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
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