NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 4 April 2025. 1 DOMICILE AND ACTIVITIES City Developments Limited (the Company) is incorporated in the Republic of Singapore and has its registered office at 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619. The principal activities of the Company are those of a property developer and owner, and investment holding. The principal activities of the subsidiaries are those of property developers and owners, hotel owners and operators, a club operator and owner, investment in properties and in shares, property management, project management and provision of consultancy, procurement and laundry services. The consolidated financial statements for the year ended 31 December 2024 comprise the Company and its subsidiaries (together referred to as the “Group” and individually as “Group entities”) and the Group’s interests in associates and joint ventures. The directors consider the immediate and ultimate holding company to be Hong Leong Investment Holdings Pte. Ltd., a company incorporated in the Republic of Singapore. 2 BASIS OF PREPARATION 2.1 Statement of compliance The financial statements have been prepared in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)s) and IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB) (IFRS Accounting Standards). SFRS(I)s are issued by the Accounting Standards Committee which comprises standards and interpretations that are equivalent to IFRS Accounting Standards. All references to SFRS(I)s and IFRS Accounting Standards are subsequently referred to as SFRS(I) in the financial statements. 2.2 Basis of measurement The financial statements have been prepared on the historical cost basis except as otherwise described in the notes below. 2.3 Functional and presentation currency The financial statements are presented in Singapore dollars (SGD), which is the Company’s functional currency. All financial information has been rounded to the nearest thousand, unless otherwise stated. 2.4 Use of estimates and judgement The preparation of the financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively. ANNUAL REPORT 2024 FINANCIALS 101
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