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
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