Half Year 2026 City Developments Ltd Earnings Call

August 13, 2026

Speaker #1: Good morning, ladies and gentlemen. Friends from the media, analysts, bankers, investors, and fellow CDL colleagues. My name is Belinda, and I'm the Head of Investor Relations and Corporate Communications at CDL.

Belinda Lee: Good morning, ladies and gentlemen, friends from the media, analysts, bankers, investors, and fellow CDL colleagues. My name is Belinda, and I am the Head of Investor Relations and Corporate Communications at CDL. On behalf of the CDL management, welcome to CDL's briefing on its unaudited financial results for H1 ended 30 June 2026. This is a hybrid briefing format with both in-person here at the M Hotel, Singapore, and those joining us virtually on the live webcast. Thank you for being here. I know it is a very busy financial reporting season, and to see so many in this room brings us much joy. Thank you for all for being here. For today's briefing, in line with CDL's commitment to environmental sustainability, we will not be providing printed materials.

Speaker #1: On behalf of the CDL management, welcome to CDL's briefing on its unaudited financial results for the half-year ended 30 June 2026. This is a hybrid briefing format, with both in-person attendees here at the M Hotel Singapore and others joining us virtually on the live webcast.

Speaker #1: Thank you for being here. I know it's a very busy financial reporting season, and to see so many in this room brings us much joy.

Speaker #1: Thank you all for being here. For today's briefing, in line with CDL's commitment to environmental sustainability, we will not be providing printed materials.

Speaker #1: Instead, please scan the QR code on the screen to download several documents that we will upload on SGXNet this morning. They include a copy of the detailed financial results statement, a press release summarizing some of the key highlights of our performance, and a presentation deck that management will be using in a very short while.

Belinda Lee: Instead, please scan the QR code on the screen to download several documents that were uploaded on SGXNet this morning. They include a copy of the detailed financial results statement, a press release summarizing some of the key highlights of our performance, a presentation deck that the management will be using in a very short while. For our guests that are joining us virtually, you would similarly be able to download these documents which are available on the CDL website. I would like to introduce you to the CDL management panel. In the center, we have Mr. Kwek Leng Beng, our Executive Chairman, and followed by our ex co members. On his right, Mr. Sherman Kwek, Group CEO.

Belinda Lee: Instead, please scan the QR code on the screen to download several documents that were uploaded on SGXNet this morning. They include a copy of the detailed financial results statement, a press release summarizing some of the key highlights of our performance, a presentation deck that the management will be using in a very short while. For our guests that are joining us virtually, you would similarly be able to download these documents which are available on the CDL website. I would like to introduce you to the CDL management panel. In the center, we have Mr. Kwek Leng Beng, our Executive Chairman, and followed by our Ex co members. On his right, Mr. Sherman Kwek, Group CEO.

Speaker #1: Now, for our guests who are joining us virtually, you will similarly be able to download these documents, which are available on the CDL website.

Speaker #1: I would like to introduce you to the CDL management panel. In the center, we have Mr. Quetlin Bing, our Executive Chairman. Following him are our ex-co members: on his right, Mr. Sherman Kwek, Group CEO; on his left, Mr. Kwek Ek Ching, Group Chief Operating Officer; then Mr. Cheah Nyat Hong, Group General Manager; and nearest to me, Ms. Yong Yin Ming, Group Chief Financial Officer.

Belinda Lee: On his left, Mr. Kwek Eik Sheng, Group Chief Operating Officer, then followed by Mr. Chia Ngiang Hong, Group General Manager, and nearest to me, Ms. Yiong Yim Ming, Group Chief Financial Officer. The format today briefing is in two parts. We will kick off with a presentation of some of the key highlights of our performance, followed later by a Q&A session. Without further ado, I would like to invite Mr. Sherman Kwek, CDL Group CEO, to kick start the presentation. Mr. Kwek, please.

Speaker #1: The format for today's briefing is in two parts. We will kick off with a presentation of some of the key highlights of our performance, followed later by a Q&A session.

Speaker #1: So, without further ado, I would like to invite Mr. Sherman Kwek, CDL Group CEO, to kickstart the presentation. Mr. Kwek, please.

Speaker #2: Hi, good morning, everyone. Thank you, Belinda, for the introduction. And thank you for making time to come over. As Belinda has mentioned, I know it's a busy day for all of you, with several earnings announcements coming out today as well.

Sherman Kwek: Hi. Good morning, everyone. Thank you, Belinda, for the introduction, and thank you for making time to come over. As Belinda has mentioned, I know it is a busy day for all of you with several earnings announcements coming out today as well. Happy to take you through our performance highlights for the H1. Yiong Yim Ming will then take you through financial highlights, the ops review, for your perusal, and if you have any questions, let us know. Performance highlights. Really happy to be here to share some strong results for our H1. You will see that our revenue is up slightly over 60%, and our PATMI is up more than three times or 230%. Primarily, this has been driven by our strong Singapore property development segment.

Speaker #2: Happy to take you through our performance highlights for the first half. Yin Ming will then take you through the financial highlights and the ops review for your perusal. If you have any questions, let us know.

Speaker #2: Performance highlights: really happy to be here to share some strong results for our first half. You will see that our revenue is up slightly over 60%, and our PADME is up more than three times, or 230%.

Speaker #2: Primarily, this has been driven by our strong Singapore property development segment. We have several projects that really did well for us, and we recognized revenue on them as they were built at a faster pace.

Sherman Kwek: We have several projects that really did well for us, and we recognized revenue on, and they were built at a faster pace, so revenue and profit recognition came in faster as well. Obviously, one is Lumina Grand, as we have mentioned up there. That is an EC in Bukit Batok, West Avenue 5. That has been completed, and therefore, under the prevailing rules, we recognize full revenue and profit. Other contributors that were strong were Newport. Newport Residences was launched at the beginning of this year, and is now over 80% sold. Because that project, as you know, we delayed the launch because we were going to launch the 60% ABSD on foreigners was announced. We held back on that, and as a result, the launch was delayed by quite a while. Because of that, the building completion has gone on much faster.

Speaker #2: So, revenue and profit recognition came in faster as well. Obviously, one is Lumina Grand, as we've mentioned earlier. That's an EC in Bukit Batok West Avenue 5.

Speaker #2: So that has been completed. Therefore, under the prevailing rules, we recognize full revenue and profit. Other contributors that were strong were Newport—Newport Residences was launched at the beginning of this year and is now over 80% sold.

Speaker #2: And because that project, as you know, we delayed the launch because we were going to launch right as, you know, right as we were going to launch, the 60% ABSD on foreigners was announced, right?

Speaker #2: So we held back on that, and as a result, the launch was delayed by quite a while. Because of that, the building completion has gone on much faster.

Speaker #2: Therefore, we are also recognizing good revenue from there. And lastly, many of our other Singapore projects continue to have steady sales. Norwood Grand—we had a bit of a slow start with Union Square Residences, which is quite a pity, because it’s in such a beautiful mixed-use development.

Sherman Kwek: Therefore, we are also recognizing good revenue from there. Lastly, many of our other Singapore projects continue to have steady sales. Norwood Grand. We had a bit of a slow start with Union Square Residences, which is quite a pity because it is in such a beautiful mixed-use development and in a really great fringe CBD location. But glad to see that sales have really started to pick up as well over the last couple of months. You will see that across the board, all of our core operating segments have shown strong operating results. As I mentioned earlier, Newport Residences was a great launch for us. Then we have had a very resilient performance with the commercial portfolio comprising office and retail. We are still doing really well and trading above actually the market average. The UK commercial has held steady too.

Speaker #2: And in a really great fringe CBD location, but glad to see that sales have really started to pick up as well over the last couple of months.

Speaker #2: And you'll see that across the board, all of our core operating segments have shown strong operating results. As I mentioned earlier, Newport Residences was a great launch for us.

Speaker #2: And then we've had a very resilient performance with the so-called commercial portfolio comprising office and retail. We're still doing really well, and trading above, actually, the market average. The UK commercial has held steady too.

Speaker #2: As for the residential market in Singapore, I think this year we've continued to see good, stable price growth. So far, I think year to date is about 1.4%, according to the URA Private Residential Price Index.

Sherman Kwek: On the residential market in Singapore, I think this year, we have continued to see a good, stable price growth. So far, I think year to date is about 1.4% according to the URA Private Residential Property Price Index. The volume has been about slightly over 4,000 units. Year to date, about 4,100. Are we going to hit the 10,008 that the market did last year? May not. Primarily it is because there has been less launches in the H1 this year. Let us see how the back half stacks up. But I think we should get within a range of maybe 8 to 10,000 by the time we end this year. But, yeah. It has been a really good start for us and actually underpinning our entire H1 has been a strong Singapore property development revenue and profit. Noticeably absent from this, our capital recycling gains.

Speaker #2: And the volume has been slightly over 4,000 units year to date, about 4,100. Are we going to hit the 10,008 that the market did last year? Maybe not.

Speaker #2: I think it's—primarily it's because there's been, you know, fewer launches in the first half of this year. So, let's see how the back half stacks up.

Speaker #2: But I think we should get, you know, within a range of maybe 8,000 to 10,000 by the time we end this year. But yeah, so, you know, it's been a really good start for us.

Speaker #2: And actually, underpinning our entire first half has been strong Singapore property development revenue and profit. Noticeably absent from this are capital recycling gains, which we have certainly pushed hard for in the first half this year.

Sherman Kwek: We have certainly pushed hard for the H1 this year. But, I think with a lot of different factors, such as the Middle East conflict, which continues to be quite prolonged and rages on, as well as the fact that we have seen a lot of turbulence here and there. I mean, the UK went through their own political upheaval with the change of government, all that. So I think that has dampened a bit of investor optimism in the H1. But I see that momentum coming back now. Our divestments will probably be more weighted on the H2. I am not sure whether they will complete in the H2 or into next year. But certainly there are several in the pipeline, and we hope to be able to share more exciting news on that.

Speaker #2: But I think with a lot of different factors, such as the Middle East conflict, which continues to be quite prolonged and rages on, as well as the fact that we've seen a lot of turbulence here and there.

Speaker #2: I mean, the UK went through their own, you know, political upheaval with the change of government and all that. So I think that has dampened a bit of investor optimism in the first half.

Speaker #2: But I see that momentum coming back now, so our divestments will probably be more weighted toward the second half. I'm just not sure whether they will complete in the second half or into next year.

Speaker #2: But certainly, there are several in the pipeline, and we hope to be able to share more exciting news on that. But as mentioned at previous analyst and media briefings, I've said capital recycling is going to be a core part of our DNA, and our business as usual in the future.

Sherman Kwek: But as mentioned at previous analyst and media briefings, capital recycling is going to be a core part of our DNA and our business as usual in future. We really got to get that ramped up, and that will really provide a stronger base for our results. Going into the next slide, we have our NAV and shareholder returns. You can see that predominantly, I think NAV and RNAV and RRNAV are pretty stable. This year we declared an interim dividend of 6 cents, which is double what we declared for the H1 of last year. And obviously, we have made a commitment to the market that we will hit a minimum of 35% dividend payout, so we are leaving it more for the full year. Share price performance, and this was as of year to date, as of 30 June.

Speaker #2: So we really have to get that ramped up, you know, and that will really provide a stronger base for our results. Going into the next slide, we have our NAV and shareholder returns.

Speaker #2: So, you can see that, predominantly, you know, I think NAV and RNAV and RRNAV are pretty, you know, pretty stable. This year, we declared an interim dividend of 6 cents, which is double what we declared for the half-year of last year.

Speaker #2: And obviously, we have made a commitment to the market that we will hit a minimum of 35% dividend payout, so we're leaving it more for, you know, the full year.

Speaker #2: And share price performance, and this was as of, you know, year to date as of 30 June. But, you know, obviously, we are all very pleased to see the rally today.

Sherman Kwek: But obviously, we are all very pleased to see the rally today. Our segment analysis, and if you look at the fair value, our assets have ticked up slightly from 35 to 36 million. Business segments or the IP DP, there are some changes in terms of geography as well. But predominantly, I think that really fluctuates depending on how much DP we have at any one point in time. You will notice that this year we have not made any significant investments. Neither, as I mentioned earlier, have we made any significant, sorry. We have not made any significant divestments. In terms of investments, we have mainly made two, and those are the two GLS sites that we acquired in Singapore. One is Tanjong Rhu Road, and the other is Peck Hay, which is Scots Road, base of Cairnhill area.

Speaker #2: Our, you know, segment analysis—and if you look at the fair value—I mean, our assets have ticked up slightly, from $35 to $36 billion.

Speaker #2: And you know, business segments or the IPDP, there are some changes, you know, in terms of geography as well. But predominantly, I think that really fluctuates depending on how much DP we have at any one point in time.

Speaker #2: You will notice that this year, we haven't made any significant investments. Neither, as I mentioned earlier, have we made any significant—sorry, we haven't made any significant divestments.

Speaker #2: And in terms of investments, we have mainly made two, and those are the two GLS sites that we acquired in Singapore. One is Tanjong Rhu Road, and the other is Paterson, which is Scotts Road, base of Cairnhill area.

Speaker #2: So, this is the completed project, Lumina Grand at Bukit Batok West Avenue 5, that I mentioned. Norwood Grand is 92% sold and just TOP'd earlier this month.

Sherman Kwek: This is the completed project, Lumina Grand at Bukit Batok West Avenue 5, I mentioned. Norwood Grand, 92% sold and just TOP-ed earlier this month, so about two weeks ago. Then our upcoming project completions for the rest of this year, we have Canninghill Piers, our JV with CapitaLand, as well as The Myst, and both are substantially sold. As mentioned earlier, the only investments we made this year were the two GLS sites in Singapore, and added together with the rest of our land bank, I think we have a healthy launch pipeline of 2,200. We are comfortable with this level, and that positions us well going forward. We obviously look forward to unveiling Lucerne Grand. That is in Lakeside Drive out in Jurong West, and will have magnificent views. I really hope the project will be well-received.

Speaker #2: So, about two weeks ago. And then our upcoming project completions for the rest of this year: we have CanningHill Piers, our JV with CapitaLand, as well as The Myst.

Speaker #2: And both are substantially sold. As mentioned earlier, the only investments we made this year were the two GLS sites in Singapore, which we have added together with the rest of our land bank.

Speaker #2: I think we have a healthy launch pipeline of 2,200 units. We're comfortable with this level, and that positions us well going forward. We obviously look forward to unveiling Lucerne Grand.

Speaker #2: That's on Lakeside Drive, out in Jurong West. And we'll have magnificent views, and I really hope the project will be well received.

Speaker #2: We're doing just a little bit of marketing here for the project. So you can see it's five towers, 17 stories each, and we think we designed it well. It's directly connected to the Lakeside MRT station.

Sherman Kwek: We are doing just a little bit of marketing here for the project. You can see it is five towers, 17 stories each. We think we have designed it well, and it is directly connected to the Lakeside MRT station. That is always a very important amenity that buyers look at nowadays. So, please spread the word. In October when we launch this, hopefully this will garner a strong reception. This just shows you a little bit about our two projects, legacy assets that we are redeveloping, which all of you are very familiar with now. One is Newport Plaza, which is the name of the whole development, which was the former Fuji Xerox Towers. Then the other is Union Square, which is the former Central Mall, Central Square, that whole development there. It is coming along nicely, both of them.

Speaker #2: So that's always a very important amenity that buyers look at nowadays. So, you know, please spread the word, and in October when we launch this, hopefully this will garner a strong reception.

Speaker #2: This just shows you a little bit about our two projects that we are, legacy assets that we are redeveloping, which all of you are very familiar with now.

Speaker #2: One is Newport Newport Plaza, which is the name of the whole development, which was the former Fujitsu Rocks Towers. And then the other is Union Square, which is, you know, the former Central Mall, Central Square, that whole development there.

Speaker #2: So, you know, it's coming along nicely—both of them. And as I mentioned earlier, Union Square Residence, the sales have also caught up really well.

Sherman Kwek: Union Square Residences, the sales have also caught up really well. We are really excited. The office market continues to remain strong. When these two office assets are ready, for Newport Tower, it will be in the H2 of next year. That is the office component of Newport Plaza. That will be H2 of next year. That will add about 220,000 square feet of NLA to our portfolio. Union Square will be sometime in 2029, and that will be 250,000 square feet. Obviously pre-leasing efforts are strongly underway and very encouraged so far by the feedback. Our hotel portfolio has also bounced back really well. We have taken the opportunity to continue to revamp some of our assets. You can see that the Millennium Hotel London Knightsbridge, the renovations are underway. Copthorne King's Hotel as well.

Speaker #2: And you know, we're really excited. The office market continues to remain strong. So, you know, when these two office assets are ready—for Newport Tower, it will be in the second half of next year.

Speaker #2: That's the office component of Newport Plaza. That will be in the second half of next year. So, that will add about 220,000 square feet of NLA to our portfolio.

Speaker #2: And the Union Square will be sometime in 2029, and that will be 250,000 square feet. So, obviously, pre-leasing efforts are strongly underway, and we're very encouraged so far by the feedback.

Speaker #2: And our hotel portfolio has also, you know, bounced back really well. And, you know, we've taken the opportunity to continue to revamp some of our assets.

Speaker #2: So you can see that, you know, the Millennium Night Spirit Hotel—I mean, renovations are underway. King's Hotel as well, you know. And then we continue to build out the M Social Hotel and Sunnyvale, that has a targeted completion towards the end of this year.

Sherman Kwek: We continue to build out the M Social Hotel Sunnyvale. That has a targeted completion towards the end of this year. We have also finished the renovation for this Millennium Premier Hotel New York Times Square, which is part of the Broadway Hotel. It is a smaller component of it, a more premier, upscale component of it. That has just been completed in June. We are excited to see that. So far, some people I know have stayed there already, and they are really pleased with it. Great that we are refreshing our portfolio as we move along. Just a bit about our industry and sustainability recognitions. Last slide before I hand over to Yee Meng. Obviously, the thing on everyone's mind is when is your strategic review coming out? I know we have taken quite a while on it.

Speaker #2: And we've also finished the renovation for this Millennium Premier Hotel in Times Square, which is part of the Broadway Hotel. So, it's a smaller component of it—a more premier, upscale component of it.

Speaker #2: So that's just been completed in June, so we're excited to see that. So far, some people I know have stayed there already, and they're really pleased with it.

Speaker #2: It's great that we're refreshing our portfolios as we move along. Just a bit about our industry and sustainability recognitions. And the last slide before I hand over to Yiming—obviously, the thing on everyone's mind is: when is your strategic review coming out?

Speaker #2: I know we've taken quite a while on it. We wanted to, you know, we wanted to really spend enough time to make sure that we do a thorough review.

Sherman Kwek: We wanted to really spend enough time to make sure that we do a thorough review and ensure that we have a proper roadmap, how we are going to implement the whole refresh strategy and how we are going to get there. Ensure that every number that we share with you towards the end of September is properly backed up by how we are going to get there, what is the asset makeup within it. Very excited to share that with you. It is more or less complete. The strategic review got final approval by the board yesterday, but we just need to tweak a few more things, and of course, create some nice pretty infographics to go with it. We thought we would just give ourselves a little bit more time. Suffice to say, we are really excited and eager to share this with you at the end of September.

Speaker #2: And ensure that we have a proper roadmap for how we're going to implement the whole refresh strategy and how we're going to get there.

Speaker #2: And so, and to ensure that every number that we share with you towards the end of September is properly backed up by, you know, how we're going to get there—what's the asset makeup within it.

Speaker #2: So, very excited to share that with you. It's more or less complete. I mean, the strategic review got final approval by the Board yesterday.

Speaker #2: But we just need to tweak a few more things, and of course, create some nice, pretty infographics to go with it. So, we thought we would just give ourselves a little bit more time.

Speaker #2: But yeah, suffice to say, we're really excited and eager to share this with you at the end of September. So, all good to go here.

Sherman Kwek: Suffice to say, we are really excited and eager to share this with you at the end of September. All good to go here. Next up, I will pass it to Yee Ming for the financial highlights. Thank you.

Sherman Kwek: All good to go here. Next up, I will pass it to Yee Ming for the financial highlights. Thank you.

Speaker #2: Next up, I'll pass it to Yiming for the financial highlights. Thank you.

Speaker #1: He's really tall. Thank you, Chairman. Good morning, ladies and gentlemen. I'll start off with a segmental analysis. So, this revenue growth across all segments increased by 61% in the first half of '26.

Yiong Yim Ming: He is really tall. Thank you, Sherman. Morning, ladies and gentlemen. I will start off with a segmental analysis. There is revenue growth across all segments, increase of 61% in H1 2026. EBITDA stands strong at SGD 694 million, increase of 25.9%, and very pleased to report that PBT and PATMI has both roughly tripled, rising to SGD 404 million and SGD 302 million respectively. Let us delve a little bit deeper into each metric. For revenue, the group posted revenue of SGD 2.7 billion for H1 2026, up from SGD 1.7 billion in H1 2025. The property development segment remained the largest contributor, with revenue surging 167%. As Sherman has mentioned, the various contributors, and we all know that revenue from Singapore development projects are recognized based on the percentage of completion method. The strong construction progress across these projects also supported the accelerated recognition of revenue during this period.

Speaker #1: EBITDA stands strong at $694 million, an increase of 25.9%. And very pleased to report that PBT and PEPMI have both roughly tripled, rising to $404 million and $302 million, respectively.

Speaker #1: So, let us delve a little bit deeper into each metric. For revenue, the group posted revenue of $2.7 billion for the first half of '26, up from $1.7 billion in the first half of '25.

Speaker #1: So, the property development segment remained the largest contributor, with revenue surging 167%. As the Chairman mentioned, there are various contributors, and we all know that revenue from Singapore development projects is recognized based on the percentage of completion method.

Speaker #1: The strong construction progress across these projects also supported the accelerated recognition of revenue during this period. So, kudos to our project team for their excellent execution.

Yiong Yim Ming: The strong construction progress across these projects also supported the accelerated recognition of revenue during this period. Kudos to our project team for their excellent execution and for maintaining strong momentum across our projects. For hotels, the hotel segment delivered a 6.4% increase in revenue, supported by a 4.9% growth in RevPAR. RevPAR growth was recorded across all regions, with Singapore up 4%, US up 10%, and Australasia up a strong 14%. The strong performance in Australasia was driven by New Zealand hotels, which recorded improvements in both occupancy and room rates. This was partially offset by rest of Asia, where RevPAR were impacted by softer performance in KL, Jakarta, and Manila. Hotel revenue was also boosted by the acquisition of Holiday Inn London Kensington High Street, which we always call HIK because the name is pretty long. We acquired the hotel in December 2025.

Yiong Yim Ming: Kudos to our project team for their excellent execution and for maintaining strong momentum across our projects. For hotels, the hotel segment delivered a 6.4% increase in revenue, supported by a 4.9% growth in RevPAR. RevPAR growth was recorded across all regions, with Singapore up 4%, US up 10%, and Australasia up a strong 14%. The strong performance in Australasia was driven by New Zealand hotels, which recorded improvements in both occupancy and room rates. This was partially offset by rest of Asia, where RevPAR were impacted by softer performance in KL, Jakarta, and Manila. Hotel revenue was also boosted by the acquisition of Holiday Inn London Kensington High Street, which we always call HIK because the name is pretty long. We acquired the hotel in December 2025.

Speaker #1: And for maintaining strong momentum across our projects. For hotels, the hotel segment delivered a 6.4% increase in revenue, supported by a 4.9% growth in RevPAR.

Speaker #1: RevPAR growth was recorded across all regions, with Singapore up 4%, the US up 10%, and Australasia up a strong 14%. The strong performance in Australasia was driven by New Zealand hotels, which recorded improvements in both occupancy and room rates.

Speaker #1: This was partially offset by the rest of Asia, where RevPAR was impacted by softer performance in KL, Jakarta, and Manila. Hotel revenue was also boosted by the acquisition of Holiday Inn London Kensington High Street, which we always call HIK because the name is pretty long.

Speaker #1: So, we acquired a hotel in December 2025. The hotel has performed strongly since acquisition, achieving an impressive 96% occupancy, and it is now the largest contributor in the UK portfolio.

Yiong Yim Ming: Hotel has performed strongly since acquisition, achieving an impressive 96% occupancy and is now the largest contributor in the UK portfolio. Overall for hotel, the segment performance reflect broad-based RevPAR growth across our key segments, together with strong contribution from our newly acquired hotel. Moving on to investment properties. They also delivered a 3.2% increase in revenue, notwithstanding divestments of the Bespoke Hotel Osaka Shinsaibashi and 1250 Lakeside in Sunnyvale last year. The growth was driven by higher contributions from our UK commercial properties, Jungceylon, our mall in Phuket, as well as the living sector in Singapore and the UK. These stronger contributions more than offset the revenue from the divested assets, once again demonstrating the resilience and continued growth of our investment portfolio. Now we move on to EBITDA. EBITDA stood at SGD 694 million, a strong growth of 26% year-on-year.

Speaker #1: So overall, for hotels, the segment performance reflects broad-based RevPAR growth across our key segments, together with strong contribution from our newly acquired hotel.

Speaker #1: Moving on to investment properties, they also delivered a 3.2% increase in revenue, notwithstanding divestments of the bespoke hotel Osaka Shinsaibashi and 1250 Lakeside in Sunnyvale last year.

Speaker #1: So the growth was driven by higher contributions from our UK commercial properties, Jungceylon, our mall in Phuket, as well as the living sector in Singapore and the UK.

Speaker #1: These stronger contributions more than offset the revenue from the divested assets, once again demonstrating the resilience and continued growth of our investment portfolio. Now, we move on to EBITDA.

Speaker #1: EBITDA stood at $694 million, a strong growth of $26 million, or 26% year on year. As mentioned before, EBITDA is an important measure for the group.

Yiong Yim Ming: I mentioned this before, EBITDA is an important measure of the group. We look at it for cash generation capability as well as a key metric that we monitor closely. Our target is always an annual EBITDA of SGD 1 billion, which supports healthy cash generation. Excluding capital recycling gains, all three core segments recorded higher EBITDA. The strong EBITDA was again underpinned by our property development segment, supported by income visibility from our successfully launched projects. You can see property development EBITDA, they doubled year-on-year. Other than the projects that we mentioned in revenue earlier, JV projects also contributed to this EBITDA. This included The Orie, Canninghill Piers, and Cassia. For hotel operations, EBITDA increased by a strong 27% year-on-year. They are supported by higher revenues as well as disciplined cost management.

Speaker #1: We look at it for cash generation capability as well, as a key metric that we monitor closely. Our target is always an annual EBITDA of $1 billion, which supports healthy cash generation.

Speaker #1: So, excluding capital recycling gains, all three core segments recorded higher EBITDA. The strong EBITDA was again underpinned by our property development segment, supported by income visibility from our successfully launched projects.

Speaker #1: You can see property development EBITDA— they doubled year-on-year. And other than the projects that we mentioned in revenue earlier, JV projects also contributed to this EBITDA.

Speaker #1: This included the ORRI, CanningHill Piers, and CASA. For hotels, the operations EBITDA increased by a strong 27% year-on-year. This was supported by healthy revenues, as well as disciplined cost management.

Speaker #1: GOP margin remained resilient at 30%, broadly in line with the first half of '25. In key markets of Singapore and London, GOP margins remained particularly strong at 35% and 42%, respectively.

Yiong Yim Ming: GOP margin remained resilient at 30%, broadly in line with H1 2025. In key markets of Singapore and London, GOP margins remain particularly strong at 35% and 42% respectively. Mentioned earlier, New Zealand had good revenue improvement and this flowed along to GOP margins. Australasia GOP margins also expanded from 33% to 35%. The combination of revenue growth, resilient margins, and disciplined cost management drove this hotel operations EBITDA. For IP, which is investment properties, EBITDA was slightly lower in H1 2026 due to lower capital recycling gains. Just a refresher, for H1 2026, we have recycled Quayside Isle and several strata units in Fortune Centre. This is with 2025, where we had a huge recycling gain of a city industrial building. Importantly, excluding capital recycling gains, the EBITDA contribution was still broadly comparable year on year.

Speaker #1: As mentioned earlier, New Zealand had good revenue improvement, and this flowed through to GOP margins. In Australasia, GOP margins also expanded from 33% to 35%. So the combination of revenue growth, resilient margins, and disciplined cost management drove this hotel operations EBITDA.

Speaker #1: For IP, which is investment properties, EBITDA was slightly lower in the first half of '26 due to lower capital recycling gains. Just a refresher: for the first half of '26, we recycled Keyside Out and several strata units in Fortune Center. This contrasts with '25, where we had a huge recycling gain from City Industrial Building.

Speaker #1: So, importantly, excluding capital recycling gains, the EBITDA contribution was still broadly comparable year on year. This once again reflects the underlying performance of our commercial properties, as well as our living sector.

Yiong Yim Ming: This once again reflects the underlying performance of our commercial properties as well as our living sector. I will move on to PBT. So improved 189%. One interesting fact point is that property development takes up 57% of revenue, but 84% of PBT. The PBT explanations are largely similar to EBITDA, but it is impacted, as we know, by financing and depreciation. Net finance costs decreased significantly by 47% to SGD 145 million. This is supported by an 11% reduction in net interest expense, as well as a favorable swing in exchange. The group recorded exchange gain of SGD 38 million in H1 2026 versus exchange loss of SGD 63 million in H1 2025. I want to highlight that these exchange differences are unrealized translation differences from intercompany loans. They do not represent underlying operating cash flows.

Speaker #1: I'll move on to PBT, which improved by 189%. One interesting point is that property development accounts for 57% of revenue, but 84% of PBT.

Speaker #1: So the PBT variations are largely similar explanations to EBITDA. But it's impacted, as we know, by financing and depreciation. So net finance cost decreased significantly by 47% to $145 million.

Speaker #1: This supported by an 11% reduction in net interest expense as well as a favorable swing in exchange. The group recorded exchange gain of 38 million in first half '26 versus an exchange loss of 63 million in first half of '25.

Speaker #1: I want to highlight that these exchange differences are unrealized translation differences from intercompany loans. They do not represent underlying operating cash flows. For property development, while the segment delivered a stellar performance, I also want to reiterate that, you know, the profits from this segment are inherently lumpy.

Yiong Yim Ming: For property development, while the segment delivered a stellar performance, I also want to reiterate that the profits from this segment are inherently lumpy. As we all know, it is dependent whether there is key project milestones, whether there is an EC, there is a handover for overseas, as well as the progress of project completions. Hotel operations, the significant turnaround. They reversed from a loss of SGD 84 million in H1 2025 to a profit of SGD 42 million in H1 2026. This improvement was largely driven by two things. One is the newly acquired HIK, and two is a favorable exchange position from exchange loss in 2025 to a gain in 2026. This is largely from intercompany loans. For investment properties, PBT decreased also due to lower capital recycling gains. I sound like a broken record, but it is worth reiterating that CDL accounts for our investment properties at cost.

Speaker #1: As we all know, it's dependent on whether there are key project milestones, whether there's an EC, there's a handover for overseas, as well as the progress of project completions.

Speaker #1: Hotel operations saw a significant turnaround. They reversed from a loss of $84 million in the first half of '25 to a profit of $42 million in the first half of '26.

Speaker #1: This improvement was largely driven by two factors. One is the newly acquired HIK, and two is a favorable exchange position—from an exchange loss in '25 to a gain in '26.

Speaker #1: This is largely from intercompany loans. So, for investment properties, PBT decreased also due to lower capital recycling gains. I sound like a broken record, but it's worth reiterating that CDL accounts for our investment properties at cost.

Yiong Yim Ming: I sound like a broken record, but it is worth reiterating that CDL accounts for our investment properties at cost. What you see in this financial statement has no fair value gains. Instead, they record a depreciation of about SGD 68 million. Just moving on to capital management. We continue to maintain very strong and robust financial fundamentals with a well-balanced debt maturity profile. Gearing stood at 75%. It is an increase of 4% over 31 December 2025, largely attributable to the acquisition of the two GLS that we have acquired this year, as well as SGD 144 million of CapEx on our investment properties, largely for Newport and Union Square. Looking ahead, we expect healthy cash flows from four projects that will achieve TOP this year.

Speaker #1: So what you see in this set of financial statements has no fair value gains. Instead, they record depreciation of about $68 million. Just moving on to capital management.

Yiong Yim Ming: What you see in this financial statement has no fair value gains. Instead, they record a depreciation of about SGD 68 million. Just moving on to capital management. We continue to maintain very strong and robust financial fundamentals with a well-balanced debt maturity profile. Gearing stood at 75%. It is an increase of 4% over 31 December 2025, largely attributable to the acquisition of the two GLS that we have acquired this year, as well as SGD 144 million of CapEx on our investment properties, largely for Newport and Union Square. Looking ahead, we expect healthy cash flows from four projects that will achieve TOP this year. Lumina Grand achieved TOP in April, Norwood in August, and we are expecting the mixed asset Canninghill Piers to TOP in 2026, and these project completions will support the cash generations.

Speaker #1: So we continue to maintain very strong and robust financial fundamentals, with a well-balanced debt maturity profile. Gearing stood at 75%—an increase of 4% over 31st December '25—largely attributable to the acquisition of the two GLS that we have acquired this year, as well as $144 million of capex on our investment properties, largely for Newport and Union Square.

Speaker #1: So, looking ahead, we expect healthy cash flows from four projects that will achieve TOP this year. Lumina Grand achieved TOP in April, and Norwood will in August.

Yiong Yim Ming: Lumina Grand achieved TOP in April, Norwood in August, and we are expecting the mixed asset Canninghill Piers to TOP in 2026, and these project completions will support the cash generations. Liquidity position is continuing to be very strong, SGD 2 billion of cash, SGD 4.9 billion of committed and undrawn credit facilities, so we have definitely sufficient financial headroom. For all the other metrics, I think average interest has dropped and then it is now at 3.4%. I know one of the favorite questions is, where do we see where we end the year at? We have articulated previously, we hope to end the year no higher than 3.5%. So to all the bankers in the room, please help us achieve this objective. As shown, the last one is just basically on hedging. We do not do any speculative.

Speaker #1: And we're expecting The Myst as well as CanningHill Piers to TOP in 2026, and these project completions will support the cash generation. The liquidity position continues to be very strong.

Yiong Yim Ming: Liquidity position is continuing to be very strong, SGD 2 billion of cash, SGD 4.9 billion of committed and undrawn credit facilities, so we have definitely sufficient financial headroom. For all the other metrics, I think average interest has dropped and then it is now at 3.4%. I know one of the favorite questions is, where do we see where we end the year at? We have articulated previously, we hope to end the year no higher than 3.5%. So to all the bankers in the room, please help us achieve this objective. As shown, the last one is just basically on hedging. We do not do any speculative. So you can see our loans match with the assets that we have, and we have an overall natural hedge of about 76% across the key markets. So financial position in a nutshell.

Speaker #1: $2 billion of cash, $4.9 billion of committed and drawn credit facilities. So we definitely have sufficient financial headroom. For all the other metrics, I think average interest has dropped, and it's now at 3.4%.

Speaker #1: I know one of the favorite questions is, you know, where do we see—where do we end the year at? We have articulated previously, we hope to end the year, you know, no higher than 3.5.

Speaker #1: So, to all the bankers in the room, please help us achieve this objective. As shown, the last point is basically on hedging.

Speaker #1: So we don't do any speculative lending. You can see our loans match with the assets that we have, and we have an overall natural hedge of about 76% across the key markets.

Yiong Yim Ming: So you can see our loans match with the assets that we have, and we have an overall natural hedge of about 76% across the key markets. So financial position in a nutshell. We reiterate we have a strong liquidity position, diversified financing sources, and we definitely exercise prudent financial risk management. With this, I hand over back to Belinda.

Speaker #1: So, financial position in a nutshell—we reiterate that we have a strong liquidity position, diversified financing sources, and we definitely exercise prudent financial risk management.

Yiong Yim Ming: We reiterate we have a strong liquidity position, diversified financing sources, and we definitely exercise prudent financial risk management. With this, I hand over back to Belinda.

Speaker #1: So with this, I hand over back to Belinda.

Speaker #2: Thank you, Yiming and Sherman. We would now like to move to the second part of today's briefing, which is the Q&A. So, please feel free to ask your questions.

Belinda Lee: Thank you, Yan Meng and Sherman. We would now like to move to the second part of today's briefing, which is the Q&A. Please feel free to ask your questions. My colleagues are standing around the room with microphones, and if you have any questions, please raise your hands and they will come to you. The only thing we request is if you could let us know who you are, introduce yourself and the organization that you represent. Now, for those who are joining us on webcast, you will similarly be able to pose your questions if you just tap on the Q&A feature on the call. May I have a Oh, I see hands pointing here. Maybe let me just take the first question. Tabitha, maybe you kick us off.

Speaker #2: My colleagues are standing around the room with microphones. If you have any questions, please raise your hand, and they will come to you.

Speaker #2: The only thing we request is, if you could let us know who you are, introduce yourself, and the organization that you represent. Now, for those who are joining us on the webcast, you will similarly be able to post your questions if you just tap on the Q&A feature on the call.

Speaker #2: So, may I have a— I see hands pointing here. So maybe, let me just take the first question. Tabitha, maybe you can kick us off.

Speaker #3: Hi, good morning. Tabitha from BBS here. Congrats on the strong results. My first question is on divestments. Your progress appears to have been slower than expected this year.

[Analyst] (DBS): Hi. Good morning. Tabitha from DBS here. Congrats on the strong results. My first question is on divestments. Your progress appears to have been slower than expected this year. Can we expect a more accelerated pace of capital recycling over the next six to 12 months? Which assets are in the pipeline? Any of the UK legacy assets that you identified previously?

Tabitha Foo: Hi. Good morning. Tabitha from DBS here. Congrats on the strong results. My first question is on divestments. Your progress appears to have been slower than expected this year. Can we expect a more accelerated pace of capital recycling over the next six to 12 months? Which assets are in the pipeline? Any of the UK legacy assets that you identified previously?

Speaker #3: Can we expect a more accelerated pace of capital recycling over the next 6 to 12 months? And which assets are in the pipeline? Are any of the UK legacy assets that you identified previously included?

Speaker #4: Good morning, Tabitha. Yes, as I mentioned earlier, we see that divestments will be weighted more toward the second half of this year. But having said that, right, I mean some of them—especially some—are fairly significant divestments.

Sherman Kwek: Morning, Tabitha. Yes, as I mentioned earlier, we see it as divestments will be weighted more in H2 this year. Having said that, some of them, especially some, are fairly significant divestments. We are in very advanced stages, but they may not close by this year, so some may trickle into next year. Yes, as Yan Meng mentioned earlier, we did record Quayside Isle as a divestment in our accounting. I do not count that as this year because I already announced it as part of our divestment amount for last year when I presented to all of you our full year results, because I announced it in December, but it only completed in January. Therefore, to me, this year we have not done any divestments other than some few strata title units at Fortune Centre.

Speaker #4: I mean, we are in, you know, we are in very advanced stages, but they may not close by this year. So some may trickle into next year.

Speaker #4: But yes, I mean, as Yiming mentioned earlier, we did record a quayside aisle as a divestment in our accounting. But I don't count that as this year because I already announced it as part of our divestment amount for last year when I presented to all of you our full year results. I announced it in December, but it only completed in January.

Speaker #4: So therefore, to me, this year we haven't done any divestments other than a few strata title units at Fortune Center. But yeah, so that really emphasizes the urgency for us to kick it up for the back half of this year.

Sherman Kwek: Yeah, so that really emphasizes the urgency for us to kick it up for the back half this year. Plus, with regards to going forward, because I think you mentioned, is it 12 to 18 months or something? Anyway, all that we will share more when we release our strategic review outcome end of next month. That will cover our whole capital recycling efforts for the next few years. We do not generally have a practice of disclosing what the assets are. Suffice to say, you are right on the dot. The legacy UK land bank that we had showed earlier, I think the last time when we announced results, we said we had this SGD 800 million of UK legacy assets. Those are certainly on the cards too.

Speaker #4: And plus, with regards to going forward, I mean, because I think you mentioned, is it 12 to 18 months or something? But anyway, all that—we will share more when we release our strategic review outcome at the end of next month.

Speaker #4: That will cover our whole capital recycling efforts for the next few years. So, and yeah, we don't generally have a practice of, I think, disclosing what the assets are. But suffice to say, you're right on the dot.

Speaker #4: I mean, the legacy UK land bank that we had showed earlier—I think the last time when we announced results, we said we had this £800 million thing of UK legacy assets.

Speaker #4: Those are certainly on the cards, too.

Speaker #3: Thanks. And my second question is on Singapore residential. So, you've been very active in land banking, but with the recent GLS bids at such elevated pricing, will you still continue to look at GLS or en bloc as something that you will consider, given the latest measures?

[Analyst] (DBS): My second question is on Singapore residential. You have been very active in land banking, but with the recent GLS bids at such elevated pricing, will you still continue to look at GLS or en bloc as something that you will consider given the latest measures? Also, on EC projects, you have been working very well for the group, and you have two upcoming projects not subject to the new rules. Has your stance on participating in the EC market changed?

Tabitha Foo: My second question is on Singapore residential. You have been very active in land banking, but with the recent GLS bids at such elevated pricing, will you still continue to look at GLS or en bloc as something that you will consider given the latest measures? Also, on EC projects, you have been working very well for the group, and you have two upcoming projects not subject to the new rules. Has your stance on participating in the EC market changed?

Speaker #3: And also on EC projects, you have been working very well for the group, and you have two upcoming projects not subject to the new rules. But has your stance on participating in the EC market changed?

Speaker #4: Yeah, look, prices have always been high for GLS sites, right? I mean, any good site that's well-located, has strong connectivity, will always, always be hotly contested.

Sherman Kwek: Yeah. Look, prices have always been high for GLS sites, right? Any good site that is well located, has strong connectivity, will always be hotly contested. We will continue to participate, we just have to do so in a disciplined manner. Let us see where we get to, as I mentioned in previous analyst briefings. I think we also need to watch what our pipeline looks like. We do not want to go back to a point in time, like in early 2018 when I had 4,000 units in the pipeline and then suddenly, some cooling measure comes out and then our share price was really wrecked. I think we have an optimal pipeline land bank number in mind.

Speaker #4: So we will continue to participate; we'll just have to do so in a disciplined manner. And let's see where we get to. As I mentioned in previous analyst briefings, I think we also need to watch what our pipeline looks like.

Speaker #4: I mean, we don't want to go back to a point in time like in early 2018 when I had 4,000 units in the pipeline, and then suddenly, you know, some cooling measure comes out, and then, you know, our share price was, you know, was really wrecked.

Speaker #4: So, I think we have an optimal pipeline land bank number in mind. So, I think we'll always try to ensure that we replenish on a timely basis.

Sherman Kwek: I think we'll always try to ensure that we replenish on a timely basis, because as all of you know, I can reduce our gearing and also conserve more cash by not investing, but it hurts you down the road when you don't have revenue and profits coming in. We'll continue replenishing. We continue to look at good land sites. We are privileged that one, two this year we participated in quite a few. Obviously one recent one was Bayshore, where this large consortium that we were leading, we came in second, so that was a bit of a pity. But we'll continue to look at future GLS and likewise, we will look at en blocs as well. I previously mentioned to the audience that en blocs are usually not our preferred method because it's a much more longer, cumbersome process to get through the en bloc.

Speaker #4: Because as all of you know, right, I mean, I can you know reduce our gearing and also save you know save conserve more cash by not investing, but it hurts you down the road.

Speaker #4: When you don't have revenue and profits coming in, we'll continue replenishing. We continue to look at good land sites. We are privileged to have one, two this year.

Speaker #4: We participated in quite a few. And, you know, one—obviously the most recent one—was Bayshore, where this large consortium that we were leading, I mean, we came in second.

Speaker #4: So there was a bit of a pity, but we'll continue to look at future GLS. Likewise, we will look at unblocks as well.

Speaker #4: I previously mentioned to the audience that unblocks are usually not our preferred method because it's a much longer, more cumbersome process, right? To get through the unblock.

Speaker #4: And there may be more studies that you may need to do, you know, whether it's you know traffic impact assessments and stuff like that, you know.

Sherman Kwek: There may be more studies that you may need to do, whether it's traffic impact assessments and stuff like that. But it's still something we'll keep in mind. There are a lot of very nice, well located legacy or aged assets. So if the opportunity comes up and the pricing is within a range that we deem acceptable, we would certainly be keen to go for it, too. As for EC sites, yes, the new EC sites will certainly come under a different set of rules and that will moderate things. Having said that will be evident in the bid prices for the land. So we will also continue to participate, but we will have to obviously moderate what we bid for it.

Speaker #4: But you know, it's still something we'll keep in mind. I mean, you know, there are a lot of very, very nice, well-located, legacy or aged assets.

Speaker #4: So if the opportunity comes up and the pricing is within a range that we deem acceptable, we would certainly be keen to go for it, too.

Speaker #4: So, as for EC sites, yes, the new EC sites will certainly, you know, come under a different set of rules, and that will moderate things.

Speaker #4: But having said that, I mean, that will be evident in the bid prices for the land. So we will also continue to participate, but we will have to obviously moderate what we bid for it.

Speaker #3: Okay, thank you. Can I move to any of the next questions, please? Okay, maybe let me take Shen.

[Analyst] (DBS): Okay. Thank you. Can I move to the next question, please? Okay. Maybe let me take Shen.

Tabitha Foo: Okay. Thank you.

Belinda Lee: Can I move to the next question, please? Okay. Maybe let me take Shen.

Speaker #5: Hi, good morning. This is Shen here from Goldman. First question is on the New Port office and Union Square. Can you share what is the CAPEX and yield on cost?

[Analyst] (Goldman Sachs): Hi. Morning. This is Shen here from Goldman Sachs. First question is on the Newport office in Union Square. Can you share what is the CapEx and yield on cost? Beyond this project, are you actually prepared to undertake more redevelopment, or will you only embark on those when these two are completed? Thank you.

Xuan Tan: Hi. Morning. This is Shen here from Goldman Sachs. First question is on the Newport office in Union Square. Can you share what is the CapEx and yield on cost? Beyond this project, are you actually prepared to undertake more redevelopment, or will you only embark on those when these two are completed? Thank you.

Speaker #5: And beyond this project, are you actually prepared to undertake more redevelopment, or will you only embark on those when these two are completed? Thank you.

Sherman Kwek: Can you take it? Shen, I will let E-Min talk more on the cost, but yes, we are willing to undertake more redevelopments as and when. I think it is appropriate and obviously accretive for us. As mentioned at the full year briefing to all of you, we have a few other assets that could potentially go under different schemes. Newport is under the CBD Incentive Scheme, where we had a 25% uplift. Union Square is under the Strategic Development Incentive Scheme, so that was a 67% GFA uplift. We have, for instance, two other potential projects that fit under each scheme. There is the City House, which can still go under the CBD Incentive Scheme. Then there is also, you remember we en bloc-ed The Adelphi. We own a large part of it, but we bought out the remaining minority shareholders.

Speaker #4: Okay. Yeah, Shen, I'll let Yiming talk more on the cost. But yes, we are willing to undertake more redevelopments as and when, I think, you know, it's appropriate and obviously accretive for us, as mentioned in the full-year briefing to all of you. I mean, we have a few other assets that could potentially go under different schemes.

Speaker #4: I mean, New Port is under the CBD incentive scheme, where we had a 25% uplift. Union Square is under the Strategic Development Incentive scheme.

Speaker #4: So, that was a 67% GFA uplift. So we have, you know, for instance, two other potential projects that fit under each scheme. So there's the City House, which can still go under the CBD incentive scheme.

Speaker #4: Then there's also—you remember, we unblocked Delphi. I mean, we own a large part of it, but we bought out the remaining minority shareholders.

Speaker #4: And so now, with full control of Delphi, and obviously CDL Hospitality Trust has Orchard Hotel and Claymore Connect, the mall next door. So that is a potential project that could go under the Strategic Development Incentive scheme as well.

Sherman Kwek: And so now with full control of The Adelphi, and obviously CDL Hospitality Trusts has Orchard Hotel and Claymore Connect, the mall next door. So that is a potential project that could go under the Strategic Development Incentive Scheme as well. Yes, but as mentioned at the full year briefing, I do not want too many redevelopments going on at the same time because every time you do it, you lose the entire rental income, and it is several years of heavy CapEx as you build out these big integrated mixed-use developments. E-Min.

Speaker #4: So yes, but as mentioned at the full-year briefing, I don't want too many redevelopments going on at the same time, because every time you do it, you lose the entire rental income, and it's several years of heavy CAPEX as you build out these big, integrated, mixed-use developments.

Speaker #4: Yiming?

Speaker #3: Never really divulge it, but okay. So the TDC for New Port as well as Union Square—I'm talking about the commercial elements—they are in the range of about $1.1 billion and $0.9 billion, thereabouts.

Kwek Eik Sheng: Never really divulged it, but okay. The TDC for Newport, as well as Union Square, I am talking about the commercial elements. They are in the range of about SGD 1.1 billion and SGD 0.9 billion thereabout. So this is based on market prices of the land. As we all know, Newport was our previous Fuji Xerox. So this SGD 1.1 billion actually reflected the market value of the land at the point of transfer. So clearly the embedded value is what we have not yet unleashed, which we will should we do any other capital movements. Out of which, I think, I have mentioned earlier on this time around, in fact, for the last one, two years, we have spent significant CapEx on these two properties. So right now, I think the remaining commitments for these two properties is also fairly minimal. It is probably in the range of sub SGD 400. Can say

Yiong Yim Ming: Never really divulged it, but okay. The TDC for Newport, as well as Union Square, I am talking about the commercial elements. They are in the range of about SGD 1.1 billion and SGD 0.9 billion thereabout. So this is based on market prices of the land. As we all know, Newport was our previous Fuji Xerox. So this SGD 1.1 billion actually reflected the market value of the land at the point of transfer. So clearly the embedded value is what we have not yet unleashed, which we will should we do any other capital movements. Out of which, I think, I have mentioned earlier on this time around, in fact, for the last one, two years, we have spent significant CapEx on these two properties. So right now, I think the remaining commitments for these two properties is also fairly minimal.

Speaker #3: So this is based on market prices of the land. As we all know, New Port was our previous Fuji Xerox. So this $1.1 billion actually reflected the market value of the land at the point of transfer.

Speaker #3: So, clearly, the embedded value is what we have not yet unleashed—which we will, should we do any other capital movements, yeah. So, out of which, I think, you know, I mean, I've mentioned earlier on, this time round, in fact, for the last one, two years, we have spent significant capex on these two properties.

Speaker #3: So right now, I think the remaining commitments for these two properties are also fairly minimal. It's probably in the range of below $400 million. I'll let you guess yourself.

Yiong Yim Ming: It is probably in the range of sub SGD 400. Can say Let you guess yourself.

Belinda Lee: Let you guess yourself. Can we move on to the next questions, please? Any hands? Everybody is very happy with the results. We can go for lunch now. Maybe I move to Dexter. Is it Dexter? Yep.

Speaker #5: Okay. Can we move on to the next questions, please? Any hands? Or is everybody very happy with the results? We can go for lunch now.

Belinda Lee: Can we move on to the next questions, please? Any hands? Everybody is very happy with the results. We can go for lunch now. Maybe I move to Dexter. Is it Dexter? Yep.

Speaker #5: Okay, maybe I'll move to Dexter. Is it Dexter? Yep.

Speaker #6: Hi, good afternoon. Can I ask quickly about the two—obviously, property development has done very well. You have mentioned the land cost, but what’s your sense of the Singapore property market now?

[Analyst]: Hey, good afternoon. Can I ask quickly on the. So obviously your property development has done very well. You have mentioned obviously about land costs, but what's your sense of the Singapore property market now? Do you think this is the best that we have, or do you think there's still, from what you're planning, is there a long way still to run in terms of prices, in terms of the health of the market right now, or you're a little bit more conservative on it? That's my first part. I'll ask the next one.

Speaker #6: Do you think this is the best that we have, or do you think there’s still—like from what you’re planning—is there a long way still to run in terms of prices, in terms of the health of the market?

Speaker #6: Right now, are you a little bit more conservative on that? That's my first ask. Next one.

Speaker #4: Morning, Dexter. Yeah, I think the market has entered into a more stabilized phase. As mentioned earlier, I mean, year-to-date price increase for private residential, according to the URA index, is 1.4%.

Sherman Kwek: Morning, Dexter. Yeah, I think the market has entered into a more stabilized phase. As mentioned earlier, year to date price increase for private residential, according to the URA index, is 1.4%. I think we'll probably end the full year, maybe somewhere between 2% to 3% price growth. I think that's very normal, right? You keep track with inflation costs and obviously our development costs have risen as well over the years. The units transacted, whether we hit 8,000 or 10,000 end of this year, I think they're indications of a very stable market. So far, I'm quite pleased with it, and this is in line, I think, with where the government would like to see the residential market be as well. So yeah, we continue to be optimistic about it. This is our bread and butter. CDL, we do property development very well.

Speaker #4: I think we'll probably end the full year maybe somewhere between 2% to 3% price growth. And I think that's very normal, right? I mean, you can keep track with inflation costs, and obviously our development costs have risen as well over the years.

Speaker #4: So I think, you know, and the units transacted, I mean, whether we hit, you know, 8,000 or 10,000 end of this year, I think it's been a very it's a very they're indications of a very stable market.

Speaker #4: So, so far, I'm quite pleased with it. And this is in line, I think, with where the government would like to see the residential market be as well.

Speaker #4: So yeah, we continue to be optimistic about it. I mean, this is our bread and butter. CDL, we do, you know, property development very well.

Speaker #4: And obviously, Singapore is our strongest market because it's our home ground. So we will continue, I think, to execute in this market and continue to be on the lookout for the right opportunities and the right GLS land tenders to participate in.

Sherman Kwek: Obviously Singapore is our strongest market because it's our home ground. So we will continue, I think, to execute in this market and continue to be on the lookout for the right opportunities, and the right GLS land tenders to participate in.

Speaker #6: And just two more follow-ups. One is on your gearing. You have a reserve priority, but it's gone up again. Albert, for the GLS, is there actually a concrete plan to reduce it, and is there a target?

[Analyst]: Just two more follow-ups. One is on your gearing. You have always made it a priority, but it's gone up again, albeit, for the GLS. Is there actually a concrete plan to reducing, is there a target? What the plan is? In terms of your strategic review, obviously you all wanted to do it in June, announce it in June. What's the reason for the delay? Is it safe to assume that the whole board has unanimously approved it? Thank you.

Speaker #6: What the plan is? And on terms of the in terms of your strategic review, obviously I wanted to do it in June, announce it in June.

Speaker #6: What’s the reason for today? And is it safe to assume that the whole Board has unanimously approved it? Thank you.

Speaker #4: Yes, so I'll address the gearing one first. Gearing has ticked up, unfortunately, because obviously we've bought these two GLS sites, which we are very excited about.

Sherman Kwek: Yes. I will address the gearing one first. Gearing has ticked up, unfortunately, because obviously we have bought these two GLS sites, which we are very excited about. We think they are good purchases, but it does add to our gearing. It is not at a level that we are comfortable with. 75% is high. But the good thing is that you will hear, and again, sorry today that we will be short on details, but you will hear at our strategic review, unveiling of our strategic review outcomes end of next month, how we have a concrete plan to bring it down. A very concrete plan backed by assets and numbers, to bring it down to a level that I would think everybody should be very happy with as well. But we will talk more about that end of next month.

Speaker #4: We think they're good purchases, but it does add, you know, to our gearing. So it's not at a level that we're comfortable with. I mean, 75% is high, but the good thing is that you will hear—and again, sorry, today we'll be short on details—but you will hear at our strategic review, the unveiling of our strategic review outcomes at the end of next month, how we have a concrete plan to bring it down, a very concrete plan backed by assets and numbers.

Speaker #4: To bring it down to a level that I would think everybody should be very comfortable with. But we will talk more about that end of next month.

Speaker #4: And your other question—strategic review—yes, the board has approved it unanimously, yesterday. So, really grateful to the board for standing behind what has been many, many months of work, right?

Sherman Kwek: Your other question on strategic review, yes, board has approved it unanimously yesterday. So, really grateful to the board for standing behind what has been many, many months of work, right? Actually close to a year since we started this. But we still need to tweak certain final parts. Because as management, right, we have to ensure that everything we put out there, we can absolutely deliver. So there is still some final tweaking we need to do. Obviously, I was joking earlier about the pretty infographics and all that, but there is a little bit more work to be done to get the whole plan concrete and in shape. That is why we needed a bit more time as well.

Speaker #4: I mean, it’s actually close to a year since we started this, but we still need to tweak certain final parts. I mean, you know, because as management, right, we have to ensure that everything we put out there, we can absolutely deliver.

Speaker #4: So, there's still some final tweaking we need to do. I was—obviously, I was joking earlier about the pretty infographics and all that, but there is a little bit more work to be done to get the whole plan concrete and in shape.

Speaker #4: So that's why we needed a bit more time as well. And also, obviously, we're also very busy running the business. So we thought, let's put it at the end of September, so that'll give us time without having to rush and put out something that may be slightly unfinished.

Sherman Kwek: Also, obviously, we are also very busy running the business, so we thought, let us put it at the end of September, so that will give us time without having to rush and put out something that may be slightly unfinished.

Speaker #5: Okay. Okay, maybe since it's there, why don't I just take Jovi, then I'll come to you, Kiang, then I'll come back to Rachel.

Belinda Lee: Okay. Maybe since it is there, why do not I just take Jovi, then I come to you, Keang, then I come back to Rachel, okay? So Jovi, maybe let me take yours first.

Speaker #5: Okay, so Jovi, maybe let me take yours first.

Speaker #7: Thanks. Hi, I'm Jovi from Singapore. Thanks for the presentation. Just two new Grade A office supplies tied in the coming years. Can I just confirm how leasing is progressing for the office space at Newport Plaza and Union Square?

[Analyst] (DBS): Thanks. Hi, I am Jovi from DBS Singapore. Thanks for the presentation. Just two. New Grade A office supply is tight in the coming years. Can I just confirm how leasing is progressing for the office space at Newport Plaza and Union Square? Are you able to share any figures? I think building on Dexter's question, do you see any new launch prices hitting SGD 4,000 PSF? Orchard Boulevard tender just opened this morning, for example. Thanks.

Jovi Ho: Thanks. Hi, I am Jovi from DBS Singapore. Thanks for the presentation. Just two. New Grade A office supply is tight in the coming years. Can I just confirm how leasing is progressing for the office space at Newport Plaza and Union Square? Are you able to share any figures? I think building on Dexter's question, do you see any new launch prices hitting SGD 4,000 PSF? Orchard Boulevard tender just opened this morning, for example. Thanks.

Speaker #7: Are you able to share any figures? And I think, building on Dexter's question, do you see any new launch prices hitting $4,000 PSF? Orchard Boulevard tender just opened this morning, for example.

Speaker #7: Thanks.

Speaker #8: Mr. Chair, why don't you take both questions? But having said that—yeah, no, I know. I mean, I may look like a bad guy for throwing the tough questions at him.

Sherman Kwek: Mr. Chia, why don't you take both questions? Having said that, yeah, no, I know. I may look like a bad guy for throwing the tough questions at him. I will take the first one, Jovi. We don't tend to share too much about our pre-leasing efforts. Obviously pre-leasing really ramps up strongly the closer you get to completion. But having said that, we did share when we unveiled our full year results for 2025 that obviously we are at a 52% pre-lease for Union Square because that was a one single, large tenant. Suffice to say, both of them are actually, it's been very encouraging. Tenants have been interested. A mixture of large tenants and smaller tenants. But yes, sorry, Jovi, we don't typically share pre-leasing commitments until we get closer to when the building's about to TOP.

Speaker #8: Okay, I'll take the first one. Jovi, I mean, we don't tend to share too much about our pre-leasing efforts, and obviously pre-leasing really ramps up strongly the...

Speaker #8: The closer you get to completion. But having said that, we did share at our—when we unveiled our full-year results for 2025—that, obviously, we are at 52% pre-lease for Union Square, because that was one single large tenant.

Speaker #8: But suffice to say, for both of them actually, it's been very encouraging. I mean, tenants have been interested—a mixture of large tenants and smaller tenants.

Speaker #8: But yes, sorry, Jovi, we don't typically share pre-leasing commitments until we get closer to when the buildings are about to TOP. As for whether RESI will hit 4,000, I will let Mr. Chair answer that.

Sherman Kwek: As for whether resi will hit 4,000, I will let Mr. Chia answer that.

Speaker #4: Actually, $4,000 benchmark is not high, actually. Some of the Orchard Boulevard properties are already $5,000 plus. So I think, depending on the location and the type of property, the quality, I would expect the new launches to be on the high $3,000s, down to those in very good locations like the Orchard Boulevard you mentioned.

Chia Ngiang Hong: Actually, 4,000 benchmark is not high actually. Some of the Orchard property already 5,000 plus. I think depending on location and the type of property, the quality, I would expect the new launches to be on the high 300,000, those are very good locations like the Orchard you mentioned. Yeah. Thanks.

Speaker #4: Yeah, thanks. So, you may remember, Jovi, that the record was set by The Mark, right? You know, at Paterson—that was 6,800 plus per square foot, right?

Sherman Kwek: You may remember, Jovi, that the record was set by The Marq on Paterson Hill. That was SGD 6,800 plus per square foot. Obviously, there are other developments that have hit SGD 5,000 plus. Whether you are asking whether SGD 4,000 will become the norm, that is not going to be the case. There will be some luxury high-end projects that will hit or cross SGD 4,000.

Speaker #4: And obviously, there are other developments that have hit $5,000 plus, you know. But whether you're asking whether $4,000 will become the norm—I mean, that's not going to be the case.

Speaker #4: But there will be some luxury, high-end projects that will hit or cross $4,000. So.

Belinda Lee: Okay. Thank you. I am going to just move back to the front. Yu Kiang first, and then after that pass to Rachel.

Speaker #5: Okay, thank you. I'm going to just move back to the front. Yukiang first, and then after that, I'll pass to Rachel.

Speaker #7: Hi, Yukiang from CLSA. I'm glad to see the higher interim dividend despite the absence of any significant divestment gains. And I think Sherman alluded that the bulk of it will be coming in the second half.

Yu Kiang: Hi. Yu Kiang from CLSA. I am glad to see the higher interim dividend despite the absence of any significant divestment gains. I think Sherman alluded that bulk of it will be coming in H2. If the divestment does not come through, is there a risk that your full year dividend for this year is going to be lower than the previous year?

Yew Kiang: Hi. Yu Kiang from CLSA. I am glad to see the higher interim dividend despite the absence of any significant divestment gains. I think Sherman alluded that bulk of it will be coming in H2. If the divestment does not come through, is there a risk that your full year dividend for this year is going to be lower than the previous year?

Speaker #7: But if the divestment doesn't come through, is there a risk that your full-year dividend for this year is going to be lower than the previous year?

Speaker #4: So, Yukiang, as mentioned, our dividend policy is now based on the dividend payout ratio, right? Minimum of 35% of PATMI, correct? So it's whatever PATMI is.

Sherman Kwek: Yu Kiang, as mentioned, our dividend policy is now based on a dividend payout ratio, minimum of 35% of PATMI. It is whatever PATMI is. Yes, there is a risk. If we do not hit the same kind of SGD 600 over million like last year, there is a risk the absolute amount will come down, but not the ratio. Last year we paid out 40%. This year we could pay out minimum 35%, maybe more. The ratio has a floor, but the amount could come down if we do not hit the same thing. Yeah.

Speaker #4: So yes, there is a risk. I mean, if we don't hit the same kind of 600-over-a-million like last year, there's a risk the absolute amount will come down, but not the ratio.

Speaker #4: Last year we paid out 40%. So, you know, I mean, this year we could pay out a minimum of 35%, maybe more, but so the ratio still has a flaw. The amount could come down if we don't hit the same thing.

Speaker #4: So yeah.

Speaker #7: Okay. Okay, thank you.

Speaker #4: You know, I mean, we'll just pay out whatever our PATMI is, you know, with or without capital recycling gains in there.

Yu Kiang: Okay. Thank you.

Yew Kiang: Okay. Thank you.

Sherman Kwek: We will just pay out whatever our PATMI is with or without capital recycling gains in there.

Speaker #7: Thank you.

Yu Kiang: Thank you.

Yew Kiang: Thank you.

Speaker #5: Okay, Rachel.

Belinda Lee: Okay, Rachel.

Speaker #6: Hi, good morning. Good to see the share price pop. Actually, just following up on Yukiang's question, in the second half, do you have any more residential properties that you can recognize to support your second half numbers?

[Analyst]: Hi. Good morning. Good to see the share price pop. Actually, just following up on Yu Kiang's question. Is H2, do you have any more residential properties that you can recognize to support your H2 numbers?

Speaker #8: We do, but it's definitely not as strong as first half. First half, we have Lumina Grand, which is an ECTOP. And I can tell you in first half, Norwood as well as Smith's, I have very high percentage of completion in excess of 90%.

Yiong Yim Ming: We do, but it is definitely not as strong as H1. H1 we have Lumina Grand, which is an EC TOP. I can tell you in H1, Norwood as well as The Myst are a very high percentage of completion in excess of 90%. So what we have is going to be our rock solid Newport, which is more than 80% sold. It is currently in June about 50 odd percent completed. So we will see the progress of completion by year-end. But relatively to H1, yes, it will be smaller.

Speaker #8: So what we have is going to be our rock-solid Newport, which is more than 80% sold and, as of June, is about 50% completed.

Speaker #8: So we'll see the project progress of completion by year end. But, relative to the first half, yes, it will be smaller.

Speaker #5: Thank you. Then, my next question is really on hotels. I think some of your peers are thinking of paring down their stake. I know it's a bit different for your CDL hotel portfolio, but what are your thoughts about hotels?

[Analyst]: Thank you. My next question is really on hotels. I think some of your peers are thinking of paring down their stake. I know it is a bit different for your City Dev hotel portfolio, but what are your thoughts about hotel?

Speaker #4: We are planning to share more at the strategic review outcome unveiling at the end of next month, but maybe I'll turn it over to HJ if you wish to talk about our thoughts about our hotel portfolio.

Sherman Kwek: We are planning to share more at the strategic review outcome unveiling end of next month, but maybe I will turn it over to Xing if you wish to talk about our thoughts about our hotel portfolio.

Speaker #7: I mean, for the first half, I think, of course, it's still quite volatile, right? I mean, and because we have such a diversified portfolio, net-net, what we did see is that we still performed better than 2025.

Kwek Eik Sheng: For the H1, I think, of course, it is still quite volatile. Because we have such a diversified portfolio, net what we did see is that we still performed better than 2025. Even though there were some hotels and regions which were impacted, we saw other regions take up the slack as well. I think that is the benefit of having a very diversified portfolio. That kind of principle I think we will continue to maintain. I think we will have more to share at the strategy review. I think we cannot really share too much details at this point.

Speaker #7: And even though there were some hotels in regions which were impacted, we saw other regions take up the spike as well. So I think that's the benefit of having a very diversified portfolio.

Speaker #7: That's the kind of principle I think we will continue to maintain. But I think we will have more to share as the strategy review progresses.

Speaker #7: I think we can't really share too many details at this point.

Speaker #5: Okay, just trying to tease it out. Thank you. Okay, wait. Let me just...

[Analyst]: Just trying to tease it out. Thank you.

Speaker #4: Thank you, Rachel. Well, good to see you again—it's been a while.

Belinda Lee: Okay, wait, let me just-

Sherman Kwek: Well, good to see you again, Rachel. It has been a while.

Speaker #5: Let me just take some questions on the webcast, which is similar to, or in line with, what Rachel just mentioned. Most of your—this question here is from KOT.

Belinda Lee: Let me just take some questions on the webcast, which is similar to in line with what Rachel just mentioned. The question here is from K O Teen of Falcon. Most of your competitors are shifting to an asset light with higher certainty of profitability and cash flows. Under this strategic review, what uniquely distinguishes CDL to stride in the Singapore market? That is the first part. The second part is capital recycling when others are disposing, what kind of matrix or what kind of thoughts you have when you want to maybe capital recycle? What are the priorities that you will put beyond value and time?

Speaker #5: Of Falcon. Most of your competitors are shifting to an asset light with higher certainty of profitability and cash flows and so under this strategic review, what uniquely what will what uniquely distinguishes CDL to stride in the Singapore market?

Speaker #5: And then, so that's the first part. The second part is capital recycling when others are disposing. What kind of, you know, matrix or what kind of thoughts do you have when you want to, you know, maybe capital recycle? What are the priorities that you will put beyond value and time?

Speaker #4: Yeah, so for understandable reasons, I will skip the second question because I think we will address that more when we have more concrete details to share.

Sherman Kwek: Yeah. For understandable reasons, I will skip the second question because I think we will address that more when we have more concrete details to share. In terms of first question, I think I have mentioned this to many of you before. We will never be a fully asset-light company. That is not in our DNA. I think asset ownership is a big part of CDL's DNA, including doing heavy property development. As I have mentioned before, now we are up to SGD 36 billion of assets. We do need a portion of our balance sheet to be a bit more asset light so we do not get too top heavy. Yes, the way to do it is to have a disciplined and systematic capital recycling program that goes on year in, year out.

Speaker #4: In terms of the first question—and I think I mentioned this to many of you before—I mean, we will never be a fully asset-light company.

Speaker #4: That's not in our DNA. I think we asset ownership is a big part of ICDL's DNA, including and you're doing heavy property development. But as I've mentioned before, I mean, and now we're up to 36 billion of assets, right?

Speaker #4: I mean, we do need a portion of our balance sheet to be a bit more asset-light, so we don't get too top-heavy.

Speaker #4: So yes, I mean, the way to do it is to have a disciplined and systematic capital recycling program that goes on year in, year out.

Speaker #4: As we are buying new stuff, we should also be divesting some of our either non-core or, you know, matured or underperforming assets as we go along.

Sherman Kwek: As we are buying new stuff, we should be also divesting some of our either non-core or matured or underperforming assets as we go along. This cycle should continue alongside with our continued investments for growth.

Speaker #4: And this cycle should continue, you know, alongside our investments. I'll continue investments for growth.

Speaker #5: On the topic of capital recycling, I also have another question from VJ of RHB, who is joining us on the webcast. It's somewhat related, so I guess you can use the standard response.

Belinda Lee: On that topic of capital recycling, I also have another question from Vijay of RHB, which is joining us on webcast. Some way it is related, so I guess you can use the SR response. The first part is, can we have an update on fund management segment? The FUM growth has been slow and short of the 5B target, and what are your plans for the FUM growth? That is the first one, but the second one is a little bit more operational. Can we have an update on the living sector portfolio? The PBSA in UK segment seems to have softened, so what is your view on the portfolio performance for the living sector?

Speaker #5: But the first part is, can we have an update on fund management? The FUM growth has been slow and short of the $5 billion target. What are your plans for FUM growth?

Speaker #5: That's the first one. But the second one is a little bit more operational. Can we have an update on the living sector portfolio? The PBSA in the UK segment seems to have softened.

Speaker #5: So, what's your view on your portfolio performance for the living sector?

Speaker #4: Yeah, again, I'm sorry to be such a cop-out, but we will address more details at the, you know, when we have the, you know, session on the strategic review.

Sherman Kwek: Yeah. Again, I am sorry to be such a cop-out, but we will address more details when we have the session on the strategic review. Fund management is going to play a much bigger leg, a much bigger role for us going forward. Currently, roughly speaking, our AUM in the fund management side is about SGD 4 billion right now, primarily comprised of the two REITs, CDLHT, CDL Hospitality Trusts, as well as IREIT, where we are co-manager. Primarily comprised of these two REITs as well as a few small private gigs. Having said that, we do have plans to substantially grow this. Obviously we are going to have to put a much stronger setup in place to ensure we can get there. Yes, we will unveil more details on that next month. What was the other part?

Speaker #4: But fund management is going to play a much bigger leg, you know, a much bigger role for us going forward. Currently, I mean, roughly speaking, our AUM on the fund management side is about $4 billion Sing right now.

Speaker #4: Primarily comprised of the two REITs—CDLHT, as well as CDL Hospitality Trust, and iREIT, where we are co-manager. So, primarily comprised of these two REITs, as well as a few small private gigs.

Speaker #4: But having said that, I mean, we do have plans to substantially grow this, and obviously we're going to have to put, you know, a much stronger setup in place to ensure we can get there. But yes, we will unveil more details on that.

Speaker #4: Next month, what was the other part?

Speaker #5: Living sector portfolio in particular, PBSA UK?

Belinda Lee: Living sector portfolio in particular, PBSA UK.

Speaker #4: Yeah, I mean, of all of our living sector, which currently is mainly in the UK, where we do the multifamily, which is PRS, as we call it.

Sherman Kwek: Yeah. All of our living sector, which currently is mainly in the UK where we do the multifamily, which is PRS as we call it. So the UK PRS, Japan PRS, and UK PBSA. Japan PRS has been the strongest. Our 40 assets there are really doing exceptionally well. We are seeing strong rental growth. Occupancies are almost full. UK PRS has been improving. It was off to a slow start. We were a bit disappointed, but it has been improving. Unfortunately, UK PBSA has been a bit of a drag for us. I would say currently our yield on cost for the six PBSA we own is about 4%. It is not great. We wish it was higher. UK, the entire PBSA market has been under some pressure and some structural challenges.

Speaker #4: So, the UK PRS, Japan PRS, and UK PBSA—Japan PRS has been the strongest. Our 40 assets there are really doing exceptionally well.

Speaker #4: We're seeing strong rental growth; occupancies are almost full. UK PRS has been improving. It was off to a slow start and was a bit disappointing, but it's been improving.

Speaker #4: Unfortunately, UK PBSA has been a bit of a drag for us. I would say currently our yield on cost for the six PBSAs we own is about 4%.

Speaker #4: It's not great. I mean, we wish it was higher. In the UK, the entire PBSA market has been under some pressure and, you know, structural challenges.

Speaker #4: And I think I've mentioned earlier to all of you before as well. I mean, you know, with all this conflict going on, or trade tensions between China and the US, we thought more students from China would go to the UK.

Sherman Kwek: I think I have mentioned earlier to all of you before as well, with all this conflict going on, or trade tensions between China and the US, we thought more students from China will go to UK, but that did not really happen also. The UK PBSA sector is very dependent on foreign students, especially to drive performance. Yes, that has been disappointing, but we are continuing to monitor. Our exposure is not huge. Yes, six assets is not small, but it is not like a large portfolio of 20, 30 properties either. So it is manageable for now. Again, we are reassessing all this with a view to taking a decision on whether to expand or shrink or completely divest the portfolio.

Speaker #4: But that didn't really happen, also. So, I mean, the UK PBSA sector is very dependent on foreign students, especially to drive performance.

Speaker #4: So yes, that's been disappointing, but we're continuing to monitor. I mean, our exposure is not huge. I mean, yes, six assets is not small, but it's not like, you know, a large portfolio of 20 or 30 properties either.

Speaker #4: So, it's manageable for now. But again, we are reassessing all this with a view to making a decision on whether to expand, shrink, or completely divest the portfolio.

Speaker #5: Okay, good. I'm going to move forward. Okay, let's go with Wilson first—Wilson, then Brandon.

Belinda Lee: Okay, good. I'm going to move forward. Okay, let's go with Wilson first. Wilson, then Brandon.

Speaker #6: Hi, morning. Wilson from Jefferies. Just a question on Singapore land banking. So I think, Sherman, you mentioned how you're looking to replenish, but not really overdo it.

[Analyst] (Jefferies): Hi. Morning. Wilson from Jefferies. Just a question on Singapore land banking. I think, Sherman, you mentioned how you're looking to replenish but not really overdo it. Is there a comfortable level of Singapore land banking you are hoping to sustain? I guess related to that also, what would be the implied kind of steady state churn rate or number of launches you'd be seeing out of the land bank per year? Just lastly, on a similar vein, within your Singapore land bank, are there any preferences for specific regions over others? Thanks.

Wilson Ng: Hi. Morning. Wilson from Jefferies. Just a question on Singapore land banking. I think, Sherman, you mentioned how you're looking to replenish but not really overdo it. Is there a comfortable level of Singapore land banking you are hoping to sustain? I guess related to that also, what would be the implied kind of steady state churn rate or number of launches you'd be seeing out of the land bank per year? Just lastly, on a similar vein, within your Singapore land bank, are there any preferences for specific regions over others? Thanks.

Speaker #6: Is there a comfortable level of Singapore land bank you're hoping to sustain? And I guess related to that, what would be the implied kind of steady-state churn rate on launches you'd be seeing out of the land bank per year?

Speaker #6: And just lastly, on a similar vein, within your Singapore land bank, are there any preferences for specific regions over others? Thanks.

Speaker #4: Wilson, I'm very sorry to give you a cop-out answer again. And this is not related to the strategic review, but those are very good questions. However, we typically don't want to share too much here because, again, it's information that could be used against us, right?

Sherman Kwek: Wilson, very sorry to give you a cop-out answer again, and this is not related to strategic review. Very good questions, but we don't typically want to share too much here because, again, it's information that could be used against us, right? Once people know what's our optimal land banking amount, what regions we prefer, what's our sort of churn rate or target churn rate every year, I don't think this is good for us to share this publicly, so apologies for that. Yeah.

Speaker #4: Once people know what's our optimal land banking amount, what regions we prefer, what's our sort of churn rate or target churn rate every year, I don't think this is good for us to share publicly.

Speaker #4: So apologies for that.

Speaker #5: Okay, maybe we'll move down to Brandon.

Belinda Lee: Okay, maybe we'll move down to Brandon.

Speaker #6: Okay. Hi, good morning. I won't ask anything on the results for the first half. We saw that the hotel numbers were quite strong. I think earlier it was mentioned that there were some cost savings.

[Analyst] (Citi Investment Research): Okay. Hey, hi, morning. I wouldn't ask anything to do with the SR. Just on the results for H1, we saw that the hotel numbers were quite strong. I think earlier it was mentioned that there were some cost savings. Could you let us know what these cost savings are? Also, if we were to take away the Forex gain from SGD, what would be the core EBITDA and PBT growth of the hotel side? When I look at the GOP margin, it seems kind of flat year-on-year.

Brandon Lee: Okay. Hey, hi, morning. I wouldn't ask anything to do with the SR. Just on the results for H1, we saw that the hotel numbers were quite strong. I think earlier it was mentioned that there were some cost savings. Could you let us know what these cost savings are? Also, if we were to take away the Forex gain from SGD, what would be the core EBITDA and PBT growth of the hotel side? When I look at the GOP margin, it seems kind of flat year-on-year.

Speaker #6: Could you let us know what these cost savings are, and also, if we were to take away the Forex gain from SGD, what would the core EBITDA and PBD growth of hotels look like?

Speaker #6: Yeah, because when I look at the GOV margin, it seems kind of flat year-on-year, right? Yeah.

Belinda Lee: Your question always must be a very difficult one. The exchange that the hotel segments has. It's a little bit convoluted because it spans over different segments. While we always associate M&C as hotel, they are not only in hotel. They do have investment properties as well as others. But looking at where we are for hotel operations,

Yiong Yim Ming: Your question always must be a very difficult one. The exchange that the hotel segments has. It's a little bit convoluted because it spans over different segments. While we always associate M&C as hotel, they are not only in hotel. They do have investment properties as well as others. But looking at where we are for hotel operations, Their PBT reversed from 84 to 42. The 42 included exchange in the range about 30 over million. So the underlying performance is still positive. Having said that, I also want to reiterate that for the H1 of the year, usually that's not the strongest part for hotel. We all know that the winter months, the Europe hotels as well as the US hotels don't do as well. So it's not exactly linear. The H2 would look a lot better.

Speaker #5: Good question. Always must be a very difficult one, right? So, the exchange that the hotel segments have—okay, it's a little bit convoluted because it spans over different segments.

Speaker #5: So, while we always associate MSC with hotels, they are not only in hotels—they do have investment properties as well as others. But looking at where we are for hotel operations, their PBT reversed from $84 million to $42 million.

Yiong Yim Ming: Their PBT reversed from 84 to 42. The 42 included exchange in the range about 30 over million. So the underlying performance is still positive. Having said that, I also want to reiterate that for the H1 of the year, usually that's not the strongest part for hotel. We all know that the winter months, the Europe hotels as well as the US hotels don't do as well. So it's not exactly linear. The H2 would look a lot better.

Speaker #5: So the 42 included exchange of in the range of about 30 over a million. So the underlying performance is still positive. But having said that, I also want to reiterate that for the first half of the year, usually that's not the strongest part for hotel.

Speaker #5: We all know that, you know, during the winter months, hotels in Europe as well as the US don't perform as well. So, it's not exactly linear.

Speaker #5: The second half would look a lot better.

Speaker #6: Okay. And my second question is with regards to the investment sentiments for the UK and Japan. So, obviously, the interest rate environment hasn't been that favorable.

[Analyst] (Citi Investment Research): Okay. My second question is with regards to the investment sentiments for UK and Japan. Obviously the interest rate environment hasn't been that favorable. Could you maybe just share some color on what buyers are thinking right now?

Brandon Lee: Okay. My second question is with regards to the investment sentiments for UK and Japan. Obviously the interest rate environment hasn't been that favorable. Could you maybe just share some color on what buyers are thinking right now?

Speaker #6: So could you maybe just share some color on what buyers are thinking right now? Yeah.

Speaker #5: Sorry, Brandon. Buyers regarding relating to?

Yiong Yim Ming: Sorry, buyers relating to?

Speaker #6: Relating to your potential sale of the UK development sites in Japan. I mean, you don't have to tell me whether you can sell. It's more like, just want to understand how is the market doing.

[Analyst] (Citi Investment Research): Relating to your potential sale of the UK development sites in Japan. You do not have to tell me whether you can sell. It is more I just want to understand how is the market doing.

Brandon Lee: Relating to your potential sale of the UK development sites in Japan. You do not have to tell me whether you can sell. It is more I just want to understand how is the market doing.

Speaker #5: So if you really look at, you know, I mean, clearly we all know that, you know, our clear divestment, you know, we, you know, we have highlighted the UK legacy and, you know, we have done in UK, we're heavy in UK.

Kwek Eik Sheng: If you really look at, clearly we all know that our clear divestment, we have highlighted the UK legacy and we are heavy in UK. Our total assets in UK is about 13%, and of which, of course, I think we have obviously four chunks. Hotels, which are doing very well. Living sector, which is very resilient. UK commercial, clearly, I think that was something that we tried to put in the REIT and that has been stalled for a while. Of course, the last one being the development portfolio. The development portfolio is the part that we are looking obviously to actively, it is legacy, we have indicated we have no strings attached. We are trying to do that. The buyers are largely, we all know, it is going to be a large pool, but it is likely to be Middle Eastern.

Yiong Yim Ming: If you really look at, clearly we all know that our clear divestment, we have highlighted the UK legacy and we are heavy in UK. Our total assets in UK is about 13%, and of which, of course, I think we have obviously four chunks. Hotels, which are doing very well. Living sector, which is very resilient. UK commercial, clearly, I think that was something that we tried to put in the REIT and that has been stalled for a while. Of course, the last one being the development portfolio. The development portfolio is the part that we are looking obviously to actively, it is legacy, we have indicated we have no strings attached. We are trying to do that. The buyers are largely, we all know, it is going to be a large pool, but it is likely to be Middle Eastern.

Speaker #5: Our total assets in UK is about 13%. And of which, of course, I think we have obviously three chunks, right? I mean, four chunks, hotels, which are doing very well.

Speaker #5: Living sector, which is very resilient. UK commercial, clearly, I I think that was something that we tried to put in the read and that has been stalled for a while.

Speaker #5: And of course, the last one being the development portfolio. So the development portfolio is the part that we are looking obviously to actively, you know, its legacy, you know, we have indicated no strings attached, we're trying to do that.

Speaker #5: The buyers are largely, we all know, it's going to be a large pool of it's likely to be Middle Eastern. And clearly, in the current climate, you know, of course, I think there's a few risks, right?

Yiong Yim Ming: Clearly within the current climate, of course, I think there is a few risks. Firstly, Middle Eastern, we all know that the monies of them being able to take monies out is not exactly the easiest. That is number one. I think forever there is this interest rate, they are saying that obviously if the interest rate hike invisible, you could possibly squeeze better earnings. I think distressed sales is quite evident today, but we are not in a state of a distressed sale. We still believe that we have very good assets, especially Pavilion. But yes, the natural buyer pool is naturally more of the Middle Eastern.

Speaker #5: I mean, firstly, in Middle Eastern, we all know that the money is of them being able to take money out is not exactly the easiest.

Speaker #5: That's number one. I think forever, there's this interest rate, you know, they're saying that obviously if the interest rate hike invisible, you know, you could possibly squeeze better earnings.

Speaker #5: I think the stress sales is quite evident today, but we are not in a state of a distress sale. I mean, we still believe that we have very good assets, especially pavilion.

Speaker #5: But yes, the natural buyer pool is naturally more of the Middle Eastern.

Speaker #6: Yeah, just to add to that, I mean, yes, we will not take whatever price is on the table just so we can meet our divestment targets.

Sherman Kwek: Yeah. Just to add to that, yes, we will not take whatever price is on the table just so we can meet our divestment targets. I think we do not want to leave too much money on the table. From time to time, we do get offers for assets within this legacy land bank, but if it does not hit our required targets, we will not sell it. While I am urgent to want to, under some urgency, to want to divest it, I cannot do that to CDL by leaving too much money on the table. Some of them have good potential, just that it will take too long for us to go and try to unlock or recognize the potential. Regarding Yee Ming, what she mentioned, she is not wrong, I would say. Actually, many of these development sites, a natural buyer also would be UK developers.

Speaker #6: I think we don't want to leave too much money on the table. And from time to time, we do get offers for assets within this legacy land bank, but if it doesn't hit our required, you know, targets, we won't sell it.

Speaker #6: While I am urgent to want to, you know, under some urgency, to want to divest it, but again, I mean, I can't do that.

Speaker #6: The CDR, right, by leaving too much money on the table. And some of them have good potential, just that it's it will take too long for us to go and try to unlock or recognize that potential.

Speaker #6: Regarding Yiming, what she mentioned, she's not wrong. I would say, I mean, actually many of these development sites, a natural buyer also would be UK developers.

Speaker #6: So and we have been in talks as well. But again, she's not wrong in saying that it's Middle Eastern money because if you look at the site we sold last year, Ransom's Wharf, right, that was the London Square, a UK developer, which is owned by Aadia anyway, which is a, you know, Eldar, sorry, owned by Eldar, which is a Abu Dhabi developer.

Sherman Kwek: We have been in talks as well. She is not wrong in saying that it is Middle Eastern money because if you look at the site we sold last year, Ransomes Wharf, that was the London Square, a UK developer, which is owned by Aldar anyway, Aldar, sorry, owned by Aldar, which is an Abu Dhabi developer. Yes, maybe much of the money comes from the Middle East, but that is not the only pool. We have been in talks with UK developers too, so I think that is also a very natural buyer for some of the sites, especially if they already have a strong development team and network within the UK.

Speaker #6: So you know, so yes, maybe much of the money comes from the Middle East, but you know, that's not the only pool. I mean, we have you know, we have been in talks with UK developers too.

Speaker #6: So I think that's also a very natural buyer for some of the sites, especially if they already have their a strong development team and network within the UK.

Speaker #5: Okay, I'm mindful of time. So I'm just going to take one of the last two questions. So I'm just going to pass to Mervin first.

Belinda Lee: Okay. I am mindful of time, so I am just going to take one of last two questions. I am just going to pass to Mervyn first.

Speaker #6: All right. Mervin from JP Morgan. Maybe we can move to slide 21. I appreciate the pass, but we have a lot of UK debt, noted that you issued the MTM program.

[Analyst] (JP Morgan): Hi, Mervyn from JP Morgan. Maybe we can move to slide 21. I have read it in the past, but we have a lot of UK debt. Noted that you issued the MTN program where you can issue PERPs. Rather than waiting for any UK land bank disposal, should we not issue some cheaper PERPs to pay off this more expensive UK debt or take on more single debt considering your yield on cost on the PRS is 4%, which probably does not, PBSA, sorry, that does not cover perhaps the UK borrowing cost. What are we doing in terms of the capital management?

Mervin Song: Hi, Mervyn from JP Morgan. Maybe we can move to slide 21. I have read it in the past, but we have a lot of UK debt. Noted that you issued the MTN program where you can issue PERPs. Rather than waiting for any UK land bank disposal, should we not issue some cheaper PERPs to pay off this more expensive UK debt or take on more single debt considering your yield on cost on the PRS is 4%, which probably does not, PBSA, sorry, that does not cover perhaps the UK borrowing cost. What are we doing in terms of the capital management?

Speaker #6: We can issue perps rather than waiting for any UK land bank disposal. Should we not issue some cheaper perps to pay off this more expensive UK debt or take on more single debt considering your yield on cost on the PRS is 4%, which probably doesn't PBSA, sorry, that doesn't cover the perhaps the UK borrowing cost.

Speaker #6: Yeah. While we're doing in terms of the capital management, yeah.

Speaker #5: So you are right. You know, I mean, by debt, we do do a little bit, you know, of cross-currency swaps where we borrow in SGD and then we do a cross-currency swap to UK to service our debt, you know, we service our UK debt of which if you look at UK debt composition, you know, the fixed ratio is possibly lower.

Yiong Yim Ming: You are right. By that, we do a little bit of cross-currency swaps where we borrow in SGD, and then we do a cross-currency swap to UK to service our debt. We service our UK debt, of which if you look at UK debt composition, the fixed ratio is possibly lower. We kind of missed the window back in 2018, 2019. There was never a perfect window to do that except at the expensive price. Having said that, we have been doing what you suggested, but to open that a little bit more, that still leaves you with a currency risk. That is not exactly what we were trying to usually posture. While GBP has been a lot more stable relative to USD, comparing the last two years, it still lends up with some exchange exposure, which we possibly might not really want to do that.

Speaker #5: We kind of missed the window back in 2018, 2019. There was never a perfect window to do that, except at the expensive price. So having said that, you know, so we have been doing what you suggested, but, you know, to open that a little bit more, that still leaves you with a currency risk.

Speaker #5: That's not exactly what we were trying to, you know, usually posture. So while GBP has been a lot more stable relative to USD, you know, comparing the last two years, it still lands up with some exchange exposure, which we possibly might not really want to do that.

Speaker #5: So typically every time when it comes close to the refinancing, we do look at the every debt closely. We look at all the instruments, whether it's cheaper to refinance using the natural loan, natural currency, whether it's cheaper for us to do a cross-currency swap or basically just leave the exchange open and borrow in SGD.

Yiong Yim Ming: Typically every time when it comes close to the refinancing, we do look at every debt closely. We look at all the instruments, whether it is cheaper to refinance using the natural currency, whether it is cheaper for us to do a cross-currency swap or basically just leave the exchange open and borrow in SGD. Very simply, I think everybody would think that, "Hey, I can borrow in sub 3%, issue bonds sub 3%, issue Singapore PERPs sub 4%, and UK debt is possibly at most 5%. Why don't you just do that with arbitrage?" But very frankly, the exchange movements, we have done that in the past, it is very easy to tip over with a 1%, 2% savings. The savings in real is possibly in the range of a 1 to 1.2. So it is still a risk movement if you ask me.

Speaker #5: A simple I mean, very simply, I think everybody would think that, hey, I can borrow in sub 3%, issue bonds sub 3%, issue Singapore perps sub 4%, and, you know, UK debt is possibly a most five.

Speaker #5: Why don't you just do that with arbitrage? But very frankly, if you very the exchange movements we have done that in the past is very easy to take over with a 1, 2% savings.

Speaker #5: So the savings in real is possibly in the range of a 1 to 1.2. So it's still a risk movement, like if you ask me.

Speaker #6: Well, I'm asking because CDLHT has achieved 3% DP accretion from issuing perps to, you know, reduce borrowing cost. But anyway, we can discuss this.

[Analyst] (JP Morgan): Well, I am asking because CDLHT

Mervin Song: Well, I am asking because CDLHT

Yiong Yim Ming: Yes

Yiong Yim Ming: has achieved 3% EBITDA accretion from issuing PERPs to reduce borrowing costs.

Mervin Song: has achieved 3% EBITDA accretion from issuing PERPs to reduce borrowing costs. But anyway, we can discuss this.

Speaker #5: Yeah. So perps pricing is typically about 1% higher than traditional debt. So you know, we have done bonds very frankly at low tools, mid tools, sorry, so it's still a little bit pricey for us.

[Analyst] (JP Morgan): Yeah.

[Analyst] (JP Morgan): But anyway, we can discuss this.

Yiong Yim Ming: Yeah. PERPs pricing is typically about 1% higher than traditional debt. We have done bonds, very frankly, at mid tier. So it is still a little bit pricey for us. Yes, it does make the metrics look better. It does make your UK numbers look a bit better if I were to attribute a lower financing cost. But very frankly, if we want to do that, I would just keep issuing a lot of SGD bonds, and I basically have a more open exposure of currency risk. Since we are very clear that UK legacy is what we want to divest, I think we can still give it some time for another one, two years. Yeah.

Speaker #5: Yes, it does look make the metrics looks better. It does make, you know, your UK numbers look a bit better, you know, if I were to attribute a lower financing cost.

Speaker #5: But very frankly, if we want to do that, I will just keep issuing a lot of SGD bonds and then I basically have a more open exposure of currency risk.

Speaker #5: So and since we are very, very clear that UK legacy is what we want to divest, I think we can still give it some time for another one, two years.

Speaker #5: Yeah.

Speaker #6: And final question from me. I presume the hotel is still considered core part of the business, but maybe, I don't know, each one wants to talk about where's the greatest opportunity within the hotel business.

[Analyst] (JP Morgan): And final question from me. I presume the hotel is still considered core part of the business, but maybe, I know Yi Shun wants to talk about where is the greatest opportunity within the hotel business. Yeah, thanks.

Mervin Song: And final question from me. I presume the hotel is still considered core part of the business, but maybe, I know Yi Shun wants to talk about where is the greatest opportunity within the hotel business. Yeah, thanks.

Speaker #6: Yeah, thanks.

Speaker #4: I think we're not giving anything away, but, you know, we've always done pretty well in the gateway city hotels. You know, where I think we see both, you know, strong demand and of course the capital appreciation in terms of the value of the assets that we have.

Kwek Eik Sheng: I think we are not giving anything away, but we have always done pretty well in the Gateway City hotels, where I think we see both strong demand and, of course, the capital appreciation in terms of the value of the assets that we have. So I think that is probably the winning formula that we have had all through the years, especially when we do divest them, right? We have seen in the past with Millennium Hilton Seoul, recently with the Bespoke Hotel Osaka Shinsaibashi as well. So I think that is likely. I do not think we will change that formula for now. But I think there is only so much we can share at this point. Yeah.

Speaker #4: So I think that's probably the, you know, the winning formula that we've had all through the years, especially when we do divest them, right?

Speaker #4: I mean, we've seen in the past with Millennium Soul Hilton, recently with the Bespoke Osaka as well. So I think that's likely. I mean, I don't think we will change that formula for now, but I think there's only so much we can share at this point.

Speaker #4: Yeah.

Speaker #6: Yeah. So just to add on to that, Mervin, I mean, yes, hospitality will still remain a key part of our business. Portfolio may get streamlined, but it is continues to be a key leg of our business and does contribute strongly when it's managed well.

Sherman Kwek: Yeah. Just to add on to that, yes, hospitality will still remain a key part of our business. Portfolio may get streamlined, but it continues to be a key leg of our business and does contribute strongly when it is managed well.

Speaker #6: So.

Speaker #5: Okay. I'm mindful that we are just heading into lunchtime. So if there are any more burning questions, if there are, there is burning questions, one more.

Belinda Lee: Okay. I am mindful that we are just heading into lunchtime, so is there any more burning questions? There is burning questions. One more? Okay. It has to be burning, Shen. I will give you the last question then.

Speaker #5: Okay. It has to be burning, Shen. I'll give you that last question then.

Speaker #3: Just Shen here from Goldman. Just a quick question on the share performance plan. Can you share what is the what is the key indicator that's tied to it?

[Analyst] (Goldman Sachs): Shen here from Goldman. Just a quick question on the share performance plan. Can you share what is the key indicator that is tied to it? And is there any maximum of what can be issued each year?

Xuan Tan: Shen here from Goldman. Just a quick question on the share performance plan. Can you share what is the key indicator that is tied to it? And is there any maximum of what can be issued each year?

Speaker #3: And is there any max limit of what can be issued each year?

Speaker #4: I think the it's not a maximum limit that I recall, but, you know, in the past when we had it at the AGM, we also flagged that, you know, the dilution is very, very minimal, right?

Kwek Eik Sheng: Well, I think it is not a maximum limit that I recall. But in the past, when we had it at the AGM, we also flagged that the dilution is very minimal, right? At the end of the day, we are issuing out of the treasury shares that we have bought back. As to the KPIs, we have not released what they are exactly to the public. But I think it is safe to say that they are tied to the long-term goals of the company. And going forward, they should be tied to the KPIs of the strategic review as well.

Speaker #4: I mean, at the end of the day, we are issuing out of the treasury shares that we have bought back. And as to the KPIs, we have not released what they are exactly to the public, but I think it's safe to say that they are tied to the long-term goals of the company and going forward, they should be tied to the KPIs of the strategic review as well.

Speaker #5: And anyway, to close off, I think for the shares, right, don't worry, we're not paid that much. The dilution impact is so immaterial that it is not definitely not calculated.

Yiong Yim Ming: Anyway, to close off, I think for the shares, right? Don't worry, we're not paid that much. The dilution impact is so immaterial that it is definitely not calculated.

Speaker #5: Yeah. Okay. All right. If that is the case, I just want to ask if the panel has any closing remarks or.

Belinda Lee: Okay. All right. If that is the case, I just want to ask if the panel has any closing remarks or?

Speaker #6: I look at a big picture. It is not quite often that you look at everything in single isolation. What we want is to be the best of its kind.

Kwek Leng Beng: I look at the big picture. It is not quite often that you look at everything in single isolation. What we want is to be the best of its kind, and I will not hesitate to do that. Of course, some of the strategies that I'm going to have, I cannot tell you now because it is impossible to share some of the foresight. I wish you well. Thank you very much.

Speaker #6: And I will not hesitate to do that. Of course, some of the strategy that I'm going to have I cannot tell you now because it is impossible to share some of the foresight.

Speaker #6: So I wish you well. Thank you very much.

Speaker #5: Thank you, Chairman. So Akan Datang, I think that's the thing, right? So stay tuned, stay with us. At the end of September, we'll also be sharing more.

Belinda Lee: Thank you, Chairman. "akan datang," I think that's the thing, right? Stay tuned, stay with us. At the end of September, we'll also be sharing more. Ladies and gentlemen, we have really come to the end of the briefing. On behalf of the CDL management and my fellow colleagues in the room, thank you so much for attending. Thank you to all the webcast audience as well for your support. For those at the hotel, there are refreshments outside. I hope it suits your lunchtime. Please continue to stay with us and catch up with us over coffee outside. Thank you so much.

Speaker #5: So ladies and gentlemen, we have really come to the end of the briefing. And on behalf of the CDL Management and my fellow colleagues in the room, so thank you so much for attending.

Speaker #5: Thank you to all the webcast audience as well for your support. For those at the hotel, there are refreshments outside. I hope it suits your lunchtime.

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