In February, 2026, the Group and its JV partner Woh Hup Holdings also secured a prime GLS site at Tanjong Rhu, which will add a further 520 units to the Group's development pipeline. Australia In Melbourne, the 56-unit Fitzroy Fitzroy JV project is 64% sold and topped out in Q4 2025, with construction completion expected in Q2 2026. In Brisbane, 94% of the 158-unit Brickworks Park has been sold to date. Stage 1 (107 units) of Brickworks Park achieved full settlement with all units legally completed and sale proceeds fully received as of December 2025, while Stage 2 (comprising townhouses) is on track for practical completion in 1H 2026. Supported by structural undersupply, Brisbane continues to outperform other major Australian cities in residential price growth, underpinning positive market fundamentals. China In FY 2025, the Group’s wholly-owned subsidiary CDL China Limited and its JV associates sold 135 residential, office and retail units, with a total sales value of RMB 317.1 million ($57.7 million). Hong Leong Larimar Center, the Group’s mixed-use development in Suzhou’s High-Speed Railway New Town, targets to launch Phase 1 of its 648-unit residential component in Q1 2026. The 45-storey residential tower will feature sky gardens, private terraces and waterfront views of the surrounding lakes. Construction for the mixed-use JV development site in Shanghai’s Xintiandi area is expected to commence in Q1 2026. The project has a gross floor area (GFA) of approximately 75,959 square metres (sqm), comprising residential (77%), hotel (15%), retail (4%) and public amenities (4%), featuring a high-rise 70-unit residential tower, 75 villa units, a 78-room luxury hotel tower and street-level retail space. Due to challenging market conditions, the Chinese authorities continue to strengthen support for the property sector, with a focus on stabilising the real estate market by balancing housing supply with quality improvements and advancing urban renewal. Measures include easing financing and homebuying conditions, adjusting policies, enhancing housing provident fund support and offering purchase subsidies, all aimed at fostering sustainable market activity and rebuilding confidence in its property sector. INVESTMENT PROPERTIES Singapore The Group’s investment properties showed strong resilience in FY 2025. As of 31 December 2025, the Group’s office portfolio2 achieved a committed occupancy of 97.8%, significantly outperforming the island-wide rate of 88.9%3. This high occupancy was driven by proactive asset management and the sustained performance of the Group’s key assets like Republic Plaza and City House, which maintained healthy committed occupancies of 98.3% and 100%, respectively. For the year under review, the Group secured approximately 557,000 square feet (sq ft) of new leases and renewals in its office portfolio, including a new anchor tenant at Union Square Central which is undergoing construction and set to be operational by 2029. The Singapore office portfolio continued to achieve positive rent reversions and a healthy tenant retention rate. Leasing activity remained strong as the Group diversified its tenant base across various industries, ensuring the portfolio remains well insulated and reducing concentration risk. 2 Comprises office only properties and the office component within integrated developments. 3 Based on URA real estate statistics for Q4 2025. Hong Leong Larimar Center I China Artist's Impression ANNUAL REPORT 2025 | 85
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