Singapore Land Group FY2025: Revenue +7% to S$783M, SingLand Tower AEI Complete, 388 George Street Sydney Acquired, DPS Maintained at 4.5¢

Singapore Land Group (SingLand) FY2025 Annual Report (year ended 31 December 2025) is a year of operational progress and portfolio expansion — revenue grew 7% driven by a 22% jump in property investment income, two major AEIs completed, and a new Sydney CBD office tower acquired. Net profit declined modestly as the prior year included larger fair value gains.

• ▸Revenue: S$783.1M (+7.0% from S$732.4M). Property investment income: S$333.2M (+22% from S$273.7M) — biggest driver, reflecting Singapore Land Tower AEI completion, West Mall AEI completion, and 388 George Street Sydney new contribution.
• ▸Net profit before fair value gains: S$242.8M (+16.0% from S$209.6M) — strongest operational performance in years.
• ▸Net profit attributable to equity holders: S$272.3M (-4.2% from S$284.2M) — decline due to lower fair value gains (S$45.9M vs S$65.3M FY2024) and a S$13.5M net FV loss from associates/JVs.
• ▸Total assets: S$10,311M (+5.1% from S$9,815M). Investment properties: S$7,740M (+7.7% from S$7,187M).
• ▸Shareholders' equity: S$8,607M. NAV/share: S$6.01 (FY2024: S$5.87; +2.4%).
• ▸EPS (excl. FV gains): 16.7¢ (FY2024: 16.1¢; +3.7%). EPS (incl. FV): 19.0¢ (FY2024: 19.8¢).
• ▸DPS: 4.5¢ first and final tax-exempt dividend (same as FY2024). Total payout S$64.5M.

• ▸Singapore Land Tower AEI Completed (Q3 2025):
• ▸SingLand's flagship 50 Raffles Place office tower expanded from 47 to 49 storeys via rooftop addition, increasing NLA and enhancing the building's market position. AEI was the key reason occupancy was depressed at 86% in FY2024 — post-completion occupancy recovered to 97% by year-end FY2025. Valuation increased S$28M (+1.4%) to S$1,958M. Singapore Land Tower received the highest 6-star rating by EXPIScore for tenant engagement efforts.

• ▸West Mall AEI Completed (Q1 2025):
• ▸Bukit Batok suburban retail mall AEI completed in early 2025. NLA increased (new NLA 18,220sqm vs 17,042sqm pre-AEI, now including NLB lettable area). Valuation increased S$25M (+5.8%) to S$459M — the largest percentage gain in the portfolio. Occupancy 99%. The AEI repositioned West Mall as a lifestyle and community hub.

• ▸Green Building Certifications:
• ▸The Gateway and SGX Centre 2 both attained Green Platinum Super Low Energy certification during FY2025 — the highest green building tier under Singapore's BCA scheme. Singapore Land Tower received a 6-star EXPIScore for tenant engagement.

• ▸388 George Street, Sydney — New Acquisition:
• ▸Completed acquisition of a 50% undivided interest in 388 George Street, Sydney (30-storey commercial building with 5-storey retail/commercial podium; NLA 41,098sqm; freehold) via a structured joint venture. SingLand holds 80% effective interest (through United Venture Investments No.4 Pte. Ltd., a 80:20 JV with UOL Group). Acquisition price: A$460M (from Brookfield 388 Landowning Trust). Valuation as at 31 Dec 2025: S$392M. Occupancy: 100%. First contribution to property investment income in FY2025. The transaction is SingLand's largest international acquisition, deepening its Sydney CBD office exposure.

• ▸The Clifford — Redevelopment Ongoing:
• ▸Formerly Clifford Centre, the 24 Raffles Place tower remains closed for redevelopment (since 1 Jan 2023) and is now renamed The Clifford. Valuation increased S$93M (+9.4%) to S$1,081M, reflecting redevelopment progress and strong underlying Raffles Place land values.

• ▸Thomson View Enbloc — New Residential Pipeline:
• ▸SingLand and UOL Group completed the S$810M en-bloc acquisition of Thomson View Condominium in October 2025 (20:80 JV). This secures SingLand's next major Singapore residential development pipeline, with construction and sales expected in future years.

Novena Square (associate): Valuation S$1,488M (SingLand 20% stake). 120 Holborn, London (50% JV): S$252M valuation; occupancy declined to 83% (FY2024: 84%).

• ▸Portfolio-wide occupancy lifted materially in FY2025 as the AEI drag cleared:
• ▸Singapore Land Tower: 97% (FY2024: 86% — during AEI).
• ▸The Gateway: 97% (FY2024: 92%; +5pp).
• ▸UIC Building: 100% (FY2024: 93%; +7pp).
• ▸SGX Centre 2: 99% (flat). Tampines Plaza: 100% (flat).

Eu Zai Jie, Jonathan: S$1,546,555 total for FY2025 (FY2024: S$1,351,172; +14.5% YoY). Mix: 38% fixed salary / 35% variable (STI) / 19% long-term incentives (LTIPP — 3-year deferred cash plan, value tied to company share price) / 8% benefits. Eu Zai Jie is the nephew of Chairman Wee Ee Lim. The 14.5% increase reflects strong operational performance: net profit before FV gains +16%, revenue +7%, two AEIs completed, and new Sydney acquisition. KMP aggregate (6 persons excl. CEO): S$2,105,120 (FY2024: S$2,409,199 for 5 KMP).

All nine directors received fee increases for FY2025 following a Willis Towers Watson benchmarking review. Highlights: Chairman Wee Ee Lim S$130,000 (+44% from S$90,000); RC Chair Chng Hwee Hong S$123,750 (+22%); ARC Chair Tan Khiaw Ngoh S$105,000 (+33%); NC Chair Peter Sim Swee Yam S$98,750 (+25%); Ng Shin Ein and Tan Tiong Cheng each S$65,000 (+44%).

SingLand's FY2025 underlying performance is its best in years — net profit before FV gains up 16%, revenue +7%, and occupancy fully recovered from the AEI disruption years. The completion of both Singapore Land Tower and West Mall AEIs removes the two key top-line drags and positions the office and suburban retail portfolios for stronger FY2026 contributions. The 388 George Street Sydney acquisition adds a high-quality Sydney CBD asset at 100% occupancy to an already strong income base. The main watch items: (1) The Clifford redevelopment timeline and cost; (2) 120 Holborn occupancy trajectory (83%); (3) Residential pipeline monetisation from Thomson View (construction and sales still years away); (4) Parktown Tampines (under development, 20% stake, completion ~2030).