Business Review Singapore Forett at Bukit Timah, a residential project, was fully sold as at 31 December 2023. Construction works progressed well with the Temporary Operation Permit (“TOP”) for the development expected in 2024. Additionally, Perennial Business City obtained full TOP in September 2023, and its committed occupancy has been increasing steadily. Committed tenants at Singapore’s first sustainable super low energy business park include a food court, pre-school and healthcarerelated service provider. Perennial Holdings continues to embed sustainability into its strategic direction, from integrating post-pandemic features and wellness considerations to biophilic design enhancements in its projects. The Skywaters and Perennial Business City have attained Singapore’s Building and Construction Authority Green Mark Platinum Super Low Energy certification. respectively. In April 2023, CHIJMES successfully obtained the EarthCheck Bronze Certification and later secured the Silver Certification in December 2023. Attainment of these certifications is a testament to our continued commitment to sustainability. STRATEGIC PRIORITIES The economic outlook for Singapore in 2024 presents a growth trajectory of between 1.0% to 3.0%. The positive sentiment is grounded by recovering global economic conditions8. Against the backdrop of moderate growth, the global economy is expected to remain cautious in 2024 due to persistent tight financial conditions and uncertainty of easing. With the appointment of the main contractor for The Skywaters, the focus in 2024 will be to commence construction works. In addition, subject to market conditions, the Skywaters Residences will commence its sales launch. The highly anticipated launch of this ultra-luxury residential project is well-positioned to capture the buoyant demand from the wealthier segment of local and foreign homebuyers. The Skywaters is expected to be completed by 2028. At Golden Mile Complex, the focus will be on fine-tuning the design plans and securing approvals from relevant authorities before commencement of development works. Preparation works for the launch of the offices and residences will also commence. The conserved development, with its iconic design and unblocked views facing the waterfront, is expected to garner much interest from buyers. For Capitol Singapore and CHIJMES, Perennial Holdings will continue to execute active asset management by bringing in quality tenants while working with existing tenants to enhance synergy within these developments, as well as boost its placemaking activities. Perennial Business City is also focused on enhancing its committed occupancy by securing more high value anchor and mini-anchor tenants. Separately at Chinatown Point, Perennial Holdings will focus on invigorating its tenant mix by bringing in more lifestyle tenants to cater to evolving customer demands. Moving forward, Singapore will remain a key cornerstone of Perennial Holdings’ growth strategy. By staying abreast of market developments and seeking attractive value-added real estate opportunities, Perennial Holdings will leverage our expertise and in-depth market knowledge to drive growth. 8 Ministry of Trade and Industry article, dated 22 November 2023. 46 PERENNIAL HOLDINGS PRIVATE LIMITED
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