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
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