9 Annual Report 2025 In FY 2025, CLAS completed two AEIs in Paris and Seoul, which are expected to enhance the value and profitability of these properties. In FY 2026 and FY 2027, CLAS plans to undertake several AEIs in prime locations of key gateway cities, including London and New York. Given the uncertain global outlook, CLAS will monitor the macroeconomic situation, lodging demand and renovation costs, and may adjust the AEI schedules as needed. The capital expenditure for CLAS’ AEIs is funded partially by the master lessees or operators of the properties. CLAS is committed to distributing stable distributions and has the flexibility to distribute past divestment gains to mitigate the impact of the AEIs on CLAS’ income. Flexibility to distribute past divestment gains to mitigate the impact of AEIs on CLAS’ income AEIs Completed in FY 2025 No. Property Location Completion Date 1 ibis Ambassador Seoul Insadong Seoul, South Korea 2Q 2025 2 Citadines République Paris Paris, France 4Q 2025 Properties Undergoing or Scheduled for AEI No. Property Location Timeline of AEI1 1 Sotetsu Grand Fresa Osaka-Namba Osaka, Japan 4Q 2025 to 4Q 2026 2 Sheraton Tribeca New York Hotel New York, USA 1Q 2026 to 4Q 2026 3 Citadines Place d'Italie Paris Paris, France 1Q 2026 to 1Q 2027 4 The Cavendish London London, United Kingdom 1Q 2026 to 2027 5 Sydney Central Hotel Sydney, Australia 2026 to 2027 1 Timeline is subject to change. Asset Enhancement Investments Completed in FY 2025 No. Property Lodging Type Location No. of Units Purchase Price NOI Yield1 Acquisition Date 1 ibis Styles Tokyo Ginza Hotel Tokyo, Japan 224 JPY21.0 billion (S$178.5 million) 4.3% Jan 2025 2 Chisun Budget Kanazawa Ekimae Hotel Kanazawa, Japan 392 3 Pre de Cort Nishikyogoku Rental Housing Kyoto, Japan 85 JPY4.0 billion (S$34.2 million) 4.0% Aug 2025 4 Splendide Namba West Rental Housing Osaka, Japan 56 5 Pregio Esaka South Rental Housing Osaka, Japan 48 1 For properties 1 and 2, the Net Operating Income (NOI) yield refers to the blended NOI yield in FY 2024; for properties 3 to 5, it refers to the expected blended NOI entry yield in FY 2025. Development Projects Development works are currently ongoing for the former Somerset Liang Court Singapore, a serviced residence with hotel licence located in the popular riverfront lifestyle and entertainment Clarke Quay precinct. The development work is expected to be completed in 2026 and the serviced residence is expected to commence operations in 20271. As at 31 December 2025, CLAS’ development activities comprise less than 10% of its deposited property, within the Monetary Authority of Singapore’s development limit. 1 Timeline is subject to change.
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