31 Annual Report 2025 Japan Japan is one of CLAS’ key markets which contributed 17% to the total gross profit for FY 2025. As at 31 December 2025, CLAS owns 32 freehold properties in Japan. Two hotels and a student accommodation property are under master leases. The rest of the Japan portfolio which consists of a serviced residence, two hotels and 26 rental housing properties, are under management contracts. In 2025, CLAS acquired two hotels – ibis Styles Tokyo Ginza in Tokyo and Chisun Budget Kanazawa Ekimae in Kanazawa – and three rental housing properties – Pre de Cort Nishikyogoku in Kyoto, and Pregio Esaka South and Splendide Namba West in Osaka. During the year, CLAS also divested Citadines Central Shinjuku Tokyo. Master Leases Sotetsu Grand Fresa Tokyo-Bay Ariake is a 912-unit hotel located within the Tokyo Secondary City Centre which is close to Big Sight, a major international convention centre, Ariake Colosseum and retail options. Sotetsu Grand Fresa Osaka-Namba is a 698-unit hotel centrally located in Namba, Osaka. Eslead College Gate Kindaimae is CLAS’ only student accommodation property in Japan. It comprises 112 studio apartment units and is within walking distance to the main campus of Kindai University in Osaka. The master leases have remaining lease terms of seven to 11 years. Management Contracts Citadines Shinjuku Tokyo is a 160-unit serviced residence located in the heart of Shinjuku, an area known for its dynamic energy and entertainment options. The property is surrounded by an eclectic mix of department stores, boutiques, and local eateries. ibis Styles Tokyo Ginza is a 224-unit hotel located within the capital city’s premium shopping and entertainment district. The property is next to Ginza Six, a popular high‑end retail mall, and is surrounded by a wide array of retail and dining options. Chisun Budget Kanazawa Ekimae is a 392-unit hotel situated in Kanazawa, in the northwest of Japan. Kanazawa city is well known for its historical attractions, traditional landscaped gardens, and cultural icons which guests can access easily. The properties under management contracts have an average length of stay of less than one month. CLAS’ 26 rental housing properties are located across eight cities – Fukuoka, Hiroshima, Hyogo, Kyoto, Nagoya, Osaka, Tokyo and Sapporo. All the properties are conveniently located close to public transportation and other lifestyle amenities. The rental housing properties have an average length of stay of over 12 months. 32¹ Properties 5,456¹ Units S$96.0M Total Revenue (FY 2025) S$65.4M Total Gross Profit (FY 2025) S$1,347.2M Valuation (as at 31 Dec 2025) ▲ Featured property: ibis Styles Tokyo Ginza, Japan Key Market 1 As at 31 December 2025. Does not include Citadines Central Shinjuku Tokyo, which was divested in October 2025.
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