City Developments (C09) investor relations material

Strategic Review and Roadmap

• Completed a comprehensive strategic review with external advisors, reaffirming a three-year GET+ strategy focused on sharper priorities, capital discipline, and sustainable shareholder returns.

• Four key priorities: sharper strategic focus, proactive portfolio management, measurable implementation roadmap, and a clear path to shareholder returns.

• The roadmap targets S$5 billion in new investments, S$6 billion in divestments, and over S$6 billion in projected property development cash inflows through FY 2029.

• Focuses on four sectors: residential, commercial, hospitality, and living, with Singapore as the core market and expansion in China and Japan.

• Targeted outcomes by FY 2029: ≥35% dividend payout ratio, ~55% net gearing, >S$1 billion PATMI from divestment gains, and S$10 billion AUM.

Capital Allocation and Portfolio Management

• 60% of new investments allocated to Singapore, 30% to China and Japan, and 10% to other markets; capital deployment is opportunity-led and flexible.

• S$6 billion in divestments over three years, with 30% from hotels, 40–45% from commercial, 20% from legacy residential, and 5% from living sector.

• Australia to see an orderly exit from residential, commercial, and living sectors, while Singapore and China remain core residential markets.

• Commercial focus remains on Singapore, with ongoing and potential redevelopments; U.K. commercial assets monitored for optimal timing.

• Over S$6 billion in additional cash inflows expected from property development sales through FY 2029.

Sector Strategies and Operational Focus

• Residential: Sustain market share via government land sales, redevelopment, and partnerships, with a launch pipeline of ~2,200 units.

• Hospitality: S$1.8 billion in targeted hotel divestments by FY 2029, with portfolio segmented into core, enhance, and divest buckets.

• Living: Grow presence in Singapore and Japan, enhance U.K. operations, and exit Australia; global portfolio includes PRS and PBSA assets.

• China residential strategy is partnership-driven, with high expectations for the Xintiandi project in Shanghai and a focus on upper-tier cities.

• Commercial and hospitality assets to be actively managed for value creation, with redevelopment and asset enhancement initiatives paced to avoid operational strain.