NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 44 ASSOCIATES AND JOINT VENTURES (CONT’D) Principal activity Principal place of business/ Country of incorporation Ownership interest 2025 2024 % % Joint Ventures of the Company (cont’d) (4) HThree City Australia Pte. Ltd. Property fund management (including REIT management and direct property fund management) Singapore 33 33 (4) HThree City Jade Pte. Ltd. Other holding company Singapore 50 50 (3) IREIT Global Group Pte. Ltd. Property fund management Singapore 49.5(d) 49.5(d) (1) Legend Quay Pte. Ltd. Property owner and developer Singapore 50 50 (1) Legend Commercial Trust Property owner and developer Singapore 50 50 (8) Macaulay North Melbourne Pty Ltd Trustee Australia 50 50 (1) Richmond Hotel Pte Ltd Property owner, developer and investment holding Singapore 33 33 (2) Suzhou Fulong Zhidi Investment Center (Limited Partnership) Equity Investment People’s Republic of China 59(c) 59(c) (5) Suzhou Gsun Jiuhao Equity Investment Partnership (Limited Partnership) Equity Investment People’s Republic of China 25 40 (1) South Beach Consortium Pte. Ltd. Property owner, developer and investment holding Singapore –(e) 50.1(c) (1) Siena Commercial Trust Property owner and developer Singapore 50 50 (8) Spencer West Melbourne Pty Ltd Trustee Australia 50 50 (8) Spencer West Melbourne Parking Pty Ltd Trustee Australia 50 50 (6) Tembusu Residential Pte. Ltd. Property owner and developer Singapore 51(c) 51(c) (1) Transcend Residential (Toa Payoh) Pte. Ltd. Property owner and developer Singapore 50 50 (1) Tomlinson Hotel Pte. Ltd. Hotel owner Singapore 33 33 (1) Tripartite Developers Pte. Limited Property developer Singapore 33 33 (8) New Unity Holdings Ltd. Investment holding company British Virgin Islands 50 50 ANNUAL REPORT 2025 | 241
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