• 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
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