity Principal place of business/ Country of incorporation Ownership interest 2024 2023 % % Associates of the Company (1) Cityview Place Holdings Pte. Ltd. Property owner and developer Singapore 33(a) 33(a) (3) IREIT Global Real estate investment trust Singapore 21 21 (7) Suzhou Dragonrise Pan- Artificial Intelligence High-Tech Fund Venture capital investment and management People’s Republic of China 50 50 Associates of Millennium & Copthorne Hotels Limited (4) First Sponsor Group Limited Investment holding company Singapore/ Cayman Islands 35 35 (1) CDL Hospitality Trusts See footnote (b) below Singapore 28 27 Joint Ventures of the Company (8) ACC Smith Street Pty Limited Trustee Australia 50 50 (1) Aster Land Development Pte Ltd Property development and investment dealing Singapore 30 30 (1) Branbury Investments Ltd Property owner Singapore 43 43 (2) CBM Qatar LLC Provision of facilities management services State of Qatar 49 49 (2) CBM Facilities & Security Management (Thailand) Co. Ltd. Provision of integrated facilities management services in Thailand Thailand 49 49 (1) CDL-MFA Altair Property Pte. Ltd. Real estate developers Singapore 50 – (1) CDL-MFA Vega Property Pte. Ltd. Property owner and investment holding Singapore 50 – (8) CDL Metro Kenmore Pty Ltd Trustee Australia 50 50 (4) Emerging Markets Affordable Housing Fund Pte. Ltd. Investment in affordable housing projects in emerging markets Singapore 69(c) 69(c) (8) FSCT DE Property 1 Real Estate GmbH & Co. KG Property investment Germany 43 43 (1) Granmil Holdings Pte Ltd Property developer and hotel owner Singapore 40 40 ANNUAL REPORT 2024 FINANCIALS 221
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