• Perennial Jihua Mall, Foshan AEIs were also undertaken by Perennial Jihua Mall. The retail mall subdivided large units on Level 1 into smaller spaces to optimise rental income. The mall also welcomed high-quality new tenants, including leading education brand Xueersi and international bicycle brand Trek. Additionally, it revitalised its food and beverage (“F&B”) offerings by introducing popular brands such as Yuedian Yueyou Restaurant, Da Xi Barbecue, Dexian Yincha Beverage and Qin Hantang Restaurant. A pickleball court and E-Sports Arena were also launched to cater to young, active adults. STRATEGIC PRIORITIES In FY2025, Perennial Holdings will focus on strong on-ground execution to enhance the profitability of its operating assets while maintaining steady progress on the construction of developing projects. Simultaneously, the Company will launch strata sales of commercial apartments within various TOD projects as part of its capital recycling strategy. Perennial Holdings will also continue to explore new investment opportunities in quality assets and healthcare businesses through acquisitions, JVs and strategic partnerships. The Hangzhou HSR TOD has obtained a pre-sale permit for its residential component and is expected to launch sales in 1H 2025. On-site construction work will continue and be completed in phases. Perennial Holdings will also progressively open its hotels within the precinct to capitalise on the upward trajectory of China’s domestic tourism. At Beijing Tongzhou TOD, the development is preparing for launch of its commercial apartments. For its retail and office components, leasing has commenced with a focus on securing anchor tenants. Shenyang Longemont Shopping Mall, Shenyang Longemont Offices and Shenyang Super Outlet+ Mall will continue to adopt active leasing and property management to further improve occupancy and rental and provide quality spaces and services for existing tenants. Within Perennial Holdings’ retail portfolio, the Perennial Qingyang Mall in Chengdu will continue AEIs, adjusting unit layouts and improving tenant spaces to better align with targeted lifestyle, F&B and specialist sectors. These areas will undergo renovations, upgrades and other enhancements to strengthen the mall’s appeal and competitiveness in the dynamic retail market. Perennial Jihua Mall will continue its proactive leasing strategy to expand lifestyle and family-oriented sectors, Beijing Tongzhou Integrated Development reinforcing its repositioning as a family destination mall. The mall will also undertake renovation works to subdivide the anchor tenant areas on level two into smaller speciality units, increasing the variety of offerings and boosting rental income. Additionally, upgrades to common area amenities and lighting will be carried out to enhance the overall shopping experience. Looking forward, Perennial Holdings will continue to execute strategic management and asset enhancement initiatives to boost the efficiency of its operational assets and drive the construction progress of its upcoming projects. It will also continue to drive the sales of its residential components across Hangzhou HSR TOD and Beijing Tongzhou TOD. 62 PERENNIAL HOLDINGS PRIVATE LIMITED Business Review Real Estate
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