CONTENTS OVERVIEW 2023 Highlights 14 5-Year Financial Highlights 15 Chairman’s Statement 16 Group CEO’s Statement 19 Corporate Network 22 Corporate Structure 23 Highlights of the Year 24 Awards & Accolades 26 Corporate Directory 27 Board of Directors 28 Management Executive Committee 34 Corporate Governance 36 Risk Management 64 Investor Relations 73 Calendar of Financial Events 75 CORPORATE GOVERNANCE Sustainability Board Statement 76 SUSTAINABILITY BUSINESS OVERVIEW PROPERTY PORTFOLIO Financial Review 93 Operations and Market Review 95 Property Portfolio Analysis 100 Major Properties 103 FINANCIALS & OTHER INFORMATION Statutory Reports and Accounts 112 Statistics of Ordinary Shareholdings 270 Statistics of Preference Shareholdings 272 Share Transaction Statistics 273 Notice of Annual General Meeting 274 Additional Information on Directors Seeking Re-Election 284 Proxy Form View the report online www.cdl.com.sg/annualreport2023 We have come a long way from our humble beginnings in 1963, during which we operated out of a rented office in Amber Mansions along Orchard Road, with only eight employees. Since then, we have grown from a fledging local residential developer to a global property and hotel conglomerate with a presence in over 20 countries. Today, the CDL Group has total assets of $33 billion*, with a diverse portfolio comprising residences, offices, hotels, serviced apartments, student accommodation, retail malls and integrated developments. As Singapore’s trusted property pioneer, CDL has grown proudly alongside Singapore over the past six decades, shaping our city skyline with numerous architectural icons such as The Sail @ Marina Bay, Amber Park, New Futura, Republic Plaza and South Beach, amongst others. Cover (clockwise from top left): Republic Plaza, M Social Suzhou, St Katharine Docks and Newport Plaza (Artist's Impression) * Including fair value gains on investment properties and revaluation surpluses on hotels. OVERVIEW 1 ANNUAL REPORT 2023
CDL’S GROWTH JOURNEY 1960s 1970s 1980s – 1990s 2010s ‑ 2020s Beyond 2023 2000s SIGNIFICANT EVENTS IN SINGAPORE IN 1965: Singapore gained independence. MID 1970s: Singapore established a substantial industrial base. IN 1987: Singapore’s MRT system commenced operations. END 2000s: Singapore gained first world status. IN 2022: Singapore overcame the COVID-19 pandemic and fully reopens its borders. IN 1963: CDL began in a small office in Amber Mansions on 7 September 1963, staffed by only eight employees, to acquire, develop and sell property. The Company went public in November 1963 on the then Malayan Stock Exchange (now SGX). It completed its first housing project, Fresh Breezes in Johor Bahru in 1965, pioneering the “show flat” concept. In 1966, CDL completed City Towers – its first high-rise residential development in Singapore, and developed Phase One of Clementi Park, its first full condominium concept project. IN 1969: As CDL was struggling financially, Mr Kwek Leng Beng proposed to his father, the late Mr Kwek Hong Png, Founder of the Hong Leong Group (HLG), to start building a stake in CDL. With the elder Kwek’s belief that “where there is land, there is wealth, and wealth opens many avenues”, HLG invested in CDL, with Mr Kwek Leng Beng and two senior executives taking their positions on the CDL Board of Directors. Conserving as We Construct, Six Decades On... IN 1980: Mr Kwek Hong Png’s younger son, the late Mr Kwek Leng Joo, joined CDL to strengthen the management foundation. Throughout the 1980s, CDL launched 21 residential properties and completed 12 investment properties, including City House in the heart of Singapore’s CBD. In 1987, a prime site at Raffles Place was purchased, which gave rise to Republic Plaza, CDL’s flagship and current headquarters. The late 1980s saw CDL grow to become the largest listed property developer in Singapore, with its market capitalisation crossing the $2 billion mark. IN 1992: CDL started acquiring hotels in New Zealand and eventually established the Group as New Zealand’s largest hotel chain. IN 1996: CDL placed Singapore on the global map when Millennium & Copthorne Hotels plc (M&C) was listed on the London Stock Exchange, a first for a Singaporecontrolled company. IN 1972: HLG acquired a controlling stake in CDL and transformed it from a loss-making company into a profitable one. CDL started to grow from strength to strength through strategic diversification into investment properties. This began with the acquisition of Guan Realty (Private) Limited in 1972, which developed City Plaza, CDL’s first mixed-use development. IN 1974: The late Mr Kwek Hong Png took over the Chairmanship and Mr Kwek Leng Beng was appointed CDL’s Managing Director. Backed by the successful launch of City Plaza, CDL continued its trail-blazing acquisitions and soon gained recognition as a highly enterprising property developer and asset owner. SINCE 2000: Despite the challenging economic conditions with the outbreak of Severe Acute Respiratory Syndrome (SARS) slowing down the recovery of Asian economies, CDL continued to perform commendably. During this period, over 50 residential projects were completed, creating many firsts, including Singapore’s tallest residences (The Sail @ Marina Bay) and Singapore’s first branded residences (St. Regis Residences, Singapore) when the projects were launched in 2004 and 2006 respectively. City Square Mall, Singapore’s first eco-mall, was opened in 2009. IN 2006: M&C announced the initial public offering of CDL Hospitality Trusts (CDLHT). CDLHT is the first hotel Real Estate Investment Trust (REIT) in Singapore and is a stapled group comprising CDL Hospitality REIT and CDL Hospitality Business Trust. The same year, M&C also officially opened the five-star Millennium Hongqiao Hotel Shanghai (now known as Grand Millennium Shanghai Hongqiao), its first hotel in China. HUMBLE BEGINNINGS GLOBALISATION GROWTH TRANSFORMATION FORMATIVE YEARS SINCE 2010: CDL has embarked on a strategic diversification push to build its overseas property development and investment platforms – starting with China (since 2010) and expanding to include the UK (since 2013), Japan (since 2014) and Australia (since 2015). To future-proof its business, CDL has also expanded on initiatives to drive portfolio diversification and transformation. Since 2018, it has been actively pursuing growth of its fund management business, as well as building a sizeable living sector portfolio, with expansion into the Private Rented Sector (PRS), senior housing and student accommodation segments. IN 2019: CDL successfully completed the landmark privatisation of its Londonbased hospitality arm, based on a £2.23 billion valuation. With Millennium & Copthorne Hotels Limited (M&C) becoming a wholly-owned subsidiary, the Group embarked on an integration process to drive synergies and leverage its core competencies in real estate development and asset management. Today, CDL’s transformation from a fledging, loss-making company into a flourishing global conglomerate (one of the largest companies by market capitalisation) is nothing short of remarkable. Remembering its roots, CDL attributes its success to its founder, Mr Kwek Hong Png, who passed down sharp business acumen and a legacy of passion, commitment and perfectionism. With illustrious achievements and having weathered many challenges over the decades, including the recent COVID-19 pandemic, CDL has stayed focused on its growth journey, navigating headwinds while remaining steadfast in developing a brand synonymous with quality and excellence. In Singapore, CDL continues to redefine the city skyline with numerous award-winning architectural icons, such as the sculptural SOM-designed New Futura and the SCDA-designed Amber Park. OUR MILESTONES Republic Plaza City House The Sail @ Marina Bay South Beach Newport Plaza Amber Mansions, Singapore City Plaza, Singapore Republic Plaza, Singapore City Square Mall, Singapore Hong Leong City Center, Suzhou New Futura, Singapore OVERVIEW 3 2 OVERVIEW ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED
THE MYST I SINGAPORE Artist's Impression Building Vibrant Cityscapes PROPERTY DEVELOPMENT SINGAPORE For 60 years, we have shaped cityscapes with numerous architectural icons and developed over 50,000 homes globally. By leveraging technology and innovation, we continue to elevate our product offerings, reinforce our value propositions and enhance customer experiences. In 2023, we launched Tembusu Grand and The Myst, two iconic residential properties with unique features that will redefine Singapore’s landscape. With strategic land replenishment efforts, we have an enviable launch pipeline of 1,800 units in Singapore, catering to diverse market segments. We invested $2.4 billion to expand our development pipeline, strengthen our recurring income, broaden our hospitality footprint and grow our living sector portfolio globally. We acquired 31 Private Rented Sector (PRS) assets in the UK and Japan and completed The Junction, our first PRS development in Leeds, UK. LIVING SECTOR PORTFOLIO GLOBAL ACQUISITIONS & INVESTMENTS OPERATIONAL & UNDER DEVELOPMENT Total value $2.4 billion2 Sold 730 units1 Total GDV $2.6 billion3 PBSA5 ~2,400 beds PRS ~4,800 units Portfolio occupancy >90%4 Completed >2,400 units1 Sales value $1.5 billion1 In pipeline 1,800 units1 1 Includes Executive Condominiums (ECs) and share of joint venture (JV) partners. 2 Refers to CDL's attributable share. 3 Based on Gross Development Value (GDV), excludes Morden Wharf. 4 Committed occupancy as at 31 Dec 2023. Includes The Junction Phase 1 (307 units). 5 Purpose-Built Student Accommodation. GROWTH
As part of our ongoing portfolio revitalisation, we enhance and reposition our assets to drive operational efficiency and returns. In 2023, we completed the Asset Enhancement Initiative (AEI) for Jungceylon Shopping Center in Phuket, Thailand. The destination mall at the heart of Patong has since transformed into a one-stop shopping paradise with new and immersive retail concepts. We also embarked on the phased AEI to refresh City Square Mall, our largest retail property in Singapore. Beyond infrastructural upgrades, we continue to unlock value from our portfolio and realise gross floor area (GFA) uplift through various Government incentive schemes. We are currently redeveloping the former Fuji Xerox Towers into Newport Plaza and our Central Mall and Central Square properties into Union Square. When completed, these two mixed-use developments will bolster our portfolio and enhance our recurring income. Creating Greater Value NEWPORT PLAZA I SINGAPORE Artist's Impression GLOBAL PORTFOLIO TOTAL ASSETS Total GFA in residential for lease, commercial and hospitality assets 23 million sq ft $33 billion1 Singapore Others UK China 37% Assets by Geography US 6% 15% 17% 10% 52% Others Development Properties Hotels Investment Properties Assets by Business Segment 43% 28% 25% 4% 1 Including fair value gains on investment properties and revaluation surpluses on hotels. ENHANCEMENT
On the back of the recovery in global tourism, our hotel operations continued to shine in 2023, outperforming 2022's recovery and surpassing pre-pandemic levels in 2019 across most markets. We continue to focus on driving portfolio growth globally through strategic acquisitions and asset repositionings. In 2023, we acquired three hotel assets in Brisbane, South Korea and Osaka, expanding our footprint in these key gateway cities and adding 1,080 keys to our portfolio. During the year, Grand Copthorne Waterfront hotel completed a $30 million renovation, revamping all 574 rooms and its conference centre. Additionally, The Singapore EDITION hotel soft opened, boasting 204 rooms and marking the first EDITION property in Singapore and Southeast Asia. Through 2023, we also expanded our M Social lifestyle brand with the opening of M Social Suzhou in China and reflagging the former Millennium Resort Patong Phuket as M Social Phuket. We have another three hotels in the pipeline in New York, London and Sunnyvale, California, which will add around 1,100 keys when completed. Enriching Our Hospitality Portfolio M SOCIAL SUZHOU I SUZHOU, CHINA GLOBAL HOSPITALITY PORTFOLIO CONTINUED OUTPERFORMANCE IN GLOBAL OPERATIONS >155 Hotels Room Occupancy 73.3 64.4 73.1 FY 19 FY 22 FY 23 Average Room Rate 188.6 209.0 230.7 FY 19 FY 22 FY 23 Revenue Per Available Room (RevPAR) 138.3 134.6 168.7 FY 19 FY 22 FY 23 GOP Margin 28.3 30.8 34.5 FY 19 FY 22 FY 23 8.7% pts 25.3% 10.4% 3.7% pts (%) (%) ($) ($) ENHANCEMENT
ST KATHARINE DOCKS I LONDON, UK Over the past six decades, we have weathered numerous macroeconomic challenges and emerged stronger. We continue to navigate the evolving operating landscape with agility, transforming our business for the future by tapping on multiple growth platforms that amplify our strengths in innovative and synergistic ways. By leveraging strategic partnerships and nurturing existing platforms such as CDL Hospitality Trusts (CDLHT) and IREIT Global, we continue to drive growth in our fund management business with total assets under management (AUM) amounting to US$3 billion as at 31 December 2023. Over the years, we have also built a stable recurring income portfolio with valuable assets such as the iconic St Katharine Docks waterfront estate in London that will allow us to seed our assets into listed or unlisted platforms at an opportune time. In 2023, our focus on portfolio recalibration resulted in the completion of several divestments amounting to $632.5 million and shareholding optimisation initiatives to unlock value. Capital management remains a key priority to support our transformative growth plans. Innovative Initiatives CAPITAL RECYCLING Total Sales Proceeds $632.5 million AUM US$3 billion Manage/co-invest with external parties, with CDL retained as asset manager to earn recurring fee income and grow AUM Supporting and nurturing of existing platforms Sizeable CDL assets provide flexibility to be injected into listed and unlisted platforms FUND MANAGEMENT STRATEGIC PARTNERSHIPS GROWING EXISTING PLATFORMS CDL ASSETS FOR AUM GROWTH 1 2 3 TRANSFORMATION
Beyond transforming cityscapes, we are committed to improving lives and communities, guided by our ethos of ‘Conserving as We Construct’ since 1995. As a pioneer in Environmental, Social and Governance (ESG) integration for close to 30 years, we have made significant progress in mitigating climate risks, meeting rising investor expectations, and harnessing new growth opportunities by tapping into rapidly growing sustainable investment and finance markets. In 2023, we became the first corporate to secure the OCBC 1.5°C loan, with interest rate incentives pegged to annual decarbonisation performance targets and aligned with our commitment to achieving operational net zero. With this latest loan, we have completed over $6.3 billion of sustainable financing in the form of a green bond, various green loans and sustainability-linked loans to date, starting with our launch of the first green bond by a Singapore company in 2017. We are proud to be one of the pioneering Singapore companies amongst 320 globally to voluntarily report according to the Taskforce on Nature-related Financial Disclosures (TNFD). By aligning to TNFD Recommendations, we aim to assess, disclose and manage our naturerelated risks and opportunities and provide consistent and comparable reporting to our stakeholders. Making Positive Impact RECOGNISED ON 14 LEADING GLOBAL SUSTAINABILITY RATINGS, RANKINGS AND INDEXES Only Company in Southeast Asia and Hong Kong to remain on the CDP A List for six consecutive years; Only Company in Singapore to achieve Double ‘A’s for Climate Change (since 2018) & Water Security (since 2019) in 2023 ESG Global 50 Top Rated, Regional Top Rated and Industry Top Rated in 2023 Since 2018 Rated Prime since 2018 Top 2% amongst CDP Participants for Supplier Engagement on Climate Change World’s Top Real Estate Management & Development Company; Top Singapore Company; Only Singapore Company Listed for 14 Consecutive Years; Ranked 28th overall in 2023 Since 2014 ESG Leaders Index ESG Transparency Index since 2016 Only Singaporebased Developer listed since 2022 ‘AAA’ rating since 2010 S&P Global Sustainability Yearbook 2023 Member 4th in Asia (Diversified – Office/Retail); GRESB 5-star rating Only Singapore Real Estate Company since 2018 CDL GREEN GALLERY I SINGAPORE NET ZERO CARBON COMMITMENT First Singapore real estate developer to sign the World Green Building Council’s Net Zero Carbon Buildings Commitment with whole life-cycle approach in two phases: - 2030: New developments and assets under direct management and control in Singapore - 2050: All buildings to be net zero carbon #5 123 BCA Green Mark certifications for our developments and office interiors >$42 million In energy savings from our energyefficient initiatives across our managed buildings from 2012 to 2023 SINGAPORE GOVERNANCE AND TRANSPARENCY INDEX GREEN BUILDING PERFORMANCE MILESTONES out of 474 companies SUSTAINABILITY
2023 HIGHLIGHTS 5-YEAR FINANCIAL HIGHLIGHTS NOTES: 1 Final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2023 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting. 2 Excludes fair value gains on investment properties as the Group's accounting policy is to state its investment properties at cost less accumulated depreciation and accumulated impairment losses. 3 Based on CDLHT unit price of $1.27 on 25 May 2022. 4 Excluding non-cash impairment losses and/or reversals of impairment losses for properties, plant and equipment, and investment properties. YEAR 2019 2020 2021 2022 2023 For the financial year ($’million) Revenue 3,429 2,108 2,626 3,293 4,941 Profit before tax 754 (1,791) 215 1,857 473 Profit for the year attributable to owners of the Company (PATMI) 565 (1,917) 85 1,285 317 At 31 December ($’million) Property, plant and equipment 5,462 5,526 5,362 4,061 4,213 Investment properties 4,410 4,569 4,983 4,967 6,291 Development properties 5,156 5,391 5,839 5,958 4,878 Cash and bank balances (including restricted deposits in other non-current assets and bank balances in assets held for sale) 3,084 3,237 2,191 2,370 2,511 Other assets 5,088 4,954 5,505 5,625 6,341 Total assets 23,200 23,677 23,880 22,981 24,234 Equity attributable to owners of the Company 10,520 8,502 8,401 9,216 9,180 Non-controlling interests 746 740 918 348 359 Borrowings 9,711 11,555 11,140 9,669 11,626 Other liabilities 2,223 2,880 3,421 3,748 3,069 Total equity and liabilities 23,200 23,677 23,880 22,981 24,234 Per share Basic earnings (cents) 60.8 (212.8) 7.9 140.3 33.6 Net asset value ($) 11.60 9.38 9.26 10.16 10.12 Dividends (cents) a) Ordinary dividend - final 8.0 8.0 8.0 8.0 8.01 - special interim 6.0 – 3.0 12.0 4.0 - special final 6.0 4.0 1.0 8.0 – b) Distribution in specie – – 20.23 – – c) Preference dividend (net) 3.9 3.9 3.9 3.9 3.9 Financial ratios Return on equity (%) 5.4 (22.5) 1.0 13.9 3.5 Net gearing ratio (%)2 61 93 99 84 103 Net gearing ratio if fair value gains on investment properties are taken into consideration (%) 43 62 61 51 61 Interest cover ratios (times)4 14.0 3.4 3.0 9.8 2.8 * Including fair value gains on investment properties. ^ Excluding non-cash impairment losses and/or reversals of impairment losses for properties, plant and equipment, and investment properties. NET GEARING RATIO* 61% 51% in 2022 BASIC EARNINGS PER SHARE 33.6 CENTS 140.3 cents in 2022 INTEREST COVER^ 2.8x 9.8x in 2022 DIVIDEND PER SHARE 12.0 CENTS 28.0 cents in 2022 CASH AND AVAILABLE COMMITTED CREDIT FACILITIES $3.6 BILLION $4.1 billion in 2022 CLOSING SHARE PRICE $6.65 $8.23 in 2022 REVENUE $4.9 BILLION $3.3 billion in 2022 TOTAL ASSETS $24.2 BILLION $23.0 billion in 2022 EBITDA $1.1 BILLION $2.3 billion in 2022 NET ASSET VALUE PER SHARE $10.12 $10.16 in 2022 PATMI $317.3 MILLION $1.3 billion in 2022 REVALUED NAV (RNAV) PER SHARE* $17.21 $16.98 in 2022 14 OVERVIEW CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 15
CHAIRMAN’S STATEMENT OVERVIEW Resilient Performance Amid Challenges In this Diamond Jubilee Year, we are pleased to report a record revenue of $4.9 billion (FY 2022: $3.3 billion) – the highest since our inception in 1963. The record revenue was driven by the stellar performance of our property development segment, which saw a 50% year-on-year (y-o-y) increase in revenue, primarily due to the completed and fully sold Executive Condominium (EC) project Piermont Grand, as well as the revenue from the sale of a land site in Tokyo for JPY 50 billion ($495.0 million), which contributed $1.5 billion to revenue in total. Our investment properties and hotel operations segments also showed strong performance, with a 31.8% and 8.5% increase in revenue respectively for FY 2023. However, the global real estate sector has faced significant macroeconomic headwinds in the past year due to a high interest rate environment, inflationary pressures, geopolitical tensions, and weak global economies. Singapore’s property cooling measures in April 2023 further compounded the situation. As a result, the Group achieved a lower net profit of $317.3 million (FY 2022: $1.3 billion) due to the impact of higher financing costs in FY 2023 and the absence of substantial divestment gains recorded in the prior year arising from the sale of Millennium Hilton Seoul, the deconsolidation of CDL Hospitality Trusts (CDLHT) as well as the completion of the collective sales of Tanglin Shopping Centre and Golden Mile Complex. Excluding divestment gains and impairment losses, the Group’s net profit would have been $188.6 million for FY 2023 (FY 2022: $47.0 million) on a like-for-like basis. Prudent Capital Management As at 31 December 2023, the Group maintained a robust capital position with cash reserves (net of overdraft) of $2.2 billion, and cash and available undrawn committed bank facilities totalling $3.6 billion, ensuring sufficient liquidity to fulfil our working capital and financial obligations. After factoring in fair value on investment properties, the Group’s net gearing ratio stands at 61% (FY 2022: 51%), following the completion of various acquisitions in 2023, including St Katharine Docks, three hotels and several living sector assets. Net Asset Value (NAV) per share moderated to $10.12 (FY 2022: $10.16) as at 31 December 2023. The Group adopts the policy of stating our investment and hotel properties at cost less accumulated depreciation and impairment losses. Had the Group factored in fair value gains on our investment properties, its Revalued NAV (RNAV) per share would have been $17.21 (FY 2022: $16.98). Had the revaluation surpluses of our hotels been included, the Group’s RNAV per share would be $19.46 (FY 2022: $19.14). The Group maintains a substantial level of natural hedge for our overseas investments and will continue our proactive and disciplined approach to capital management. We will continue to focus on strategic capital recycling initiatives to strengthen our financial metrics. Strong Portfolio Resilience In 2023, all our business segments achieved a strong operating performance. In Singapore, CDL, together with our joint venture (JV) associates, sold 730 units, including ECs, with a total sales value of $1.5 billion. The Group’s office portfolio reported a healthy committed occupancy of 97.1%, above the island-wide occupancy of 90.1%. Our retail portfolio was also well-leased, with a committed occupancy of 97.6%, above the island-wide occupancy of 93.5%. Key properties under each portfolio, including Republic Plaza, City House, King’s Centre, City Square Mall and Palais Renaissance, achieved positive rental reversions. Our hotel operations segment reported a strong performance in FY 2023, with global RevPAR growth of 25.3% to $168.7 (FY 2022: $134.6), surpassing 2019’s pre-pandemic levels by 22.0%, primarily fuelled by strong average room rate (ARR) growth. All regions recorded extraordinary RevPAR growth y-o-y especially Asia and Australasia. BUILDING FOR THE FUTURE Growth opportunities lie amid every crisis. Taking this contrarian approach in 2023, we invested in undervalued assets, deploying our dry powder from significant divestment initiatives in the previous year. We seized opportunities to expand our portfolio, optimise operational efficiencies, refurbish assets and strengthen synergies across the Group’s business segments to enhance performance and drive value extraction. Dear Shareholders, CDL celebrated our Diamond Jubilee in 2023, marking our remarkable growth from only eight employees in 1963 to a global real estate company with over 8,000 employees worldwide and a global presence in more than 20 countries. Over the past 60 years, the CDL Group has transformed into a global industry leader and our assets have grown from $18 million in 1972 (when the Hong Leong Group took a controlling stake in the company) to $33 billion today. Together with our hospitality arm, Millennium & Copthorne Hotels Limited (M&C), our Group has also expanded to over 155 hotels globally. Reflecting on our journey, much has changed. From a struggling local residential developer, we are recognised today as Singapore’s market leader with a strong development pipeline. Homeowners and business communities rely on us for quality homes and offices locally and abroad. Our global portfolio of hotels is the preferred choice for many esteemed guests. Kwek Leng Beng Executive Chairman Growth opportunities lie amid every crisis. Taking this contrarian approach, in 2023, we invested in undervalued assets, deploying our dry powder from significant divestment initiatives in the previous year. I am immensely privileged to have been intricately involved in the CDL Group’s growth journey for the last six decades. Together, we have shaped global skylines with architectural icons, achieved business milestones and weathered numerous geopolitical storms and cyclical challenges with resilience and grit. I am confident in our Group’s ability to continually adapt, innovate and prosper in an ever-evolving landscape. As we embark on the next phase of our growth story, the Board and Management will stay steadfast in advancing our strategy, anchored by financial discipline and prudence — the cornerstones of our business success. We will pursue new growth engines and prospects through opportunistic acquisitions, portfolio recalibration and optimisation initiatives. On the sustainability front, we will work towards achieving our ESG goals as set out in the CDL Future Value 2030 Sustainability Blueprint. OVERVIEW 17 16 ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED
OVERVIEW Expanding Hospitality Horizons Our hospitality arm, led by M&C, continues to be a key growth driver for the Group. Despite the impact of the pandemic, our hotel operations have bounced back in most markets, surpassing pre-pandemic levels, indicating a restored confidence in global travel. In line with the Group’s growth objectives, a key focus of our hospitality portfolio will be on new acquisitions, asset optimisation and capital recycling opportunities. We are enhancing our hospitality offerings and revitalising our assets through asset enhancement initiatives (AEIs) and repositioning. To capitalise on the rebound in global tourism, we acquired three major hotels in Brisbane, Seoul and Osaka, adding 1,080 keys to our hospitality portfolio. The acquisition of the 416-room Sofitel Brisbane Central and the 256-room Bespoke Hotel Osaka Shinsaibashi marks our entry into the Brisbane and Osaka hospitality sectors respectively. Additionally, we re-entered the Seoul hotel market by purchasing the 408-room Nine Tree Premier Hotel Myeongdong II following our divestment of Millennium Hilton Seoul in 2022. These recently acquired properties have achieved strong performance. Driven by the robust recovery of Japan’s tourism industry, the Bespoke Hotel Osaka Shinsaibashi, acquired in August, achieved an impressive occupancy of 91.0% and a remarkable gross operating profit (GOP) margin of 58.5%. Similarly, the Nine Tree Premier Hotel Myeongdong II, acquired in July, saw an 89.3% occupancy with a 29% increase in RevPAR y-o-y. The Group opened three hotels in 2023 that were well-timed to tap into the recovery of the travel industry. These include M Social Suzhou in China (294 rooms), M Social Phuket (former Millennium Resort Patong Phuket) in Thailand (418 rooms) and The Singapore EDITION (204 rooms). Grand Copthorne Waterfront, our 574-room hotel by the iconic Singapore River, was also relaunched in August 2023 after a $30 million revamp of its guest rooms and conference centre. Since the M Social lifestyle brand made its debut in Singapore in 2016, we have continued to expand the brand’s presence across the globe, through both new builds and conversions. Three M Social hotels are in the pipeline for London, New York and California. When completed, these will join the current stable of six operational M Social properties. GROUP CEO’S STATEMENT Sherman Kwek Group CEO Looking ahead to 2024, capital management remains a key focus for the Group. We will adopt a prudent approach to new acquisitions to manage our gearing while proactively pursuing well-timed divestments to recycle capital and unlock value from our asset portfolio, which has been held at cost less accumulated depreciation and accumulated impairment losses. GROWTH Building a development pipeline while strengthening recurring income ENHANCEMENT Enhancing asset value and driving operational efficiency TRANSFORMATION Transforming via strategic investments, fund management and innovation G • E • T Dear Shareholders, 2023 was a memorable year for the CDL Group as we celebrated our 60th Anniversary – a significant milestone. The world and business landscapes have changed tremendously since the founding of the Company and the issues today are far more complex than before as we witness intensified geopolitical tensions and macroeconomic uncertainties. Despite the difficult operating environment, the company's core fundaments remain strong. To stay ahead of the curve, the Group continued to build on our Growth, Enhancement, and Transformation (GET) strategy, which drives superior performance outcomes and lays the foundation for sustained growth. Apart from growing our core development and investment portfolios, one of the highlights of 2023 was our strategic decision to expand our living sector footprint. In FY 2023, we acquired 31 Private Rented Sector (PRS) assets and developments in the UK and Japan. Since our first foray into the sector in 2019, our global living sector portfolio now has a total gross development value (GDV) of $2.6 billion, with 4,800 PRS units and 2,400 Purpose-Built Student Accommodation (PBSA) beds. By building scale in the living sector, which has proven to be one of the most resilient asset classes emerging from the pandemic, the Group is strengthening our recurring income and growing a significant asset base that can be leveraged to create new platforms. Beyond portfolio expansion, the Group focussed on enhancing our existing commercial and hospitality assets through redevelopment and repositioning initiatives. We also made headway in driving enterprise transformation through portfolio harmonisation and optimisation initiatives. We will continue to enhance our operational efficiency, sharpen our value proposition and strengthen our execution, charting a stronger growth trajectory into the future. Developing our Pipeline The Group has strategically focused on replenishing our landbank in Singapore by actively participating in the Government Land Sales programme and exploring redevelopment opportunities within our portfolio to ensure a diverse range of projects and a healthy residential pipeline. The Group’s accelerated expansion into the Living Sector portfolio through acquiring Private Rented Sector (PRS) and Purpose-Built Student Accommodation (PBSA) assets overseas is a complementary and natural progression. These new asset classes will be an additional growth engine for the Group’s asset and fund management capabilities. While headwinds persist, we will embrace 2024 with cautious optimism, confident of our ability to navigate the changing landscape of the real estate sector. APPRECIATION The Board would like to express its gratitude to our shareholders for their unwavering confidence and trust, and has recommended a final ordinary dividend of 8.0 cents per share. Together with the special interim dividend of 4.0 cents per share paid in September 2023, the total cash dividend for FY 2023 amounts to 12.0 cents per share (FY 2022: 28.0 cents per share), representing a dividend payout ratio of 36%. We would also like to thank all our stakeholders – investors, customers, business associates and partners, for their continued support. To my fellow directors, your wise counsel and adept navigation through today’s challenging business terrain are appreciated as we scale new heights of excellence. Finally, to our Management and staff, thank you for your steadfast dedication and invaluable contributions. Our Group is 60 years young and we look forward to your collective support in propelling our company forward. Kwek Leng Beng Executive Chairman OVERVIEW 19 18 ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED
sustainability-linked loan is aligned with our commitment to achieving operational net zero by 2030 for our new and existing whollyowned assets and developments under our direct operational and management control, with the entire portfolio achieving operational net zero by 2050. With this latest 1.5°C loan, CDL has secured around $6 billion of sustainable financing in the form of a green bond, various green loans and sustainability-linked loans to date. T THE NEXT LAP For the year under review, the same market dynamics that were favourable from an acquisition standpoint – compressed asset valuations and subdued investor sentiment – worked against the Group’s capital recycling plans. Despite the muted climate, we recorded total sale proceeds of $632.5 million from our strategic divestments in FY 2023. These include the sale of a small land plot located at Tanglin Shopping Centre, eight strata units at Citilink Warehouse in Singapore, an industrial property at Mina Parade in Brisbane, Australia, the Millennium Harvest House Boulder hotel in the US, and the freehold Shirokane land site in Tokyo, Japan. Apart from achieving capital gains through divestments, we continue to explore ways to optimise financial efficiency and unlock shareholder value. In November 2023, the Group launched an Off-Market Equal Access Offer to buy back up to 10% of the total issued Preference Shares at an offer price of $0.78 per share. Through the offer, the Group is able to exercise greater control over our share capital structure, while Preference Shareholders are provided a cash exit opportunity to partially monetise their holdings. The Group completed the buyback of the maximum allowable amount of Preference Shares in December 2023. With the cancellation of the purchased Preference Shares, the Group was able to reduce the finance cost pertaining to the coupon payment obligation for these shares. In line with our focus on transforming our business through new platforms, the Group will continue to pursue our fund management aspirations, leveraging our expertise and sizeable asset base to launch new initiatives. As at 31 December 2023, our assets under management (AUM) stood at US$3 billion. Through a three-pronged approach, which includes forging strategic partnerships to co-invest or manage assets; nurturing our existing platforms such as CDL Hospitality Trusts (CDLHT), IREIT Global and HThree City; and building a strong performing recurring income portfolio that provides the flexibility of asset injection into listed or unlisted platforms, we will continue to achieve AUM growth via organic and inorganic means. Looking ahead to 2024, capital management remains a key focus for the Group. We will adopt a prudent approach to new acquisitions to manage our gearing while proactively pursuing well-timed divestments to recycle capital and unlock value from our asset portfolio. APPRECIATION I would like to thank our esteemed Board of Directors for their invaluable guidance and wise counsel. Your contributions have sharpened our strategy, propelled our growth and managed our risks. To the ExCo and Senior Management team, thank you for your tireless efforts in shaping our Company’s future trajectory. Your leadership has been instrumental to our success. To all my dear colleagues, thank you for embracing collaboration and driving innovation, all the while upholding integrity. You are the ones who have truly turned our aspirations and visions into reality. On behalf of the Group, I would like to express our deep gratitude to all our shareholders, investors, customers, business partners and stakeholders. Thank you for your trust, confidence and support. As we continue to build for the future, I look forward to writing the CDL story with you. Sherman Kwek Group Chief Executive Officer G BUILDING FOR THE FUTURE The challenging market conditions and depressed valuations in 2023 presented us with attractive acquisition opportunities, enabling the Group to significantly expand our portfolio and strengthen our growth prospects. We completed about $2.4 billion of strategic investments to grow our development pipeline, enlarge our living sector portfolio, enhance our recurring income stream and expand our hospitality footprint. In Singapore, we secured two sites via the Government Land Sales (GLS) programme to replenish our development landbank. In September, we acquired a site at Champions Way in Woodlands for $294.9 million, which will be developed into a residential project with 348 units and an Early Childhood Development Centre. In November, the Group and our JV partners clinched a prime GLS site at Lorong 1 Toa Payoh for $968 million, which will be developed into a 777-unit residential project. Both sites are strategically located within minutes' walk to an MRT station and in established neighbourhoods with a healthy catchment. Along with the residential components of our two ongoing mixed-use redevelopment projects – the 246-unit Newport Residences (formerly Fuji Xerox Towers) and the 366-unit Union Square Residences (formerly Central Square) – we have a solid, diversified launch pipeline of around 1,800 units. Away from home, we acquired the iconic St Katharine Docks waterfront estate in London for £395 million (approximately $636 million), along with another two forward-funding PRS developments, 1NQ in Manchester and Morden Wharf in London, for £152.4 million (approximately $255.3 million) in total. We also acquired a portfolio of 25 high-quality residential assets in Tokyo’s rental housing market for JPY 35 billion (approximately $321.9 million) and invested in four residential assets in Osaka (two pending sale completions). With the strong rebound in global tourism, the Group seized the opportunity to broaden our hospitality footprint in major gateway cities, acquiring three hotel assets with a total of 1,080 keys in Brisbane, Seoul, and Osaka for approximately $381.6 million. E ELEVATING PORTFOLIO VALUE Asset rejuvenation and portfolio enhancement are fundamental to our GET strategy. We continuously explore avenues to derive more value from our asset portfolio through asset enhancement initiatives (AEIs), asset repositioning and redevelopment prospects. To unlock value from our asset portfolio in Singapore and realise gross floor area (GFA) uplift through various Government incentive schemes, we have progressed on the redevelopment of our former Fuji Xerox Towers (into Newport Plaza) and the former Central Mall and Central Square properties (into Union Square). When completed, these two mixed-use developments will bolster the Group’s commercial portfolio and enhance our recurring income. In 2023, we completed a sizeable AEI for Jungceylon Shopping Center, our retail mall in Patong, Phuket. Post-AEI, the property has achieved committed occupancy of 90.0% as at 31 December 2023. During the year, we also started a two-phase AEI at City Square Mall, our largest mall in Singapore at Farrer Park. The AEI will add about 26,000 sq ft of net lettable area (NLA) to the mall via the Community/Sports Facilities Scheme. Upon completing the entire AEI by 1H 2025, the mall will feature a diverse mix of new-to-market retailers and refreshed shopper touchpoints for an elevated shopping experience. Sustainability integration and alignment within our asset portfolio are crucial to our enhancement strategy. By embracing innovation, collaboration and sustainable development practices, we can reduce our carbon footprint and achieve operational cost savings from resource efficiency initiatives. From 2012 to 2023, we realised energy savings of over $42 million from such initiatives across all our managed buildings in Singapore. To accelerate decarbonisation, we continue to align our finance and ESG priorities. In December 2023, we marked a new sustainable financing milestone as the first corporate to obtain the OCBC 1.5°C loan, with interest rate incentives pegged to annual decarbonisation performance targets. The three-year £200 million (approximately $338.2 million) OVERVIEW 21 20 OVERVIEW ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED
49% CITY DEVELOPMENTS LIMITED* 269 SUBSIDIARY COMPANIES 74 ASSOCIATES AND JOINT VENTURES 19 TRUSTS (99.5%) City Pinnacle UK Limited** 13 Subsidiary Companies 2 Limited Partnerships (99.5%) City Atlasgate UK Limited** 12 Subsidiary Companies CORPORATE STRUCTURE AS AT 29 FEBRUARY 2024 HONG LEONG GROUP SINGAPORE CORPORATE NETWORK AS AT 29 FEBRUARY 2024 RESIDENTIAL Developed over 50,000 residences globally COMMERCIAL Owns around 23 million sq ft of gross floor area of office, industrial, retail, residential for lease and hotel space globally HOTELS Global footprint of over 155 hotels that are owned, managed/franchised or operated by third-parties FUND MANAGEMENT Assets Under Management (AUM) US$3 billion 9 GLOBAL NETWORK over 800 entities Companies listed on the Singapore Exchange, New Zealand's Exchange, The Philippine Stock Exchange, Inc. and The International Stock Exchange 163 Locations in 29 Countries & Regions ASIA China • Beijing • Chengdu • Chongqing • Dongguan • Fujian • Fuqing • Guizhou • Hangzhou • Hong Kong • Shanghai • Shenzhen • Suzhou • Wuxi • Xiamen • Wenzhou Indonesia • Jakarta Japan • Tokyo • Osaka • Yokohama Malaysia • Cameron Highlands • Johor Bahru • Kuala Lumpur • Penang Maldives • Meradhoo Island • Velavaru Island Singapore • Singapore Taiwan • Taichung • Taipei Thailand • Bangkok • Phuket Philippines • Manila South Korea • Seoul EUROPE France • Abbeville • Aurillac • Belfort Bessoncourt • Bergerac • Blois • Brive-la Gaillarde • Bruay-la- Buissière • Calais • Cergy • Châteauroux Saint-Maur • Châtellerault • Cholet • Claye-Souilly • Concarneau • Dinan Taden • Douai Lambres- Lez-Douai • Dreux • Essey-lès- Nancy • Évreux • Fayet • Foix • Forbach • Gap • Golbey • Istres • Lannion • Laval Changé • Macon • Maizières-lès- Metz • Marsac-sur-l'Isle • Marseille • Paris • Pont-Audemer • Pontivy • Sables d'Olonne • Saint-Cyr-sur- Loire • Saint-Étienne- du-Rouvray • Saint-Maur • Saint-Mitre- les-Remparts • Sarrebourg • Sens • Verdun Haudainville • Vichy Bellerivesur- Allier • Viriat Georgia • Tbilisi Germany • Berlin • Bonn • Darmstadt • Dresden • Frankfurt • Munich • Münster Italy • Rome • Florence Russia • Moscow Spain • Madrid • Barcelona The Netherlands • Amsterdam • Apeldoorn • Garderen • Oosterbeek • Rotterdam • The Hague • Utrecht • Vaals • Venlo • Zwolle United Kingdom (UK) • Aberdeen • Birmingham • Cambridge • Cardiff • Canterbury • Coventry • Dudley • Gatwick • Glasgow • Leeds • Liverpool • London • Manchester • Newcastle • Plymouth • SloughWindsor • Southampton AUSTRALASIA Australia • Brisbane • Melbourne • Perth New Zealand • Auckland • Bay of Islands • Dunedin • Greymouth • Masterton • New Plymouth • Paihia • Palmerston North • Queenstown • Rotorua • Taupo • Te Anau • Wellington MIDDLE EAST Iraq • Sulaymaniyah • Basra Kuwait • Al Jahra • Al Kuwayt Oman • Muscat • Salalah Palestine • Ramallah Qatar • Doha Saudi Arabia • Hail • Madinah • Makkah • Gizan • Tabouk Turkey • Istanbul • Konya United Arab Emirates • Abu Dhabi • Dubai • Sharjah NORTH AMERICA United States (US) • Anchorage • Avon • Boston • Chagrin Falls • Chicago • Durham • Kissimmee • Los Angeles • Minneapolis • Nashville • New York • Scottsdale • Sunnyvale 100% MILLENNIUM & COPTHORNE HOTELS LIMITED 21.0% IREIT GLOBAL* ASIA NEW ZEALAND / AUSTRALIA EUROPE NORTH AMERICA 10 LIMITED PARTNERSHIPS 28 Subsidiary Companies 34 Subsidiary Companies 58 Subsidiary Companies 9 Subsidiary Companies 42 Subsidiary Companies 18 Limited Liability Companies 12 Associated Companies 18 Subsidiary Companies 1 General Partnership 12 Limited Partnerships 3 3 Trusts Trusts 3 Trusts 1 General Partnership 1 Associated Company 50 Subsidiary Companies 42 Associated Companies and Joint Ventures 110Subsidiary Companies (including a private trust) 1 Subsidiary Company (75.8%) Millennium & Copthorne Hotels New Zealand Limited* (65.5%) CDL Investments New Zealand Limited* (65.6%) Grand Plaza Hotel Corporation* (27.9%) CDL Hospitality Trusts* (35.7%) First Sponsor Group Limited* * Listed Company/Trust ** Listed on The International Stock Exchange where its shares are not tradable OVERVIEW 23 22 OVERVIEW ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED
HIGHLIGHTS OF THE YEAR 1 As at 29 February 2024. 2 Up to 10% of total Preference Shares issued as of 26 April 2023. 1ST QUARTER (JANUARY – MARCH) • In January, Piermont Grand, the Group’s fully sold 820-unit Executive Condominium (EC) joint venture (JV) project at Sumang Walk obtained its Temporary Occupation Permit (TOP). • CDL maintained its position as the world’s most sustainable real estate management and development company and top-ranked Singapore company in the 2023 Global 100 Most Sustainable Corporations in the World by Corporate Knights. It also maintained its listing on the Bloomberg Gender-Equality Index 2023 for the sixth consecutive year. • In March, the Group bought the iconic St Katharine Docks estate in the UK for £395 million (approximately $636 million). Located in Central London, the 23-acre freehold estate fronting the River Thames has Grade A offices, F&B, retail and ancillary space arranged across four main buildings including a marina with berths for 185 yachts. • In Australia, the Group, through Millennium & Copthorne Hotels Limited (M&C) and in JV with Millennium & Copthorne Hotels New Zealand Limited, entered into an agreement to acquire the 416room Sofitel Brisbane Central hotel at the heart of Brisbane’s CBD for A$177.7 million (approximately $159.2 million). The transaction marks the Group’s expanding hospitality footprint in Australia. The acquisition was completed in December 2023. 2ND QUARTER (APRIL – JUNE) • In April, CDL and its JV partner launched Tembusu Grand, a 638unit luxury residential development situated in the Katong neighbourhood. To date, 381 units (60%) have been sold.1 • The Group’s 154-unit Boulevard 88 at Orchard Boulevard and fully sold 188-unit Haus on Handy at Handy Road obtained their TOPs in April. Boulevard 88 is a JV project that is integrated with Singapore’s first EDITION hotel. • In China, the Group debuted its first and flagship M Social-branded property in the country with the opening of M Social Suzhou in April. Located in the heart of Suzhou Industrial Park, the 294-room luxury lifestyle hotel is part of the Group’s Hong Leong City Center (HLCC) integrated waterfront development by Jinji Lake. • Through its indirect wholly-owned subsidiary, Suzhou Longcheng Development Investment Co., Ltd, the Group acquired a 100% equity stake in Suzhou Gaoxin Properties Co., Ltd, which owns a development in September. Comprising 25 highquality freehold residential assets with a total of 836 units (including four retail units), the properties are in Tokyo’s 23 wards. The Group also invested in four residential assets in Osaka, with two pending sale completions. • In September, the Group marked its 60th anniversary with a Diamond Jubilee Celebration at Orchard Hotel Singapore. The event was attended by 600 local and international guests and dignitaries and graced by Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong. • The Group successfully divested its prime freehold land site in Shirokane, Tokyo for JPY 50 billion ($495.0 million), which was originally acquired for JPY 30.5 billion in September 2014. 4TH QUARTER (OCTOBER – DECEMBER) • In November, CDL marked its first collaboration with Frasers Property and Sekisui House with the successful tender of a prime 169,458 sq ft GLS site at Lorong 1 Toa Payoh for $968 million. The rare District 12 site will be developed into a residential project with 777 units. • In conjunction with the launch of CDL Executive Chairman Mr Kwek Leng Beng’s biography, “Strictly Business: The Kwek Leng Beng Story” in November, Mr Kwek announced an endowed gift of $24 million, jointly made together with CDL, to the Singapore Institute of Technology (SIT). With a matching grant from the Singapore government, the total endowment contribution amounts to $60 million. • In the UK, the Group completed The Junction, its first Private Rented Sector (PRS) project in Leeds with 665 build-to-rent apartments and 24,000 sq ft of commercial space. The Group also expanded its portfolio with the acquisition of 1NQ, a forwardfunded project in Manchester for £75.6 million (approximately $125.7 million). The 261-unit freehold PRS project is expected to complete in 2026. The Group also completed the acquisition of the 56,000 sqm Morden Wharf development in London with its JV partner for £76.8 million (approximately $129.6 million). The proposed scheme comprises around 1,500 residential units as well as commercial and retail space. • The Group marked two hotel openings in November: M Social Phuket, the former Millennium Resort Patong Phuket, (418 rooms and suites) located in Patong, Phuket, held its Phase 1 reopening, while the 6-storey boutique hotel The Singapore EDITION (204 rooms), located along Orchard Road, soft opened. • In Thailand, the Group’s Jungceylon Shopping Center in Patong, Phuket completed its comprehensive asset enhancement works and achieved committed occupancy of 90.0% as at 31 December 2023. • The Group's 680-unit Sengkang Grand Residences obtained its TOP in October (Phase 1) and November (Phase 2), while the 592-unit Amber Park received its TOP in December. Both JV projects are fully sold. • In December, the Group completed its Off-Market Equal Access Offer to buy back the maximum allowable amount of Preference Shares2 at the offer price of $0.78 per share. The maximum buyback amount of 33,087,425 Preference Shares purchased by the Group have been cancelled. • Marking a new financing milestone, CDL was Singapore’s first corporate to secure the OCBC 1.5°C loan, a net zero-aligned loan to drive transition to a low-carbon economy, in line with CDL’s commitment to achieve operational net zero by 2030 for new and existing wholly-owned assets and developments under its direct operational and management control. The Myst I Singapore Artist’s Impression site in Suzhou’s High-Speed Railway New Town for RMB 350 million (approximately $67.1 million). The site will be developed into a mixed-use waterfront project with residential, commercial and hotel components. 3RD QUARTER (JULY – SEPTEMBER) • In July, CDL launched The Myst, a 408-unit residence situated in the Upper Bukit Timah enclave. To date, 210 units (51%) have been sold.1 • The Group acquired the 408room Nine Tree Premier Hotel Myeongdong II in Seoul for KRW 140 billion (approximately $143.9 million) in July. Opened in 2017, the freehold 17-storey upscale hotel enjoys a prime location in the Myeongdong-Euljiro commercial district and reflects the Group’s continued investment in South Korea. • In August, the Group acquired the 256-room freehold Bespoke Hotel Osaka Shinsaibashi for JPY 8.5 billion (approximately $78.5 million) in Japan. Opened in 2019, the hotel is located in Osaka’s prime Shinsaibashi commercial district and marks the Group’s third hotel acquisition in 2023. • Grand Copthorne Waterfront Hotel Singapore was relaunched in August following a $30 million renovation, which features revamped guestrooms with sustainability features and over 66,700 sq ft of conference spaces. • In September, the Group successfully secured a 155,351 sq ft Government Land Sales (GLS) site at Champions Way for $294.9 million. The project will comprise 348 residential units and an Early Childhood Development Centre. • The Group made its foray into Tokyo’s rental housing sector, investing in a residential rental portfolio for JPY 35 billion (approximately $321.9 million) 60 Years of Global Trust: Guest-of-Honour Deputy Prime Minister and Minister for Finance Mr Lawrence Wong (7th from left) joined CDL Executive Chairman Mr Kwek Leng Beng (6th from left), CDL Group CEO Mr Sherman Kwek (5th from left) and members of the CDL Board of Directors and Management Executive Committee (ExCo) onstage to launch CDL's Diamond Jubilee Celebration. Bespoke Hotel Osaka Shinsaibashi I Japan OVERVIEW 25 24 OVERVIEW ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED
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