OPERATIONS AND MARKET REVIEW Healthy Take-up for Four Launches in 2024 Month Project Location Equity Stake Total Units Units Sold1 % Sold1 Jan Lumina Grand (EC) Bukit Batok West Avenue 5 100% 512 456 89% Jul Kassia2 Flora Drive 33.3% 276 196 71% Oct Norwood Grand Champions Way 100% 348 293 84% Nov Union Square Residences Havelock Road 100% 366 115 31% 1 As of 28 February 2025. 2 JV project. Irwell Hill Residences | Singapore Riding on the strong market sentiment in Q4 2024, the Group kickstarted 2025 with the launch of The Orie, its JV project with Frasers Property Limited and Sekisui House in January. Located in the well-loved Toa Payoh estate, the development comprises two 40-storey iconic towers with 777 units, just a five-minute walk to Braddell MRT station, and close to amenities and schools. The launch was very well received and is 88% (680 units) sold to date. In 2H 2025, the Group plans to launch its JV project at Zion Road in partnership with Mitsui Fudosan (Asia) Pte. Ltd. The mixed-use Zion Road (Parcel A) site was secured in April 2024 for $1.1 billion (or $1,202 psf ppr) under the Government Land Sales (GLS) programme. The integrated mixed-use development will feature stunning architecture by the world-renowned Nikken Sekkei and supported by local firm ADDP Architects. Subject to authorities’ approval, the project will comprise two 62-storey residential towers with 706 units, a retail podium on the first storey and a 36-storey tower with 373 units under the Urban Redevelopment Authority (URA) Serviced Apartment II (SA2) category, piloted as a form of longer-term rental accommodation with a minimum three-month lease. The prime site is directly linked to Havelock MRT station. PROPERTY DEVELOPMENT Singapore The property market was subdued in the first three quarters of 2024, with only about 3,000 private residential units sold. However, as interest rates moderated in 2H 2024 and signs appeared that Singapore’s economy was performing better than anticipated, a wave of new launches occurred and the accumulated pent-up demand led to a surge in sales volume in Q4 2024, resulting in 6,469 units, excluding Executive Condominiums (ECs), sold for the full year. While transaction volumes for 2024 were on par with 2023, they were still significantly lower than the historical five-year average (from 2020 to 2024) of around 8,600 units. For FY 2024, private home prices rose 3.9%, lower than the 6.8% increase in 2023, reflecting a stabilising property market. For FY 2024, the Group and its joint venture (JV) associates sold 1,489 units including ECs, with a total sales value of $2.97 billion (FY 2023: 730 units with a total sales value of $1.5 billion). The robust performance for 2024 was driven by four successful launches – Lumina Grand (EC), Kassia, Norwood Grand and Union Square Residences. The Group’s other launched projects also registered healthy sales. To date, Tembusu Grand, the 638-unit JV project in Katong is 92% sold (587 units) and the 408unit The Myst on Upper Bukit Timah Road is 80% sold (326 units). 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, has sold 96 of the 203 units since April 2024. Irwell Hill Residences (540 units) in prime District 9 obtained its Temporary Occupation Permit (TOP). The project is almost fully sold, with only two units remaining, and most units have been handed over to buyers. ANNUAL REPORT 2024 BUSINESS OVERVIEW 61
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