1 Valuation does not include Somerset Olympic Tower Property Tianjin as the property has been reclassified from an investment property to an asset held for sale. CLAS owns five leasehold serviced residences in China. As long stays are the primary source of business, CLAS’ China properties have an average length of stay of approximately seven months. The properties are all operating under management contracts. Somerset Grand Central Dalian is a 195-unit property situated in the CBD of the Dalian Development Area; Somerset Heping Shenyang is a 270-unit property that lies in the heart of Shenyang’s main commercial and shopping district; Somerset Olympic Tower Property Tianjin is a 185-unit property situated in the Heping district, the city’s prime commercial, entertainment and residential area; Citadines Xinghai Suzhou is a 167-unit property in the heart of the Suzhou Industrial Park; China GROSS RENTAL INCOME (RMB’000) REVENUE PER AVAILABLE UNIT (RMB) FY 2024 FY 2023 FY 2024 FY 2023 Citadines Xinghai Suzhou 11,494 12,961 185 209 Citadines Zhuankou Wuhan 11,793 12,044 116 120 Somerset Grand Central Dalian 32,632 33,867 435 455 Somerset Heping Shenyang 25,769 25,732 260 261 Somerset Olympic Tower Property Tianjin 34,697 37,968 431 469 Properties 5 Total Revenue (FY 2024) S$22.3M Total Gross Profit (FY 2024) S$4.3M Units 1,066 Valuation (as at 31 December 2024) S$158.9M1 and Citadines Zhuankou Wuhan is a 249-unit property situated in the Wuhan Economic and Technological Development Zone. In FY 2024, RevPAU of the China properties decreased by 5% YoY in RMB terms due to a slower-than-anticipated recovery in business activity. In October 2024, CLAS entered into an agreement to divest Somerset Olympic Tower Property Tianjin to an unrelated party. The divestment is expected to be completed in 2Q 2025. Post-completion of the divestment, CLAS will have four properties in China. Featured property: Somerset Heping Shenyang, China 41 Annual Report 2024
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