NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 44 ASSOCIATES AND JOINT VENTURES The following are the Group’s significant investments in associates and joint ventures: Principal activity Principal place of business/ Country of incorporation Ownership interest 2023 2022 % % Associates of the Company (1) Cityview Place Holdings Pte. Ltd. Property owner and developer Singapore 33(a) 33(a) (3) IREIT Global Real estate investment trust Singapore 21 20.9 (7) Suzhou Dragonrise Pan-Artificial Intelligence High-Tech Fund Venture capital investment and management People’s Republic of China 50 50 Associates of Millennium & Copthorne Hotels Limited (4) First Sponsor Group Limited Investment holding company Singapore/ Cayman Islands 35 35 (1) CDL Hospitality Trusts See footnote (b) below Singapore 27 27 Joint Ventures of the Company (8) ACC Smith Street Pty Limited Trustee Australia 50 50 (1) Aster Land Development Pte Ltd Property development and investment dealing Singapore 30 30 (1) Branbury Investments Ltd Property owner Singapore 43 43 (2) CBM Qatar LLC Provision of facilities management services State of Qatar 49 49 (2) CBM Facilities & Security Management (Thailand) Co. Ltd. Provision of integrated facilities management services in Thailand Thailand 49 49 (8) CDL Metro Kenmore Pty Ltd Trustee Australia 50 50 (4) Emerging Markets Affordable Housing Fund Pte. Ltd. Investment in affordable housing projects in emerging markets Singapore 69(c) 69(c) (8) FSCT DE Property 1 Real Estate GmbH & Co. KG Property investment Germany 43 43 (1) Granmil Holdings Pte Ltd Property owner and developer Singapore 40 40 (4) HThree City Australia Pte. Ltd. Property fund management (including REIT management and direct property fund management) Singapore 33 33 44 ASSOCIATES AND JOINT VENTURES (CONT’D) Principal activity Principal place of business/ Country of incorporation Ownership interest 2023 2022 % % Joint Ventures of the Company (cont’d) (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 (6) Maximus Commercial SG Pte. Ltd. Property owner and developer Singapore 50 50 (6) Maximus Residential SG Pte. Ltd. Property owner and developer Singapore 50 50 (1) NovaSims Development Pte. Ltd. Property developer Singapore 40 40 (1) Richmond Hotel Pte Ltd Property owner, developer and investment holding Singapore 33 33 (5) Shanghai CF Enterprise Group Co., Ltd Operator of online apartment rental platform People’s Republic of China 21 21 (1) South Beach Consortium Pte. Ltd. Property owner, developer and investment holding Singapore 50.1(c) 50.1(c) (1) Siena Residential Development Pte. Ltd. Property owner and developer Singapore 50 50 (1) Siena Commercial Trust Property owner and developer Singapore 50 50 (8) Spencer West Melbourne Pty Ltd Trustee Australia 50 50 (6) Taurus Properties SG Pte. Ltd. Property owner and developer Singapore 50 50 (6) Tembusu Residential Pte. Ltd. Property owner and developer Singapore 51(c) 51(c) (9) Transcend Residential (Toa Payoh) Pte. Ltd. Property owner and developer Singapore 50 - (1) Tomlinson Hotel Pte. Ltd. Hotel owner Singapore 33 33 (1) Tripartite Developers Pte. Limited Property developer Singapore 33 33 FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 267 266
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