2007 was a year of remarkable achievements – lined with highly-successful launches of luxury residential landmarks and culminating in the Group’s successful win of a highly-coveted land parcel in the city’s Civic District. Together, these milestones attest to the Group’s visionary leadership; as well as astute management strategy of forging and leveraging on the strength of key partnerships.

SHAPING THE URBANSCAPE

Taking the lead in sculpting the cityscape, CDL’s key launches in 2007 are definitive architectural masterpieces that add a new dimension to Singapore’s skyline.

In January, the new Downtown welcomed a jewel: One Shenton, an iconic residence with a one-of-a-kind sculptural silhouette. Located at the fringe of Marina Bay, the 341-unit luxury development met with overwhelming response during its launch.

Capturing the uptrend in a booming property market, the freehold 59-unit boutique luxury residence, The Solitaire, was launched. A phenomenal success, it was fully sold within a week after its soft launch.

Live amidst tranquil and luxuriant surroundings at The Solitaire, a boutique luxury residence at Balmoral Park.

With the emerging mid-tier market segment, the Group launched its joint-venture project, Botannia. Comprising 493 apartment units, the 956-year leasehold development has met with enthusiastic response, with over 93% sold.

In the wake of the success of its earlier high-end property launches, CDL released selective units in its haute 110-unit residential landmark, Cliveden at Grange for sale. With its unsurpassed location, distinctive architecture and exclusivity, Cliveden at Grange has attracted strong foreign interest.

The city's haute residential landmark, Cliveden at Grange, offers virtually 360 degree panoramas from every unit.

In a joint venture with US-based Wachovia Development Corporation, the Group acquired 44 units or two towers of the development for an aggregate sale price of $432.4 million. This purchase, made five months after the soft-launch, is in line with the Group’s business strategy of leveraging on the capital appreciation potential of its developments.

Response from individual buyers and retail investors, in particular foreigners, has been enthusiastic, with over 90% of the units sold to foreigners.

As a round-up to the year, Wilkie Studio, a boutique 40-unit residence near the Selegie arts enclave was launched. Response has been positive and sales are progressing well with almost 90% of the released units sold.

SHAPING TOMORROW, TODAY

Extending beyond iconic architecture of the present, the Group will continue to play a significant role in leaving its imprint on the landscape through notable acquisitions, both commercial and residential.

Local Acquisitions

In one of the most closely-watched commercial project tenders of the decade, a CDL-led consortium which includes two other high profile global players, Istithmar Group and Elad Group, emerged triumphant. The consortium was awarded the bid to build an iconic mixed-use development at a major strategic site at Beach Road, based not only on its tender price of $1.688 billion but other factors including design and concept, and environmental sustainability.

The consortium’s proposal, South Beach, is designed by prominent British architectural firm Foster + Partners. As Singapore’s first Eco-Quarter, the development comprises two towers rising up to 45 storeys in height and four conserved blocks that will house premium office space, two luxury hotels, exclusive city residences and exquisite retail space, and has a total gross floor area of about 1.6 million square feet.

Also on the commercial front, CDL purchased the Tampines Grande and the adjoining Tampines Concourse plots at the bustling Tampines Regional Centre. The land parcels can be developed into office complexes with gross floor areas of 361,662 and 124,011 square feet respectively.

Strengthening its position in the luxury residential segment, CDL, in a 50:50 joint venture with Wing Tai Land Pte. Ltd., through Summervale Properties Pte. Ltd., purchased Anderson 18 for $477.7 million. The sizeable 112,098 square feet freehold site will allow for the creation of an ultra-luxurious 36-storey residence that befits its prestigious location.

The Group also concentrated on residential areas with strong potential for growth. In line with this strategic land acquisition policy, CDL made several sizeable purchases to further strengthen its presence in the Thomson vicinity. Apart from adding to its land bank, the Group believes in creating value beyond the purchase of each individual plot.

In February 2007, CDL made a successful bid for The Albany, a site measuring 41,688 square feet, for $65 million. This was quickly followed by the acquisition of another three freehold sites nearby for $81.3 million. Comprising Concorde Residences, Balestier Court and Bright Building, the amalgamated parcel, along with an adjoining state land, will give a total land area of 60,548 square feet. Adding on the further purchase of Thomson Mansions, a 17,445 square feet site that lies adjacent to The Albany for $30 million, CDL has secured a sizeable plot with a total land area of 133,169 square feet (including adjoining pieces of state land). CDL will enjoy greater flexibility in site development with this land parcel.

Global Acquisitions & Investment

Leveraging on its wealth of experience in property development, CDL entered into a memorandum of understanding with DC Chemical Company Limited to jointly develop a 1.55 million square metres integrated commercial, hotel and residential project in Incheon, South Korea. It will invest equity between US$150 and US$300 million in total for the large-scale project, which is expected to be completed before the 2014 Asian Games, which the city would be hosting.

CDL also extended its presence to Russia, with the signing of an agreement to acquire a 50% stake in Soft Proekt, which is valued at a total of US$125 million. Soft Proekt owns the 211-room Iris Congress Hotel and a 9-storey serviced apartment building in Moscow. The development of a mixed-use complex on a vacant plot of land adjoining the existing hotel is being planned. CDL’s hospitality arm, Millennium & Copthorne Hotels plc (M&C), is currently in negotiations for the management and operation of the hotel.

Through its global investments, the Group is well-poised to benefit from the fast-growing China economy. CDL, through its indirect subsidiary, Tianjin Trophy Real Estate Co. Ltd, entered into a Sale & Purchase Agreement to acquire a 36-storey office building with a gross floor area of 382,119 square feet, in Tianjin, China for approximately US$66.6 million, subject to completion.

REIT Acquisitions

Raising the stakes in the investment landscape is CDL Hospitality Real Estate Investment Trust (H-REIT), the first hotel real estate investment trust in Asia (with the exception of Japan), which added the 398-room Novotel Clarke Quay to its portfolio of hotels. With this purchase, H-REIT successfully expanded its portfolio by more than 20 per cent, from 1,926 to 2,324 rooms, making the main board listed CDL Hospitality Trusts (CDLHT) the biggest hotel owner in Singapore, based on the number of rooms.

SHAPING THE HIGH LIFE

Beyond redefining lifestyles through iconic residences, CDL also believes in bringing the experience of impeccable hospitality to new heights, with the opening of the first international luxury hotel in Singapore in over a decade.

The St. Regis Singapore embodies the exquisite hospitality and elegance that St. Regis is renowned for. Managed by Starwood Hotels & Resorts, the 299-room hotel is located at the prestigious Tanglin district. Adjoining the hotel is the exclusive 173-unit St. Regis Residences, Singapore’s first branded residences. The St. Regis Hotel and Residences is a joint venture between CDL, Hong Leong Holdings Limited and TID Pte. Ltd..

The St. Regis Singapore opening was marked by the symbolic Handover Ceremony, with the handing over of the key to the hotel manager and operator.

As one of the world’s fastest-growing hotel companies, M&C embarked on its strategic expansion plans with the opening of new five-star Millennium properties, including the Millennium Towers Hotel Dubai, the Millennium Oy Oun Hotel Sharm el Sheikh and the Millennium Resort Patong Phuket.

To meet the needs of today’s discerning international traveller, M&C introduced its crown jewel – the Grand Millennium brand. Located in major gateways and key cities, the Grand Millennium represents a new era of lavish hotel experience. This top-tier brand within M&C’s portfolio of Millennium, Copthorne and Kingsgate properties was unveiled with the launch of the 468-room Grand Millennium Kuala Lumpur and 325-room Grand Millennium Sukhumvit Bangkok.

Apart from M&C’s strategy of focusing on actively maximising yield management opportunities, the Group is also carrying out refurbishment works on several existing hotels, while simultaneously expanding its portfolio in East Asia, Middle East, Europe and United States.

Note: Information as at 28 February 2008