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28 September 2026 Strategic Review Presentation Newport Plaza
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GET Strategy Laying the Foundation since 2018 2 G GROWTH Build development pipeline and recurring income streams >$26B Residential sales >15,000 Residential units sold Maintained a strong local presence and expanded overseas for diversification. E 5 Major AEIs completed Portfolio rejuvenation AEIs and redevelopments T $5.8B Strategic divestments $3.7B Scaled living- sector platform Key achievements (2018 – 2026)1 ENHANCEMENT Rejuvenate and reposition existing portfolio TRANSFORMATION Recycle capital and build new growth platforms Hotel repositioning Renovated hotels to strengthen hospitality offering 1 As of 30 Jun 2026
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The Strategic Review Identified Four Priorities 3 Sharper strategic focus Active portfolio management Measurable implementation roadmap Clear path to enhanced shareholder returns 1 3 42 Key markets and asset classes Assets to retain, enhance or recycle Defined targets, milestones and accountability Disciplined capital allocation and balance sheet management Investor Perceptions Audit feedback taken into consideration
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GET + Strategy Roadmap 4 3 4 5 6 $ $ B B YEARS SECTORS DIVESTMENTS INVESTMENTS FY 2027 – 2029 Residential · Commercial Hospitality · Living Future Growth Capital Recycling
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GET+ – The Next Chapter of Value Creation 5 G GROWTH E ENHANCEMENT T TRANSFORMATION The “ +” = PLUS: Four Targeted Outcomes (FY 2027 – 2029) 1 Net gearing is computed using total borrowings less cash, over total equity (including fair value of investment properties) Building on GET with sharper execution, disciplined capital allocation and measurable outcomes P PAYOUT ≥35% annually Dividend payout ratio on reported PATMI L LEVERAGE Net gearing1 U UNLOCK >$1B PATMI2 S SCALE $10B by FY 2029 Total AUM from listed and private platforms To be realised from divestment gains ~55% by FY 2029 2 Assuming divestments based on estimated market values as at 31 Dec 2025 +
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Focusing Growth Capital in 4 Sectors Across Priority Markets 6 Current Presence Priority Markets Residential • Singapore • UK • China • Australia Singapore China 1 Commercial • Singapore • UK • China • Australia Singapore 2 Hospitality • Asia • Europe • US • Australasia Key gateway cities 3 Living • Singapore • UK • Japan • Australia Singapore Japan 4 Sectors Artist’s impression Lucerne Grand Republic Plaza Grand Copthorne Waterfront Hotel Escenario Akasaka
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Deploying Capital with Focus and Discipline 7 Capital Allocation Targets Singapore 60% China & Japan 30% Others 10% $5B INVESTMENTS Growth capital to focus on 4 sectors RESIDENTIAL COMMERCIAL HOSPITALITY LIVING Amplify growth capital via Joint ventures Fund management
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Rationalising Portfolio to Unlock Embedded Value 8 Commercial 45% Hotel 30% Living 5% Legacy Residential & Others 20% Capital Recycling Targets Priorities: Value crystallisation Disciplined capital recycling $6B DIVESTMENTS Identify and recycle assets MATURE NON-CORE UNDERPERFORMING Potential pathways Outright divestment Seed suitable assets into managed vehicles
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9 FY 2027 – 2029 Cash Inflows from Property Development Sales PROJECTED CASH INFLOWS1 Supported by: Future cash collections from contracted sales in Singapore 5 unlaunched projects in Singapore 2 projects in China The $6B divestment target is in addition to the >$6B cash inflows from property development sales Tanjong Rhu Road2 Est. 515 units Lucerne Grand2 570 units Newport Residences 246 units Artist’s impression Artist’s impression Zyon Grand 706 units >$6B 2 Unlaunched as of 28 Sep 2026 Selected projects contributing to project cash inflows shown for illustration; not exhaustive Artist’s impression Wynwood Grand (EC)2 Est 430 units Peck Hay Road2 Est. 380 units Solano Grand (EC)2 Est. 300 units Xintiandi, Shanghai2 Est. 145 units & villas Hong Leong Larimar Center 648 units Artist’s impression Artist’s impression The Orie 777 units Artist’s impression Union Square Residences 366 units 1 Projected cash inflows for FY 2027 – 2029 comprise (i) remaining cash proceeds from contracted sales, and (ii) estimated cash proceeds from future sales of the Group’s existing development projects, including launched and unlaunched projects, based on the Group’s budgeted selling prices, sales velocity and construction progress.
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10 ACCELERATE EXITBUILD PIPELINE Comprises 3 development sites and unsold units in 2 completed residential projects Portfolio carrying value: ~$0.8B 1 1 As of 31 Dec 2025 Comprises 2 development sites and 4 completed projects Portfolio carrying value: ~$0.22B 1 Focus on Upper-Tier CitiesSustain Market Share Government Land Sales (GLS), collective sales and off-market transactions Redevelopment of existing assets Current launch pipeline: ~2,200 units Artist’s Impression Artist’s Impression Government land tenders and off-market transactions Forge partnerships The Archive, Melbourne Artist’s ImpressionArtist’s ImpressionLucerne Grand Mortlake, LondonXintiandi, Shanghai Residential1 GET+ 4 Sectors
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11 EXTRACT VALUEENHANCE VALUE Monitor Comprises 3 assets in Central London with NLA of ~1.1MM sq ft Optimise Unlock value through active asset management and redevelopment Existing net lettable area (NLA) of ~2.0MM sq ft and development pipeline of ~0.64MM sq ft Artist’s Impression Exit 50% direct JV stake in 330 Collins Street, Melbourne with NLA of ~194,000 sq ft Targeting an exit when market conditions allow Republic Plaza Union Square 125 Old Broad Street St Katharine Docks 330 Collins Street Commercial2 GET+ 4 Sectors
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12 165 Hotels 47,795 Rooms Globally M Social Hotel New York Downtown The Biltmore, Mayfair Grand Copthorne Waterfront Singapore 1 1 Owned Portfolio2 Operated by Managed by third parties Owned 88 hotels (53%) MHR Franchised 67 hotels (41%) MHR Managed 10 hotels (6%) Tailored approach for each asset to maximise asset value The Singapore EDITION 58 hotels (66%) 30 hotels (34%) GLOBAL PORTFOLIO Hospitality3 GET+ 4 Sectors 2 1 As of 28 Sep 2026. Owned portfolio includes CDL Hospitality Trusts (CDLHT), Millennium & Copthorne Hotels New Zealand Limited (MCHNZ) and 2 hotels opening in the next 12 months.
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CDLHT 19 hotels 13 Clear Execution Priorities for CDL’s Owned Hotels Core ~60% of portfolio value Enhance ~20% of portfolio value Divest ~20% of portfolio value ~$5B Well-performing assets Hold for recurring income and long-term value ~$1.8B Mature, non-core or underperforming assets Recycle capital where value is best realised A returns-driven approach: retain core performers, optimise assets and recycle capital. ~$1.8B TARGETED HOTEL DIVESTMENTS = c.30% OF GROUP’S $6B THREE-YEAR DIVESTMENT TARGET Owned Hotels CDL (under MHR & Third-Party Brands) 54 hotels MCHNZ 15 hotels 88 ~$1.8B Assets with identifiable upside AEIs and redevelopment to optimise returns 1 As of 28 Sep 2026; includes 2 hotels opening in the next 12 months 1 Hospitality3 GET+ 4 Sectors 54 CDL Hotels $8.6B Portfolio value 2 1 1
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14 36% 18% 23% 13% 10% Total GDV1 $3.7B Australia (563 units) UK PBSA (2,368 beds) UK PRS (1,505 units) Japan (2,246 units) Singapore (926 units) Private Rented Sector (PRS) 5,240 units Purpose-Built Student Accommodation (PBSA) 2,368 beds GLOBAL LIVING SECTOR PORTFOLIO KEY HIGHLIGHTS Enhance operations Exit market Grow presence Artist’s Impression 1 Including pipeline projects Artist’s Impression Newport Plaza serviced apartments – Residents’ Lounge Long - stay serviced apartments at Zion Road Singapore & Japan UK Australia Living4 GET+ 4 Sectors
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Fund Management: Expanding into Private Platforms 1 100% of CDLHT and IREIT Global AUM (€792MM converted at €1=S$1.47) 2 Private funds at attributable share Today Listed Platform REIT management Private Platform Funds, partnerships and joint ventures How We Grow From Here 1 Dedicated Platform Investment strategy and mandate compliance to be governed by an Investment Committee. 2 Dedicated Leadership A CEO and management team accountable for AUM, fee income and investor outcomes. 3 Proprietary Pipeline Target (by FY 2029) $10B Total AUM Greater Capital Efficiency Growing Recurring Fee Income Higher Return on Equity Building on CDL’s assets and capabilities CDL’s portfolio and integrated capabilities are attractive for capital partners seeking an aligned owner-operator. $3.5B1 $1.2B1 $5B Total AUM as of 30 Jun 2026 22 properties across Asia Pacific and Europe 53 properties across Europe 15 $0.3B2 Private funds 2x AUM Scale AUM ● Grow Fees ● Enhance Returns +
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Artist’s impression Union Square Fund Management: Leveraging CDL’s Competitive Advantage 16 Integrated Capabilities + Quality Portfolio Site Acquisition Deep market knowledge Property Development Concept to completion Property Sales / Leasing Strong market reach Asset Management Optimise and enhance value Hospitality Operations Established global platform Partnerships and JVs Third-party capital Over 60 Years of Expertise
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Fund Management: The Roadmap to $10B AUM Applying CDL’s Competitive Advantage… …to Optimise the Capital Flywheel $10B Total AUM by FY 2029 Originate Assets to be seeded into managed vehicles can come from CDL’s portfolio or new acquisitions Syndicate Third party capital committed alongside CDL Earn Recurring fees and a share of investment returns Redeploy Release capital for strategic reallocation Alignment In-house Operating, Development & Asset Management Expertise Origination Pipeline 17 Each cycle combines CDL’s pipeline and third-party capital to grow AUM and improve capital efficiency
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Alignment of Management Interests with Shareholders 18 The CDL PSP 2026: A share-based incentive framework that aligns senior management remuneration with long-term value creation for shareholders Performance Conditions for CDL Performance Share Plan (PSP) 2026 TSR Total Shareholder Return EPS Earnings Per Share ROACE Return on Average Capital Employed GHG Greenhouse Gas Emissions Reduction Aligned interests and accountability to all shareholders
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GET+ 19 What GET+ Will Do Over the next 3 years 3 YEARS 4 SECTORS $5B INVESTMENTS $6B DIVESTMENTS FY 2027 – 2029 Residential, commercial, hospitality and living Growth capital, with $3B into Singapore › › › Four Targeted Outcomes P PAYOUT ≥35% Dividend payout ratio on reported PATMI annually L LEVERAGE ~55% Net gearing¹ by FY 2029 U UNLOCK >$1B PATMI2 to be realised from divestment gains S SCALE $10B Total AUM from listed and private platforms Sharper Focus . Stronger Capital Discipline . Sustainable Shareholder Returns 1 Net gearing is computed using total borrowings less cash, over total equity (including fair value of investment properties) 2 Assuming divestments based on estimated market values as at 31 Dec 2025 Capital recycling, not inclusive of over $6B projected cash inflows from property development sales
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OUR VISION: We aim to be recognised by customers, employees and peers as an innovative creator of quality and sustainable spaces. OUR VALUES: INNOVATION COLLABORATION INTEGRITY OUR MISSION: C onceptualise spaces and solutions R espect planet Earth E ncourage diversity of people and ideas A dvance the communities we operate in T ake prudent risk for sustainable returns E mbrace a forward-looking mindset www.cdl.com.sg Artist’s impression Union Square
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21 Disclaimer: NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL, SUBSCRIBE FOR OR BUY SECURITIES IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES. This document is for information purposes only and does not have regard to your specific investment objectives, financial situation or your particular needs. Any information in this document is not to be construed as investment or financial advice and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for securities or other financial instruments in City Developments Limited (“CDL”). The past performance of CDL is not indicative of the future performance of CDL. You should exercise judgment in your own financial decisions. If in doubt, please consult with your professional advisers. This document contains certain forward-looking statements relating to CDL’s future performance and strategy, which have been carefully prepared, based on credible methodologies and assumptions made on the basis of information known to CDL as at the date of this document, and which CDL believes are realistic and defensible as at the date of this document. However, forward-looking statements by their nature involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other developments or companies, shifts in customer demands, customers and partners, expected levels of occupancy rates, property rental income, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events. Numbers in tables and charts may not add up due to rounding. CDL does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date of this document except as required by law or other regulatory requirements.