1 On a 100% basis 2 Not including Chinatown Point 3 Ministry of Trade and Industry Singapore article, dated 2024. 4 Knight Frank Residential article, dated Q4 2023. 5 Knight Frank Retail article, dated Q4 2023. 6 Knight Frank Office article, dated Q4 2023. OVERVIEW Singapore serves as the home ground for Perennial Holdings, which owns and/or manages a real estate portfolio in diverse asset classes, such as integrated developments, retail malls, residential projects, and a business park. Perennial Holdings’ portfolio of integrated developments and retail malls is strategically located in the Civic District and Central Business District (“CBD”). The portfolio includes Chinatown Point and Singapore’s tallest building, 8 Shenton Way, as well as heritage buildings, Golden Mile Complex, Capitol Singapore and CHIJMES. Additionally, its residential developments, Caldecott Hill and Forest at Bukit Timah, are in premium residential areas, while its business park, Perennial Business City, is located in Jurong Lake District, Singapore’s largest business district outside of the CBD. All these properties are directly connected to or near Mass Rapid Transit (“MRT”) stations. As at 31 December 2023, the total property value1 of these assets2 was more than S$4.8 billion. MARKET OUTLOOK In 2023, Singapore’s economy experienced a moderate growth of 1.1%3, a slowdown from the 3.8%3 recorded in 2022. The construction sector had a robust Year-on-Year (“YoY”) expansion of 5.2%3, followed by growth of 4.9%3 in the real estate sector. Within the property sector, the top performer in the residential market was the non-landed private residential Business Review Singapore segment, which displayed a resilient 6.5% YoY price expansion, albeit slightly easing from the 8.1% expansion in 20224. The retail market faced challenges due to prolonged inflationary pressures, aggravated by the Goods and Services Tax (“GST”) increase to 8%, effective from 1 January 2023. Retail spending remained subdued, with prime retail rents seeing a modest 0.5% YoY increase5, with a shift towards online retail sales over traditional brick-andmortar shops. Prime offices within the Central Business District maintained high occupancies of over 94%, but rent growth tapered to 4.1%, compared to 5.5% a year ago6, as corporations exercised caution in their expansion plans. In the hospitality sector, hotels are experiencing significant growth, primarily driven by pent-up travel Credits: SOM/Bezier 44 PERENNIAL HOLDINGS PRIVATE LIMITED
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