“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
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