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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