ANNUAL REPORT 2024
CONTENTS City Developments Limited (CDL) is a leading global real estate company with a network spanning 168 locations in 29 countries and regions. Listed on the Singapore Exchange, the Group is one of the largest companies by market capitalisation. Its incomestable and geographically diverse portfolio comprises residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments. With a proven track record of over 60 years in real estate development, investment and management, the Group has developed over 53,000 homes and owns around 23 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 160 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 actively pursuing its fund management growth strategy to further leverage its strengths. Cover (left to right): South Beach (Singapore), Newport Plaza (Singapore), The Sail @ Marina Bay (Singapore), Republic Plaza (Singapore), Grand Millennium Beijing (Beijing, China), New Futura (Singapore), City Square Mall (Singapore) Back Cover (left to right): Grand Copthorne Waterfront Hotel (Singapore), Boulevard 88 (Singapore), City House (Singapore), Amber Park (Singapore), Hong Leong City Center (Suzhou, China), 125 Old Broad Street (London, UK) OVERVIEW 12 2024 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 and Accolades 23 Corporate Directory CORPORATE GOVERNANCE 24 Board of Directors 31 Management Executive Committee 33 Risk Management 44 Investor Relations 46 Calendar of Financial Events SUSTAINABILITY 47 Sustainability Board Statement BUSINESS OVERVIEW 59 Financial Review 61 Operations and Market Review PROPERTY PORTFOLIO 68 Property Portfolio Analysis 71 Major Properties Corporate Governance Report Please refer to the accompanying booklet (print copy) or access the report online CITY DEVELOPMENTS LIMITED
UNION SQUARE RESIDENCES I SINGAPORE Artist’s Impression FINANCIALS AND OTHER INFORMATION View the Annual Report online www.cdl.com.sg/annualreport2024 80 Statutory Reports and Accounts 224 Statistics of Ordinary Shareholdings 226 Statistics of Preference Shareholdings 227 Share Transaction Statistics 228 Notice of Annual General Meeting 238 Additional Information on Directors Seeking Re-Election Proxy Form 1 ANNUAL REPORT 2024
SINGAPORE PROPERTY DEVELOPMENT GROWTH CREATING INSPIRING SPACES In 2024, we successfully launched four residential projects in Singapore totalling 1,502 units – Lumina Grand, Kassia, Norwood Grand and Union Square Residences. Through strategic land replenishment efforts, we have a launch pipeline of around 950 units, in addition to 900 units in our existing inventory, that cater to diverse market segments. Globally, we invested $2.2 billion to enhance our development pipeline and grow our living sector portfolio across various key markets such as Singapore, the UK, China and Japan, as well as expand our hospitality footprint with strategic asset acquisitions in key gateway cities. Market Share Sold 1,489 units1 Sales Value $2.97 billion 19% of 7,696 units sold in Singapore GLOBAL ACQUISITIONS & INVESTMENTS Total value $2.2 billion2 1 Includes Executive Condominiums (ECs) and share of joint venture (JV) partners. 2 Refers to CDL's attributable share. Business Segments 65% 18% 17% Property Development Investment Properties Hospitality
NORWOOD GRAND | SINGAPORE Artist’s Impression
ENHANCEMENT REDEFINING URBAN CITYSCAPES Beyond rejuvenating our existing assets through ongoing asset enhancement initiatives, we have also been redeveloping older properties to unlock value, tapping on various incentive schemes. In 2024, we unveiled Union Square, a large-scale mixed-use development at Havelock Road - the former sites of Central Mall and Central Square. This is the first redevelopment project in the Singapore River Planning Area and one of the largest for the precinct under the Urban Redevelopment Authority's Strategic Development Incentive Scheme. Through the Scheme, we were able to realise a significant Gross Floor Area (GFA) uplift of 67% to 735,500 sq ft for the redevelopment of the enlarged site. Union Square features a distinctive facade interspersed with landscaped terraces and comprises a 20-storey office block, a 40-storey residential block with commercial space on Levels 1 and 2, and a 3-storey block comprising co-living and commercial space, all connected by an open promenade that forms the nexus of Union Square, along with conservation buildings. GLOBAL PORTFOLIO TOTAL ASSETS Total GFA in residential for lease, commercial and hospitality assets 23 million sq ft $34 billion1 1 Including fair value gains on investment properties and revaluation surpluses on hotels. Assets by Geography Assets by Business Segment 50% Singapore 6% 11% 16% 24% 44% 27% UK China US Others 17% Hotels Investment Properties Development Properties Others 5%
UNION SQUARE | SINGAPORE Artist’s Impression
GLOBAL HOSPITALITY PORTFOLIO ACQUIRED 2 HOTELS ENHANCEMENT ELEVATING HOSPITALITY EXPERIENCES Apart from growing our hospitality footprint through strategic acquisitions of hotels in gateway cities, we have focused on selective refurbishment initiatives to enhance guest experience and maintain competitiveness. In 2024, we officially reopened the revamped 418-room M Social Phuket hotel (formerly Millennium Resort Patong Phuket) alongside our revamped Jungceylon Shopping Center in Thailand. Since its reopening, the hotel has received positive guest feedback and performed strongly during the peak season. In addition to other ongoing hotel enhancements in Penang and New York, we are also developing the 263-room M Social Hotel Sunnyvale in California, which is expected to fully open in 2H 2026. >160 Hotels owned, managed or franchised Hilton Paris Opéra 268 rooms The Mayfair Hotel Christchurch 67 rooms RESILIENT OPERATING PERFORMANCE Room Occupancy (%) FY 2023 73.1 FY 2024 74.0 0.9% pts Global Revenue Per Available Room (RevPAR) ($) FY 2023 168.1 FY 2024 172.5 2.6% Average Room Rate ($) FY 2023 229.8 FY 2024 233.0 1.4% Gross Operating Profit Margin (%) FY 2023 34.5 FY 2024 35.0 0.5% pts
M SOCIAL PHUKET | THAILAND
THE YARDHOUSE | LONDON, UK Artist’s Impression
TRANSFORMATION INNOVATING FOR THE FUTURE In 2024, we expanded our living sector footprint with the acquisition of The Yardhouse, our first Private Rented Sector (PRS) project in Central London. Located in White City, one of Central London’s key regeneration areas, the 250-year leasehold site will be developed into a 17-storey apartment block with 209 co-living studio units. In Japan, we also acquired another five PRS projects with a total of 696 units. Since our first foray into the living sector in 2019, we have built a sizeable PRS and Purpose-Built Student Accommodation (PBSA) portfolio. As of 31 December 2024, our global living sector portfolio has a total Gross Development Value (GDV) of $2.6 billion1, comprising around 4,600 PRS units in the UK, Japan, Australia and the US, and around 2,400 PBSA beds in the UK. By building scale in this sector, we are strengthening our recurring income, and growing a sizeable asset base that can lead to new platform initiatives. CAPITAL RECYCLING Global Asset Divestments >$600 million OPERATIONAL & UNDER DEVELOPMENT LIVING SECTOR PORTFOLIO Total GDV $2.6 billion1 PRS ~4,600 units PBSA ~2,400 beds Portfolio Occupancy >90%2 1 Excludes Morden Wharf. 2 Committed occupancy as at 31 Dec 2024. Total GDV $688 million (2,246 units) $474 million (2,368 beds) $381 million (563 units) $202 million (250 units) 26% 33% 8% 15% 18% Japan Australia US $846 million (1,505 units) UK UK
SUSTAINABILITY EMPOWERING A GREENER TOMORROW Since 1995, our ethos of 'Conserving as We Construct', has guided us in navigating climate and business risks. For three decades, we have been integrating ESG considerations into our business for long-term value creation while maintaining a balanced triple bottom line. In 2024, we partnered with DBS Bank to secure a first-ofits-kind $400 million landmark sustainability-linked loan to advance nature conservation and sustainable development in Singapore, aligned with our early adoption of the Taskforce on Nature-related Financial Disclosures Recommendations. Since 2017, we have secured over $9 billion of sustainable finance, including green loans, a green revolving credit facility and sustainability-linked loans. Addressing climate change requires collaboration across industries, governments and businesses. Strategic partnerships enable us to harness the power of diverse expertise and resources to accelerate innovative sustainable solutions. In 2024, we expanded the Singapore Sustainability Academy (SSA) with a new Annex that incorporates state-of-the-art sustainable features to achieve net-zero operational energy, enhancing capacity building and collaboration in climate action and development. NET ZERO CARBON COMMITMENT1 First Singapore real estate developer to sign the World Green Building Council’s Net Zero Carbon Buildings Commitment SINGAPORE GOVERNANCE AND TRANSPARENCY INDEX #2Ranking in Singapore Governance and Transparency Index out of 477 companies 129 BCA Green Mark certifications for our developments and office interiors >$44 million In energy savings from our energy-efficient retrofitting and initiatives in our locally managed buildings from 2012 to 2024 GREEN BUILDING PERFORMANCE MILESTONES 1 For more details, please refer to Chapter 3 of the CDL Integrated Sustainability Report 2025.
SINGAPORE SUSTAINABILITY ACADEMY (SSA) AND SSA ANNEX | SINGAPORE SUSTAINABILITY BEST PRACTICES – ACCOLADES & AWARDS 2 The use by CDL of any MSCI ESG research llc or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of CDL by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI. Only Company in Southeast Asia & Hong Kong to Maintain Double ‘A’s for Climate Change (since 2018) and Water Security (since 2019) World’s Top Real Estate Management & Development Company; Top Singapore Company; Only Singapore Company Listed for 15 Consecutive Years; Ranked 22nd Overall ‘AAA’ rating since 20102 Only Singapore-based developer listed since 2002 ESG Leaders Index ESG Transparency Index since 2016 Rated Prime since 2018 Since 2014 Since 2018 7th in Asia (Diversified – Office/Retail); GRESB 5-star rating ESG Regional Top Rated and Industry Top Rated 2024 2022 and 2024 Since 2024 S&P Global Sustainability Yearbook Member
2024 HIGHLIGHTS * Including 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. REVENUE $3.3 BILLION $4.9 billion in 2023 NET GEARING RATIO* 69% 61% in 2023 BASIC EARNINGS PER SHARE 21.3 cents 33.6 cents in 2023 TOTAL ASSETS $25.6 BILLION $24.2 billion in 2023 EBITDA $1.0 BILLION $1.1 billion in 2023 INTEREST COVER^ 2.1x 2.8x in 2023 DIVIDEND PER SHARE 10.0 cents 12.0 cents in 2023 NET ASSET VALUE PER SHARE $10.17 $10.12 in 2023 PATMI $201.3 MILLION $317.3 million in 2023 CASH AND AVAILABLE COMMITTED CREDIT FACILITIES $4.5 BILLION $3.6 billion in 2023 CLOSING SHARE PRICE $5.11 $6.65 in 2023 REVALUED NAV (RNAV) PER SHARE* $17.57 $17.21 in 2023 OVERVIEW CITY DEVELOPMENTS LIMITED 12
5-YEAR FINANCIAL HIGHLIGHTS YEAR 2020 2021 2022 2023 2024 For the financial year ($’million) Revenue 2,108 2,626 3,293 4,941 3,271 Profit before tax (1,791) 215 1,857 473 374 Profit for the year attributable to owners of the Company (PATMI) (1,917) 85 1,285 317 201 At 31 December ($’million) Property, plant and equipment 5,526 5,362 4,061 4,213 4,680 Investment properties 4,569 4,983 4,967 6,291 6,696 Development properties 5,391 5,839 5,958 4,878 4,851 Cash and bank balances (including restricted deposits in other non-current assets and bank balances in assets held for sale) 3,237 2,191 2,370 2,511 3,086 Other assets 4,954 5,505 5,625 6,341 6,294 Total assets 23,677 23,880 22,981 24,234 25,607 Equity attributable to owners of the Company 8,502 8,401 9,216 9,180 9,088 Non-controlling interests 740 918 348 359 221 Borrowings 11,555 11,140 9,669 11,626 13,313 Other liabilities 2,880 3,421 3,748 3,069 2,985 Total equity and liabilities 23,677 23,880 22,981 24,234 25,607 Per share Basic earnings (cents) (212.8) 7.9 140.3 33.6 21.3 Net asset value ($) 9.38 9.26 10.16 10.12 10.17 Dividends (cents) a) Ordinary dividend - final 8.0 8.0 8.0 8.0 8.01 - special interim – 3.0 12.0 4.0 2.0 - special final 4.0 1.0 8.0 – – b) Distribution in specie – 20.23 – – – c) Preference dividend (net) 3.9 3.9 3.9 3.9 3.9 Financial ratios Return on equity (%) (22.5) 1.0 13.9 3.5 2.2 Net gearing ratio (%)2 93 99 84 103 117 Net gearing ratio if fair value gains on investment properties are taken into consideration (%) 62 61 51 61 69 Interest cover ratios (times)4 3.4 3.0 9.8 2.8 2.1 Notes: 1 Final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2024 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting. 2 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. 3 Based on CDLHT unit price of $1.27 on 25 May 2022. 4 Excluding non-cash impairment losses and/or reversals of impairment losses for properties, plant and equipment, and investment properties. 13 OVERVIEW ANNUAL REPORT 2024
“Despite the macroeconomic challenges in the global real estate sector, the CDL Group demonstrated resilience in 2024 across all our key business segments. While higher financing costs and construction delays for certain projects affected profits, we have secured gains from our well-sold residential projects which will be recognised progressively, and our hospitality portfolio continues with a steady momentum, boosted by the strategic additions of the Hilton Paris Opéra and the Sofitel Brisbane Central hotels. Our strong fundamentals, healthy balance sheet and diversified portfolio will enable us to navigate the landscape with agility and confidence, focused on executing our strategies, fulfilling our commitments and seizing opportunities to deliver value to our stakeholders.” KWEK LENG BENG Executive Chairman As of 31 December 2024, the Group maintained a robust capital position with cash reserves (net of overdraft) of $2.8 billion, and cash and available undrawn committed bank facilities totalling $4.5 billion, ensuring sufficient liquidity to fulfil our working capital and financial obligations. After factoring in fair value on investment properties, the Group’s net gearing ratio stands at 69% (FY 2023: 61%), mainly due to acquisitions in 2024, such as the Zion Road land tender in Singapore, the Hilton Paris Opéra hotel in France and five Private Rented Sector (PRS) properties in Japan. Net Asset Value (NAV) per share stood at $10.17 (FY 2023: $10.12) as of 31 December 2024. The Group adopts the policy of stating our investment and hotel properties at cost less accumulated depreciation and impairment losses. Had the Group factored in fair value gains on our investment properties, its Revalued NAV (RNAV) per share would have been $17.57 (FY 2023: $17.21). Had the revaluation surpluses of our hotels been included, the Group’s RNAV per share would be $19.86 (FY 2023: $19.46). CHAIRMAN’S STATEMENT Dear Shareholders, For FY 2024, the CDL Group reported a net profit of $201.3 million (FY 2023: $317.3 million) – a resilient performance despite a challenging macroeconomic environment. The Group’s profit was largely impacted by the timing of profit recognition from its property development segment, due to construction delays in certain projects and elevated financing costs. Revenue decreased by 33.8% to $3.3 billion (FY 2023: $4.9 billion) due to lower contributions from the property development segment. Notably, in 2023, the segment had substantial revenue contributions such as a $1.0 billion from its joint venture (JV) Executive Condominium (EC) project, Piermont Grand which was recognised in entirety when the project obtained its Temporary Occupation Permit (TOP) and a JPY 50 billion ($495.0 million) divestment of the freehold land site in Shirokane, Tokyo. Our investment properties and hotel operations segments showed resilient performance, with an increase of 11.1% and 8.2% in revenue respectively for FY 2024. CITY DEVELOPMENTS LIMITED 14 OVERVIEW
RESILIENT OPERATING PERFORMANCE In 2024, all our business segments achieved a steady operating performance. In Singapore, CDL, together with our JV associates, sold 1,489 units including ECs, with a total sales value of $2.97 billion. The Group’s Singapore office portfolio reported a committed occupancy of 97.7%, above the island-wide occupancy of 89.4%. Our retail portfolio was also wellleased, with a committed occupancy of 98.0%, above the island-wide occupancy of 93.8%. Our hotel operations segment achieved global Revenue Per Available Room (RevPAR) growth of 2.6% to $172.5 in FY 2024 (FY 2023: $168.1), mainly due to higher room occupancy and average room rate (ARR) from Australasia, as well as Rest of UK and Europe, with continued growth in RevPAR in Rest of Asia, London and New York markets. GLOBAL PORTFOLIO EXPANSION AND CALIBRATION As part of our strategic expansion and portfolio calibration focus, we undertook about $2.2 billion in global investments in 2024 to grow our development pipeline in Singapore and China, enlarge our living sector portfolio in Japan and the UK and expand our hospitality footprint in Europe and Australasia. As of 31 December 2024, our total assets amounted to $34 billion1. We remain committed to investing in Singapore where we have deep roots and expertise. At the same time, diversification is essential for sustainable growth, enabling us to expand organically and inorganically, navigating market cycles and managing risks across geographies and asset classes. With discipline and prudence, we will continue strengthening our portfolio strategically. In May, we acquired the 268-room Hilton Paris Opéra hotel for €240 million (approximately $350.2 million), which performed well during the Paris 2024 Olympics, ranking second in RevPAR within our Europe portfolio. We also entered into an agreement to acquire The Mayfair Hotel Christchurch for NZ$31.9 million (approximately $24.5 million) in October, marking our return to a key New Zealand market. To maintain competitiveness, we continued to reposition and refurbish existing assets as well as invest in new build hotels. For example, the 418-room M Social Phuket, which completed renovations in June 2024, received positive guest feedback and performed well during the peak season. The former Copthorne Orchid Hotel Penang has soft opened in February 2025, after a MYR 96 million (approximately $29 million) renovation, and has been rebranded as the 318-room M Social Resort Penang. In New York, the 569-room Millennium Downtown New York is undergoing a US$46 million (approximately $60 million) renovation and will reopen as M Social Downtown New York following completion of all works in 2H 2025. In California, the 263-room M Social Hotel Sunnyvale is under construction, with the hotel slated to be fully open in 2H 2026. These strategic hotel acquisitions and ongoing refurbishments, led by our hospitality arm Millennium & Copthorne Hotels Limited (M&C), will enhance our hospitality offerings and improve our hospitality portfolio performance. APPRECIATION The Board appreciates the confidence and continued support of our shareholders. For FY 2024, the Board has recommended a final ordinary dividend of 8.0 cents per share. Together with the special interim dividend of 2.0 cents per share paid in September 2024, the total cash dividend for FY 2024 amounts to 10.0 cents per share (FY 2023: 12.0 cents per share), representing a dividend payout ratio of 47%. In September 2023, CDL marked our 60th year in business. Our track record of success is rooted in financial prudence, strategic foresight and sound governance. We have overcome various challenges in the past six decades and have always emerged stronger. We thank all our stakeholders – investors, customers, business associates and partners, for your support over the years. Going forward, the Group’s underlying strong fundamentals will help us navigate macroeconomic headwinds. The Board and the management team will continue to strengthen the Group’s business and ensure long-term value creation while upholding the highest standards of governance. We remain focused on delivering shareholder value. KWEK LENG BENG Executive Chairman 1 Including fair value gains on investment properties and revaluation surpluses on hotels. ANNUAL REPORT 2024 OVERVIEW 15
For our core property development segment in our home market, we launched four projects in 2024 – Lumina Grand, Kassia – a joint venture (JV), Norwood Grand and Union Square Residences – totalling 1,502 units. All four new launches saw strong take-up with an average sellthrough rate of 70%, and our other launched projects also registered healthy sales. In 2024, the Group and our JV associates sold 1,489 units including Executive Condominiums (ECs), representing a 19% market share (out of a total of 7,696 units including ECs sold) in Singapore. Through our selective land replenishment programme and redevelopment initiatives, we have a healthy launch pipeline of around 950 units in Singapore, which is in addition to around 900 units in our existing inventory. In January 2025, we launched The Orie, a 777-unit JV residential development in Toa Payoh, located near Braddell MRT station, which is 88% sold to date. In the second half of 2025, we plan to launch an integrated mixeduse development on Zion Road, directly connected to the Havelock MRT station. The site was secured in April 2024 in partnership with Mitsui Fudosan (Asia) Pte. Ltd. under the Government Land Sales (GLS) programme for $1.1 billion. Subject to authorities' approval, the development will comprise two 62-storey residential towers with 706 units, a retail podium on the first storey and a 36-storey tower with 373 serviced apartment units. GROUP CEO’S STATEMENT “2024 has been a year of formidable headwinds, with macroeconomic pressures and sectorspecific challenges weighing on the Group’s near-term earnings and portfolio calibration plans. Despite all this, the Group remains resilient, exercising financial prudence while maintaining flexibility, with the aim of maximising shareholder value. Focused on our Growth, Enhancement and Transformation (GET) strategy as our roadmap, our key priorities include strengthening our financial position by accelerating capital recycling, unlocking portfolio value through strategic initiatives, pursuing attractive acquisitions in a disciplined manner and just as importantly, future-proofing our business.” SHERMAN KWEK Group CEO Dear Shareholders, For the year under review, the Group continued to build on the momentum of our GET strategy, to boost performance outcomes and build the foundation for sustained growth. GROWTH Building a development pipeline while strengthening recurring income In line with our expansion focus, we continued to build our development pipeline and enhance our living sector portfolio across our key markets of Singapore, China, UK, Japan and Australia. We also grew our hospitality footprint with strategic asset acquisitions in key gateway cities. In 2024, our global investments totalled around $2.2 billion. We advanced on our portfolio calibration plans and capital recycling initiatives. Despite macroeconomic pressures that confronted the real estate sector, we achieved over $600 million in global asset divestments in 2024, which include the Ransome’s Wharf site in London, the retail and office components of Hong Leong City Center (HLCC) in Suzhou, the freehold Cideco Industrial Complex in Singapore, as well as various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore. 16 CITY DEVELOPMENTS LIMITED OVERVIEW
On the international front, to replenish our residential land bank in China, we acquired a rare mixed-use development site in Shanghai’s prime Xintiandi area for RMB 8.94 billion (approximately $1.66 billion), with our partner Lianfa Group Co., Ltd, in November 2024. Up to 77% of the site’s Gross Floor Area (GFA) can be used for residential, with up to 19% for commercial purposes and 4% for public amenities. ENHANCEMENT Enhancing asset value and driving operational efficiency To enhance asset value and drive operational efficiency, we continuously explore avenues to maximise our asset portfolio through asset enhancement initiatives (AEIs), asset repositioning and redevelopment opportunities. In June 2024, we officially reopened Jungceylon Shopping Center, our retail mall in Patong, and the adjoining M Social Phuket hotel in Phuket, Thailand, following a major AEI. Both properties have performed well, with Jungceylon achieving a committed occupancy of 90.3% as of 31 December 2024 and a strong rental reversion of 50% on renewed leases over the previous leases signed during the pandemic. Phuket’s tourism continued to rebound with total arrivals up 23% year-onyear (y-o-y), reaching 99% of pre-pandemic levels, which boosted the mall's foot traffic by 30%, while the hotel registered strong performance during the peak season. In Singapore, we completed Phase 1 of City Square Mall’s AEI, refreshing the basement floors, adding new kiosk spaces and more F&B offerings. Phase 2, focusing on the upper floors, is slated to be fully operational by 1H 2025. Even during this period, the mall maintained a strong committed occupancy of 95.7% for unaffected areas. The revamped mall will feature a diverse mix of new-tomarket retailers and refreshed shopper touchpoints for an elevated shopping experience. To unlock value from our asset portfolio and realise GFA uplift by tapping various incentive schemes, we are redeveloping our former Fuji Xerox Towers into Newport Plaza, as well as the former Central Mall and Central Square properties into Union Square. When completed in 2027 and 2029 respectively, these two mixed-use developments will enhance our recurring income. TRANSFORMATION Transforming via strategic investments, fund management and innovation To future-proof our business, we continue to prioritise Environmental, Social and Governance (ESG), harness innovation, optimise internal efficiency as well as transform our portfolio. In 2019, we started expanding into the global living sector which includes asset classes such as the Private Rented Sector (PRS), which are multifamily apartments for rent, and Purpose-Built Student Accommodation (PBSA). Today, we have around 4,600 PRS units and 2,400 PBSA beds, with a total Gross Development Value (GDV) of $2.6 billion across the UK, Japan, Australia and the US. In 2024, we grew our Japan PRS portfolio with the acquisition of four properties: Roygent Saitama Shintoshin (115 units) in Saitama City, Splendide Namba Quartre (104 units) in Osaka, Escenario Akasaka (30 units) in Tokyo and City Lux Tsurumi (183 units) in Yokohama. The Group also completed the forward-commitment investment in Splendide VII, a 264-unit PRS asset in Osaka, bringing our Japan PRS portfolio to 40 assets with a total of 2,246 units. During the COVID-19 years and also post-pandemic, the living sector has proven to be one of the most resilient. As of 31 December 2024, our portfolio achieved a committed occupancy of over 90%. By building scale in this segment, we are focused on achieving two objectives – strengthening our recurring income as well as having a strong base of assets that can be spun off into new platforms that augment our fund management strategy. Prudent capital management and strong investment discipline will remain key tenets of the Group. We will strategically deploy funds for new investments while accelerating divestments to recycle capital. APPRECIATION I wish to express our earnest gratitude to all our shareholders, investors, customers, business partners and stakeholders. Our pledge to the highest standards of corporate governance and transparency is the Group’s guiding principle as we work to rise above challenges. We will continue to embed these practices in our operations and decision-making processes, prioritising the interests of all stakeholders with the aim of maximising value. To our Board of Directors, the Management Executive Committee and Senior Management team, your guidance, leadership and dedication are deeply appreciated. And to all my colleagues, your hard work and commitment set us apart. It is your collective hard work that transforms our vision into results, ensuring that we move forward with passion and purpose. SHERMAN KWEK Group Chief Executive Officer ANNUAL REPORT 2024 OVERVIEW 17
CORPORATE NETWORK AS OF 28 FEBRUARY 2025 GLOBAL NETWORK over 800 entities 9 Companies listed on the Singapore Exchange, New Zealand's Exchange, The Philippine Stock Exchange, Inc. and The International Stock Exchange 168 Locations in 29 Countries & Regions Developed over 53,000 residences globally RESIDENTIAL Owns around 23 million sq ft of gross floor area of office, industrial, retail, residential for lease and hotel space globally COMMERCIAL HOTELS Global footprint of over 160 hotels that are owned, managed or franchised FUND MANAGEMENT Assets Under Management (AUM) US$3 billion United States (US) • Anchorage • Avon • Boston • Chagrin Falls • Chicago • Durham • Kissimmee • Los Angeles • Nashville • New York • Scottsdale • Sunnyvale NORTH AMERICA France • Abbeville • Aurillac • Belfort Bessoncourt • Bergerac • Blois • Brive-la Gaillarde • Bruay-la- Buissière • Calais • Cergy • Châteauroux Saint-Maur • Châtellerault • Cholet • Claye-Souilly • Concarneau • Dinan Taden • Douai Lambres- Lez-Douai • Dreux • Essey-lès- Nancy • Évreux • Fayet • Foix • Forbach • Gap • Golbey • Istres • Lannion • Laval Changé • Macon • Maizières-lès- Metz • Marsac-sur-l'Isle • Marseille • Paris • Pont-Audemer • Pontivy • Sables d'Olonne • Saint-Cyr-sur- Loire • Saint-Étienne- du-Rouvray • Saint-Maur • Saint-Mitre- les-Remparts • Sarrebourg • Sens • Verdun Haudainville • Vichy Bellerivesur- Allier • Viriat Georgia • Tbilisi Germany • Berlin • Bonn • Darmstadt • Dresden • Frankfurt • Munich • Münster Italy • Rome • Florence Russia • Moscow Spain • Madrid • Barcelona The Netherlands • Amsterdam • Apeldoorn • Eindhoven • Garderen • Hoofddorp • Leiden • Oosterbeek • Rotterdam • The Hague • Utrecht • Vaals • Venlo • Zwolle United Kingdom (UK) • Aberdeen • Birmingham • Cambridge • Cardiff • Canterbury • Coventry • Dudley • Exeter • Gatwick • Glasgow • Leeds • Liverpool • London • Manchester • Newcastle • Plymouth • SloughWindsor • Southampton EUROPE Iraq • Sulaymaniyah • Basra Kuwait • Al Jahra • Al Kuwayt Oman • Muscat • Salalah Palestine • Ramallah Qatar • Doha Saudi Arabia • Hail • Jeddah • Madinah • Makkah • Gizan • Tabouk Turkey • Istanbul • Konya United Arab Emirates • Abu Dhabi • Dubai • Sharjah MIDDLE EAST Australia • Brisbane • Melbourne • Perth New Zealand • Auckland • Bay of Islands • Dunedin • Greymouth • Masterton • New Plymouth • Paihia • Palmerston North • Queenstown • Rotorua • Taupo • Te Anau • Wellington AUSTRALASIA China • Beijing • Chengdu • Chongqing • Dongguan • Fujian • Fuqing • Guizhou • Hangzhou • Hong Kong • Guangzhou • Shanghai • Shenzhen • Suzhou • Wuxi • Xiamen • Wenzhou Indonesia • Jakarta Japan • Tokyo • Osaka • Yokohama Malaysia • Cameron Highlands • Johor Bahru • Kuala Lumpur • Penang Maldives • Meradhoo Island • Velavaru Island Singapore • Singapore Taiwan • Taichung • Taipei Thailand • Bangkok • Phuket Philippines • Manila South Korea • Seoul ASIA OVERVIEW CITY DEVELOPMENTS LIMITED 18
CORPORATE STRUCTURE AS OF 28 FEBRUARY 2025 273 SUBSIDIARY COMPANIES 82 ASSOCIATES AND JOINT VENTURES 19 TRUSTS 12 LIMITED PARTNERSHIPS 58 44 30 28 12 12 2 17 1 56 22 114 3 Subsidiary Companies Subsidiary Companies Subsidiary Companies Subsidiary Companies Limited Partnerships 9 18 1 Subsidiary Companies Subsidiary Companies Subsidiary Company Associated Companies General Partnerships Limited Liability Companies Associated Company Subsidiary Companies Associated Companies and Joint Ventures Subsidiary Companies Trusts 3 Trusts 3 Trusts * Listed Company/Trust ** Listed on The International Stock Exchange where its shares are not tradable HONG LEONG GROUP SINGAPORE ~49% CITY DEVELOPMENTS LIMITED* (99.9%) City Pinnacle UK Limited** 13 Subsidiary Companies 2 Limited Partnerships (99.9%) City Atlasgate UK Limited** 11 Subsidiary Companies 100% MILLENNIUM & COPTHORNE HOTELS LIMITED 21.0% IREIT GLOBAL* ASIA NEW ZEALAND / AUSTRALIA EUROPE NORTH AMERICA (65.6%) Grand Plaza Hotel Corporation* (81.0%) Millennium & Copthorne Hotels New Zealand Limited* (65.3%) CDL Investments New Zealand Limited* (28.6%) CDL Hospitality Trusts* (35.0%) First Sponsor Group Limited* 1 General Partnership ANNUAL REPORT 2024 OVERVIEW 19
HIGHLIGHTS OF THE YEAR 1ST QUARTER (JANUARY – MARCH) • In January, CDL launched Lumina Grand, a 512-unit luxury Executive Condominium (EC) in the heart of the established Bukit Batok West neighbourhood. To date, 456 units (89%) have been sold1. • In February, the Group acquired The Yardhouse, its first Private Rented Sector (PRS) development in Central London, for £88 million (approximately $148.6 million). The 250-year leasehold site will be developed into a 17-storey apartment block with 209 co-living studio units with a total gross floor area of 102,600 square feet (sq ft). • CDL maintained its position as the world’s most sustainable real estate development and management company and top-ranked Singapore company for the sixth year in the 2024 Global 100 Most Sustainable Corporations in the World by Corporate Knights, as well as the only company in Southeast Asia and Hong Kong listed on the CDP A List for the sixth consecutive year. CDL also maintained its listing on the Bloomberg Gender-Equality Index for the seventh consecutive year. • The Group announced record revenue of $4.9 billion for the full year ended 31 December 2023 (FY 2023), primarily driven by the stellar performance of its property development segment. • In March, CDL initiated a Share Buyback Programme for its ordinary shares via open market purchases in tranches, as its shares were trading significantly below their intrinsic value despite the Company’s strong fundamentals. The Group purchased 13,499,600 ordinary shares for $79.4 million. As of 31 December 2024, the Company holds a total of 15,899,600 ordinary shares. These shares are held as treasury shares. 2ND QUARTER (APRIL – JUNE) • In April, the Group’s associate, Cityview Place Holdings Pte. Ltd., as subsidiary proprietor/owner of 203 units at the 228-unit The Residences at W Singapore Sentosa Cove, released an initial 58 units for sale. To date, 96 out of the 203 units (47%) have been sold1. • Together with its joint venture (JV) partner Mitsui Fudosan (Asia) Pte. Ltd, the Group secured a sizeable 164,451 sq ft Government Land Sales (GLS) site at Zion Road for $1.1 billion (or $1,202 psf ppr) in April. Subject to authorities’ approval, the site will be developed into an integrated mixed-use development with 706 residential units, a retail podium and 373 serviced apartments. • In May, Phase 1 of City Square Mall’s $50 million Asset Enhancement Initiative (AEI) reopened, with refreshed basement floors, new kiosk spaces and more F&B offerings. Phase 2, which focuses on the upper floors, is slated to be fully operational by 1H 2025. • The Group acquired the 268-room Hilton Paris Opéra hotel for €240 million (approximately $350.2 million) in May. Located in the heart of Paris CBD, the freehold asset is within walking distance of many iconic Parisian landmarks. • In Singapore, the Group, through its wholly-owned subsidiary CDL Draco Pte. Ltd., was awarded the collective sale tender for Delfi Orchard, an 11-storey freehold strata-titled commercial building on Orchard Road, at $439 million in May. As the Group already owns 126 (84%) of the 150 strata commercial and residential units, the acquisition will allow it to unlock the full potential of this prime asset. The transaction was completed in January 2025. • In Japan, the Group expanded its PRS portfolio with the acquisition of three assets: Roygent Saitama Shintoshin (115 units) in Saitama City, Greater Tokyo and Splendide Namba Quartre (104 units) in Osaka, in April, followed by Escenario Akasaka (30 units) in Akasaka, Central Tokyo, in May. • In May, CDL announced an offmarket equal access scheme offer to buy back the maximum allowable buyback amount of Preference Shares2. All 29,778,683 Preference Shares were purchased for $23.2 million and subsequently cancelled. • In June, CDL announced that it had secured a first-of-its-kind $400 million sustainability-linked loan with its criteria linked to sustainability performance targets aligned with CDL’s Taskforce on Nature-related Financial Disclosures (TNFD) targets. The loan will be utilised for general corporate funding and working capital purposes, including asset redevelopment initiatives. Hilton Paris Opéra | France 1 As of 28 February 2025. 2 Up to 10% of 297,786,832 Preference Shares. OVERVIEW CITY DEVELOPMENTS LIMITED 20
• In Thailand, the Group officially reopened its Jungceylon Shopping Center and adjoining M Social Phuket hotel (the former Millennium Resort Patong Phuket) properties in Phuket following a major AEI that began in 2022. 3RD QUARTER (JULY – SEPTEMBER) • In July, the Group and its JV partners, Hong Leong Holdings Limited and TID Pte. Ltd., launched Kassia – a 276-unit freehold condominium in Flora Drive. To date, 196 units (71%) have been sold1. • CDL officially opened the Singapore Sustainability Academy (SSA) Annex in July. Located on the roof terrace of City Square Mall, the 2,690 sq ft zero-energy SSA Annex is an extension of the SSA which opened in 2017. The event was graced by Singapore Deputy Prime Minister Mr Heng Swee Keat and attended by over 200 stakeholders. • In September, CDL completed its investment in City Lux Tsurumi, a 183-unit PRS asset in Yokohama, Japan. The property achieved over 90% committed occupancy within a month. • The Group’s wholly-owned subsidiary, Suzhou Global City Genway Properties Co., Ltd., entered into sale and purchase agreements with two special purpose vehicles under Suzhou GSUN Jiuhao Equity Investment Partnership (Limited Partnership), a private equity investment fund established in Suzhou, for the divestment of the retail and office components of the mixed-use Hong Leong City Center (HLCC) for RMB 1.01 billion (approximately $187.4 million) in September. The Group has committed RMB 120 million (approximately $22.3 million) to the fund, while the remaining capital is contributed by third parties. The transaction was completed in February 2025. 4TH QUARTER (OCTOBER – DECEMBER) • In October, CDL launched the 348unit Norwood Grand at Champions Way – the first luxury private residential launch in Woodlands since 2012. To date, 293 units (84%) have been sold1. • The Group’s subsidiary, Millennium & Copthorne Hotels New Zealand Limited, agreed to purchase the 67room freehold The Mayfair Hotel Christchurch for NZ$31.9 million (approximately $24.5 million) in October. The acquisition was completed in January 2025 and marked the Group’s return to Christchurch, a key market in New Zealand. • In November, CDL launched Union Square Residences, the 366-unit residential component of Union Square, a large-scale mixed-use development on Havelock Road, which includes Grade A office, retail and co-living apartments. To date, 115 units (31%) have been sold1. • The Group announced its joint acquisition of a rare 27,994 square metres (sqm) mixed-use development site in Shanghai’s Xintiandi area for RMB 8.94 billion (approximately $1.66 billion) or RMB 117,542 (approximately $21,827) psm ppr with its partner Lianfa Group Co., Ltd, in November. • CDL marked the 20th anniversary of the CDL 5-Star Environmental, Health and Safety (EHS) Awards in November. The Awards recognise exemplary builders, consultants and workers who excel in enhancing workplace standards for safety, health and well-being. • The Group’s 540-unit Irwell Hill Residences obtained its Temporary Occupation Permit (TOP) in November. • In December, the Group completed its forward-commitment investment in Splendide VII, a 264-unit PRS asset in Osaka, Japan, bringing its Japan PRS portfolio to 40 assets with 2,246 units. • The Group, through its whollyowned subsidiary Trentworth Properties Ltd, exchanged contracts with two unrelated third-party purchasers for the divestment of its Ransome’s Wharf site (as two plots) in Battersea, South West London, for a total sale consideration of £69.08 million (approximately $115.3 million). The divestment of one plot was completed in December 2024 and the other in January 2025. Norwood Grand Sales Gallery | Singapore Jungceylon Shopping Center | Thailand ANNUAL REPORT 2024 OVERVIEW 21
AWARDS AND ACCOLADES 1 Not exhaustive. For the full listing of CDL corporate and project awards, please refer to www.cdl.com.sg. 2 Not exhaustive. For the full listing of CDL sustainability awards, please refer to www.cdlsustainability.com. Amber Park | Singapore Product1 Sustainability2 • BT-UOB Sustainability Impact Awards 2024 o Impact Enterprise Excellence Award (Large Enterprise) • CDP o A List for Climate Change o A List for Water Security • Environmental Finance Sustainable Company Awards 2024 o Sustainability Reporting of the Year – APAC • FTSE4Good • FT-Statista Asia-Pacific Climate Leaders 2024 o One of 350 companies recognised • Global 100 Most Sustainable Corporations in the World 2024 • GRESB 2024 o 7th in Asia (Diversified – Office/Retail) o 5-star rating • ISS Rating o Prime rating • MSCI ESG Ratings o ‘AAA’ • S&P Global Sustainability Yearbook 2024 Member • Sustainalytics 2024 ESG Top Rated Companies (Regional, Industry) • The Asset Triple A Sustainable Finance Awards 2024 o Best Sustainability-Linked Loan – Real Estate Award for the launch of CDL’s OCBC 1.5°C £200 million sustainability-linked loan • The Edge Billion Dollar Club 2024 o Best ESG Risk Ratings Award • TIME-Statista World’s Most Sustainable Companies of 2024 o #46 out of 500 companies o Highest ranked Singapore company in 2024 • Building and Construction Authority (BCA) Awards 2024 o Company of the Year Award o Quality Excellence Award – Developer • EdgeProp Singapore Excellence Awards 2024 › Top Developer o Amber Park Top Development o Lumina Grand Top Executive Condominium Innovation Excellence o Sengkang Grand Residences Sustainability Excellence o Tembusu Grand Design Excellence Innovation Excellence Marketing Excellence Showflat Excellence • PUB ABC Waters Award o Irwell Hill Residences (Certified) • Royal Society for the Prevention of Accidents (RoSPA) Awards 2024 o Order of Distinction (for 19 consecutive Golds) o Irwell Hill Residences – Gold o Tembusu Grand – Gold o Copen Grand – Silver o Lumina Grand – Silver • SIA Architectural Design Awards 2024 o Amber Park High-Density Housing Category – Finalist • 2024 Architectural Heritage Awards o 12 Mount Sophia (Haus on Handy) Special Mention • Workplace Safety and Health (WSH) Awards 2024 o Safety and Health Award Recognition for Projects (SHARP) – Copen Grand – Lumina Grand – Tembusu Grand Business & Performance1 • BCI Asia Awards Singapore 2024 o Top 10 Developers Award • HR Asia Best Companies to Work for in Asia 2024 • SIAS Investors’ Choice Awards 2024 o Shareholder Communications Excellence Award (Big-Cap) o Most Transparent Company Award (Real Estate) • Singapore Corporate Awards 2024 o Distinction in Sustainability Reporting Award • Singapore Governance and Transparency Index (SGTI) 2024 o #2 out of 477 companies • The 17th Singapore HR Awards 2024 o Employee Experience & Well-being – Silver Standard o Workplace Culture & Engagement – Silver Standard • Total Defence Awards 2024 o Total Defence (TD) Advocate Award (Large Companies) OVERVIEW CITY DEVELOPMENTS LIMITED 22
CORPORATE DIRECTORY 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, Independent Tang Ai Ai Mrs Wong Ai Ai, Independent Young Jennifer Duong, Independent Wong Su Yen, Independent AUDIT & RISK COMMITTEE Lee Jee Cheng Philip, Chairman Chan Swee Liang Carolina Tang Ai Ai Mrs Wong Ai Ai Daniel Marie Ghislain Desbaillets Young Jennifer Duong NOMINATING AND REMUNERATION COMMITTEE Tang Ai Ai Mrs Wong Ai Ai, Chairman Ong Lian Jin Colin Lee Jee Cheng Philip Daniel Marie Ghislain Desbaillets Wong Su Yen BOARD SUSTAINABILITY COMMITTEE Chan Swee Liang Carolina, Chairman Sherman Kwek Eik Tse Chong Yoon Chou Young Jennifer Duong Wong Su Yen COMPANY SECRETARIES Yeo Swee Gim, Joanne Enid Ling Peek Fong SHARE REGISTRAR & SHARE TRANSFER OFFICE Boardroom Corporate & Advisory Services Pte. Ltd. 1 Harbourfront Avenue Keppel Bay Tower #14-07 Singapore 098632 Tel : +65 6536 5355 Fax : +65 6536 1360 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: Koh Wei Peng, appointment commenced from the audit of the financial statements for the year ended 31 December 2024) 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 CIMB Bank Berhad Crédit Agricole Corporate & Investment Bank Crédit Industriel et Commercial DBS Bank Ltd. Industrial and Commercial Bank of China Limited Kasikornbank Public Company Limited Malayan Banking Berhad Mizuho Bank, Ltd. MUFG Bank, Ltd. Oversea-Chinese Banking Corporation Limited Shanghai Pudong Development Bank Co., Ltd. Sumitomo Mitsui Banking Corporation The Hongkong and Shanghai Banking Corporation Limited United Overseas Bank Limited ANNUAL REPORT 2024 OVERVIEW 23
BOARD OF DIRECTORS AS OF 28 MARCH 2025 COMMITTEE KEY: A Audit and Risk Committee NR Nominating and Remuneration Committee S Board Sustainability Committee Solid background denotes Chairman of Committee ONG LIAN JIN COLIN Independent Non-Executive Director NR DANIEL MARIE GHISLAIN DESBAILLETS Independent Non-Executive Director A NR TANG AI AI MRS WONG AI AI Independent Non-Executive Director NR A CHAN SWEE LIANG CAROLINA (CAROL FONG) Independent Non-Executive Director S A PHILIP YEO LIAT KOK Non-Independent Non-Executive Director CHONG YOON CHOU Independent Non-Executive Director S JENNIFER DUONG YOUNG Independent Non-Executive Director A S WONG SU YEN Independent Non-Executive Director NR S LEE JEE CHENG PHILIP Lead Independent Director A NR SHERMAN KWEK EIK TSE Executive Director Group Chief Executive Officer S KWEK LENG BENG Executive Chairman CORPORATE GOVERNANCE CITY DEVELOPMENTS LIMITED 24
KWEK LENG BENG Executive Chairman FIRST APPOINTMENT AS DIRECTOR 1 October 1969 APPOINTMENT AS EXECUTIVE CHAIRMAN 1 January 1995 LAST RE-ELECTION AS DIRECTOR 24 April 2024 BOARD COMMITTEES Nil PRESENT DIRECTORSHIPS IN OTHER LISTED COMPANIES AND PRINCIPAL COMMITMENTS • Hong Leong Finance Limited* (Chairman/Managing Director) • Hong Leong Investment Holdings Pte. Ltd. (Executive Chairman) • Millennium & Copthorne Hotels Limited (Executive Chairman) OTHER APPOINTMENTS • Singapore Hotel Association (Member) • Singapore Institute of Directors (Fellow) PAST DIRECTORSHIPS IN OTHER LISTED COMPANIES AND PRINCIPAL COMMITMENTS HELD IN THE PRECEDING FIVE YEARS • Nil Mr Kwek has extensive experience in the real estate business. He joined City Developments Limited (“CDL”) in the late 1960s and since then has contributed significantly to building CDL’s six decades of track record. He grew the Group’s hospitality arm and has been actively involved in its development into Singapore’s largest international hotel group and one of the largest hotel owners and operators in the world. He also has extensive experience in the finance business, having grown with the original Hong Leong Finance Limited from day one, which has since merged its finance business with Singapore Finance Limited (now known as Hong Leong Finance Limited). He is also experienced in the trading and manufacturing sectors. Mr Kwek has received numerous accolades. In 1997, he was named “Businessman of the Year 1996” by Singapore Business Awards, organised by The Business Times and DHL. In 2012, he was jointly awarded the “Partners in the Office of the CEO” award in the Brendan Wood International – Securities Investors Association Singapore (“SIAS”) TopGun CEO Designation Award with the late Mr Kwek Leng Joo (former Deputy Chairman of CDL). This award is given to CEOs who are best in class as rated by shareholders. In 2014, he received the inaugural Real Estate Developers’ Association of Singapore (“REDAS”) Lifetime Achievement Award which honours a pioneering group of real estate leaders. He received the Singapore Chinese Chamber of Commerce and Industry (“SCCCI”) SG50 Outstanding Chinese Business Pioneers Award in 2015. The award honours the Republic’s outstanding Chinese business pioneers and their exemplary contributions to nation-building. That same year, he was accorded the Lifetime Achievement Award from Hotel Investment Conference Asia Pacific (“HICAP”). This accolade honours exceptional individuals who have distinguished themselves through accomplishments and contributions to the hotel industry. In 2017, he was presented the Lifetime Achievement Award at the Asia Pacific Entrepreneurship Awards organised by Enterprise Asia, a regional non-governmental organisation for entrepreneurship. The award was in recognition of outstanding achievements, visionary leadership and steadfast dedication that led to the successful growth of the Hong Leong Group for over five decades. That same year, he clinched the inaugural Global Blue Ocean Shift Award, given at the Global Entrepreneurship Community Summit in Kuala Lumpur. Mr Kwek was awarded the Singapore Tatler Diamond Award (Lifetime Achievement) 2018, in recognition of his exceptional leadership that led Hong Leong Group to grow into a globally diversified enterprise. In 2020, Mr Kwek received on behalf of Hong Leong Group, the EY Family Business Award of Excellence. It celebrated the Group’s successful, sustainable and long-term oriented strategy, effective and transparent corporate governance approach, and significant socio-economic contributions. Mr Kwek holds a law degree, LL.B. (London) and is also a fellow of The Institute of Chartered Secretaries and Administrators. He was also conferred an Honorary Doctorate of Business Administration in Hospitality from Johnson & Wales University (Rhode Island, US) and an Honorary Doctorate from Oxford Brookes University (UK). Notes: Hong Leong Investment Holdings Pte. Ltd. is the immediate and ultimate holding company of CDL. Hong Leong Finance Limited is a related company under the Hong Leong Group of companies. Millennium & Copthorne Hotels Limited is a subsidiary of CDL. * Listed company ANNUAL REPORT 2024 CORPORATE GOVERNANCE 25
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