480 UNITS KEY MARKET SOUTH KOREA 2 PROPERTIES S$7.9 million TOTAL GROSS PROFIT (FY 2023) S$162.2 million VALUATION (as at 31 December 2023) S$8.5 million TOTAL REVENUE (FY 2023) 578 ibis Ambassador Seoul Insadong GROSS RENTAL INCOME (KRW’000) FY 2023 FY 2022 ibis Ambassador Seoul Insadong 4,132,537 1,925,438 Sotetsu Hotels The Splaisir Seoul Dongdaemun 4,047,149 3,150,000 CLAS owns two freehold hotels in Seoul, South Korea, under master leases with fixed and variable rent components. ibis Ambassador Seoul Insadong is a 363-unit hotel and is strategically located near the Central Business District, one of the major business districts in Seoul, where many large Korean corporates and financial institutions are based. The hotel is also located near key tourist destinations such as Insadong retail precinct, Changdeokgung Palace and Jongmyo Shrine. It is a short walking distance from the Jongno 3-ga Station, which runs three lines of the Seoul metropolitan subway, offering convenience and excellent connectivity to other parts of the city. The property has a remaining lease term of approximately 10 years. Sotetsu Hotels The Splaisir Seoul Dongdaemun is a 215-unit hotel located in the wholesale and retail precinct of Dongdaemun, one of the most popular destinations in Seoul. Landmarks within its vicinity include the Dongdaemun Design Plaza and the Doota Mall. The hotel is well-connected to other parts of Seoul as it enjoys direct access to the Dongdaemun History & Culture Park Station, which runs three lines of the Seoul metropolitan subway. The property has a remaining lease term of approximately six years1. In FY 2023, revenue for the South Korea portfolio increased by 61% YoY in KRW terms, due to higher variable rent received from both properties on the back of improved operating performance. 1 Based on the assumption that the lessee exercises its right to terminate the 20-year lease agreement at the 10-year mark, by paying one year of rent. Based on the full 20-year term of the lease, the remaining lease term would be approximately 15 years. ANNUAL REPORT 2023 47 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information
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