INVESTMENT Acquisitions In FY 2024, CLAS completed approximately S$350 million in accretive acquisitions, recycling capital at higher yields. These included the acquisition of Teriha Ocean Stage, a rental housing property in Fukuoka, Japan, lyf Funan Singapore, a hotel in Singapore, and the remaining 10% stake in Standard at Columbia, a student accommodation in South Carolina, USA. No. Property Lodging type Location No. of units / beds Purchase price EBITDA / NOI yield1 Acquisition date 1 Teriha Ocean Stage Rental housing Fukuoka, Japan 258 units JPY8.0B (S$82.6M) 4.0% Jan 2024 2 Remaining 10% stake in Standard at Columbia Student accommodation South Carolina, USA 678 beds CLAS’ total investment cost for 100% of the property is USD103.6M (S$139. 3M) 7.0% May 2024 3 lyf Funan Singapore Hotel Singapore 329 units S$146.4M2 4.7% Dec 2024 1 Net operating income (NOI) yield for Teriha Ocean Stage is on a stabilised basis. EBITDA yield for Standard at Columbia is based on CLAS’ total investment cost. EBITDA yield for lyf Funan Singapore is on a FY 2023 pro forma basis. 2 The purchase price of S$146.4 million is based on the net asset value, which takes into account the agreed property value of S$263.0 million, and agreed adjustments to the net asset value. Development Projects Development works are currently ongoing for Somerset Liang Court Property Singapore, a serviced residence with hotel licence located in the Clarke Quay precinct. The development is expected to complete in 20261. As at 31 December 2024, CLAS’ development activities comprise less than 10% of its deposited property, within the Monetary Authority of Singapore’s development limit. ASSET ENHANCEMENT In FY 2024, CLAS completed six of eight announced AEIs. The properties are in prime locations of key gateway cities. Apart from the refurbishment of guest rooms and common areas, the AEIs also included mechanical and engineering improvements and the adoption of technology to enhance operational efficiency and guest experience. The two remaining AEIs are planned to commence in 2025 and complete in 2026. To mitigate the short-term impact of AEIs, CLAS will distribute past undistributed divestment gains to keep distributions stable. The total capital expenditure of the eight AEIs is approximately S$250 million, of which CLAS’ contribution is about S$170 million. The remaining capital expenditure is funded by the master lessees or operators of the properties. No. Property Location Timeline of AEI 1 The Robertson House by The Crest Collection Singapore 1Q 2023 to 1Q 2024 2 Citadines Les Halles Paris Paris, France 2Q 2023 to 2Q 2024 3 Citadines Kurfürstendamm Berlin Berlin, Germany 4Q 2023 to 2Q 2024 4 La Clef Tour Eiffel Paris Paris, France 3Q 2023 to 2Q 2024 5 Citadines Holborn-Covent Garden London London, United Kingdom 3Q 2023 to 3Q 2024 6 Temple Bar Hotel Dublin by The Unlimited Collection (formerly Temple Bar Hotel) Dublin, Ireland 1Q 2024 to 4Q 2024 7 The Cavendish London London, United Kingdom 2025 to 20261 8 Sydney Central Hotel Sydney, Australia 2025 to 20261 1 Expected completion date subject to change. 1 Expected completion date and property details for Somerset Liang Court Property Singapore are subject to change. 7 Annual Report 2024
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