OPERATIONS AND MARKET REVIEW The Group is monitoring market conditions for the launch of its 246-unit freehold Newport Residences on Anson Road (site of the former Fuji Xerox Towers). The ultra-luxury development being redeveloped under the URA CBD Incentive Scheme overlooks the upcoming Southern Waterfront precinct and is part of an iconic 45-storey mixed-use project comprising residences, offices, retail and serviced apartments. For 1H 2025, the Government has released 10 confirmed GLS sites, including EC sites, yielding over 5,000 units. Following the successful launch of several new residential projects in 2024 and January 2025, the Group looks towards replenishing its landbank in a disciplined manner. The property market is expected to remain resilient, with new home sales in 2025 anticipated to surpass 2024 levels. As seen in recent launches, strong demand from homeowners is supported by an improving economy and moderating interest rates, though geopolitical uncertainty remains a concern. Nevertheless, the Group believes that well-located projects should perform well. INTERNATIONAL Australia In Brisbane, 95% of the 97-unit Treetops at Kenmore JV project has been sold, with construction for Stage 1 completed and settled in Q2 2024. Stages 2 and 3 are also completed, with settlements in Q1 2025. At the 176-unit Brickworks Park, construction for Stage 1 (107 units) and Stage 2 (51 units) are set for completion in Q2 2025 and Q1 2026, respectively. Town planning lodgement for Stage 3 (18 units) was submitted in Q4 2024, with expected completion in 2H 2026. To date, 97% of the 149 launched units at Brickworks Park has been sold. In Melbourne, the 58-unit Fitzroy Fitzroy JV project is 57% sold, with completion expected in Q2 2026. Australia’s housing market remains acutely undersupplied, driving continued strong growth in home prices in the near term. China In FY 2024, the Group’s wholly-owned subsidiary, CDL China Limited and its JV associates sold 136 residential, office and retail units, with a total sales value of RMB 874.9 million ($162.8 million). For the new mixed-use development site acquired in Suzhou’s High-Speed Railway New Town in 2023, the construction is progressing well and it is anticipated that the sales launch for the residential component with around 650 units will commence in late 2025. To replenish its residential landbank in China, the Group announced on 1 November 2024 its joint acquisition of a rare 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) per square metre The Orie Sales Gallery I Singapore BUSINESS OVERVIEW CITY DEVELOPMENTS LIMITED 62
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