ANNUAL REPORT 2025 BUILDING ON OUR STRENGTHS
City Developments Limited (CDL), headquartered in Singapore, is a leading global real estate company with a network spanning 167 locations across 28 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its income-stable and geographically diverse portfolio comprises residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments. With over 60 years in real estate development, investment and management, the Group has developed over 55,000 homes and owns around 23 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally. The Group owns, operates and manages more than 160 hotels worldwide, many in key gateway cities, primarily through its flagship Millennium Hotels and Resorts (MHR). Leveraging its deep expertise in developing and managing a diversified asset base, the Group is focused on driving growth, enhancing portfolio performance, unlocking value through capital recycling and fund management, and embracing innovation to deliver sustainable long-term value for its shareholders. Cover and this page: Zyon Grand I Singapore Artist’s Impression
CONTENTS View the Annual Report online: www.cdl.com.sg/annualreport2025 OVERVIEW 12 2025 Highlights 13 5-Year Financial Highlights 14 Chairman’s Statement 16 Group CEO’s Statement 18 Corporate Network 19 Corporate Structure 20 Highlights of the Year 22 Awards and Accolades 23 Corporate Directory CORPORATE GOVERNANCE 24 Board of Directors 30 Management Executive Committee 32 Corporate Governance 62 Risk Management 70 Investor Relations 72 Calendar of Financial Events SUSTAINABILITY 73 Sustainability Board Statement FINANCIALS AND OTHER INFORMATION 102 Statutory Reports and Accounts 243 Statistics of Ordinary Shareholdings 245 Statistics of Preference Shareholdings 246 Share Transaction Statistics 247 Notice of Annual General Meeting 256 Additional Information on Directors Seeking Re-Election Proxy Form BUSINESS OVERVIEW 82 Financial Review 84 Operations and Market Review PROPERTY PORTFOLIO 90 Property Portfolio Analysis 93 Major Properties ANNUAL REPORT 2025 | 1
In 2025, our Property Development segment reached a new milestone, achieving $4.35 billion in total sales value in Singapore – the highest in the Group's 63-year history. This exceptional performance was driven by two standout launches of The Orie and Zyon Grand, which saw strong market response. Through strategic land replenishment efforts, we continue to strengthen our residential launch pipeline in our core Singapore market. SINGAPORE Record Singapore Residential Sales Value $4.35 billion1 PROPERTY DEVELOPMENT SINGAPORE LAUNCH PIPELINE GROWTH 1 Includes Executive Condominiums (ECs) and share of joint venture (JV) partners. As of 28 February 2026. BUILDING ON CAPABILITIES 40% 31% 29% Market Segments 1,657 units sold1 led by 2 successful launches • The Orie (95% sold) • Zyon Grand (87% sold) ~1,820 units1 ECs Mid-tier High-end of 12,445 units sold in Singapore Market Share1 13%
The Orie | Singapore Artist's Impression ANNUAL REPORT 2025 | 3
TOTAL ASSETS $35 billion1 Investment Properties Development Properties Others Assets by Business Segment 1 Including fair value gains on investment properties and revaluation surpluses on hotels. ENHANCEMENT As part of our portfolio rejuvenation focus, we continue to enhance and reposition key assets to drive operational efficiency and unlock long-term value. In 2025, we completed Asset Enhancement Initiatives (AEIs) for Tower 2 of Republic Plaza, our flagship building in Raffles Place, and City Square Mall, our largest retail property in Singapore. Both assets recorded strong leasing demand, achieving 100% and 98.7% occupancy respectively. Post-AEI, City Square Mall delivered a healthy 9.7% rental reversion on renewed leases. Across our commercial portfolio, we secured approximately 738,000 sq ft of new leases and renewals. Notably, Union Square Central secured a new anchor tenant and achieved a strong 52% pre-leasing commitment. 48% Singapore 6% 17% UK China US Others 16% Assets by Geography 13% 5% Hotels 25% 29% 41% BUILDING ON EXPERIENCES
City Square Mall | Singapore
To enhance guest experience and maintain competitiveness, we continue to invest in the strategic refurbishment and repositioning of our hospitality assets. In 2025, we reopened two redesigned hotels in Penang and New York under the lifestyle M Social brand. Beyond enhancements, we strengthened our presence in a key gateway city with the acquisition of the freehold 706-room Holiday Inn London - Kensington High Street, located beside our Copthorne Tara Hotel London Kensington. With this addition, the Group now owns over 3,000 rooms in Central London, reinforcing our position as a major hospitality owner in the city.. GLOBAL HOSPITALITY PORTFOLIO >160 Hotels owned, operated and managed RESILIENT OPERATING PERFORMANCE Room Occupancy (%) FY 2024 74.0 FY 2025 74.0 Global Revenue Per Available Room (RevPAR) ($) FY 2024 171.3 FY 2025 173.6 1.3% Average Room Rate ($) FY 2024 231.5 FY 2025 234.6 1.3% Gross Operating Profit Margin (%) FY 2024 35.0 FY 2025 33.6 1.4% COMPLETED 2 HOTEL REVAMPS M Social Resort Penang 318 rooms M Social Hotel New York Downtown 569 rooms BUILDING ON EXPERIENCES ENHANCEMENT
M Social Resort Penang I Malaysia
CAPITAL RECYCLING Contracted Global Asset Divestments $2 billion Against a backdrop of global macroeconomic uncertainty, we accelerated our capital recycling and portfolio optimisation efforts to strengthen the balance sheet and support sustainable shareholder value creation. Key divestments included our stake in the South Beach mixeduse development, City Industrial Building, Piccadilly Galleria, Quayside Isle, strata units at Fortune Centre and a strata-titled basement car park at The Venue Shoppes in Singapore, as well as selected assets in the US and Japan. We remain disciplined in recycling capital from mature and non-core assets, redeploying proceeds into opportunities that support long-term growth and new platform initiatives, such as our living sector portfolio. BUILDING ON VISION Global Investments $1.7 billion 72% 28% Business Segments TRANSFORMATION GLOBAL LIVING SECTOR PORTFOLIO Singapore (926 units) Japan (2,246 units) Australia (563 units) UK (1,505 units) UK (2,368 beds) Total GDV 36% 18% 23% 13% 10% $3.7 billion Private Rented Sector (PRS) 5,240 units Purpose-Built Student Accommodation (PBSA) 2,368 beds Divestments outpaced investments 3 Singapore development sites (~1,300 units) 1 UK hotel Holiday Inn London - Kensington High Street
The Octagon I Birmingham, UK
GREEN BUILDING PERFORMANCE MILESTONES NET ZERO CARBON COMMITMENT First real estate developer in Singapore to sign the World Green Building Council’s Net Zero Carbon Buildings Commitment in 2021 For more details, please refer to the CDL Integrated Sustainability Report 2026 available at www.cdlsustainability.com. Anchored on our longstanding ethos of ‘Conserving as We Construct’, we continue to integrate sustainability into our strategy while balancing environmental, social, and economic objectives. In 2025, we launched the CDL EcoTrain, Singapore’s first decommissioned SMRT train cabin repurposed into a sustainability learning hub for children and the CDL MicroForest, a regenerative tropical forest designed to mitigate urban heat and biodiversity loss in high-density urban landscapes. These initiatives reflect the power of sustainable innovation and complement the broader rejuvenation of City Square Mall. Recognising the role small and medium enterprises (SMEs) play in achieving net-zero ambitions, CDL became the first real estate company in Singapore to roll out an SME Supplier Decarbonisation Queen Bee Programme, equipping local SME suppliers with the knowledge and tools to measure, manage, and reduce their carbon footprint. BUILDING ON GREEN LEADERSHIP Accorded: • BCA Quality Excellence Award – Developer • BCA Green Mark 20th Anniversary Partner • WSH Developer Award SUSTAINABILITY 130 BCA Green Mark certifications for developments and office interiors ~$47.5 million in energy savings from energy-efficient retrofits and other initiatives in locally managed commercial properties from 2012 to 2025
CDL EcoTrain at City Square Mall I Singapore The use by CDL of any MSCI ESG Research LLC or its affiliates (MSCI) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of CDL by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI. SUSTAINABILITY BEST PRACTICES – ACCOLADES & AWARDS Only Company in Southeast Asia & Hong Kong to Maintain Double ‘A’s for Climate Change (since 2018) & Water Security (since 2019) World’s Top Real Estate Management and Development Company; Only Singapore Company Listed for 16 Consecutive Years; Ranked 39th Overall ‘AAA’ rating since 2010 Only Singapore-based developer listed since 2002 S&P Global Sustainability Yearbook 2025 Member EcoVadis Gold Medal 8th in Asia (Diversified – Office/Retail); GRESB 5-star rating Sustainalytics ESG Leaders 2025 - Regional Top Rated and Industry 2022, 2024 and 2025 2024 and 2025 ESG Leaders Index ESG Transparency Index since 2016 Rated Prime since 2018 Since 2014 Since 2018 Women’s Equality in the Workplace — 2025 Developed Markets Edition; Ranked #64 globally
2025 HIGHLIGHTS * Including fair value gains on investment properties. ^ Excluding non-cash impairment losses and/or reversals of impairment losses for properties, plant and equipment, and investment properties. REVENUE $3.6 billion 9.7% 2024: $3.3 billion BASIC EARNINGS PER SHARE 69.4 cents 225.8% 2024: 21.3 cents NET GEARING RATIO* 71% 2% points 2024: 69% DIVIDEND PER SHARE 28.0 cents 180.0% 2024: 10.0 cents EBITDA $1.5 billion 43.1% 2024: $1.0 billion NET ASSET VALUE (NAV) PER SHARE $10.74 5.6% 2024: $10.17 INTEREST COVER^ 3.6x 1.5x 2024: 2.1x CLOSING SHARE PRICE $8.00 56.6% 2024: $5.11 PATMI $629.7 million 212.8% 2024: $201.3 million REVALUED NAV (RNAV) PER SHARE* $17.99 2.4% 2024: $17.57 CASH AND UNDRAWN COMMITTED CREDIT FACILITIES $4.2 billion 6.7% 2024: $4.5 billion TOTAL SHAREHOLDER RETURN (TSR) 62.0% 83.7% points 2024: (21.7%) CAPITAL MANAGEMENT SHAREHOLDER RETURNS 12 | CITY DEVELOPMENTS LIMITED
5-YEAR FINANCIAL HIGHLIGHTS YEAR 2021 2022 2023 2024 2025 For the financial year ($’million) Revenue 2,626 3,293 4,941 3,271 3,587 Profit before tax 215 1,857 473 374 772 Profit for the year attributable to owners of the Company (PATMI) 85 1,285 317 201 630 At 31 December ($’million) Property, plant and equipment 5,362 4,061 4,213 4,680 5,521 Investment properties 4,983 4,967 6,291 6,696 6,593 Development properties 5,839 5,958 4,878 4,851 7,144 Cash and bank balances (including restricted deposits in other non-current assets and bank balances in assets held for sale) 2,191 2,370 2,511 3,086 2,130 Other assets 5,505 5,625 6,341 6,294 5,661 Total assets 23,880 22,981 24,234 25,607 27,049 Equity attributable to owners of the Company 8,401 9,216 9,180 9,088 9,592 Non-controlling interests 918 348 359 221 668 Borrowings 11,140 9,669 11,626 13,313 13,396 Other liabilities 3,421 3,748 3,069 2,985 3,393 Total equity and liabilities 23,880 22,981 24,234 25,607 27,049 Per share Basic earnings (cents) 7.9 140.3 33.6 21.3 69.4 Net asset value ($) 9.26 10.16 10.12 10.17 10.74 Dividends (cents) a) Ordinary dividend - final 8.0 8.0 8.0 8.0 25.01 - special interim 3.0 12.0 4.0 2.0 3.0 - special final 1.0 8.0 – – – b) Distribution in specie 20.23 – – – – c) Preference dividend (net) 3.9 3.9 3.9 3.9 3.9 Financial ratios Return on equity (%) 1.0 13.9 3.5 2.2 6.6 Net gearing ratio (%)2 99 84 103 117 116 Net gearing ratio if fair value gains on investment properties are taken into consideration (%) 61 51 61 69 71 Interest cover ratios (times)4 3.0 9.8 2.8 2.1 3.6 Notes: 1 Final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2025 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting. 2 Excludes fair value gains on investment properties as the Group’s accounting policy is to state its investment properties at cost less accumulated depreciation and accumulated impairment losses. 3 Based on CDL Hospitality Trusts' unit price of $1.27 on 25 May 2022. 4 Excluding non-cash impairment losses and/or reversals of impairment losses for properties, plant and equipment, and investment properties. ANNUAL REPORT 2025 | 13
CHAIRMAN’S STATEMENT “Despite macroeconomic challenges, the CDL Group delivered a strong set of results for FY 2025. The tripling of PATMI underscores the resilience of our core business segments and the tangible progress we have made in sharpening execution, strengthening capital discipline and crystallising value across our portfolio. With a strong foundation, renewed focus and clear priorities, the Group is poised to build on this momentum and continue creating long-term value for our shareholders.” Kwek Leng Beng Executive Chairman Dear Shareholders, 2025 was a defining year for the CDL Group – one that reinforced disciplined execution, meaningful progress and alignment with shareholders. The CDL Group delivered a strong set of results for FY 2025, with net profit tripling to $629.7 million (FY 2024: $201.3 million), supported by robust residential sales in Singapore and accelerated capital recycling initiatives. Revenue increased 9.7% to $3.6 billion (FY 2024: $3.3 billion). The property development segment was the largest contributor to revenue growth, increasing 24.1% for FY 2025, driven by higher contributions from Singapore projects such as The Myst, Norwood Grand and Union Square Residences, as well as the sale of the Ransome’s Wharf site in London and the office component of Hong Leong City Center in Suzhou. Our investment properties and hotel operations segments also remained resilient, recording revenue growth of 2.7% and 1.7%, respectively. The Group maintained a strong financial position with cash reserves of $2.1 billion, and cash and undrawn committed credit facilities totalling $4.2 billion as of 31 December 2025. After factoring in fair value on investment properties, net gearing stood at 71% (FY 2024: 69%), due to acquisitions completed during the year. Our balance sheet remains healthy, supported by a well-spread-out debt maturity profile. Average borrowing costs declined to 3.7% (FY 2024: 4.4%), following easing interest rates across the Group’s operating markets. As of 31 December 2025, the Group’s Net Asset Value (NAV) per share stood at $10.74 (31 December 2024: $10.17). Notably, the Group adopts the policy of stating our investment and hotel properties at cost less accumulated depreciation and impairment losses. Had fair value gains been factored in on our investment and hotel properties, the Group’s Revalued NAV (RNAV) per share would be $20.16 (31 December 2024: $19.86). ROBUST OPERATING PERFORMANCE Our business segments delivered a solid operating performance in FY 2025. In Singapore, the Group and our joint venture associates sold 1,657 units, including Executive 14 | CITY DEVELOPMENTS LIMITED
Condominiums (ECs), with a total sales value of $4.35 billion (FY 2024: 1,489 units with a total sales value of $2.97 billion). This marks the highest residential sales value in the Group’s history. Our Singapore office portfolio continued to outperform the market, achieving 97.8% committed occupancy, well above the island-wide rate of 88.9%, while our retail portfolio recorded 97.6% committed occupancy, exceeding the national average of 93.7%. In 2025, the Group secured around 738,000 square feet (sq ft) of new leases and renewals across our Singapore commercial portfolio, covering both office and retail assets, including a new anchor tenant at Union Square Central, the office component of our mixed-use landmark project along Havelock Road that is slated to be operational by 2029. Most of our overseas commercial assets also showed resilience. As of 31 December 2025, the Group’s UK commercial portfolio's committed occupancy increased to 91.1%, up from 79.5%. In Thailand, Jungceylon Shopping Center in Phuket maintained a committed occupancy of 92.8%, supported by strong positive rental reversions of 18.5%. In our hotel operations, despite changing travel patterns and region-specific pressures, the Group’s global Revenue Per Available Room (RevPAR) increased 1.3% to $173.6 (FY 2024: $171.3), underpinned by strong growth in Australasia, Paris and New York despite a slowdown in Asia. GLOBAL HOSPITALITY PORTFOLIO HARMONISATION As both a hotel owner and operator, the Group continues to pursue a balanced strategy of selective acquisitions, portfolio optimisation and asset enhancement to capture value accretive growth opportunities in our key markets, while continuously optimising our portfolio to drive operational efficiency. In December, we expanded our hospitality presence in Central London by acquiring Holiday Inn London - Kensington High Street for £280 million (approximately $480.2 million). The rare 6,356 sqm freehold site in London’s most affluent Royal Borough of Kensington and Chelsea aligns with the Group’s strategy of investing in rare, value-creation opportunities that enhance our portfolio quality and create long-term shareholder value. The property is adjacent to our Copthorne Tara Hotel London Kensington. With this addition, the Group now owns over 3,000 hotel rooms in Central London, including two of the largest freehold hotel sites in the borough. The Group continued investing in strategic refurbishments and new developments to enhance competitiveness. In 2025, we celebrated the opening of two repositioned properties – the 318-room M Social Resort Penang and the 569-room M Social Hotel New York Downtown – while refurbishment works at the 222-room Millennium Hotel London Knightsbridge and the construction of the 263-room M Social Hotel Sunnyvale are expected to be completed by 2026/2027. DELIVERING SUSTAINABLE SHAREHOLDER VALUE In FY 2025, the Group accelerated its value-unlocking and capital recycling initiatives, securing approximately $2 billion in contracted divestments across geographies and asset classes. These divestments reflect our disciplined approach to crystallising value from mature and non-core assets while redeploying capital towards opportunities that enhance long-term growth. In tandem with these efforts, the Board has enhanced the Group’s dividend policy to strengthen alignment with shareholders’ interests, focusing on value creation and sustainable shareholder returns. The Board intends to declare ordinary cash dividends at least once annually, with a payout ratio of minimally 35% based on reported PATMI. When determining the dividend payout, the Board will consider the Group's financial performance, projected cash flow, capital requirements for business growth and external factors. For FY 2025, in light of the Group’s strong performance, the Board has recommended a final ordinary dividend of 25.0 cents per share. Together with the special interim ordinary dividend of 3.0 cents per share paid in September 2025, the total ordinary dividend for FY 2025 amounts to 28.0 cents per share (FY 2024: 10.0 cents per share), representing a dividend payout ratio of 40%. APPRECIATION Looking ahead, the Group will continue to refine its strategies, sharpen execution and strengthen capital discipline as we advance the next phase of our growth journey. While geopolitical and macroeconomic events remain key considerations, including the ongoing situation in the Middle East, which we are closely monitoring, we are confident that our strengthened foundation, disciplined capital management and clear strategic priorities will enable us to crystallise further value across our portfolio and build on our momentum. On behalf of the Board, I wish to express our gratitude to our shareholders for their continued confidence and steadfast support. We are also grateful to our stakeholders – customers, business associates and partners – as well as our employees across the Group for their trust, commitment and collaboration. With renewed focus and clear priorities, the Group is poised to deliver sustainable long-term value for our shareholders. KWEK LENG BENG Executive Chairman ANNUAL REPORT 2025 | 15
GROUP CEO’S STATEMENT Dear Shareholders, For the year under review, the Group delivered strong financial and operational performance, reflecting the resilience of our core operating platforms and steady progress in executing our capital recycling and portfolio optimisation initiatives. In 2025, we secured approximately $2 billion in contracted divestments globally – a threefold increase over 2024. These divestments took place across various geographies and asset classes, comprising South Beach mixed-used development, Quayside Isle and City Industrial Building in Singapore, Millennium Hotel St. Louis, Comfort Inn Near Vail Beaver Creek and 1250 Lakeside in the US, and the Bespoke Hotel Osaka Shinsaibashi in Japan. To fuel our growth, we selectively deployed $1.7 billion in new investments, comprising three Government Land Sales (GLS) sites in Singapore as well as the acquisition of Holiday Inn London - Kensington High Street Hotel in the UK. Alongside these capital recycling initiatives, our core operating platforms comprising property development, asset management and hospitality continued to deliver resilient performance. DRIVING SINGAPORE PROPERTY DEVELOPMENT MOMENTUM Singapore remained a key growth driver for the Group in 2025. Together with our joint venture (JV) associates, we sold 1,657 units, including Executive Condominiums (ECs), generating a record $4.35 billion in residential sales value – the highest in the Group’s history – capturing a 13% market share of total developer sales in Singapore. The strong performance was led by two successful launches – The Orie in Toa Payoh and Zyon Grand near the prime River Valley enclave, which are 95% and 87% sold to date, respectively. Our latest residential launch in January 2026, Newport Residences, also met with healthy demand. Located on Anson Road in the CBD, the 246 ultra-luxury freehold residence is part of Newport Plaza, a 45-storey mixed-use landmark with Grade A offices, branded serviced apartments and restaurants. Marking the first city-centre launch of 2026, 57% of units were sold during the launch weekend, and the project is now 67% sold. To replenish our development landbank in Singapore, we successfully tendered for three GLS sites in 2025, comprising Lakeside Drive, Woodlands Drive 17 and Senja Close, and added a further site in early 2026 at Tanjong Rhu Road. Our selective land replenishment has resulted in a healthy launch pipeline of around 1,820 units in Singapore, including around 730 Executive Condominium (EC) units. In Q3 2026, we plan to launch our 570-unit Lakeside Drive project, elegantly named as Lucerne Grand after the famous lake in Switzerland. Located next to Lakeside MRT station and near Jurong Lake, the development will comprise five 17-storey residential towers with commercial space on the first storey. The development will benefit from the ongoing transformation of Jurong Lake District into Singapore’s largest mixed-use business district outside of the CBD, along with improved connectivity in the west with the upcoming Jurong Region MRT Line. ENHANCING PORTFOLIO VALUE THROUGH ASSET OPTIMISATION To strengthen the competitiveness of our portfolio and enhance tenant and shopper experiences, the Group continues to invest in asset enhancement initiatives (AEIs) across our retail and commercial properties to drive long-term value creation. City Square Mall (CSM), the Group’s flagship retail mall in Singapore, completed its phased $50 million AEI in 2025, which included a refresh of the basement floors, an expansion of its F&B offerings and the addition of new kiosk and atrium spaces. Apart from revamped interiors and a revitalised tenant mix, the AEI added about 26,000 square feet (sq ft) of Gross Floor Area (GFA) through space optimisation and incentive schemes. CSM has currently achieved a committed occupancy of close to 100%, supported by strong leasing momentum and visitor footfall. Post-AEI, renewed leases achieved a healthy rental reversion of 9.7%, reflecting the asset’s enhanced positioning. In 2025, we also completed an AEI at Republic Plaza Tower 2, upgrading the main lobbies and common areas, enhancing security features and installing energy-efficient fittings in line with the Group’s sustainability goals. Post-AEI, the office building has achieved 100% occupancy with positive rental reversions on both new and renewed leases. Beyond asset enhancements, the Group continues to unlock value through strategic redevelopment opportunities. By tapping onto Government incentive schemes, we have secured GFA uplifts for our two ongoing redevelopment projects – Newport Plaza and Union Square. Both projects are progressing well, with expected completion in 2027 and 2029, respectively. At Union Square Central, we have secured a new anchor tenant and achieved pre-leasing commitments of 52%, reflecting strong demand for well-located Grade A office space. We will continue to explore feasible redevelopment opportunities across our portfolio to drive further value creation. 16 | CITY DEVELOPMENTS LIMITED
“2025 was a year of reflection, resilience and disciplined execution for the Group amid a challenging environment with ongoing macroeconomic uncertainties. Despite these headwinds, we stayed focused on advancing our strategic priorities, culminating in strong residential sales in Singapore and accelerated capital recycling around the globe, which drove a significant uplift in our earnings. To maximise shareholder value, we are actively reviewing our growth strategy, portfolio structures and capital allocation priorities. We have taken decisive steps to unlock value from mature and non-core assets while selectively redeploying capital to drive growth. Looking ahead, we enter our next phase of growth with renewed vigour. As we embark on our value creation journey, we are well positioned to deliver sustainable growth and maximise returns for all shareholders.” Sherman Kwek Group Chief Executive Officer BUILDING SCALABLE RECURRING INCOME PLATFORMS Over the years, the Group has significantly grown our global living sector portfolio, which are essentially assets that are rental in nature and for people to live in. This portfolio offers strong recurring income streams and benefits from resilient rental demand across our key markets. Currently, our portfolio of Private Rented Sector (PRS) apartments and Purpose-Built Student Accommodation (PBSA) includes around 5,240 operational and pipeline PRS units and 2,400 PBSA beds, with a total Gross Development Value (GDV) of $3.7 billion across Singapore, Japan, the UK, and Australia. By leveraging our property development, asset management and hospitality expertise, we will continue to manage and grow this portfolio selectively. The living sector portfolio also serves as a strong cornerstone for our fund management ambitions, further boosting the Group’s capital recycling strategy and supporting long-term value creation. ENGAGING CAPITAL MARKETS AND SHARPENING STRATEGY Alongside strengthening operational performance, we have stepped up our engagement with investors, research analysts and stakeholders, and this has provided valuable insights into market expectations and perception gaps. This will help us to sharpen our strategic priorities and augment our ability to deliver sustainable shareholder returns. We remain committed to strengthening transparency and alignment with shareholders as we advance the next phase of our value-creation journey. APPRECIATION On behalf of the Group, I would like to express my deepest gratitude to all our shareholders, customers, business partners and stakeholders for your trust and support. To our Board of Directors, thank you for your leadership and guidance. To all my colleagues across the Group, thank you for your hard work and dedication. Together, we will turn our vision into reality and propel the Group forward to greater success. SHERMAN KWEK Group Chief Executive Officer ANNUAL REPORT 2025 | 17
LIVING SECTOR HOTELS COMMERCIAL RESIDENTIAL CORPORATE NETWORK AS OF 28 FEBRUARY 2026 GLOBAL NETWORK over 800 entities 9 Companies listed on the Singapore Exchange, NZX, The Philippine Stock Exchange, Inc. and The International Stock Exchange 167 Locations in 28 Countries & Regions Developed over 55,000 residences globally Owns around 23 million sq ft of gross floor area of office, industrial, retail, residential for lease and hotel space globally Global footprint of over 160 hotels that are owned, managed or franchised Total Gross Development Value (GDV) $3.7 billion United States (US) • Anchorage • Boston • Chagrin Falls • Chicago • Durham • Kissimmee • Los Angeles • Nashville • New York • Scottsdale • Sunnyvale NORTH AMERICA France • Abbeville • Aurillac • Belfort Bessoncourt • Bergerac • Blois • Brive-la Gaillarde • Bruay-la- Buissière • Calais • Cergy • Châteauroux Saint-Maur • Châtellerault • Cholet • Claye-Souilly • Concarneau • Dinan Taden • Douai Lambres- Lez-Douai • Dreux • Essey-lès- Nancy • Évreux • Fayet • Foix • Forbach • Gap • Golbey • Istres • Lannion • Laval Changé • Macon • Maizières-lès- Metz • Marsac-sur-l'Isle • Marseille • Noyelles- Godault • Paris • Pont-Audemer • Pontivy • Sables d'Olonne • Saint-Cyr-sur- Loire • Saint-Étienne- du-Rouvray • Saint-Maur • Saint-Mitre- les-Remparts • Sarrebourg • Sens • Verdun Haudainville • Vichy Bellerivesur- Allier • Viriat Germany • Berlin • Bonn • Darmstadt • Dresden • Frankfurt • Munich • Münster Italy • Rome • Florence Spain • Madrid • Barcelona The Netherlands • Amsterdam • Apeldoorn • Eindhoven • Garderen • Hoofddorp • Leiden • Oosterbeek • Rotterdam • The Hague • Utrecht • Vaals • Venlo • Zwolle United Kingdom (UK) • Aberdeen • Birmingham • Cambridge • Cardiff • Canterbury • Coventry • Dudley • Exeter • Gatwick • Glasgow • Leeds • Liverpool • London • Manchester • Newcastle • Plymouth • SloughWindsor • Southampton EUROPE Egypt • Cairo Iraq • Sulaymaniyah • Basra Kuwait • Al Jahra • Al Kuwayt Oman • Muscat • Salalah Palestine • Ramallah Qatar • Doha Saudi Arabia • Hail • Jeddah • Madinah • Makkah • Gizan • Tabouk Turkey • Istanbul • Konya United Arab Emirates • Abu Dhabi • Dubai • Sharjah MIDDLE EAST Australia • Brisbane • Melbourne • Perth New Zealand • Auckland • Bay of Islands • Christchurch • Dunedin • Greymouth • Masterton • New Plymouth • Palmerston North • Queenstown • Rotorua • Taupo • Te Anau • Wellington AUSTRALASIA China • Beijing • Chengdu • Chongqing • Dongguan • Fujian • Fuqing • Guizhou • Hangzhou • Hong Kong • Guangzhou • Shanghai • Shenzhen • Suzhou • Wuxi • Xiamen • Wenzhou Indonesia • Jakarta Japan • Tokyo • Osaka • Yokohama Malaysia • Cameron Highlands • Johor Bahru • Kuala Lumpur • Penang Maldives • Meradhoo Island • Velavaru Island Singapore • Singapore Taiwan • Taichung • Taipei Thailand • Bangkok • Phuket Philippines • Manila South Korea • Seoul ASIA 18 | CITY DEVELOPMENTS LIMITED
CORPORATE STRUCTURE AS OF 28 FEBRUARY 2026 275 SUBSIDIARY COMPANIES 71 ASSOCIATES AND JOINT VENTURES 19 TRUSTS 12 LIMITED PARTNERSHIPS 58 44 30 28 12 12 2 17 55 21 119 3 Subsidiary Companies Subsidiary Companies Subsidiary Companies Subsidiary Companies Limited Partnerships 9 18 1 Subsidiary Companies Subsidiary Companies Subsidiary Company Associated Companies General Partnerships Limited Liability Companies Associated Company Subsidiary Companies Associated Companies and Joint Ventures Subsidiary Companies Trusts 3 Trusts 3 Trusts HONG LEONG GROUP SINGAPORE ~49.5% CITY DEVELOPMENTS LIMITED* (99.9%) City Pinnacle UK Limited** 12 Subsidiary Companies 1 Limited Partnership (99.9%) City Atlasgate UK Limited** 11 Subsidiary Companies 100% MILLENNIUM & COPTHORNE HOTELS LIMITED 21.0% IREIT GLOBAL* ASIA NEW ZEALAND / AUSTRALIA EUROPE NORTH AMERICA (65.6%) Grand Plaza Hotel Corporation* (86.4%) Millennium & Copthorne Hotels New Zealand Limited* (65.1%) CDL Investments New Zealand Limited* (29.4%) CDL Hospitality Trusts* (35.0%) First Sponsor Group Limited* 1 1 General Partnership * Listed Company/Trust ** Listed on The International Stock Exchange where its shares are not tradable ANNUAL REPORT 2025 | 19
HIGHLIGHTS OF THE YEAR 1ST QUARTER (JANUARY – MARCH) • In January, CDL and its joint venture (JV) partners Frasers Property Limited and Sekisui House launched The Orie, a 777-unit residence in the established Toa Payoh neighbourhood. To date, 739 units (95%) have been sold1. • CDL maintained its position as the world’s most sustainable real estate management and development company and top-ranked Singapore company at 39th place in the Corporate Knights 2025 Global 100 Most Sustainable Corporations in the World listing. CDL is the first and only Singapore company to be included in this global sustainability ranking for 16 consecutive years since 2010. • In February, the Group's wholly-owned subsidiary, CDL Hotels Holdings New Zealand Limited, made a full offer under the Takeovers Code to purchase all the fully-paid ordinary shares in Millennium & Copthorne Hotels New Zealand Limited (MCK) that it does not already own at NZ$2.25 a share. The offer, which aimed to delist and privatise MCK, was revised to NZ$2.80 a share. The offer closed in May, with the Group holding 83.9% of all MCK shares (excluding treasury stock). MCK remains listed on the New Zealand Stock Exchange as the 90% compulsory acquisition threshold was not reached. • In March, President Tharman Shanmugaratnam unveiled two sustainability innovations to the general public at City Square Mall – the CDL EcoTrain, Singapore’s first decommissioned SMRT train cabin repurposed into a solar-powered climate education platform and the CDL MicroForest, a regenerative tropical “cooling” microforest to mitigate urban heat and biodiversity loss in high-density urban landscapes. • City Square Mall, CDL's flagship retail mall at Farrer Park, completed its phased $50 million Asset Enhancement Initiative (AEI) in March and achieved committed occupancy of 98.7% as of 31 December 2025. Apart from refreshed interiors and a revitalised tenant mix, the AEI added about 26,000 sq ft of Gross Floor Area (GFA) through space optimisation and incentive initiatives. 2ND QUARTER (APRIL – JUNE) • In April, Copen Grand, CDL's fully sold 639-unit Executive Condominium (EC) development at Tengah Garden Walk obtained its Temporary Occupation Permit (TOP). The JV project with MCL Land (now known as Sunway MCL) is the first EC in Tengah, Singapore’s first smart and sustainable precinct. • In June, CDL completed its Off-Market Equal Access Offer to buy back the maximum allowable amount of Preference Shares2 at the offer price of $0.78 per share. The 26,800,814 Preference Shares purchased were cancelled. • The Group secured a sizeable 145,154 square feet (sq ft) Government Land Sales (GLS) site at Lakeside Drive for $608 million in June. The project will be named Lucerne Grand and will feature 570 residential units, across five 17-storey blocks and a ground-floor retail podium. 3RD QUARTER (JULY – SEPTEMBER) • In July, the Group’s hospitality flagship – Millennium Hotels and Resorts (MHR) – officially opened the 318-room M Social Resort Penang (formerly Copthorne Orchid Hotel Penang) after an extensive renovation, debuting its lifestyle M Social brand in Malaysia. • In the US, the Group completed the divestment of the Millennium Hotel St. Louis for US$7.5 million (approximately $10.2 million) in July. It also contracted the sale of Comfort Inn Near Vail Beaver Creek in Avon, Colorado, for US$30 million (approximately $38.5 million) which was completed in November. 1 As of 28 February 2026. 2 Up to 10% of total Preference Shares issued as of 23 April 2025. CDL EcoTrain Launch at City Square Mall The Orie Sales Gallery 20 | CITY DEVELOPMENTS LIMITED
• In August, the Group secured two welllocated and highly sought-after EC sites though GLS tenders: - Senja Close site (109,354 sq ft): $252.9 million - Woodlands Drive 17 site (271,330 sq ft): $360.9 million Together, both sites will yield over 700 residential units. • In the UK, The Octagon, the Group’s 370-unit Private Rented Sector (PRS) project in Birmingham obtained full practical completion in August. • In September, CDL completed the sale of its 50.1% stake in the South Beach mixed-use development in Singapore to its JV partner IOI Properties Group Berhad. Based on an agreed property value of $2.75 billion on a 100% interest basis, the transaction marks one of the Group's largest divestments. • Executive Chairman Mr Kwek Leng Beng and CDL were honoured for their joint $24 million donation to the Singapore Institute of Technology (SIT) at the opening of its Punggol Campus in September. The endowed gift was recognised with the naming of the Kwek Leng Beng University Tower, which houses SIT’s academic and administrative offices. • The fully sold Piccadilly Grand, a JV project with Sunway MCL at Farrer Park, obtained its TOP in September. Directly linked to Farrer Park MRT station, the 407-unit residence is part of an integrated development that includes Piccadilly Galleria, a ground-floor retail podium with a childcare centre. 4TH QUARTER (OCTOBER – DECEMBER) • In October, CDL and JV partner Mitsui Fudosan (Asia) Pte. Ltd. launched Zyon Grand, a 706-unit twin tower luxury residence along Kim Seng Road. Located near the prime River Valley enclave, it is part of an integrated development that also includes Zyon Galleria with restaurants and a supermarket, an early childhood development centre and a 36-storey tower with long-stay serviced apartments. To date, 617 units (87%) have been sold1. • In Australia, The Archive, the Group’s 237-unit PRS development in Southbank, Melbourne, achieved practical completion in October. • MHR officially opened the 569-room M Social Hotel New York Downtown (formerly Millennium Downtown New York) in October, following the completion of its renovation. Located in Lower Manhattan, this marks the second M Social hotel in New York. • CDL marked the graduation of the first 42 small and medium-sized enterprises (SMEs) under its SME Supplier Decarbonisation Queen Bee Programme in October. Launched in 2024, this first-of-its-kind initiative supports SME suppliers in measuring, managing and reducing carbon emissions. • In November, the Group divested its JV Piccadilly Galleria retail podium in Singapore for $65.46 million and 1250 Lakeside, its 250-unit US multifamily asset in Sunnyvale, California, for US$143.5 million (approximately $186.8 million). • In December, the 638-unit Tembusu Grand obtained its TOP. Located in the vibrant Tanjong Katong enclave, the JV project with Sunway MCL is 98% sold1. • In Japan, the Group, through its indirect wholly-owned subsidiary, M&C Sakura TMK, divested the 256-room Bespoke Hotel Osaka Shinsaibashi for JPY 14 billion (approximately $117 million) or JPY 54.7 million (approximately $457,000) per key in December. • In the UK, the Group, through its wholly-owned subsidiary Copthorne Hotel Holdings Limited, acquired the freehold 706-room Holiday Inn London - Kensington High Street for £280 million (approximately $480.2 million) or £396,600 (approximately $680,200) per key in December. Located adjacent to the Group’s Copthorne Tara Hotel London Kensington, this acquisition strengthens the Group’s hospitality presence in Central London. • The Group announced the contracted divestment of Quayside Isle, its prime waterfront retail asset on Sentosa Cove, for $97.3 million in December. The transaction marked the Group’s eighth asset sale contracted in the year and brought its total divestments for 2025 to around $2 billion. SIT Punggol Campus Opening Holiday Inn London - Kensington High Street | UK ANNUAL REPORT 2025 | 21
AWARDS AND ACCOLADES 1 Not exhaustive. For the full listing of CDL corporate and project awards, please refer to www.cdl.com.sg. 2 Not exhaustive. For the full listing of CDL sustainability awards, please refer to www.cdlsustainability.com. Union Square I Singapore Artist's Impression Sustainability2 • 11th Asia Sustainability Reporting Awards - Asia’s Best Climate Reporting (Gold) - Asia’s Best Sustainability Report – Governance (Platinum) • CDP - A List for Climate Change - A List for Water Security • Company of Good recognition - Champion of Good (2025-2028) • EcoVadis Gold Medal • Equileap Top 100 Ranking for Gender Equality 2025 - #64 out of 100 companies • Euronext V.E. Indices • FT- Statista Asia-Pacific Climate Leaders 2025 - One of 350 companies recognised • FTSE4Good • GRESB - 8th in Asia (Diversified - Office/Retail); GRESB 5-star rating • Global 100 Most Sustainable Corporations in the World 2025 - #39 out of 100 companies • ISS ESG Corporate ESG Performance - Prime • IR Impact Awards – South East Asia 2025 - Best sustainability reporting (mid-cap) • MSCI ESG Ratings - ‘AAA’ • Patron of the Arts Awards 2025 - Patron of the Arts Business & Performance1 • Building and Construction Authority (BCA) Awards 2025 - Quality Excellence Award – Developer • HR Asia Best Companies to Work for in Asia 2025 - Sustainable Workplace Award • HRD Best Companies to Work for in Asia - 5-Star Employers of Choice 2025 (100 – 500 employees) • HR Excellence Awards 2025 Singapore - Excellence in Work-Life Harmony (Silver) • Hubexo Asia Awards 2025 - Top 10 Developers (Singapore) - Elite Award • Singapore Governance and Transparency Index (SGTI) 2025 - #18 out of 467 companies Product1 • EdgeProp Singapore Excellence Awards 2025 - Top Developer - Top Sustainable Developer - Top Development Irwell Hill Residences The Orie - Top Executive Condominium Copen Grand - Design Excellence Union Square Residences - Landscape Excellence The Orie - Marketing Excellence The Orie Union Square Residences - Sustainability Excellence Haus on Handy Union Square Residences • MIPIM Asia Awards 2025 - Best New Development Project (Bronze) Union Square • PropertyGuru Asia Property Awards 2025 (Singapore) - Best Developer - Best Mixed-Use Development Union Square Residences • RICS Southeast Asia Awards 2025 - Highly Commended Project of the Year Irwell Hill Residences • The Edge Singapore Billion Dollar Club 2025 - Overall Sector Winner (Real estate) - Weighted ROE over three years (Real estate) - Growth in PAT over three years (Real estate) - Best ESG Risk Ratings • Tripartite Alliance Award 2025 - Fair and Progressive Employment Practices • Workplace Safety and Health (WSH) Awards 2025 - Developer Award - Safety and Health Award Recognition for Projects (SHARP) Irwell Hill Residences Newport Plaza Lumina Grand Tembusu Grand The Myst • Royal Society for the Prevention of Accidents (RoSPA) Awards 2025 - Order of Distinction Award (for 20 consecutive Golds) • S&P Global Sustainability Yearbook 2025 Member • SGX iEdge ESG Indices - ESG Leaders Index • STOXX ESG Leaders Indices • Sustainalytics 2025 ESG Leaders - Regional and Industry Top-Rated • The Asset Triple A Sustainable Finance Awards 2025 - Best Sustainability-linked Loan - Real Estate • TIME-Statista World’s Most Sustainable Companies 2025 - #77 out of 500 companies 22 | CITY DEVELOPMENTS LIMITED
CORPORATE DIRECTORY BOARD OF DIRECTORS Executive Directors Kwek Leng Beng, Executive Chairman Sherman Kwek Eik Tse, Group Chief Executive Officer Lead Independent Director Lee Jee Cheng Philip Independent Non-Executive Directors Ong Lian Jin Colin Daniel Marie Ghislain Desbaillets Chong Yoon Chou Chan Swee Liang Carolina Tang Ai Ai Mrs Wong Ai Ai Young Jennifer Duong Wong Su Yen AUDIT & RISK COMMITTEE Lee Jee Cheng Philip, Chairman Chan Swee Liang Carolina Tang Ai Ai Mrs Wong Ai Ai Daniel Marie Ghislain Desbaillets Young Jennifer Duong NOMINATING AND REMUNERATION COMMITTEE Tang Ai Ai Mrs Wong Ai Ai, Chairman Ong Lian Jin Colin Lee Jee Cheng Philip Daniel Marie Ghislain Desbaillets Wong Su Yen BOARD SUSTAINABILITY COMMITTEE Chan Swee Liang Carolina, Chairman Sherman Kwek Eik Tse Chong Yoon Chou Young Jennifer Duong Wong Su Yen COMPANY SECRETARIES Enid Ling Peek Fong Soo Lai Sun SHARE REGISTRAR & SHARE TRANSFER OFFICE Boardroom Corporate & Advisory Services Pte. Ltd. 1 Harbourfront Avenue Keppel Bay Tower #14-07 Singapore 098632 Tel : +65 6536 5355 Fax : +65 6536 1360 REGISTERED OFFICE 9 Raffles Place #12-01 Republic Plaza Singapore 048619 Tel : +65 6877 8228 Fax : +65 6223 2746 Email : [email protected] INVESTOR RELATIONS Belinda Lee Head, Investor Relations & Corporate Communications Email : [email protected] AUDITORS KPMG LLP Public Accountants and Chartered Accountants, Singapore 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 (Partner in-charge: Koh Wei Peng, appointment commenced from the audit of the financial statements for the year ended 31 December 2024) PRINCIPAL BANKERS Agricultural Bank of China Bank of America Merrill Lynch Bank of China Limited Bank of Communications Co., Ltd Cathay United Bank Co., Ltd. China Construction Bank Corporation CIMB Bank Berhad Crédit Agricole Corporate & Investment Bank Crédit Industriel et Commercial DBS Bank Ltd. Industrial and Commercial Bank of China Limited Malayan Banking Berhad Mizuho Bank, Ltd. MUFG Bank, Ltd. Oversea-Chinese Banking Corporation Limited Shanghai Pudong Development Bank Co., Ltd. Sumitomo Mitsui Banking Corporation The Hongkong and Shanghai Banking Corporation Limited United Overseas Bank Limited ANNUAL REPORT 2025 | 23
BOARD OF DIRECTORS AS OF 28 FEBRUARY 2026 COMMITTEE KEY: A Audit and Risk Committee NR Nominating and Remuneration Committee S Board Sustainability Committee Solid background denotes Chairman of Committee Lee Jee Cheng Philip Lead Independent Director A NR Sherman Kwek Eik Tse Executive Director Group Chief Executive Officer S Kwek Leng Beng Executive Chairman Ong Lian Jin Colin Independent Non-Executive Director NR Daniel Marie Ghislain Desbaillets Independent Non-Executive Director A NR Chong Yoon Chou Independent Non-Executive Director S Tang Ai Ai Mrs Wong Ai Ai Independent Non-Executive Director NR A Young Jennifer Duong Independent Non-Executive Director A S Wong Su Yen Independent Non-Executive Director NR S Chan Swee Liang Carolina (Carol Fong) Independent Non-Executive Director S A 24 | CITY DEVELOPMENTS LIMITED
Notes: Hong Leong Investment Holdings Pte. Ltd. is the immediate and ultimate holding company of CDL. Hong Leong Finance Limited is a related company under the Hong Leong Group of companies. Millennium & Copthorne Hotels Limited is a subsidiary of CDL. * Listed company Kwek Leng Beng Executive Chairman First Appointment as Director: 1 October 1969 Appointment as Executive Chairman: 1 January 1995 Last Re-Election as Director: 24 April 2024 (Will be seeking re-election at the 2026 AGM) Board Committees: Nil Present Directorships in other Listed Companies and Principal Commitments: • Hong Leong Finance Limited* (Chairman/Managing Director) • Hong Leong Investment Holdings Pte. Ltd. (Executive Chairman) • Millennium & Copthorne Hotels Limited (Executive Chairman) Other Appointments: • Nil Past Directorships in other Listed Companies and Principal Commitments Held in The Preceding Five Years: • Nil Mr Kwek has extensive experience in the real estate business. He joined City Developments Limited (“CDL”) in the late 1960s and since then has contributed significantly to building CDL’s six decades of track record. He grew the Group’s hospitality arm and has been actively involved in its development into Singapore’s largest international hotel group and one of the largest hotel owners and operators in the world. He also has extensive experience in the finance business, having grown with the original Hong Leong Finance Limited from day one, which has since merged its finance business with Singapore Finance Limited (now known as Hong Leong Finance Limited). He is also experienced in the trading and manufacturing sectors. Mr Kwek has received numerous accolades. In 1997, he was named “Businessman of the Year 1996” by Singapore Business Awards, organised by The Business Times and DHL. In 2012, he was jointly awarded the “Partners in the Office of the CEO” award in the Brendan Wood International – Securities Investors Association Singapore (“SIAS”) TopGun CEO Designation Award with the late Mr Kwek Leng Joo (former Deputy Chairman of CDL). This award is given to CEOs who are best in class as rated by shareholders. In 2014, he received the inaugural Real Estate Developers’ Association of Singapore (“REDAS”) Lifetime Achievement Award which honours a pioneering group of real estate leaders. He received the Singapore Chinese Chamber of Commerce and Industry (“SCCCI”) SG50 Outstanding Chinese Business Pioneers Award in 2015. The award honours the Republic’s outstanding Chinese business pioneers and their exemplary contributions to nation-building. That same year, he was accorded the Lifetime Achievement Award from Hotel Investment Conference Asia Pacific (“HICAP”). This accolade honours exceptional individuals who have distinguished themselves through accomplishments and contributions to the hotel industry. In 2017, he was presented the Lifetime Achievement Award at the Asia Pacific Entrepreneurship Awards organised by Enterprise Asia, a regional non-governmental organisation for entrepreneurship. The award was in recognition of outstanding achievements, visionary leadership and steadfast dedication that led to the successful growth of the Hong Leong Group for over five decades. That same year, he clinched the inaugural Global Blue Ocean Shift Award, given at the Global Entrepreneurship Community Summit in Kuala Lumpur. Mr Kwek was awarded the Singapore Tatler Diamond Award (Lifetime Achievement) 2018, in recognition of his exceptional leadership that led Hong Leong Group to grow into a globally diversified enterprise. In 2020, Mr Kwek received on behalf of Hong Leong Group, the EY Family Business Award of Excellence. It celebrated the Group’s successful, sustainable and long-term oriented strategy, effective and transparent corporate governance approach, and significant socio-economic contributions. Mr Kwek holds a law degree, LL.B. (London) and is a Fellow of Singapore Institute of Directors and Chartered Secretaries Institute of Singapore. He was also conferred an Honorary Doctorate of Business Administration in Hospitality from Johnson & Wales University (Rhode Island, US) and an Honorary Doctorate from Oxford Brookes University (UK). ANNUAL REPORT 2025 | 25
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