Business Review Singapore Real Estate Central Expressway (CTE) 中央高速公路 Orchard Road 乌节路 Somerset Road 索美塞路 Bras Basah Road 勿拉士峇沙路 Orchard Road 乌节路 Penang Road 槟城路 Fort Canning Road 福康宁路 Bencoolen Street 明古连街 Queen Street 奎因街 Victoria Street 维多利亚街 Victoria Street 维多利亚街 North Bridge Road 桥北路 Rochor Road 梧槽路 North Bridge Road 桥北路 Raf es Boulevard 莱佛士大道 Raf es Avenue 莱佛士道 Stamford Road 史丹福路 Selegie Road 实里基路 Beach Road 美芝路 Nicoll Highway 尼诰大道 Nicoll Highway 尼诰大道 Hill Street 禧街 Ophir Road 奥菲亚路 River Valley Road里峇峇利路 Maxwell Road 麦士威路 Clemenceau Avenue 克里门梭道 Shenton Way 珊顿道 Esplanade Drive 滨海通道 Bayfront Avenue 海湾大道 Sheares Avenue 薛尔思道 Street 克罗士街上段 Upper Cross New Bridge Road 新桥路 Eu Tong Sen Street 余東旋街 eunevAtnorfyaB 海湾大道 Central Boulevard 中央大道 Havelock Road 合乐路 Havelock Road 合乐路 Merchant Road 马真路 Neil Road 尼路 广东民路 Cantonment Road Marina Boulevard 滨海大道 Central Boulevard 中央大道 欧南路 Outram Road 欧南路 Outram Road Central Expressway (CTE) 中央高速公路 Kim Seng Road 金声路 Keppel Viaduct 吉宝高架桥 Marina Coastal Expressway (MCE) 滨海高速公路 East Coast Parkway (ECP) 东海岸公园大道 Robinson Road 罗敏申路 Marina Bay 莱佛士道 Singapore River 新加坡河 Keppel Harbour 吉宝港口 Keppel Road 吉宝路 CHIJMES 赞美广场 Capitol Singapore 首都新加坡 The Skywaters 天澜尊 Chinatown Point 唐城坊 Nicoll Highway MRT Station 尼诰大道地铁站 CC5 Promenade MRT Interchange Station 宝门廊地铁中转站 CC4 DT15 Bayfront MRT Interchange Station 海湾舫地铁中转站 CE1 DT16 Marina Bay MRT Interchange Station 滨海湾地铁中转站 NS27 CE2 TE20 Marina South Pier MRT Station 滨海南码头地铁站 NS28 Shenton Way MRT Station 珊顿道地铁站 TE19 Prince Edward Road MRT Station 爱德华太子路地铁站 CC32 Tanjong Pagar MRT Station 丹戎巴葛地铁站 EW15 Bugis MRT Interchange Station 武吉士地铁中转站 EW12 DT14 City Hall MRT Interchange Station 政 府中大转厦站地 铁 NS25 EW13 Esplanade MRT Station 滨海中心地铁站 CC3 Bras Basah MRT Station 百胜地铁站 CC2 Bencoolen MRT Station 明古连地铁站 DT21 Rochor MRT Station 梧槽地铁站 DT13 Fort Canning MRT Station 福康宁地铁站 DT20 MRT Interchange Station 莱佛士坊地铁中转站 NS26 EW14 Downtown MRT Station 市中心地铁站 DT17 Telok Ayer MRT Station 直落亚逸地铁站 DT18 Chinatown MRT Interchange Station 牛车水地铁中转站 NE4 DT19 Maxwell MRT Station 麦地 士铁 威站 TE18 Outram Park MRT Interchange Station 欧南园地铁中转站 EW16 NE3 TE17 Clarke Quay MRT Station 克拉码头地铁站 DT17 Cantonment MRT Station 广东民地铁站 CC31 Dhoby Ghaut MRT Interchange Station 多美歌地铁中转站 NS24 NE6 CC1 Somerset MRT Station 索美塞地铁站 NE23 Orchard MRT Interchange Station 乌节地铁中转站 NS22 TE14 Jalan Besar MRT Station 惹兰勿刹地铁站 DT22 Marina South MRT Station 滨海南地铁站 TE21 Havelock MRT Station 合乐地铁站 TE16 Great World MRT Station 大世界地铁站 TE15 Keppel MRT Station 吉宝地铁站 CC30 Golden Mile Singapore 黄金坊 Strong Presence in Singapore’s Central Business District and Civic District Perennial Holdings’ Owned Asset 鹏瑞利的自有资产 Perennial Holdings’ Managed Asset 鹏瑞利的管理资产 MRT Station 地铁站 Expressway 高速公路 Central Business District 中央商业区 Civic District 市政区 Source: Urban Redevelopment Authority, Land Transport Authority and Street Directory Perennial Holdings, headquartered in Singapore, owns and manages a diversified real estate portfolio, primarily located in the Civic District and the Central Business District (“CBD”). Its assets include The Skywaters, Singapore’s tallest worldclass integrated development, and heritage properties Golden Mile Singapore, Capitol Singapore and CHIJMES. It also manages retail mall Chinatown Point and owns and manages Perennial Business City, a business park 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 vital strategic market for Perennial Holdings, primarily due to its economic stability, which provides favourable operating conditions for the Company's activities. The ability to attract high-net-worth individuals indicates a strong demand for prime and luxury residential properties. The sustained appetite for these properties, alongside improving capital market conditions, presents opportunities for asset repositioning, capital recycling and value creation across Perennial Holdings’ assets. Additionally, Singapore's attractive business environment is set to benefit retail and entertainment venues such as Capitol Singapore and CHIJMES, as well as vibrant business parks such as Perennial Business City. On the fiscal front, Singapore's economy recorded a full-year growth of 5.0%, exceeding the advance estimate of 4.8%. The upward revision was driven by strong 4Q 2025 performance, with Singapore’s 2025 fourth quarter GDP expanding 6.9% Year on Year (“YoY”), revised up from the initial estimate of 5.7%1. Real estate investment totalled S$34.12 billion in 2025. It increased by 27% YoY in 2025 to the highest level seen since 20172. Public sector investment sales increased by 32.3% YoY, while private sector investment sales grew by 24.3%, driven by sustained momentum in the prime private residential market, several largescale deals and continued interest in Singapore Real Estate Investment Trusts (“S-REIT”) and related investments3. The private residential market reached a multi-year high in 2025, with total sales increasing to 10,815 units, with prices gaining 3.3% YoY. Sales in the Core Central Region (“CCR”) recorded the largest growth since 2021, reflecting renewed momentum in the prime segment4. Transactions of luxury homes, inclusive of landed and non-landed residences, increased by 47.4% compared to 2024, while total transaction value rose by 57.3% YoY. In 2025, Singaporeans purchased 72.5% of the properties, up from 66% a year ago5. Singapore Tourism Board (“STB”) reports that Singapore's tourism sector experienced steady growth in 2025, with tourism receipts (“TR”) reaching S$23.9 billion in the first three quarters, marking a 6.5% increase from 2024 and the highest TR recorded for this period. The performance from January to September 2025 indicates that the full-year results are on track to exceed STB’s projections of S$29.0 to S$30.5 billion for 20256. Against this backdrop, the Hotel industry achieved an Average Occupancy Rate of 81.9%, up from 81.4% a year ago. In terms of Meetings, Incentives, Conferences and Exhibitions (“MICE”) sector, Singapore maintained its appeal as a premier business events destination7. Across Singapore, rentals of retail spaces increased by 1.9%, up from 0.5% a year ago, while rentals of office spaces grew 0.3% after remaining unchanged in 20248. The business park segment reported rental increase of 2.6%, up from 1.9% in 2024, indicating resilient demand. Newer facilities are sought after as the flight to quality trend continues9. MARKET REVIEW Across commercial and residential sectors, Perennial Holdings’ major integrated developments achieved significant milestones in 2025. • The Skywaters The Skywaters, an integrated development comprising residential, offices, retail and hospitality components, is strategically located at the prime intersection of the CBD, Marina Bay and the future Greater Southern Waterfront. The Skywaters was unveiled as the site of Aman Singapore, marking ultraluxury hotel group’s maiden foray in the country. Aman Singapore will comprise a hotel, a limited collection of Aman-branded residences and the Aman Club, the brand’s byinvite-only global private members club. Following the announcement, the sale of the first Aman Residences unit at S$6,501 per square foot (“psf”) set a new record for a 99-year leasehold property in psf terms, underscoring the skyscraper’s exceptional quality in design, construction and location. • Golden Mile Singapore A landmark mixed-use development, Golden Mile Singapore comprises Aurea, a 45-storey residential tower, and The Golden Mile, a 22-storey commercial tower. The conserved The Golden Mile is a sensitive restoration of Golden Mile Complex, an architectural and historic treasure. In 2025, sales commenced for Golden Mile Singapore’s residential, office and medical strata units. Main construction works for Aurea and The Golden Mile also begun. • Capitol Singapore Capitol Singapore is made up of the heritage icon Capitol Theatre, a retail mall, the ultra-luxury Capitol Kempinski Hotel Singapore, Eden Residences Capitol, and Arcade @ The Capitol Kempinski, a a sunlit atrium featuring diverse dining establishments. Strong results continue to define Capitol Singapore’s enduring performance. In 2025, the retail component maintained a high committed occupancy rate of 96%, supported by a refreshed tenant mix to offer exciting new experiences, including retailer GIFT.ED by Turtle and food and beverage (“F&B”) tenants such as Caana, Supergreen, Stirling Steaks, ERROR 404 café and Amacha, Singapore’s first herbal milk tea brand. Existing tenants are also expanding their existing premises at Capitol Singapore, reflecting sustained tenant demand and the strength of the asset’s positioning. These include Jo:Hwa Hair & Living, a Korean hair salon; Grace TCM Wellness, a new concept by My Father’s Feet; and Choon Hoy Parlor, a new concept by The Masses. Capitol Theatre enjoyed a robust year, hosting a myriad of highprofile events, from corporate and cultural functions to music and entertainment. These include events by Vogue Singapore, Chanel, TED Talk, ELLE Singapore’s 2025 Anniversary Party, SGX Cocktail Event, EB Impact Charity Gala Dinner, the Jay Park World Tour, performances by Voices of Singapore, productions by Dream Academy and Teamworks Productions and film screenings. 1 The Business Times, Feb 2026 (https://www.businesstimes.com.sg/singapore/economy-policy/singapore-revises-2025-gdp-growth-5-4-8-earlierbolstered-strong-q4) 2 The Straits Times, Jan 2026 (https://www.businesstimes.com.sg/property/singapore-property-investment-sales-reach-s34-1-billion-2025-highest-8-years) 3 Savills, Jan 2026 (https://www.savills.com.sg/insight-and-opinion/savills-news/227154/singapore-real-estate-investmentsales-hit-s$34.1-billion-in2025--highest-since-2017) 4 CBRE, Feb 2026 (https://mktgdocs.cbre.com/2299/c09feba9-ae11-46d0-b83c-0b8d581e4071-1414822973/2026_CBRE_Singapore_Market_Out.pdf) 5 OrangeTee, Feb 2026 (https://www.orangetee.com/ResearchHubFiles/Items/666/20260202120854-59723952Quarterly%20-%20Q4%20 2025%20Luxury%20-%20OrangeTee%20Report.pdf) 6 Singapore Tourism Board, Feb 2026 (https://www.stb.gov.sg/about-stb/media-publications/media-centre/record-singapore-tourism-receipts-fromjanuary-to-september-2025/) 7 Singapore Tourism Board, Feb 2026 (https://www.stb.gov.sg/about-stb/media-publications/media-centre/record-singapore-tourism-receipts-fromjanuary-to-september-2025/) 8 Urban Redevelopment Authority, Jan 2026 (https://www.ura.gov.sg/Corporate/Media-Room/Media-Releases/pr26-05) 9 CBRE, Jan 2026 (https://www.cbre.com.sg/press-releases/commentary-on-jtc-q4-2025-statistics) OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 69 ANNUAL REPORT 2025 68 PERENNIAL HOLDINGS PRIVATE LIMITED The Skywaters
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