dynamic blend of private and communal living spaces, and caters to technopreneurs, creatives, self-starters and business schools in the area. The property is a twominute walk from one-north MRT station. Collectively, the properties under MCMGI and management contract have an average length of stay of one month. DEVELOPMENT PROPERTY Somerset Liang Court Property Singapore was formerly a 197-unit leasehold serviced residence in Clarke Quay under a management contract before part of its GFA was divested in July 2020. The retained GFA of about 13,000 square metres is currently under redevelopment into a 192-unit serviced residence with hotel licence and a refreshed lease of 99 years. CLAS owns a 100% interest in the property. Substructure works were completed in 2024 and superstructure works are ongoing. The new property, which will be part of an iconic waterfront integrated development, is expected to be completed in 2026. OPERATIONAL UPDATES In 2024, international visitor arrivals to Singapore rose 21% YoY to 16.5 million, with the top source markets being China, Indonesia and India3. This growth was attributed to the 30-day mutual visa exemption with China and Singapore’s increased air connectivity. Singapore’s year-round calendar of events, including leisure events, large-scale tradeshows and concerts by artistes such as Taylor Swift and Coldplay, also contributed to the rise in visitor arrivals. The Singapore hotel industry continued its growth trajectory in 2024, with average room rates and RevPAR increasing by 1.4% and 3.0% YoY, respectively³. Occupancy increased 1.3 percentage points to 82%³. The RevPAU of CLAS’ properties under MCMGI and management contract increased 6% YoY in FY 2024. On a same-store basis, excluding Citadines Mount Sophia Property Singapore which was divested in March 2024, RevPAU increased by 8% YoY. The increase was mainly due to the stronger operating performance of The Robertson House by The Crest Collection, following the completion of its AEI in 1Q 2024. Looking ahead to 2025, Singapore’s international visitor arrivals are forecasted to reach between 17.0 million and 18.5 million3. Despite potential macroeconomic and geopolitical headwinds, Singapore remains focused on driving tourism growth. Singapore’s tourism landscape will continue to welcome new developments in 2025, including the introduction of new attractions and experiences, and a robust line-up of leisure and MICE events. The outlook for CLAS’ Singapore properties is expected to trend in line with the market. In the absence of the one-off and biennial events that took place in 2024, demand during certain periods of 2025 may be softer in comparison. lyf Funan Singapore, acquired on 31 December 2024, will begin contributing to CLAS’ income in FY 2025. 3 Source: Singapore Tourism Board (2025) SERVICED RESIDENCES GROSS RENTAL INCOME (S$’000) REVENUE PER AVAILABLE UNIT (S$) FY 2024 FY 2023 FY 2024 FY 2023 Ascott Orchard Singapore 26,536 29,052 329 359 Citadines Mount Sophia Property Singapore1 741 10,516 107 187 lyf one-north Singapore 14,354 13,884 121 117 1 The divestment of the property was completed on 1 March 2024; hence the gross rental income and RevPAU stated for FY 2024 are for 1 January 2024 to 29 February 2024. HOTEL HOTEL REVENUE (S$’000) REVENUE PER AVAILABLE UNIT (S$) FY 2024 FY 2023 FY 2024 FY 2023 The Robertson House by The Crest Collection 23,874 12,389 149 96 35 Annual Report 2024
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