68 PERENNIAL HOLDINGS PRIVATE LIMITED 63 basis points to 31 December 202413, creating a more favourable borrowing environment for businesses and investors. Additionally, expectations of further easing beyond 2024 have bolstered market confidence, encouraging investments in this niche market. MARKET REVIEW In 2024, Perennial Holdings’ three flagship integrated developments continued to make significant strides, accompanied by notable progress across its other residential and commercial developments. The redevelopment of The Skywaters is progressing steadily and remains on track for completion by the targeted temporary occupation permit (“TOP”) in Q3 2028. The sales gallery has also seen a healthy number of viewings, reflecting strong interest and demand for the development. Its residences, Skywaters Residences, is also wellrecognised as one of the top luxury residences in the country, with its exceptional quality in design, construction and location. Golden Mile Singapore, formerly the Golden Mile Complex, obtained the necessary approvals from the local authorities, thereby commencing sales for the office and medical strata units in December 2024 and the residential units in 1Q 2025. The landmark integrated development comprises The Golden Mile, a 22-storey conserved retail, office and medical hub, and Aurea, a new 45-storey residential tower. The Golden Mile offers 156 strata-titled office units across six layout types, including Crown Offices featuring full-height glass windows and Loft Mezzanine units boasting split levels, balconies, double-volume ceilings and dual-key access. Aurea will offer a series of premium residential units, from twobedroom units to duplex and triplex penthouses with private lift access. Main construction works are expected to commence in 2025 and completed by late 2029. Capitol Singapore is close to full retail occupancy, supported by the expansion of existing tenants and the influx of new tenants offering an exciting variety of multi-ethnic cuisines and active lifestyle experiences. The Capitol Theatre also had a successful year, hosting a variety of events, including intimate concerts by Ed Sheeran and Voices of Singapore, corporate events by local and multinational companies and major artistic celebrations such as the 35th Singapore International Film Festival, and the Asian Academy Creative Awards 2024. It continued to be a popular choice for weddings, due to its historic charm and elegant ambience. Meanwhile, Eden Residences, with its prime central location, remained highly desirable. Two units were sold in 2024, bringing total sales to 92%. CHIJMES maintained a resilient, nearfull retail occupancy with the introduction of new tenants offering exciting and innovating dining concepts, as well as the expansion of existing tenants. All these contributed to the vibrant mix of dining and entertainment options at CHIJMES. As part of ongoing asset improvement works, life-cycle replacement projects were undertaken, including upgrades to the air-conditioning systems and timbre decking, ensuring that the facilities remain in excellent condition for visitors and tenants alike. Perennial Business City obtained the Certificate of Statutory Completion in September 2024. The development has seen a steady increase in committed occupancy, reaching 40% and welcoming new tenants, including DBS, Southeast Asia’s largest bank by assets. It also houses Singapore’s largest indoor badminton facility and state-of-the-art business conference amenities spanning a cutting-edge auditorium and meeting rooms. Forett at Bukit Timah’s residential units were fully sold and the overall TOP certification was successfully obtained on 26 July 2024. All units were handed over to buyers by October 2024. STRATEGIC PRIORITIES In FY2025, Singapore's economic growth is projected to improve modestly between 1.0% and 3.0%14, with the market anticipating a gradual easing of interest rates. While the outlook is largely positive, Perennial Holdings remains cautiously optimistic due to the dynamic macroeconomic conditions. Perennial Holdings’ strategic priorities for 2025 include increasing tenant occupancy in its premium developments. The Company aims to drive growth by enhancing the performance of its existing portfolio and repositioning assets to stay competitive. For The Skywaters, the priority is to ensure development progress is on track and to boost residential sales. Golden Mile Singapore will continue driving sales for office and medical strata units, as well as residential units in Aurea. Capitol Singapore and CHIJMES will be keenly focused on value creation through strategic asset enhancement initiatives. At Perennial Business City, efforts will be directed towards ramping up occupancy. Perennial Holdings is well-positioned to pursue further growth through opportunistic ventures, capitalising on its value-added strategy and market expertise. 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. 13 Monetary Authority of Singapore (https://eservices.mas.gov.sg/Statistics/dir/DomesticInterestRates.aspx) 14 DBS, Singapore’s Dynamic Outlook, (Nov 2024) (https://www.dbs.com.sg/treasures/aics/economics/templatedata/article/generic/data/en/ GR/112024/241129_insights_annual_outlook_singapore.xml) Real Estate Business Review Singapore
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