OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX Total Assets Composition by Country In FY2023, Perennial Holdings remained focused on its core markets of China and Singapore, which accounted for 74.1% (FY2022: 72.8%) and 24.5% (FY2022: 26.2%) of total assets, respectively, and 70.0% (FY2022: 70.2%) and 28.4% (FY2022: 28.6%) of total assets (on an 1 Represents assets that are consolidated, and equity accounted according to the Singapore Financial Reporting Standards. 2 Represents assets computed via the Company’s shareholdings. 3 Other Markets Real Estate relates to assets in Malaysia, Indonesia and Sri Lanka. Total Property Value versus Total Gross Floor Area As at 31 December 2023, the Company’s completed projects in Singapore and China collectively accounted for about 47.6% (FY2022: 49.3%) of the total property value (on an effective stake basis). This provided a stable stream of income for the Company. Perennial Holdings’ pureplay residential project accounted for the entire 7.7% (FY2022: 8.1%) (on an effective stake basis) of Singapore development. China development projects accounted for 41.8% (FY2022: 40.0%) of total property value (on an effective stake basis) and 60.8% (FY2022: 60.6%) of total GFA (on an attributable GFA basis), representing significant future growth potential in China. China (Completed) 27.4% China (Development) 41.8% Singapore (Completed) 20.2% Singapore (Development) 7.7% Other Markets3 (Development) 2.9% TOTAL PROPERTY VALUE (Effective Stake Basis) BY EFFECTIVE STAKE2 China 74.1% Singapore 24.5% Other Markets3 1.4% TOTAL ASSETS1 China 70.0% Singapore 28.4% Other Markets3 1.7% BY EFFECTIVE STAKE2 China (Completed) 24.3% China (Development) 60.8% Singapore (Completed) 1.3% Singapore (Development) 1.8% Other Markets3 (Development) 11.8% TOTAL GROSS FLOOR AREA (Attributable GFA Basis) effective stake basis), respectively. The decrease in Singapore market’s weightage was due to the deconsolidation of CHIJMES upon disposal, that was offset by the fair value gain in Capitol Singapore and Perennial Business City. The increase in China market’s weightage was mainly due to the project progress in the respective assets, such as Beijing Tongzhou Integrated Development, Perennial Tianjin South HSR International Healthcare and Business City, Perennial Kunming South HSR International Healthcare and Business City and Hangzhou West HSR Integrated Development. 37 ANNUAL REPORT 2023
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