OPERATIONS REVIEW THE PHILIPPINES Somerset Millennium Makati CLAS owns two serviced residences in Makati, the Philippines. Both properties are under management contracts, and they have an average length of stay of over a month. Ascott Makati is a 362-unit leasehold property located within Glorietta Mall, a retail and commercial complex situated in the Ayala Triangle, a bustling area comprising high-end shopping malls, office buildings, luxury dining options, multinational companies, international banks GROSS RENTAL INCOME (PHP’000) FY 2023 FY 2022 Ascott Makati 718,249 601,780 Somerset Millennium Makati 141,424 123,516 REVENUE PER AVAILABLE UNIT (PHP) FY 2023 FY 2022 Ascott Makati 5,116 4,300 Somerset Millennium Makati 3,136 2,726 and embassies. Somerset Millennium Makati is a 118-unit freehold property located in the shopping and business district of Makati City. It is within walking distance to Glorietta Mall and Greenbelt, a 12-hectare space comprising a sprawling garden amidst world-class shopping, dining and entertainment options. In FY 2023, RevPAU of the properties increased 18% YoY in PHP terms due to higher ADR. In 4Q 2023, RevPAU was 91% of pre-pandemic levels. 2 PROPERTIES S$7.4 million TOTAL GROSS PROFIT (FY 2022) S$110.1 million VALUATION (as at 31 December 2023) S$22.3 million TOTAL REVENUE (FY 2023) 480 UNITS 48 CAPITALAND ASCOTT TRUST
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