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
RkJQdWJsaXNoZXIy ODIwNTc=