CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 OVERVIEW 20 21 HIGHLIGHTS OF THE YEAR 1ST QUARTER (JANUARY – MARCH) • CDL emerged the world’s top real estate company and top ranked Singapore company in the 2021 Global 100 Most Sustainable Corporations in the World by Corporate Knights, the first and only Singapore company listed for 12 consecutive years. It also maintained its listing on the Bloomberg Gender-Equality Index 2021 for the fourth consecutive year – and was the only Singapore real estate company listed. • Raising the bar on decarbonisation efforts, CDL was the first real estate developer in Singapore and Southeast Asia to sign the World Green Building Council (WorldGBC)’s Net Zero Carbon Buildings Commitment, pledging to achieve net zero operational carbon by 2030 for new and wholly-owned assets and developments under direct operational and management control. • In February, CDL announced i ts acquisition of a col lective 84.6% interest in Shenzhen Tus incere Technology Park Development Co. Ltd. (Shenzhen Tusincere), which holds a 65% equity interest in Shenzhen Longgang Tusincere Tech Park (深圳龙岗区启迪协信科技园), from Sincere Property Group (Sincere Property) and two third parties, for a consideration of RMB 850 million (approximately $174 million), together with the assumption of proportionate existing shareholder loans. Following the transaction, the Group holds an effective 55% majority stake in the large-scale tech park in China’s highgrowth “Silicon Valley”. • The Tapestry, the Group’s fully sold 861-unit project at Tampines Avenue 10, obtained its Temporary Occupation Permit (TOP) in February. 2ND QUARTER (APRIL – JUNE) • In April, CDL launched Irwell Hill Residences, an iconic 540-unit luxury residential development in District 9. On its launch weekend, 278 units (over 50%) were sold at an average price of $2,700 per square foot (psf), including a four-bedroom Sky Penthouse which was sold for over $9 million. • CDL, together with its 50% JV partner MCL Land, secured two 99-year leasehold development sites through Government Land Sales (GLS) tenders: - April: Piccadilly Grand (94,000 sq ft site at Northumberland Road): $445.9 million - May: Tengah Garden Walk Executive Condominium (EC) (237,032 sq ft site): $400.3 million • In April, CDL’s JV company, South Beach Consortium, secured a fiveyear green loan totalling $1.22 billion for the refinancing of the South Beach development, marking one of Singapore’s largest green loans to date. • In the US, the Group welcomed its first M Social property, M Social Hotel Times Square New York, in end May 2021. The 480-room lifestyle hotel is within walking distance to New York’s best attractions, including Broadway, the Theatre District, Central Park and Fifth Avenue. 3RD QUARTER (JULY – SEPTEMER) • In August, CDL and its JV partner MCL Land successful ly secured green loans amounting to $847 million for the financing of two upcoming developments – Piccadi l ly Grand (Northumberland Road) and Tengah Garden Walk EC – in Singapore. • M Social Hotel Paris Opera opened in September 2021, marking M Social’s first outpost in Europe. The rebranded 163-room hotel merges the elegance of the historical Parisian lifestyle with contemporary design, vibrant art and inviting rooms. • The Group announced the divestment of its 51.01% joint controlling interest in Sincere Property in September. The transaction comprises the sale of its 63.75% interest in HCP Chongqing Property Development Co., Ltd (HCP Cayman), which holds 80.01% equity interest in Sincere Property, to Sure Spread Limited, an unrelated third party incorporated in the Republic of Seychelles. Concurrently, the Group entered into an agreement for the transfer of 15.4% interest in Shenzhen Tusincere from Sincere Property as partial repayment for an outstanding loan owed by Sincere Property. Fol lowing the completion of this transfer, Shenzhen Tusincere is now a wholly-owned subsidiary of the Group and the Group holds a 65% effective stake in Shenzhen Longgang Tusincere Tech Park. 4TH QUARTER (OCTOBER – DECEMBER) • In October, the Group launched Fitzroy Fitzroy, a 62-unit mixed-use JV development in Melbourne, Australia. • In November, CDL and its JV partner, CapitaLand Development, launched the 696-unit CanningHill Piers. The landmark residence is Singapore’s tallest residential development by the Singapore River and is part of an integrated development that is directly linked to Fort Canning MRT station. On its launch weekend, 538 units (77%) were sold with a total sales value of over $1.18 billion, making it the bestselling project launch in the Central Area for 2021. • CDL was awarded the inaugural 2021 Terra Carta Seal by His Royal Highness The Prince ofWales – the only Singapore company out of 45 global companies to be awarded. • CDLwas also recognisedwithdouble ‘A’s for the 2021 CDP A List for corporate climate action and water security for the third consecutive year. • At COP26, CDL joined 44 companies to step up its ambition as a signatory to the WorldGBC’s updated Net Zero Carbon Buildings Commitment, taking sector-leading action on whole life carbon emissions. • In December, CDL raised its Science Based Targets initiative (SBTi) carbon emission intensity reduction targets to align with 1.5°C warmer scenario. • CDL announced the proposed acquisition of Central Square for a purchase consideration of $315million, alongwith plans to amalgamate the site with its neighbouring CentralMall properties into a large-scale mixed-use development under the Urban Redevelopment Authority (URA) Strategic Development Incentive Scheme. • CDL entered into an agreement to divest the Millennium Hilton Seoul hotel and its adjoining land to IGIS Asset Management for KRW 1.1 trillion (approximately $1.25 billion), a significant premium to book value. The divestment was completed on 24 February 2022. • In the UK, CDL expanded its Private Rented Sector (PRS) portfolio with the acquisition of a 250-year leasehold site in Birmingham from Paradise Circus Limited Partnership (PCLP) for a purchase consideration of £6.5 million (approximately $11.8 million). The 16,760 sq ft site will be developed into an iconic 155-metre-tall residential tower named The Octagon, with 370 build-to-rent units. Piccadilly Grand I Singapore Artist’s Impression Millennium Hilton Seoul I Korea The Tapestry I Singapore
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