66 PERENNIAL HOLDINGS PRIVATE LIMITED Credits: SOM/Bezier 1 The Straits Times, May 2024 (https://www.straitstimes.com/business/singapore-is-world-s-4th-wealthiest-city-overtaking-london-report) 2 CNA, Feb 2025 (https://www.channelnewsasia.com/singapore/singapore-economy-growth-mti-gdp-4935996) 3 Ministry of Trade and Industry, Feb 2024 (https://www.singstat.gov.sg/-/media/files/news/gdp4q2023.ashx) 4 Singapore Business Review, Feb 2025 (https://sbr.com.sg/stocks/news/singapores-real-estate-sector-grows-35-yoy-in-q4-2024) 5 Jones Lang LaSalle, (Oct 2024) (https://www.jll.com.sg/en/trends-and-insights/research/singapore-market-dynamics/residential) 6 CNA, Feb 2025 (https://www.channelnewsasia.com/singapore/stb-tourism-record-receipts-singapore-2024-visitor-arrivals-increased-4915331) OVERVIEW Perennial Holdings, headquartered in Singapore, owns and manages a diversified real estate portfolio encompassing integrated developments, retail malls, residences and a business park. The portfolio is strategically positioned within the Civic District and Central Business District (“CBD”), featuring prominent assets such as The Skywaters, Singapore’s tallest building, and Chinatown Point. Additionally, the portfolio includes heritage properties like Golden Mile Singapore, Capitol Singapore and CHIJMES. The business park, Perennial Business City, is located in the Jurong Lake District, Singapore’s largest business district outside the CBD. All properties are conveniently connected to or near Mass Rapid Transit (“MRT”) stations. MARKET OUTLOOK Singapore remains a pivotal market for Perennial Holdings, given its strategic appeal to high-net-worth individuals (“HNWIs”) and its robust economic framework. In 2023, Singapore attracted 3,400 HNWIs, bringing the total number of resident millionaires to 244,8001. The affluent are drawn to Singapore for its political stability, strong legal framework and high quality of life. These factors make Singapore an attractive destination for luxury real estate investments. Perennial Holdings’ premium developments, such as those at The Skywaters, Golden Mile Singapore and Capitol Singapore, cater to the discerning tastes of affluent buyers, offering exclusive amenities, prime locations and superior design. On the fiscal front, Singapore continues to be one of the world's strongest economies. The country’s economy grew 4.4% in 2024, exceeding the forecast of around 3.5%2, reflecting sustained growth amid global economic uncertainties. While external demand remains soft, the local economy is buoyed by strong fundamentals and strategic government policies3. The real estate industry in Singapore continues to be a cornerstone of economic activity, with a notable pickup in growth to 3.5% year-on-year (“YoY”) in the fourth quarter, up from 1.0% in the preceding quarter4. This growth was driven by increased activities across the private residential, commercial and industrial segments. The retail sector has experienced a resurgence, with total retail sales reaching S$5.3 billion in February 2024, marking an 8.4% YoY increase5. This growth was fuelled by a rebound in consumer spending and a rise in tourist arrivals, which increased to 16.5 million in 20246. The return of international tourists and strong domestic consumption have revitalised the retail landscape. Consequently, prime island-wide retail rents saw an uptick in Q4 2024, rising 0.7% quarterReal Estate Business Review Singapore
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