G E T ENERG I S ED CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW H 1 C O R P O R A T E P R O F I L E G E T E N E R G I S E D City Developments Limited (CDL) is a leading global real estate company with a network spanning 143 locations in 28 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its income-stable and geographically diverse portfolio comprises residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments. With a proven track record of 60 years in real estate development, investment and management, the Group has developed over 50,000 homes and owns around 21 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally. Along with its wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited (M&C), the Group has over 150 hotels worldwide, many in key gateway cities. Leveraging its deep expertise in developing and managing a diversified asset base, the Group is focused on enhancing the performance of its portfolio and strengthening its recurring income streams to deliver long-term sustainable value to shareholders. The Group is also developing a fund management business to further leverage on its strengths. O V E R V I E W 12 2022 Highlights 13 5-Year Financial Highlights 14 Chairman’s Statement 16 Group CEO’s Statement 18 Corporate Network 19 Corporate Structure 20 Highlights of the Year 22 Awards & Accolades 23 Corporate Directory CORPORATE GOVERNANCE 24 Board of Directors 30 Key Management 32 Corporate Governance 60 Risk Management 67 Investor Relations 68 Calendar of Financial Events SUSTAINABILITY 69 Sustainability Board Statement B U S I N E S S O V E R V I E W 84 Financial Review 86 Operations and Market Review P R O P E R T Y P O R T F O L I O 91 Property Portfolio Analysis 94 Major Properties FINANCIALS 103 Statutory Reports and Accounts O T H E R INFORMATION 273 Statistics of Ordinary Shareholdings 275 Statistics of Preference Shareholdings 276 Share Transaction Statistics 277 Notice of Annual General Meeting 286 Additional Information on Directors Seeking Election/ Re-Election Proxy Form Agility, resilience and an enterprising spirit have been the hallmarks of the Group’s compass. Despite facing persistent structural headwinds in 2022, we pushed ahead to deliver solid progress in our strategic pillars, guided by our GET strategy – which focuses on Growth, Enhancement and Transformation. As we embark on our 60th year in 2023, the Group stands poised with renewed energy, ready to harness our strengths and unlock opportunities as we chart the next chapter of our journey. Cover: Newport Plaza I Singapore Artist’s Impression This page: Piccadilly Grand I Singapore Artist’s Impression
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 2 3 G R O W T H Leveraging on our core competencies in property development and asset management, CDL remained focused on building a solid development pipeline and strengthening our recurring income streams. In 2022, two successful launches powered our sales performance in Singapore – Piccadilly Grand and Copen Grand Executive Condominium (EC). We also substantially sold our existing inventory and completed four site acquisitions to replenish our landbank. Overseas, we continued to expand our Living Sector portfolio in our key markets of Australia, Japan and the UK. To build scale and leverage the rising demand for rental accommodation, we acquired two Private Rented Sector (PRS) development sites in Australia, three newly-built PRS projects in Japan and six Purpose-Built Student Accommodation (PBSA) assets in the UK. FORTIFYING OUR PORTFOLIO Copen Grand | Singapore Artist’s Impression * Includes ECs and share of joint venture (JV) partners. ^ Based on 8,578 new units (including ECs) sold in 2022, according to Urban Redevelopment Authority data. GLOBAL LIVING SECTOR PORTFOLIO Operational & Under Development PROPERTY DEVELOPMENT Singapore RESIDENTIAL LAUNCH PIPELINE >2,000 UNITS in Singapore* Sold 1,487 UNITS* Sales Value $2.9 BILLION* Market Share 17.3%^ PRS 2,288 UNITS PBSA 2,368 BEDS
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 4 5 E N H A N C E M E N T OPTIMISING OUR ASSETS Palais Renaissance | Singapore As part of the ongoing rejuvenation of our portfolio, we continued to enhance and reposition our assets, to drive operational efficiency and returns. In 2022, we completed Asset Enhancement Initiatives (AEIs) for several properties, which included a $7 million makeover for Palais Renaissance. Beyond physical upgrades, such as a new alfresco dining area fronting Orchard Road, we also introduced our proprietary CityNexus smart building app to enhance our tenants’ daily operations. In Thailand, we completed the Phase 1 revamp of Jungceylon Shopping Center in Patong, Phuket, welcoming the return of both domestic and international tourists with a range of exciting new lifestyle attractions. GLOBAL PORTFOLIO 21 MILLION SQ FT Total gross floor area in residential for lease, commercial and hospitality assets Singapore 49% Development Properties 42% Others 14% Others 6% US 8% Hotel 25% UK 15% China 14% Investment Properties 27% TOTAL ASSETS $23 BILLION ASSETS BY GEOGRAPHY ASSETS BY BUSINESS SEGMENT
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 6 7 St Katharine Docks | London, UK TRANSFORMATION FUND MANAGEMENT Assets Under Management (AUM) US$3.1 BILLION PORTFOLIO RESTRUCTURING TO UNLOCK VALUE Distribution in specie (DIS) of 144.2 MILLION CDLHT Units to CDL shareholders, completed in May Dividend from DIS 20.2 CENTS per share based on $1.27 per CDLHT Unit on 25 May INNOVATION STRATEGY Driving business transformation through diversified platforms DIVERSIFYING OUR PLATFORMS To better position ourselves for the future, we continually explore initiatives that complement our business transformation, such as forging new partnerships and investing strategically in new economy and technology ventures. Our innovation and digitalisation efforts continue to elevate our product offerings, strengthen our value proposition and enhance the customer experience. Fund management forms an integral part of our transformation strategy. Besides nurturing existing listed platforms like CDL Hospitality Trusts (CDLHT) and IREIT Global, we continue to seek out attractive acquisition opportunities that will strengthen our value proposition and expand our offerings. In the UK, we grew our commercial asset portfolio by strategically acquiring trophy assets that will allow us the option to inject our portfolio into listed or unlisted platforms at an opportune time. With our latest acquisition of the sizeable St Katharine Docks prime freehold estate, the total value of our UK commercial assets has increased to around £1 billion. Innovation Pipeline People & Culture PropTech Investment
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 8 9 M Social Suzhou | China Artist’s Impression TRANSFORMATION UNLOCKING VALUE IN HOSPITALITY STRONG REBOUND IN GLOBAL OPERATIONS GLOBAL HOSPITALITY PORTFOLIO Over150 hotels Since the privatisation of Millennium & Copthorne Hotels Limited (M&C) in 2019, we have streamlined our portfolio through opportunistic asset divestments to unlock latent value and reallocate capital for growth. These include the record sale of Millennium Hilton Seoul and the completion of the collective sale of Tanglin Shopping Centre in 2022 – both held by M&C. Spurred by the continued recovery and restored confidence in global travel, our hotel operations made a strong rebound in 2022, having recovered in most markets to pre-pandemic 2019 levels. The segment is well-positioned to continue its growth trajectory, riding on the return of corporate travel and unabated pent-up demand for leisure travel. We also continue to enhance our hospitality offerings and revitalise our assets through AEIs and repositionings, focusing on revenue generation and asset yield optimisation. Several key hotels will be rebranded to M Social. These include M Social Hotel Phuket, M Social Hotel Downtown, New York and M Social Hotel Knightsbridge, London. 71.3% $199.5 $142.3 27.8% 50.2% $143.8 $72.2 19.5% 64.4% $214.1 $137.9 30.8% 14.2% pts FY2019 FY2019 FY2019 FY2019 FY2021 FY2021 FY2021 FY2021 FY2022 FY2022 FY2022 FY2022 48.9% 91% 11.3% pts GOP Margin Revenue Per Available Room (RevPAR) Average Room Rate Room Occupancy
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 10 11 SUSTAINABILITY DRIVING POSITIVE IMPACT Since 1995, we have been delivering on our ethos of “Conserving as We Construct” to fulfil our role as a builder of living spaces, lives and communities. Our unwavering commitment to Environmental, Social and Governance (ESG) integration for close to 30 years has helped us to mitigate climate risks, meet rising investor expectations and open new growth opportunities by tapping into fast-growing sustainable investment and finance. In 2022, we completed our third Climate Change Scenario Study. As one of the first four companies in Singapore to adopt the Task Force on Climate-related Financial Disclosures (TCFD) in 2017, the study aims for us to be future-ready for physical and transitional risks. Given the rising urgency, scale, and severity of climate change, we expanded the scope and markets included under the CDL Group. The study also considered the disruption caused by the COVID-19 pandemic, which has had a prolonged and significant impact on business operations, financial performance and related climate risks and trends. RECOGNISED ON 14 LEADING GLOBAL SUSTAINABILITY RATINGS, RANKINGS AND INDEXES Only Company in Southeast Asia & Hong Kong to Maintain Double ‘A’s for Climate Change (since 2018) & Water Security (since 2019); Only Singapore Company to Score an A in 2022 ESG Regional Top Rated and Industry Top Rated in 2022 Since 2018 Rated Prime since 2018 Top 8% amongst CDP Participants for Supplier Engagement on Climate Change World’s Top Real Estate Management & Development Company; Top Singapore Company; Only Singapore Company Listed for 13 Consecutive Years; Ranked 5th overall in 2022 Since 2014 Top-ranked Singapore Company in Equileap Gender Equality in Asia-Pacific Special Report 2022, and top-ranked Singapore Company globally in 2021 ESG Leaders Index ESG Transparency Index since 2016 Only Singaporebased Developer listed since 2022 ‘AAA’ rating since 2010 Dow Jones Sustainability Indices (World) from 20112021, and Dow Jones Sustainability Indices (Asia-Pacific) since 2011; S&P Global Sustainability Yearbook 2022 Member 2nd in Asia (Diversified – Office/Retail); GRESB 5-star rating Only Singapore Real Estate Company since 2018 NET ZERO CARBON COMMITMENT First Singapore real estate developer to sign the World Green Building Council’s Net Zero Carbon Buildings Commitment with whole life-cycle approach in two phases: - 2030: New developments and assets under direct management and control in Singapore - 2050: All buildings to be net zero carbon SINGAPORE GOVERNANCE AND TRANSPARENCY INDEX 2022 #4 out of 489 companies 120 BCA GREEN MARK Certifications for our developments and office interiors ACHIEVED ENERGY SAVINGS OF >$38 MILLION from energy-efficient retrofitting and initiatives across all our managed buildings from 2012 to 2022 CDL Green Gallery | Singapore CHANGES IN OCEAN CURRENTS Ocean currents are vulnerable to the effects of climate change. Slower ocean currents change the Earth’s atmosphere, and consequently, the weather. Ocean currents change affects food sources for fishes, marine mammals, and sea birds, which inherently impacts the entire food chain. COLLAPSE OF MARINE FOOD WEBS Marine life is not only impacted by overfishing and pollution, but also impacted when waters warm and currents shift. The warming of our ocean could eventually cause marine food webs to collapse. The collapse of marine food webs jeopardises the livelihoods of over one billion people that depend on the sea for sustenance. SEA ICE LOSS Sea ice, which forms when seawater freezes each polar winter, is melting and thinning more and more each summer. Sea ice loss threatens the survival of animals that live on and below the sea ice platform. Likewise, the livelihoods of communities in the Polar regions will suffer. SEA LEVEL RISE As global warming continues, it is inevitable that massive ice sheets and glaciers in Greenland and Antarctica will collapse and melt entirely, eventually pouring enough water into the ocean to raise global sea levels by several metres. Sea level rise poses an imminent risk to many coastal cities such as Singapore, San Francisco, Shanghai, Sydney, Jakarta. RISING SEA TEMPERATURE About 90% of the excess heat trapped by atmospheric greenhouse gases is absorbed by our ocean. Warmer waters also hold less carbon dioxide, which means more will stay in the atmosphere, accelerating global warming. 90% of coral reefs may perish by 2050 – this directly imperils the livelihoods of coastal communities that depend on reef fishes for sustenance.
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 12 13 NOTES: (1) 2021 comparative figures were adjusted to reclassify the assets held for sale and the liabilities directly associated with the assets, back to the Group’s respective assets and liabilities as the proposed REIT listing of the two UK commercial properties did not materialise. This is in accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations. Refer to details in notes to the financial statements under Statutory Reports and Accounts. (2) Final and special final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2022 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting. (3) Excludes fair value gains on investment properties as the Group’s accounting policy is to state its investment properties at cost less accumulated depreciation and accumulated impairment losses. (4) Based on CDLHT unit price of $1.27 on 25 May 2022. (5) Excluding non-cash impairment losses and/or reversals of impairment losses for properties, plant and equipment, and investment properties. Year 2018 2019 2020 2021(1) 2022 For the financial year ($’million) Revenue 4,223 3,429 2,108 2,626 3,293 Profit before tax 876 754 (1,791) 215 1,857 Profit for the year attributable to owners of the Company (PATMI) 557 565 (1,917) 85 1,285 At 31 December ($’million) Property, plant and equipment 5,013 5,462 5,526 5,362 4,061 Investment properties 3,741 4,410 4,569 4,983 4,967 Development properties 5,704 5,156 5,391 5,839 5,958 Cash and bank balances (including restricted deposits in other non-current assets and bank balances in assets held for sale) 2,512 3,084 3,237 2,191 2,370 Other assets 3,916 5,088 4,954 5,505 5,625 Total assets 20,886 23,200 23,677 23,880 22,981 Equity attributable to owners of the Company 10,041 10,520 8,502 8,401 9,216 Non-controlling interests 2,233 746 740 918 348 Borrowings 6,327 9,711 11,555 11,140 9,669 Other liabilities 2,285 2,223 2,880 3,421 3,748 Total equity and liabilities 20,886 23,200 23,677 23,880 22,981 Per share Basic earnings (cents) 59.9 60.8 (212.8) 7.9 140.3 Net asset value ($) 11.07 11.60 9.38 9.26 10.16 Dividends (cents) a) Ordinary dividend (gross) - final 8.0 8.0 8.0 8.0 8.0(2) - special interim 6.0 6.0 – 3.0 12.0 - special final 6.0 6.0 4.0 1.0 8.0(2) b) Distribution in specie – – – 20.2(4) – c) Preference dividend (net) 3.9 3.9 3.9 3.9 3.9 Financial ratios Return on equity (%) 5.6 5.4 (22.5) 1.0 13.9 Net gearing ratio (%)(3) 31 61 93 99 84 Net gearing ratio if fair value gains on investment properties are taken into consideration (%) 23 43 62 61 51 Interest cover ratios (times)(5) 14.9 14.0 3.4 3.0 9.8 * Including only fair value gains on investment properties. ^ Excluding non-cash impairment losses and/or reversals of impairment losses for properties, plant and equipment, and investment properties. ~ Including distribution in specie of CDLHT Units based on unit price of $1.27 on 25 May 2022. 2022 HIGHLIGHTS 5-YEAR FINANCIAL HIGHLIGHTS REVENUE $3.3 BILLION $2.6 billion in 2021 NET GEARING RATIO* 51% 61% in 2021 INTEREST COVER^ 9.8X 3.0x in 2021 TOTAL ASSETS $23.0 BILLION $23.9 billion in 2021 CASH AND AVAILABLE COMMITTED CREDIT FACILITIES $4.1 BILLION $3.9 billion in 2021 BASIC EARNINGS PER SHARE 140.3 CENTS 7.9 cents in 2021 (Restated) NET ASSET VALUE PER SHARE $10.16 $9.26 in 2021 (Restated) EBITDA $2.3 BILLION $701.4 million in 2021 (Restated) PATMI $1.3 BILLION $84.7 million in 2021 (Restated) REVALUED NAV (RNAV) PER SHARE* $16.98 $15.73 in 2021 (Restated) DIVIDEND PER SHARE 28.0 CENTS CLOSING SHARE PRICE $8.23 $6.81 in 2021 32.2 cents in 2021~
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 14 15 CHAIRMAN’S STATEMENT ENERGISED FOR GROWTH It has been three tumultuous years since COVID-19 emerged and dramatically altered how we live, work and operate. Fortunately, a sense of normalcy has returned. And while market uncertainties persist, given near-term economic headwinds and ongoing challenges, including geopolitical tensions, inflation and interest rate hikes, we will remain steadfast in repositioning and growing our business. Our hospitality arm, led by Millennium and Copthorne Hotels Limited (M&C), continues to be a key growth engine for the Group. We remain a sizeable hotel owner and operator with a diversified portfolio of over 150 hotels worldwide, many located in key gateway cities. With pent-up travel demand and the easing of travel restrictions in most regions, we witnessed a strong recovery momentum in the hospitality sector in 2022. Our hotel operations have since recovered in most markets to prepandemic levels, a marker of the restored confidence in global travel. Divestments and Capital Management The Group recorded a pre-tax profit of $1.9 billion for FY 2022 (restated FY 2021: $214.8 million). The extraordinary gains were driven by the distribution in specie of 144.2 million stapled securities in CDL Hospitality Trusts (CDLHT), resulting in the accounting deconsolidation of CDLHT from a subsidiary to an associate in May 2022 and the recognition of a total gain (inclusive of negative goodwill) of $492.4 million. The sale of properties amounting to $1.26 billion mainly from the record sale of Millennium Hilton Seoul and its adjoining land site in February 2022 and the completion of the collective sales of Tanglin Shopping Centre and Golden Mile Complex in 2H 2022, where the Group owns share values and strata areas, also bolstered our pre-tax gains. As at 31 December 2022, the Group maintained a sizeable war chest with cash reserves of $2.4 billion, and cash and available undrawn committed bank facilities totalling $4.1 billion. After factoring in fair value on investment properties, the Group’s net gearing ratio stands at 51% (FY 2021: 61%). Net Asset Value (NAV) per share increased 9.7% to $10.16 as at 31 December 2022 (restated 31 December 2021: $9.26). The Group adopts the policy of stating our investment and hotel properties at cost less accumulated depreciation and impairment losses. Had fair value gains on the Group’s investment properties been factored in, the Group’s Revalued NAV (RNAV) per share would be $16.98 (restated 31 December 2021: $15.73). Had the revaluation surpluses of our hotels been included, the Group’s RNAV per share would be $19.14 (restated 31 December 2021: $18.63). With a strong balance sheet, the Group is well-positioned for strategic acquisition opportunities in our key markets. Resilient Business Performance In 2022, all our operating segments reported strong performance. For our property development business, the Group, together with our joint venture (JV) associates, sold 1,487 units, including Executive Condominiums (ECs), with a total sales value of $2.9 billion in Singapore. The Group’s office portfolio in Singapore reported a committed occupancy of 95.2%, above the island-wide occupancy of 88.7%. Our retail portfolio also remained healthy, with a committed occupancy of 96.1%, higher than the island-wide occupancy of 92.9%. The gain in traction from the lifting of COVID-19 restrictions, coupled with the reopening of global economies in 2022, injected much vibrancy into the retail sector once again. While Singapore will always be the Group’s home ground and core market, we continue to pursue our strategic diversification push to build our portfolio in our key overseas markets of Australia, China, Japan and the UK. On this front, we expanded our Living Sector portfolio in 2022, which our Group CEO will elaborate on more in his statement. Our hotel operations segment reported a strong performance in FY 2022. The Group’s hotel RevPAR grew 91% to $137.9 (FY 2021: $72.2), attributable to higher room rates and improved occupancies across all geographies. Notably, hotels in London, Singapore and New York outperformed in 2022. Average Gross Operating Profit (GOP) margin improved by 11.3 percentage points to 30.8%, surpassing FY 2019 levels, primarily led by the UK, US and Singapore markets. Portfolio Sharpening With a focus on revenue generation and asset yield optimisation, the Group continued to enhance our hospitality offerings and revitalise our assets through Asset Enhancement Initiatives (AEIs) and repositionings. In Singapore, we completed the renovation of all 360 guestrooms at Studio M Hotel in May 2022. In Q4 2022, Grand Copthorne Waterfront Hotel in Singapore commenced its phased refurbishment for its 550 guestrooms and public areas. In Thailand, in tandem with the ongoing AEI of the Group’s Jungceylon Shopping Center in Phuket, Millennium Resort Patong Phuket started renovating its 418 guestrooms and common areas. The hotel will be rebranded as M Social Hotel Phuket – the first M Social property in Thailand. Completion works for both assets are expected by 2H 2023. Looking ahead, other AEIs in the pipeline include a major renovation for Millennium Downtown New York, which will be rebranded to M Social Hotel Downtown, New York and the Millennium Knightsbridge London, which will be rebranded to M Social Hotel Knightsbridge, London. In Singapore, the Group plans to unveil our newest hotel, The Singapore EDITION, in 2H 2023. The iconic eight-storey 204-room hotel on Cuscaden Road is EDITION’s first hotel in Southeast Asia, a unique concept in the lifestyle hotel space conceived by Ian Schrager and Marriott International. Over in China, the 295-room five-star M Social Suzhou is scheduled to open in Q2 2023. Riding on the return of corporate travel and unabated pent-up demand for leisure travel, our hospitality segment will continue to strengthen and is poised to be a star performer for the year ahead, contributing meaningfully to our recurring earnings. A key focus for the hospitality portfolio will be to accelerate plans for asset optimisation, alignment with the Group’s sustainability goals and driving growth. Dear Shareholders, The Group delivered a record net profit of $1.3 billion for FY 2022, the highest ever since the Group’s inception in 1963 (restated FY 2021: $84.7 million). Prudent divestments and strong operational performance from our core business segments drove the Group’s stellar earnings. In FY 2022, we realised significant capital gains from our successful divestments of several major properties held at book value over a long period of time – a testament to the Group’s ability to extract value at the most opportune time. Revenue increased by 25.4% to $3.3 billion for FY 2022 (FY 2021: $2.6 billion). While our property development segment remained the biggest contributor, the significant jump in FY 2022 revenue was propelled by our hotel operations segment, which registered a 58.1% increase in revenue and a 91% growth in revenue per available room (RevPAR), spurred by the post-pandemic travel rebound in the hospitality sector. In Singapore, we remained a market leader for private home sales with a strong development pipeline. Our asset rejuvenation and portfolio enhancement initiatives achieved improved occupancies and positive rental reversions, and we pushed ahead to build scale in new growth areas, like the Living Sector. 2023 marks the Group’s Diamond Jubilee. Over the past six decades, the Group has weathered many economic storms, property cycles and unprecedented disruptions, but we have always tackled the odds head-on and successfully emerged stronger. The Board and Management will continue to apply this same discipline and tenacity in executing our Growth, Enhancement and Transformation (GET) strategy and bring CDL to greater heights. APPRECIATION On behalf of the Board of Directors, I would like to express my heartfelt appreciation to all our shareholders, customers, business associates and partners for your continued support in our journey. To my fellow Directors, I am grateful for your invaluable contributions, counsel and stewardship as we strive to grow our Group to its fullest potential. We welcomed Mr Tan Kian Seng as the latest member to the Board, pursuant to his appointment as an Independent Non-Executive Director in March 2023. With his qualifications in finance and extensive experience in the hospitality and manufacturing sectors, his appointment would further strengthen the Board’s core competencies, especially in the areas of hospitality and finance, which are identified in the Board’s skills matrix. To our shareholders, thank you for your confidence in the Group. For FY 2022, the Board has recommended a final ordinary dividend of 8.0 cents per share and a special final ordinary dividend of 8.0 cents per share. Together with the special interim ordinary dividend of 12.0 cents per share paid in September 2022, the total cash dividend for FY 2022 amounts to 28.0 cents per share. Finally, to the Management and staff, thank you for your unwavering dedication, hard work and commitment. Your tenacity in navigating the business challenges reflects the Group’s spirit of enterprise and resilience. Despite the ever-changing macroeconomic landscape and inherent market unpredictability, we are confident that growth opportunities will always exist. Our Group remains poised to capitalise on these as they arise. We have gleaned from our past experiences and emerged stronger from each challenge. We are determined to pursue our strategic initiatives with nimbleness, pragmatism and a conviction to steer the Group towards sustained growth. Kwek Leng Beng Executive Chairman Kwek Leng Beng Executive Chairman
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 16 17 GROUP CEO’S STATEMENT Dear Shareholders, 2022 was an exceptional year for the CDL Group. We unlocked significant shareholder value through strategic divestments and improved operational performance, achieving record earnings and marking a strong comeback after three years of living under the shadow of the pandemic. The Group continues to steadfastly execute on our Growth, Enhancement and Transformation (GET) strategy that we unveiled in 2018, growing our traditional development and investment portfolio while accelerating our expansion into the Living Sector, both domestically and overseas. Underscoring our conviction in the Living Sector’s immense growth potential, namely in asset classes such as multi-family rental apartments (also called the Private Rented Sector or PRS), Purpose-Built Student Accommodation (PBSA) and workers’ dormitories, we made further inroads to expand our portfolio in this sector, bolstering our recurring income and creating potential fund management opportunities. To drive performance and maximise value, we also implemented various Sherman Kwek Group Chief Executive Officer GROWTH Building a development pipeline while strengthening recurring income ENHANCEMENT Enhancing asset value and driving operational efficiency TRANSFORMATION Transforming via strategic investments, fund management and innovation G E T ENERGISED Asset Enhancement Initiatives (AEIs) across our commercial and hospitality portfolio in Singapore and overseas. Our efforts to integrate and align the Group’s core businesses have enhanced our operational efficiency and execution. Going forward, we will continue to sharpen our value proposition to grow market share and maximise value to all stakeholders. EXPANDING OUR PRODUCT OFFERINGS In 2022, CDL continued to seize opportunities in our home market of Singapore to replenish our landbank, ensuring a stable launch pipeline and optimal inventory levels. Through selective land replenishment efforts, we now have a diversified pipeline of over 2,000 units in Singapore, ranging from suburban to luxury projects. We secured four sites within the year, two via the Government Land Sales (GLS) programme. In January 2022, we acquired a GLS site at Jalan Tembusu near the upcoming Tanjong Katong MRT station. Together with our JV partner MCL Land, the site is being developed into a 638unit condominium named Tembusu Grand, which we will launch in 1H 2023. In March 2022, we completed the acquisition of Central Square, which will be redeveloped alongside our Central Mall properties into an enlarged mixed-use development. In April 2022, we completed the off-market acquisition of a site at 798 and 800 Upper Bukit Timah Road, which we are developing into a 408-unit development named The Myst, planned for launch in 2H 2023. In September 2022, we also acquired a GLS Executive Condominium (EC) site at Bukit Batok West Avenue 5, emerging as the top bidder by a razor-thin margin of 0.2%. A 510-unit EC project is being planned and will incorporate Super Low Energy features. Aside from Tembusu Grand and The Myst, the Group plans to launch a third project in 2023 – Newport Residences – which is located at the site of the former Fuji Xerox Towers on Anson Road and part of a 45-storey mixed-use development called Newport Plaza. Comprising 246 rare freehold residences with all apartments elevated from level 23 to 45, Newport Residences will also feature a super penthouse, estimated at 13,000 sq ft and near the top of the 215-metre-tall building. We continue to diversify our recurring income streams to build a more resilient portfolio across geographies and asset classes. Over the past few years, our expansion into the Living Sector has started to bear fruit as these recurring income assets have been resilient and outperformed other asset classes throughout the pandemic. Ever since our maiden PRS acquisition in 2019 of a build-to-rent site in Leeds, the Group now has 2,288 operational and pipeline PRS units across the UK, Japan, Australia and the US. In June 2022, we made our initial foray into the PBSA sector by acquiring Infinity, a 505bed asset in Coventry, UK. Subsequently, we acquired five more UK PBSA assets in Birmingham, Canterbury, Coventry, Leeds and Southampton in December 2022. With the completion of these acquisitions, our UK PBSA portfolio comprises six assets with about 2,400 beds. In Q4 2022, our UK PRS project in Leeds, The Junction, obtained sectional completion for three out of five blocks and we recently welcomed our first batch of residents. Construction of The Octagon, our 370-unit PRS project located in the heart of Birmingham, is in progress with an estimated completion in 2025. Over in Japan, we acquired three newlybuilt PRS assets totalling 271 units in Yokohama and Osaka in 2022. This brings our PRS portfolio in Japan to eight assets in operation, comprising 513 units. To leverage the rising demand for rental accommodation in Australia, we also acquired two PRS development sites in Brisbane’s Toowong riverside suburb and Melbourne’s Southbank, totalling around 490 apartments. The construction of both projects is targeted to commence in 2H 2023. Revitalising Our Portfolio Asset rejuvenation and portfolio enhancement are key pillars of the Group’s GET strategy. We tirelessly explore ways to derive more value from our asset portfolio, including AEIs, asset repositionings and redevelopment opportunities. In 2022, we completed the AEI at Palais Renaissance, which included creating a unique alfresco dining area on the first floor and more F&B offerings. Beyond physical upgrades, we also introduced our proprietary CityNexus smart building app to enhance our tenants’ daily operations – making Palais Renaissance the first retail property in CDL’s portfolio to feature this digital solution. The AEI at our King’s Centre office building was also completed within the year. In Thailand, the Phase 1 revamp of Jungceylon Shopping Center in Patong, Phuket, was unveiled in December to welcome the return of both domestic and international tourists with a range of exciting new lifestyle attractions. The remaining phases of the AEI are on track for completion by the end of 2023. Beyond rejuvenating existing assets, we have also embarked on the redevelopment of certain older properties to unlock value through various incentive schemes. The redevelopment of Central Mall and Central Square is at an advanced planning stage and they will be redeveloped under the Urban Redevelopment Authority’s (URA) Strategic Development Incentive Scheme. Provisional Permission has been obtained for a mixed-use development comprising commercial, hospitality and residential components yielding a GFA uplift of 67% to approximately 735,500 sq ft from the current GFA of 441,650 sq ft. The redevelopment will rejuvenate and transform the precinct into a vibrant lifestyle hub. Over at Tanjong Pagar and overlooking the Greater Southern Waterfront, we have already commenced demolition of Fuji Xerox Towers and have tapped on the URA’s CBD Incentive Scheme to redevelop the site into an iconic mixeduse development, Newport Plaza, yielding a GFA uplift of 25%. Transforming for the Future Our hospitality portfolio is a key transformation lever. Since we privatised Millennium & Copthorne Hotels Limited (M&C) in November 2019, our hotel operations segment has undergone an upheaval, with the pandemic decimating the travel industry in 2020 and 2021. However, with the reopening of borders and easing restrictions in 2022, our hospitality segment has rebounded strongly, with operations in most markets having recovered to prepandemic levels. With a more stabilised position, we will accelerate our plans for asset optimisation and drive alignment to the Group’s strategic plans and processes. Following a holistic review of our hospitality portfolio, we have executed strategic asset divestment and restructuring initiatives to unlock latent value during the year. These include the KRW 1.1 trillion (approximately $1.25 billion) sale of Millennium Hilton Seoul, the divestment of interest in Tanglin Shopping Centre held by M&C, as well as the accounting deconsolidation of CDL Hospitality Trusts (CDLHT) from the Group following a distribution in specie of CDLHT units in May 2022 to reward shareholders. Another integral component of the Group’s transformation strategy is our fund management business. Besides nurturing existing listed platforms like CDLHT and IREIT Global, the Group continues to lay the foundation to drive future AUM growth. While the Group has paused our IPO aspirations for our UK commercial properties due to unfavourable market conditions, we continue to explore strategic acquisitions that will complement our ambitions. The Group’s recent acquisition of the landmark 23-acre St Katharine Docks prime freehold estate in London is one such opportunity. Following the completion of the acquisition in March 2023, the total value of the Group’s commercial assets in Central London has increased to around £1 billion. This transaction allows us the option to inject our UK assets into listed or unlisted platforms at an opportune time. AN ENERGISED SPIRIT Amidst all the challenges and disruptions we have faced over the past three years, our Group has navigated the trying times with courage, resilience and focus. This took exceptional dedication from our greatest asset, which is our people. They are the ones who enabled the Group to steadfastly execute on our GET strategy and emerge stronger than ever. On behalf of Senior Management, I would like to thank our valued employees for their dedication and hard work. I am deeply grateful for their unwavering commitment to the company. I would also like to welcome Ms Lilian Tan, our Group Chief Human Resources Officer and newest member of the Key Management team, who joined us in March 2023. She will help to further strengthen the People Agenda by building an even stronger and more inclusive culture within our organisation. I would also like to thank our Chairman and the Board of Directors for their invaluable guidance in shaping our strategy and navigating our Group through choppy waters. Last but not least, I would like to express our heartfelt appreciation to our shareholders, customers and business associates for your continued support. As we embark on our 60th Anniversary milestone, the Group will push ahead with an energised spirit to accelerate our growth and future-proof our business while embracing excellence, innovation, determination and discipline. Sherman Kwek Group Chief Executive Officer
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 18 19 143 Locations in 28 Countries & Regions GLOBAL NETWORK over 700 entities 7 Companies listed on stock exchanges in Singapore, New Zealand and Philippines ASIA China • Beijing • Chengdu • Chongqing • Dongguan • Fujian • Fuqing • Guizhou • Hangzhou • Hong Kong • Shanghai • Shenzhen • Suzhou • Wenjiang • Wuxi • Xiamen • Wenzhou Indonesia • Jakarta Japan • Tokyo • Osaka • Yokohama Malaysia • Cameron Highlands • Johor Bahru • Kuala Lumpur • Malacca • Penang Maldives • Meradhoo Island • Velavaru Island Singapore • Singapore Taiwan • Taichung • Taipei Thailand • Bangkok • Phuket Philippines • Manila AUSTRALASIA Australia • Brisbane • Melbourne • Perth New Zealand • Auckland • Bay of Islands • Dunedin • Greymouth • Masterton • New Plymouth • Paihia • Palmerston North • Queenstown • Rotorua • Taupo • Te Anau • Wellington MIDDLE EAST Iraq • Sulaymaniyah • Basra Kuwait • Al Jahra • Al Kuwayt • Al Salmiya Oman • Muscat • Mussanah • Salalah Palestine • Ramallah Qatar • Doha Saudi Arabia • Hail • Madinah • Makkah • Gizan • Tabouk • Jeddah Turkey • Istanbul • Konya United Arab Emirates • Abu Dhabi • Dubai • Sharjah • Al Ain EUROPE France • Abbeville • Aurillac • Belfort Bessoncourt • Bergerac • Calais • Cergy • Châteauroux Saint-Maur • Chatellerault • Cholet • Concarneau • Dinan Taden • Douai LambresLez-Douai • Dreux • Evreux • Foix • Gap • Istres • Lannion • Laval Changé • Macon Varennes-lèsMacon • Paris • Pont-Audemer • Pontivy • Sables d’Olonne Olonne-sur-Mer • Sarrebourg • Sens • Verdun Haudainville • Vichy Bellerive- sur-Allier Georgia • Tbilisi Germany • Berlin • Bonn • Darmstadt • Munich • Münster Italy • Rome • Florence Russia • Moscow Spain • Madrid • Barcelona The Netherlands • Amsterdam • Rotterdam • Utrecht United Kingdom • Aberdeen • Birmingham • Cambridge • Cardiff • Canterbury • Coventry • Dudley • Gatwick • Glasgow • Leeds • Liverpool • London • Manchester • Newcastle • Plymouth • Slough-Windsor • Southampton NORTH AMERICA United States • Anchorage • Avon • Boston • Chagrin Falls • Chicago • Durham • Kissimmee • Los Angeles • Minneapolis • Nashville • New York • Scottsdale • Sunnyvale Owns around 21 MILLION SQ FT of gross floor area of office, industrial, retail, residential for lease and hotel space globally Assets Under Management (AUM) US$3.1 BILLION COMMERCIAL HOTELS FUND MANAGEMENT Developed over 50,000 residences globally RESIDENTIAL 277 SUBSIDIARY COMPANIES 7 LIMITED PARTNERSHIPS 17 TRUSTS 73 ASSOCIATES AND JOINT VENTURES MILLENNIUM & COPTHORNE HOTELS LIMITED IREIT GLOBAL* HONG LEONG GROUP SINGAPORE * Listed Company/Trust 42 27 Subsidiary Companies Subsidiary Companies 1General Partnership EUROPE 3 18 Subsidiary Companies Subsidiary Companies Subsidiary Company MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND LIMITED* (75.8%) CDL INVESTMENTS NEW ZEALAND LIMITED* (65.9%) NEW ZEALAND / AUSTRALIA 1 34 Subsidiary Companies 12 Limited Partnerships 18 Limited Liability Companies General Partnership NORTH AMERICA 1 55 Subsidiary Companies 99 Subsidiary Companies (including a private trust) 2 Trusts Associated Company 12 Associated Companies 39 Associated Companies and Joint Ventures GRAND PLAZA HOTEL CORPORATION* (65.6%) 50 Subsidiary Companies 4 Trusts CDL HOSPITALITY TRUSTS* (27.4%) FIRST SPONSOR GROUP LIMITED* (35.3%) ASIA 1 CITY DEVELOPMENTS LIMITED* ~49% 100% 20.9% Global footprint of over 150 hotels that are owned, managed/franchised or operated by third-parties CORPORATE NETWORK CORPORATE STRUCTURE AS AT 28 FEBRUARY 2023 AS AT 28 FEBRUARY 2023
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 20 21 HIGHLIGHTS OF THE YEAR 1ST QUARTER (January – March) • In January, the Group secured a prime 210,623 sq ft Government Land Sales (GLS) site at Jalan Tembusu for $768.0 million. Located near the upcoming Tanjong Katong MRT station, the Group and its JV partner MCL Land will develop the site into a 638-unit luxury condominium called Tembusu Grand. • CDL was ranked the fifth most sustainable corporation in the world and top real estate company globally in the 2022 Global 100 Most Sustainable Corporations in the World by Corporate Knights. It also maintained its listing on the Bloomberg Gender-Equality Index 2022 for the fifth consecutive year – one of five Singapore companies to be listed. • In February, the divestment of Millennium Hilton Seoul and its adjoining land site for KRW 1.1 trillion (approximately $1.25 billion) was completed. The Group recognised a pre-tax gain of $925.5 million in FY 2022. • The Group completed the acquisition of Central Square for $315 million in March. Subject to authorities’ approval, the property will be redeveloped alongside the Group’s Central Mall properties into an enlarged mixed-use development comprising office, retail, hospitality and residential. • In March, the Group and its JV partner purchased a freehold site in Brisbane’s Toowong riverside suburb for A$12 million (approximately $10.9 million), with plans to develop a Private Rented Sector (PRS) project with about 250 units. 2ND QUARTER (April – June) • In April, the Group completed the offmarket acquisition of a 179,007 sq ft site at 798 and 800 Upper Bukit Timah Road for $126.3 million. The site will be developed into a 408-unit project called The Myst. • Whistler Grand, the Group’s fully-sold 716-unit residential project at West Coast Vale obtained its Temporary Occupation Permit (TOP) in April. • In May, CDL and its JV partner MCL Land launched Piccadilly Grand, a 407-unit integrated development at Northumberland Road in the Farrer Park district. On its launch weekend, 315 units (77%) were sold at an Average Selling Price (ASP) of $2,150 psf. • The Group completed the distribution in specie of CDL Hospitality Trusts (CDLHT) Units to shareholders in May, which amounted to 20.2 cents per share1. Following the accounting deconsolidation of CDLHT from a subsidiary to an associate, the Group recognised a total pre-tax gain (inclusive of negative goodwill) amounting to $492.4 million for FY 2022. • The Group made its foray into the UK’s Purpose-Built Student Accommodation (PBSA) sector in June, with the acquisition of Infinity in Coventry for £59.2 million (approximately $96.3 million). Comprising 505 beds, the 19-storey building has an occupancy of 95%. • The Group acquired three newly-built PRS projects in Japan for ¥6.61 billion (approximately $66.9 million)– two in Yokohama (City Lux Tobe and LOC’s Yokohama Bayside) and one in Osaka (Gioia Namba) – totalling 271 units. This brings the Group’s Japan PRS portfolio to eight projects, all of which are completed and in operation. • In June, the Group completed Asset Enhancement Initiative (AEI) works at King’s Centre, which included the revamp and expansion of its main lobby and upgrading common areas such as lift lobbies, restrooms and common corridors. • In Australia, the Group partnered HThree City Australia Pte. Ltd. to acquire 330 Collins Street, a freehold Grade A commercial tower in Melbourne, for A$236 million (approximately $214.7 million). Located in the heart of Melbourne’s CBD, the acquisition of the 18-storey office tower marked the Group’s expansion into the Australian office sector. 3RD QUARTER (July – September) • In September, CDL successfully secured a 178,936 sq ft Executive Condominium (EC) site at Bukit Batok West Avenue 5 through a GLS tender for $336.1 million. Located near the upcoming Tengah Town and Jurong Lake District, the site will be developed into a 510-unit EC project. 4TH QUARTER (October – December) • The Group unveiled a new look for Palais Renaissance in October, following the completion of a major AEI totalling around $7 million. Beyond physical upgrades and a refresh of the tenant mix, CDL also introduced its proprietary CityNexus smart building app to enhance the daily operations of its tenants – CDL’s first retail property to feature this digital solution. • In October, CDL and its JV partner MCL Land launched Copen Grand, an EC in the upcoming Tengah Town, which is envisioned to be Singapore’s first smart and sustainable precinct. The 639-unit project sold 73% of its units on launch day and was fully sold out one month after its launch. • In Australia, the Group completed its purchase of a freehold site in Southbank, Melbourne for A$11.1 million (approximately $10.1 million) in November. The site will be developed into a PRS project with about 240 units. • In November, the Group completed the divestment of its interest in Tanglin Shopping Centre and Golden Mile Complex, recording a pre-tax gain of $256.3 million and $75.6 million respectively in FY 2022. • CDL, alongside 50 of the world’s largest corporations, signed the Action Declaration on Climate Policy Engagement launched at COP27 by Corporate Knights and the Global 100 Council, reaffirming its commitment towards supporting climate policy engagement aligned with the Paris Agreement. • In December, the Group enlarged its UK PBSA portfolio with the acquisition of five additional PBSA assets for £215 million (approximately $350 million). With an average age of less than three years and a portfolio comprising 1,863 beds, the five assets in Birmingham, Canterbury, Coventry, Leeds and Southampton boast excellent amenities and are located in prime catchment areas close to key transportation nodes and prominent universities. • CDL was recognised in the 2022 CDP A List for environmental leadership in climate change and water security initiatives in December, marking the fifth consecutive year CDL has received an ‘A’ score for climate change and the fourth year with an ‘A’ score for water security. • In Thailand, Jungceylon Shopping Center, the Group’s retail mall in Patong, Phuket, unveiled Phase 1 of its revamp. The remaining phases are targeted to complete by the end of 2023. Tembusu Grand I Singapore Artist’s Impression Central Mall and Central Square I Singapore Palais Reimagined: Launch of Palais Renaissance’s new look in October. From left to right: CDL Group CEO Mr Sherman Kwek, CDL Executive Chairman Mr Kwek Leng Beng, Mrs Cecilia Kwek and CDL Group COO Mr Kwek Eik Sheng 1 Based on $1.27 per CDLHT Unit on 25 May 2022.
CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 OVERVIEW 22 23 * Not exhaustive. For a full listing of CDL corporate and project awards, please refer to www.cdl.com.sg. ^ Not exhaustive. For a full listing of CDL sustainability awards, please refer to www.cdlsustainability.com. CanningHill Piers I Singapore Artist’s Impression • Bloomberg Gender-Equality Index (GEI) 2022 • Equileap Gender Equality in Asia-Pacific (APAC) Special Report 2022 • Euromoney Real Estate Awards 2022 – Winner – Developers: Residential, Singapore – Winner – Developers: Sustainability, Singapore • HR Asia Best Companies to Work for in Asia 2022 • HRM Asia HR Fest Awards 2022 – Employer of Choice • Singapore Business Review Technology Excellence Awards 2022 – Mobile – Real Estate • Singapore Governance and Transparency Index (SGTI) 2022 – #4 out of 489 companies • 7th Asia Sustainability Reporting Awards – Asia’s Report of the Year – Asia’s Best Sustainability Report (Large Company) – Gold – Asia’s Best Sustainability Report (CEO Letter) – Gold – Asia’s Best Materiality Reporting – Gold – Asia’s Best Climate Reporting – Gold – Asia’s Best Sustainability Report (Governance) – Bronze • CDP – A List for Climate Change – A List for Water Security – Supplier Engagement Leaderboard 2022 • Climate Reporting in ASEAN – State of Corporate Practices 2022 • Dow Jones Sustainability Indices (Asia Pacific) 2022 • Environmental Finance Sustainable Company Awards 2022 – Net Zero Progression of the Year, APAC • Euronext VE Indices • FT-Nikkei-Statista Asia-Pacific Climate Leaders 2022 • FTSE4Good Index Series • Global 100 Most Sustainable Corporations in the World 2022 • Global Real Estate Sustainability Benchmark (GRESB) 2022 – 5-star rating (Diversified Office/Retail) • ISS ESG – Prime rating • MSCI ESG Ratings 2022 – ‘AAA’ rating • Royal Society for the Prevention of Accidents (RoSPA) Awards 2022 – Order of Distinction • Singapore HEALTH Award 2022 – Organisational Champion (Excellence) • S&P Global Sustainability Yearbook 2022 • SGX iEdge SG ESG Leaders Index • Steward Leadership 25 (2022) • STOXX® Global ESG Leaders Index 2022 • Sustainalytics 2022 • Building and Construction Authority (BCA) Awards 2022 – Quality Excellence Award – Quality Champion (Platinum) – Built Environment Transformation Award, Residential The Tapestry – Design and Engineering Safety – Excellence The Tapestry – Green Mark Super Low Energy – Platinum 80 Anson Road (Non-Residential) Copen Grand – Green Mark – GoldPlus CanningHill Piers Piccadilly Grand & Piccadilly Galleria • EdgeProp Singapore Excellence Awards 2022 – Top Developer – Top Development CanningHill Piers – Design Excellence CanningHill Piers – Innovation Excellence CanningHill Piers – Marketing Excellence CanningHill Piers – People’s Choice Award CanningHill Piers – Sustainability Excellence Irwell Hill Residences • SGBC-BCA Leadership in Sustainability Awards 2022 – Building Project – Community Engagement Singapore Sustainability Academy (SSA) – Building Project – Urban Renewal South Beach BOARD OF DIRECTORS Executive Directors Kwek Leng Beng, Executive Chairman Sherman Kwek Eik Tse, Group Chief Executive Officer Lead Independent Director Lee Jee Cheng Philip Non-Executive Directors Philip Yeo Liat Kok, Non-Independent Ong Lian Jin Colin, Independent Daniel Marie Ghislain Desbaillets, Independent Chong Yoon Chou, Independent Chan Swee Liang Carolina (Carol Fong), Independent Tang Ai Ai Mrs Wong Ai Ai, Independent Tan Kian Seng, Independent AUDIT & RISK COMMITTEE Lee Jee Cheng Philip, Chairman Chong Yoon Chou Chan Swee Liang Carolina (Carol Fong) Tan Kian Seng NOMINATING COMMITTEE Ong Lian Jin Colin, Chairman Kwek Leng Beng Lee Jee Cheng Philip Chong Yoon Chou Tang Ai Ai Mrs Wong Ai Ai REMUNERATION COMMITTEE Chan Swee Liang Carolina (Carol Fong), Chairman Ong Lian Jin Colin Lee Jee Cheng Philip Daniel Marie Ghislain Desbaillets BOARD SUSTAINABILITY COMMITTEE Sherman Kwek Eik Tse, Chairman Daniel Marie Ghislain Desbaillets Chong Yoon Chou Tang Ai Ai Mrs Wong Ai Ai COMPANY SECRETARIES Yeo Swee Gim, Joanne Enid Ling Peek Fong SHARE REGISTRAR & SHARE TRANSFER OFFICE M & C Services Private Limited 112 Robinson Road, #05-01 Singapore 068902 Tel : +65 6227 6660 Fax : +65 6225 1452 Email : [email protected] REGISTERED OFFICE 9 Raffles Place #12-01 Republic Plaza Singapore 048619 Tel : +65 6877 8228 Fax : +65 6223 2746 Email : [email protected] INVESTOR RELATIONS Belinda Lee Head, Investor Relations & Corporate Communications Email : [email protected] AUDITORS KPMG LLP Public Accountants and Chartered Accountants, Singapore 12 Marina View #15-01 Asia Square Tower 2 Singapore 018961 (Partner-in-charge: Lo Mun Wai, appointment commenced from the audit of the financial statements for the year ended 31 December 2020) PRINCIPAL BANKERS Agricultural Bank of China Bank of America Merrill Lynch Bank of China Limited Bank of Communications Co., Ltd BNP Paribas China Construction Bank Corporation Crédit Agricole Corporate & Investment Bank Crédit Industriel et Commercial CTBC Bank Co., Ltd. DBS Bank Ltd. Industrial and Commercial Bank of China Limited Malayan Banking Berhad Mizuho Bank, Ltd. MUFG Bank, Ltd. Oversea-Chinese Banking Corporation Limited Sumitomo Mitsui Banking Corporation The Hongkong and Shanghai Banking Corporation Limited United Overseas Bank Limited AWARDS & ACCOLADES CORPORATE DIRECTORY BUSINESS & PERFORMANCE* SUSTAINABILITY^ PRODUCT*
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