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
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