for-longer interest rate environment, geopolitical uncertainties and evolving policy landscapes have further strained the real estate sector. Despite these pressures, the Group remains resilient and agile, committed to balancing financial prudence with strategic flexibility to deliver on its commitment to maximising shareholder value. For the year under review, the Group achieved total divestments of over $600 million, which include the Ransome’s Wharf site in London, the retail and office components of Hong Leong City Center (HLCC) in Suzhou, the freehold 8-storey industrial building Cideco Industrial Complex in Singapore, as well as various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore. In September 2024, 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 HLCC for RMB 1.01 billion (approximately $187.4 million). As part of the transaction, 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. In December 2024, 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. The Group continues to prioritise its capital recycling initiatives with several other divestments in the pipeline. Looking ahead, the Group’s Growth, Enhancement and Transformation (GET) strategy will continue to serve as its roadmap. Key priorities include strengthening the Group’s financial position by actively managing its capital structures and pursuing capital recycling, unlocking portfolio value through strategic initiatives, pursuing attractive acquisitions in a disciplined manner and futureproofing the business. While challenges persist, the Group remains optimistic as it has secured profits from well-sold residential projects, which will be recognised progressively, and has a strong and globally diversified asset base. KEY PRIORITIES Strategically focused on capital recycling initiatives and portfolio optimisation – Aligned with the Group's GET Strategy Resilient Portfolio Capital Management Future-proofing Investment discipline Geographical diversification Enhance recurring income Accelerate capital recycling initiatives Strengthen ROE Sustainable dividends Prioritise ESG Harness innovation Optimise internal efficiency Portfolio transformation ANNUAL REPORT 2024 BUSINESS OVERVIEW 67
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