47 Annual Report 2025 1 Based on the assumption that the lessee exercises its right to terminate the 20-year lease agreement at the 10-year mark, by paying one year of rent. Based on the full 20-year term of the lease, the remaining lease term would be approximately 13 years. South Korea CLAS owns two freehold hotels in Seoul, South Korea, under master leases with fixed and variable rent components. ibis Ambassador Seoul Insadong is a 363-unit hotel and is strategically located near the CBD, one of the major business districts in Seoul, where many large Korean corporates and financial institutions are based. The hotel is also located near key tourist destinations such as the Insadong retail precinct, Changdeokgung Palace and Jongmyo Shrine. It is a short walk from the Jongno 3-ga Station, which runs three lines of the Seoul metropolitan subway, offering convenience and connectivity to other parts of the city. The property has a remaining master lease term of approximately eight years. Sotetsu Hotels The Splaisir Seoul Dongdaemun is a 215‑unit hotel located in the wholesale and retail precinct of Dongdaemun, one of the most popular destinations in Seoul. Landmarks within its vicinity include the Dongdaemun Design Plaza and the Doota Mall. The hotel is well-connected to other parts of Seoul as it enjoys direct access to the Dongdaemun History & Culture Park Station, which runs three lines of the Seoul metropolitan subway. The property has a remaining master lease term of approximately four years1. In FY 2025, revenue for the South Korea portfolio increased by 4% YoY in KRW terms, due to higher variable rent on the back of strong demand and operating performance. Gross Rental Income (KRW’million) FY 2025 FY 2024 Properties under Master Lease ibis Ambassador Seoul Insadong 5,150 5,183 Sotetsu Hotels The Splaisir Seoul Dongdaemun 6,144 5,635 2 Properties 578 Units S$10.4M Total Revenue (FY 2025) S$9.9M Total Gross Profit (FY 2025) S$177.3M Valuation (as at 31 Dec 2025) ▲ Featured property: ibis Ambassador Seoul Insadong, South Korea
RkJQdWJsaXNoZXIy NTkwNzg=