AG I L ITY &
TENACITY
ANN UAL REPORT
2 0 2 0
Chinese sculptor Zheng Lu’s
“Moving Water – Marvellous”
sculpture at Frasers Tower –
reminiscent of a water wave
– reflects the dynamism of
Frasers Property in its ability to
adapt to fast-changing times.
In this particular work deeply
influenced by Chinese calligraphy,
the characters – Collaborative,
Respectful, Progressive and Real –
reflect our core values that guide
how we think, how we act and
what we value.
GLOSSARY
For ease of reading, this glossary provides definitions of abbreviations that are frequently used throughout this report
Frasers Property entities
Other Abbreviations
FCT
FHT
FLCT
FPA
FPC
FPHT
FPI
FPL
FPS
FPT
FPUK
FPV
FTREIT
: Frasers Centrepoint Trust
: Frasers Hospitality Trust
: Frasers Logistics & Commercial Trust
: Frasers Property Australia
: Frasers Property China
: Frasers Property Holdings Thailand
: Frasers Property Industrial
: Frasers Property Limited
: Frasers Property Singapore
: Frasers Property Thailand
: Frasers Property United Kingdom
: Frasers Property Vietnam
: Frasers Property Thailand Industrial Freehold &
Leasehold REIT
GOLD
GVREIT
: Golden Land Property Development Plc
: Golden Ventures Leasehold Real Estate Investment Trust
Abbreviations of states/country
NSW
QLD
SA
VIC
UK
: New South Wales
: Queensland
: South Australia
: Victoria
: United Kingdom
APBFE
: Attributable profit before fair value
change and exceptional items
AsiaRetail
Fund
AUM
BCA
CBD
DPU
EMTN
ERM
FY
GDP
GDV
GFA
GLA
GRESB
IR
JV
MTN
NAV
NLA
NPI
PBIT
PSF
PSM
REIT
RevPAR
SBU
SGX-ST
SQM
WALE
Investor relations
: AsiaRetail Fund Limited
: Assets under management
: Building and Construction Authority, Singapore
: Central business district
: Distribution per unit
: Euro medium-term notes
: Enterprise-wide risk management
: Financial year
: Gross domestic product
: Gross development value
: Gross floor area
: Gross lettable area
: Global Real Estate Sustainability Benchmark
:
: Joint venture
: Medium-term notes
: Net asset value
: Net lettable area
: Net property income
: Profit before interest and taxation
: Per square foot
: Per square metre
: Real estate investment trust
: Revenue per available room
: Strategic business unit
: Singapore Exchange Securities Trading Limited
: Square metres
: Weighted average lease expiry
• Frasers Property or The Group refers to Frasers Property Limited and its subsidiaries
• All figures in this Annual Report are in Singapore currency unless otherwise specified
A N N U A L R E P O R T 2 0 2 0 / 1
AG I L ITY &
TENACITY
At Frasers Property, we believe having a business with the right focus, relevant scale,
and asset class and local expertise are critical success factors for real estate. This will
give us a sustained competitive advantage, while placing us in a stronger position
to deliver long-term shareholder value. As we navigate through a fast-changing
operating environment, we must be agile and tenacious as an organisation to be
able to capitalise on opportunities and prepare a future-ready business. This means
investing with agility to strengthen our organisational culture and structure, ensuring
quality and consistent systems and processes across our businesses. We demonstrate
tenacity by building a well-diversified portfolio across asset classes and geographies,
with earnings underpinned by a stable base of assets generating recurring income.
We will continue to evolve, reinvent and thrive as a multi-national company even in
the post COVID-19 world, as we remain committed to developing quality products,
services and places that create value for our stakeholders.
CONTENTS
2
4
6
8
10
11
12
14
21
29
30
32
36
48
50
Corporate Profile
The Group Strategy
Our Businesses
Our Multi-national Presence
Our Milestones
Group Structure
Financial Highlights
Sincerity
Board of Directors
Group Management
Corporate Information
Dependability
Chairman’s Statement
In Conversation with the Group CEO
Trends View
Agility
52
Business Review
• Singapore
• Australia
• Industrial
• Hospitality
• Thailand and Vietnam
• Others
Investor Relations
Treasury Highlights
Sustainability Report
Awards and Accolades
Enterprise-Wide Risk Management
Corporate Governance Report
Financial Statements
Particulars of Group Properties
Interested Person Transactions
Shareholding Statistics
120
122
124
175
178
181
215
358
412
413
415 Notice of Annual General Meeting
422
Additional Information on Directors
Seeking Re-Appointment
Proxy Form
FPL Fact Sheet
2 / F R A S E R S P R O P E R T Y L I M I T E D
CORPORATE
PROFILE
Frasers Property Limited is a multi-national developer-
owner-operator of real estate products and services across
the property value chain. Listed on the Main Board of the
Singapore Exchange Securities Trading Limited (SGX-ST) and
headquartered in Singapore, the Group has total assets of
approximately S$38.7 billion as at 30 September 2020.
Today, the Group has businesses across Southeast Asia,
Australia, Europe and China, and our well-established
hospitality business owns and/or operates serviced
apartments and hotels in over 70 cities across Asia,
Australia, Europe, the Middle East and Africa.
Building on our heritage, our core values and leveraging
our knowledge and capabilities, we are building a well-
diversified portfolio across five asset classes – from retail,
residential, commercial and business parks, industrial and
logistics to hospitality.
We are also the sponsor of two real estate investment trusts
(REITs) and one stapled trust listed on the SGX-ST. Frasers
Centrepoint Trust and Frasers Logistics & Commercial
Trust are focused on retail, and industrial & commercial
properties, respectively. Frasers Hospitality Trust (comprising
Frasers Hospitality Real Estate Investment Trust and Frasers
Hospitality Business Trust) is a stapled trust focused on
hospitality properties. In addition, the Group has two REITs
listed on the Stock Exchange of Thailand. Frasers Property
(Thailand) Public Company Limited is the sponsor of
Frasers Property Thailand Industrial Freehold & Leasehold
REIT, which is focused on industrial & logistics properties
in Thailand, and Golden Ventures Leasehold Real Estate
Investment Trust, which is focused on commercial properties.
Our focus has been on creating memorable, enriching
experiences that matter to our stakeholders. We remain
committed to inspiring and making the quality of every
experience better and we aim to develop quality products,
services and create places for good – connecting and
fostering sustainable, thriving businesses and communities.
Northpoint City • Singapore
Farnborough Business Park • United Kingdom
Eastern Creek Business Park, New South Wales • Australia
Total Assets ($’m)
Profit Before Interest and Taxation ($’m)
2020
2019
20181
2017
2016
38,748.1
37,632.9
1,245.6
37,665.9
1,292.6
32,562.1
37,665.9
1,333.2
27,009.4
24,204.4
37,665.9
1,089.0
938.2
A N N U A L R E P O R T 2 0 2 0 / 3
A N N U A L R E P O R T 2 0 2 0 / 3
THE GROUP
STRATEGY
Northpoint City • Singapore
Farnborough Business Park • United Kingdom
Sustainable
Earnings
Growth
Achieve sustainable earnings
growth through investment
properties, development project
pipeline and fee income
Balanced
Portfolio
Grow asset portfolio in a balanced
manner across geographies and
property segments
Achieve
Sustainable
Growth and Deliver
Long-term
Shareholder Value
Eastern Creek Business Park, New South Wales • Australia
Optimise
Capital
Productivity
Optimise capital productivity
through REITs platform and active
asset management initiatives
Attributable Profit ($’m)
188.1
560.3
597.2
749.6
689.1
1 Certain accounting policies or accounting standards had changed
in the financial year ended 30 September 2019. Financial
information for 2018 has been restated to take into account the
retrospective adjustments on the adoption of the new financial
reporting framework, Singapore Financial Reporting Standards
(International) framework (SFRS(I)) and new/revised SFRS(I)
Contents
4 / F R A S E R S P R O P E R T Y L I M I T E D
OUR
BUSINESSES
SINGAPORE
AUSTRALIA
The Singapore business comprises
Frasers Property Retail, the retail-
focused business unit, and Frasers
Property Singapore’s Commercial,
Development and Residential Division
which develops, owns and manages a
diverse portfolio of residential, office
and business space properties.
Frasers Property Retail manages a
portfolio comprising 15 shopping
malls – including integrated mixed-
use developments and suburban
malls strategically located near
transportation nodes and within
densely populated areas – and one
office property. These assets under
management amount to $9.1 billion as
at 30 September 2020, including assets
held in Frasers Centrepoint Trust and
AsiaRetail Fund.
Frasers Property Singapore’s
commercial division is an integrated
asset management and property
management platform managing six
office and business space properties,
including properties owned by Frasers
Logistics & Commercial Trust. Its
residential division has developed
more than 21,000 quality homes over
the years.
Frasers Centrepoint Trust
Frasers Centrepoint Trust, managed by
Frasers Property Retail, is a REIT listed
on the SGX-ST. Its property portfolio
comprises seven suburban malls in
Singapore, with total assets valued
at $3.9 billion as at 30 September
2020. Frasers Centrepoint Trust also
holds a 31.2% stake in Hektar Real
Estate Investment Trust, a retail-
focused REIT listed in Malaysia, and a
36.9% stake in AsiaRetail Fund as at
30 September 2020. Subsequently,
Frasers Centrepoint Trust completed
the acquisition of the remaining 63.1%
stake in AsiaRetail Fund from Frasers
Property, owning 100% of AsiaRetail
Fund effective from 28 October 2020.
Frasers Property Australia is one of
Australia’s major diversified property
groups with over 90 years’ heritage
in the country. Its activities cover
the development of residential land,
housing and apartments, commercial,
and retail properties; investment
property ownership and management,
and property management. As at
30 September 2020, Frasers Property
Australia has a residential pipeline of
about 16,640 units and investment
properties under management totalling
$1.9 billion, including assets held in
Frasers Logistics & Commercial Trust.
Frasers Property Australia also owns
Real Utilities, a stand-alone business
and a licensed Australian energy retailer,
which owns and manages energy
infrastructure within select Frasers
Property developments in Australia.
INDUSTRIAL
Frasers Property Industrial owns,
develops and manages industry-leading
industrial and logistics properties in
strategic locations across Australia
and Europe. From its offices in Sydney,
Melbourne, Brisbane, Cologne, Munich
and Amsterdam, it provides integrated
development, asset management
and third-party capital management
services. Each year, Frasers Property
Industrial delivers facilities totalling
approximately $400 million to $600
million gross development value. As at
30 September 2020, it has assets under
management totalling $8.7 billion.
Frasers Logistics &
Commercial Trust
Frasers Logistics & Commercial Trust,
managed by Frasers Property Industrial,
is a REIT with a portfolio of 100
logistics and industrial and commercial
properties valued at approximately
$6.2 billion. Its assets are located in
major developed countries, namely
Australia, Germany, Singapore, the
UK and the Netherlands. It was listed
on the SGX-ST on 20 June 2016 as
Frasers Logistics & Industrial Trust
and subsequently renamed Frasers
Logistics & Commercial Trust on
29 April 2020 following its merger
with Frasers Commercial Trust.
Frasers Tower • Singapore
FYI Center, Bangkok • Thailand
Century Square • Singapore
Baitang One, Suzhou • China
Capri by Fraser Berlin • Germany
The 210 Building at Winnersh
Triangle, Reading • United Kingdom
Frasers Tower • Singapore
FYI Center, Bangkok • Thailand
Century Square • Singapore
Baitang One, Suzhou • China
Capri by Fraser Berlin • Germany
A N N U A L R E P O R T 2 0 2 0 / 5
Its investment strategy is to invest
across geographies in a diversified
portfolio of income-producing
properties used predominantly for
logistics or industrial, commercial
(primarily CBD office space) or business
park purposes (primarily non-CBD office
space and/or research and development
space) located in the Asia Pacific or
in Europe.
HOSPITALITY
Frasers Hospitality has interests in
and/or manages award-winning
serviced residences, hotel residences
and lifestyle boutique hotels in
over 70 cities across Asia, Australia,
Europe, the Middle East and Africa. Its
stable of brands comprises the gold-
standard Fraser Suites, Fraser Place and
Fraser Residence for extended stays;
Modena by Fraser, a mid-scale serviced
apartment focused on holistic wellness,
and Capri by Fraser, an upscale, design-
led hotel residence focused on social
living. Frasers Hospitality also manages
a portfolio of 35 upscale boutique
hotels in key cities in the UK, operating
under the Malmaison and Hotel du
Vin brands. It has over 18,000 units in
operation and approximately 2,700
units in the pipeline.
Frasers Hospitality Trust
Frasers Hospitality Trust, managed
by Frasers Hospitality, was the first
international hotel and serviced
residence trust to be listed on the
SGX-ST. It has 15 quality assets in prime
locations across nine key cities in Asia,
Australia, the UK and Germany. With
a combined appraised value of $2.3
billion as at 30 September 2020, these
nine hotels and six serviced residences
have a total of 3,913 keys, comprising
3,071 hotel rooms and 842 serviced
residence units.
Frasers Property Thailand is also the
sponsor and manager of two REITs
and a property fund, all listed on the
Stock Exchange of Thailand, with
combined assets under management of
$2.3 billion. Frasers Property Thailand
Industrial Freehold & Leasehold REIT,
in which Frasers Property Thailand
has a 22.3% stake, is the country’s
largest listed industrial REIT with about
$1.8 billion worth of assets as at 30
September 2020. Golden Ventures
Leasehold REIT, in which Frasers
Property Thailand has a 22.6% stake,
is a commercial REIT with a portfolio
value of $0.5 billion.
Frasers Property, through Frasers
Property Holdings (Thailand) Co. Ltd.,
is also a development manager of One
Bangkok and has a 19.8% effective
interest in this project, the largest
integrated precinct in Thailand.
VIETNAM
Frasers Property Vietnam focuses on
the development of residential and
commercial properties in Vietnam. It
has a 70% stake in Q2 Thao Dien which
it is developing in District 2 of Ho Chi
Minh City. Once fully developed, Q2
Thao Dien will comprise high-end
residential apartments and landed
units, retail shops and a serviced office
building. Frasers Property Vietnam also
holds a 75% stake in Melinh Point, a
21-storey office building in Ho Chi Minh
City’s CBD, which it manages.
CHINA
Frasers Property China develops
residential, commercial, logistics and
business park properties. It has built
11,300 homes to date and has four
projects in Suzhou, Shanghai and
Chengdu.
THAILAND
UNITED KINGDOM
Frasers Property has 81.8%1 deemed
interest in Frasers Property Thailand,
which is listed on the Stock Exchange
of Thailand. Frasers Property Thailand
develops, owns and manages a
diversified portfolio of assets across
the residential, industrial and logistics,
commercial and retail, and hospitality
asset classes in Thailand. With assets in
excess of $4.3 billion as at September
2020, Frasers Property Thailand
is among the five largest property
developers in Thailand by asset size.
Frasers Property UK is a fully integrated
developer, investor and asset manager
of residential and commercial
properties. Its porfolio includes seven
large business parks totalling 462.5
million sqm, home to 500 companies,
two of which it manages on behalf of
Frasers Logistics & Commercial Trust.
Frasers Property UK has developed
over 1,165 homes over the years and is
currently developing its first commercial
property in Central London, Central
House.
1 As at 30 September 2020, Frasers Property holds approximately 38.3% through its wholly owned
subsidiary, Frasers Property Holdings (Thailand) Co., Ltd, and 43.5% through Frasers Assets Co., Ltd,
a 49:51 joint venture with TCC Assets Co., Ltd
Contents
6 / F R A S E R S P R O P E R T Y L I M I T E D
OUR
MULTI-NATIONAL
PRESENCE
United Kingdom
The Netherlands
Germany
France
Austria
Switzerland
Hungary
Spain
Turkey
Over
70
Cities
South Korea
Japan
Saudi Arabia
Bahrain
China
Qatar
Oman
UAE
India
Thailand
Vietnam
Nigeria
Malaysia
Singapore
Indonesia
Australia
Residential
Commercial & Business Parks
Industrial & Logistics
Retail
Hospitality
A N N U A L R E P O R T 2 0 2 0 / 7
Residential
Australia
China
Malaysia
Singapore
Thailand
United Kingdom
Vietnam
Commercial &
Business Parks
Australia
China
Singapore
Thailand
United Kingdom
Vietnam
Industrial & Logistics
Australia
Austria
China
Germany
Thailand
The Netherlands
Retail
Australia
Malaysia
Singapore
Thailand
Hospitality
Australia
Bahrain
China
France
Germany
Hungary
India
Indonesia
Japan
Malaysia
Nigeria
Oman
Qatar
Saudi Arabia
Singapore
South Korea
Spain
Switzerland
Thailand
Turkey
United Arab Emirates
United Kingdom
Vietnam
Frasers Property is a multi-national real estate group with
a network of scalable platforms in key markets
$42.3 billion1 assets under management (AUM) across five
asset classes
Four strategic business units – Singapore, Australia,
Hospitality, Industrial; as well as Thailand and Vietnam,
and Others
$5.2 b1
hospitality AUM;
>21,5003
hospitality
units
$10.0 b1
retail AUM
5 REITs
FCT, FLCT2, FHT,
FTREIT, and
GVREIT
$42.3 b1
AUM across five
asset classes
$9.5 b1
industrial &
logistics AUM
~6,000
residential units
completed and
settled in FY20
$9.8 b1
commercial &
business park
AUM
1
2
3
Comprises property assets in which the Group has an interest, including assets held by its REITs, joint
ventures and associates
Frasers Logistics & Industrial Trust was renamed Frasers Logistics & Commercial Trust on 29 April 2020
following the completion of the merger of Frasers Commercial Trust and Frasers Logistics & Industrial
Trust
Including both owned and managed properties; and units pending opening
Contents
8 / F R A S E R S P R O P E R T Y L I M I T E D
OUR
MILESTONES
Tampines 1 • Singapore
Golden Neo Rama 9-Krungthepkreetha, Bangkok • Thailand
1988
• Centrepoint Properties Limited was
listed on the Main Board of SGX-ST
1990
• Centrepoint Properties Limited became
a subsidiary of Fraser and Neave, Limited
1992
• Northpoint Shopping Centre,
Singapore’s pioneer suburban retail
mall in Yishun; Bridgepoint, a retail
mall in Sydney; and Alexandra Point,
Centrepoint Properties Limited’s first
office project, were launched
1993
• The Anchorage, Centrepoint Properties
Limited’s first residential project, was
redeveloped from Fraser and Neave,
Limited’s old brewery and soft drink
plants
1996
• Centrepoint Properties Limited’s first
overseas office project, Melinh Point, a
commercial and retail centre in Ho Chi
Minh City, Vietnam, was developed
1997
• Alexandra Technopark, Centrepoint
Properties Limited’s first business space
project was developed and launched
1998
• Centrepoint Properties Limited’s first
two hospitality projects, Fraser Suites
and Fraser Place in Singapore, were
launched
2000
• Pavilions on the Bay in Australia and
Annandale House in the UK, Centrepoint
Properties Limited’s first overseas
residential projects, were developed
2001
• Jingan Four Seasons in Shanghai,
Centrepoint Properties Limited’s first
residential project was launched in China
2002
• Centrepoint Properties Limited launched
serviced residences in the UK, South
Korea and the Philippines
• Centrepoint Properties Limited was
delisted from SGX- ST and became a
wholly owned subsidiary of Fraser and
Neave, Limited
2006
• Centrepoint Properties Limited was
rebranded Frasers Centrepoint Limited
• Frasers Centrepoint Limited launched
its first REIT, Frasers Centrepoint Trust,
which was listed on the Main Board of
SGX-ST
2008
• Frasers Centrepoint Limited acquired
a stake in Allco Commercial REIT, and
the entire stake of its manager, and
rebranded the REIT Frasers Commercial
Trust, which was listed on the Main
Board of SGX-ST
2013
• Frasers Centrepoint Limited became a
member of the TCC Group
2014
Listings on SGX-ST
• Listed Frasers Centrepoint Limited by
way of introduction on the Main Board of
SGX-ST
• Listed Frasers Hospitality Trust on the
Main Board of SGX-ST as the first global
hotel and serviced residence stapled
group to be listed on SGX-ST
Firm foothold in Australian market
• Wholly acquired Australand, an
Australian property company
2015
Widened hospitality portfolio in the UK
• Acquired leading boutique lifestyle hotel
brands, Malmaison and Hotel du Vin,
in the UK
Rebranding of Australand to Frasers
Property Australia
2016
Listing of Frasers Logistics & Industrial
Trust on the Main Board of SGX-ST
Acquisitions in Thailand and Vietnam
• Acquired a 35.6% stake in Golden Land
Property Development Public Company
Limited, which was listed on the Stock
Exchange of Thailand
• Entered into a conditional agreement
to acquire a 70% stake in a joint venture
with local partners to develop a
residential-cum-commercial project in
District 2, Ho Chi Minh City, Vietnam.
The acquisition was completed in 2017
2017
Strategic expansion in key markets
• Acquired a 99.5% stake in Geneba
Properties N.V., which was listed in the
Netherlands
• Acquired an additional 4.3% stake in
Golden Land Property Development
Public Company Limited and a 41.0%
stake in TICON Industrial Connection
Public Company Limited in Thailand
• Entered into a joint venture with TCC
Assets (Thailand) Co., Ltd to develop
One Bangkok, the largest private sector
property development in Thailand
2018
Rebranding of Frasers Centrepoint Limited
to Frasers Property Limited
Enhanced industrial and logistics platform
• Completed part of Alpha Industrial
acquisition comprising its platform and
12 of 22 assets
• Completed buy-out of remaining 0.6%
minority stake in Geneba Properties N.V.
and delisted the company
• Rebranded Geneba Properties N.V. and
Alpha Industrial to Frasers Property
Europe
• Increased deemed interest in TICON1
Industrial Connection Public Company
Limited to 89.5%
A N N U A L R E P O R T 2 0 2 0 / 9
Maxis Business Park, Bracknell •
TTI, Eastern Creek Business Park, New South Wales • Australia
United Kingdom
Expanded portfolio to include business
parks in the UK
• Completed the acquisition of five wholly
owned business parks in the UK and one
via a 50:50 joint venture with Frasers
Commercial Trust
Investments in the co-working sector
• Invested US$176.9 million ($241.6
million) jointly with GIC and JustCo to
develop an Asian co-working platform
• Developed a co-working business in
Thailand through a 51:49 joint venture
between TICON Industrial Connection
Public Company Limited and JustCo
2019
Expanded Singapore retail platform with
investment in AsiaRetail Fund
• Completed the acquisition of a 63.1%
stake in AsiaRetail Fund
Integrated industrial and logistics
operating platform
• Combined industrial and logistics
operations in Australia and Europe, and
asset and property management to
establish a new strategic business unit,
Frasers Property Industrial
Integrated real estate platform with multi-
segment capabilities in Thailand
• Rebranded TICON Industrial Connection
Public Company Limited to Frasers
Property Thailand
• Acquired a 94.5% stake in Golden Land
Property Development Public Company
Limited through Frasers Property
Thailand
1
Frasers Property holds approximately 41.0%
through its wholly owned subsidiary, Frasers
Property Holdings Thailand Co., Ltd, and
48.5% through Frasers Assets Co., Ltd, a 49:51
joint venture with TCC Assets Co., Ltd
2020
Consolidated industrial and logistics businesses outside Thailand to form Frasers
Property Industrial
• Formed Frasers Property Industrial to manage Frasers Property’s industrial and
logistics exposure outside Thailand holistically to better build upon natural synergies
• Frasers Property Industrial provides development, asset and investment
management expertise with a network positioned to support customers’ businesses
across geographies. Together with Frasers Logistics & Commercial Trust, which is
managed by Frasers Property Industrial, it has $8.7 billion assets under management
across six countries as at 30 September 2020
Creation of a scaled logistics and commercial REIT
• Frasers Logistics & Industrial Trust merged with Frasers Commercial Trust to form
Frasers Logistics & Commercial Trust, a scaled REIT with a broadened investment
mandate to provide opportunities for both growth and value creation across the
industrial and logistics, and commercial and business parks sectors
Strengthened Singapore retail platform
• Formed Frasers Property Retail as a retail-focused platform in Singapore with greater
focus and more dedicated resources to respond to the fast-evolving retail landscape
• Deepened capabilities and expanded retail loyalty membership base through the
acquisition and full integration of AsiaMalls Management. Frasers Property Retail
took over as manager of AsiaRetail Fund during the year
• Frasers Centrepoint Trust, which is managed by Frasers Property Retail, grew its
portfolio significantly through the acquisition of all the shares in AsiaRetail Fund
that it did not already own
• Welcomed a strategic capital partner for Northpoint City (South Wing)
Launch of leading, fully integrated real estate platform in Thailand
• Frasers Property Thailand completed merger with Golden Land Property
Development Public Company Limited following its delisting from the Stock
Exchange of Thailand to form Thailand’s leading fully integrated real estate platform
spanning residential, industrial and logistics, commercial and retail, and hospitality
properties
• Appointed new leadership team to better drive business synergies and chart the
growth path for Frasers Property Thailand
Contents
1 0 / F R A S E R S P R O P E R T Y L I M I T E D
GROUP
STRUCTURE
Singapore
Australia
Thailand &
Vietnam
Others
Industrial
Hospitality
Commercial & Business Parks
Residential
Retail
Industrial
& Logistics
Hospitality
Industrial
& Logistics
s
t
n
e
m
g
e
S
s
T
I
E
R
A N N U A L R E P O R T 2 0 2 0 / 1 1
FINANCIAL
HIGHLIGHTS
2016
2017
20181
2019
2020
Revenue ($’m)
3,439.6
4,026.6
4,320.9
3,791.9
3,597.0
Profit before interest, fair value change on investment
properties, taxation and exceptional items ($’m)
938.2
1,089.0
1,333.2
1,292.6
1,245.6
Profit before taxation ($’m)
Before fair value change on investment properties and
exceptional items
796.0
968.0
1,033.5
923.6
803.3
After fair value change on investment properties and
exceptional items
960.3
1,248.0
1,527.0
1,353.1
804.9
Attributable profit ($’m)
Before fair value change and exceptional items
After fair value change and exceptional items
479.9
597.2
488.2
689.1
482.8
749.6
350.1
560.3
229.2
188.1
Earnings per share (cents)2
Attributable profit before fair value change on
investment properties and exceptional items
14.3
14.6
13.9
8.7
Attributable profit after fair value change on investment
properties and exceptional items
18.4
21.5
23.0
15.9
5.2
3.8
Dividend per share
Ordinary shares (cents)
8.6
8.6
8.6
6.0
1.5
Net asset value (share capital & reserves) ($’m)
6,661.1
7,154.7
7,469.0
7,404.4
7,560.2
Net asset value per share ($)
2.30
2.46
2.56
2.54
2.58
Return on average shareholders’ equity (%)3
Attributable profit before fair value change on
investment properties and exceptional items
Attributable profit after fair value change on
investment properties and exceptional items
6.3
8.1
6.1
9.0
5.5
9.1
3.4
6.3
2.0
1.5
1
2
Certain accounting policies or accounting standards had changed in the financial year ended 30 September 2019
Financial information for 2018 has been restated to take into account the retrospective adjustments on the adoption of the new financial reporting
framework, Singapore Financial Reporting Standards (International) framework (“SFRS(I)”) and new/revised SFRS(I)
Based on weighted average number of ordinary shares in issue. In 2016, 2017, 2018, 2019 and 2020, weighted average number of shares was
2,898,893,000, 2,904,157,000, 2,910,558,000, 2,917,873,000 and 2,932,357,000, respectively
3 After distributions to perpetual securities holders over average shareholders’ fund
Contents
S I N C E R I T Y
Serving Dishes from the Heart
At Fraser Suites Sydney, Head Chef Kris Wilkinson whipped up delectable,
healthy and nutritious meals, keeping it exciting for guests on self-isolation.
Read more
Gift of Life
Our employees in Singapore, Thailand and Vietnam stepped up to donate
blood to ensure adequate supplies of blood during the pandemic. Mobile
blood donation drives were conducted at some of our properties in the
three countries.
Read more
Contents
1 4 / F R A S E R S P R O P E R T Y L I M I T E D
BOARD OF
DIRECTORS
CHAROEN SIRIVADHANABHAKDI, 76
Non-Executive and
Non-Independent Chairman
Date of appointment as a director
25 Oct 2013
Present directorships in other companies
(as at 30 Sep 2020)
Length of service as director
6 years 11 months (as at 30 Sep 2020)
Listed companies
• Asset World Corp Public Company
Board committees served on
Board Executive Committee (Chairman)
Academic & professional qualifications
• Honorary Doctoral Degree in Social
Science (Social Work), Mahamakut
Buddhist University, Thailand
• Honorary Doctoral Degree in Marketing,
Rajamangala University of Technology
Isan, Thailand
• Honorary Doctoral Degree in
Buddhism (Social Work) from
Mahachulalongkornrajavidyalaya,
Thailand
Limited (Chairman)
• Berli Jucker Public Company Limited
(Chairman)
• Fraser and Neave, Limited (Chairman)
• Thai Beverage Public Company Limited
(Chairman)
• Thai Group Holdings Public Company
Limited (Chairman)
Listed REITs/Trusts
Nil
Others
• Bangyikhan Distillery Group of
Companies (Chairman)
• Honorary Doctorate Degree in Business
• Beer Thai (1991) Public Company
Administration, Sasin Graduate
Institute of Business Administration of
Chulalongkorn University, Thailand
Limited (Chairman)
• Cristalla Co., Ltd. (Chairman)
• International Beverage Holdings Limited
• Honorary Doctoral Degree in Hospitality
(Chairman)
Industry and Tourism, Christian
University of Thailand, Thailand
• Honorary Doctoral Degree in Sciences
and Food Technology, Rajamangala
University of Technology Lanna,
Thailand
• Honorary Doctoral Degree in
International Business Administration,
University of the Thai Chamber of
Commerce, Thailand
• Honorary Doctoral Degree in
Management, Rajamangala University
of Technology Suvarnabhumi, Thailand
• Honorary Doctor of Philosophy in
Business Administration, Mae Fah Luang
University, Thailand
• Honorary Doctoral Degree in Business
Administration, Eastern Asia University,
Thailand
• Honorary Doctoral Degree in
Management, Huachiew Chalermprakiet
University, Thailand
• Honorary Doctoral Degree in Industrial
Technology, Chandrakasem Rajabhat
University, Thailand
• Honorary Doctoral Degree in
Agricultural Business Administration,
Maejo Institute of Agricultural
Technology, Thailand
• North Park Golf and Sports Club Co., Ltd.
(Chairman)
• Plantheon Co., Ltd. (Chairman)
• Siriwana Co., Ltd. (Chairman)
• Southeast Corporation Co., Ltd,
(formerly known as Southeast Group
Co., Ltd.) (Chairman)
• TCC Asset World Corporation Limited
(Chairman)
• TCC Assets (Thailand) Company Limited
• TCC Corporation Limited (Chairman)
• TCC Land Co., Ltd. (Chairman)
• TCC Group of Companies
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2017 to 30 Sep 2020)
Nil
Past major appointments
Nil
Others
• Darjah Kebesaran Panglima Setia
Mahkota (P.S.M.) which carries the title
‘Tan Sri’ from Malaysia
• Royal Order of Sahametrei, Grand
Officer of the Most Noble Order of the
Rajamitrabhorn of Cambodia
KHUNYING WANNA
SIRIVADHANABHAKDI, 77
Non-Executive and
Non-Independent Vice Chairman
A N N U A L R E P O R T 2 0 2 0 / 1 5
Date of appointment as a director
07 Jan 2014
Others
• Beer Thip Brewery (1991) Co., Ltd.
(Chairman)
Length of service as director
6 years 8 months (as at 30 Sep 2020)
• Cristalla Co., Ltd (Vice Chairman)
• International Beverage Holdings Limited
(Vice Chairman)
• North Park Golf and Sports Club Co., Ltd.
(Vice Chairman)
• Plantheon Co., Ltd. (Vice Chairman)
• Sangsom Co., Ltd (Chairman)
• Siriwana Co., Ltd. (Vice Chairman)
• Southeast Corporation Co., Ltd.
(formerly known as Southeast Group
Co., Ltd.) (Vice Chairman)
• TCC Asset World Corporation Limited
(Vice Chairman)
• TCC Assets (Thailand) Company Limited
• TCC Corporation Limited (Vice Chairman)
• TCC Land Co., Ltd. (Vice Chairman)
• TCC Group of Companies
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2017 to 30 Sep 2020)
Nil
Past major appointments
Nil
Others
• Royal Order of Cambodia, Grand
Cross of the Most Nobel Order of the
Rajamitrabhorn
(First Class) in Diplomacy
Board committees served on
Nil
Academic & professional qualifications
• Honorary Doctoral Degree
in Buddhism (Social Work),
Mahachulalongkornrajavidyalaya,
Thailand
• Honorary Doctoral Degree
(Management), Mahidol University,
Thailand
• Honorary Doctorate of Philosophy
(Business Management), University of
Phayao, Thailand
• Honorary Doctoral Degree from the
Faculty of Business Administration and
Information Technology, Rajamangala
University of Technology Tawan-ok,
Thailand
• Honorary Doctor of Philosophy in Social
Sciences, Mae Fah Luang University,
Thailand
• Honorary Doctoral Degree in Business
Administration, Chiang Mai University,
Thailand
• Honorary Doctoral Degree in
Agricultural Business Administration,
Maejo Institute of Agricultural
Technology, Thailand
• Honorary Doctoral Degree in Bio-
technology, Ramkhamhaeng University,
Thailand
Present directorships in other companies
(as at 30 Sep 2020)
Listed companies
• Asset World Corp Public Company
Limited (Vice Chairman)
• Berli Jucker Public Company Limited
(Vice Chairman)
• Fraser and Neave, Limited (Vice
Chairman)
• Thai Beverage Public Company Limited
(Vice Chairman)
• Thai Group Holdings Public Company
Limited (Vice Chairman)
Listed REITs/Trusts
Nil
Contents
1 6 / F R A S E R S P R O P E R T Y L I M I T E D
BOARD OF
DIRECTORS
PANOTE SIRIVADHANABHAKDI, 42
Group Chief Executive Officer
Executive and Non-Independent
Director
Date of appointment as a director
08 Mar 2013
Length of service as director
7 years 6 months (as at 30 Sep 2020)
Board committees served on
• Board Executive Committee
• Risk Management Committee
• Information Technology &
Cybersecurity Committee
Academic & professional qualifications
• Master of Science in Analysis, Design
and Management of Information
Systems, The London School of
Economics and Political Science, UK
• Bachelor of Science in Manufacturing
Engineering, Boston University, USA
• Certificate in Industrial Engineering and
Economics, Massachusetts University,
USA
Present directorships in other companies
(as at 30 Sep 2020)
Listed companies
• Frasers Property (Thailand) Public
Company Limited (formerly known as
TICON Industrial Connection Public
Company Limited)
• Thai Beverage Public Company Limited
• Univentures Public Company Limited
Listed REITs/Trusts
• Frasers Hospitality Asset Management
Pte Ltd, Manager of Frasers Hospitality
Real Estate Investment Trust
• Frasers Hospitality Trust Management
Pte Ltd, Manager of Frasers Hospitality
Business Trust
• Frasers Logistics & Commercial Asset
Management Pte Ltd, Manager of
Frasers Logistics & Commercial Trust
Others
• Golden Land Property Development
Public Company Limited (Vice
Chairman)*
• Beer Thip Brewery (1991) Co., Ltd.
• Blairmhor Distillers Limited
• Blairmhor Limited
• Frasers Property Australia Pty Limited
• InterBev (Singapore) Limited
• International Beverage Holdings (China)
Limited
• International Beverage Holdings
Limited
• International Beverage Holdings (UK)
Limited
Major appointments
(other than directorships)
• Singapore Management University
(Director/Board of Trustees)
• Real Estate Developers’ Association
of Singapore (REDAS) (Management
Committee)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2017 to 30 Sep 2020)
• Berli Jucker Public Company Limited
Past major appointments
• Chief Executive Officer of Univentures
Public Company Limited
Others
Nil
* Delisted from The Stock Exchange of Thailand
• Sura Bangyikhan Group of Companies
on 11 Aug 2020
A N N U A L R E P O R T 2 0 2 0 / 1 7
Date of appointment as a director
25 Oct 2013
Length of service as director
6 years 11 months (as at 30 Sep 2020)
Board committees served on
• Audit Committee (Chairman)
• Board Executive Committee
(Vice Chairman)
• Remuneration Committee
• Nominating Committee
• Risk Management Committee
Major appointments
(other than directorships)
• Pace University, USA (Board of Trustees)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2017 to 30 Sep 2020)
Nil
Past major appointments
• Senior Advisor to Morgan Stanley Asia’s
Investment Banking Division
• Morgan Stanley Asia Pacific
(Vice- Chairman)
Academic & professional qualifications
• Master of Business Administration,
• Morgan Stanley International Wealth
Management (President)
PACE University, USA
• Chairman and Director of Bank Morgan
• Bachelor of Business Administration,
Stanley AG
PACE University, USA
• Director in Morgan Stanley Asia Limited
CHARLES MAK MING YING, 68
Non-Executive and
Lead Independent Director
Present directorships in other companies
(as at 30 Sep 2020)
Listed companies
• Fraser and Neave, Limited
Listed REITs/Trusts
Nil
Others
Nil
and a member of Morgan Stanley’s
Asia Pacific Executive Committee, the
Morgan Stanley Wealth Management
Committee and the International
Operating Committee
• Managing Director and Head of Morgan
Stanley Asia Pacific Private Wealth
Management
• Executive Director and Senior
Investment Adviser of Morgan Stanley’s
Private Wealth Management Group
Others
Nil
Date of appointment as a director
25 Oct 2013
Major appointments
(other than directorships)
• Ministry of Foreign Affairs: Non-resident
Length of service as director
6 years 11 months (as at 30 Sep 2020)
Ambassador to Austria
• Milken Institute Asia Center (Senior
Board committees served on
• Nominating Committee
• Risk Management Committee
• Remuneration Committee
Academic & professional qualifications
• Master of Science, Columbia Graduate
School of Journalism, USA
Advisor)
• Singapore China Cultural Centre
(Executive Board Member)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2017 to 30 Sep 2020)
Nil
• Master of Arts, University of Singapore
• Bachelor of Arts (Honours), University of
Past major appointments
• Singapore Non-Resident High
Singapore
Commissioner to the People’s Republic
of Bangladesh
Present directorships in other companies
(as at 30 Sep 2020)
• Managing Director, International
Relations, Temasek Holdings
CHAN HENG WING, 73
Non-Executive and
Independent Director
Listed companies
• Banyan Tree Holdings Ltd.
• Fraser and Neave, Limited
• Singapore’s Consul General to Hong
Kong and Shanghai
• Singapore’s Ambassador to Thailand
• Press Secretary to Prime Minister Goh
Chok Tong
Listed REITs/Trusts
• EC World Asset Management Pte Ltd,
• Director of the Media Division, Ministry
of Communications and Information
Manager of EC World REIT
• Chief Representative of Temasek
Others
• One Bangkok Holdings Co., Ltd.
• Precious Quay Pte. Ltd.
• Precious Treasures Pte. Ltd.
International in China
Others
Nil
Contents
1 8 / F R A S E R S P R O P E R T Y L I M I T E D
BOARD OF
DIRECTORS
PHILIP ENG HENG NEE, 74
Non-Executive and
Independent Director
Date of appointment as a director
25 Oct 2013
Length of service as director
6 years 11 months (as at 30 Sep 2020)
Board committees served on
• Remuneration Committee (Chairman)
• Audit Committee
• Board Executive Committee
Academic & professional qualifications
• Bachelor of Commerce in Accountancy,
University of New South Wales,
Australia
Others
• ALPS Pte. Ltd. (formerly known as
Agency for Healthcare Supply Chain Pte.
Ltd.)
• Frasers Hospitality International Pte.
Ltd.
• Frasers Property Australia Pty Limited
• Transmex Systems International Pte.
Ltd.
Major appointments
(other than directorships)
• Ministry of Foreign Affairs: Singapore’s
Non-Resident High Commissioner to
Canada
• Chartered Accountant (Singapore)
• Corporate Governance Advisory
Present directorships in other companies
(as at 30 Sep 2020)
Listed companies
• PT Adira Dinamika Multi Finance Tbk
(Commissioner)
Listed REITs/Trusts
• Hektar Asset Management Sdn
Bhd, Manager of Hektar Real Estate
Investment Trust
Committee, Monetary Authority of
Singapore (Member)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2017 to 30 Sep 2020)
• The Hour Glass Limited
• Ezra Holdings Limited
• Frasers Centrepoint Asset Management
Ltd, Manager of Frasers Centrepoint
Trust
Past major appointments
• Group Managing Director, Jardine Cycle
and Carriage Group
Others
Nil
Date of appointment as a director
20 Mar 2017
Length of service as director
3 years 6 months (as at 30 Sep 2020)
Board committees served on
• Information Technology & Cybersecurity
Committee (Chairman)
Academic & professional qualifications
• Master of Science (Management),
Stanford University, USA
Major appointments
(other than directorships)
• Advisor of Accuracy Singapore
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2017 to 30 Sep 2020)
Nil
Past major appointments
• President & CEO of ST Engineering
• Group President of ST Engineering
• Group’s President of Corporate Affairs,
• Bachelor of Science, Marine Engineering
ST Engineering
(First Class Honours), University of
Surrey, UK
• President of Singapore Technologies
Automotive Ltd, now known as ST
Engineering Land Systems Ltd.
Present directorships in other companies
(as at 30 Sep 2020)
TAN PHENG HOCK, 63
Non-Executive and
Independent Director
Listed companies
Nil
Listed REITs/Trusts
Nil
Others
• Design Education Review Committee
(Chairman)
• National Neuroscience Institute (NNI)
Fund Committee, SingHealth Fund
(member)
• The Civil Aviation Authority of Singapore
(Board member)
Others
• Outstanding CEO of the Year at the
Singapore Business Awards 2014
• Asia Business Leader of the Year at the
12th CNBC Asia Business Leaders Award
2013
• Esteemed Honorary Fellowship by
the Asean Federation of Engineering
Organisations (AFEO)
• The Best CEO (market cap of $1 billion
and above), Singapore Corporate
Awards 2012
• CNBC Asia Talent Management Award,
2009
• The first Asian Chief Executive to receive
the Walter L. Hurd Foundation World
Executive Medal by Asia Pacific Quality
Organisation
A N N U A L R E P O R T 2 0 2 0 / 1 9
Date of appointment as a director
10 Mar 2014
Length of service as director
6 years 6 months (as at 30 Sep 2020)
Board committees served on
• Board Executive Committee
• Audit Committee
• Information Technology & Cybersecurity
Committee
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2017 to 30 Sep 2020)
• Mapletree Industrial Trust Management
Ltd, Manager of Mapletree Industrial
Trust
• PACC Offshore Services Holdings Ltd
Academic & professional qualifications
• Master of Business Administration, New
Past major appointments
• Managing Director and Head of
Corporate Banking Singapore, United
Overseas Bank Limited
Others
Nil
York University, USA
• Bachelor of Business Administration
(BBA Honours), University of Singapore
Present directorships in other companies
(as at 30 Sep 2020)
Listed companies
• Oversea-Chinese Banking Corporation
Limited
• Great Eastern Holdings Limited
Listed REITs/Trusts
Nil
Others
• WJY Holdings Pte Ltd
• WTT Investments Pte Ltd
Date of appointment as a director
25 Oct 2013
Listed REITs/Trusts
Nil
Length of service as director
6 years 11 months (as at 30 Sep 2020)
Others
• Big C Supercenter Public Company
Limited
Board committees served on
• Nominating Committee (Chairman)
• Risk Management Committee
Academic & professional qualifications
• Thai Barrister-at-Law and the first Thai
lawyer admitted to the New York State
Bar
• Master of Law, University of
Pennsylvania, USA
• Bachelor of Law, Chulalongkorn
University, Thailand
Present directorships in other companies
(as at 30 Sep 2020)
Listed companies
• Asset World Corp Public Company
Limited
• Bangkok Dusit Medical Services Public
Company Limited
• Berli Jucker Public Company Limited
• Siam Commercial Bank Public Company
Limited
Major appointments
(other than directorships)
• King Prajadhipok’s Institute (Special
Lecturer)
• Chulalongkorn University (Special
Lecturer)
• Thammasat University (Special Lecturer)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2017 to 30 Sep 2020)
Nil
Past major appointments
• Weerawong, Chinnavat & Partners
Limited (Chairman)
Others
Nil
Contents
WEE JOO YEOW, 73
Non-Executive and
Independent Director
WEERAWONG CHITTMITTRAPAP, 62
Non-Executive and
Independent Director
2 0 / F R A S E R S P R O P E R T Y L I M I T E D
BOARD OF
DIRECTORS
Date of appointment as a director
08 Mar 2013
Length of service as director
7 years 6 months (as at 30 Sep 2020)
Board committees served on
• Risk Management Committee
(Chairman)
• Board Executive Committee
(Vice Chairman)
• Nominating Committee
Academic & professional qualifications
• Master of Business Administration,
Finance, University of Missouri, USA
• Bachelor of Laws, Thammasat
University, Thailand
Present directorships in other companies
(as at 30 Sep 2020)
Listed companies
• Fraser and Neave, Limited
• Frasers Property (Thailand) Public
Company Limited (formerly known as
TICON Industrial Connection Public
Company Limited)
• Sermsuk Public Company Limited
• Thai Group Holding Public Co., Ltd.
Listed REITs/Trusts
Nil
Others
• Golden Land Property Development
Public Company Limited*
• Asiatig House Co., Ltd.
• Big C Services Co., Ltd.
• Charm Corp Circle Co., Ltd.
• Concept Land 5 Co., Ltd.
• Dhamma Land Property Company Limited
• DL Engineering Solutions Company
Limited
• Frasers Property Australia Pty Limited
• OHCHO Company Limited
• Pattana Bovornkij 4 Company Limited
• Permsub Siri 3 Company Limited
• Permsub Siri 5 Company Limited
• S Sofin Co., Ltd.
• Sinn Bualang Capital Co., Ltd.
• Sinn Bualang Leasing Co., Ltd.
• Southeast Academic Center Company
Limited
• Southeast Advisory Company Limited
• Southeast Capital Co., Ltd. (Chairman of
Executive Board)
• Southeast Group Co., Ltd. (President)
• Southeast Insurance Public Company
Limited (Chairman of Executive Board)
• Southeast Joint Venture Co., Ltd.
• Southeast Life Insurance Public Company
Limited (Chairman of Executive Board)
• Suansilp Pattana 1 Co., Ltd.
• TCC Group of Companies
• TCC Holdings (2519) Company Limited
• TCC Privilege Card Company Limited
• Tep Nimitr Thanakorn (2001) Co., Ltd.
• Thai Group Holdings PCL
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2017 to 30 Sep 2020)
Nil
Past major appointments
Nil
Others
Nil
* Delisted from The Stock Exchange of Thailand
on 11 Aug 2020
Date of appointment as a director
07 Aug 2013
Listed REITs/Trusts
Nil
Length of service as director
7 years 1 month (as at 30 Sep 2020)
Board committees served on
• Board Executive Committee
• Audit Committee
• Risk Management Committee
Academic & professional qualifications
• Bachelor of Accountancy (First Class
Honours), Thammasat University, Thailand
• Diploma in Computer Management,
Chulalongkorn University, Thailand
• Certificate of the Mini MBA Leadership
Management, Kasetsart University,
Thailand
Present directorships in other companies
(as at 30 Sep 2020)
Listed companies
• Asset World Corp Public Company
Limited
• Berli Jucker Public Company Limited
• Fraser and Neave, Limited
• Oishi Group Public Company Limited
• Siam Food Products Public Company
Limited
• Sermsuk Public Company Limited
• Thai Beverage Public Company Limited
• Univentures Public Company Limited
Others
• BeerCo Limited
• Big C Retail Holding Company Limited
• Eastern Seaboard Industrial Estate
(Rayong) Company Limited
• Food and Beverage Holding Co., Ltd
• Golden Land Property Development
Public Company Limited*
• Petform (Thailand) Co., Ltd.
• TCC Assets (Thailand) Company Limited
• Thai Beverage Can Co., Ltd.
• Univentures REIT Management Co., Ltd.,
the manager of Golden Ventures REIT
Major appointments
(other than directorships)
• Thai Beverage Public Company Limited
(Senior Executive Vice President,
Group Chief Financial Officer)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2017 to 30 Sep 2020)
Nil
Past major appointments
Nil
Others
Nil
* Delisted from The Stock Exchange of Thailand
on 11 Aug 2020
CHOTIPHAT BIJANANDA, 56
Non-Executive and
Non-Independent Director
SITHICHAI CHAIKRIANGKRAI, 66
Non-Executive and
Non-Independent Director
A N N U A L R E P O R T 2 0 2 0 / 2 1
GROUP
MANAGEMENT
Panote assumed the role as Group CEO in 2016. He is responsible for driving the Group’s
growth by building its foundation for resilience for the long term, strengthening its
business platforms and delivering sustainable returns for the business. Under his
leadership, Frasers Property has grown significantly in its multi-national footprint across
Asia Pacific and Europe, with total assets increasing from $24.2 billion as at 30 September
2016 to approximately $38.7 billion as at 30 September 2020. In its pursuit to become
a purpose-driven company, Panote is now leading Frasers Property in its commitment to
put sustainability at the core of its business and its purpose to “inspire experiences and
create places for good”. This drives the Group to leverage its knowledge and capabilities
across its markets to deliver value in its multiple asset classes. Panote has been serving on
the Board of Directors for Frasers Property Limited since 8 March 2013.
He is leading the development of One Bangkok, a joint venture between Frasers Property
and TCC Assets Co.Ltd., with a total investment value of about US$3.5 billion. This
16.7-hectare development in central Bangkok is the largest private sector property
development ever undertaken in Thailand and is slated to be a new global landmark
destination, as well as Thailand’s first fully integrated district in the heart of the city.
Panote previously held the position as Senior Executive Vice President of Strategic
Planning at TCC Holding Company, where he led TCC Group’s real estate development
business in Thailand. He also oversaw the strategy for TCC Group’s international property
investment.
In addition, Panote is a board member of several listed companies, including Thai
Beverage Public Company Limited, Golden Land Property Development Public Company
Limited and Univentures Public Company Limited. He is also a member of the Singapore
Management University (SMU) Board of Trustees and sits in the management committee
of the Real Estate Developers’ Association of Singapore (REDAS).
Panote received a Master of Science from the London School of Economics and Political
Science, UK; a Bachelor of Science in Manufacturing Engineering from Boston University, and
a Certificate in Industrial Engineering and Economics from Massachusetts University, USA.
As Group Chief Corporate Officer, Khong Shoong is responsible for the Group Corporate
Secretariat and Legal, Sustainability, Corporate Administration and Group Human
Resources functions. He also assists Frasers Property’s Group Chief Executive Officer in
overseeing the evaluation, execution and implementation of group-wide projects and
strategy initiatives as well as the development of the Group’s international businesses.
Khong Shoong chairs the Finance Committees of Frasers Property Australia, Frasers
Property UK and Frasers Property Industrial.
Khong Shoong was previously the Group Chief Financial Officer and its Chief Executive
Officer for Australia, New Zealand and the United Kingdom. Prior to joining the Group on
2 March 2009, he held positions as Director, Investment Banking and Global Banking at
The Hongkong & Shanghai Banking Corporation Ltd and Vice President, Global Investment
Banking at Citigroup, Salomon Smith Barney and Schroders respectively.
Khong Shoong holds a Master of Philosophy (Management Studies) from Cambridge
University, United Kingdom and a Bachelor of Commerce (Accounting and Finance) from
the University of Western Australia, Australia.
Contents
PANOTE SIRIVADHANABHAKDI
Group Chief Executive Officer
Frasers Property Limited
CHIA KHONG SHOONG
Group Chief Corporate Officer
Frasers Property Limited
2 2 / F R A S E R S P R O P E R T Y L I M I T E D
GROUP
MANAGEMENT
Choo Leong has Group responsibility over the Finance, Accounting, Treasury, Taxation,
Risk Management and Investor Relations functions. He collaborates with the senior
management team on the Group’s strategic initiatives and leads the Group’s framework
and initiatives to drive effective capital management. Choo Leong chairs the Finance
Committees of Frasers Property Singapore and Frasers Hospitality.
Prior to joining Frasers Property in March 2017, Choo Leong held various senior positions
as Chief Financial Officer of Pacific Radiance Limited as well as Group Head of Global
Shared Services and Head of Regional Finance Office of the Sime Darby Group.
Choo Leong graduated with a Master of Business Administration (Distinction) from
the University of Strathclyde, United Kingdom. He is a Fellow of the UK Association of
Chartered Certified Accountants, and a member of the Institute of Singapore Chartered
Accountants, Singapore Institute of Directors and Malaysian Institute of Accountants.
Responsible for the Group’s investment and capital markets transactions, Uten manages
and monitors the Group’s portfolio of assets, devises strategies for acquisitions and
divestments and works closely with investment partners. As part of the leadership team,
Uten also leads the Group’s investment in PropTech companies and co-leads the Group’s
innovation governing committee. In addition, he provides leadership for the Indochina
markets, namely Thailand and Vietnam.
Prior to joining the Group on 1 October 2013, Uten held various positions as Managing
Director of Strategic Advisory at DBS Bank, Director of Investment Banking Division at
United Overseas Bank (Thai) Public Company, and Senior Vice President of Corporate &
Investment Banking Group at DBS Bank.
Uten graduated with a Master of Business Administration and Bachelor of Business
Administration from Assumption University, Thailand.
LOO CHOO LEONG
Group Chief Financial Officer
Frasers Property Limited
UTEN LOHACHITPITAKS
Group Chief Investment Officer
Frasers Property Limited
A N N U A L R E P O R T 2 0 2 0 / 2 3
Wanshi is responsible for the development and integration of Frasers Property’s group
strategy across the diverse businesses and markets the Group operates in, while
working in collaboration with the senior leadership team. She also oversees the Group’s
portfolio management analysis, research, planning, communications and branding and
strategic innovation functions. In addition, Wanshi co-leads the Group’s innovation
governing committee.
Prior to joining the Group on 8 February 2018, Wanshi held positions as Head of
Investment Management at CapitaLand, Director of Multi-asset Class Research at Mount
Kellett Capital (Hong Kong), as well as Vice President for Distressed Products Group and
Strategic Investment Group at Deutsche Bank.
Wanshi holds a double degree from the University of Pennsylvania, USA, where she
graduated summa cum laude from The Wharton School with a Bachelor of Science in
Economics and a Concentration in Finance, and from the College of Arts and Sciences
with a Bachelor of Arts in Economics.
ZHENG WANSHI
Group Chief Strategy and
Planning Officer
Frasers Property Limited
Wanshi also serves the broader community as a Member of the Investment Committee
at The National Kidney Foundation Singapore and as an Executive Committee member
of the Urban Land Institute in Singapore where she also co-chairs its Women’s
Leadership Initiative.
Samuel is responsible for the development and execution of Frasers Property’s digital
vision and strategy. This includes accelerating the Group’s digital transformation journey
using data and new technology. Samuel co-leads the Group’s innovation governing
committee. He is responsible for identifying innovation opportunities and building new
digital business models in collaboration with the senior leadership team.
Prior to joining the Group on 2 September 2019, Samuel held various digital leadership
positions, including Chief Information Officer for Asia Pacific at Janssen Pharmaceutical
and Chief Digital Officer at SP Group. Samuel also spent 19 years holding various Chief
Information Officer roles at General Electric and GE Capital, where he was stationed in
diverse locations including Japan, the UAE and the USA.
He holds a Bachelor of Engineering with Honours from the Nanyang Technological
University in Singapore.
SAMUEL TAN
Group Chief Digital Officer
Frasers Property Limited
Contents
2 4 / F R A S E R S P R O P E R T Y L I M I T E D
GROUP
MANAGEMENT
Rodney sits on the board of directors of Frasers Property Australia as Executive Chairman
and serves as Executive Chairman of the management boards of Frasers Property
Industrial and Frasers Property United Kingdom. In addition, he provides sponsor
oversight of Frasers Logistics and Commercial Trust by sitting on the board of Frasers
Logistics & Commercial Asset Management, which manages the trust.
Rod has 37 years of experience in the property development industry primarily in
Australia, and for short periods in the UK and the USA. He was Executive General
Manager, Residential, at Australand before it was acquired by Frasers Property in
2014. He subsequently assumed the role of Chief Executive Officer of Frasers Property
Australia, from 2015 till end-September 2020.
Prior to joining the Group, Rod held a number of positions including Managing Director
and Chief Executive Officer of Lend Lease Primelife, Chief Executive Officer of Delfin Lend
Lease and Executive General Manager of Defence Industries. He has also held a variety of
industry association and pro-bono positions with the Property Council of Australia, Green
Building Council and Mission Australia Housing.
Rod earned a Bachelor of Applied Science and a Graduate Diploma in Sports
Administration from La Trobe University, Australia, a Graduate Diploma in Urban &
Regional Planning from RMIT University, Australia. He also graduated from the Advanced
Management Program by The Wharton School, University of Pennsylvania, USA.
¹ Management boards of Frasers Property Industrial and Frasers Property United Kingdom
Anthony oversees the Group’s commercial, retail, residential and mixed-use development
businesses and investments in Australia, including Frasers Property Australia’s
sustainability-focused energy retailer, Real Utilities. He represents Frasers Property on the
Property Council of Australia’s Corporate Leaders Group and Male Champions of Change.
Anthony joined Frasers Property Australia in 2005 as Group Financial Controller before
moving on to become General Manager Finance and General Manager Operations in
the Residential Division. Anthony advanced to the role of Executive General Manager
Residential in 2015 and most recently held the position of Chief Financial Officer at
Frasers Property Australia. He previously held senior roles at PwC as well as at John Swire
& Sons and Cathay Pacific in Hong Kong.
Anthony holds a Bachelor of Business from the University of Technology Sydney and is
a member of the Chartered Accountants Australia and New Zealand. In 2017, Anthony
completed the Executive Development Programme at the Wharton School of the
University of Pennsylvania, USA.
RODNEY VAUGHAN FEHRING
Executive Chairman
Frasers Property Australia
Frasers Property Industrial¹
Frasers Property United Kingdom¹
(Appointed on 1 October 2020)
ANTHONY BOYD
Chief Executive Officer
Frasers Property Australia
(Appointed on 1 October 2020)
A N N U A L R E P O R T 2 0 2 0 / 2 5
Reini is responsible for Frasers Property Industrial. He oversees the Group’s logistics and
industrial operations in Australia and Europe, and Frasers Logistics and Commercial Asset
Management, the manager of Singapore-listed Frasers Logistics & Commercial Trust.
Reini was also appointed a Non-Executive and Non-Independent Director of Frasers
Logistics & Commercial Asset Management from July 2020.
Joining the Group’s Australian operations in 1998, Reini held senior leadership positions
within the commercial and industrial business in Australia for over 15 years. In his
previous role as Executive General Manager of Frasers Property Australia’s Commercial &
Industrial and Investment Property division, he was responsible for the strategic direction
and leadership of all Australian industrial development and investment property
operations in the country. In addition, Reini was a member of the Frasers Property Europe
Investment Committee.
Reini holds a Bachelor of Science (Architecture) and Bachelor of Architecture from the
University of Sydney, Australia. He is also a graduate from the Advanced Management
Program at INSEAD Business School, Europe.
Teck Chuan is responsible for Frasers Hospitality, overseeing the Group’s hospitality
business from investment and business development to global expansion of its chain of
gold-standard serviced residences and hotels worldwide. He is also Executive Chairman
for Frasers Property Singapore’s Commercial, Development & Residential Committee. This
committee is accountable to the Frasers Property Singapore Board for the formulation
of strategies to grow and future-proof its commercial, development and residential
businesses in Singapore, and for optimising returns from its existing portfolio.
He joined the Group on 19 February 2019. His experience includes positions as Chief
Executive Officer at MCL Land, Chief Financial Officer at MCL Land, as well as Finance
Director at Cycle & Carriage Industries.
Teck Chuan graduated with a Master of Business Administration and a Bachelor of
Engineering (Civil) degree (2nd Class Upper Division) from the National University of
Singapore.
Contents
REINI OTTER
Chief Executive Officer
Frasers Property Industrial
KOH TECK CHUAN
Chief Executive Officer
Frasers Hospitality
2 6 / F R A S E R S P R O P E R T Y L I M I T E D
GROUP
MANAGEMENT
As Chief Executive Officer of Frasers Property Retail, Chee Wah oversees the asset,
property and development management of the Group’s retail assets in Singapore,
including sponsor oversight of Frasers Centrepoint Asset Management Ltd, the manager
of Frasers Centrepoint Trust.
He joined the Group in March 2007 and has held various leadership positions in the
organisation as the Chief Executive Officer of Frasers Commercial Asset Management
Ltd, the manager of Frasers Commercial Trust, and subsequently, Head of Retail &
Commercial in Frasers Property Singapore.
Prior to joining the Group, Chee Wah held senior positions in a number of financial
institutions, with over 15 years of investment banking experience in investments,
divestments, capital raisings and takeovers across a number of markets in Asia with his
last position being Chief Executive Officer of BNP Paribas Peregrine Singapore.
Chee Wah holds both a Bachelor of Economics and Bachelor of Laws, from Monash
University, Australia, and is a Fellow of CPA Australia and Institute of Singapore Chartered
Accountants. He is also a Vice President of the REIT Association of Singapore, and
Chairman of the Audit, Risk and Governance Committee of Dover Park Hospice.
LOW CHEE WAH
Chief Executive Officer
Frasers Property Retail
As its Country Chief Executive Officer, Thanapol (Woody) plays an integral role in
leading and building a growth path for Frasers Property Thailand, driving its investment
strategies and overseeing the Group’s residential, commercial, retail, hospitality,
industrial and logistics businesses in Thailand.
A knowledgeable real estate veteran, Woody has over 30 years of experience and a
strong track record in the industry. Before joining Frasers Property, he was the President
of Golden Land Property Development (Goldenland). Under his leadership, Goldenland
became one of the top five real estate corporations in Thailand. Prior to this, he was the
Managing Director of Univentures.
Woody is active in many social activities and charities, including undertaking the role
of Chairman of IMET Mentorship Academy for Excellent Leaders, a project under the
Institute for Management Education for Thailand Foundation. He also serves as a Senior
Executive Vice President for the Chanapatana International Design Institution.
THANAPOL SIRITHANACHAI
Country Chief Executive Officer
Frasers Property Thailand
(Appointed on 17 August 2020)
He graduated with a bachelor’s degree in Engineering from Chulalongkorn University in
Thailand and earned a master’s degree in Business Administration from the University of
Texas at Austin in the USA. He also completed the Advanced Management Program at
Harvard University in the USA.
A N N U A L R E P O R T 2 0 2 0 / 2 7
Hua Tiong is responsible for overseeing the Group’s residential, commercial and industrial
business in Vietnam. He has 13 years of experience in property development in Vietnam,
primarily in township and high-end condominium development.
He joined the Group in May 2019. Prior to this, Hua Tiong held various senior positions
including Chief Executive Officer, Vietnam, of CFLD International, and General Manager of
Vietnam at CapitaLand Limited.
Hua Tiong holds a Bachelor of Accounting from University of Malaya. He is also a graduate
from the Management Acceleration Programme at INSEAD Business School, Europe. He is
a member of the Malaysia Institute of Accountants.
As Chief Executive Officer for Frasers Property UK, Ilaria drives the strategic plan for the
commercial and residential business in the country. She also works closely with the team
from Frasers Logistics & Commercial Trust on its commercial assets in the UK.
Ilaria brings significant expertise to her role, having spent 15 years at GE Capital where
she was appointed Chief Executive Officer of GE Capital Bank, a regulated bank and
corporate lender. Before that, she was responsible for GE Capital’s real estate business in
the UK, which included commercial real estate development, investment and lending.
Ilaria started her 30-year career in real estate advisory and subsequently led acquisitions
and dispositions for a property company and a fund management business in the UK and
across Europe.
She holds a Bachelor of Science in Estate Management and is a member of the Royal
Institution of Chartered Surveyors.
LIM HUA TIONG
Chief Executive Officer
Frasers Property Vietnam
ILARIA DEL BEATO
Chief Executive Officer
Frasers Property United Kingdom
Contents
2 8 / F R A S E R S P R O P E R T Y L I M I T E D
GROUP
MANAGEMENT
Lorraine oversees the Group’s residential, commercial and logistics business as well
as investment and business development in China. Since her first appointment in
September 2012, Lorraine has held several positions within the Group including Chief
Operating Officer for Business Development (Singapore & South East Asia) and Executive
Vice President for International Markets, overseeing the execution, operation and
implementation of the Group’s strategy in growth markets.
She has 30 years of experience in the real estate development and fund management
industries in Asia Pacific, primarily involved in investment management, portfolio
allocation, business development and strategic client management.
Prior to joining the Group, Lorraine held a number of positions including Director of
Corporate Business Development at ARA Asset Management; Managing Director of
Business Development (Asia) at ING Real Estate (Asia); Managing Director and Country
Head of Singapore at IPREAM (a joint-venture company between CapitaLand Limited and
ING Real Estate), and Director of Investments at CapitaLand.
Lorraine holds a Bachelor of Science (Honours) in Real Estate from the National University
of Singapore.
LORRAINE SHIOW
Chief Executive Officer
Frasers Property China
A-Space, Chengdu • China
A N N U A L R E P O R T 2 0 2 0 / 2 9
CORPORATE
INFORMATION
BOARD OF DIRECTORS
Mr Charoen Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Khunying Wanna Sirivadhanabhakdi
Non-Executive and
Non-Independent Vice Chairman
RISK MANAGEMENT COMMITTEE
Mr Chotiphat Bijananda
(Chairman)
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
Mr Weerawong Chittmittrapap
Mr Panote Sirivadhanabhakdi
Mr Sithichai Chaikriangkrai
Mr Koh Teck Chuan
Chief Executive Officer
Frasers Hospitality
Mr Low Chee Wah
Chief Executive Officer
Frasers Property Retail
(A unit of Frasers Property Singapore)
Mr Panote Sirivadhanabhakdi
Group Chief Executive Officer
Executive and Non-Independent
Director
Mr Charles Mak Ming Ying
Non-Executive and
Lead Independent Director
Mr Chan Heng Wing
Non-Executive and
Independent Director
Mr Philip Eng Heng Nee
Non-Executive and
Independent Director
Mr Tan Pheng Hock
Non-Executive and
Independent Director
Mr Wee Joo Yeow
Non-Executive and
Independent Director
Mr Weerawong Chittmittrapap
Non-Executive and
Independent Director
Mr Chotiphat Bijananda
Non-Executive and
Non-Independent Director
Mr Sithichai Chaikriangkrai
Non-Executive and
Non-Independent Director
BOARD EXECUTIVE COMMITTEE
Mr Charoen Sirivadhanabhakdi
(Chairman)
Mr Charles Mak Ming Ying
(Vice Chairman)
Mr Chotiphat Bijananda
(Vice Chairman)
Mr Philip Eng Heng Nee
Mr Wee Joo Yeow
Mr Panote Sirivadhanabhakdi
Mr Sithichai Chaikriangkrai
AUDIT COMMITTEE
Mr Charles Mak Ming Ying
(Chairman)
Mr Philip Eng Heng Nee
Mr Wee Joo Yeow
Mr Sithichai Chaikriangkrai
REMUNERATION COMMITTEE
Mr Philip Eng Heng Nee
(Chairman)
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
NOMINATING COMMITTEE
Mr Weerawong Chittmittrapap
(Chairman)
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
Mr Chotiphat Bijananda
INFORMATION TECHNOLOGY &
CYBERSECURITY COMMITTEE
Mr Tan Pheng Hock
(Chairman)
Mr Wee Joo Yeow
Mr Panote Sirivadhanabhakdi
Mr Chia Khong Shoong
GROUP MANAGEMENT
Mr Panote Sirivadhanabhakdi
Group Chief Executive Officer
Mr Chia Khong Shoong
Group Chief Corporate Officer
Mr Loo Choo Leong
Group Chief Financial Officer
Mr Uten Lohachitpitaks
Group Chief Investment Officer
Ms Zheng Wanshi
Group Chief Strategy and
Planning Officer
Mr Samuel Tan
Group Chief Digital Officer
Mr Rodney Vaughan Fehring
Executive Chairman
Frasers Property Australia
Frasers Property Industrial¹
Frasers Property United Kingdom¹
(Appointed on 1 October 2020)
Mr Anthony Boyd
Chief Executive Officer
Frasers Property Australia
(Appointed on 1 October 2020)
Mr Reini Otter
Chief Executive Officer
Frasers Property Industrial
Mr Thanapol Sirithanachai
Country Chief Executive Officer
Frasers Property Thailand
Mr Lim Hua Tiong
Chief Executive Officer
Frasers Property Vietnam
Ms Ilaria Del Beato
Chief Executive Officer
Frasers Property United Kingdom
Ms Lorraine Shiow
Chief Executive Officer
Frasers Property China
COMPANY SECRETARY
Ms Catherine Yeo
REGISTERED OFFICE
438 Alexandra Road
#21-00 Alexandra Point
Singapore 119958
Tel: (65) 6276 4882
Fax: (65) 6276 6328
frasersproperty.com
SHARE REGISTRAR
Tricor Barbinder Share
Registration Services
80 Robinson Road
#02-00
Singapore 068898
Tel: (65) 6236 3333
Fax: (65) 6236 3405
AUDITORS
KPMG LLP
Partner-in-charge:
Mr Ronald Tay Ser Teck
(Appointed on 29 January 2016)
PRINCIPAL BANKERS
Australia and New Zealand
Banking Group Limited
Bangkok Bank Public Company Limited
Bank of China Limited
DBS Bank Ltd
Malayan Banking Berhad
Mizuho Bank, Limited
Oversea-Chinese Banking Corporation
Limited
Standard Chartered Bank
Sumitomo Mitsui Banking Corporation
United Overseas Bank Limited
1 Management boards of Frasers Property Industrial and Frasers Property United Kingdom
Contents
DEPENDABILITY
Trusted to Keep Tenants Safe
As the pandemic worsened, Chengdu Logistics Hub’s management team worked
tireless through the Chinese New Year holidays, preparing the property to meet
stringent government guidelines and to allow 3,000 occupants to work safely there.
Read more
Our Guests’ Safety First
John Png chose to stay in Wuhan, China, instead of returning to Singapore
on an evacuation flight, in order to raise safety protocols at Modena by
Fraser Zhuankou, where he is General Manager.
Read more
Contents
“
Frasers Property has enhanced the resilience
of its property portfolio by growing and
diversifying to achieve the right balance of
exposure across geographies and asset classes.
This enables Frasers Property to mitigate risks
and widen its horizon of growth opportunities.
CHAROEN SIRIVADHANABHAKDI
Chairman
”
A N N U A L R E P O R T 2 0 2 0 / 3 3
CHAIRMAN’S
STATEMENT
While 2020 dealt significant operational and
business challenges caused by the COVID-19
pandemic, Frasers Property continued to make
progress in building a resilient and sustainable
business for the long term. As I look forward to
the years ahead, I recognise the unprecedented
uncertainty that we, along with many other
organisations, face. However, I remain confident
that Frasers Property is built on strong
foundations.
REINFORCING THE FOUNDATIONS
Amid a crisis, it is necessary to address immediate
priorities, but it is equally important to put in place
strategies to secure Frasers Property’s long-term
success. Frasers Property is in a good position
because it has been on a journey of evolution since
its listing in January 2014.
During this time, Frasers Property has enhanced
the resilience of its property portfolio by growing
and diversifying to achieve the right balance of
exposure across geographies and asset classes.
This enables Frasers Property to mitigate risks and
widen its horizon of growth opportunities. Having
the right platforms will make it possible for Frasers
Property to capture these opportunities and
optimise value creation from its portfolio.
I am pleased Frasers Property’s leadership
team has continued to focus on consolidating
its foundation through the strengthening of its
diverse businesses and REITs platform. Over the
course of FY20, with the formation of Frasers
Property Industrial and the creation of Frasers
Logistics & Commercial Trust, through the
merger of Frasers Logistics & Industrial Trust
and Frasers Commercial Trust, Frasers Property
further enhanced its value proposition as an end-
to-end business space solutions provider across
multiple geographies. In addition, Frasers Property
bolstered its Singapore suburban retail platform
with the formation of Frasers Property Retail, its
subsequent assumption of the role as manager of
the AsiaRetail Fund portfolio, and the significant
scaling up of Frasers Centrepoint Trust, following
a series of transactions. In Thailand, Frasers
Property’s country-focused business unit entered a
new phase with the completion of Frasers Property
Thailand’s merger with Golden Land Property
Development Plc to become one of the top five
property developers in the country.
MAINTAINING STABILITY
The challenging operating conditions will
likely continue for many months as significant
uncertainties persist in many parts of the
world. Frasers Property executed on its capital
management strategy and undertook several
strategic capital partnership and capital recycling
initiatives aimed at managing the balance sheet
in FY20. The leadership team will continue to
strengthen Frasers Property’s financial position to
help manage the pandemic’s negative impact on
earnings, which has fallen 66.0% to $188.1 million
at the attributable profit level in FY20.
In view of the pandemic’s impact on earnings
and to conserve financial resources given the
uncertainties ahead, the Board has proposed a
dividend of 1.5 Singapore cents per share for FY20,
compared to 6.0 cents per share for FY19.
While the current business climate is tough, as
history has shown, it is only a matter of time
before the eventual recovery. Frasers Property’s
leadership team will ensure its businesses remain
robust through this crisis, so that it can build on
this foundation and capture opportunities when
the world emerges from this crisis.
REFRAMING PRIORITIES
The world that emerges from this crisis will
unlikely be exactly the same as before. Rising from
the crisis together with our customers, partners,
employees and the larger community must be the
priority, because without them, Frasers Property
will lose our reason for being. I am proud of the
initiatives Frasers Property has rolled out to
support them through the most difficult times.
I would also like to record my appreciation to board
members of Frasers Property and its subsidiaries
which are managers of REITs and stapled trust
listed on the SGX-ST for stepping forward during
the peak of the pandemic to take a voluntary
10.0% reduction in their directors’ fees from
1 May 2020.
Contents
3 4 / F R A S E R S P R O P E R T Y L I M I T E D
CHAIRMAN’S
STATEMENT
Winnersh Triangle, Reading • United Kingdom
As Frasers Property’s leadership team considers
the accelerated pace of change brought about
by the pandemic, they will have to bear in mind
that an organisation that is configured to be agile
and able to respond dynamically to a constantly
changing operating environment, will always
be ready for new opportunities. This ability to
comprehend and adapt to the volatile macro
environment and shifting customer demands
comes from being an integral part of the real
estate ecosystem, along with our stakeholders.
I am pleased Frasers Property’s leadership team
has placed great emphasis this year on building
innovation, technology and digitalisation
capabilities and initiatives as part of efforts to
generate customer-centric real estate solutions
relevant for places of the future. Frasers Property
will continue to dedicate resources to explore new
ways real estate can add value to people’s lives.
OUR PURPOSE
This pandemic has reminded companies of the
importance of being a ‘purpose-driven company’,
of how companies exist to meet the needs of all
stakeholders including their employees, their
communities and society.
Our success depends on our stakeholders, and they
expect us not only to be profitable, but responsible
too. Hence, if Frasers Property is to build a resilient,
future-ready business for the long term, it needs
to think about Frasers Property’s existence beyond
just profitability, but in terms of the triple bottom
line: profit, people, planet.
Delivering sustainable impact – for the planet,
people and communities – has never been more
important. We want to continue to make progress.
Hence, we have put sustainability at the core
of our business with our purpose of ‘inspiring
experiences, creating places for good’. This
allows us to create lasting shared value, for our
people, the businesses and communities we serve,
within the ecosystem in which we will live for
generations.
In many respects, Frasers Property had started its
path towards becoming a purpose-driven company
much earlier, when we focused on creating
memorable, enriching experiences that matter to
our customers, reinforced by the company’s core
values and strong legacy.
The strength that comes from Frasers Property’s
sense of purpose, our people, and the way they
live and breathe the company’s values – of being
collaborative, respectful, progressive and real –
provides the foundation from which we can face
the future. While the short term may prove difficult
and require us to respond as we never imagined
before, that foundation gives me confidence for
the longer term.
A N N U A L R E P O R T 2 0 2 0 / 3 5
11 Gibbon Road, Winston Hills,
New South Wales • Australia
Waterway Point • Singapore
CONTINUED EMPHASIS ON SUSTAINABILITY
ACKNOWLEDGEMENTS
The Board pays a high degree of attention to
corporate governance and sustainable practices as
these are central tenets for a business that aims to
deliver value over the long term. Frasers Property’s
progress on this front is reported in this year’s
Sustainability Report. This year’s Sustainability
Report was prepared in accordance with
international standards, as it has in the past, and
is an important part of demonstrating the Frasers
Property’s commitment and efforts to positively
impact the environment and society.
Over the course of the year, Frasers Property
received accolades for its commitment towards
building a sustainable business. I am particularly
encouraged to see nearly all of our businesses
participate in the 2020 Global Real Estate
Sustainability Benchmark (GRESB) assessment
for the first time this year. This will establish a
benchmark for Frasers Property as we continue
to make efforts to improve our performance over
time. Meanwhile, Frasers Property’s business in
Australia and Frasers Logistics & Commercial
Trust continued to achieve several strong
global rankings in the GRESB assessment, which
demonstrate that high performance in GRESB does
not compromise, and in fact, can enhance both
economic performance and the business.
Frasers Property will not be where it is today
without the support of its many stakeholders.
To Frasers Property’s leadership team and
employees, I would like to express my utmost
appreciation for your dedication and hard work,
especially in overcoming a very tough year both
at work and on a personal level. To my esteemed
colleagues on the Board, thank you for the wise
counsel and valuable guidance.
Finally, I extend my sincere gratitude, to all
customers, business partners, bankers, financial
advisers and shareholders, for their unwavering
support of Frasers Property. On behalf of Frasers
Property’s Board, I thank the boards of Frasers
Property Thailand, Frasers Centrepoint Trust,
Frasers Logistics & Commercial Trust, Frasers
Hospitality Trust, Frasers Property Thailand
Industrial Freehold & Leasehold REIT and Golden
Ventures Leasehold REIT, for their stewardship of
Frasers Property’s listed entities.
Charoen Sirivadhanabhakdi
Chairman
Contents
“
Despite the COVID-19 pandemic, a backdrop of
geopolitical headwinds and challenging global
economic conditions over the last 12 months,
Frasers Property made tremendous progress in our
evolution into a resilient business for the long term.
PANOTE SIRIVADHANABHAKDI
Group Chief Executive Officer
”
A N N U A L R E P O R T 2 0 2 0 / 3 7
IN
CONVERSATION
WITH THE
GROUP CEO
In FY20, we made significant strides to build a business model designed to endure for the long term. In my
message below, I highlight several factors that drove our results and the strategies we have put in place to
secure our long-term success, including:
1. Continuing our evolution amid changes brought upon by external factors, while navigating the
COVID-19 pandemic
2. Building resilient and sustainable business platforms and strengthening our structure
3. Scaling up our REITs platforms
4. Maintaining our active capital management discipline
5. Driving our organisational culture and developing our purpose
QUndoubtedly, 2020 has been a challenging
year for most businesses. What does this
year’s annual report theme, ‘agility and tenacity’,
mean to you in these difficult times?
AHaving platforms with the right focus, relevant
scale, and local expertise are critical success factors
for real estate. This will give us a sustained competitive
advantage, while placing us in a stronger position to
deliver long-term shareholder value. Hence, we have
been on a steady path to evolve Frasers Property since
our listing in January 2014. The word ‘evolve’ is important
here, especially in a COVID-19 world. Against a backdrop
of challenging global economic and geopolitical
conditions, we recognise change and uncertainty will be
a constant. We want to thrive and we can only do so by
successfully evolving and reinventing ourselves. Over the
past seven years, we have invested in three key areas to
enhance our organisational agility and tenacity.
PEOPLE – We further built upon our organisational
culture and structure. We believe strong leadership and
a shared positive culture amongst all employees are the
bedrock of an agile and adaptive organisation. We have
stronger leadership and good people in place for each
of our businesses and markets. Not only are we making
progressive efforts to embrace a collaborative and
inclusive work culture, we are continuing to enhance the
quality and robustness of systems and processes across
Frasers Property.
INVESTMENTS – We took steps to enhance our portfolio
resilience amid elevated volatility across economies
and industries. Following a series of strategic initiatives,
around 80% of our property portfolio today generate
recurring income. We have been increasing our
investment properties exposure in sectors supported by
steady fundamentals, such as industrial and logistics, as
well as retail.
CUSTOMER-CENTRICITY — At Frasers Property, we choose
to focus on experience, and that means choosing to focus
on the customer. Our customers’ experience is the sum
of all our customers’ interaction with us, through the
properties we own and manage, the services we provide,
the solutions we offer and their interaction with our
employees. We are focusing on building innovation as a
core capability, which is in tune with the human-centric
design-thinking instinct we are infusing into our culture.
These will allow us to generate not only solutions desired
by our customers but also out-of-the-box real estate-
related solutions relevant for the future.
The pandemic has accelerated the need for society to
innovate. In a real estate context, this means Frasers
Property will need to adopt and potentially invest
in technology solutions that can complement our
businesses and extend new strategic capabilities. We
will not only innovate within Frasers Property but also
outside-in by collaborating with an ecosystem of like-
minded partners.
How we continue to build the foundation to enable
Frasers Property to evolve and reinvent itself in the post-
COVID-19 world is a key priority. We must have the agility
to navigate a VUCA1 operating environment, yet have the
tenacity to maintain a stable course.
1 Volatile, uncertain, complex and ambiguous
Contents
3 8 / F R A S E R S P R O P E R T Y L I M I T E D
IN CONVERSATION
WITH THE GROUP CEO
QThe impact of the COVID-19 pandemic on
everyday life in many parts of the world
has posed significant operational challenges to
the real estate sector. How did Frasers Property
manage through these challenges?
AThe pandemic has radically changed the way we go
about our daily lives and the way we work. I am proud
of how our people have responded to the rapidly evolving
situation. Within a short span of time, we were able to
develop and roll out several initiatives to meet the needs
of our customers and our communities.
Across our properties, our teams have been busy
executing detailed plans and procedures to ensure the
safety of our tenants, customers, guests and occupants
as they return to our properties. These initiatives are in
line with our ongoing commitment to protect the overall
well-being and safety of the communities that use our
properties around the world,
At the business level, we have been focused on
supporting our tenants through this challenging period,
particularly in the area of cashflow. The assistance we
have rendered has varied across markets and we have
partnered with local authorities to provide solutions
tailored to our tenants’ needs. In markets where
local authorities have announced COVID-19 related
government subsidies and rebates for property owners,
we have fully passed on the government assistance to our
tenants on top of our support packages.
While our malls have seen a recovery of tenants’ sales
to near pre-COVID-19 levels, some shoppers remain
concerned about safety and hygiene at public spaces
and have shifted towards online shopping. With that in
mind, we have enhanced our digital services and offerings
to meet the heightened demand for efficient delivery
services and convenient e-commerce options. We will
continue to help tenants by having digital storefronts and
enabling a seamless store-to-door shopping experience.
By providing tenants with an omnichannel platform that
addresses shoppers’ preferences, we aim to strengthen
the retail experience and sustain traffic at our malls by
encouraging shoppers to try or collect products at the
physical stores.
Of course, nothing matters more than the health, well-
being and safety of the communities we operate in during
these difficult times. At Frasers Property, we have been
supporting the communities and have provided ongoing
relief as best as we can. Our initiatives range from
sponsoring personal protective equipment, organising
Waterway Point • Singapore
blood donation and food drives, to contributing
donations to help migrant workers, medical personnel
and vulnerable groups. Many of these initiatives were in
collaboration with non-profit organisations, while others
were company- or staff-led initiatives.
After months of lockdown, while many cities are planning
for easing restrictions and reopening, others are imposing
restrictions again, albeit in a more calibrated manner, as
they grapple with the resurgence of subsequent waves
of COVID-19 infections. Getting back to normal will take
some time. While we adapt Frasers Property in tune with
evolving consumer behaviours, this pandemic has shown
us that humans are social creatures, and real estate plays
an important role in how they live. We must evolve real
estate to meet human needs even as we build resilience
to ride through this uncertainty.
QWhile the ripple effects of the COVID-19
pandemic on the economy and businesses
continue to be felt, what has Frasers Property done
during FY20 to ensure its businesses are prepared
when recovery eventually happens?
A Through this pandemic, we have seen the importance
of having strong leaders and good people on the
ground who have the local market understanding and
quick thinking to nimbly navigate challenges and capture
opportunities with agility. Other than managing through
the operational challenges posed by the pandemic, a
top priority for the leadership team has been to ensure
our businesses are in a position to capture opportunities
when recovery eventually happens.
Waterway Point • Singapore
A N N U A L R E P O R T 2 0 2 0 / 3 9
Lakeshore, Bedfont Lakes Business Park, Heathrow • United Kingdom
We have been working hard across our businesses to
optimise returns from our large base of investment
properties. Overall, our investment properties have
been resilient due to the diversified exposure across
asset classes, geographies and customers, and the high
level of occupancies and long weighted average lease
expiries. Despite challenging conditions during the
year, we continued to focus on driving income through
our operating capabilities while maintaining stable
occupancy rates.
Early in the year, we increased the Frasers Property’s
exposure to the UK business parks sector with the
defensive acquisition of Lakeshore Business Park, which
is currently fully tenanted to blue-chip company Cisco
Systems. We acquired our UK business parks portfolio
post the Brexit vote, and the portfolio has maintained
stable performance despite an extended period of Brexit
uncertainties in the UK. We grew our industrial portfolio
as well, acquiring two pre-leased industrial assets in
Germany and adding around 740,000 sqm of landbank
across Europe and Australia.
Stable investment property occupancy rates (%)
94
92¹
93
98
94
99
99
76
88
89
81
81
96
95
Singapore
retail
Singapore
office
Australia
office
Australia
& Europe
industrial
UK
business
park
Thailand
warehouse &
factory
Thailand
office
1
Includes committed occupancy as at 30 September 2020
FY19 • FY20
Contents
4 0 / F R A S E R S P R O P E R T Y L I M I T E D
IN CONVERSATION
WITH THE GROUP CEO
Hospitality is one of the hardest-hit
sectors by the pandemic. Although it
will be some time before global travel
resumes, our long-stay corporate guest
segment has helped provide some
stability to the portfolio. In addition to
the concerted efforts to ensure health
and safety measures are in place at all
properties and to actively roll out cost
management measures, we sought
alternative revenue streams where
possible. For example, a few of our
properties in Australia and Singapore
provided accommodation for individuals
serving quarantine. Another priority is to
capture domestic tourism opportunities
following a gradual easing of COVID-
19-related restrictions. We have opened four new
properties in Chengdu, Shanghai, Leipzig and Tokyo
to capture domestic tourism opportunities, while
cautiously calibrating the re-opening of our properties
in the UK and Europe to account for prevailing COVID-19
related measures imposed by governments. In addition,
preparations are underway for the upcoming openings of
four more properties in Guangzhou, Nanjing, Hanoi and
Kuala Lumpur.
On the development front, we continued to maintain an
active residential development portfolio in Singapore,
Australia, China, Thailand and Vietnam. During the year,
we were able to settle around 6,000 residential units
across our markets despite heightened settlement risks,
particularly in Australia.
While we have been carefully calibrating new project
launches to take into account the weaker market
sentiment, we continue to see interest and demand for
our residential projects. In China, we launched Opus
One, a residential project in Xuhui, Shanghai, amid the
pandemic in April 2020, and we have sold all 359 units
launched for sale. Ten projects in Thailand were similarly
sold-out this year as buyer sentiment rebounded after
the lows in March and April. In Vietnam, amid strong
market sentiments, all landed residential stock and retail
shop lots of Q2 Thao Dien were fully sold within the day
of the launch. In Australia, despite the COVID-19-related
lockdowns, we achieved sales of 1,651 units, close to our
10-year historic average annual sales of around 2,000
units. Government stimulus schemes, such as the Home
Builder grant for eligible buyers in 2020, provided a boost to
residential sales, particularly on land sub-division projects in
Victoria. As at 30 September 2020, Frasers Property’s total
unrecognised residential revenue stood at $1.4 billion.
Capri by Fraser, Leipzig • Germany
”
“
Our geographical diversification
helps us to create a balanced
portfolio to mitigate concentration
risk and is resilient in the face of
market uncertainties.
We also acquired new residential land sites in Singapore
and Australia, but by cautiously focusing on market
segments with deeper resilient demand. In Singapore,
we successfully bid for an executive condominium site at
Fernvale Lane, a 496-unit residential project in the suburbs
catering to a more affordable mid-market segment of
first-time home buyers and upgraders. In line with our
focus on sustainability, this development is financed with
Singapore’s first green loan for an executive condominium.
In addition, we acquired Bedok Point from Frasers
Centrepoint Trust, which we can potentially redevelop
into a residential project with ground-floor retail. Bedok
Point will continue to generate recurring income until such
a point in time when we decide to, and receive relevant
regulatory approvals to, redevelop the site.
In Australia, we acquired a medium-density housing site
in Keperra, Queensland, which can yield 473 units. Just
in October 2020, we won a bid to join the Queensland
government’s Build-to-Rent Pilot Project. Under this
project, we will develop 354 apartments that we will own
and operate as rental units. The Queensland government
will subsidise 40% of these apartments with a subsidy at
25% of market rents. During the year, we also delivered
three neighbourhood retail assets in Australia, of which
one has been sold to a third party. Burwood Brickworks
and Eastern Creek Quarter Stage 1 will be retained on
balance sheet pending performance stabilisation.
Tiong Bahru Plaza • Singapore
Artist’s impression of Opus One, Shanghai • China
We have been maintaining a prudent approach towards our
development business, dynamically managing the exposure
to new developments, inventory levels and landbank in
tune with market conditions. In addition, our geographical
diversification helps us to create a balanced portfolio to
mitigate concentration risk and is resilient in the face of
market uncertainties. We will continue to leverage the
experience and expertise we have on the ground across our
geographies to nimbly manage our development exposure.
QThere were several corporate developments
this year, particularly in your retail, industrial
and Thailand businesses. These developments are
consistent with the evolution of Frasers Property in
the past few years. Can you share more about the
thinking behind these developments?
A I shared about the groundwork we have laid
these past seven years to evolve Frasers Property.
Looking at the corporate developments over this period,
if I were to characterise the stages of our work, I would
say the focus for the first four years was on expansion and
diversification. As for these past three years, we have been
on a journey to consolidate our businesses while unlocking
the synergy within Frasers Property through the creation of
focused and scalable business platforms.
Contents
4 2 / F R A S E R S P R O P E R T Y L I M I T E D
SINGAPORE RETAIL: We have built a substantial portfolio
of suburban malls that are well located above or next
to transportation nodes around Singapore and benefit
from having a high proportion of tenants who provide
essential services valued by consumers, factors which
contribute to portfolio resilience. We are dedicating
resources to be more responsive and agile in the fast-
evolving retail landscape and to strengthen our retail
footprint in Singapore.
Led by Low Chee Wah, the formation of Frasers
Property Retail in October 2019 could not have been
more timely. A strong leadership team and dedicated
resources were critical for the Singapore retail business
as retail was one of sectors hardest hit by the pandemic.
Although Singapore retail may continue to experience
the lingering effects of the pandemic for some months
to come, we believe the fundamentals of Singapore
suburban retail remain intact. The gradual re-opening
of the economy in mid-June has been encouraging for
many of our tenants, who have resumed trading and are
seeing sales return to levels comparable to the same
period last year. With safe management measures in
place, footfall at our suburban retail malls is returning.
The recovery in tenants’ sales has outpaced the recovery
in footfall and attests to the resilience of suburban malls
in its focus on non-discretionary spending.
We continued to grow Frasers Property Retail over the
course of the year. We deepened our capabilities and
expanded our retail loyalty membership base through the
acquisition and full integration of AsiaMalls Management,
the property manager of the AsiaRetail Fund portfolio. In
July 2020, the Group became the full owner of AsiaRetail
Fund following Frasers Centrepoint Trust’s acquisition of
the remaining approximately 12.1% stake that we did not
already own, and Frasers Property subsequently took over
the management of the AsiaRetail Fund portfolio.
INDUSTRIAL & LOGISTICS: We entered this sector in
2014 through the acquisition of our Australia business
unit. Since then, we have scaled up our investment in
this sector significantly through a series of strategic
acquisitions. Many of our industrial and logistics
customers are global, and a multi-national industrial-
focused business unit was a logical next step for us to
manage our exposure outside Thailand holistically to
better build upon natural synergies.
In October 2019, we saw the creation of Frasers Property
Industrial through the consolidation of our industrial
and logistics businesses in Australia and Europe and the
REIT management of Frasers Logistics & Commercial
Vantage Yatala, Queensland • Australia
Trust under a single strategic business unit led by Reini
Otter. Industrial and logistics, with strong structural
fundamentals and longer weighted average lease
expiries, is a sector that continues to be stable amid the
pandemic. In fact, strong tenant resilience was exhibited
with minimal rental support required. During the year, the
Frasers Property Industrial team realised strong leasing
activity totalling more than 710,000 sqm of renewals
and new leases and completed nine new assets with total
gross lettable area of over 220,000 sqm.
THAILAND: We first entered the Thailand market
in a meaningful way through the acquisition of an
approximate 40.0% stake in Golden Land Property
Development Plc and from that first entry, we expanded
into the industrial and logistics segment via the
acquisition of a stake in TICON Industrial Connection Plc,
which was subsequently renamed as Frasers Property
Thailand. We recognised a country-focused business
unit will give us a broader and deeper set of expertise
to better unlock the value of our landbank and property
holdings in Thailand. Together with a larger network
across the country, we can also offer our customers an
enhanced value proposition.
The series of strategic initiatives we undertook over
the past three years to build our business in Thailand
culminated with the successful merger of Golden Land
with Frasers Property Thailand in September 2020,
following Golden Land’s delisting from the Stock
Exchange of Thailand. The combination of Frasers
Property Thailand and Golden Land created a leading
fully integrated real estate business that is among the
top five property developers in Thailand by asset size.
Its scaled, balanced and diversified portfolio spanning
the residential, industrial and logistics, commercial, retail
and hospitality sectors has helped cushion the economic
impact of the pandemic.
A N N U A L R E P O R T 2 0 2 0 / 4 3
Golden Town, Chiang Mai • Thailand
In August 2020, Frasers Property Thailand’s Board of
Directors appointed Thanapol Sirithanachai as Country
Chief Executive Officer. As an immediate priority following
his appointment, Thanapol Sirithanachai has developed
a new integrated structure to enable Frasers Property
Thailand to better drive business synergies and capture
opportunities from having an integrated business. This
is in addition to the ongoing focus to leverage Frasers
Property’s collective experience for growth. In particular,
tapping on Frasers Property Industrial’s existing strong
industrial sector connections in Europe and Australia can
better position Frasers Property Thailand to benefit from
the rising demand for industrial properties in Thailand,
due to supply chain reconfigurations amid the US-China
trade war and COVID-19 related disruptions.
Through this pandemic, we have seen the importance of
having resilient business platforms and this will remain
a priority.
QIn addition to strengthening of Frasers
Property’s business platforms, you scaled
up your REITs platform in FY20. What is the
significance of this for Frasers Property?
“
Through this pandemic, we have
seen the importance of having
resilient business platforms and
this will remain a priority.
”
The completion of the merger of Frasers Logistics &
Industrial Trust and Frasers Commercial Trust in April
2020 created Frasers Logistics & Commercial Trust,
the seventh largest S-REIT in Singapore with a market
capitalisation of $4.7 billion1 and the owner of a $6.2
billion portfolio of 100 high-quality properties. Through
this landmark merger, Frasers Logistics & Commercial
Trust achieved greater diversification, broadening its
investment mandate from logistics and industrial to
include office and business parks, and now operates in
five developed countries, namely Australia, Germany,
Singapore, the UK and the Netherlands. The merger
has broadened Frasers Logistics & Commercial Trust’s
investment mandate and provided opportunities for both
growth and value creation across these sectors.
A Our REITs platform is of strategic importance to
Frasers Property as it has an integral role in our
capital management strategy. In FY20, our REITs undertook
two transformative transactions: the merger of Frasers
Logistics & Industrial Trust and Frasers Commercial Trust,
as well as Frasers Centrepoint Trust’s acquisition of all the
remaining shares in AsiaRetail Fund from Frasers Property.
Frasers Centrepoint Trust’s ownership in the entire
AsiaRetail Fund portfolio now makes it one of the largest
suburban retail mall landlords in Singapore with a
portfolio size of approximately $6.7 billion. Its portfolio
increased from seven to 11 suburban malls, and its net
lettable area expanded by about 64.0% to over 210,000
sqm. Furthermore, with full control of the AsiaRetail Fund
assets, Frasers Centrepoint Trust can hold the assets via an
efficient, tax transparent structure.
1 As at 30 September 2020
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4 4 / F R A S E R S P R O P E R T Y L I M I T E D
IN CONVERSATION
WITH THE GROUP CEO
Around S$7.7 billion of assets have been recycled through the Group’s REITs since FY14
(Assets in $’m)
2,359
1,700
1,003
1,185
808
447
240
FY14
FY15
FY16
FY17
FY18
FY19
FY20
These transactions catapulted Frasers Logistics &
Commercial Trust and Frasers Centrepoint Trust into
the league of the top 10 largest S-REITs by market
capitalisation1 and increased their relative weightage in
benchmark indices such as the FTSE EPRA/NAREIT Global
Developed Index. A high index weighting can translate to
higher trading liquidity, a wider investor base and broader
analyst coverage, which could lead to a positive re-rating
of the REITs.
While the REITs leverage the support of Frasers Property
to grow, Frasers Property grows its assets under
management and fee income as well. This virtuous
cycle of growth and value creation for the entire Frasers
Property has strongly featured every year since we were
listed in January 2014. Around $7.7 billion of assets have
been recycled through our REITs since then.
In FY20, we recycled approximately $2.4 billion of
assets through our REITs. This included a total of $301.0
million of Frasers Property’s assets recycled into Frasers
Logistics & Commercial Trust, comprising an industrial
and logistics property, the remaining 50.0% interest in
Farnborough Business Park and the entire interest in Maxis
Business Park. In September 2020, Frasers Centrepoint
Trust’s unitholders approved the acquisition of our stake
in AsiaRetail Fund. Frasers Property’s 63.1% share of
AsiaRetail Fund’s asset value was around $1.9 billion. This
acquisition was completed in October 2020. In Thailand,
Frasers Property Thailand Industrial Freehold & Leasehold
REIT acquired $124.0 million worth of factories and
warehouses from Frasers Property Thailand, part of the
agreed $259.0 million worth of asset acquisitions that will
complete by February 2021.
QOther than business impact, the COVID-19
pandemic has negatively affected the
financial performance of the real estate sector in
general. Can you comment on Frasers Property’s
earnings in FY20?
AWe have done a lot of work around building the
foundation of a business that aims to deliver value
over the long term and through business cycles. As a
result of this groundwork, there were bright spots in
certain segments, particularly industrial and logistics,
Thailand and China. Positive contributions from these
segments helped to partially offset the adverse impact of
the pandemic on our earnings this year.
Our hospitality business, which is severely affected
by widespread international travel restrictions, the
decline in occupancies and temporary closures of our
hospitality properties, has unsurprisingly been hardest
hit. It registered significantly lower contributions and
accounted for the bulk of the impairments and fair value
losses we recorded in FY20. The extension of tenant
support across Frasers Property has also affected our
bottom line. Consequently, we recorded profit before
interest and taxation of $1.2 billion and attributable
profit of $188.1 million in FY20, a decrease of 3.6% and
66.4% respectively from FY19.
To better weather the pandemic crisis, we prioritised
capital and liquidity management, and these continue
to be our top priorities. Cash flow management,
collections and projections have been, and will remain,
key focus areas for the immediate future. Across Frasers
Property, we have been reducing operational costs
where it makes business sense to do so and deferring
uncommitted capital expenditure. Until COVID-19 ceases
to be a pandemic, the operating environment for Frasers
Property’s various businesses will remain challenging
and significant uncertainties will persist.
1
Based on Bloomberg data as at 30 September 2020 as well as Frasers Logistics & Commercial Trust’s and Frasers Centrepoint Trust’s internal data, and
assuming the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust has been completed and their respective market capitalisation and free
float figures are aggregated
QThe prevailing challenging operating
environment and resultant financial impact
caused by the COVID-19 pandemic for most
companies have thrown the spotlight on capital
management. How does Frasers Property’s
balance sheet stand?
AWe have, and will continue to, maintain a prudent
capital management policy, while actively managing
our capital structure to sustain our business operations
and optimise shareholder value. As at 30 September
2020, Frasers Property has sufficient liquidity to meet our
operations and financial commitments with cash and bank
deposits of approximately $3.3 billion as well as adequate
unutilised banking facilities. In addition, Frasers Property’s
pre-sold revenue and recurring income provide a level of
visibility of future cash flows.
In FY20, Frasers Property’s net gearing increased. This
was mainly due to the redemption of $700.0 million
of perpetual securities in March 2020. This series of
perpetual securities was paying a relatively higher
coupon of 5.0% per annum interest, and redeeming it
meant immediate savings for us. In addition, borrowings
also increased as we chose to fully fund the acquisition
of the Lakeshore Business Park in the UK using pound-
denominated debt so as to achieve a natural currency
hedge.
To manage our gearing downwards, Frasers Property
has been taking proactive actions to manage our capital.
On top of recycling capital through our REITs, we have
stepped up our capital partnership initiatives with
third-party investors and joint venture partners. In July
2020, we brought in TCC Prosperity1 as a long-term
capital partner for Northpoint City (South Wing). The net
proceeds of approximately $174.0 million was used to
deleverage our balance sheet. This is a continuation of
our capital partnership initiatives. Last year, we brought
in another capital partner for Frasers Tower in Singapore,
with the equity injection raising about $440.0 million for
Frasers Property.
As at 30 September 2020, net debt over total equity, or net
gearing, stood at 105.0% and net interest cover of three
times. If the acquisition of our AsiaRetail Fund stake by
Frasers Centrepoint Trust was completed by 30 September
2020, our net gearing would have been lower at 95.7%.
1
TCC Prosperity through its wholly-owned subsidiary Bright Bloom Capital
A N N U A L R E P O R T 2 0 2 0 / 4 5
Visitor management system with face recognition at The PARQ,
Bangkok • Thailand
Given that around 80.0% of our property assets generate
recurring income, we also take into consideration the
Group’s net debt over property assets which stood at
a healthy 48.1%. Having said that, we will continue to
work hard to actively manage our net gearing though the
disciplined execution of our capital management strategy.
QHow does Frasers Property view technology
and digitalisation in relation to how it
innovates to better respond to the disruptions it
is seeing in its environment?
APrior to the pandemic, Frasers Property had already
identified technology and digitalisation as a core
capability that will enhance our ability to respond with
agility. Last year, we appointed our Group Chief Digital
Officer, Samuel Tan, to help focus our resources and
drive our efforts in our digital transformation journey.
This was most timely as the pandemic has brought to
the fore the importance of digitalisation, both in terms
of what products and services mean to customers
and communities, as well as what infrastructure and
capabilities like our company should be equipped with.
The pandemic has accelerated the pace of demand shifts in
terms of customer requirements and behavioural changes.
We are seeing a convergence of sectors, which makes
our mixed-use and placemaking capabilities even more
valuable. Retail and industrial are converging in some ways
by virtue of e-commerce. Residential, commercial and retail
are converging because working from home has become
a ‘new normal’ and the future of work has rapidly evolved.
Many of these forms of real estate sector convergence
existed before COVID-19 but have since gathered speed.
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4 6 / F R A S E R S P R O P E R T Y L I M I T E D
As sectors converge and customers’ expectations evolve,
we must continue to adopt a human-centric design
thinking ethos to innovate and further enable Frasers
Property and our people to add value through real estate
spaces and services, be it through strengthening revenue,
enhancing efficiency for customers and the business,
or heightening real estate users’ experiences. While
innovation can be broad in its approach, a digital mindset
is imperative given the digitally savvy world we live in
today. With that in mind, we have launched a number
of initiatives with the aim of creating an ecosystem that
aggregates property technologies, or Proptech.
The Proptech initiatives we have rolled out are a result
of our focus on the digital customer experience and how
we can innovate with our customers to provide better
experience and services. Layered on that is the leveraging
of data-driven insights to constantly refine our offerings.
We are also actively exploring outside-in innovation,
which means keeping pulse with global innovation, new
technology and new business models, and constantly
challenging ourselves to adapt and adopt new ideas.
In the commercial space, the Proptech initiatives we
have rolled out are focused on two fronts. Firstly, we are
working towards Frasers Property’s vision where building
systems and workflows can be seamlessly connected
on a single platform to enable better efficiency and
workplace experiences. To this end, we implemented a
centralised intelligent building management system at
Frasers Tower in September 2020.
Secondly, we have been working on creating a
better future-of-work experience. Through our close
partnerships with Proptech companies, we have gained
a better understanding of the technology involved in
shared workspaces and community management and
insights into how these can be applied to our properties.
In November 2020, JustCo launched Switch, the world’s
first work-from-anywhere solution at Causeway Point,
The Centrepoint, Century Square, Changi City Point,
Northpoint City, Waterway Point and Yew Tee Point.
Future roll-out will include our other suburban malls
in Singapore. This gives an additional working space
dimension to our retail malls, which goes back to my
earlier point on the convergence of real estate sectors.
In the retail space, we have similarly been working
on innovations that connect technology, design and
business strategy to enhance the customer experience.
A recent significant enhancement to our Frasers
Centralised intelligent building platform at Frasers Tower •
Singapore
Experience app, or FRx, is Frasers Makan Master, which
allows customers to place delivery orders from multiple
food and beverage tenants within the same mall in
Singapore, and we will be launching the Frasers eStore
on FRx to provide a seamless omnichannel, store-to-door
retail experience for our tenants and shoppers.
Another innovation we introduced through our
partner is a retail concept, Ratio, which opened its first
Singapore flagship robotic beverage cafe and lounge
at The Centrepoint in November 2020. Powered by
robotics and artificial intelligence, this allows food and
beverage operators to offer custom-crafted coffee and
cocktails. From a real estate perspective, it opens up the
opportunity to optimise spaces with a small footprint to
enable the curation of new experiences for customers in
hospitality, retail and commercial properties.
In addition to these initiatives, we have been introducing
multi-purpose service robotics to enhance operational
efficiency, such as the use of UV-disinfecting autonomous
mobile robots at our malls in Singapore and commercial
properties in Thailand.
The many digitalisation initiatives we kick-started before
the pandemic have put us in good stead during this
period. Moving forward, we believe we can play a key
role in the creation of a Proptech ecosystem. We will be
looking to adopt and invest in technology solutions that
not only address industry disruption, but can complement
the business and extend new strategic capabilities.
A N N U A L R E P O R T 2 0 2 0 / 4 7
JustCo’s co-working space at The Centrepoint • Singapore
Image Credit: JustCo
QAs you reflect on FY20 and consider the
trends you are seeing in the real estate sector,
what is your key priority as you look ahead to
FY21 and beyond?
AThe pandemic has created greater awareness of the
importance of resilience for countries and companies,
and that will have implications on the expectations of our
built environment and the role of the space we occupy.
If you think about the impact of real estate on people’s
lives, the amount of resource it takes up and how every
building can last for generations, there is a real difference
we can make in helping to improve the overall quality of
life through the quality of the places we build and the
quality of experience they generate.
This crisis has reminded many companies, like ours, of the
important essence of being a purpose-driven company. It
has become increasingly clear that Frasers Property must
not only deliver financial performance, but we also need
to understand our role in society and show how we make
a positive contribution. A sense of purpose can help us
better achieve our full potential.
To this end, we have developed our purpose: ‘Inspiring
experiences, creating places for good’. We believe not
only in ‘inspiring experiences’ and making the quality of
every experience better, which is already aligned with
our unifying idea of ‘experience matters’. We also believe
in the added dimension of ‘creating places for good’.
Mastering the life cycle value of real estate is already a
fundamental aspect of our strategy. Understanding how
we plug into the circular economy will be that important
connection between our strategy and our sustainability
aspirations.
Therefore, we seek to honour our past and build for the
future. We are putting sustainability at the core of our
business, and by making it an integral part of our purpose,
it allows us to create lasting shared value, for our people,
the businesses and communities we serve, within the
ecosystem in which we will live for generations. While
pursuing our business goals, we aim to minimise any
negative environmental and social impacts by acting
progressively, producing and consuming responsibly, and
focusing on people.
Being a purposeful business is an important part of
being for Frasers Property. We aim to be an enduring
and progressive company, where we seek to incorporate
sustainability into every stage of our value chain, from
business strategies to operations.
As I had mentioned at the start, how we continue to
evolve Frasers Property in the post-COVID-19 world is a
key priority now. When we are focused on being clear of
our purpose, we can thrive in this uncertain world and
embrace the unprecedented changes that confront us. To
ensure we emerge stronger after the pandemic, we need
to strengthen and keep reinventing ourselves to remain
relevant. We need to constantly question our place in the
future to set the right priorities, with our purpose as our
true north. We must maintain our business and financial
discipline in ensuring that everything we do is at least as
much about building a long-term business, as it is about
meeting immediate priorities. This is how we can continue
to build a sustainable and resilient Frasers Property for the
long term.
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4 8 / F R A S E R S P R O P E R T Y L I M I T E D
TRENDS
VIEW
Operating in an era of uncertainty
The COVID-19 pandemic has exposed pre-existing fragilities in our world and accelerated many trends that are
already in place. Consumer and corporate behaviours are shifting, resulting in changes in a fast-changing operating
environment that will continue. Macroeconomic, social and geopolitical concerns are increasing the uncertainty.
On the other hand, these changes also create new opportunities. As a multi-national real estate company developing,
owning and operating across geographies and property sectors, understanding the trends and forces that are shaping
the markets we are operating in and our industry, matters. By being focused on fundamentals, we can proactively
ensure that our portfolio and investments are resilient and sustainable for the long term notwithstanding an
environment of uncertainty. We must be agile and responsive to these trends to capitalise on opportunities and sustain
a future-ready business. Outlined below are some of the key trends affecting our industry.
URBANISATION AND SHIFTING DEMOGRAPHICS
OUR RESPONSE:
Demographic changes have far-reaching impact on the
customers we will serve in the future. Children below age
five are outnumbered by people aged 65 or above, setting
the stage for rapidly aging populations in the next two
decades1. Millennials and older cohorts of Generation Z,
with different attitudes to work, lifestyles and home
ownership, currently account for almost a third of the
global population and will continue to grow. Consumer
profiles are becoming more diverse, with more people
getting married later and choosing not to have children.
Women are also increasingly driving purchasing decision as
they gain economic clout. Despite shifting demographics,
urbanisation is expected to continue, as cities with
robust economic prospects and a variety of quality living
environments remain attractive.
Frasers Property is focused on understanding the needs of our evolving
customer segments and creating places of the future that are inclusive,
where everyone belongs and thrives. For example, we are looking at how
to design homes that are more senior-friendly, while creating more vibrant
residential communities that help boost the health and well-being of
communities. The design and management of office spaces will also need
to evolve to meet the expectations of millennials and younger generations
as they come to represent the largest segment of the workforce.
In addition, Frasers Property is assessing opportunities in the build-to-rent
segment to address demand from population segments where there is
greater preference for renting over buying, whether it is due to affordability
constraints or a mindset shift in preference from home ownership towards
renting. We are well positioned for this in markets with the right conditions
and where we have the development and operating capabilities. With that
in mind, we won the bid to build a 354- apartment build-to-rent project in
Brisbane, Australia in October 2020.
At the workplace, the five-generation workforce is an emerging reality.
To better manage an age-diverse workforce, this means rethinking
learning and development over time, and tapping on the strengths of each
generation. All of these will be key to retaining and attracting a diverse
group of talent at Frasers Property.
GREATER ECONOMIC UNCERTAINTY
OUR RESPONSE:
COVID-19 has pushed many economies into sharp
contractions in 2020. Consequently, consumers and
corporates have become more value oriented and place
greater emphasis on affordability and optionality as they
enhance their financial resilience.
A Design Thinking workshop in action
1 United Nations Population Division Database
In this environment, it is essential Frasers Property puts greater emphasis
on understanding our customers including how their situations, behaviours
and requirements have changed. We have been consciously developing a
customer-centric Design Thinking mindset to help us solve and meet unmet
customer needs, while shifting the company culture to be agile, adept at
problem-solving and committed to continuous improvement. This, in turn,
will sharpen our value proposition and be truly customer centric.
To provide customers with more flexibility and better solutions, we are
enhancing ‘Real Estate as a Service’ (REaaS) capabilities to complement our
physical space offerings. For example, in the office space, we are increasing
the amount of flexible space with ancillary services and deepening the
partnership with co-working operators such as JustCo.
Frasers Property is also focused on ensuring its portfolio and investments
can ride through uncertainty and disruptions. This will include focusing on
resilient asset class segments, cities, locations and customer segments.
On the tenancy front, understanding the outlook for each tenant sector,
systematically monitoring tenant covenants, and actively managing our
tenant mix, are key to optimising the quality of cashflows.
A N N U A L R E P O R T 2 0 2 0 / 4 9
CONVERGENCE ACROSS REAL ESTATE CLASSES
OUR RESPONSE:
Real estate asset classes are converging as disruption
emerges across multiple industries and boundaries between
work and our personal lives become blurred. In response,
developers and owners are increasingly looking at ways to
design buildings with structures that can accommodate
flexible and multiple uses. Owners are evaluating the
business case for converting existing buildings with
mixed or alternative use, especially for assets facing
obsolescence or demand shifts. Urban planners are
also stepping up their pace in exploring decentralised
neighbourhoods with a wider plethora of functions.
Leveraging our multiple asset class and placemaking expertise, Frasers
Property is actively pursuing an approach that incorporates mixed-use
components. This will allow for flexible, multiple uses being demanded by
our customers. Concurrently, multi-use typologies will become central to
optimising value creation. In our malls, we are adding new features such as
co-working space, last-mile fulfilment and more community amenities. On
the other hand, we see synergy between co-locating industrial and office
spaces as corporates seek to fulfil their office and supply chain needs.
Going beyond individual buildings, Frasers Property has been building and
will continue to create vibrant communities in mixed-use projects in our
core markets of Singapore, Australia and Thailand.
ACCELERATION OF DIGITALISATION & TECHNOLOGY
OUR RESPONSE:
The real estate industry is undergoing accelerated change
as digitalisation takes further root during the current
pandemic. The continued rapid growth in e-commerce is
boosting the demand for logistics assets, while requiring
mall owners and operators to develop omnichannel
strategies to adapt. The real estate industry needs to
evolve to meet the expectations of digitally empowered
customers and be conscious of how it will adapt in the
context of cities and buildings getting smarter and as
technology transforms transportation. There is also a
concurrent opportunity for businesses to drive better
efficiencies and productivity.
The PARQ in Bangkok • Thailand. Tenants can monitor
indoor air quality and control SMART lighting systems
through a mobile app.
Today, our digitalisation and technology focus is centred on the following
areas, to drive data-driven insights to strengthen revenue, enhance
efficiency and heighten customer experiences.
1. Our customers’ experiences
Many of our businesses are creating new digital services, to enable customer
self-service and straight-through processing – all of which contributes towards
increasing our customer engagement. The pandemic has also accelerated the
opportunity to reimagine our spaces and transform the way the community
uses our properties. Ultimately, Frasers Property’s digital solutions will be
guided by our focus on human customer needs and experiences.
2. Creating places for good
We adopt data-driven technologies to ensure the resilience and future-
readiness of our properties for the long-term, while considering the health,
well-being and connectedness of people and communities.
We are making our buildings smarter, by connecting them with sensors and
building technology, to monitor building performance and strive towards
unmanned operations.
In addition, we are exploring data-driven technologies that can be adopted
to incorporate sustainability practices throughout the property lifecycle
– from design to development and operation – emphasising carbon
reduction, energy efficiency and sustainable technology.
3. Future of Work
We are simplifying and driving greater efficiencies with common processes
and systems across our businesses. This will enable us to better leverage
the value of data, drive real-time business decision making and deliver
better business outcomes. This is an integral part of our Future of Work
journey to improve collaboration, productivity and workforce experience.
SUSTAINABILITY, WELLNESS AND RESILIENCE
OUR RESPONSE:
Sustainable development is one of the biggest challenges
for the future, with climate change having a profound long-
term impact on the built environment. Sustainability also
means that economic, ecological and social actions must
always align with the guiding principles of responsibility –
for the benefit of both the people and the planet.
Concurrently, around the world, health and well-being
– physical, mental and social – have become central life
goals. As people spend most of their lifetime in buildings,
whether at work or at home, the wellness focus will
increase their expectations of these buildings.
The COVID-19 pandemic has also accelerated society’s
awareness and expectations on sustainability, wellness and
resilience issues. More than before, businesses must be
inclusive and map out a progressive agenda for areas such as
climate change, carbon emissions and workforce diversity.
Governments and corporates are looking to bolster the
resilience of critical infrastructure and supply chains,
especially in the healthcare and food arena, so that they are
better prepared to manage future pandemics and disasters.
Frasers Property is committed to taking responsibility for tackling these
ESG challenges together with our community of stakeholders. We are
assessing the resilience and climate-adaptiveness of our properties and the
responsible use of resources. We are embedding ESG considerations into
our decision-making and operational processes. To provide buildings for
the occupiers of tomorrow, we are addressing our carbon footprint across
our portfolio, both in existing buildings and in construction.
Health, well-being and safety have always been major considerations in
how we develop and operate our properties. To operate effectively with safe
management during the current pandemic, we have implemented heightened
health and safety standards across our properties. The Group is conscious of
the important role real estate plays in the resilience of societies and will take
that into account in its investment, development and operating decisions.
Looking ahead, we believe the physical office will continue to play
an important role in fostering social contact and corporate culture.
Developing and operating office spaces that meet the well-being of users
can help attract and retain talent for our tenants. Similar health and well-
being considerations can also be said for the homes we build, especially
when homes need to accommodate work and school.
Find out more in our Sustainability Report.
Contents
A G I L I T Y
Creating the Future-of-Work Experience
The intelligent building platform at Frasers Tower is one of many innovative
ways we design and future-ready our commercial properties to provide a
smart, safe and sustainable environment for tenants.
Read more
UV-Disinfecting Autonomous Mobile Robot
UV-disinfecting autonomous robots emit powerful UV-C rays, clinically
proven to eliminate 99.99% of bacteria and viruses, to supplement other
cleaning measures and to give added safety protection to the community.
Read more
Contents
5 2 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
SINGAPORE
Waterway Point • Singapore
A N N U A L R E P O R T 2 0 2 0 / 5 3
The year in review was characterised
by unprecedented challenges from
the COVID-19 pandemic, which
affected the economy, businesses
and communities in Singapore. We
made it our top priority to support
our tenants and to safeguard the
health of our staff, tenants and
other stakeholders at our properties
while strengthening our resilience to
deliver long-term value.
The Singapore government introduced
a Circuit Breaker period between April
to June in 2020 to minimise the spread
of COVID-19. During these eight weeks,
non-essential business operations
were suspended, and restrictions were
imposed on movement and interaction
in public spaces. The progressive
re-opening of business activities from
2 June 2020 had been encouraging
though many businesses continued to
face disruptions.
Our operations in Singapore responded
to the pandemic with agility and
adaptability to prioritise the health and
safety of stakeholders and to provide
support for tenants facing business
setbacks from workplace closures,
safe-distancing measures, remote
working arrangements and other
COVID-19-related measures. At the
same time, we continued our efforts to
build long-term resilience and value for
our business in Singapore.
Digital Conveniences
E-commerce platforms, including the upcoming
Frasers eStore, widen our retail tenants’ reach to
serve customers seamlessly and cashlessly.
Read more
Contents
5 4 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
SINGAPORE
FINANCIAL PERFORMANCE
Our business in Singapore comprises
Frasers Property Retail, our retail-
focused platform, which was formed
on 15 October 2019; our commercial
and residential divisions, and Frasers
Centrepoint Trust, a REIT listed on the
SGX-ST.
Frasers Property Singapore delivered
revenue of $609.5 million and profit
before interest and taxation (PBIT)
of $312.7 million for the year in
review. Our revenue and PBIT were
11.3% and 32.8% lower than the
previous year respectively, due to the
effects of merger between Frasers
Commercial Trust and Frasers Logistics
& Industrial Trust in April 2020, lower
profit recognition from our residential
properties and rental rebates of about
$76.6 million extended to tenants
under our Tenant Assistance Package.
This was partially mitigated by the
full-year contribution from AsiaRetail
Fund, which was consolidated from
July 2019.
The Tenant Assistance Package
was rolled out to alleviate our
retail and commercial tenants’
cashflow challenges caused by the
COVID-19 pandemic. The property
tax rebates and government cash
grants announced in the Singapore
government’s Unity, Resilience and
Fortitude Budgets were passed on
to qualifying tenants ahead of the
disbursement from the government.
We further granted additional rental
waivers in excess of the amounts
prescribed under the rental relief
framework to targeted businesses
that were severly impacted by the
COVID-19 situation, such as those in
the entertainment, travel-related,
fashion as well as food and beverage
trades. The option to release security
deposits to offset one month’s worth
of rental payments was also provided
to improve tenant cashflows.
Waterway Point • Singapore
RETAIL
Frasers Property Retail is currently
one of the largest suburban retail
mall owners in Singapore, with a
dominant presence in the north,
northeast and east regions of
Singapore and total assets under
management of $9.2 billion1, as at 30
September 2020.
Operations
During the year, we made significant
strides to grow our retail footprint
and strengthen our platform. In
May 2020, after the acquisition of
AsiaMalls Management in February
2020, we established an integrated
retail management platform that
manages 152 retail malls and one
office building in Singapore. The
enlarged management platform
further strengthened our competitive
position in both physical and
omnichannel retail spaces with access
to a strong catchment population
of 3.03 million, representing almost
52.0% of Singapore’s population.
The pandemic brought about
behavioural shifts, particularly
the growing preference for online
1
2
3
Comprises retail assets in Singapore and Malaysia in which the Group has an interest, including assets held by Frasers Centrepoint Trust, AsiaRetail Fund’s
retail and office portfolio and excluding Eastpoint Mall
Excluding Eastpoint Mall
Refers to Frasers Centrepoint Trust Circular to Unitholders dated 3 September 2020, page D-12
A N N U A L R E P O R T 2 0 2 0 / 5 5
Northpoint City • Singapore
Alongside the fast adoption of
online shopping was the rapid
transition towards cashless payments
and e-commerce platforms.
E-commerce is expected to become
a complementary sales channel for
tenants. To further build on Frasers
Property Retail’s frictionless retail
experience, we will be launching an
e-commerce marketplace, Frasers
eStore. This omnichannel retail
platform is part of our ongoing
digital transformation journey to
invest in innovative digital solutions
that support tenants and provide a
seamless store-to-door shopping
experience for shoppers.
Notwithstanding the impact of
COVID-19, portfolio occupancy at
Frasers Property Retail (excluding the
assets held under AsiaRetail Fund)
continued to trade at a healthy level
with an overall committed occupancy
of 92.4%, as at 30 September 2020.
Adding to the innovative and immersive
retail experience, Decathlon and JustCo
opened their flagship stores in The
Centrepoint, in addition to smaller store
formats in our other malls. Decathlon
at The Centrepoint features innovative
solutions including virtual-reality test
zones for shoppers. JustCo set up its
First Smart Centre at The Centrepoint
with tech-enabled work solutions such
as facial recognition, card-free access via
bluetooth and Ratio, a robotic café and
lounge.
Since the gradual re-opening of the
economy and with safe management
measures in place, tenants’ sales for
the total portfolio recovered close to
last year’s level for July to September
despite a slower recovery in the malls’
footfall to about 60.0% of the level
in the same period last year. Malls
located in high-density residential
areas near transportation nodes were
less impacted.
shopping. During the Circuit Breaker
period when food and beverage
establishments were limited to only
offer takeaway or delivery options,
we succeeded in rolling out a delivery
option and subsidising delivery fees,
in addition to pre-order and takeaway
services via Frasers Makan Master in
just 10 days. This swift roll-out amid
the Circuit Breaker period allowed
our food and beverage tenants to
leverage a ready online platform to
reach out to a wider customer base at
lower operational costs. In September,
Frasers Makan Master was enhanced
further to allow shoppers to place
orders from multiple food and
beverage tenants within the same
mall in a single order.
Contents
5 6 / F R A S E R S P R O P E R T Y L I M I T E D
Financials
For the year in review, Frasers
Property Retail recorded a 22.8% drop
in PBIT to $269.6 million despite the
full-year contribution from AsiaRetail
Fund, mainly due to the disbursement
of rental rebates amounting to $75.3
million under our Tenant Assistance
Package to cushion the impact of
COVID-19 on our tenants’ businesses.
The dilution of interest in Northpoint
City South Wing since July 2020 was
also a contributing factor.
We maintained discipline in
optimising our capital productivity by
bringing in TCC1 as a strategic partner
for a 50.0% stake in Northpoint City
South Wing. The transaction allowed
Frasers Property to recognise a gain
of $50.0 million over the asset’s last
audited valuation and yielded $174.5
million of net proceeds, which were
used to deleverage Frasers Property’s
balance sheet.
In addition to continuing with our
capital partnership initiatives, we
recycled capital through the divestment
of our 63.1% stake in AsiaRetail Fund
to Frasers Centrepoint Trust for a
consideration of about $1.1 billion.
The transaction was completed
on 27 October 2020. This series of
transactions enabled us to further
recycle capital while expanding
Frasers Centrepoint Trust’s portfolio
significantly, which in turn, allowed us
to grow our fee income. Furthermore,
with the conversion of the property
holding companies held under
AsiaRetail Fund into limited liability
partnership, Frasers Centrepoint
Trust will enjoy tax transparency
treatment on the taxable income for
the portfolio going forward.
RETAIL PROPERTIES
Properties
Singapore - REIT (Frasers Centrepoint Trust)
Effective
interest
as at
30 Sep 20
(%)
Book value
as at
30 Sep 20
($'m)
Net
lettable
area
('000 sqm)
Occupancy
FY20 (%)
FY19 (%)
Anchorpoint
Bedok Point1
Causeway Point
Changi City Point
Northpoint City North Wing2
YewTee Point
Waterway Point
Singapore - Non-REIT retail
Northpoint City South Wing
The Centrepoint
Robertson Walk
AsiaRetail Fund3
Singapore
Central Plaza (Office Building)
Century Square
Hougang Mall
Tampines 1
Tiong Bahru Plaza
White Sands
Malaysia
Setapak Central
Total Retail
36.6
36.6
36.6
36.6
36.6
36.6
14.6
110.0
108.01
1,305.0
338.0
806.5
190.0
1,300.05
50.0
100.0
100.0
1,100.06
646.0
138.0
215.0
574.0
432.0
762.0
654.0
428.0
76.64
76.64
76.64
76.64
76.64
76.64
76.64
6.6
7.7
39.0
19.0
21.3
6.8
34.5
27.0
33.0
8.9
13.4
18.8
14.0
25.0
19.9
12.0
92.7
92.0
96.6
90.4
95.0
97.1
96.0
89.7
86.67
68.4
89.8
94.0
95.5
88.3
97.0
97.4
79.0
95.7
97.0
95.9
99.0
97.1
98.0
93.1
90.4
74.9
88.7
98.9
98.4
97.6
96.8
97.9
104.9
9,211.4
47.6
354.5
96.5
98.0
1 The sale to Frasers Property Singapore was approved by Frasers Centrepoint Trust unitholders on 28 September 2020 and completed on 9 November
2
3
2020. Valuation of $108.0 million was based on the sale price announced
Includes Yishun Retail Podium
Refers to Frasers Property Limited’s announcement dated 27 October 2020 on the completion of the disposal of 63.1% interest in AsiaRetail Fund to
Frasers Centrepoint Trust and the acquisition of Setapak Central
Refers to Frasers Property’s direct interest and Frasers Centrepoint Trust’s effective interest in AsiaRetail Fund
Refers to 100.0% Waterway Point’s valuation, of which Frasers Centrepoint Trust owns 40.0% through Sapphire Star Trust
Refers to 100.0% Northpoint City South Wing’s valuation, of which Frasers Property Retail owns 50.0% through North Gem Trust
4
5
6
7 Committed occupancy as at 30 September 2020
1
TCC Prosperity Limited, through its wholly-owned subsidiary Bright Bloom Capital Limited
A N N U A L R E P O R T 2 0 2 0 / 5 7
Century Square • Singapore
FRASERS CENTREPOINT TRUST
Frasers Centrepoint Trust delivered
a revenue of $164.4 million in
FY20, a decrease of $32.0 million
or 16.3% year-on-year. The net
property income for the year was
$110.9 million, down $28.4 million
or 20.4% year-on-year. The lower
revenue and net property income
were mainly attributed to the rental
rebate assistance provided to tenants
due to the COVID-19 pandemic.
Total return before tax was $151.8
million, a decline of $54.2 million or
26.3% year-on-year, and total income
available for distribution was $101.2
million, 14.8% lower than last year.
Despite the challenging environment,
Frasers Centrepoint Trust continued
to execute its growth strategy,
announcing the acquisition of an
additional 12.1% interest in AsiaRetail
Fund on 30 June 2020 to raise its
stake in the fund to 36.9%. On 3
September 2020, Frasers Centrepoint
Trust further announced the
acquisition of the remaining 63.1%
in AsiaRetail Fund for approximately
$1.1 billion and increased its interest
in AsiaRetail Fund to 100.0% upon the
completion of the acquisition on 27
October 2020.
Frasers Centrepoint Trust completed
the largest-ever follow-on equity fund
raising by a Singapore REIT to date
in October 2020, raising about $1.3
billion in gross proceeds, part of which
was used to fund the acquisition in
AsiaRetail Fund. This elevated Frasers
Centrepoint Trust’s position to be
among the top 10 largest Singapore
REITs by market capitalisation.
As at 30 September 2020, Frasers
Centrepoint Trust had total assets
of $3.9 billion. This increased to
approximately $6.7 billion after the
divestment of Bedok Point and the
completion of the AsiaRetail Fund
acquisition.
Operating environment
Based on the Urban Redevelopment
Authority’s ‘Third Quarter 2020
Real Estate Statistics’, retail rentals
decreased for three consecutive
quarters since the fourth quarter of
2019, registering a decline of 4.5% in
the third quarter of 2020, compared
to a 3.5% decrease in the previous
quarter. Overall vacancy remained
flat at 9.6%, having increased from
7.5% since the fourth quarter of 2019.
Business sentiments are expected to
remain uncertain in 2021. Tenants
are adopting a cautious approach
towards business expansions even
as restrictions gradually ease and
the economy resumes activities
as we move towards Phase 3.
Notwithstanding the challenging
retail landscape, some overseas
brands entered the Singapore market
in 2020.
We will continue to work closely
with our tenants to create value and
provide better shoppers’ experiences
through collaboration with business
partners, as well as innovation in our
business to further strengthen our
retail platform.
Contents
5 8 / F R A S E R S P R O P E R T Y L I M I T E D
COMMERCIAL
Frasers Property Singapore’s Commercial
Division manages a portfolio of six
commercial properties in Singapore,
of which two are owned by Frasers
Logistics & Commercial Trust. The total
commercial assets under management
was $4.3 billion1 as at 30 September
2020. Over the course of the year, we
implemented several initiatives to
enhance the future-readiness of our
assets.
Operations
The performance of our commercial
portfolio was stable on the whole,
in spite of the challenging market
conditions brought about by the
COVID-19 pandemic. Portfolio
occupancy rate increased to 92.8% as
at 30 September 2020, compared to
76.1% a year ago, mainly attributed to
the improved take up rate for Alexandra
Technopark following the completion
of its asset enhancements. The average
rental reversion for lease commitments
signed in FY20 was a positive 3.1%.
The year’s challenges provided an
opportunity for Frasers Property
Singapore to implement several
innovative initiatives to future-proof our
commercial properties and to ensure our
tenants’ safe return to the workplace.
Alexandra Point • Singapore
SINGAPORE - NON-REIT OFFICE/BUSINESS PARK
Properties
51 Cuppage Road
Alexandra Point
Frasers Tower
Valley Point Office Tower & Shopping Centre
Total Commercial
Effective
interest
as at
30 Sep 20
(%)
100.0
100.0
50.0
100.0
Book value
as at
30 Sep 20
($'m)
Net
lettable
area
('000 sqm)
416.0
278.0
1,965.0¹
347.0
3,006.0
25.3
18.6
63.8
20.7
128.4
Occupancy
FY20 (%)
FY19 (%)
88.0
89.3
99.4
68.8
89.3
96.6
97.92
68.4
1 Refers to 100.0% Frasers Tower’s valuation, of which Frasers Property Singapore owns 50.0% through Aquamarine Star Trust
2 Committed occupancy
1
Comprises commercial assets in Singapore in which Frasers Property has an interest, excluding AsiaRetail Fund’s Singapore office
A N N U A L R E P O R T 2 0 2 0 / 5 9
Frasers Tower • Singapore
In September 2020, we rolled out
a centralised intelligent building
platform at Frasers Tower in
Singapore’s core CBD. Besides serving
as a one-stop service hub for tenants
and facilitating contactless access to
the building, the platform functions
as a Digital Twin or virtual model
of the Grade A office building, with
capabilities to integrate various
systems and enable real-time remote
management of the building’s
operations.
An Integrated Carpark Management
System was also piloted at Alexandra
Point. This fully automated season
parking solution provided an efficient
and seamless way for tenants to self-
manage and receive information on
season parking transactions around
the clock. Besides improving the
customer experience, the system
enabled us to collate useful data for
analytics and business insights as
well as to streamline our internal
processes and resources for higher
value-add work and productivity.
Financials
In FY20, our commercial PBIT
registered a decrease of 39.4%
to $87.6 million over last year.
The decline is mainly due to the
exclusion of contributions from
Frasers Commercial Trust following
its merger with Frasers Logistics &
Industrial Trust in April 2020, as well
as the full-year effect of the dilution
of interest in Frasers Tower to 50.0%
in July 2019 following an equity
injection by a long-term strategic
investor.
The amount of occupied office space
in Singapore decreased by 19,000
sqm (nett) in the third quarter of
2020, compared with the decline of
55,000 sqm (nett) in the previous
quarter. Correspondingly, the stock of
office space decreased by 33,000 sqm
(nett) in third quarter, compared with
the increase of 43,000 sqm (nett) in
the previous quarter. As a result, the
island-wide vacancy rate of office
space dropped to 12.0% as at the end
of the third quarter 2020, from 12.1%
as at the end of the previous quarter.
Operating environment
Based on the Urban Redevelopment
Authority’s ‘Third Quarter 2020 Real
Estate Statistics’, rentals of office
space decreased by 4.5% in the third
quarter of 2020, after remaining
unchanged in the previous quarter.
At the end of the third quarter, there
was a total supply of about 767,000
sqm gross floor area of office space
in the pipeline, compared with
668,000 sqm in the previous quarter.
Contents
6 0 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
SINGAPORE
RESIDENTIAL
Frasers Property Singapore’s
Residential Division currently has two
projects that have been launched for
sale. Over the course of the year, we
focused on enhancing the resilience
of our residential portfolio and added
two sites.
Development projects
We recorded a lower level of
progressive profit recognition from
Seaside Residences and Rivière as
these projects under development
experienced curbs and delays in
their construction progress during
the Circuit Breaker. Despite the
restrictions and new measures
imposed on the construction industry
after works were allowed to resume,
we continued to stay vigilant in cost
and risk controls.
During the Circuit Breaker, sales
were affected by the closure of
show-flats. In place of face-to-face
appointments, we held virtual
viewings for Seaside Residences
and Rivière. As at 30 September
2020, we sold 94.9% at Seaside
Residences, which is scheduled for
completion by March 2021, and
12.5% for Rivière, which is expected
to receive its temporary occupation
permit in December 2022. We also
recorded approximately $0.1 billion
of unrecognised pre-sold residential
development revenue.
Land acquisitions
In March 2020, Frasers Property
Singapore acquired the Fernvale
Lane site located in the vibrant
Sengkang area at a tender price of
approximately $286.5 million. The
residential site has a maximum gross
floor area of 47,964 sqm, which
we intend to develop into a 496-
unit executive condominium with
a target launch date of mid-2021.
Despite challenging times ahead,
we are confident of delivering a
product that meets the needs of
young and growing families in the
fast-developing northeast region.
We believe we can deliver returns by
capitalising on the healthy demand
from this market segment.
To finance this development, we
secured a $350.0 million green loan,
which was Singapore’s first green
loan for an executive condominium
development, and Frasers Property’s
tenth green financing initiative.
SINGAPORE - RESIDENTIAL PROJECTS COMPLETED OR UNDER DEVELOPMENT
Project
Effective
interest
as at
30 Sep 20
(%)
No. of
units
% Sold
as at
30 Sep 201
%
Completion
as at
30 Sep 20
Ave. selling
prices
as at
30 Sep 20
($ psm)
Est.
saleable
area
(‘000 sqm)
Land cost
($ psm)
Target
completion
date
Seaside Residences
Rivière
40.0
100.0
843
4552
94.9
12.5
97.3 18,895.83
31.8 31,088.58
67.6
46.9
9,236
2Q FY21
18,649
1Q FY23
SINGAPORE - RESIDENTIAL LAND BANK
Project
Fernvale
Effective
interest
as at
30 Sep 20
(%)
Est.total
no. of
units
Est.
saleable
area
(‘000 sqm)
Land cost
($ psm)3
Tenure
Est. launch
ready date
80.0
496
48.0
5,974 Leasehold
3Q FY21
1 Based on sales and purchase agreements signed and excludes options issued as at 30 September 2020
2 Excluded the 82 serviced apartment units
3 Land cost is based on permissible gross floor area
A N N U A L R E P O R T 2 0 2 0 / 6 1
Artist’s impression of Rivière • Singapore
In November 2020, we completed
the acquisition of Bedok Point from
Frasers Centrepoint Trust, which
we can potentially redevelop into
a residential property with ground-
floor retail. Bedok Point will continue
to be managed by Frasers Property
Retail, generating recurring income
until we decide to redevelop the
site, with the relevant regulatory
approvals.
Financials
Faced with an extremely difficult
year, Frasers Property Singapore’s
Residential Division recorded a loss
before interest and taxation of $38.2
million in FY20, compared to a loss
before interest and taxation of $20.6
million the year before.
Operating environment
The residential market will continue
to face heightened uncertainty,
with the projected contraction
of Singapore’s GDP of between
6.0% and 6.5% in 2020, amid the
prolonged closure of international
borders resulting from the COVID-19
pandemic. Additionally, the market
faces supply pressure from the
significant supply of units in the
launch pipeline.
Based on the Urban Redevelopment
Authority’s ‘Third Quarter 2020 Real
Estate Statistics’, prices of private
residential properties increased
0.8% quarter-on-quarter in the
third quarter compared to 0.3% in
the preceding quarter. New private
residential property units sold by
developers, excluding executive
condominiums, for the nine months
ending in September 2020 dropped
to 7,379 units, at about 74.4% of
2019’s full-year volume.
On the bright side, interest rates for
new housing loans have reduced,
enticing savvy buyers who were
cash-rich to enter the market. Still
upbeat on the outlook that real
estate properties remain a safe asset
in Singapore, buyers are expected to
take advantage of the low interest
rates to purchase well-priced units
and hedge against inflation. As such,
we do not expect prices to drop
substantially but to remain soft.
Contents
6 2 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
AUSTRALIA
Artist’s impression of Midtown MacPark, New South Wales • Australia
The COVID-19 pandemic has
reinforced our belief that our
Australian business remains
resilient. Drawing on our expertise
and track record in placemaking
and building communities,
we are confident in our sound
market strategy, strong business
platform and financial stability to
pursue opportunities and meet
challenges ahead.
Australia was in a comparatively better
economic position than most other
nations affected by the COVID-19
pandemic. The economic impact was
buffered by the government’s roll-out
of employment support schemes, the
expedited investment in key projects,
and other initiatives to stimulate
activity and drive business and
consumer confidence. By the close of
FY20, Australia’s economy had begun
its recovery, with the property sector
expected to be an important contributor.
FINANCIAL PERFORMANCE
In FY20, Frasers Property Australia
reported revenue of A$659.1 million
($619.5 million) and a profit before
interest and taxation of A$40.7 million
($38.3 million). As at 30 September 2020,
we had 16,640 residential development
units in the pipeline, a strong commercial
and retail development pipeline and an
investment property portfolio amounting
to A$1.9 billion ($1.9 billion) under
management in Australia, including
assets held by the Frasers Logistics &
Commercial Trust.
A N N U A L R E P O R T 2 0 2 0 / 6 3
Build Neutral homes
Minnippi Quarter in Queensland is the first
in Australia to offer customers the choice to
offset the embodied carbon associated with the
construction of their homes.
Read more
Contents
6 4 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
AUSTRALIA
RESIDENTIAL
The slower population growth, due
to lower immigration rates and
foreign student arrivals during the
COVID-19 pandemic, is expected to
affect new housing demand in the
short- to medium-term. However,
the residential market, which is
not speculative in nature, holds its
resilience by balancing supply to
match the demand.
The Australian government’s
stimulus measures further helped
to boost the residential market.
The JobKeeper scheme enabled
people to retain their jobs, while
the A$25,000 HomeBuilder scheme
provided incentives for the purchase
of new build properties.1 In addition,
the increased buyer interest in late
FY19 continued its momentum to
deliver robust demand in the first
half of FY20.
The performance of Frasers Property
Australia’s residential projects
had been just as resilient and
encouraging, largely due to the
price points and product diversity.
We released 1,315 units for sale,
sold 1,651 units and reported A$1.1
billion ($1.1 billion) in unrecognised
revenue in FY20. A total of 1,595
units were completed and settled as
at 30 September 2020.
We experienced spikes in enquiries
and deposits following the June
2020 announcement of the
HomeBuilder scheme, with the
advantage of having titled or very
near-titled land stock available in
many projects. Although the scheme
was particularly attractive to first-
time home buyers, its A$750,000
price ceiling excluded the medium-
and higher-density segments from
the scheme, for properties located
within or near major capital cities.
1
https://treasury.gov.au/coronavirus
Ed.Square, New South Wales • Australia
Sales across the residential portfolio
were supported by the FPA Sales
app, which provided a seamless
experience for our sales team and
agents to work with customers.
Phase 1 of the app was launched in
July 2020, enabling users to search
and hold properties, including house
and land packages, and share project
marketing materials. Future phases
of this app will allow them to review
existing customers’ accounts, reserve
stock, implement push notifications
and manage enquiries.
Among the highlights of the year,
Frasers Property Australia acquired
a 487,000 sqm infill site at Keperra,
Brisbane, for A$31.0 million ($29.1
million) in December 2019. The project
will deliver 473 residential units, parks
and open spaces, conservation areas
and a proposed retail centre with
childcare facilities, at an estimated
gross development value (GDV) of
A$256.7 million ($251.0 million). It is
targeted to launch in 2021.
In Brisbane, we launched the new
Minnippi Quarter project in March
2020. With a mix of terraced homes
and land, the new community offers
customers the option to offset the
embodied carbon in their homes
through our Build Neutral homes
project, which had been endorsed by
the Australian government’s Climate
Active initiative.
In September 2020, we launched
one of Australia’s most significant
masterplanned communities at
Midtown MacPark at Macquarie
Park, Sydney. With an estimated GDV
of A$2.1 billion ($2.1 billion), Frasers
Property Australia — together with
tier-one community housing provider
Mission Australia Housing and the
New South Wales government —
will deliver approximately 3,300
homes, in a mix of private units, 128
affordable housing units and at least
950 community housing units over
the next 10 to 15 years at Midtown.
The development will also create a
new inclusive urban neighbourhood
A N N U A L R E P O R T 2 0 2 0 / 6 5
Artist’s impression of Minnippi Quarter, Queensland • Australia
in a well-connected location, that
integrates community facilities,
a proposed school, childcare and
aged care amenities, parks and
playgrounds, a community centre, a
pool and a gymnasium.
In Sydney’s southwest, the first
residents of Ed.Square moved into
the new mixed-use community in
August 2020. As at 30 September
2020, 495 lots have been sold to
date at the project, and 210 lots
were settled in FY20. In addition to
the strong buyer demand, Ed.Square
received strong enquiries from over
200 potential tenants.
The Waterfront, Shell Cove, on
the New South Wales south coast,
remained popular among buyers.
Over 125 units were sold during
the year, including 55 premium
apartments that were released in
August 2020. In addition, Balmoral
Hospitality purchased approximately
1,000 sqm of retail space in the new
harbourfront dining precinct on the
ground floor of the Aqua building.
Construction progressed during
the year, with the new urban plaza
completed, and the Waterfront
Tavern, marina and boat harbour on
schedule for completion in 2021.
In August 2020, Frasers Property
Australia announced a new
A$549.4 million ($537.3 million)
masterplanned community at a
1,163,300 sqm site in Clyde North,
along Melbourne’s southeast
growth corridor. The development
is anticipated to comprise
approximately 1,600 homes, a
6,000 sqm town centre, an exclusive
residents’ club, a primary school,
a childcare centre and extensive
parklands. We plan to release the first
land lots in 2021.
In Victoria, Burwood Brickworks’
launch of the prestigious Promenade
homes in July 2020 was well-received
by buyers. Construction progressed
well during the year for the West
Garden Apartment, South Garden
Apartment, East Garden Apartment
and Plaza Garden Apartment
buildings, and works commenced on
the first four stages of town homes.
In July 2020, we partnered with the
Western Australian government’s
Department of Communities to
launch the East Green project set
on a 38,600 sqm site. This 85-
lot residential development can
accommodate up to 100 residential
units. More than 1,300 expressions of
interest came from potential buyers
as at September 2020, with the first
two stages sold out within days,
contributing A$11.9 million ($11.2
million) in sales.
Frasers Property Australia believes
that the long-term positive drivers
for the residential market remain
in place, despite the subdued
employment outlook and the short-
term effects of COVID-19.
Contents
6 6 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
AUSTRALIA
AUSTRALIA – RESIDENTIAL / MIXED USE PROJECTS COMPLETED OR UNDER DEVELOPMENT
Site1
Edmondson Park (Ed.Square,
Belmont Apartments) - HD, NSW
Edmondson Park (Ed.Square,
The Easton Apartments) - HD, NSW
Edmondson Park (Ed.Square,
The Emerson Apartments) - HD, NSW
Edmondson Park (Ed.Square,
The Lincoln) - HD, NSW
Ryde (Putney Hill Stage 2, Absolute) -
H/MD, NSW
Carlton (Found) - H/MD, VIC
Parkville (Parkside Parkville, Prosper) -
HD, VIC
Hamilton (Hamilton Reach, Atria
North) - H/MD, QLD
Hamilton (Hamilton Reach, Newport) -
H/MD, QLD
Hamilton (Hamilton Reach, Riverlight
East) - H/MD, QLD
Cockburn Central (Cockburn Living,
Kingston Retail) - H/MD, WA
Cockburn Central (Cockburn Living,
Kingston Stage 4) - H/MD, WA
Cockburn Central (Cockburn Living,
Vicinity Stage 1) - H/MD, WA
East Perth (Queens Riverside, Lily) -
HD, WA
East Perth (Queens Riverside, QII) -
HD, WA
East Perth (Queens Riverside, QIII) -
HD, WA
Burwood East (Burwood Brickworks,
South Garden Apt) - HD, VIC
Burwood East (Burwood Brickworks,
West Garden Apt) - HD, VIC
Westmeadows (Valley Park) -
H/MD, VIC
Burwood East (Burwood Brickworks,
East Garden Apt) - HD, VIC
Burwood East (Burwood Brickworks,
Plaza Garden Apt) - HD, VIC
Shell Cove (Aqua) - HD, NSW
Hamilton (Hamilton Reach, Riverlight
North) - H/MD, QLD
Point Cook (Life, Point Cook) - L3, VIC
Hope Island (Cova) - H/MD, QLD
Effective
interest
as at
30 Sep 20
(%)
Est. total
no. of
units2
% Sold
as at
30 Sep 20
Ave. selling
price
as at
30 Sep 20
($m)
Est. saleable
area
('000 sqm)
Total
GDV
($m)
Target
competion
date
100.0
100.0
100.0
100.0
100.0
65.0
50.0
100.0
100.0
99
69
91
50
22
69
172
82
35
94.9
76.8
45.1
96.0
100.0
98.6
99.4
98.8
97.1
100.0
155
98.1
100.0
100.0
100.0
8
60
96
75.0
100.0
100.0
100.0
125
31.2
100.0
107
95.3
100.0
267
99.6
100.0
100.0
58
79
100.0
100.0
100.0
210
97.6
100.0
100.0
100.0
100.0
50.0
100.0
60
71
46
85
546
499
100.0
95.8
97.8
60.0
99.8
97.8
0.6
0.6
0.6
0.6
2.7
0.6
0.5
0.6
1.2
0.6
0.5
0.5
0.4
0.6
0.6
0.7
0.5
0.5
0.5
0.5
0.6
1.1
0.6
0.4
0.4
8.8
6.0
8.2
4.6
56.1 Completed
38.7 Completed
54.3 Completed
28.9 Completed
15.0
60.2 Completed
4.7
10.8
6.9
4.4
42.2 Completed
92.1 Completed
50.9 Completed
43.1 Completed
11.0
89.2 Completed
0.7
5.6
7.9
4.1 Completed
27.8 Completed
41.4 Completed
10.7
79.3 Completed
8.5
63.3 Completed
22.1
187.1 Completed
3.2
4.6
NA
3.8
4.7
5.1
6.0
NA
NA
27.9
1Q FY21
39.6
1Q FY21
94.9
1Q FY21
31.2
2Q FY21
41.0
2Q FY21
49.0
46.9
3Q FY21
3Q FY21
211.6
208.5
4Q FY21
4Q FY21
A N N U A L R E P O R T 2 0 2 0 / 6 7
East Green, Western Australia • Australia
Brookhaven, Queensland • Australia
AUSTRALIA – RESIDENTIAL / MIXED USE PROJECTS COMPLETED OR UNDER DEVELOPMENT (CONT’D)
Site1
Burwood East (Burwood Brickworks) -
H/MD, VIC
Carlton (Encompass) - H/MD, VIC
Blacktown (Fairwater) - H/MD, NSW
Macquarie Park (Midtown, Mac) -
HD, NSW
Lidcombe (The Gallery) - H/MD, NSW
Bahrs Scrub (Brookhaven) - L3, QLD
Wyndham Vale (Mambourin) - L3, VIC
Tarneit (The Grove) - L3, VIC
Baldivis (Baldivis Grove) - L3, WA
Shell Cove (The Waterfront) - L3, NSW
Clyde North (Berwick Waters) - L3, VIC
Edmondson Park (Ed.Square) -
H/MD, NSW
North Coogee (Port Coogee) - L3, WA
Baldivis (Baldivis Parks) - L3, WA
Wallan (Wallara Waters) - L3, VIC
Mandurah (Frasers Landing) - L3, WA
Effective
interest
as at
30 Sep 20
(%)
Est. total
no. of
units2
% Sold
as at
30 Sep 20
Ave. selling
price
as at
30 Sep 20
($m)
Est. saleable
area
('000 sqm)
Total
GDV
($m)
Target
competion
date
100.0
261
78.9
65.0
100.0
PDA
100.0
100.0
100.0
50.0
100.0
50.0
PDA
100.0
100.0
50.0
PDA
100.0
115
800
269
229
1,782
1,288
1,769
368
3,186
1,983
893
683
1,015
2,040
625
5.2
89.9
15.6
90.0
40.0
22.7
39.7
26.4
74.6
55.1
24.2
21.4
30.0
32.3
33.8
1.2
0.6
0.8
0.8
0.7
0.2
0.3
0.3
0.2
0.5
0.3
0.8
0.7
0.2
0.2
0.2
NA
305.1
4Q FY22
7.5
NA
18.3
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
68.2
1Q FY23
603.7
218.5
157.2
395.9
369.9
578.5
2Q FY23
2Q FY23
4Q FY23
2Q FY26
3Q FY26
4Q FY26
68.3
4Q FY26
1,629.2
680.8
671.6
474.7
172.0
446.1
102.3
2027
2027
2028
2029
2030
2034
2037
Note: Profit is recognised on completion basis. All references to units include apartments, houses and land lots
NA relates to projects containing mixed product types
1 L – Land, H/MD – Housing / medium density, HD – High density
2
3 There are a number of land lots; profit is recognised when land lots are sold. Target completion date is the target date for the sale of the last land lot
Includes 100.0% of joint arrangements (Joint operation-JO and Joint venture-JV) and Project Development Agreements-PDAs
Contents
6 8 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
AUSTRALIA
Artist’s impression of Hamilton Reach, Queensland • Australia
Frasers Property Australia believes that the long-term
positive drivers for the residential market remain in
place, despite the subdued employment outlook and
the short-term effects of COVID-19.
Effective
interest as at
30 Sep 20
(%)
Est. total
no. of
units2
Est. total
saleable area
('000 sqm)
Total
GDV
($m)
PDA
PDA
100.0
100.0
100.0
50.0
100.0
100.0
100.0
100.0
PDA
100.0
2,080
1,600
926
608
473
466
346
280
236
193
78
1
151.4
1,848.0
NA
NA
NA
NA
26.4
34.4
27.3
11.4
NA
NA
4.3
537.3
179.0
402.1
251.0
237.7
151.2
277.8
137.6
118.8
19.5
27.7
Parkside, Parkville, Victoria • Australia
AUSTRALIA – RESIDENTIAL / MIXED USE LAND BANK
Site1
Macquarie Park (Midtown) - HD, NSW
Clyde North (Hardy's Road) - L, VIC
Deebing Heights - L, QLD
Edmondson Park (Ed.Square) - HD, NSW
Keperra - H/MD, QLD
Parkville (Parkside Parkville) - H/MD, VIC
Cockburn Central (Cockburn Living) - H/MD, WA
Hamilton (Hamilton Reach) - H/MD, QLD
Burwood East (Burwood Brickworks) - HD, VIC
Carina (Minnippi Quarter) - H/MD, QLD
Greenwood (East Green) - L, WA
Wolli Creek (Discovery Point) - HD, NSW
Note: All references to units include apartments, houses and land lots
NA relates to projects containing mixed product types
L – Land, H/MD – Housing / medium density, HD – High density
Includes 100.0% of joint arrangements (Joint operation-JO and Joint venture-JV) and Project Development Agreements-PDAs
1
2
A N N U A L R E P O R T 2 0 2 0 / 6 9
Eastern Creek Quarter, New South Wales • Australia
Image Credit: i2C ECQ Photography
RETAIL
Our Retail Division focuses on
creating super-neighbourhood
shopping centres in under-supplied
markets, featuring essential retail,
food and entertainment services,
tailored to the community. This
model is most effective in mixed-
use developments, where we can
curate the residential and retail
components carefully to maximise
community and commercial benefits.
Retail was affected by periods of
lockdown and trading restrictions
in the second half of FY20. Despite
this, we completed and opened
three super-neighbourhood centres:
Burwood Brickworks in Victoria,
Eastern Creek Quarter Stage 1 in
New South Wales, as well as Shell
Cove Retail Stage 3 in New South
Wales, which we sold to a third party
for a GDV of A$5.5 million ($5.2
million).
Burwood Brickworks opened in
December 2019 to strong foot
traffic of approximately 40,000
each week prior to the first
COVID-19 lockdown in March
2020. The centre is anchored by
a Woolworths supermarket and
mini-major1 Dan Murphy’s, with a
strong entertainment and dining
focus to complement the lifestyles
of residents in this mixed-use
community. These tenants, including
Reading Cinemas and the urban farm,
have been significantly affected by
the COVID-19 pandemic but will
provide unique points of difference to
drive the long-term performance of
Burwood Brickworks.
Frasers Property Australia undertook
the first round of the Living Building
Challenge® certification for Burwood
Brickworks in FY20. This certification,
once achieved, will officially
recognise the centre as the world’s
most sustainable retail development.
The certification process, which
requires further analysis and
auditing of material and operational
performance data, is likely to run
beyond FY21 due to retail disruptions
caused by the pandemic.
In June 2020, Eastern Creek Quarter
Stage 1 opened to the community.
Despite the COVID-19 pandemic,
visitors numbered 70,000 during
the first four days of its opening and
over 212,000 for the first month.
The centre accommodates anchor
tenant Woolworths supermarket,
mini-major1 BWS, and a range
of speciality stores and quality
brands. It includes the dining and
entertainment precinct, ECQ Social,
which differentiates the centre in the
western Sydney retail landscape.
Eastern Creek Quarter’s dining focus
was particularly well-received, with
food retail sales of A$12,919 per
sqm ($12,143 per sqm) in annualised
turnover across June and July
2020, outperforming the single
supermarket category benchmark
of A$12,194 per sqm ($11,461
per sqm). The 6-Star Green Star
centre quickly established itself
as a vibrant retail and recreational
destination in the local community
and an outstanding performer in
Frasers Property Australia’s retail
portfolio, in terms of visitorship and
sustainability performance.
1
Relatively large tenant occupying 600-1,500 sqm of retail space
Contents
7 0 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
AUSTRALIA
Mambourin, Victoria • Australia
The future Stage 2 of Eastern Creek
Quarter will deliver approximately
11,600 sqm of large format retail
space. It is one of the projects
named by the New South Wales’
government to undergo a fast-
tracked assessment process under
the Planning System Acceleration
Programme, in response to the
COVID-19 pandemic.
In Sydney’s southwest, Frasers
Property Australia is developing
the new Ed.Square Town Centre as
part of a new mixed-use community
integrated with Edmondson Park
train station. On completion, it will
incorporate an ‘Eat Street’, fresh
food marketplace, cinema, childcare
centre, waterplay area, 24-hour
gymnasium, tavern and healthcare
facilities. Anchor tenant Coles
supermarket and Liquorland opened
in September 2020 to coincide
with the residents moving in. The
remaining tenants from the first
stage will open in the second and
third quarters of FY21.
In Victoria, we are creating a mixed-
use community at Mambourin,
in Melbourne’s western growth
corridor. It is anticipated to
incorporate a new town centre
with approximately 18,500 sqm of
retail space, to be delivered in two
stages and anchored by a major
supermarket tenant. Besides the
new Town Centre, the A$454.5
million ($444.4 million) Mambourin
community is anticipated to
include an exclusive residents’ club,
expansive wetlands, a playground, a
proposed school, a new train station,
a library, a kindergarten, a performing
arts centre and a CBD.
We received approval for the urban
design framework of Mambourin
Town Centre from Wyndham City
Council in July 2020, and will submit
a retail masterplan for approval
in late 2020. Work on the site is
targeted to commence in mid-2022
with the first stage scheduled to open
in the second half of 2023.
The COVID-19 restrictions and
social changes have had a marked
impact on retail sales. Except for
Victoria, which experienced a second
wave of infections, restrictions
had eased in most areas, and
consumers had begun to re-engage
with retail businesses by the end
of FY20. We will continue to seek
opportunities to roll out the super-
neighbourhood centre model as
part of mixed-use developments
where we can leverage our cross-
sector expertise in residential and
commercial developments to deliver
complementary experiences to
communities.
A N N U A L R E P O R T 2 0 2 0 / 7 1
Burwood Brickworks Shopping Centre, Victoria • Australia
AUSTRALIA – RETAIL COMPLETED PROPERTIES
Site
Ed.Square (Retail), 52 Soldiers Pde, Edmondson Park, NSW2
Burwood Brickworks (Retail), 78 Middleborough Rd, Burwood, VIC
Eastern Creek Quarter (Retail), 159 Rooty Hill Rd,
Eastern Creek, NSW
Coorparoo Square (Retail), 300 Old Cleveland Rd, Coorparoo, QLD
Effective
interest
as at
30 Sep 20
(%)
Estimated
total
saleable
area
('000 sqm)
Occupancy1
FY20 (%)
FY19 (%)
100.0
100.0
PDA
100.0
24.7
13.7
10.0
6.8
100.0
92.0
89.2
94.7
–
–
–
85.7
1
2
By income
Ed.Square (Retail) Stage 1 is partially complete with the remainder of construction to be completed by 2Q FY21
AUSTRALIA – RETAIL LANDBANK
Site
Horsley Park (WSPT Retail), NSW
Wyndham Vale, VIC
Edmondson Park, NSW
Effective
interest
as at
30 Sep 20
(%)
Estimated
total
saleable
area
('000 sqm)
PDA
100.0
100.0
40.3
23.7
2.2
Contents
7 2 / F R A S E R S P R O P E R T Y L I M I T E D
COMMERCIAL
The commercial sector in Australia
is experiencing a structural change.
The emergence of flexible working
arrangements and a more mobile
workforce had been evident for
several years, even before the
COVID-19 pandemic. As companies
evaluate their office space needs,
their use of commercial tenancies
evolves. Nevertheless, we believe
the physical office space will remain
relevant for companies to facilitate
social connection and foster
corporate culture beyond the current
disruption to the leasing of offices.
Our focus at Frasers Property
Australia is to create complementary
community amenities and
programmes to enhance our
commercial offerings and provide
tenants with a holistic and inclusive
experience. This approach allows
us to differentiate our commercial
properties from our competitors.
In a major highlight for the year,
in August 2020, Frasers Property
Australia and joint-venture partner,
Dexus, unveiled the design of the most
significant new office development
in Sydney in recent years. Once
approved, the A$2.5 billion Central
Place Sydney project, adjacent to the
new Atlassian headquarters, will be
a key component of the new Tech
Central precinct. The New South
Wales government has re-zoned and
positioned the site to be a key driver of
innovation and growth, contributing to
Sydney’s 24-hour economy.
Central Place Sydney’s tech-focused
design comprises two office towers
of up to 39 levels and a landmark
sculptural building. It will feature
100% renewable energy and a
range of healthy building initiatives,
including touchless entry points
and a potential for the world’s
first closed cavity façade system
powered by artificial intelligence
and solar glass.
Rhodes Corporate Park, New South Wales • Australia
Pending approval, Central Place
Sydney will be developed over the
next five years, supporting 700 jobs
in construction and over 10,000 jobs
when completed. With the capacity
to be released in stages according
to demand, once approved, Central
Place Sydney will deliver 140,000
sqm of commercial space as well as
ground-floor retail and upgraded
public areas.
At Rhodes Corporate Park, Hewlett
Packard committed to a new lease
in February 2020 covering 2,777
sqm in Building F. The lease began
in June 2020 with a net rental of
A$450 ($440) per sqm and annual
increases of 4%. Frasers Property
Australia is focused on repositioning
and re-leasing its four owned assets
in Rhodes Corporate Park as total
vacancy among these assets stood
at approximately 15,000 sqm at the
close of FY20.
Our Commercial Division also
provides ongoing asset management
to Frasers Logistics & Commercial
Trust’s commercial portfolio. The
portfolio includes three assets:
Central Park in Perth, 357 Collins
Street in Melbourne, and Caroline
Chisholm Centre in Canberra. With
a combined value of more than
A$879.0 million ($859.6 million),
these properties underpin the
importance of Frasers Property
Australia’s asset services function.
Repositioning programmes at Central
Park and 357 Collins Street are
progressing to mitigate vacancy risk.
A N N U A L R E P O R T 2 0 2 0 / 7 3
AUSTRALIA - COMMERCIAL PROPERTIES
Properties
20 Lee Street, Henry Deane Building, Sydney
26-30 Lee Street, Gateway Building, Sydney
1E Homebush Bay Drive, Rhodes
1B Homebush Bay Drive, Rhodes
1F Homebush Bay Drive, Rhodes
1D Homebush Bay Drive, Rhodes
Total
1
By income
Effective
interest
as at
30 Sep 20
(%)
100.0
100.0
100.0
100.0
100.0
100.0
Book value
as at
30 Sep 20
($’m)
Net
lettable
area
(‘000 sq m)
102.7
168.7
12.5
76.8
119.8
143.8
624.3
9.1
12.6
1.3
12.8
17.6
17.1
70.5
State
NSW
NSW
NSW
NSW
NSW
NSW
Occupancy1
FY20 (%)
FY19 (%)
100.0
100.0
100.0
94.3
77.4
100.0
100.0
100.0
94.2
93.6
100.0
100.0
LOOKING AHEAD
Looking to the future, we are well
advanced in our plans to meet the
changing needs of our commercial
tenants. Exploring new markets, we
secured a new build-to-rent project in
Brisbane in October 2020. We also plan
to enhance the integration between
our asset management, property
management and operations teams to
deliver increased efficiencies that will
also help future-proof our commercial
business in Australia.
It had been a year of transformation
for Frasers Property Australia as we
strengthened our leadership team to
support our growth ambitions. From
1 October 2020, Anthony Boyd took
over as Chief Executive Officer from Rod
Fehring, who assumed the position of
Executive Chairman of Frasers Property
Australia, Frasers Property Industrial and
Frasers Property UK.
Maintaining a balanced view of risk
and opportunity, we are committed to
further our growth through the right
opportunities in Australia. We plan to
target projects with high barriers to
entry such as masterplan developments
similar to Central Park Sydney and
Midtown MacPark.
Artist’s impression of Central Place Sydney, New South Wales • Australia
Frasers Property Australia has
several aligned, long-term
partners who, together with
new relationships, can be
leveraged to grow the business
through both development
and investment management
opportunities.
We will also seek to leverage our
platform through capital partnerships
to better utilise our capabilities in key
markets and increase our assets under
management. Frasers Property Australia
has several aligned, long-term partners
who, together with new relationships,
can be leveraged to grow the business
through both development and
investment management opportunities.
Contents
7 4 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
INDUSTRIAL
Yatala Central, Queensland • Australia
A N N U A L R E P O R T 2 0 2 0 / 7 5
The global economy has been
affected by the COVID-19 pandemic,
with all markets impacted and
an unpredictable recovery profile
ahead. Being able to achieve
reliable earnings in these uncertain
times demonstrates Frasers
Property Industrial’s rigorous and
disciplined approach to capital and
portfolio management.
Against the backdrop of the COVID-19
pandemic, the global industrial and
logistics sector has proven resilient.
Yields for prime assets held firm in FY20
and are likely to tighten in the near
term, driven by the low interest rate
environment and the scale of capital
looking to enter the sector. Well-located
assets are expected to perform strongly
with the ‘stay-at-home’ economy
accelerating the rate of e-commerce
adoption, with the non-discretionary,
food and beverage, transport and
logistics sectors driving demand.
Frasers Property Industrial was formed in
October 2019 as Frasers Property’s new
multi-national integrated industrial and
logistics strategic business unit. As at
September 2020, our total industrial and
logistics assets under management was
$8.7 billion1 with a strong development
pipeline and landbank of 2.8 million
sqm. The portfolio consisted of 149
properties, equating to 3.8 million sqm
of gross floor area with an occupancy
rate of 97.9%2 and a weighted average
lease expiry profile of 5.42 years.
These positive outcomes were a result of
our strategic focus on core, established
markets in order to provide customers with
tailored solutions in strategic locations
while providing high-quality development
and asset management services.
1
2
Comprises industrial and logistics property assets
(excludes Thailand) in which Frasers Property
has an interest, including assets held by Frasers
Logistics & Commercial Trust
By income
Contents
7 6 / F R A S E R S P R O P E R T Y L I M I T E D
FINANCIAL PERFORMANCE
In FY20, Frasers Property Industrial
achieved a profit before interest,
fair value change, taxation and
exceptional items of $351.1 million.
It was a solid year of growth as we
began to implement our strategy of
creating an integrated, focused and
resilient business with customer-
centricity and sustainability as key
drivers of value creation. With the
onset of the COVID-19 pandemic
during the year, we focused primarily
on engaging customers proactively
to identify areas of risk and key
market impacts.
Frasers Property Industrial’s scale
increased during the year backed
by strong performance by our
development teams as well as the
merger of Frasers Commercial Trust
and Frasers Logistics & Industrial
Trust to form Frasers Logistics &
Commercial Trust in April 2020. A
rigorous and disciplined approach
towards capital and portfolio
management calibrated our exposure
to acquisitions, development
projects and investment properties
throughout the year to deliver long-
term sustainable returns.
AUSTRALIA
We delivered 188,234 sqm of
industrial, logistics and commercial
facilities in Australia over the course
of FY20, with a total investment value
of A$431.1 million ($421.6 million).
Six assets with an investment value
of A$268.2 million ($262.3 million)
were retained on balance sheet, two
commercial and industrial assets with
a combined gross development value
of A$162.9 million ($159.3 million)
were sold to third parties, and one
asset was sold to Frasers Logistics
& Commercial Trust for a value of
A$22.5 million ($22.1 million). As
at September 2020, the industrial
portfolio in Australia was 100.0%
occupied, on the back of strong
leasing activity with renewals.
The Horsley Park Estate, New South Wales • Australia
Acquisitions remained a focus in FY20
as we actively sought to replenish
our landbank in a highly competitive
market, with approximately 700,000
sqm of developable area secured
across six sites.
In total, we traded through 271,000
sqm of land, ending the year with
a total of 2,695,000 sqm in our
industrial, logistics and commercial
national landbank, excluding
conditional sites. The committed
forward industrial, logistics and
commercial workload was 135,073
sqm, as at September 2020, with
six facilities scheduled for delivery
in FY21 and one commercial asset
scheduled for delivery in FY22.
Key pre-committed transactions
include repeat customer Mazda
Australia committing to a 10-year
lease for a 37,235 sqm facility
as anchor tenant at 4Ten Epping
in Melbourne; power tools and
garden products company Ozito
Industries committing to 19,815
sqm in Dandenong; Pacific Optics
committing to a seven-year lease
for 9,107 sqm at Yatala Central in
Queensland, and Hino Motor Sales
Australia signing a 10-year lease
for a 9,230 sqm high-tech facility at
The Horsley Park Estate in Western
Sydney. In addition, CEVA Logistics
committed to two new facilities,
namely a 37,523 sqm space in West
Park Industrial Estate, Truganina,
and a second facility in Berrinba
Logistics Park in Queensland, taking
its total occupancy at the latter to
approximately 60,000 sqm.
A significant land-and-build package
transaction with retail company
Jaycar Electronics at Eastern Creek
Business Park, New South Wales,
reached completion during the year.
This A$51.3 million ($48.2 million)
21,688 sqm project is a state-of-
the-art high bay, automated facility
designed to transform Jaycar’s
supply chain.
A N N U A L R E P O R T 2 0 2 0 / 7 7
Artist’s impression of 4Ten Epping,
Victoria • Australia
Artist’s impression of Vantage Yatala, Queensland • Australia
Acquisitions remained a focus
in FY20 as we actively sought
to replenish our landbank in a
highly competitive market, with
approximately 700,000 sqm
of developable area secured
across six sites.
Total leasing throughout the year
was 428,100 sqm, including 224,778
sqm of lease renewals and 203,322
sqm of new leases. At Braeside
Industrial estate in Victoria, ASX-
listed IVE Group committed to a
gross lettable area (GLA) of 6,915
sqm, and PUMA signed a lease
for approximately 14,634 sqm to
achieve 100.0% occupancy in the
estate. In Brisbane, our 133,000
sqm South West 1 Industrial Estate
also achieved 100.0% occupancy
following transactions with global
food packaging company Huhtamaki
for a 12,680 sqm facility, and Phoenix
Transport for a 10,053 sqm facility.
There were two significant
commercial projects during the year.
The first A-grade building in our
Mulgrave business park in Melbourne,
Victoria, was sold on a fund-through
structure to a third party for A$111.6
million ($104.9 million). The 17,910
sqm building, which reached
completion in September 2020,
is anchored by Nissan Motor Co.
Australia following a 10-year lease.
In New South Wales, Macquarie
Exchange was launched as an
innovative ‘Community Business
District’ following planning approval
in July 2020. Located just 15 km from
Sydney’s CBD, the estate has a 78,000
sqm net lettable area with a potential
investment value of approximately
$750 million1. It will offer exceptional
connectivity and amenities.
1
Estimated completed development value for Macquarie Exchange as at January 2020.
Contents
7 8 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
INDUSTRIAL
Artist’s impression of The Yards, New South Wales • Australia
AUSTRALIA - INDUSTRIAL & COMMERCIAL PROPERTIES
Properties
Industrial
227 Walters Road, Arndell Park
15-19 Muir Road, Chullora3
21 Muir Street, Chullora
22 Hanson Place, Eastern Creek3
2 Wonderland Drive, Eastern Creek
4 Johnston Crescent, Horsley Park3
10 Reconciliation Rise, Pemulwuy
4 Burilda Close, Wetherill Park3
6 Burilda Close, Wetherill Park3
25-39 Australand Drive, Berrinba3
70-88 Australand Drive, Berrinba3
171-199 Wayne Goss Drive, Berrinba3
44 Cambridge Street, Rocklea3
1 Arthur Dixon Court, Yatala3
2 & 8 Beyer Road, Braeside3
56 Canterbury Rd & 1-3 Beyer Rd, Braeside3
75-79 Canterbury Road, Braeside1
64 West Park Drive, Derrimut
39 Naxos Way, Keysborough3
58-76 Naxos Way & 68 Atlantic Dr, Keysborough3
17 Andretti Court & 61 Sunline Drive, Truganina3
24 Archer Road, Truganina3
33 & 15 Archer Road, Truganina3
4-12 Doriemus Drive, Truganina
11-27 Doriemus Drive, Truganina3
Commercial
Effective
interest
as at
30 Sep 20
(%)
Book value
as at
30 Sep 20
($’m)
Net
lettable
area
(‘000 sq m)
Occupancy
FY20 (%)
FY19 (%)
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
NA1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
31.0
72.2
58.5
42.7
55.7
45.2
48.9
23.1
29.5
17.0
29.3
32.8
16.2
18.7
22.7
33.5
NA1
25.9
23.5
35.7
38.8
32.7
26.3
28.0
37.2
17.7
22.2
91.7
26.7
29.0
20.7
25.7
18.9
26.2
12.4
21.0
22.7
10.9
13.6
20.0
28.4
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
NA2
100.0
100.0
100.0
100.0
NA2
NA2
100.0
100.0
NA2
NA2
NA1
NA1
100.0
20.3
20.5
28.6
35.8
37.4
30.2
22.8
43.2
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
NA2
100.0
100.0
100.0
100.0
State
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
QLD
QLD
QLD
QLD
QLD
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
Freshwater Place, Public Car Park, Southbank
VIC
100.0
Total
1 Asset sold to Frasers Logistics & Commercial Trust
2 New Asset
3 Held for sale
18.6
843.6
11.8
658.4
100.0
100.0
A N N U A L R E P O R T 2 0 2 0 / 7 9
CEVA Logistics national head office, West Park Industrial Estate, Victoria • Australia
AUSTRALIA - DEVELOPMENT PROJECTS
Site
Horsley Park (Hino & Spec)
Horsley Park (Williams-Sonoma)
Macquarie Exchange - Building D
(Ascendas REIT)
Yatala (Pacific Optics)
Dandenong South (Ozito & Spec)
Epping (Mazda)
Truganina (CEVA)
State
NSW
NSW
NSW
QLD
VIC
VIC
VIC
AUSTRALIA - INDUSTRIAL & COMMERCIAL LANDBANK
Effective
interest
as at
30 Sep 20
(%)
Est. total
saleable
area
(‘000 sqm)
100.0
100.0
50.0
100.0
100.0
100.0
100.0
19.0
17.5
19.4
9.1
35.3
37.2
37.5
Site
Industrial
Horsley Park
Kemps Creek East
Kemps Creek West
Berrinba
Richlands
Stapylton
Yatala
Braeside
Dandenong South
Epping
Keysborough
Tarneit
Commercial
Macquarie Park
Mulgrave
1 Area is based on 100.0% estimated net lettable area
State
NSW
NSW
NSW
QLD
QLD
QLD
QLD
VIC
VIC
VIC
VIC
VIC
NSW
VIC
Revenue
to go
(%)
Target
completion
date
83.0
99.0
2Q FY21
2Q FY21
100.0
100.0
100.0
79.0
23.0
4Q FY22
4Q FY21
3Q FY21
1Q FY21
1Q FY21
Effective
interest
as at
30 Sep 20
(%)
Est. total
saleable
area
(‘000 sqm)
100.0
100.0
49.9
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
63.1
182.9
621.9
104.4
22.2
484.5
77.2
62.7
308.4
408.6
1.1
312.1
50.0
50.0
58.61
31.01
Contents
8 0 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
INDUSTRIAL
EUROPE
Frasers Property Industrial’s
strategy in Europe is to focus on
the core markets of Germany and
the Netherlands to ensure strong
portfolio performance, value-add
and development opportunities
over the short to medium term. As
at September 2020, the industrial
portfolio in Europe was 99.0%
occupied.
During the year in review, we secured
three sites in Germany. One was in
Egelsbach, located 10 km south of
Frankfurt, while the other two were
in the Bavaria region, in Gunzburg
and Kleinkotz. Following the
acquisition, we planned to develop
the Egelsbach site into an industrial
estate that consists of two properties
with a GLA of approximately 30,000
sqm on a 50,000 sqm plot of land.
Construction for Frasers Park
Egelsbach commenced during the
year, with completion expected in
late 2020.
The Gunzburg and Kleinkotz
acquisitions formed part of an off-
market sale and leaseback transaction.
The Kleinkotz site comprises
approximately 42,000 sqm GLA on
94,000 sqm with an 18-year lease to
multi-national manufacturer AL-KO.
The 100,000 sqm Gunzburg site, which
includes several short-term leases, will
be developed into a logistics park with
up to 43,000 sqm GLA.
Our Europe portfolio achieved
strong leasing throughout the year
with a total of 282,500 sqm in new
leases or lease renewals secured.
Notable transactions included a lease
extension with VCK for 34,000 sqm at
Frasers Park Duisburg, and a 10-year
lease commitment by REWE Group
in the same estate secured for a new
34,189 sqm speculative development
Hermes, Hamburg • Germany
prior to completion. We further
achieved lease extensions with
TNT in Vienna, Austria, and with DB
Schenker in Saarwellingen, Germany.
Excellent progress was made
throughout the year in recruiting
talent to execute our strategy in
Europe, including the appointment
of Alexander Heubes as Managing
Director, Europe. Heubes assumed
the role in April 2020, bringing
extensive experience to Frasers
Property Industrial, having worked
for 12 years in the German industrial
and logistics property sector.
Frasers Property Industrial’s
strategy in Europe is to focus on
the core markets of Germany
and the Netherlands to ensure
strong portfolio performance,
value-add and development
opportunities over the short to
medium term.
A N N U A L R E P O R T 2 0 2 0 / 8 1
EUROPE – INDUSTRIAL PROPERTIES
Properties
Location
Germany
Buchäckerring 18
Fuggerstraße 13
Fuggerstraße 15
An der Trift 75
Rheindeichstraße 155
Am Römig 8
Alois Mengele Str. 1
Billbrookdeich 167-171
Moselstraße 70
Oskar-von-Miller-Straße 2
Industriestraße/Bahnhofstr. 40
Hutwiesenstraße 13
Genfer Allee 6
Mellinghofer Straße 55
Leverkuser Straße 65
Bad Rappenau
Bielefeld
Bielefeld
Dreieich
Duisburg
Frankenthal
Günzburg
Hamburg
Hanau
Kirchheim
Kleinkötz
Magstadt
Mainz
Mühlheim
Remscheid
Werner-von-Siemens Straße 35
Werner-von-Siemens Straße 44
Thomas-Dachser-Straße 3
Saarwellingen
Saarwellingen
Überherrn
Austria
Styriastraße 15
Cargo Nord, Objekt 3
Cargo Nord, Objekt 10-12
Schemmerlstraße 72
The Netherlands
Hazeldonk 6308
Hazeldonk 6801
Total
Graz
Vienna
Vienna
Vienna
Breda
Breda
Effective
interest
as at
30 Sep 20
(%)
Book value1
as at
30 Sep 20
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy
FY20 (%)
FY19 (%)
94.9
93.1
93.1
94.0
94.0
94.0
94.9
94.9
94.0
94.9
94.9
94.0
94.9
94.9
94.9
94.9
94.9
94.9
100.0
100.0
100.0
94.0
100.0
100.0
64.7
45.4
34.7
29.9
105.0
47.4
22.9
95.2
5.3
58.4
51.2
13.1
87.5
115.4
19.4
8.0
11.5
33.0
41.1
30.1
24.8
39.8
9.9
3.2
13.1
23.1
31.1
19.9
46.6
20.3
24.0
11.5
5.0
30.2
42.0
17.1
13.1
125.3
29.4
6.4
9.3
21.8
26.9
10.4
9.3
24.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
96.1
80.4
100.0
100.0
100.0
98.9
100.0
82.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
NA
100.0
100.0
100.0
NA
95.7
100.0
95.6
84.0
100.0
100.0
100.0
98.9
100.0
82.5
100.0
8.3
4.2
100.0
100.0
100.0
100.0
997.0
573.1
1
The book value as at 30 September 2020 excludes lease commitments recognised as right-of-use assets in accordance with SFRS(I) 16
EUROPE – DEVELOPMENT PROJECTS
Properties
Location
Effective
interest
as at
30 Sep 20
(%)
Net
lettable
area
Occupancy
(‘000 sqm)
FY20 (%)
FY19 (%)
Germany
Rheindeichstraße 165
Hans-Fleissner-Strasse
Total
Duisburg
Egelsbach
94.0
94.0
34.2
NA
34.2
100.0
NA
NA
NA
Contents
8 2 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
INDUSTRIAL
Transgourmet, Eiselauer Weg 2, Ulm • Germany
A key strategic achievement
GROWTH STRATEGY
for FY20 was the launch of our
brand positioning: ‘Find a Place
for the Future’. Establishing a
consistent brand globally will
ensure a clear customer value
proposition, as we look to
strengthen our market-leading
position in Australia and build
Frasers Property Industrial’s
brand in Europe.
The effect of the COVID-19 pandemic
to the global economy is expected
to result in a review of supply chains
with potential reconfigurations to
accommodate increased inventory
levels over the short to medium
term. These factors will be key drivers
of demand for Frasers Property
Industrial. As supply will continue
to be constrained in core markets,
the ability to create assets, provide
total property lifecycle services and
manage a multi-national network of
customers will be sources of ongoing
competitive advantage.
A key strategic achievement for
FY20 was the launch of our brand
positioning: ‘Find a Place for the
Future’. Establishing a consistent
brand globally will ensure a clear
customer value proposition, as we
look to strengthen our market-
leading position in Australia and build
Frasers Property Industrial’s brand in
Europe.
Three key sustainability objectives
will underpin Frasers Property
Industrial’s future-focused vision.
They are to achieve net-zero carbon
in our operations by the end of FY30;
to achieve a GRESB score of 5 Star by
FY24, and to have all new projects
certified using third-party and
relevant green building programmes
from FY21, with 80% of owned and
managed assets to be certified
by FY24.
A N N U A L R E P O R T 2 0 2 0 / 8 3
Maxis Business Park, Bracknell • United Kingdom
FRASERS LOGISTICS & COMMERCIAL
TRUST
FY20 was an exciting year of
milestones and progress for Frasers
Logistics & Commercial Trust, marked
by several major developments
including the completion of a landmark
merger with its sister REIT, Frasers
Commercial Trust, on 14 April 2020.
This strategic combination of two
well-established players in the
Singapore REIT space created an
enlarged platform with approximately
$6.2 billion worth of assets as at 30
September 20201. It broadened the
REIT’s investment mandate from
logistics and industrial properties to
encompass CBD commercial properties
as well as office and business parks.
This transformational merger – which
was accretive from the viewpoints
of distribution per unit and net asset
value per unit – also granted the REIT
additional growth opportunities via
an enlarged right-of-first-refusal
pipeline in excess of $5.0 billion
from the sponsor, Frasers Property.
Following the merger, the REIT was
rebranded from Frasers Logistics &
Industrial Trust to Frasers Logistics
& Commercial Trust to reflect the
broadened investment mandate.
Notwithstanding the disruption to
global economies and businesses
due to COVID-19, Frasers Logistics
& Commercial Trust was able to
leverage the strength of its prime
and high-quality portfolio to turn
in a stable performance for FY20,
reporting full-year distributable
income of $201.1 million, up 48.8%
from $135.1 million a year ago.
Accordingly, distribution per unit
was 1.7% higher, at 7.12 Singapore
cents from 7.00 Singapore cents in
FY19. The sound performance was
achieved through the REIT Manager’s
ability to manage and grow the
resilient portfolio of 100 logistics and
commercial properties.
Following the merger, Frasers
Logistics & Commercial Trust
moved swiftly to take full control of
Farnborough Business Park in the UK
by acquiring the remaining 50.0%
stake not already owned by Frasers
Commercial Trust by the end of April
2020. In August 2020, it boosted
its presence in the two attractive
markets of Melbourne’s southeast
and the UK’s Thames Valley. This
was achieved by acquiring the
prime, freehold logistics IVE Group
facility at Braeside Industrial Estate
in Melbourne, and the high-quality,
freehold Maxis Business Park Limited
in Bracknell, Thames Valley, in the UK.
1
Excludes a 50.0% interest in the property at 99 Sandstone Place, Parkinson, Queensland, Australia which has been classified as ‘Investment Property Held
for Sale’ and the recognition of right-of-use assets upon the adoption of FRS 116 Leases with effect from 1 October 2019
Contents
8 4 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
INDUSTRIAL
Bakker Logistiek, Handelsweg 26, Zeewolde •
the Netherlands
As part of its active portfolio
management strategy, Frasers
Logistics & Commercial Trust also
announced in August 2020 the
divestment of the remaining 50.0%
interest in 99 Sandstone Place in
Queensland, Australia at a 12.2%
premium to book value1. This move
followed the initial divestment of
the first 50.0% interest in the same
property, which was transacted at a
premium of 8.8% to book value2 in
July 2019.
The REIT also completed 64
leasing transactions in FY20,
with new leasing and renewals
of approximately 267,996 sqm,
representing 10.5% of total portfolio
lettable area. The strong leasing
momentum in turn supported a high
portfolio occupancy rate of 97.5%,
with a weighted average lease expiry
by gross rental income of 4.9 years,
as at 30 September 2020.
1
2
Book value as at 30 June 2020
Book value as at 31 March 2019
FDM, Eastern Creek Business Park, New South Wales • Australia
In July 2020, Frasers Logistics
& Commercial Trust completed
lobby modernisation works at its
50.0%-owned Central Park office
tower in Perth, Australia. This move
transformed the lobby with a new café
and exhibition space, to enhance user
experiences while increasing amenities
for tenants and the general public.
FRASERS LOGISTICS & COMMERCIAL TRUST – INDUSTRIAL PROPERTIES (AUSTRALIA)
A N N U A L R E P O R T 2 0 2 0 / 8 5
Properties
7 Eucalyptus Place
2 Hanson Place
4-8 Kangaroo Avenue
17 Kangaroo Avenue
21 Kangaroo Avenue
6 Reconciliation Rise
8-8A Reconciliation Rise
Lot 104 & 105 Springhill Road
8 Distribution Place
8 Stanton Road
10 Stanton Road
99 Station Road
1 Burilda Close
Lot 1, 2 Burilda Close
3 Burilda Close
11 Gibbon Road
10 Siltstone Place
103-131 Wayne Goss Drive
29 -51 Wayne Drive
55-59 Boundary Road
57-71 Platinum Street
51 Stradbroke Street
30 Flint Street
286 Queensport Road
350 Earnshaw Road
99 Shettleston Street
143 Pearson Road
166 Pearson Road
5 Butler Boulevard
18-20 Butler Boulevard
20-22 Butler Boulevard
18-34 Aylesbury Drive
75-79 Canterbury Road
22-26 Bam Wine Court
16-32 South Park Drive
21-33 South Park Drive
89-103 South Park Drive
98-126 South Park Drive
468 Boundary Road
77 Atlantic Drive
78 & 88 Atlantic Drive
150-168 Atlantic Drive
8-28 Hudson Court
17 Hudson Court
29 Indian Drive
111 Indian Drive
17 Pacific Drive & 170-172 Atlantic Drive
49-75 Pacific Drive
17-23 Jets Court
25-29 Jets Court
96-106 Link Road
28-32 Sky Road East
State
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
SA
SA
SA
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
1 Acquired by Frasers Logistics & Commercial Trust in FY20
Effective
interest
as at
30 Sep 20
(%)
Book value
as at
30 Sep 20
($’m)
Lettable
area
(‘000 sq m)
Occupancy
FY20 (%)
FY19 (%)
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
32.3
70.9
90.0
47.2
71.9
45.6
47.5
24.4
25.7
18.7
15.0
21.0
73.1
27.0
35.9
47.2
16.0
32.3
26.5
19.9
46.5
28.6
25.9
40.2
59.7
23.5
40.9
41.1
7.7
6.7
9.8
26.4
22.1
24.9
16.6
28.4
15.8
39.6
37.6
24.1
19.8
38.0
38.1
35.7
36.4
40.1
43.2
35.7
7.9
10.3
25.4
7.1
16.1
32.8
40.5
23.1
41.4
19.2
22.5
90.7
12.3
10.7
7.1
10.8
18.8
14.3
20.1
16.6
9.8
19.5
15.5
13.3
20.5
14.9
15.1
21.5
30.8
15.2
30.6
23.2
8.2
7.0
11.2
21.5
14.3
17.6
12.7
22.1
10.4
28.1
24.7
15.1
13.5
27.3
25.8
21.3
21.9
21.7
30.0
25.2
9.9
15.5
18.6
12.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
NA1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Contents
FDM, Eastern Creek Business Park, New South Wales • Australia
8 6 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
INDUSTRIAL
FRASERS LOGISTICS & COMMERCIAL TRUST – INDUSTRIAL PROPERTIES (AUSTRALIA) (CONT’D)
Properties
38-52 Sky Road East
115-121 South Centre Road
211A Wellington Road
2-46 Douglas Street
1 Doriemus Drive
2-22 Efficient Drive
43 Efficient Drive
1-13 and 15-27 Sunline Drive
42 Sunline Drive
60 Paltridge Road
Total
State
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
WA
Effective
interest
as at
30 Sep 20
(%)
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
22.2
Book value
as at
30 Sep 20
($’m)
26.0
5.6
39.1
19.6
96.8
45.5
26.9
32.7
17.8
11.6
2,013.3
Lettable
area
(‘000 sq m)
46.2
3.1
7.2
21.8
74.5
38.3
23.1
26.2
14.6
20.1
1,337.6
Occupancy
FY20 (%)
FY19 (%)
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
64.5
FRASERS LOGISTICS & COMMERCIAL TRUST – INDUSTRIAL PROPERTIES (EUROPE)
Properties
State
Effective
interest
as at
30 Sep 20
(%)
Book value
as at
30 Sep 20
($’m)
Lettable
area
(‘000 sq m)
Occupancy
FY20 (%)
FY19 (%)
Germany
Gewerbegebiet Etzin 1
Walter-Gropius-Straße 19
Fuggerstraße 17
Keffelker Straße 66
Elbestraße 1-3
Gustav-Stresemann-Weg 1
An den Dieken 94
Saalhoffer Straße 211
Im Birkengrund 5
Am Krainhop 10
Am Autobahnkreuz 14
Johann-Esche-Straße 2
Am Exer 9
Junkerstrasse, Graben
Jubatus-Allee 3
Dieselstraße 30
Industriepark 1
Oberes Feld 2
Koperstraße 10
Ambros-Nehren-Strasse 1
Murrer Strasse 1
Industriepark 309
Am Bühlfeld 2-8
Hölderlinstraße 29
Eiselauer Weg 2
Otto-Hahn Straße
The Netherlands
Mandeveld 12
Belle van Zuylenstraat 5
Heierhoevenweg 17
Brede Steeg 1
Handelsweg 26
Total
Berlin
Dusseldorf-Cologne
Dusseldorf-Cologne
Dusseldorf-Cologne
Dusseldorf-Cologne
Dusseldorf-Cologne
Dusseldorf-Cologne
Dusseldorf-Cologne
Frankfurt
Hamburg-Bremen
Hamburg-Bremen
Leipzig-Chemnitz
Leipzig-Chemnitz
Munich-Nuremberg
Munich-Nuremberg
Munich-Nuremberg
Munich-Nuremberg
Munich-Nuremberg
Munich-Nuremberg
Stuttgart-Mannheim
Stuttgart-Mannheim
Stuttgart-Mannheim
Stuttgart-Mannheim
Stuttgart-Mannheim
Stuttgart-Mannheim
Stuttgart-Mannheim
Meppel
Tilburg-Venlo
Tilburg-Venlo
Utrecht-Zeewolde
Utrecht-Zeewolde
1 Acquired by Frasers Logistics & Commercial Trust in FY20
20.9
20.9
20.9
21.1
21.1
21.1
20.9
21.1
20.9
21.0
21.1
21.1
21.1
21.1
21.1
20.9
21.1
21.0
20.9
20.9
20.9
20.0
21.1
20.9
21.1
20.9
21.1
22.2
22.2
22.2
22.2
69.3
32.1
42.4
15.8
23.0
25.0
75.9
46.6
50.2
29.9
28.8
26.9
22.2
57.5
12.5
51.7
24.8
110.7
76.8
23.5
58.3
77.9
55.4
117.3
71.4
88.0
13.1
19.4
22.3
13.4
16.8
13.0
43.1
32.0
23.2
20.7
11.5
18.1
11.5
11.5
9.4
13.0
14.2
72.6
44.2
12.3
21.1
55.0
44.5
38.9
24.5
43.8
44.5
26.1
43.4
104.8
70.3
1603.0
31.0
18.1
32.6
84.8
51.7
881.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
NA1
100.0
NA1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
A N N U A L R E P O R T 2 0 2 0 / 8 7
Farnborough Business Park, Farnborough • United Kingdom
FRASERS LOGISTICS & COMMERCIAL TRUST – COMMERCIAL PROPERTIES
Properties
City/State
Australia
Caroline Chisholm Centre
357 Collins Street
Central Park
Canberra, ACT
Melbourne, VIC
Perth, WA
Effective
interest
as at
30 Sep 20
(%)
Book value
as at
30 Sep 20
($’m)
Lettable
area
(sq m)
Occupancy
FY20 (%)
FY191 (%)
22.2
22.2
11.1
239.6
312.9
307.1
40,244
31,962
66,113
100.0
95.9
80.8
100.0
99.7
83.0
Singapore
Alexandra Technopark
Cross Street Exchange
Singapore
Singapore
22.2
22.2
624.0
643.0
96,107
36,497
97.9
89.5
96.8
89.9
UK
Maxis Business Park
Farnborough Business Park
Total
Bracknell
Farnborough
22.2
22.2
120.4
314.0
2,561.0
17,859
51,006
339,788
100.0
99.3
NA2
97.4
1 As reported by Frasers Commercial Trust in its FY19 Results Presentation dated 22 October 2019. Frasers Logistics & Industrial Trust was renamed
Frasers Logistics & Commercial Trust on 29 April 2020 following the completion of its merger with Frasers Commercial Trust
2 Acquired by Frasers Logistics & Commercial Trust in FY20
Contents
8 8 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
HOSPITALITY
Fraser Suites Akasaka, Tokyo • Japan
Frasers Hospitality acted with agility
and efficiency during the year to
mitigate the impact of the COVID-19
pandemic on the business as best it
can and leverage the foundations it
has built as the business transitions
into a ‘new normal’.
Frasers Hospitality started the financial
year with the implementation of a new
organisational structure aligned with
our business goals, concentrating on our
strength in the extended-stay market,
building greater brand visibility and
focusing on our disciplined approach to
securing management contracts. We also
embarked on a digital roadmap that would
enhance our current marketing platforms
and a review of technology that could
improve operational efficiencies.
These initiatives stood us in good stead
to deal with the onset and consequences
of the pandemic. Teams throughout
Frasers Hospitality rallied together in the
face of the unprecedented disruption to
the global economy, which had a direct
and major impact on the travel industry.
Coordinated responses resulted in the
swift development of safety protocols
in line with World Health Organisation
(WHO) guidelines, government-mandated
regulations and the sharing of group-wide
learnings across the different regions.
FINANCIAL PERFORMANCE
In the year under review, Frasers
Hospitality’s total revenue and profit
before interest and taxation (PBIT)
were $488.7 million and $19.6 million
respectively, down by 38.8% and 85.1%
year-on-year. Despite a positive PBIT
growth of 9.8% in the first quarter, the
year’s revenue and PBIT were significantly
impacted by the pandemic. Due to the
global travel standstill and the resulting
temporary closure of properties,
occupancies across most properties
declined. This was partially offset by the
maiden full-year contributions from Capri
by Fraser China Square and Fraser Suites
Hamburg. The long-stay markets in China
and Middle East also continued to deliver
a steady performance which helped to
mitigate the weak transient market.
A N N U A L R E P O R T 2 0 2 0 / 8 9
The #FraserCares
Commitment
We deliver the highest standards of
health, hygiene and safety for our guests.
Watch video
Contents
9 0 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
HOSPITALITY
RESILIENCE IN THE FACE OF
COVID-19
The establishment of clusters by
geographical regions last year
was key in the management of the
pandemic. The cluster teams were
better able to react to on-the-ground
sentiments and developments, as
well as to implement protocols that
met WHO and local government
requirements.
All properties instituted heightened
precautionary and safe-distancing
protocols along with cost
containment measures. They also
reviewed and updated recovery
plans on several trajectories as
the localised management of the
pandemic evolved. As all regions
grappled with the nuances of their
respective countries, our properties
quickly sought and put in place the
necessary measures to achieve local
certifications in health and safety.
Concurrently, a global alliance with
testing and certification company,
SGS, ensured we had the highest
standards of safety measures in
place, as further assurance to our
guests and staff that their well-being
was our priority.
Meanwhile, as inbound and
outbound travel ground to a halt,
we reviewed and quickly developed
new strategies to fill our rooms
and apartments to mitigate the
drastic drop in occupancies. Through
this period, teams across Frasers
Hospitality demonstrated teamwork
and agility in sharing experiences,
learning from Modena by Fraser
Wuhan where the lockdown first
started and other China properties,
with the single-minded goal of
ensuring safety for guests and staff.
Fraser Suites Kensington, London • United Kingdom
ASIA PACIFIC
Occupancies in Singapore and
Australia declined following China’s
travel bans and the reported increase
in COVID-19 cases in the region.
Management teams in Singapore,
Australia and Thailand worked
with local government agencies to
provide accommodation for those
in need of quarantine or housing
in order to improve occupancies.
Government schemes to alleviate
losses by organisations also helped
in cost management and our
operational adjustments.
In Singapore, occupancies remained
stable with a good base of long-stay
guests including Malaysians affected
by the movement control order in
their country. Capri by Fraser, China
Square joined the government-led
Stay-Home-Notice arrangement,
offering all its rooms to this
programme from June to December
2020. The Job Support Scheme
introduced by the government
provided some measure of relief from
the consequences of lockdowns and
restrictions imposed from April 2020.
As Australia’s lockdown measures
took hold, and inbound travel
restrictions were imposed,
occupancies in hotels fell. Assistance
provided by the government through
the Job Keepers Scheme provided
some reprieve but was not able to
reverse the severe impact on the
industry.
Novotel Melbourne on Collins and
Sofitel Sydney Wentworth took in
guests who were required to serve
their quarantine in government-
approved facilities, but Capri by
Fraser, Brisbane continued to be
affected by low occupancies from
the onset of lockdown measures.
Fraser Place Melbourne in Victoria,
the state that saw a second wave,
altered its operating model to take
in residential-type long-stay guests.
This new shift enabled the property
to keep its occupancies at close to
70.0% and report a positive gross
operating profit in the last quarter of
FY20. Similarly, Fraser Suites Perth,
our best performing property in
Australia due to its long-stay base,
averaged close to 80.0% occupancy
since the pandemic began.
Fraser Residence Chengdu • China
A N N U A L R E P O R T 2 0 2 0 / 9 1
In Thailand, Fraser Suites Sukhumvit,
Bangkok, Modena by Fraser Bangkok
and Modena by Fraser Buriram
set aside rooms for government
agencies to provide quarantine
accommodation for returning
residents. All three properties had
attained local Safety and Health
Administration status. In April 2020,
Modena by Fraser Bangkok reserved
all rooms exclusively for quarantine
guests, closing the property to public
bookings for two months. Modena
by Fraser Buriram and Fraser Suites
Sukhumvit, Bangkok also closed in
April 2020 for four months.
All three properties in Jakarta
remained open and served the
long-stay corporate guests as
Indonesia shut down and closed
its international borders. Fraser
Residence Menteng, Fraser Residence
Sudirman and Fraser Place Setiabudi
recorded occupancies of between
47.3% and 66.9%, bolstered by
their long-stay base and domestic
travellers when Indonesia later lifted
restrictions on interstate travel.
In Vietnam, Fraser Suites Hanoi held
its pre-COVID-19 occupancy rate of
above 80.0%, due to its stable long-
stay base. The property postponed
the opening of a new wing,
comprising 90 studio apartments and
a rooftop food-and-beverage facility,
to the next financial year. Fraser
Residence Hanoi, a 214-key serviced
residence, is also slated to open in
the first quarter of 2021.
Most of the properties in Asia Pacific
actively sought to create domestic
leisure demand and introduce
campaigns to capture demand from
business travellers as the lockdown
eased in China.
Fraser Suites Sydney • Australia
Contents
9 2 / F R A S E R S P R O P E R T Y L I M I T E D
NORTH ASIA
China, which bore the initial brunt
of the pandemic, eased its country
and domestic travel restrictions
after an intense lockdown. Most of
our China properties, which enjoyed
healthy long-stay bases, were able
to maintain their occupancies even
with the resulting reduction in the
number of foreign travellers.
Growth momentum in the China
market remained relatively strong
despite the pandemic. During this
period, two new properties were
added to the China portfolio. Fraser
Place Xintiandi is our fourth property
in Shanghai and third in the coveted
Puxi locale, while the new Fraser
Residence Chengdu operates in the
city’s new downtown precinct. Both
openings were timely in capturing
opportunities from the resumption
of domestic travel following the
easing of local COVID-19 measures.
Pre–opening preparations are
underway for Fraser Suites Pazhou,
located in the new Guangzhou CBD
along the southern bank of the Pearl
River, and Modena by Fraser Nanjing,
situated in the new financial district
of Nanjing.
The South Korea market faced
domestic movement controls and
international border closures. While
Fraser Place Namdaemun, Seoul
closed temporarily from 1 May 2020,
Fraser Place Central, Seoul continued
to stay open to serve its remaining
long-stay guests.
In Japan, Fraser Residence Nankai,
Osaka leveraged the government’s
efforts to drive local consumption
and domestic travel. Fraser Suites
Akasaka, Tokyo, which had delayed
its opening for five months to August
2020, also developed promotions
aligned with the government’s
‘Go To Travel’ campaign, a domestic
travel-subsidised initiative, in
October 2020.
Malmaison Edinburgh City • United Kingdom
In July 2020, Capri by Fraser, Leipzig
opened in time to capture domestic
demand within Germany and in
the last few weeks of FY20, travel
demand from other parts of Europe
as well. The property enjoys a prime
city centre location. In December
2019, we also opened Malmaison
Edinburgh City, a 72-key boutique
hotel, which was our second
Malmaison property in the Scottish
capital. In the second quarter of
2021, Frasers Hospitality will launch
the 150-key Malmaison York, our
second property in the historical city.
Most of our properties in the Middle
East, except Fraser Suites Abuja,
experienced a significant drop in
occupancies. Fraser Suites Abuja and
all our managed properties in the
region stayed open due to their long-
stay base.
EUROPE, THE MIDDLE EAST
AND AFRICA
Our properties in Europe and the
UK were directly impacted by
government containment measures,
starting with a two- to four-month
total lockdown, followed by
various travel bans, restrictions
and quarantine requirements. In
response to the crisis, we took the
decision to temporarily close our
properties in Europe and the UK.
During this time, we rationalised
costs and utilised government-aided
schemes which allowed teams to
regroup and plan for the re-opening
of our properties. More importantly,
we prepared agile re-opening plans
that could adapt quickly to multiple
possible scenarios. Our focus was
to anticipate and prepare new
priorities in order to be ready to
optimise our market share once the
situation started to settle. Following
further lockdowns announced by
governments in late October 2020,
we will intensify our focus on cost
containment strategies.
A N N U A L R E P O R T 2 0 2 0 / 9 3
RECOVERY PLANS
By 30 September 2020, 104 Frasers
Hospitality properties had re-opened
globally with our ‘#FraserCares’
commitment, which was launched
at the start of the pandemic.
This is our promise to ensure the
health, safety and well-being of
guests and staff through a new
cleaning regime, safe distancing
protocols and redefined operational
standards that comply with, or
exceed, local government-imposed
requirements. We put processes
in place to ensure strict adherence
to all COVID-19 prevention and
management measures, with regular
audits and reviews of our protocols
supplemented by SGS guidelines and
certification.
During this financial year, the
conclusion of the review of the
operational efficiencies of our
brands, and the in-depth study of
our digital and loyalty marketing
platforms had been timely in helping
to tackle the pandemic. We plan to
expedite the development and roll-
out of a new e-commerce website to
provide seamless online connectivity
as well as clear and constant
communication that gives assurance
of our health and safety protocols at
our properties.
Both the corporate and cluster
teams are working to ensure
post-pandemic readiness at our
properties by making sure we are
ready to respond across different risk
scenarios and developing marketing
and business strategies at multiple
levels. We continue to keep abreast
of consumer sentiments and provide
assurance of safety and flexibility in
travel arrangements. These efforts
will allow us to rebuild occupancy
rates with the resumption of business
and leisure travel.
Fraser Residence Chengdu • China
Contents
9 4 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
HOSPITALITY
Fraser Suites Hamburg • Germany
Fraser Suites Singapore • Singapore
SERVICED RESIDENCES – PROPERTIES IN OPERATION
OWNED PROPERTIES
Country
Property
Australia
Fraser Suites Perth
China
Fraser Place Melbourne
Capri by Fraser,
Brisbane
Fraser Suites CBD,
Beijing
Fraser Suites Dalian
Indonesia Fraser Residence
UK
Spain
Sudirman, Jakarta
Fraser Suites
Kensington, London
Capri by Fraser,
Barcelona
Singapore Capri by Fraser,
Changi City
Fraser Place Robertson
Walk, Singapore
Capri by Fraser, China
Square
Effective
interest
as at
30 Sep 20
(%)
No. of
units
Occupancy
Average daily rate
FY20 (%)
FY19 (%)
FY20
FY19
Book value
as at
30 Sep 20
(‘m)
100.0
100.0
236
112
85.2
67.5
88.3
84.3
A$215.8
A$244.4
A$111.4
A$146.0
A$88.0
A$26.0
100.0
239
40.9
81.1
A$154.4
A$163.8
A$74.0
100.0
100.0
357
259
54.0
51.3
90.9 RMB865.5
RMB862.3 RMB1,856.2
65.4 RMB403.5
RMB475.2
RMB325.0
100.0
108
57.2
79.4
US$104.4
US$110.3
US$23.0
100.0
100.0
70
97
62.8
83.3
£234.6
£249.3
£107.3
40.7
85.0
€ 114.7
€ 139.4
€ 18.5
100.0
313
89.6
85.2
$142.5
$233.7
$178.7
100.0
164
76.3
87.3
$272.3
$292.9
$175.9
100.0
304
77.6
50.7
$135.7
$225.3
$243.4
Germany Capri by Fraser,
Frankfurt
Capri by Fraser, Berlin
Fraser Suites Hamburg
Total no. of rooms owned
100.0
100.0
100.0
153
143
154
2,709
40.2
46.0
32.8
74.6
80.7
39.0
€ 147.9
€ 106.2
€ 173.8
€ 145.6
€ 115.4
€ 175.2
€ 34.5
€ 30.9
€ 62.3
MANAGED PROPERTIES
Country
Property
Bahrain
China
Fraser Suites Seef, Bahrain
Fraser Suites Diplomatic Area, Bahrain
Fraser Place Shekou, Shenzhen
Fraser Residence Shanghai
Fraser Suites Shanghai
Fraser Suites Nanjing
Modena by Fraser Shanghai Putuo
Fraser Suites Guangzhou
Modena by Fraser Wuxi New District
Modena by Fraser Wuhan
Fraser Place Tianjin
Fraser Place Binhai, Tianjin
Modena by Fraser Changsha
Capri by Fraser Shenzhen
Fraser Suites Shenzhen
Fraser Residence Chengdu
Fraser Place Xintiandi, Shanghai
Fraser Suites Harmonie, Paris
Fraser Suites Le Claridge Champs-Élysées, Paris
Capri by Fraser, Leipzig
Fraser Residence Menteng, Jakarta
Fraser Place Setiabudi, Jakarta
Fraser Suites New Delhi
Fraser Residence Nankai, Osaka
Fraser Suites Akasaka, Tokyo
Fraser Residence Prince of Wales Terrace, London
Fraser Residence Bishopgate, London
Fraser Residence Blackfriars, London
Fraser Residence Monument, London
Fraser Residence City, London
Fraser Residence Kuala Lumpur
Fraser Place Puteri Harbour
Capri by Fraser, Johor Bahru
Fraser Suites Abuja
Fraser Suites Muscat, Oman
Fraser Suites Doha
Fraser Suites Riyadh
Fraser Residence Singapore
Fraser Residence Orchard, Singapore
Fraser Place Central, Seoul
Fraser Place Namdaemun, Seoul
Fraser Suites Geneva
Fraser Suites Sukhumvit, Bangkok
Modena by Fraser Bangkok
North Park Place, Bangkok
Modena by Fraser Buriram
Fraser Place Anthill, Istanbul
Fraser Place Antasya, Istanbul
Fraser Suites Dubai
Fraser Suites Hanoi
Capri by Fraser, Ho Chi Minh City
France
Germany
Indonesia
India
Japan
UK
Malaysia
Nigeria
Oman
Qatar
Saudi Arabia
Singapore
South Korea
Switzerland
Thailand
Turkey
UAE
Vietnam
Total no. of rooms (under management)
A N N U A L R E P O R T 2 0 2 0 / 9 5
No. of
units
90
114
232
324
187
210
370
332
120
172
192
224
262
184
211
185
106
134
114
151
128
151
92
114
224
18
26
12
14
22
337
297
316
126
120
227
95
72
115
271
252
67
185
239
105
152
116
80
268
185
175
8,515
Occupancy
FY20 (%)
FY19 (%)
41.5
46.7
76.8
63.3
87.8
71.9
61.3
61.6
80.3
67.5
61.6
60.5
47.8
42.7
67.7
54.2
71.2
44.0
38.1
11.4
47.3
66.9
34.6
47.5
2.1
59.5
49.1
60.2
45.2
52.4
32.1
28.3
27.0
46.3
54.4
71.2
72.0
72.7
61.2
67.5
39.3
48.6
36.4
33.3
47.7
23.2
51.4
55.6
55.2
84.6
29.7
70.7
71.8
90.5
89.2
86.9
82.8
76.4
81.1
86.9
88.3
90.2
66.0
59.0
64.8
81.8
-
-
77.9
74.1
-
74.5
84.6
78.1
82.1
-
67.4
90.9
89.2
84.8
90.0
54.9
25.8
34.2
70.1
62.5
77.3
74.5
70.6
50.2
85.8
82.4
81.7
81.0
66.0
44.6
30.3
87.0
68.2
72.5
87.0
69.0
Contents
9 6 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
HOSPITALITY
Artist’s impression of Capri by Fraser,
Ginza, Tokyo • Japan
Hotel du Vin Stratford Upon Avon • United Kingdom
PROPERTIES UNDER DEVELOPMENT
Country
Property
Japan
UK
Ginza, Tokyo
Aberdeen, Scotland
Effective
interest
as at
30 Sep 20
(%)
100.0
100.0
Est. no.
of units
Book value
(‘m)
(')
244
144
JPY14,100.0
£2.0
Target
Opening
2023
2023
A N N U A L R E P O R T 2 0 2 0 / 9 7
MALMAISON AND HOTEL DU VIN GROUP OF HOTELS
Property
The UK
Effective
interest
as at
30 Sep 20
(%)
No. of
units
Occupancy
Average daily rate
FY20 (%)
FY19 (%)
FY20
FY19
Book value1
as at
30 Sep 20
(‘m)
Malmaison Aberdeen
Master leased
Malmaison Belfast
Malmaison Birmingham
Malmaison Dundee
Malmaison Edinburgh
Malmaison Glasgow
Malmaison Leeds
Malmaison Liverpool
Malmaison London
Malmaison Manchester
Malmaison Newcastle
Malmaison Oxford
Malmaison Reading
Malmaison Brighton
Malmaison Cheltenham
100.0
Master leased
Master leased
100.0
100.0
100.0
100.0
Master leased
Master leased
Master leased
Master leased
100.0
Master leased
100.0
Malmaison Edinburgh (City)
Master leased
Hotel du Vin Birmingham
Hotel du Vin Brighton
Hotel du Vin Bristol
Hotel du Vin Cambridge
Hotel du Vin Cheltenham
Hotel du Vin Edinburgh
One Devonshire Gardens by
Hotel du Vin, Glasgow
Hotel du Vin Harrogate
Hotel du Vin Henley-on-
Thames
Hotel du Vin Newcastle
Hotel du Vin Poole
Hotel du Vin St Andrews
Hotel du Vin Tunbridge Wells
Cannizaro House by Hotel du
Vin, Wimbledon
Hotel du Vin Winchester
Hotel du Vin York
Avon Gorge by Hotel du Vin,
Bristol
Hotel du Vin Exeter
Hotel du Vin Stratford Upon Avon
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
79
64
193
91
100
72
100
130
97
167
122
95
76
73
61
72
66
49
40
41
49
47
49
48
43
42
38
40
34
50
24
44
78
59
46
41.0
53.7
49.8
47.1
51.6
48.2
51.4
51.0
44.4
46.5
56.5
56.5
43.5
60.6
51.1
38.5
50.3
58.8
59.1
54.5
55.2
51.4
55.0
56.8
51.7
56.8
57.9
54.4
58.1
58.4
61.3
58.0
56.9
60.8
57.5
74.2
83.5
88.2
79.7
87.2
84.5
84.7
85.1
91.6
86.7
88.7
90.4
82.6
86.9
82.2
-
79.0
86.9
88.8
83.7
84.8
89.3
84.4
80.4
80.5
83.8
82.2
78.7
83.3
91.4
88.2
84.9
84.1
87.5
84.5
£84.4
£90.6
£101.1
£61.1
£86.2
£86.9
£90.9
£89.4
£163.9
£99.5
£94.3
£151.4
£100.8
£110.7
£113.6
£83.7
£111.6
£127.3
£117.9
£135.4
£111.2
£116.7
£117.8
£97.6
£115.6
£93.8
£122.4
£132.8
£108.7
£117.8
£136.1
£99.6
£110.7
£105.9
£95.1
£92.9
£99.2
£102.3
£69.6
£104.5
£94.0
£94.0
£96.3
£171.5
£109.0
£95.6
£171.7
£110.3
£114.3
£110.8
-
£117.1
£137.5
£122.4
£150.8
£112.4
£141.6
£130.3
£107.9
£130.8
£95.6
£110.9
£158.8
£118.9
£142.0
£134.6
£104.0
£105.9
£103.7
£100.2
£0.8
£8.0
£1.1
£0.2
£14.9
£7.1
£12.4
£14.1
£2.5
£1.5
£0.8
£0.9
£13.6
£4.2
£7.1
£0.1
£10.5
£12.9
£7.6
£8.6
£8.3
£11.7
£9.8
£5.5
£5.0
£2.7
£3.9
£6.4
£5.6
£13.1
£3.9
£5.7
£21.5
£7.4
£6.8
Total no. of rooms (owned and leased)
2,479
1
Excludes right-of-use (ROU) assets recognised under SFRS(I) 16 (adopted with effect from 1 October 2019). Including ROU assets, the book value as at
30 September 2020 is £426.7m
Contents
9 8 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
HOSPITALITY
FRASERS HOSPITALITY TRUST
For FY20, Frasers Hospitality Trust
reported gross revenue and net property
income of $88.6 million and $59.8 million
respectively, 40.9% and 46.4% lower year-
on-year. Its portfolio performance across
all geographies was adversely impacted
by the COVID-19 pandemic. However, its
better performance in the first quarter of
FY20 and the fixed rent it receives under
the master lease structure helped to
partially mitigate the negative impact of
the pandemic.
Frasers Hospitality Trust’s income available
for distribution for FY20 declined year-
on-year by 64.4%. To conserve cash, it
retained $3.0 million or approximately
10.0% of its income available for
distribution for working capital purposes.
This led to a distribution per stapled
security of 1.40 Singapore cents for FY20,
down 68.3% year-on-year.
As at 30 September 2020, Frasers
Hospitality Trust’s portfolio of 15 quality
assets have a combined appraised value of
$2.3 billion, which is 3.5% lower than the
previous year.
PROPERTIES HELD THROUGH FRASERS HOSPITALITY TRUST
Fraser Suites Singapore • Singapore
Country
Property
Australia
Novotel Melbourne on Collins
Novotel Sydney Darling Square¹
Sofitel Sydney Wentworth
Fraser Suites Sydney
Singapore
InterContinental Singapore
Fraser Suites Singapore
UK
ibis Styles London Gloucester Road
Park International London
Fraser Place Canary Wharf London
Fraser Suites Edinburgh
Fraser Suites Glasgow
Fraser Suites Queens Gate London
Japan
Malaysia
Germany
Ana Crowne Plaza Kobe
The Westin Kuala Lumpur
Maritim Hotel Dresden
Total no. of rooms owned and managed
Effective
interest
as at
30 Sep 20
(%)
25.7
25.7
25.7
25.7
25.7
25.7
25.7
25.7
25.7
25.7
25.7
25.7
25.7
25.7
25.7
Book value
as at
30 Sep 20
(‘m)
A$226.0
A$108.0
A$270.0
A$122.0
$506.0
$292.0
£19.2
£38.6
£38.3
£14.0
£9.2
£54.3
¥15,900.0
RM385.0
€ 61.7
No. of
units
380
230
436
201
406
255
84
171
108
75
98
105
593
443
328
3,913
1 Excludes right-of-use (ROU) assets recognised under SFRS(I) 16 Leases (adopted with effect from 1 October 2019). Including ROU assets, the valuation
as at 30 September 2020 is A$111.0 million.
A N N U A L R E P O R T 2 0 2 0 / 9 9
Contents
InterContinental Club Lounge • Singapore
Fraser Place Canary Wharf London • United Kingdom
1 0 0 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
THAILAND & VIETNAM
Samyan Mitrtown, Bangkok • Thailand
A N N U A L R E P O R T 2 0 2 0 / 1 0 1
THAILAND
Following the completion of its
merger with Golden Land Property
Development this year, Frasers
Property Thailand became the
country’s first fully integrated real
estate platform with a diversified
portfolio spanning residential,
industrial and commercial
properties.
In Thailand, Frasers Property holds
81.8%1 deemed interest in Frasers
Property Thailand, a listed company
on the Stock Exchange of Thailand.
The growth prospects in Thailand,
especially in the Eastern Economic
Corridor, presents opportunities in the
development of infrastructure, business
clusters, industrial clusters, innovation
hubs, tourist attractions and expansion
of new cities.
Following the successful voluntary
tender offer for Golden Land Property
Development in August 2019, Frasers
Property Thailand commenced the
integration of both businesses to
form one of the largest real estate
developers in the country by asset size.
In August 2020, Frasers Property Thailand
increased its stake in Golden Land Property
Development from 95.7% to 99.4% and
completed the delisting of the latter
from the Stock Exchange of Thailand.
Frasers Property Thailand is well-
positioned to deliver a more extensive
range of real estate solutions across the
residential, industrial and commercial
asset classes to our customers. As at 30
September 2020, the company owned
and managed factories and warehouses
with 3.0 million sqm of gross floor area,
241,000 sqm of commercial and retail
net lettable area, hotel and serviced
apartments with 1,100 keys, and 60
active residential projects.
1 As at 30 September 2020, Frasers Property holds
approximately 38.3% through its wholly owned
subsidiary, Frasers Property Holdings (Thailand)
Co., Ltd, and 43.5% through Frasers Assets Co.,
Ltd, a 49:51 joint venture with TCC Assets Co., Ltd
Contents
1 0 2 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
THAILAND
RESIDENTIAL
In FY20, despite COVID-19-related
challenges, revenue from residential
developments decreased 6.0%
year-on-year to THB14,648 million
($647 million), supported by the
ongoing demand for townhouses
in Bangkok and the provinces. Our
residential business recognised
revenue from a total of 60 active
projects. Unrecognised revenue stood
at THB2,413 million ($104 million) as
at 30 September 2020.
In order to facilitate sales amid
the COVID-19 pandemic, Frasers
Property Thailand used online
marketing platforms in the home
buyer engagement process.
Among these was the GOLD CARE
mobile app, a digital platform
that facilitates communication
between homebuyers and service
officers, and provides updates on
the development progress of the
residential projects, which remained
on track during the year.
The Grand Pinklao, Bangkok, Thailand
Golden Town 3 Bangna-Suanluang, Bangkok, Thailand
A N N U A L R E P O R T 2 0 2 0 / 1 0 3
THAILAND - RESIDENTIAL PROJECTS COMPLETED OR UNDER DEVELOPMENT
Project
Active project2
Golden Neo Sathorn
Golden Town 3 Ladphrao – Kasetnawamin
Golden Town Chalermprakiat – Suanluang
Golden Town Rattanathibet –
Bangphlu Station
Golden Town 2 Pinklao –
Charansanitwong
Golden Town Suksawat – Phuttha Bucha
Golden Prestige Ekachai – Wongwaen
De Pine
The Island (Courtyard)
Golden Neo 2 Rama 2
Lake Grandiose
Golden Town Sukhumvit – Bearing Station
Golden Town 3 Bangna – Suanluang
Golden Town 2 Ngamwongwan –
Prachachuen
Golden Biz Bangna – Kingkaew
Golden Town Srinakarin – Sukhumvit
Golden Town Pattaya Tai – Sukhumvit
Golden Town Petchkasem –
Phutthamonthon Sai 3
Golden Town Petchkasem
Golden Town Wongsawang – Khae Rai
Granddio
Golden Prestige Watcharapol –
Sukhaphiban 5
Golden Town Vibhavadi – Chaengwattana
Golden Town Chaiyaphruek – Wongwaen
Golden Town 3 Suksawat – Phuttha Bucha
Golden Town 2 Bangkae
Golden Town Sathorn
Golden Village Chiang Rai – Big C Airport
Two Grande Monaco Bangna – Wongwaen
Golden Town Chiang Mai – Kad Ruamchok
Golden City Chaengwattana –
Muang Thong
Golden Neo Chaengwattana –
Muang Thong
Golden Town Ramintra – Wongwaen
Golden Town Charoenmuang –
Superhighway
Golden Neo Bangna – Suanluang
Golden Town Sriracha – Assumption
Golden Neo Korat – Terminal
Golden Town Tiwanon – Chaengwattana
Golden Town Ayutthaya
Golden Town 2 Srinakarin – Sukhumvit
Effective
interest
as at
30 Sep 20
(%)
Total no.
of units
% of units
sold
Ave.
selling
price
($'000
per unit)
Est.
saleable
area
('000 sqm)
Total
GDV
($'m)
Target
completion
date1
59.3
59.3
59.3
237
211
158
99.6
99.5
91.8
386
151
139
38.9
17.3
11.6
91.5 Completed
31.9 Completed
21.9 Completed
59.3
193
99.5
128
17.8
24.7 Completed
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
473
146
91
213
89
168
58
282
379
139
33
405
249
291
384
282
246
152
330
393
481
312
392
98
77
398
97.3
99.3
98.9
99.1
98.9
94.0
98.3
86.9
80.7
64.0
72.7
93.3
65.1
81.8
88.8
87.2
91.1
93.4
82.7
84.5
80.2
19.9
59.2
42.9
61.0
17.8
159
145
431
556
671
149
754
167
155
183
243
106
122
127
117
158
390
380
144
90
127
156
193
209
1,096
132
41.6
13.4
42.9
99.1
46.4
21.3
37.0
20.9
27.9
10.4
2.3
30.6
19.8
20.7
29.7
23.4
80.6
38.3
25.4
32.6
38.1
22.7
29.6
17.4
41.8
28.9
75.2 Completed
21.1 Completed
39.2 Completed
118.5 Completed
59.7 Completed
25.0 Completed
43.7 Completed
47.0 Completed
58.6 Completed
25.4 Completed
8.0 Completed
42.7
30.3
36.9
44.8
44.6
95.9
57.8
47.5
35.3
61.2
48.6
75.6
20.5
84.4
52.4
1Q FY21
1Q FY21
1Q FY21
2Q FY21
2Q FY21
2Q FY21
2Q FY21
2Q FY21
3Q FY21
3Q FY21
3Q FY21
1Q FY22
1Q FY22
1Q FY22
2Q FY22
59.3
167
43.7
203
14.1
33.9
2Q FY22
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
156
478
131
146
476
493
361
455
491
42.9
53.8
33.6
16.4
63.4
29.2
29.1
50.3
7.5
343
142
123
284
103
112
113
104
120
24.3
36.7
10.0
23.4
38.9
46.4
26.1
33.5
36.5
53.6
68.0
16.2
41.5
48.9
55.1
40.7
47.5
58.9
3Q FY22
3Q FY22
3Q FY22
4Q FY22
4Q FY22
4Q FY22
4Q FY22
1Q FY23
1Q FY23
1
2
Target completion date is the target date for the completion of the last unit
Refers to projects that are partially completed and launched for pre-sales
Contents
1 0 4 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
THAILAND
THAILAND - RESIDENTIAL PROJECTS COMPLETED OR UNDER DEVELOPMENT (CONT’D)
Project
Active project (Continued)2
Golden City Sathorn
Grandio Petchkasem 81
Golden Neo 2 Ramintra – Wongwaen
Golden Town Phaholyothin – Lumlukka
Golden Town Ngamwongwan – Khae Rai
Golden Neo Rama 9 – Krungthepkreetha
Golden Town 3 Rama 2
Golden Town Chiangrai – Big C Airport
Grandio Bangkae
Grandio Vibhavadi – Rangsit
Golden Town Rattanathibet – Westgate
Golden Town Vibhavadi – Rangsit
Golden Neo 3 Rama 2
Golden Neo Chachoengsao – Ban Pho
Golden Town Phaholyothin – Saphanmai
The Grand Lux Bangna – Suanluang
Alpina
Golden Neo 2 Bangna – Kingkaew
Golden Town Rangsit – Klong 3
Grandio Ramintra – Wongwaen
Under construction3
Golden Neo 2 Bangkae
Golden Town Sukhumvit 113
Golden Town Charansanitwong – Rama 5
Golden Neo Sukhumvit 113
Golden Town 2 Ramintra – Wongwaen
Golden Town Charan Sanitwong 35
Golden Neo Khonkaen –
Bueng Kaennakhon
Golden Neo Suksawat – Rama 3
Golden Town Suksawat – Rama 3
Golden Neo Charan Sanitwong 35
Grandio Sathorn
Golden Town Petchkasem – Liap Khlong
Thawi Watthana
Golden Town Rama 9 – Krungthepkreetha
De Pine Rama 2
Grandio Suksawat – Rama 3
Grandio 2 Rama 2
Golden Neo Chonburi – Angsila
Effective
interest
as at
30 Sep 20
(%)
Total no.
of units
% of units
sold
Ave.
selling
price
($'000
per unit)
Est.
saleable
area
('000 sqm)
Total
GDV
($'m)
Target
completion
date1
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
119
107
167
378
321
149
424
353
261
292
290
398
212
414
495
61
131
473
495
269
172
239
195
154
289
301
305
215
433
263
188
338
337
117
248
240
661
32.8
41.1
7.8
24.1
31.8
5.4
16.7
33.7
40.2
24.0
24.1
14.3
11.3
17.4
27.7
19.7
51.1
19.5
12.1
11.9
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
279
378
270
118
152
370
106
100
436
365
131
121
222
106
139
1,221
1,377
227
106
401
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
10.6
23.5
25.3
27.2
23.9
23.2
30.0
25.4
62.3
71.3
20.9
28.8
33.0
36.2
36.4
32.2
87.3
57.7
35.4
66.1
26.7
25.2
14.7
16.8
20.7
22.3
20.7
33.6
31.9
42.3
45.5
23.8
24.0
52.1
24.3
52.0
62.0
33.2
40.4
45.1
44.7
48.7
55.2
45.0
35.4
113.9
106.5
38.0
48.3
47.0
44.1
68.6
74.5
180.4
107.3
52.4
107.8
47.0
37.8
26.4
56.4
37.2
54.7
27.8
71.8
70.7
102.4
107.0
41.0
54.2
88.1
44.0
84.2
85.7
2Q FY23
2Q FY23
2Q FY23
4Q FY23
1Q FY24
1Q FY24
1Q FY24
1Q FY24
2Q FY24
2Q FY24
3Q FY24
3Q FY24
3Q FY25
2Q FY26
2Q FY26
1Q FY28
2Q FY28
3Q FY28
3Q FY28
4Q FY28
3Q FY22
3Q FY22
4Q FY22
1Q FY23
2Q FY23
2Q FY23
1Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY24
1Q FY25
4Q FY26
4Q FY26
1Q FY27
3Q FY27
Target completion date is the target date for the completion of the last unit
Refers to projects that are partially completed and launched for pre-sales
1
2
3 Refers to projects that have not yet been launched for pre-sales
A N N U A L R E P O R T 2 0 2 0 / 1 0 5
Grandio Ramintra-Wongwaen, Bangkok • Thailand
THAILAND – RESIDENTIAL LANDBANK
Site Cluster
Bangna
Rama 2
Rattanathibet – Ratchapruek
Vibhavadi – Rangsit
Sathorn
Chaengwattana – Muang Thong
Ladphrao – Kasetnawamin
Bangkae
Chiangrai
Effective
share
(%)
Est. total
no. of
units
Est. total
saleable area
('000 sqm)
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
758
1,469
979
2,320
685
445
328
55
729
71.0
152.0
103.6
247.4
75.5
60.0
26.2
9.3
41.9
Total
GDV
($m)
123.8
240.3
175.8
418.3
127.3
97.2
45.3
15.5
60.9
Contents
1 0 6 / F R A S E R S P R O P E R T Y L I M I T E D
INDUSTRIAL
Frasers Property Thailand continued
to be a major real estate developer
and manager of industrial and
logistics properties, with total gross
floor area of 3.0 million sqm under
management. Portfolio occupancy
remained stable at about 81.0%.
We achieved net leasing growth of
171,000 sqm, including the delivery
of two build-to-suit developments:
Thailand’s largest omnichannel
distribution centre for Central Retail
with a total area of 75,000 sqm and
the largest distribution centre in
Bangkok for HAVI Logistics, a global
supply chain management leader.
In June 2020, we commenced
the development of F&N Dairies
(Thailand)’s first fully automated
build-to-suit warehouse with a
total floor area of 20,000 sqm.
Frasers Property Thailand will also
develop the first modern build-to-
suit distribution centre for Central
Watson, the operator of Watsons’
health and beauty stores, in the
Khon Kaen province.
Build-to-suit Central Retail facility, Bangkok • Thailand
To expand our portfolio, Frasers
Property Thailand is actively taking
advantage of the rising demand in
e-commerce as well as the strong
take-up of ready-built factories
by manufacturers relocating their
operations from China. In addition,
we are targeting projects built in
new industrial configurations –
integrating robotic technology,
flexible automation and the ‘internet
of things’ – which have been growing
in popularity since the COVID-19
pandemic started.
THAILAND - INDUSTRIAL & LOGISTICS COMPLETED PROPERTIES
Site Cluster
Northern Bangkok
Central Region
Eastern Region
Outer Region
Effective
interest
as at
30 Sep 20
(%)
Book value
as at
30 Sep 20
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy
FY20 (%)
FY19 (%)
59.6
59.6
59.6
59.6
236.9
699.8
432.5
210.7
225.5
292.9
325.8
91.1
65.0
90.0
78.0
71.0
64.0
89.0
81.0
66.0
THAILAND - INDUSTRIAL & LOGISTICS DEVELOPMENT PROJECTS
Site
Bangkok Logistics Park, Puchaosamingprai Samutprakarn1
Frasers Property Logistics Center, Wangnoi Ayutthaya
Frasers Property Logistics Park, Khonkaen
THAILAND - INDUSTRIAL & LOGISTICS LANDBANK1,2
Site Cluster
Industrial
Northern Bangkok
Central Region
Eastern Region
Outer Region
Logistics
Northern Bangkok
Central Region
Eastern Region
Outer Region
1 Development project and landbank are subject to planning approvals
2 Excludes non-core landbank to be sold in due course
Effective
share
(%)
Total
area
(‘000 sqm)
Target
completion
date
44.7
59.6
59.6
40.0
21.0
10.0
3Q 2021
3Q 2021
2Q 2021
Effective
share
(%)
Land area
(‘m sqm)
59.6
59.6
59.6
59.6
59.6
59.6
59.6
59.6
110.0
35.0
294.0
705.0
726.0
1,023.0
1,431.0
736.0
Contents
1 0 8 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
THAILAND
COMMERCIAL
Our commercial portfolio comprises
high-quality buildings within
Bangkok’s CBD, including FYI Center,
Park Venture Ecoplex, Sathorn
Square and Goldenland Building.
As at 30 September 2020, the overall
occupancy rate for these buildings
was 96.0%.
In addition, Frasers Property Thailand
completed its first mixed-use
development, Samyan Mitrtown,
in September 2019. Although
the pandemic had delayed the
stabilisation of occupancies, Samyan
Mitrtown was able to achieve
occupancy rates of approximately
85.0% for its office space, and 90.0%
for its retail space, as at 30 September
2020.
The commercial portfolio also
includes hospitality assets,
namely Mayfair Marriott Executive
Apartment, The Ascott Sathorn,
Modena by Fraser Bangkok, The
W Bangkok and Triple Y Hotel.
As at 30 September 2020, occupancy
rates for the hospitality portfolio
decreased to 41.6% from 72.1% in
the preceding year, largely due to
the travel restrictions during the
pandemic.
Triple Y Hotel, Bangkok • Thailand
To contain the spread of COVID-19,
our commercial and retail teams
implemented temperature screening
for all staff and visitors at entry and
exit points, in addition to instituting a
regular cleaning and sanitation regime
of touchpoints and public spaces
within all properties. We also launched
the ‘Friend helps Friends’ rescue
package to waive rentals for selected
tenants whose stores were closed
under emergency decree and actively
engaged affected businesses and
customers to discuss recovery plans.
The hospitality team in Thailand
responded to the pandemic
by focusing heavily on cost
management while continuing to
find ways to generate revenue,
including focusing on demand
from local travellers. The team
formulated post-recovery plans to
bring back its corporate base and
attract independent travellers.
THAILAND - COMMERCIAL & RETAIL COMPLETED PROPERTIES
Properties
Goldenland Building
FYI Center
Effective
interest
as at
30 Sep 20
(%)
Book value
as at
30 Sep 20
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy
FY20 (%)
FY19 (%)
59.3
59.3
3.2
244.0
11.2
50.0
88.0
96.0
89.0
97.0
Artist impression of One Bangkok, Bangkok • Thailand
REITS
The Group has two REITs in Thailand
with combined assets under
management of $2.3 billion.
Frasers Property (Thailand) Public
Company Limited is the sponsor
and manager of Frasers Property
Thailand Industrial Freehold &
Leasehold REIT, the largest industrial
REIT listed on the Stock Exchange
of Thailand. The REIT has an
approximate THB42.9 billion
($1.8 billion) worth of total assets
as at 30 September 2020. Frasers
Property Thailand also holds a 22.3%
stake in the REIT.
divestment of $259.2 million of
industrial assets to the REIT to be
completed by February 2021.
Frasers Property Thailand’s
subsidiary, Golden Land Property
Development, is the sponsor of
Golden Ventures Leasehold REIT,
a commercial REIT listed on the
Stock Exchange of Thailand. Golden
Ventures Leasehold REIT has an
approximate THB11.3 billion
($0.5 billion) portfolio value as at
30 September 2020. Frasers Property
Thailand also has a 22.6% stake in
the REIT.
OTHER INTERESTS
In September 2020, Frasers Property
Thailand divested about $123.5
million worth of factories and
warehouses to Frasers Property
Thailand Industrial Freehold &
Leasehold REIT. This first batch
of divestment is part of Frasers
Property Thailand’s approved
Frasers Property Thailand holds a
51.0% stake in ST Telemedia Global
Data Centres Thailand, a joint-
venture with ST Telemedia Global
Data Centres, to develop Thailand’s
first hyper-scale data centre. It is
scheduled to be commissioned for
service in 2021.
On the property services front, Frasers
Property Thailand also holds a 51.0%
stake in JustCo (Thailand), one of
the largest co-working operators in
Thailand, and a 51.0% stake in PBA
Robotic Thailand, a joint venture
with PBA Group1, one of the leading
robotic and automation solution
service providers in Southeast Asia.
In addition, Frasers Property owns a
19.8% stake in One Bangkok, a mixed-
use development project. Located in
central Bangkok at the intersection
of Wireless Road, Rama IV Road and
Sathorn Road, the project includes
retail components, office towers,
residences, hotels, and multi-purpose
halls, with an expected total gross floor
area of approximately 1.8 million sqm.
Frasers Property serves as the
development manager for the entire
project. Piling and diaphragm wall
installation were fully completed
during the year, with sub-structure
works progressing as planned.
1
PBA refers to Platform for Bots and Automation
Contents
1 1 0 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
VIETNAM
VIETNAM
This past year has been one of engagement and
progress. Building a sustainable platform and
focusing on our people and the community at
Frasers Property Vietnam, we targeted growth
opportunities to strengthen our position in each of
our market segments and create significant value
for our customers and the communities.
In FY20, Frasers Property Vietnam achieved significant
progress toward our strategic targets. We strengthened
our platform with the right talent to anchor the
residential, and commercial segments and the
supporting technical and corporate functions.
Aided by the quick and effective response from the
Vietnamese government to contain the spread of
COVID-19, the country is expected to deliver healthy
long-term economic growth, driven by foreign direct
investment inflows and a growing middle class. Vietnam
is one of the few economies in the world expected to
post GDP growth in 2020¹.
Frasers Property Vietnam is poised to ride this
opportunity to achieve growth and become one of the
key real estate players in the country.
RESIDENTIAL
Notwithstanding the COVID-19 pandemic, we achieved
full sell-out of all units at Q2 Thao Dien. This high-end
mixed-use development in Thao Dien comprises 333
luxury apartments sitting atop a six-storey podium with
13 shop lots, as well as a 32-storey serviced-office tower,
six villas and 12 townhouses.
In December 2019, we launched the project’s landed
residential units, setting market records in its achieved
selling price. Within one day, all landed residential units
were sold out. The townhouses appealed to buyers with
their modern and practical commercial-cum-residential
design, allowing a buyer to conduct business on the
lower floors while enjoying a spacious, private living
area on the upper floors. The villas were well-received
among high-income buyers drawn to their luxurious
contemporary French designs.
As at 30 September 2020, we recorded unrecognised
revenue of $182 million for Q2 Thao Dien, including
$38 million from the landed residential units sold in the
first quarter of FY20. We held the topping-out ceremony
for the project’s high-rise residential and serviced
office towers on 31 July 2020, with full completion on
schedule by the second quarter of FY21.
Q2 Thao Dien received the ‘Mixed-use Development
2020’ award from Asia Pacific Property Awards and was
accorded the ‘Best Lifestyle Townhouse’ in Robb Report
Vietnam’s Best of the Best Awards 2019 in January 2020.
1 According to the IMF World Economic Outlook 2020 (October 2020)
Melinh Point is undergoing a major asset
enhancement initiative, with sustainability
as its key focus.
Read more
COMMERCIAL
We undertook a major asset
enhancement initiative at Melinh
Point, a 21-storey office building
offering approximately 17,500 sqm
of Grade A office space in the heart
of Ho Chi Minh City’s CBD, in a bid to
optimise its value.
This initiative saw Melinh Point’s
hardware refreshed with sustainability
as a key focus. Apart from upgrading
the property with energy- and water-
efficient features, we enhanced the
building’s key management systems
to deliver a best-in-class working
environment and experiences to our
tenants. We have begun feasibility
studies to convert certain common
areas into a business centre to provide
tenants with shared facilities like
meeting rooms, conference rooms and
training spaces.
This was the first asset enhancement
initiative for Melinh Point in almost
two decades. Resulting from this
effort, Melinh Point clinched the
Asia Pacific Property Awards for
the ‘Best Commercial Renovation/
Redevelopment 2020’. As part of our
strategic goal to be carbon-neutral
by 2050, we are aiming for Melinh
VIETNAM – RESIDENTIAL PROJECTS
Artist’s impression of Q2 Thao Dien, Ho Chi Minh City • Vietnam
Point to be the first operational
building in Vietnam to achieve
Singapore’s Building & Construction
Authority’s Green Mark Platinum
certification upon the completion of
its enhancement works by early 2021.
During the year, we added Worc@
Q2, the newly topped-out 32-storey
serviced office tower in the Q2 Thao
Dien project, to our commercial
office portfolio. When completed
in early 2021, Worc@Q2 will
provide approximately 4,500 sqm
of commercial serviced office space
in smaller and flexible floor plates,
including unique duplex layouts
for tenants to create a modern and
efficient working environment.
In FY20, Ho Chi Minh City
experienced a trend of work space
decentralisation due to high land
prices in the city centre and a lack
of quality office supply. This trend
was accelerated by the COVID-19
pandemic. With Melinh Point as
a refreshed core office asset in
the heart of the CBD and a newly
completed Worc@Q2 located in
District 2 and within 500 metres
of an upcoming metro line,
Frasers Property Vietnam is in an
advantageous position to leverage
this trend and fulfil the diverse
business needs of tenants.
Projects
Ho Chi Minh City
Q2 Thao Dien –
Apartment & Retail
Q2 Thao Dien – Landed
Effective
interest
as at
30 Sep 20
(%)
No. of
units
launched
% Sold
as at
30 Sep 20
% Completion
as at
30 Sep 20
Ave. selling
Price
as at
30 Sep 20
($ psm)
Est.
saleable area
('000 sqm)
Target
completion
date
70.0
70.0
346
18
100.0
100.0
80.0
7.0
5,709
13,3041
30.9
2Q FY21
2.81
4Q FY21
1
Land area is used instead of estimated saleable area
VIETNAM – COMMERCIAL PROJECTS
Projects
Ho Chi Minh City
Melinh Point
Worc@Q2
1 Gross floor area is used instead of net lettable area
Effective
interest
as at
30 Sep 20
(%)
Book value
as at
30 Sep 20
($’m)
Net
lettable
area
(sqm)
Occupancy
FY20 (%)
FY19 (%)
Target
completion
date
75.0
70.0
72.8
15.0
17,414
4,4501
92.0
-
97.0 Completed
-
2Q FY21
Contents
1 1 2 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
OTHERS
Maplewood at Chineham Business Park, Basingstoke • United Kingdom
A N N U A L R E P O R T 2 0 2 0 / 1 1 3
UNITED
KINGDOM
In the UK, we delivered a strong
financial performance in FY20,
reflecting the defensive nature of
the portfolio and our proactive
asset management approach.
Frasers Property UK has a substantial
portfolio of $2.2 billion of assets under
management, including investment
and development properties providing
residential, office, industrial and business
park space.
The UK economy faced significant
disruption to business activities from the
COVID-19 pandemic and the uncertainty
of Brexit negotiations in 2020. Despite
these challenging market conditions,
our portfolio remained resilient and
delivered a strong performance for the
year in review.
We responded swiftly to the COVID-19
pandemic to ensure our assets and
business remained open, productive and
safe in the UK. A core priority throughout
the pandemic had been to protect our
customers’ and employee’s safety and
well-being. We continue to monitor
the current political and economic
conditions and actively manage the risks
to the UK portfolio, while executing our
platform growth strategy and seeking
out new opportunities.
2,500 km to Feed the Needy
In the UK, the ‘Do Something Good in May’
campaign got staff to run, walk, cycle and
spin a collective distance of 2,500 km,
raising £20,000 for FareShare’s national food
distribution efforts to vulnerable people.
Read more
Contents
1 1 4 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
OTHERS
RESIDENTIAL
During the year, Frasers Property
UK completed the sale of a further
10 apartments in Camberwell on
the Green. Only two units remained
unsold at the end of FY20 in the
freehold development comprising
92 private apartments, nine
affordable apartments, together
with eight commercial units.
Another development was Riverside
Quarter, our landmark residential
development overlooking the
Thames, with 751 units in 10
buildings set in attractive landscaped
gardens. Nine Riverside Quarter – the
final building comprising 79 private
apartments and 93 affordable
apartments over 14 floors, a pool,
a gymnasium, four commercial
units and two basement levels of
associated underground car parking
spaces – was delivered in the second
quarter of FY20, as the UK entered
lockdown. The sale of the affordable
apartments to the registered
housing association, Optivo, was
completed in February 2020 for
£29.1 million ($51.6 million).
Due to government-mandated
restrictions, the launch of Riverside
Quarter’s private apartments
was delayed to July 2020. Sales
were then conducted from a new
Artist impression of Central House, London • United Kingdom
sales gallery occupying one of the
ground-floor units directly facing the
Thames. Traditional marketing efforts
were supported by videos and social
media campaigns. Sales were ahead
of plan, with 17 units completing in
FY20, despite the market conditions
which had become more challenging
due to the pandemic situation.
UNITED KINGDOM – RESIDENTIAL PROJECTS
Projects1
Five Riverside Quarter
Seven Riverside Quarter
Nine Riverside Quarter
Camberwell on the Green
Effective
interest
as at
30 Sep 20
(%)
100.0
100.0
100.0
100.0
%
Sold
as at
30 Sep 20
Ave.
selling price
as at
30 Sep 20
(£ psm)
96.0
74.7
55.8
98.0
10,537
8,100
7,938
7,044
Est.
saleable
area
(sqm)2
9,350
7,950
13,550
7,550
No. of
units
149
87
172
101
Land cost
(£ psm)3
Target
completion
date
1,618 Completed
1,292 Completed
462 Completed
548 Completed
1 All data includes affordable units
2
3
Excludes retail area
Land cost per sqm is based on total gross floor area on the planning approval
A N N U A L R E P O R T 2 0 2 0 / 1 1 5
Frasers Property UK has been able
to respond to the requirements
of the market and attract new
occupiers because of the high-
quality commercial space we deliver.
In September 2020, we completed
the refurbishment of The 210
Building at Winnersh Triangle into a
5,760 sqm modern office building.
The refurbishment of Building
1180 is underway with completion
due in the third quarter of 2021.
These investments are part of the
masterplan at Winnersh Triangle
which drives our placemaking
agenda to unlock value from
our assets.
At Chineham Park, we opened
The Exchange as a collaborative
workspace in October 2020,
providing occupiers and visitors
with flexible meeting areas and a
café. Additional asset enhancement
initiatives across the portfolio, which
we focused on wellness and the
adoption of digital communications
technology, were also successful in
attracting new tenants and retaining
existing park occupiers.
We completed demolition works
for Central House, located in
Whitechapel in Central London,
in September 2020 and started
construction on site in October 2020.
The development will deliver 15,000
sqm of office space with a strong
focus on the technology sector. The
project is a holistic redevelopment
of the site to feature high-quality
contemporary architecture and
landscaping, with delivery expected
in the second half of 2022.
During the year, Frasers Property
UK sold 50.0% of Farnborough
Business Park and Maxis Business
Park, Bracknell, to Frasers Logistics &
Commercial Trust.
Contents
The Exchange at Chineham Business Park, Basingstoke • United Kingdom
COMMERCIAL
Our UK business park portfolio
consists of six business parks in the
southeast of England and one in
Glasgow, Scotland. This includes
Lakeshore, Bedfont Lakes Business
Park, which we acquired in January
2020, adding another high-quality
business park to our UK portfolio.
Located within close proximity to
Heathrow Airport, the business park
has a lettable area of 25,664 sqm in
three office buildings, which are
fully leased to the technology firm
Cisco Systems.
Our business parks are home to
500 companies and are generally
located out of town in key business
locations with a diversified mix of
occupiers and sectors, creating a
resilient portfolio. Of the portfolio’s
total lettable area of approximately
531,398 sqm, we achieved an
occupancy rate of 89.1% by area
and a weighted average lease
expiry of 6.1 years. Strong leasing
performance was also recorded
across our portfolio, with 66 new
lettings amounting to 31,898 sqm
and 70 lease renewals for 32,449
sqm completed during the year.
Throughout the COVID-19
pandemic, we maintained regular
communication with occupiers
from our business parks. Occupiers
were able to access park events
and resources across the portfolio
online. We further invested in digital
communications using social media
to maintain community engagement,
and installed digital displays in multi-
let buildings across the business
parks to provide occupiers with the
latest guidelines on returning to the
office. On-site teams also created
video guides detailing the measures
taken on each property to create
a safe and welcoming working
environment.
1 1 6 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
OTHERS
RESILIENT AND SUSTAINABLE
PLATFORM
In FY20, we continued to strengthen
the resilience and sustainability of
our platform. The growing maturity
of our UK operations and the deep
expertise of our people have added
further capability and experience
to complement our portfolio. We
continue to embed a design thinking
mindset to fuel innovation and
collaboration.
This operationally robust and highly
skilled team enables us to invest in
our assets to maximise occupancy,
drive shareholder value and meet
customer requirements. We
continue to focus on investments
in our people and properties and
future-proofing our success for the
UK platform.
UNITED KINGDOM – BUSINESS PARKS
The 210 Building at Winnersh Triangle, Reading • United Kingdom
Property
Location
Winnersh Triangle
Chineham
Watchmoor
Hillington
Lakeshore1
Total
Reading
Basingstoke
Camberley
Glasgow
Bedfont Lakes
1 New asset acquired on 22 January 2020
Effective
interest
as at
30 Sep 20
(%)
100.0
100.0
100.0
100.0
100.0
Book
value
as at
30 Sep 20
($’m)
625.0
278.4
73.0
222.8
232.7
1,431.9
Net lettable
area
(‘000 sqm)
Occupancy
FY20 (%)
FY19 (%)
130.5
75.3
23.4
207.7
25.6
462.5
77.1
84.5
82.9
94.1
100.0
85.2
81.4
80.6
90.7
NA
UNITED KINGDOM – COMMERCIAL DEVELOPMENT PROJECTS
Projects1
Central House
1 All data includes affordable units
2
Land cost per sqm is based on total gross floor area on the planning approval
Effective
interest
as at
30 Sep 20
(%)
Est.
saleable
area
(sqm)2
Land cost
(£ psm)2
Target
completion
date
100.0
15,000
2,185
4Q FY22
A N N U A L R E P O R T 2 0 2 0 / 1 1 7
CHINA
In China, we continued to
strengthen our platform through
effective talent acquisition and
a renewed focus on investment
and active asset management
to enhance returns and improve
business agility and tenacity.
Due to its successful containment of the
COVID-19 pandemic, China began to
normalise its domestic production and
consumption levels, recording economic
growth from the second quarter of
2020. It will be among the few countries
in the world expected to record
growth this year, driven by domestic
consumption and growing investments
in technology infrastructure and
innovations, which helped cushion the
effects of the pandemic and geopolitical
uncertainties.
Against this backdrop, Frasers Property
China achieved profit before interest
and taxation of $252.2 million for the
year under review. This was the second
consecutive year that our profit before
interest and taxation in China had
exceeded $200.0 million. This attests
to our ability to effectively manage
development projects to deliver
attractive development gains from the
progressive recognition of revenue from
units sold while prudently managing
capital.
During the year, Frasers Property China
handed over 556 residential units, 140
units of retail and commercial space
and 399 units of carparks, recognising
revenue of RMB2.2 billion ($435.0
million). As at September 2020, our
unrecognised pre-sold development
revenue in China stood at RMB724.7
million ($144.0 million).
Contents
Artist’s impression of Opus One, Shanghai • China
1 1 8 / F R A S E R S P R O P E R T Y L I M I T E D
BUSINESS REVIEW
OTHERS
Baitang One, Suzhou, China
ONGOING DEVELOPMENTS
Frasers Property China has four
development projects in Suzhou,
Chengdu and Shanghai.
As at 30 September 2020, all the
remaining high-rise residential units
at our Baitang One development in
Suzhou have been fully sold. We are
keeping close tabs on the market
and will launch the remaining
completed 32 villas for sale when we
are confident of achieving our price
target. The retail space, which caters
mainly to residents’ needs, achieved
90.0% occupancy, with a gross rental
yield of 6.0% during the year. We are
reviewing asset enhancement plans
to improve the offerings of the entire
retail section, totalling 10,486 sqm
(including sales office), to further
enhance yield and value.
In Shanghai, our Opus One project
received overwhelming demand,
with 96.0% of 275 units sold within
two months of its first launch in
April 2020. The remaining 84 units
of the development were launched
in September 2020 at higher selling
prices and were sold within the day.
1
Includes bookings
As at 30 September 2020, 99.0%1 of
the launch units at the project have
been sold.
Gemdale Megacity, our other
project in Shanghai, achieved full
sell-out of Phase 5G and Phase
5H, comprising 519 residential
units in total, during the year.
Meanwhile the long-term lease
apartments at the development
reached 90.0% occupancy, with
a gross yield of 4.8%. During the
year, we commenced enhancement
works to add another 53 units of
long-term lease apartments, which
will bring the total to 201 units
when completed in early 2021. In
the coming financial year, we will
be launching Phase 6 of Gemdale
Megacity, comprising 22 low-rise
apartment blocks by the riverbank.
At our Chengdu Logistics Hub,
we sold close to 70,000 sqm of
warehouse and retail space and
leased out 34,536 sqm of ambient
warehouse space in spite of
challenges posed by the pandemic
to our sales, leasing and business
operations. Before China went into
high alert due to the pandemic,
we successfully completed the
divestment of Plot 3B in February
2020. Wuhou Healthcare Investment
& Development Co acquired this
68,981 sqm site for RMB715.7 million
($138.3 million), 9.0% higher than
valuation.
The remaining office and warehouse
units at Chengdu Logistics Hub
achieved a gross rental yield of 5.0%
for the year in review. Plans are
underway to reposition the retail
warehouses in Plot 3A Chengdu
Logistics Hub for the new industrial
economy, with shopfront displays,
back-of-house office and research
and development space.
Looking ahead, Frasers Property
China will remain disciplined in
looking out for attractive investment
opportunities through recycling
capital into new investments and
active asset management to enhance
returns, while building strategic
partnership with key partners.
A N N U A L R E P O R T 2 0 2 0 / 1 1 9
CHINA – DEVELOPMENT PROJECTS
Projects
Baitang One (Phase 3B), Suzhou
Baitang One (Phase 3C2), Suzhou
Chengdu Logistics Hub (Phase 1),
Chengdu warehouse
Chengdu Logistics Hub (Phase 2),
Chengdu
Chengdu Logistics Hub (Phase 4),
Chengdu
Gemdale Megacity (Phase 2A-
retail)2, Shanghai
Gemdale Megacity (Phase 3B-
retail)2, Shanghai
Gemdale Megacity (Phase 3C-
retail)2, Shanghai
Gemdale Megacity (Phase 4F-
retail)2, Shanghai
Gemdale Megacity (Phase 4D-
retail)2, Shanghai
Gemdale Megacity (Phase 5H)2,
Shanghai
Gemdale Megacity (Phase 5G)2,
Shanghai
Effective
interest
as at
30 Sep 20
(%)
%
Sold
as at
30 Sep 20
%
Completion
as at
30 Sep 20
No. of
units
Ave.
selling price
as at
30 Sep 20
(RMB psm)
Est.
saleable
area
('000 sqm)
Land cost1
(RMB psm)
Target
completion
date
100.0
100.0
380
380
91.6
100.0
100.0
100.0
35,570
34,879
58
50
2,562.0 Completed
2,466.0 Completed
80.0
163
89.0
100.0
5,426
161
298.0 Completed
80.0
163
100.0
100.0
8,469
61
280.0 Completed
80.0
358
93.0
100.0
8,677
164
338.0 Completed
45.2
22
54.5
100.0
20,246
45.2
21
100.0
100.0
56,714
45.2
71
73.2
100.0
39,601
4
1
8
1,440.6 Completed
1,414.7 Completed
1,414.7 Completed
45.2
3
33.3
100.0
62,442
0.2
1,918.0 Completed
45.2
11
81.8
100.0
50,908
1
1,920.3 Completed
45.2
320
100.0
100.0
40,521
36
1,920.3 Completed
45.2
199
100.0
85.0
40,951
22
1,920.3
1Q FY21
Opus One3, Shanghai
8.8
359
93.6
40.0
99,250
39
50,424.8
1Q FY22
Land cost includes land use tax and is calculated based on gross floor area
1
2 Gemdale Megacity was accounted for as an associate
3 Opus One was accounted for as a joint venture. The development scheme excludes 126 long-term lease apartments.
CHINA – INDUSTRIAL PORTFOLIO
Properties
Effective
interest
as at
30 Sep 20
(%)
Book value
as at
30 Sep 20
($’m)
Net
lettable
area
(sqm)
Occupancy
FY20 (%)
FY19 (%)
Chengdu Logistics Hub
(Phase 1 ambient warehouse), Chengdu
80.0
28.9
47,145
73.3
100.0
CHINA – LAND BANK
Sites
Chengdu Logistics Hub (Phase 2A), Chengdu
Gemdale Megacity (Phase 4E)2, Shanghai
Gemdale Megacity (Phase 6)2, Shanghai
Land cost includes land use tax and is calculated based on gross floor area
1
2 Gemdale Megacity was accounted for as an associate
Effective
interest
as at
30 Sep 20
(%)
80.0
45.2
45.2
Est no. of
units
Est.
saleable
area
('000 sqm)
179
101
154
91
15
26
Land cost1
(RMB psm)
303.0
968.0
2,227.3
Contents
1 2 0 / F R A S E R S P R O P E R T Y L I M I T E D
INVESTOR
RELATIONS
OVERVIEW
Frasers Property is committed to best
practices in investor relations (IR) and
corporate governance. Our dedicated
IR team is focused on proactively
engaging the investing community
and the media to generate
awareness and understanding of
Frasers Property’s business model,
competitive strengths, growth
strategy, and investment merits;
as well as to garner feedback for
consideration.
We have received a number of IR as
well as corporate governance related
awards since Frasers Property’s
listing in 2014. These include multiple
wins at the Singapore Corporate
Awards, the Investors’ Choice Awards
organised by the Securities Investors
Association (Singapore) (SIAS) as well
as the IR Magazine Awards – South
East Asia. This year, Frasers Property
continued to receive recognition at
the IR Magazine Awards – South-
east Asia 2020 in the Best Annual
Report (mid-cap) and Best Investor
Event categories. Our award wins
serve as strong motivation as we
strive towards further excellence in
corporate governance and investor
relations.
PROACTIVE AND REGULAR
ENGAGEMENT
As part of our ongoing regular
updates on our business, we
announce our half-year and full-
year financial performance on
SGXNET along with a press release
and presentation. For the first-
quarter and third-quarter, we
announce our business updates
presentation on SGXNET. Following
the announcement of our financial
performance and business updates,
we host quarterly conference calls,
during which members of our
senior management team present
highlights of our announcements
and answer questions posed by
research analysts and institutional
investors. In addition, we host in-
person briefings of our half-year and
full-year results, which are attended
by research analysts, institutional
investors, representatives from our
principal bankers, and the media. A
concurrent dial-in facility is offered
for those who wish to attend the
briefing but are unable to do so in
person. In FY20, as necessitated by
the COVID-19 pandemic, we hosted
virtual briefings of our half-year and
full-year results.
In addition to the quarterly briefings
and calls to provide updates on
Frasers Property’s business updates
and results, members of our senior
management and IR teams regularly
engage our stakeholders through
multiple in-person and virtual
platforms. These include events
that we organise, such as property
tours and our annual Frasers Day
Bangkok, an investor conference
held in Bangkok in which all the
listed entities within the Frasers
Property Group participate; as well
as externally-organised events such
as one-on-one and group meetings
with investors, non-deal roadshows
(NDRs), and investor conferences.
Over the course of the financial year,
we hosted a total of 149 research
analysts, institutional investors,
representatives from our principal
bankers and the media at our
organised events. In addition, we
participated in externally organised
NDRs and investor conferences
held virtually and in Singapore.
We attended 67 meetings with
research analysts and institutional
investors to facilitate understanding
of our developments and growth
plans.
ONLINE RESOURCE CENTRE
Frasers Property’s corporate website
(www.frasersproperty.com) serves
as a resource centre from which the
public and investing community can
access information about all the
members of the Frasers Property
Group .
In addition, Frasers Property’s
corporate website has a dedicated
investor relations section containing
stock information and interactive
stock analysis tools, a list of
frequently asked questions, as well
as a newsroom section with links to
all announcements made by Frasers
Property on SGXNET and all press
releases issued by our businesses. An
archive of all the materials related
to Frasers Property’s quarterly
announcements, Frasers Property’s
factsheets, webcasts of our half-year
and full-year results presentations,
and annual reports are available as
well via Frasers Property’s corporate
website.
For enquiries on Frasers Property,
please contact:
Gerry Wong
Head, Group Investor Relations
Tel: (65) 6276 4882
Email: ir@frasersproperty.com
Frasers Property’s Closing Price and Trading Volume in FY20
A N N U A L R E P O R T 2 0 2 0 / 1 2 1
FPL SP Equity - Last Price
High on 31/10/19
Average
Low on 23/03/20
1.16
1.84
1.43
1.01
FPL SP Equity - Last Volume 0.03M
High on 18/11/19
Average
Low on 11/12/19
2.78M
0.21M
0.01M
2.0
1.5
1.0
3M
2M
1M
0
Oct 19
Nov 19
Dec 19
Jan 20
Feb 20
Mar 20
Apr 20
May 20
Jun 20
Jul 20
Aug 20
Sep 20
BROKERAGES COVERING FRASERS PROPERTY
(As at 30 September 2020)
• Bank of America • CGS-CIMB Research • CLSA • Credit Suisse • DBS Bank • JP Morgan
FY20 INVESTOR RELATIONS CALENDAR
NOV 2019
JAN 2020
FEB 2020
MAY 2020
AUG 2020
18 Full year FY19
results briefing
Post-results
investor
meetings in
Singapore
28 Frasers Day
Bangkok
7 DBS Pulse of Asia
10 1Q FY20
13 1H FY20 virtual
11 9M FY20
Conference
earnings call
results briefing
29 Annual General
Meeting
Post-results
investor
meetings held
virtually
20 Citi Pan-Asia
Regional Investor
Conference
business updates
call
Post-business
updates investor
meetings held
virtually
Contents
1 2 2 / F R A S E R S P R O P E R T Y L I M I T E D
TREASURY
HIGHLIGHTS
The Group manages our financial structure prudently to
ensure that we will be able to access adequate financing
and capital at favourable terms. Our multi-national
businesses which operate across five asset classes —
residential, hospitality, retail, commercial and business
parks, industrial and logistics properties, together with
the asset management of the two REITs listed on the SGX-
ST, Frasers Centrepoint Trust (FCT) and Frasers Logistics &
Commercial Trust (FLCT), as well as the stapled trust listed
on the SGX-ST, Frasers Hospitality Trust (FHT) — generate
cash flows for the Group. Management monitors the
Group’s cash flow position and projections, debt maturity
profile, funding cost, interest rate and foreign exchange
exposures and overall liquidity position on a continuous
basis. To ensure that we have adequate overall liquidity
to finance our operations and investment requirements,
we maintain available banking facilities with a number of
banks globally.
As at 30 September 2020, net group borrowings had
increased from $13.8 billion to $15.9 billion mainly due
to the redemption and cancellation of $700.0 million
perpetual securities in March 2020; increased borrowings
for the acquisition of a property in the UK and capital
expenditure in Singapore, Thailand and Australia. The
increase was partially offset by the divestment of a 50.0%
stake in Northpoint City South Wing.
SOURCE OF FUNDING
Besides cash flow from our businesses, we rely on the
debt capital markets, equity capital markets and
syndicated and bilateral banking facilities for our funding.
As at 30 September 2020, the Group had about
$2.4 billion in unutilised banking facilities that may be
used to meet our funding requirements.
We maintain active relationships with a strong network of
banking partners globally. Our principal bankers include
Australia and New Zealand Banking Group Limited,
Bangkok Bank Public Company Limited, Bank of China
Limited, DBS Bank Ltd., Malayan Banking Berhad, Mizuho
Bank, Limited, Oversea-Chinese Banking Corporation
Limited, Standard Chartered Bank, Sumitomo Mitsui
Banking Corporation and United Overseas Bank Limited.
We continue to adopt the philosophy of engaging the
banks as our core business partners and receive very
strong support from our relationship banks across all
segments of the Group’s businesses. All the Group’s
banking relationships are maintained by Group Treasury
in Singapore.
GREEN FINANCING
In FY20, we secured a green loan of $350.0 million to
finance an executive condominium development (80.0%
joint venture project) at Fernvale Lane, which is the first
in Singapore for an executive condominium. Frasers
Property Australia also raised a A$70.0 million green loan
(50.0% joint venture project) for The Grove development.
Frasers Commercial Trust (FCOT) and FLCT had raised a
total of $543.0 million and A$120.0 million sustainable
linked loans during the year for funding of new
acquisitions and for refinance of existing loan due.
To date, the Group, including its subsidiaries and
associated entities, has secured 12 green and
sustainability linked financing totalling $4 billion, which is
approximately 24.0% of our net borrowings.
DEBT CAPITAL MARKETS
We have various Medium Term Notes (MTN) programmes
in place to tap the debt capital market. Frasers Property
Treasury Pte Ltd has a $3.0 billion MTN (issued:
$753.0 million) and a $5.0 billion Euro Medium Term
Notes (EMTN) (issued: $1,750.0 million) programmes.
On 9 March 2020, Frasers Property Treasury redeemed
the $700.0 million 5.0% perpetual securities.
Frasers Property Australia has established an A$2 billion
EMTN programme on 6 February 2020.
Among our Thailand subsidiaries, Frasers Property
Holdings (Thailand) Co. Ltd. has a THB25.0 billion (issued:
THB11.0 billion) debenture programme; Frasers Property
Thailand has a THB50.0 billion (issued: THB31.8 billion),
and Golden Land Property Development Plc (GOLD)
has a THB13.0 billion (issued: THB9.5 billion) debenture
programme respectively.
In FY20, Frasers Property Thailand tapped the bond
market in Thailand with the issuance of THB6.0 billion
debentures with tenors ranging from three years to 10
years, while GOLD issued a THB 1.5 billion debenture of a
five-year tenor.
Our sponsored REITs, FCT and FLCT, and our stapled trust
FHT, each have their respective MTN programmes: FCT:
$1.0 billion MTN (issued: $150.0 million) and $3.0 billion
EMTN (issued: $200.0 million); FCOT: $1.0 billion MTN
(issued: $131.0 million); FLCT: $1.0 billion EMTN (issued: nil)
and FHT: $1.0 billion EMTN (issued: $340.0 million).
In May 2020 , FCT issued $200.0 million of notes due 2023
with a 3.2% fixed rate coupon.
1
Includes debt related to Frasers Tower, Northpoint City South Wing and The Grove project, which are not included in the consolidated financial statements.
Total gross debt in the consolidated financial statements is $19.2 billion
A N N U A L R E P O R T 2 0 2 0 / 1 2 3
Maturity Profile $’m
4,126
4,104
3,990
3,145
3,383
3,291
2,727
2,905
1,806
1,872
1,336
1,107
< 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
> 5 years
Including REITs
Total: $19,188m
Excluding REITs
Total: $14,604m
INTEREST RATE PROFILE AND DERIVATIVES
We manage our interest cost by maintaining a prudent
mix of fixed and floating rate borrowings. On a portfolio
basis, 62.0% of the Group’s borrowings are in fixed rates
(including floating rate borrowings that have been fixed
with interest rate swaps). The average tenor of the
loans is 2.6 years as at 30 September 2020. The floating
rate loan portfolio provides us with the flexibility to
repay debts from divestments of assets and sales of
development properties.
In managing the interest rate profile, we take into account
the interest rate outlook, expected cash flow generated
from our business operations, holding period of long-term
investments and any acquisition and divestment plans.
We make use of interest rate derivatives (for example
interest rate swaps) for the purpose of hedging interest
rate risks and managing our portfolio of fixed and floating
rate borrowings. We do not engage in the trading of
interest rate derivatives. Our total interest rate derivatives
and the mark-to-market values as at 30 September 2020
are disclosed in the financial statements in Note 21.
GEARING AND INTEREST COVER
We aim to keep our net debt to equity ratio between
80.0% and 100.0% in the medium term. As at 30
September 2020, this ratio was 105.0%. However, on a
proforma basis, the net debt-to-equity ratio is 95.7% post
divestment of AsiaRetail Fund to FCT as at 30 September
2020. The divestment was completed in October 2020.
Net interest expense for the year amounted to $442.3
million, excluding $39.5 million that was capitalised
as cost of development properties held for sale and
$3.5 million that was capitalised as cost of investment
properties under construction. The net interest² cover³ was
at three times.
FOREIGN EXCHANGE RISKS AND DERIVATIVES
We have exposure to foreign exchange risks arising from
normal development and investment activities. Where
exposures are certain, it is the Group’s policy to hedge
these risks as they arise. We use foreign currency forward
contracts and currency derivatives (for example: cross
currency swaps) to manage these foreign exchange risks.
In order to have a natural hedge, where possible, we
will fund foreign currency assets with debt in the same
currency.
We do not engage in trading of foreign exchange and
foreign exchange derivatives.
We use foreign exchange contracts and derivatives
solely for hedging actual underlying foreign exchange
requirements in accordance with hedging limits set
by the Audit Committee and our Board of Directors
under the Group’s Treasury Policy. These policies are
reviewed regularly by the Audit Committee and Executive
Committee to ensure that our policies and guidelines
are in line with our foreign exchange risk management
objectives.
Our foreign exchange contracts and derivatives and the
mark-to-market values as at 30 September 2020 are
disclosed in the financial statements in Note 21.
2 Net interest in the profit statement excluding mark-to-market adjustments on interest rate derivatives and capitalised interest
3 Net interest cover: Profit before interest, fair value change, taxation and exceptional items/net interest expense
Contents
1 2 4 / F R A S E R S P R O P E R T Y L I M I T E D
SUSTAINABILITY
REPORT
A N N U A L R E P O R T 2 0 2 0 / 1 2 5
CONTENTS
126
127
128
130
132
136
147
156
169
170
Board Statement
The Year at A Glance
Strengthening Our Sustainability Core
Creating Value Through Our Business Model
Managing Sustainability
Acting Progressively
Consuming Responsibly
Focusing on People
About This Report
GRI Content Index
GLOSSARY
For ease of reading, this glossary provides definitions of abbreviations that are frequently used throughout this report
Abbreviations used in report
AS/NZS 4801 : Australia/New Zealand Standard for
ISO 50001
: International Organization for Standardization
BBP
BCA
Occupational Health & Safety
: Better Buildings Partnership
: Building and Construction Authority,
Singapore
BREEAM
: Building Research Establishment
CCTV
DGNB
EDGE
EHS
EHSMS
ESG
FRx
GBCA
GHG
GRESB
GRI
HSE
HVAC
ISAAP
Environmental Assessment Method
: Closed-circuit Television
: German Sustainable Building Council
: Excellence in Design for Greater Efficiencies
: Environment, Health and Safety
: Environmental, Health and Safety
Management System
: Environmental, Social and Governance
: Frasers Experience
: Green Building Council of Australia
: Greenhouse Gas
: Global Real Estate Sustainability Benchmark
: Global Reporting Initiative
: Health, Safety and Environment
: Heating, Ventilation and Air-Conditioning
International Serviced Accommodation
:
Accreditation Process
ISO 14001
: International Organization for
Standardization (Environmental
Management System)
ISO 18001
: International Organization for
ISO 45001
:
Standardization (Occupational Health and
Safety Management System)
International Organization for Standardization
(Occupational Health and Safety Management
System)
LEED
: Leadership in Energy and Environmental
(Energy Management System)
Design
LGBTI
NABERS
: Lesbian, Gay, Bisexual, Transgender or Intersex
: National Australian Built Environment Rating
System
NGOs
OHSAS 18001 : Occupational Health and Safety Assessment
: Non-governmental Organisations
PV
SBTi
SDG
SGBC
SSC
TAFEP
Series 18001
: Photo-voltaic
: Science Based Targets initiative
: Sustainable Development Goal
: Singapore Green Building Council
: Sustainability Steering Committee
: Tripartite Alliance for Fair and Progressive
Employment Practices
TCFD
: Task Force on Climate-related Financial
UN
UNEP
UNFCCC
Disclosures
: United Nations
: United Nations Environment Programme
: United Nations Framework Convention on
Climate Change
UNGC
UNWEP
: United Nations Global Compact
: United Nations Women Empowerment
UV
WELL
WSHC
Principles
: Ultraviolet
: WELL Building Standard
: Workplace Safety and Health Council,
Singapore
Contents
1 2 6 / F R A S E R S P R O P E R T Y L I M I T E D
BOARD
STATEMENT
Dear Fellow Stakeholders,
While the world has developed and evolved to
be a better place to live and work in, we continue
to face significant environmental challenges
brought upon by climate change, while social
issues are becoming more pronounced. It has
become increasingly clear that Frasers Property
must not only deliver financial performance, but
we also need to understand our role in society
and show how we make a positive contribution.
A sense of purpose can help us better achieve our
full potential. Delivering sustainable impact – for
our planet, people and communities – has never
been more important. We want to continue to
demonstrate progress. Hence, we put sustainability
at the core of our business and our purpose is to
inspire experiences and create places for good
with quality products and services. This allows
us to create lasting shared value, for our people,
the businesses and communities we serve,
within the ecosystem in which we will live for
generations. While pursuing our business goals,
we aim to demonstrate our commitment to
positively impact the environment and society by
acting progressively, producing and consuming
responsibly, and focusing on people.
Raising sustainability ideals across our value chain,
in partnership with our stakeholders, to build
a more resilient business aligned with national
and international sustainability standards and
regulations, is a key aspect of how we embed
purpose into our business. With that in mind,
we are working on our roadmap to incorporate
sustainability practices throughout the property
lifecycle – from investment to design, development
and operation – emphasising on carbon reduction,
energy efficiency and sustainable technology.
As a responsible asset manager, we commit to
assessing the resilience and climate-adaptiveness
of our properties, the responsible consumption or
recycling of resources, and the health, well-being
and connectedness of people and communities.
Concurrently, as a responsible capital manager,
we will incorporate environmental, social and
governance considerations in our managed
investments, leading green financing to further
enhance the competitiveness and resilience of the
assets we create and manage. We believe we are
on the edge of a fundamental reshaping of the real
estate industry.
Raising sustainability ideals across our value
chain, in partnership with our stakeholders,
to build a more resilient business aligned with
national and international sustainability standards
and regulations, is a key aspect of how we embed
purpose into our business.
In FY20, we took a major step by identifying five
sustainability goals, which we are prioritising
for our business operations. These goals are in
the areas of energy and carbon where we are
targeting net-zero carbon by 2050 across our
businesses; resilient properties; responsible
investment; and skills and leadership. Over this
past year, Frasers Property has introduced a
Community Investment Framework, a Group-
wide Corporate Social Responsibility Policy and
a Group-wide Diversity & Inclusion Policy. Earlier
this year, we made a commitment to advance and
empower women at the workplace by endorsing
the Women’s Empowerment Principles, a joint
initiative of UN Entity for Gender Equality and the
Empowerment of Women and UN Global Compact.
These initiatives are examples of the progressive
efforts we are making to ensure empowerment
and gender equity in the organisation, including
increasing female representation on the boards
across the Group.
As the world continues to battle global warming,
natural catastrophes and humanitarian issues,
the COVID-19 crisis has added to the long list
of critical issues confronting businesses and
economies globally. We hope to contribute to
global sustainability advancements on these issues
– aligning our efforts to eight UN Sustainable
Development Goals – and to act in partnership
with local governments and stakeholders to
mitigate the worsening of the COVID-19 pandemic.
The Board of Directors continues to provide
strategic oversight and direction in the monitoring
and management of sustainability within the
Frasers Property Group. As we journey along, we
will update you regularly with measurable progress
on how our business has impacted our stakeholders,
the environment and the broader society. Our
annual Sustainability Report is now in its sixth year.
We invite you to read on to find out more about our
sustainability initiatives in FY20.
Board of Directors
Frasers Property Limited
A N N U A L R E P O R T 2 0 2 0 / 1 2 7
THE YEAR
AT A GLANCE
ACTING PROGRESSIVELY
>200 employees
introduced to design
thinking tools to
support innovation
in Frasers Property
Introduced 5
Group-wide
sustainability
goals
24 Awards won at
PropertyGuru Asia Property
Awards (Singapore) 2019
including Best Commercial Green
Development for Frasers Tower
1st retail mall
in Singapore using
UV-disinfecting
Autonomous
Mobile Robots
in response to
COVID-19
>200 green-
certified buildings
developed
and owned
since 2005
7 green and sustainability-linked loans
totalling about $1 billion secured
CONSUMING RESPONSIBLY
1st Net-Zero Carbon Package
for a residential development in
Australia offered to homebuyers at
Minnippi Quarter
The PARQ on track to be
Thailand’s first mixed-use
development to achieve
both LEED Gold and
WELL Certification
Burwood
Brickworks
set to be the
world’s most
sustainable
shopping
centre
100% renewable
electricity supplied to
all landlord-controlled
areas and buildings in
our UK business parks
>90% of Frasers Hospitality’s
managed properties phasing out
single-use plastics
FOCUSING ON PEOPLE
38% female representation in
senior management
Group-wide Diversity
& Inclusion Policy
established
Over $1 million
and 6,000 staff
volunteer hours
in support of local
communities.
Reiterated UN Women’s
Empowerment Principles
commitment to advance and
empower women at the workplace
0
40 hours of
training received
per employee
Contents
1 2 8 / F R A S E R S P R O P E R T Y L I M I T E D
STRENGTHENING OUR
SUSTAINABILITY CORE
As a multi-national business with a footprint in over
70 cities, Frasers Property has an influential part to
play in driving sustainable development in society.
As a responsible corporation, we see the urgency to
address critical global warming and humanitarian issues,
including the COVID-19 pandemic, by strengthening our
sustainability core. Concurrently, we are conscious the
built environment accounts for a significant 39% of global
carbon emissions, according to the World Green Building
Council. This is where we believe we can leverage our
position in the value chain to reduce emissions and
influence other stakeholders to act as well.
OUR SUSTAINABILITY FRAMEWORK
Over the years, we have developed a strong
foundation covering the three aspects of sustainability:
environmental, social and governance. Social and
governance issues reflect the backbone of how we run
the business ethically, while contributing to our local
communities and our employee diversity and well-being.
Our Sustainability Framework, established in 2018, sets
out the Group’s sustainability priorities through to 2030.
The Framework’s three pillars — Acting Progressively,
Consuming Responsibly and Focusing on People —
form a multi-disciplinary approach that recognises 13
corresponding environmental, social and governance
focus areas. Our business units and listed trusts
continuously review their practices, policies, performance
and targets in relation to these focus areas.
P I L L A R S
Acting
Progressively
Consuming
Responsibly
F O C U S A R E A S
Focusing on
People
Innovation
Fostering an innovation
culture that creates value and
strengthens our competitive edge
Materials & Supply Chain
Achieving the sustainable
management and efficient use of
material along the supply chain
Resilient Properties
Strengthening resilience and
climate adaptive capacity
Risk-Based Management
Comprehensive assessment
to address environmental,
health and safety risks
Responsible Investment
Incorporating social, environment
and governance criteria in
the evaluation process
Biodiversity
Enhancing the environment
and ecosystem through
our developments
Energy & Carbon
Increasing substantially energy
efficiency and renewable
energy used
Waste
Reducing substantially waste
generation through prevention,
reduction, recycling and reuse
Water
Increasing substantially water
efficiency and the recycling and
safe reuse of water discharged
Community Connectedness
Considering social value
principles for communities
Health & Well-being
Ensuring healthy and
balanced work and
community environments
Diversity & Inclusion
Empowering and promoting
the social inclusion of all,
irrespective of age, sex, disability,
race, ethnicity, origin, religion
or economic or other status
Skills & Leadership
Developing skills and leadership
programmes that support
productive activities, creativity and
innovation to deliver high value
A N N U A L R E P O R T 2 0 2 0 / 1 2 9
Sustainability is at the heart of creating places and inspiring experiences that matter
at Frasers Property. To be an enduring and progressive company, we seek to incorporate
sustainability into every stage of our value chain – from business strategies to operations.
We are here for the long term, and we want to benefit the people and environment of the
communities that we operate in. In creating shared value for our stakeholders and the
environment, we also create a resilient business for many more generations to come.
We will continue to work on our sustainability processes and performance, as we identify
opportunities to offer better experiences and high-quality properties for our stakeholders.
PANOTE SIRIVADHANABHAKDI
Group Chief Executive Officer
MAKING SUSTAINABILITY OUR CORE CAPABILITY
All the leaders of Frasers Property agree that sustainability has to be developed as a core capability. Beyond just
managing risks, sustainability provides opportunities to future-ready our business through innovation and long-term
strategic planning. In FY20, our leaders established five new sustainability goals that will guide Frasers Property to 2050.
Establishing these initial five goals is a key milestone as we further strengthen our sustainability core and integrate
sustainability into our business operations.
GOAL
#1
To Be A Net-Zero Carbon Corporation
by 2050
With the real estate industry responsible for
about 39% of energy- and process-related
emissions, tackling climate change is our top priority.
Many countries have set targets to achieve carbon
neutrality, including Europe by 2050. In line with the UN
Sustainable Development Goals and Intergovernmental
Panel on Climate Change recommendation, Frasers
Property will take bold action to achieve net-zero carbon
emissions by 2050. By 2022, all our businesses will have
completed the development of their net-zero carbon
roadmaps and carbon reduction targets using a science-
based approach.
GOAL
#2
To Be Climate-Resilient and Establish
Adaptation and Mitigation Plans
by 2024
Scenario analysis of possible climate
related outcomes – such as the impact from
temperature increases (below 2oC scenario: RCP 2.6 and
below 4oC scenario: RCP 8.5) – demonstrate how our
business might perform in the future. Such insights inform
decisions on risk adaptation and identify opportunities
and business strategies now. We will carry out climate
risk assessments and implement asset-level adaptation
and mitigation plans by 2024, and align our reporting
with the Task Force on Climate-related Financial
Disclosures framework.
GOAL
#3
To Green-certify 80% of Our Owned
and Managed Assets by 2024
Green buildings contribute to many aspects of
environmental sustainability, from being
energy- and water-efficient and optimising the use of
resources to providing healthy environments for tenants.
With over 200 buildings green-certified since 2005, we
are setting a goal to certify 80% of all our owned and
managed assets by 2024, and to have all new projects
under development to be certified by 2021. There are
various certification schemes that we adopt, such as
Green Mark in Singapore and Vietnam, Green Star in
Australia and Europe, BREEAM in the UK, and WELL and
LEED in Thailand.
GOAL
#4
To Finance the Majority of Our
Sustainable Asset Portfolios with
Green and Sustainable Financing
by 2024
Green and sustainable financing plays an important
role to encourage businesses to prioritise sustainable
development. Green and sustainable financing also
provides access to a wider pool of financing partners and
direct savings on financing costs. Since 2018, we have
secured a total of 12 green and sustainability-linked loans
amounting to about $4 billion. We have set a goal to
finance the majority of our sustainable asset portfolios
with green and sustainable financing by 2024.
GOAL
#5
To Train All our Employees on
Sustainability by 2021
For us to be sustainable, our people have to
understand and believe in our goals, and have
the ability to act sustainably. In recent years, we
have created awareness among our employees and
stakeholders through activation campaigns and training
programmes. We want to go further with the aim to train
all our employees on sustainability by 2021 and extend
this training to our supply chain and other stakeholders
beyond 2021.
Contents
1 3 0 / F R A S E R S P R O P E R T Y L I M I T E D
CREATING VALUE THROUGH
OUR BUSINESS MODEL
Our sustainability strategy is the impetus of value creation across our business. We are to raise sustainable ideals across
the board to build a more resilient business. While doing so, we recognise our position as a multi-national organisation,
and strive to respond to the wider global sustainability agenda to create a future that is both environmentally sound and
socially inclusive. In our pursuit of a shared purpose, we have aligned our approach to the UN Sustainable Development
Goals (SDGs) to demonstrate our contributions to addressing the world’s most urgent sustainability challenges.
Key Inputs
How We Create Value
Key Outputs
Financial Capital
Investing in world-class
projects supported by our
strong financial foundation
and diversified funding
sources to drive sustainable
business growth.
Human Capital
Creating a diverse, agile
and global workforce that
contributes to the success
of the business by staying
relevant and adaptable to
changes and opportunities.
Natural Capital
Managing the use of natural
resources in a responsible
manner through our
operations and supply
chain.
Intellectual Capital
Championing innovation
and technology across our
business and nurturing our
employees’ mindsets.
Social and Relationship
Capital
Recognising our business
relies on society to
operate in the long term
through strong trusting
relationships.
Manufactured Capital
Creating products
and services that are
community-centric and
future-ready to remain
competitive.
EXTERNAL ENVIRONMENT
Social
issues
Global
trends
Stakeholder
expectations
Acquisition &
Business
Development
Investing responsibly
through well-
considered business
decisions that
strengthen business
resilience
Design &
Construction
Shaping masterplan
projects to
create places for
businesses and
communities of the
future
Sales & Transaction
Delivering products
and offerings that
differentiate from
the norm and that
respond to the
market
Property & Asset
Management
Managing assets
sustainably with
holistic, cost-
effective and smart
solutions
FOUNDATION
Sustainability
Framework
Sustainability
Goals
Purpose
Corporate
Governance
Core
Values
Financial Capital
Since September 2018, we have
successfully secured approximately
$4 billion in green and sustainability-
linked loans to finance our
properties.
Human Capital
Frasers Property Learning
Academy supports the growth and
development of our employees
through business-aligned
learning themes, building our core
capabilities and resilience. This
year, a Retailer Academy has been
launched to support our tenants’
learning and growth.
Natural Capital
We conserve, regenerate and
enhance biodiversity at our
developments to create sustainable
ecosystems. We aim to leave every
site better than before. One of
our projects in Australia, Burwood
Brickworks, showcases how a
development can incorporate
parklands, landscaped reserves,
bioswales and urban agricultural
spaces to enhance biodiversity.
Intellectual Capital
We have introduced design thinking
tools to over 200 employees. Across
the Group, we have executed more
than 15 projects ranging from
customer experience, business
strategies, and process efficiency via
our design thinking approach.
Social and Relationship Capital
Annually, we invest over $1 million
in the local communities, focusing
on key areas of health, education,
environment and community.
Manufactured Capital
We have developed and/or own over
200 green-certified buildings across
Singapore, Australia, Thailand, the
UK and Europe.
A N N U A L R E P O R T 2 0 2 0 / 1 3 1
Frasers Property has been supporting the 2030 Agenda for Sustainable Development and the 17 UN SDGs since 2017. As
we step up our sustainability strategy, we identified an additional priority, SDG 13 – Climate Action, which resonates with
our purpose.
Contribution to SDGs
Frasers Property’s Position
Ensure healthy lives and promote
well-being for all
We proactively promote Health & Well-being and the safety of our people
and the community, including Community Connectedness.
Ensure access to affordable,
reliable, sustainable and modern
energy for all
We focus on Energy & Carbon to optimise the use of energy across all
portfolio and use renewable energy where possible.
Promote sustained, inclusive and
sustainable economic growth, full
and productive employment and
decent work for all
Build resilient infrastructure,
promote inclusive and sustainable
industrialisation and foster
innovation
Reduce inequality within and
among countries
We uphold fair employment practices, both for our people and across our
supply chain. Our Diversity & Inclusion, Skills & Leadership and Materials &
Supply Chain are focus areas contributing to this goal.
We foster a mindset of Innovation through design thinkers across the
business.
Our focus in Diversity & Inclusion ensures we strive to create a diverse and
inclusive workplace where difference is valued and we continue to promote
a progressive, respectful culture. We reward employees based on their
performance at the workplace.
Make cities and human settlements
inclusive, safe, resilient and
sustainable
By focusing on Responsible Investment and Resilient Properties, we create
places that sustain communities and the environment through design and
investment decisions.
Take urgent action to combat
climate change and its impacts
We aim to have Resilient Properties and set our sights on achieving net-zero
carbon by 2050 as an organisation.
Strengthen the means of
implementation and revitalise the
global partnership for sustainable
development
As we focus on Community Connectedness, we form partnerships with
stakeholders – industry, government, non-governmental organisations –
with similar sustainability objectives.
Contents
1 3 2 / F R A S E R S P R O P E R T Y L I M I T E D
MANAGING
SUSTAINABILITY
To achieve organisational success in sustainability
integration within the business requires a top-level
alignment of sustainability priorities within the corporate
strategy. At Frasers Property, sustainability sits highly on
the management agenda in strategic planning.
SUSTAINABILITY GOVERNANCE
A Sustainability Steering Committee comprising senior
management meets monthly to drive the sustainability
strategy, review sustainability performance and approve
action plans and policies to internalise the sustainability
practices. This Committee is supported by the Group
Sustainability Team and a Project Management Office,
as well as a Global Sustainability Taskforce assembled
from middle management representatives across our
business units. The Taskforce supports the business
units in developing their sustainability action plans and
monitoring their sustainability performance.
In addition, some business units have formed their own
governance structures with steering committees and
working committees to further internalise sustainability
priorities. Dedicated taskforces have also been set up to
advance Group focus areas such as diversity and inclusion
and health and well-being. Continuing to invest in
significant resources required to drive sustainability, the
Group has over 20 full-time sustainability professionals
employed across our key operations in Singapore,
Australia, Thailand, Vietnam, Europe and the UK.
Together, they form one of the largest sustainability
teams among our real estate peers.
Board of Directors
Sustainability Steering Committee
Group
Sustainability
Team
Project Management Office
Global Sustainability Taskforce
Representatives from all
business units
Focus Area Taskforces
Diversity & Inclusion
Health & Well-being
Skills & Leadership
Business Unit Level
Sustainability Steering Committee
Sustainability Working Committee
Full-time Sustainability Executives
A N N U A L R E P O R T 2 0 2 0 / 1 3 3
STAKEHOLDER ENGAGEMENT
Our stakeholders provide valuable feedback to shape the way we enhance their experience when interacting with
Frasers Property. We constantly engage our stakeholders through various channels to understand the sustainability
issues that matter, which will then inform our sustainability strategy and efforts.
Key Stakeholders
Key Topics of Concern
Mode of Engagement
Contractors,
Consultants and
Suppliers
Customers
• Health and safety
• Responsible sourcing
(including Modern
Slavery Act in the UK
and Australia)
• Customer satisfaction
• Quality of spaces,
facilities and services
• Health and well-being
Employees
• Career development
• Employee engagement
• Staff bonding
• Health, safety and well-
• Safety briefings, exercises
and declarations
• Discussions and feedback
channels
Frequency of Engagement and FY20
Highlights
• Daily, weekly and monthly
engagements in the form of
safety briefings, exercises and
declarations at our development
sites
• Customer service counters
• Customer care and rewards
programme
• 650,000 customers engaged
through rewards programmes in
Singapore
• Surveys and feedback
• Surveys conducted for tenants,
channels
• Training programmes
• Surveys and feedback
hospitality guests and homebuyers
– results on page 165
• 40 hours of training completed per
employee
channels
• 100% of employees with annual
• Team-building and annual
appraisal reviews
being
activities
• Impact on the
• Physical, mental and social
environment and
society
wellness programmes
• Environmental, health and
safety awareness activities
Investment
Community
• Financial results
• Business performance
and outlook
• Corporate governance
• Green and sustainable
• Results briefings
• Annual General Meeting
• Investor meetings and
conferences
• Environment, social and
• Annual Group-wide Frasers
Property Environment and Health
& Safety Months
• Group-wide pulse survey to ensure
employees are supported during
COVID-19
• Quarterly townhalls
• Communications platform via
Workplace by Facebook
• Quarterly calls and half-yearly
briefings
• Annual General Meeting
• 67 meetings with institutional
investors and research analysts
finance
governance surveys
• 2020 GRESB assessment for
• Discussions and sharing
business units
sessions
Local Community
Regulators
and Non-
Governmental
Organisations
(NGOs)
• Community
investments
• Feedback channels
• Staff involvement in local
• Business impact on
communities
the environment and
society
• Community development
initiatives
• Regulatory compliance
• Corporate governance
• Regulatory/industry
trends and standards
• Participation in NGOs as
board member, focus group
and committee member
• Surveys and focus groups
• Regular meetings with financial
institutions to secure seven green
and sustainability-linked financing
during the year.
• Over 250 community development
initiatives implemented
• Over 6,000 staff-hours volunteered
• Over $1 million contributed to
community investment initiatives
• Participation in GBCA Board,
International Living Future
Institute, GRESB Benchmark
Committee, BCA Green Mark
Advisory Committee, and
Urban Land Institute’s Women’s
Leadership Initiative. For full details
of membership, please refer to
page 142
Contents
1 3 4 / F R A S E R S P R O P E R T Y L I M I T E D
MANAGING
SUSTAINABILITY
INDUSTRY ALIGNMENT
MATERIALITY ASSESSMENT
In our pursuit of integrating sustainability into our
business operations and practices, we regularly review
and assess the relevance of our material topics. In
FY19, a survey was carried out with our stakeholders to
seek their views in relation to environment, social and
governance topics important to the Group. In addition,
a detailed analysis on industry trends and peer review
was conducted. We concluded, from the survey, that
our material topics remained relevant with emerging
topics for our business set out in our Sustainability
Framework and the UN SDGs. The table below shows
how our material and emerging topics correspond to our
focus areas and the relevant SDGs, and where we have
caused or contributed to the impact through our business
relationships.
Collaboration and responsible business practices
can bring about positive changes in the industry
and society. Frasers Property engages with globally
recognised organisations to take universal actions that
push sustainability deeper into our corporate DNA and
demonstrate responsibility to our stakeholders. As our
leaders are committed to respond to global challenges
to advance the world’s sustainability agenda, we have
endorsed and participated in the following initiatives:
• United Nations Global Compact (UNGC)
• United Nations Women Empowerment Principles
(UNWEP)
• Global Real Estate Sustainability Benchmark (GRESB)
• Task Force on Climate-Related Financial Disclosures
(TCFD)
• Paris Agreement of the United Nations Framework
Convention on Climate Change (UNFCCC)
• Tripartite Guidelines on Fair Employment Practices
(TAFEP)
• Net Zero Carbon Buildings Commitment of the World
Green Building Council (WGBC)
• Science-Based Targets initiative (SBTi)
• Climate Change Commitment of the Better Buildings
Partnership (BBP)
Sustainability
Pillars
Focus
Areas
Risk-based
Management
What it Means to
Frasers Property
To future-proof our
business, it is integral to
comprehensively assess
environment, health and
safety and social risks
associated with our business.
Acting
Progressively
Responsible
Investment
Resilient
Properties
Innovation
We invest strategically, taking
into consideration financial
as well as environmental,
social and governance criteria
in the evaluation process to
deliver long-term economic
performance.
It is critical to build the
resilience of our properties
and adapt to changes to stay
ahead through the way we
operate.
An innovative culture enables
our business to stay relevant
and meet the expectations of
our stakeholders.
Material Topics &
GRI Indicators
• Environmental
Compliance
(GRI 307)
• Anti-corruption
(GRI 205)
• Marketing and
Labelling (GRI 417)
• Emerging Topic:
Anti-competitive
• Behaviour (GRI 206)
• Economic
Performance
(GRI 201)
• Economic
Performance
(GRI 201)
• Economic
Performance
(GRI 201)
Corresponding
UN SDGs
Topic
Boundaries
Frasers
Property,
Contractors
Frasers
Property
Frasers
Property,
Customers
and Tenants
Frasers
Property,
Contractors,
Customers
and
Tenants
Sustainability
Pillars
Focus
Areas
Energy &
Carbon
Consuming
Responsibly
Water
Waste
Materials &
Supply Chain
Biodiversity
Diversity &
Inclusion
Skills &
Leadership
Focusing on
People
Health &
Well-being
Community
Connectedness
What it Means to
Frasers Property
The built environment is
one of the largest sources
of energy use and carbon
emissions globally. We
recognise this implication
and proactively manage
our energy consumption
and carbon footprint in our
building operations.
Water is a scarce resource.
We strive to conserve water
whenever possible to reduce
unnecessary usage and
wastage.
We encourage the efficient
use and management of
resources to curb waste
generation.
Our impact extends beyond
our operations. We are aware
of our role in influencing
our supply chain to create
sustainable value and
encourage them to consider
environmental, social and
governance issues in their
own businesses.
We acknowledge the
importance of biodiversity
and seek to conserve and
enhance nature through
responsible development.
We promote the social
inclusion of all, irrespective of
age, gender, disability, race,
ethnicity, origin, religion or
status.
A progressive leadership
team and a well-developed
workforce empowered to
innovate and equipped with
future skills are central to our
success.
We believe promoting the
health and well-being of our
stakeholders would lead to
increased productivity and
work satisfaction and reduced
workplace risks associated
with safety. This took even
greater prominence with the
impact of COVID-19.
We strive to create significant
positive impact in the
communities we operate
in. We endeavour to run a
business that responds to our
communities’ needs.
A N N U A L R E P O R T 2 0 2 0 / 1 3 5
Material Topics &
GRI Indicators
• Energy (GRI 302)
• Emissions (GRI 305)
Topic
Boundaries
Frasers
Property,
Customers
and Tenants
Corresponding
UN SDGs
• Water (GRI 303)
• Emerging Topic:
Effluents and Waste
(GRI 306)
• Emerging Topic:
Materials (GRI 301)
Frasers
Property,
Customers
and Tenants
Frasers
Property,
Customers
and Tenants
Frasers
Property,
Contractors
• Emerging Topic:
Biodiversity
(GRI 304)
Frasers
Property
• Labour/
Management
Relations (GRI 402)
• Emerging Topic:
Diversity and Equal
Opportunity
(GRI 405)
• Employment
(GRI 401)
• Training and
Education (GRI 404)
Frasers
Property
Frasers
Property
• Occupational Health
and Safety (GRI 403)
• Local Communities
(GRI 413)
Frasers
Property,
Contractors,
Customers
and
Tenants
Frasers
Property,
NGOs
and Local
Communities
Contents
1 3 6 / F R A S E R S P R O P E R T Y L I M I T E D
ACTING
PROGRESSIVELY
We are committed to creating places that deliver positive outcomes while building
a sustainable business, grounded by robust policies to govern our business conduct.
We integrate environmental, social and governance considerations into our decision-
making processes to holistically manage risk, build resilience and uphold good corporate
governance. We believe in acting progressively and innovatively to enhance the value of
the outcomes that we envision.
OUR APPROACH
• Establish holistic overarching internal policies to govern and guide management of the focus areas
• Adopt green building certification as a strategy to benchmark our sustainability offerings to tenants, employees
and patrons
Implement environmental and health and safety management systems to maintain sustainable operations excellence
•
• Embed responsible investment practices into our business strategy by integrating environmental, social and
governance risks and opportunities in the investment processes
• Build a positive corporate culture that allows innovation to thrive
Contribution
to UN SDGs
OUR PROGRESS
Focus
Area
Risk-based
Management
Responsible
Investment
Resilient
Properties
Our
Goals
• To establish holistic
overarching internal
policies to govern and
guide management of the
focus areas.
Our Progress
in FY20
• Introduced a group Corporate Social Responsibility
Policy, which further enhances our Environment,
Health & Safety Policy.
• All business units developed their own sustainability
workplan aligned with the group goals.
• To certify 80% of owned
• Increased the number of properties and projects
and managed assets with
third-party and relevant
green building schemes by
2024.
with Green Mark certification in Singapore from 31
in FY19 to 35, the total of which includes six Green
Mark Platinum buildings and 11 Green Mark GoldPLUS
buildings.
• To certify all new
development projects by
2021.
• Increased the number of properties and projects
certified with Green Star in Australia from 129 in FY19
to 137.
• Increased the number of properties certified with
BREEAM in the UK to 19.
• To finance majority of
our sustainable asset
portfolios with green and
sustainable financing by
2024.
• Secured seven green and sustainability-linked loans
totalling about $1 billion in FY20.
• Secured to date 12 green and sustainability-linked
loans amounting to about $4 billion, representing
approximately 24% of our net borrowings.
• To carry out climate risk
• Started climate risk assessment for our Singapore
assessments and implement
asset-level adaptation and
mitigation plans aligned
to the Task Force on
Climate-related Disclosures
framework by 2024.
and UK business units under different climate change
scenarios.
• Renewed climate risk assessments for our Australian
assets within Frasers Property Australia and Frasers
Property Industrial.
Innovation
• To cultivate a customer-
centric and collaborative
mindset.
• Introduced design thinking tools to over 200
employees from business units in Singapore,
Australia, Thailand, Europe and the UK.
• Trained 11% of staff in Australia to be Innovation
Champions.
A N N U A L R E P O R T 2 0 2 0 / 1 3 7
RISK-BASED MANAGEMENT
Good governance is the foundation of building trust among our stakeholders. We strive to maintain the highest
standards of integrity, accountability and governance in our daily operations. We established policies and robust
internal processes with specific guidance areas to ensure compliance at the workplace.
We continue to adopt the following policies to provide guidance and instil integrity across the Group, while remaining
agile to capitalise on potential growth opportunities.
Policies
Code of Business Conduct
Whistle-blowing Policy
Anti-bribery Policy
Policy for Disclosure and Approval
of Purchase of Property Projects
Competition Act Compliance
Manual
Personal Data Protection Policy
Environment, Health & Safety
Policy
Diversity & Inclusion Policy
Corporate Social Responsibility
Policy
Board Diversity Policy
Modern Slavery Act 2015: Slavery
& Human Trafficking Statement
(UK)
Guidance Area
Company ethics and conduct in relation to compliance monitoring, record
keeping, information confidentiality, conflicts of interest, insider trading, and
dealings with key counterparties
Channel for reporting concerns, including financial or professional misconduct,
irregularities or non-compliance with laws and regulations, and corruption or
bribery
Prevention and management of bribery and corruption
Declaration and approval requirements for any interested persons, directors
and employees when purchasing property developed by Frasers Property
Compliance with the Competition Act to protect and promote healthy
competitive markets in Singapore
Compliance with the Personal Data Protection Act relating to the handling and
processing of personal data, and complaint handling procedures
Policies and procedures to safeguard the health and safety of all relevant
stakeholders and providing a workplace with low environmental impact for
them to work in or to conduct their business
Beliefs and actions to support a diverse workplace and how we assess
our performance in delivering these actions, and to maintain a workplace
environment where all employees can achieve their full potential
Principles and practices for social and environmental sustainability, reflecting
our drive to deliver our commitments, underpinned by our principles and
approach towards sustainability
Beliefs and actions to achieve a Board composition with appropriate balance,
diversity and mix of skills, business experience, background, age, gender,
nationality, industry and geographic knowledge, professional qualifications
and other relevant qualities
Policies and procedures to combat modern slavery and human trafficking with
continuous monitoring of risk in our supply chain, and implementing training
for employees and suppliers to prevent human rights abuses
Below are some key practices we uphold to identify, manage and respond to risks related to ethical business conduct.
Area
Corruption and
fraud
Environment,
health and safety
Practices
• Adhere to the Anti-Money Laundering and Countering the Financing of Terrorism requirements
in countries that we operate.
• Implement ISO 14001 (Environment) across key business units and ISO 50001 (Energy)
management systems in our commercial buildings in Singapore.
• Implement ISO 45001:2018 and AS/NZS 4801 occupational health and safety management
systems across key business units.
Marketing
communications
• Adhere to the Singapore Code of Advertising Practice, Urban Redevelopment Authority of
Singapore’s Housing Developers Rules and Housing Developers (Show Unit) Rules 2015, UK’s
Misrepresentation Act 1967, and Thailand’s Consumer Protection Act (A.D. 1998).
Contents
1 3 8 / F R A S E R S P R O P E R T Y L I M I T E D
ACTING
PROGRESSIVELY
To ensure the independence of the internal audit
function, our Group Internal Audit Head reports directly
to the Chairman of the Audit Committee. Independent
internal audits are designed to evaluate and improve
the effectiveness of risk management, control and
governance processes. For further details, please refer to
pages 181-214 on the Corporate Governance Report.
In FY20, there were:
• Seven whistle-blowing cases reported, out of
which two were substantiated and one is still under
investigation.
• One substantiated fraud case identified within the
whistle-blowing cases.
• No incident of non-compliance with regulations and
industry codes concerning marketing communications.
• No incident of environmental and health and safety
breaches at our development sites in Singapore,
Australia, the UK, China and Vietnam.
Our objective is to take progressive steps to minimise non-
compliance incidents and breaches and work together
with stakeholders to ensure appropriate precautions are
taken throughout our value chain.
This year, we continue to enhance our business continuity
management (BCM) capability. The Group Crisis
Management Plan is enhanced to ensure we are well
prepared for any business disruptions and interruption,
and that our operations, assets and people are protected.
The BCM program is rolled out to the business units
according to the programme roadmap, overseen by
our BCM Committee comprising the key heads of
departments and business units. Business continuity
exercises are carried out at least annually to prepare
ourselves against unexpected crisis.
RESPONSIBLE INVESTMENT
Responsible investment is an important focus area for
Frasers Property. It defines how we put our capital to
work while incorporating environmental, social and
governance (ESG) factors in decision-making to achieve
the Group’s sustainability objectives. Similar to the
driving forces advocated by the Principles for Responsible
Investment, we believe that ESG factors can influence
our return on investment, while meeting growing client
demand and stricter regulations on ESG. We invest
responsibly through two overarching approaches:
improving our existing asset portfolio’s ESG performance,
and integrating ESG aspects when investing and
financing new properties and development projects.
Growing Our Green Portfolio
One of the strategies we adopt is to green our portfolio
of assets with environmentally efficient infrastructure
and facilities. We consider greener options at the
onset of design and construction of new buildings, and
progressively upgrade and retrofit our existing buildings.
To be universally recognised, our green buildings undergo
credible and relevant third-party certification schemes.
Since our first green-certified building in 2005, we have
continued to develop and own more than 200 green-
certified buildings in Singapore, Australia, Thailand,
Europe and the UK. Our goal is to certify 80% of our
owned and managed assets by 2024, and to certify all
new development projects by 2021.
In Singapore, we have certified 35 properties and projects
under the Building & Construction Authority (BCA) Green
Mark scheme. Six of our managed commercial and retail
properties – namely Causeway Point, Tiong Bahru Plaza,
White Sands, Century Square, Alexandra Point and
Frasers Tower — have been certified to the highest Green
Mark Platinum level. We have also been continuously
improving our existing portfolio, which saw Cross Street
Exchange attain Green Mark GoldPLUS from Green Mark
Gold after a series of upgrading works during the year.
In Australia, 137 properties and projects have received
Green Star certification from the Green Building Council
Australia (GBCA) since 2011. We are the largest portfolio
owner of Industrial Green Star properties with 4-Star
Frasers Tower • Singapore
A N N U A L R E P O R T 2 0 2 0 / 1 3 9
Green Star Performance portfolio certification. Some of
the key initiatives that led to this performance include
energy and water usage sub-metering and monitoring,
data management, indoor air quality testing, as well as
completing a climate resilience assessment across the
portfolio. We are also committed to developing new
industrial properties in Australia to a minimum 5-Star
Green Star rating. Among our retail projects in Australia,
Ed.Square was awarded 6-Star Green Star Communities
this year, while Burwood Brickworks, Eastern Creek
Quarter and Ed.Square Centre are on track to achieving
6-Star Green Star in the coming year.
In Europe, our industrial portfolio consists of five German
Sustainable Building Council (DGNB)-certified and 17
Green Star-certified properties in Germany, along with
two Building Research Establishment Environmental
Assessment Method (BREEAM)-certified and three Green
Star-certified properties in the Netherlands. Our new
Frasers Property Industrial’s Europe office located in
Amsterdam is certified to BREEAM ‘Excellent’ rating. In
the UK, we are committed to achieve a minimum BREEAM
rating of ‘Very Good’ for all new developments and major
refurbishments. Currently, 19 buildings in our UK business
parks are BREEAM-certified, including two buildings
which received an ‘Excellent’ In Use rating.
In Thailand, six industrial properties are LEED- or EDGE-
certified. Most recently, The PARQ, a project that we
manage in Bangkok, obtained WELL pre-certification at
Gold level and is aiming to achieve LEED certification. At
Frasers Logistics Center Bangplee, Thailand, we recently
completed the Omnichannel Distribution Center, which
meets the LEED-certified requirements. In Vietnam,
Melinh Point, an existing office building completed in
1999, is undergoing an asset enhancement initiative with
the aim to become the country’s first operational building
to achieve BCA Green Mark Platinum certification.
Number of properties in Singapore certified with Green Mark
40
35
30
25
20
15
10
5
0
9
3
2
11
4
4
12
4
5
13
4
5
14
5
6
15
5
6
15
7
7
16
17
7
7
7
7
17
11
7
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Office (Non-REIT + REIT) • Retail (Non-REIT + REIT) • Residential
Number of properties in Australia certified with Green Star
140
120
100
80
60
40
20
0
1
40
11
16
40
11
10
1
53
12
22
2
53
12
29
2
68
1
13
45
2
72
1
13
49
1
2
6
8
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Development • Office • Retail • Industrial • Corporate
Contents
1 4 0 / F R A S E R S P R O P E R T Y L I M I T E D
ACTING
PROGRESSIVELY
Communities of the Future
As the world progresses, the benchmark for how places are
designed is transforming. The increasing number of people
moving to urban centres looking for opportunities also
presents challenges of population density, climate change
and social issues. New developments are expected to deliver
more purpose than ever, as places where communities
can live in and thrive, and make a positive contribution
to the environment. Recognising this, Frasers Property is
transforming the way we design large-scale masterplan
developments to shape the cities of the 21st century.
Leveraging our expertise, we are setting new standards
for sustainable and liveable communities of the future.
One Bangkok in Thailand is an example of how we
pushed the boundaries of design, quality, connectivity
and sustainability in a vibrant lifestyle destination.
The district is built on people-centric principles, with
a strong emphasis on wellness, sustainability and
smart technology with the aim of improving efficiency,
productivity, and occupant well-being at the workplace.
Similarly, Macquarie Exchange in Sydney, Australia, aims
to be a pedestrian-focused development that offers an
activated retail and amenity-rich destination for building
occupants. The development was designed to go beyond
minimum compliance standards for sustainability and
environmental efficiency, including providing 100%
carbon-neutral energy to all buildings within the
Macquarie Park area.
Built Environment Awards
As a testament to its building excellence, Frasers Property
won 24 awards at the PropertyGuru Asia Property Awards
(Singapore) 2019 including Best Commercial Green
Development, Best Office Development, Best Mixed-Use
Development for Frasers Tower; and Special Recognition
awards for Frasers Property Singapore’s efforts in
Sustainable Development, Design and Construction and
Corporate Social Responsibility.
In addition, Frasers Tower has also been recognised in
the Asean Energy Awards 2020 as the second runner-up
for the energy-efficient building category. It is the only
building from Singapore to be among the top three in this
awards category.
Our people were also recognised for their passion for
sustainability and excellence during the year. Four
employees from the Group’s sustainability team in
Australia clinched the inaugural Green Star Champions
award launched by the GBCA in 2020. The award honoured
Paolo Bevilacqua, Andrew Thai, Rory Martin and Marine
Calmettes for their vision, passion and commitment to
deliver a more sustainable built environment through the
GBCA Green Star certification programme.
In addition, our Living Building Challenge Manager at
Burwood Brickworks, Stephen Choi, received the Australian
Institute of Architects 2020 award for his dedication and
advocacy for a better built form world. More specifically, he
was credited for his positive impact and tireless dedication
at Burwood Brickworks, which is in the process of achieving
the Living Building Challenge® certification.
One Bangkok: Fully Integrated,
Sustainable District
This fully integrated district in prime central Bangkok
aims to be the first LEED-Neighbourhood Development
Platinum development in Thailand, with towers built
to LEED and WELL Platinum standards. It is also first to
be powered by the country’s first urban district cooling
and power distribution business. Frasers Property
Holdings Thailand had joined three partners to develop,
own and operate this business to supply One Bangkok
with sustainable cooling and power.
Read more
A N N U A L R E P O R T 2 0 2 0 / 1 4 1
Our Group is a key participant in the fast-evolving green financing market in the
region because we have been quick to recognise the support from financial institutions
for green financing. Tapping the green loan market is not only an integral part of
our capital management strategy, but a natural extension of our business focus on
sustainability, and we intend to keep adding to Frasers Property’s track record of raising
green financing.
LOO CHOO LEONG
Group Chief Financial Officer
Promoting Sustainable Finance
Frasers Property views sustainable financing as an
important tool to align our business with corporate
responsibility objectives. We actively pursue sustainable
finance for our asset portfolio, wherever possible, with
a goal to finance the majority of our sustainable asset
portfolios with green and sustainable financing by 2024.
In FY20 alone, we secured seven green and sustainability-
linked loans totalling approximately $1 billion. This
included a green loan of $350 million secured under the
Loan Market Association and Asia Pacific Loan Market
Association Green Loan Principles for the financing of
our upcoming Fernvale Lane development, Singapore’s
first green loan secured for an executive condominium.
The development is targeted to obtain BCA Green Mark
GoldPLUS certification.
To date, the Group, including its subsidiaries and
associated entities, has secured 12 green and
sustainability-linked loans totalling about $4 billion,
which is approximately 24% of our net borrowings. One of
our syndicated loans – a A$750 million dual-tranche term
loan secured in July 2019 – was crowned the Best Green
Loan for Real Estate at The Asset’s Triple A Sustainable
Capital Markets Regional Awards 2019 for its innovative
pricing structure. Out of the A$750 million loan, A$500
million is a green tranche that had a reducing interest
margin when the relevant sustainability benchmark,
GRESB, continues to be met.
In 2020, Frasers Property Australia launched a
Sustainability Finance Framework to enable the growth
of green loans, bonds and financial models anchored
to its performance on key sustainability metrics. The
framework is aligned to the Green Bond Principles 2018,
Sustainability Bond Guidelines 2018 and Sustainability-
linked Bond Guidelines 2020 by the International Capital
Market Association, and Green Loan Principles 2018 and
Sustainability-Linked Loan Principles 2019 by the Loan
Market Association. Designed to provide overarching
criteria and guidelines on managing the proceeds, the
framework will support our efforts to enter into multiple
sustainable finance transactions.
Contents
Macquarie Exchange: Future of Business
and Community
As Australia’s first community business district,
Macquarie Exchange adopts open, active and innovation
concepts woven in to create an ecosystem that brings
the future of business and community together.
Focusing on the health and personal well-being of its
workers, it engages a full-time Community Manager to
organise community events by leveraging the state-of-
the-art technology in the smart buildings as well as the
vast outdoor urban plaza and central park.
Read more
1 4 2 / F R A S E R S P R O P E R T Y L I M I T E D
ACTING
PROGRESSIVELY
Partnering with Industry Associations
We believe in collaborating with industry bodies and like-minded stakeholders to achieve positive sustainability
outcomes more quickly together. While we engage and share knowledge on sustainability and relevant industry issues
with others, we also benefit from accumulating more knowledge and ideas. Our executives in our offices globally have
been actively involved in key roles in the industry bodies.
Representatives
Pang Chin Hong, Committee Member
Industry Bodies
BCA Green-built Environment Advisory
Committee
International Living Future Institute
Livable Housing Australia
Living Future Institute Australia
National Affordable Housing Alliance, Australia
Real Estate Developers’ Association of Singapore Koh Teck Chuan, Honorary Treasurer
Real Estate Investment Trust Association of
Singapore
Paolo Bevilacqua, Vice-Chair of Board
Simone Dyer, Advisory Board Member
Paolo Bevilacqua, Chairman of Board
Rod Fehring, Chairman
Singapore Hotel Association
Urban Development Institute Australia
Urban Land Institute Singapore
Low Chee Wah, Vice President & Chairman of Sub-Committee on
Professional Development
Colin Low, Regulatory Sub-Committee Member
Colin Low, Board Member
Joanna Russell, Councillor, New South Wales
Jill Lim, Secretary, Victoria Council
Scott Ullman, Member of the Board of Directors, Queensland
Zheng Wanshi, Co-chair, Women’s Leadership Initiative
Our sustainability professionals – including Paolo Bevilacqua, Rory Martin, Andrew Thai, Marine Calmettes and Amira
Hashemi – as well as various employees have also contributed to numerous sustainability-related industry committee
engagement in industry bodies such as BBP, GBCA, GRESB, NABERS, Property Council of Australia, and Property
Industry Foundation.
RESILIENT PROPERTIES
Both climate science and the evidence from climate change-related events have clearly shown the need for businesses
to identify, understand and manage climate risks within their operations. Anecdotally, investors are also increasingly
climate-conscious, prioritising climate resilience in their investment decision-making. If not mitigated at an early stage
with conscious planning, climate risk will affect a business portfolio valuation and financial standing in the long term.
To make informed decisions in all stages of our value chain, we have started the process of assessing the climate risks
to our business in a phased approach. Our goal is to carry out climate risk assessments and implement asset-level
adaptation and mitigation plans for the entire business portfolio by 2024. Our climate-related disclosures are aligned
to the Task Force on Climate-related Financial Disclosures (TCFD), as summarised in the following table.
A N N U A L R E P O R T 2 0 2 0 / 1 4 3
Key Aspect Where we are today
Governance
• Our Board of Directors provides oversight on broader sustainability trends,
risks and opportunities to connect sustainability with corporate purpose
and strategy of the Group.
Strategy
• Our management, through the Sustainability Steering Committee,
monitors the Group’s sustainability performance against key material
topics.
• The Global Sustainability Taskforce and Project Management Office carry
out detailed climate risk assessment and develop resilience plans.
• Our initial assessment identified physical and transition risks as most
significant to our business. The impact of climate change and regulatory
changes would lead to increased costs, especially in operations,
maintenance and procurement of materials.
• We determine opportunities, from the identified risks, to create greater
value for our existing portfolio and new projects. We integrate innovative
and smart solutions into our properties to improve efficiencies and develop
first-in-market products for our customers. Furthermore, we are able to tap
into new sources of funding from financial institutions.
Risk
Management
• We developed our Sustainability Framework in 2018. It sets out the
Group’s 13 sustainability focus areas through to 2030, of which ‘Resilient
Properties’ is one of the focus areas.
• We implemented an Environmental, Health & Safety Policy and an
Environmental, Health & Safety Management System aligned to ISO14001
standard in key operating regions.
• We announced the Group’s five priority focus areas in FY20 and set tangible
goals for each. This includes the aspiration of sustainable financing of our
asset portfolio by FY24.
• We started a global process of identifying risks and opportunities for our
businesses at the asset-level. We plan to use the results to inform our
business decision-making in the coming year.
• We included climate change issues in our environmental risk identification
and started assessing environmental impact for any risk event.
Priorities in 2021-2022
• Continue to
strengthen and
improve governance
over sustainability
and climate risk.
• Develop a carbon
roadmap towards
net-zero carbon by
2050 aligned with
Science Based Targets
for all business units.
• Develop a Group-
level climate
risk assessment
disclosure and
framework aligned
with the TCFD.
• Conduct climate-
related training for
the business units
to implement the
recommendations
and targets identified
from the assessment.
Metrics and
Targets
• We have set climate-related targets as a Group to be net-zero carbon by 2050. All business units
will complete climate risk assessments and commence implementation of asset-level climate risk
adaptation and mitigation plans by 2024.
• Frasers Property Australia had its GHG emissions reduction targets approved by the Science Based
Targets initiative in FY19.
• We have been disclosing our energy, water and waste performance through our annual
Sustainability Report since 2015. Our year-on-year energy intensity and Scope 2 GHG intensity from
electricity consumption has decreased by 13.9% and 15.3% respectively in FY20. However, this is
expected due to the impact of COVID-19 across all our business operations.
• We generated a total of 4.4 GWh of renewable energy across our Singapore, Australia and
Hospitality portfolios in FY20, equivalent to 3,655 tCO2e of avoided emissions. In the UK, we also
procured 18.1 GWh of renewable energy, equivalent to a reduction of 4,224 tCO2e in Scope 2
emissions by our business parks.
• We started collecting embodied carbon emissions data from material use in our Singapore
residential projects from FY19. In FY20, Scope 3 GHG emissions arising from the production of
construction materials for two projects amounted to 10,251 tCO2e.
• We started collecting gas consumption data from our commercial and industrial properties in
Australia and the UK, which totalled 19.2 GWh, equivalent to 3,535 tCO2e in FY20.
Contents
1 4 4 / F R A S E R S P R O P E R T Y L I M I T E D
ACTING
PROGRESSIVELY
Committing To Climate Action
In FY20, Frasers Property UK signed the Better Buildings
Partnership Climate Change Commitment, as one of the
33 UK commercial real estate owner signatories who
are committed to best practice sustainability outcomes.
This level of support demonstrates the UK real estate
industry‘s fast-paced transition towards greater carbon
reduction and a more proactive approach to carbon risks.
As a signatory, we target to achieve net-zero carbon by
2050. To deliver on our target, Frasers Property UK is
committed to complete climate risk assessments across
all assets by 2022 and disclose the progress towards its
net-zero carbon roadmap annually. Frasers Property UK
is also committed to report the energy performance of its
assets, and has been procuring 100% green electricity for
its landlord-controlled areas and buildings within all of its
business parks.
For the fifth year running, Frasers Property Australia
was re-certified as carbon-neutral under the Climate
Active Carbon Neutral Standard. This year, a total of
7,143 tCO2e was offset from Scope 1, 2 and 3 emissions
from corporate operations in Australia, including office,
vehicles, employee travel and constructions operations.
We intend to continuously improve our performance to
further reduce overall emissions in Australia.
To manage the climate and resilience concerns in
Australia, a Resilience Policy and Framework is in place
to embed resilience capabilities within Frasers Property
Australia. Frasers Property Australia is committed to
renew its climate risk assessments for its residential,
retail, commercial and industrial portfolio in Australia,
and develop Climate Adaptation Plans for all future
developments to understand the impacts. Through the
Climate Adaptation Plans, we can identify potential
risks related to climate change for our properties. Each
potential risk is assessed for likelihood and consequences
under current conditions and projections in year 2030
and 2050. In one of our latest Climate Adaptation
Plans commissioned for Horsley Park Industrial Estate,
we identified 31 potential risks ranging from ‘low’
to ‘extreme’, with temperature, rainfall and extreme
weather conditions being the key risks. The plan also
recommended the specific design responses which are
focused on ‘high’ and ‘extreme’ rated risks. A similar
assessment was also conducted together with Frasers
Property Industrial for 84 properties under the Resilience
Policy and Framework.
The 210 Building at Winnersh Triangle, Reading • United Kingdom
INNOVATION
As a business, we are fostering an innovation culture
to future-ready our organisation to stay relevant to
our stakeholders. We encourage innovation across our
business through partnerships and organic innovation in
our pursuit of positive and dynamic change.
Design thinking is one of our key drivers for innovation.
To date, we have introduced design thinking tools to over
200 employees. Across the Group, we have executed
more than 15 projects ranging from customer experience,
business strategies, and process efficiency via our design
thinking approach.
During the year, we started to look at the design of
smart city services for facility management operational
systems in our One Bangkok development. In addition,
we continued our efforts to innovate and transform
traditional processes to enhance the experiences of
employees, tenants and customers, including adapting to
their changing needs during the COVID-19 pandemic.
Digitalisation and Proptech Innovation
Intelligent Building Platform
In FY20, we launched an intelligent building platform at
Frasers Tower in Singapore to provide our tenants with an
effortless experience to engage the property’s services.
The first-of-its-kind in Asia, this platform fulfils the
Group’s vision of seamlessly connected building systems,
workflows and communities. It also offers a contactless
customer experience, which enhances the safety and
wellness of the tenants and employees and allows for the
remote monitoring of the building.
A N N U A L R E P O R T 2 0 2 0 / 1 4 5
To navigate the complex business landscape, we need to augment our views on
investment and value creation. Our investment choices and strategies must move
beyond the traditional business model to build competencies and capabilities to drive
value creation that refine our existing portfolio for our stakeholders.
UTEN LOHACHITPITAKS
Group Chief Investment Officer
In Singapore, Alexandra Technopark tested a mobile robot
to augment security surveillance at the premises, in an
effort to improve human resource efficiency. The robot
patrolled the driveways and walkways of Alexandra
Technopark around the clock.
Mobile Conveniences
During the year, our hospitality arm launched various
digital technologies at Capri by Fraser at China Square,
Singapore, to provide one-stop solutions to meet our
guests’ needs. For example, Lola, our digital concierge
chatbot, offers a variety of functions, such as providing
hotel information, tools for exploring places of interests
in Singapore, and a platform for hotel services. It is also
integrated with our workflow management system for a
more streamlined automated guest request experience.
In Australia, the residential team developed a sales app
designed for sales agents and external agents to facilitate
the end-to-end sales process in real-time. Agents can view
customer details and create opportunities through the app
on the spot in addition to tracking existing opportunities.
The app was well-received by our partner agents, with
more than 100 agents having active accounts.
In Thailand, our GOLD CARE app, an online feedback
platform for homebuyers, is able to track the progress of
feedback, provide updates on the residential developments
and allow direct communications with the officers-in-
charge. Since its launch in March 2020, customers have,
on most occasions, given a four-star rating on customer
service by the Golden Land team.
Smart Industrial Buildings
In Thailand, we are collaborating with our customer,
F&N Dairies, to deliver a fully automated build-to-suit
warehouse by 2021. The flagship project is tailored to
meet F&N Dairies’ specific requirements with the use of
innovative robot-based storage solution and Automated
Storage and Retrieval Systems. This build-to-suit
warehouse will enable optimal usage of floor space while
enhancing operational efficiency, with the capacity to
accommodate future business operational needs.
Design thinking workshop for retail business in Thailand
Frasers Property Thailand is also testing the use of an
automated security clearance process for more than
2,000 vehicles at Frasers Property Logistics Park. The
solution uses CCTV cameras powered by artificial
intelligence and cloud-based machine learning to
recognise licence plates, predict traffic density and
calculate exhaust emissions. Resulting from the
innovation, the park enhanced security, lowered
manpower needs and reduced GHG emissions. The
innovation would be rolled out to other industrial
locations across Thailand in the next year.
Innovating over the COVID-19 Pandemic
Technology-enabled Health and Safety
To protect the health and safety of our stakeholders
over the pandemic, we turned to innovative solutions to
ensure the highest standards of hygiene and cleanliness
at our properties. In Singapore, we used photo plasma
technology to augment our cleaning efforts at the malls
and equipped new air handling units with ultraviolet (UV)
lights to eradicate airborne bacteria and germs.
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ACTING
PROGRESSIVELY
We are realising a vision where building systems and workflows can be seamlessly
connected in a centralised intelligent building platform and are focused on making the
quality of every experience better for the entire workplace community, while adding
value to our assets.
SAMUEL TAN
Group Chief Digital Officer
We were also the first mall operator in Singapore to
roll out UV-disinfecting autonomous mobile robots in
collaboration with PBA Group. These Sunburst UV-Bots
emit powerful ultraviolet-C rays which can eradicate
viruses, both airborne as well as on surfaces. This has
helped to supplement our team’s manual cleaning
processes while increasing the frequency and intensity of
cleaning, to prioritise the safety and well-being of our staff,
tenants and shoppers. Using data from cameras, built-in
sensors and software, the Sunburst UV-Bots can detect,
navigate and adapt to changes in their environments, as
well as map out and identify the most efficient routes. The
Sunburst UV-Bots were rolled out to various retail malls in
Singapore and to our commercial buildings in Thailand.
E-Commerce Support for Tenants
In Singapore, our tenants’ businesses were affected by
the temporary closure of business activities during the
Circuit Breaker period and safe-distancing measures. In
April 2020, we leveraged our digital food and beverage
concierge, Frasers Makan Master on the Frasers
Experience app, to roll out a meal delivery service for our
food and beverage tenants. This provided our tenants
an additional avenue to offer meal delivery services for
customers during the Circuit Breaker period, in addition to
contactless pre-order, pay and collect options.
We also subsidised delivery fees for orders made through
Frasers Makan Master, and provided dining rebates for
customers. The service, which was well received by
shoppers with about 80% of Makan Master orders coming
from repeat customers, supported tenant sales.
Sunburst UV-Bots deployed at Northpoint City • Singapore
A new e-commerce marketplace, Frasers eStore
To further enhance our e-commerce offerings, Frasers
Property Retail will be launching a new e-commerce
marketplace, Frasers e-Store. Frasers e-Store aims to
empower tenants to embrace digitalisation and unlock
new growth opportunities, with a truly omnichannel
retail experience. It will also provide a seamless store-to-
door shopping experience, allowing shoppers to browse
and purchase products from tenants across all 15 malls in
Singapore with convenience and flexibility.
An inaugural two-hour Facebook live-streaming
commerce event called ‘Frasers Live’ was held in
September 2020 to improve shopper engagement and to
continue supporting our tenants’ sales.
Business Agility and Adaptation
When travel restrictions began to affect the tourism sector,
Frasers Hospitality Australia made a rare business decision
to bolster its occupancy rates. It partnered with Frasers
Property Australia’s residential property management arm
to make a range of hotel rooms available to the residential
rental market at conventional market rates, with a high
level of flexibility. This innovative solution was an outcome
of our DASH ‘bottom-up’ innovation challenge to help our
Australian hospitality business respond positively to the
reduced demand for hotel offerings due to the pandemic.
A N N U A L R E P O R T 2 0 2 0 / 1 4 7
CONSUMING
RESPONSIBLY
Buildings account for approximately 39% of the world’s greenhouse gas emissions,
according to the World Green Building Council. Of this, 28% comes from operational
assets, and another 11% comes from embodied carbon through the production
of building materials. As a major multi-national real estate company, we have a
responsibility to seek reductions in our energy consumption and carbon emissions, as
well as water consumption and waste generation, to play our part in fighting climate
change and environmental degradation.
OUR APPROACH
• Establish policies, targets and commitments that drive positive outcomes for the environment
• Adopt practices that help our employees and customers to manage and use resources efficiently
• Engage stakeholders in driving awareness through collaboration and advocacy
OUR PROGRESS
Focus
Area
Energy &
Carbon
Our
Goals
Our Progress
in FY20
Contribution
to UN SDGs
• To achieve net-zero
• Started the process of collating carbon inventory
carbon emissions by 2050.
from business units.
• To develop a net-zero
carbon roadmap and
establish carbon targets in
line with a science-based
approach by 2022.
• Obtained approval for targets in Australia under the
Science Based Targets initiative.
• Included Real Utilities assessments in all investment
proposals for retail projects in Australia, in addition to
integrating these assessments in residential projects.
Water
• To reduce indoor
Waste
water demand by 15%
compared to a standard
practice building for new
developments.
• To raise water
consumption data
coverage for landlord- and
tenant-controlled areas in
operating assets.
• To expand the coverage of
data monitoring of waste
generated and recycled in
our asset portfolio.
• To phase out single-use
plastics in rooms and
food and beverage of
our managed hospitality
assets by 2021.
• Installed water-efficient fittings in new developments
in Singapore and Australia and major refurbishments
in the UK.
• Expanded the tracking of waste data beyond
commercial and retail assets in Singapore to cover
commercial and retail assets in Australia, business
parks in the UK, and operating assets in China and
Vietnam.
• Over 90% of Frasers Hospitality-managed assets have
embarked on phasing out single-use plastics.
Materials &
Supply Chain
• To implement a Group-
• Conducted internal consultation and materiality
wide responsible sourcing
policy and workplan by
2021.
assessment to drive responsible sourcing.
• Offered homebuyers first net-zero package at
Minnippi Quarter in Australia.
• Published Modern Slavery statement in the UK.
• Worked with the Property Council of Australia to pilot
a Modern Slavery supplier portal to assess suppliers.
Biodiversity
• To develop a biodiversity
strategy in Australia by
2021, and aim to leave
every site ‘better than
before’ by 2030.
• Implemented initiatives to increase biodiversity
within our properties and projects in the UK, Europe,
Australia and Thailand. These included wild flower
seeding to attract bees and pollinating insects, green
wall cultivation and ecological improvements.
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CONSUMING
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ENERGY AND CARBON
As a responsible real estate company, we view
decarbonisation as a key step to minimise the impact of
climate change. We have pledged to achieve net-zero
carbon emissions by 2050 through a combination of
energy-efficient assets, good energy management, and
where possible, the use of renewable energy and carbon
credits for any residual emissions.
The Group’s total electricity consumption decreased by
9.7% due to reduced consumption from the impact of the
COVID-19 pandemic and sustainability initiatives across
all business units. Correspondingly, the Group’s energy
intensity decreased by 13.9% to 96 kWh/m2 during the
year. In line with the reduction in energy intensity, our
Scope 2 GHG emissions intensity decreased by 15.3% to
49 kgCO2e/m2 during the year.
Electricity Consumption (GWh)
Energy Intensity from Electricity Consumption (kWh/m2)
350
300
250
200
150
100
50
0
3
1
19
180
14
64
29
3
2
25
191
14
68
28
3
1
21
148
11
88
27
200
160
120
80
40
0
111
112
96
FY18
FY19
FY20
FY18
FY19
FY20
Singapore Office • Singapore Retail
Australia Commercial & Retail • Hospitality • UK Business Park
China • Vietnam
Singapore Office • Singapore Retail
Australia Commercial & Retail • Hospitality • UK Business Park
• China • Vietnam • Group
GHG Emissions (‘000 tonnes of CO2e)
GHG Intensity (kgCO2e/m2)
200
160
120
80
40
0
2
1
5
114
12
27
12
2
1
6
117
12
28
12
2
1
5
89
9
36
11
100
80
60
40
20
0
58
58
49
FY18
FY19
FY20
FY18
FY19
FY20
Singapore Office • Singapore Retail
Australia Commercial & Retail • Hospitality • UK Business Park
China • Vietnam
Singapore Office • Singapore Retail
Australia Commercial & Retail • Hospitality • UK Business Park
China • Vietnam • Group
A N N U A L R E P O R T 2 0 2 0 / 1 4 9
In Australia, we set up Real Utilities
in 2017 to turn rooftop space
into renewable powerhouses.
In this unique business model,
Real Utilities rents roof space
from building owners to install and operate solar
panels, batteries and biodiesel generators, selling the
energy generated to home owners and tenants. The
business model is adopted at some our properties,
such as Burwood Brickworks Shopping Centre, Eastern
Creek Quarter and Ed.Square Town Centre, and is now
venturing into the industrial sector.
Tenant Partnerships
Besides enhancing our properties, we also work with
our customers to reduce their carbon footprint, such
as offering our expertise to our Australian tenants
to calculate their emissions for offsets purchase and
including a Real Utilities assessment in every investment
proposal for our retail and residential projects.
In 2019, Frasers Property Australia and DHL partnered
to deliver one of the first carbon-neutral industrial
buildings, certified under the National Carbon Offset
Standard (now known as the Climate Active Carbon
Neutral Standard). The building achieved a 4-Star Green
Star rating using a combination of energy-efficiency
measures, including LED lighting upgrades and the
installation of a 200 kW solar PV system. Emissions from
the property were offset through the Qantas’ Future
Planet programme.
We also expanded our reporting scope to cover gas and
corporate office consumption. Gas consumption in our
Australia commercial and retail and UK business park
portfolios amounted to 2.9 and 9.4 GWh respectively,
equivalent to 528 and 1,731 tCO2e of Scope 1 emissions.
Our corporate offices1 consumed an estimated of 1.3
GWh of electricity, equivalent to 844 tCO2e of Scope 2
emissions during the year.
Separately, we started collecting industrial tenant data
in Australia. Our tenants consumed an estimated 92.9
GWh of electricity, equivalent to 79,065 tCO2e of Scope
3 emissions. Gas consumption amounted to 6.9 GWh in
FY20, equivalent to 1,276 tCO2e of Scope 3 emissions.
Towards a Net-Zero Carbon Future
Energy Efficiency
The Group’s portfolio consists of an array of green
properties designed with energy-efficient performance in
mind. In Singapore, many of our properties are designed
or upgraded to achieve BCA Green Mark certifications. For
example, Green Mark Platinum-certified Century Square
is fitted with high-efficiency chiller plant, air distribution
systems, LED lightings and extensive use of green-labeled
sustainable building products. Our retail properties in
Australia have also been designed to achieve a minimum
of 20% base-building energy reduction against current
building codes.
Our recently completed The PARQ development in
Bangkok, Thailand, achieves energy efficiency through
a combination of passive design, energy-efficient
equipment and smart lighting technology.
Renewable Energy
We also adopt power from renewable sources, with
on-site solar panels installed in some of our properties.
In FY20, an estimated 4.4 GWh of solar energy was
generated for consumption at our properties in
Singapore, Australia and our global hospitality properties,
equivalent to 3,655 tCO₂e of avoided emissions.
Additionally, we also procured 18.1 GWh of green energy
for our UK business parks equivalent to 4,224 tCO₂e of
avoided emissions.
1
Corporate offices located in Singapore, Australia, Thailand, China and Vietnam
Solar panels at Ed.Square Town Centre, New South Wales •
Australia
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CONSUMING
RESPONSIBLY
Staff Engagement
We encourage our staff to join in our race to reduce carbon
emissions through staff engagement activities. At our
Environment Month in March 2020, we unveiled our multi-
year commitment to achieving net-zero carbon emissions
by 2050. The multi-year campaign ‘Build to Zero’, kicked
off with an Unplug Pledge in its inaugural year, a Group-
wide challenge to unplug unused devices to reduce energy
consumption. In addition, more than 200 properties
worldwide participated in the Earth Hour movement by
switching off their non-essential lighting. These activities
collectively raised the awareness of sustainability within
the Group and promoted more progressive actions in the
future.
In Thailand, we organised an ESG Day to engage our
employees through various activities such as games and
talks as well as the sharing of the Group’s sustainability
direction and progress.
Bananas grown on grounds of Frasers Property Logistics Park
(Bangna) were distributed to staff on ESG Day 2020 • Thailand
The PARQ: Best-in-Class Energy Efficiency
The PARQ development in Bangkok, Thailand, offers
a first-rate experience in energy efficiency and user
comfort. For its commitment to sustainable design
during construction, the PARQ is on track to become
the country’s first mixed-use development to achieve
both LEED Gold and WELL Certification.
Read more
Unplug Challenge, Environment Month • Singapore
A N N U A L R E P O R T 2 0 2 0 / 1 5 1
We feel a responsibility to join the Global Commitment for Net Zero Carbon
Buildings and to be part of the solution. To get there, we need to keep investigating
different ways to do things. As our cities grow, we have an obligation and an
opportunity to embrace building practices that deliver healthy, resilient and positive
places for people and the natural environment.
ROD FEHRING
Executive Chairman, Frasers Property Australia, Frasers Property Industrial, and Frasers Property UK
WATER
In 2019, the World Economic Forum listed water
scarcity as one of the leading challenges for sustainable
development. These challenges are expected to intensify
due to droughts and other climate-change-related
events in many countries, including the locations where
we operate. We continue to commit to optimising our
water usage and enhancing our assets towards becoming
water-resilient in the future.
In FY20, we set a target for our buildings to reduce their
indoor water demand by 15% compared to a standard
building within each country’s jurisdiction. A minimum
water efficiency standard was developed to support the
business in minimising water consumption for all new
developments. We have further committed to a 20%
reduction in water intensity for our Singapore retail and
commercial assets from 2015 by 2030.
The Group’s total water consumption decreased by
11.2% year-on-year due to reduced usage of water and
air-conditioning systems by our customers during the
COVID-19 pandemic. Correspondingly, water intensity
decreased by 18.4% to 1.07 m3/m2 during the year.
We started collecting water consumption data in our
corporate offices1, which amounted to 7,969 m3 in FY20.
We also started collecting water consumption from our
Australian industrial properties this year, which totalled
230,427 m3 for FY20.
and soil conditions. This pilot is expected to reduce annual
water consumption by up to 60%.
In Singapore, most of our malls have received the Water
Efficient Building certification from the Public Utilities
Board through the adoption of water-efficient measures.
Additional initiatives include condensate recycling for
irrigation in Tiong Bahru Plaza, replacement of pantry
basin taps to PUB WELS rated (Excellent) self-closing taps
in Northpoint City and Century Square, and installation of
automatic meters in the common areas of Robertson Walk.
Water Consumption (mil m3)
4.0
3.0
2.0
1.0
0
0.1
0.02
0.1
0.1
2.0
0.1
0.9
0.3
0.02
0.1
0.1
2.2
0.1
0.9
0.3
FY18
FY19
0.02
0.1
0.1
1.7
0.1
1.2
0.2
FY20
Singapore Office • Singapore Retail
Australia Commercial & Retail • Hospitality • UK Business Park
China • Vietnam
Water Intensity (m3/m2)
In Singapore, we also draw NEWater2 from our municipal
source, the Public Utilities Board. We used 564,308 m3
of NEWater in our Singapore retail, commercial and
hospitality assets in FY20.
Water Saving Initiatives
Concerted efforts have been made to install water-saving
and water-recycling features at many of our properties,
including the installation of certified water-efficient fittings,
rainwater storage tanks and water treatment systems that
reduce the water refill frequency of cooling towers.
30
20
10
0
1.33
1.32
1.07
FY18
FY19
FY20
In the UK, we introduced a smart irrigation pilot in
Winnersh Triangle Business Park which tailors the water
schedules and manages water use according to weather
Singapore Office • Singapore Retail
Australia Commercial & Retail • Hospitality • UK Business Park
Read more
China • Vietnam • Group
Corporate offices located in Singapore, Australia, Thailand, China and Vietnam
1
2 NEWater is recycled water that has been treated for safe consumption using advanced membrane technologies.
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CONSUMING
RESPONSIBLY
WASTE
According to the UN Environment Programme, the world
generates an estimated 11.2 billion tonnes of solid
waste annually, including organic waste that decays
and contributes to 5% of global GHG emissions. The
increasing volume and complexity of this waste is posing
serious threats to ecosystems and human health.
In FY20, we generated a total of 25,436 tonnes of non-
hazardous waste from our Singapore, Australia, China,
Vietnam and the UK properties. Our waste intensity
decreased by 12.2 % to 17.0 kg/m2 due to the impact of
COVID-19. We also collected a total of 2,882 tonnes of
waste for recycling in our Singapore, Australia, China,
Vietnam and the UK properties, amounting to a 11.3%
recycling rate. Our waste generated was disposed of in
accordance with local regulations by our contractors,
including sending non-recyclable waste to landfills in
Australia and Vietnam, and to waste-to-energy plants in
Singapore, China and the UK.
Waste Generated (‘000 tonnes)
30
20
10
0
0.02
0.3
2.5
0.8
0.02
0.4
2.6
1.1
0.02
0.5
2.1
0.8
16.0
16.8
20.8
1.2
FY18
1.4
FY19
1.2
FY20
Singapore Office • Singapore Retail
Australia Commercial & Retail • UK Business Park
China • Vietnam
Waste Intensity (kg/m2)
50
40
30
20
10
0
18.2
19.4
17.0
FY18
FY19
FY20
Singapore Office • Singapore Retail
Australia Commercial & Retail • UK Business Park
China • Vietnam • Group
Reduce, Reuse, Recycle
At Frasers Property, our primary aim in waste
management is to reduce the overall amount of waste
produced by our operating properties. We encourage
our staff, properties and tenants to adopt the 3Rs –
reduce, reuse and recycle – to ensure the prudent use
of resources and to divert waste from landfills and
incineration. We place recycling bins in our properties,
where possible. We also engage with tenants and
customers regularly through events and communications
focused on the importance of the 3Rs.
Single-use Plastic
We have been an advocate of replacing single-use
plastics across our global hospitality operations since
FY19. Here, we identified amenities and packaging in our
food and beverage offerings, apartments and bathrooms
and sought to replace them with alternative or
biodegradable materials. We are continuing this exercise
across all our existing and newly opened properties
across Europe, North Asia and Asia Pacific. Over 90% of
Frasers Hospitality-managed assets have embarked on
phasing out single-use plastics globally.
Paper
In our corporate offices, employees are encouraged to
reduce paper by using e-signatures and configuring all
printers to print double-sided by default. In FY20, the
total paper used in our Singapore, Australia and Thailand
corporate offices was approximately 20,400 kg, of which
10,830 kg were sent for recycling. This year, we recorded
more than a 16% drop in paper use mainly due to work-
from-home measures over the COVID-19 pandemic.
Across our hospitality properties, we started the
Go-Paperless initiative four years ago. This initiative
replaced traditional processes with Paperless Check-in,
Tokenisation and EcoSign concepts to cut down the use
of paper, resulting in paper reductions of between 10%
and 40% from the finance, front office and reservation
departments in various properties.
Organic Waste
Monthly landscaping processes in our Thailand properties
generate a significant amount of organic waste. In FY20,
we embarked on two projects to divert and repurpose
the organic waste into useful items. The first project saw
the collection of weed waste from our factories to be
converted into organic fertiliser through composting.
These fertilisers would be used for tree planting activities
in the logistics parks, with a portion sent to local
farmers collaborating in this project. The second project
was conducted at Rojana Industrial Park, where grass
clippings from monthly landscaping maintenance were
diverted as feed to a cattle and buffalo farm located in
the Ayutthaya province.
A N N U A L R E P O R T 2 0 2 0 / 1 5 3
Collection of weed waste from our factories to be
Grass clippings diversion as feed for cattle and buffalo farms • Thailand
converted into organic fertiliser • Thailand
In the UK, we implemented a large organic composter for
use by all occupiers at Farnborough Business Park.
In Australia, we introduced organic waste recycling in our
Rhodes Corporate Park. The waste being recycled include
landscape waste from the gardens and food waste
from the three cafes within the property. Since August
2019, more than 40 tonnes of organic waste have been
collected from the property for recycling.
Recycling Partners
We partner with other organisations to recycle specific
materials such as electronic waste, clothes, used soap bars,
glass and plastic bottles. Special recycling bins and facilities
are placed at convenient locations in our properties to
encourage employees, tenants and customers to recycle
these materials. These initiatives enable the collection of
high-quality specific materials, separated from general
recyclables, for special recycling efforts.
In Singapore, we have long-standing partnerships with
Starhub to collect electronic waste, and with Fraser and
Neave to collect used plastic bottles and aluminium cans.
These efforts led to the collection of 22,289 kg of e-waste
and 364,318 bottles and cans in FY20. We also partnered
with Greensquare Textile Recycling to collect textiles at
Alexandra Technopark.
In Thailand, we started a glass recycling programme in
collaboration with ThaiBev. Recyclable glass collected
from our properties are processed at ThaiBev’s recycling
facility, with proceeds going towards charitable causes.
Our hospitality properties in China were the first serviced
residences to partner with Soap Cycling, the largest non-
profit soap recycling organisation in Asia. Used bar soaps
left behind by our guests at 10 properties in China are
sanitised, re-made and sent to villages in need of proper
sanitation. This reduces soap waste generated at our
properties and improves the health outcomes of families
Reverse Vending Machine at Northpoint City • Singapore
in these villages. More than 2,000 used bar soaps were
donated to Soap Cycling’s beneficiaries since the launch
of the initiative in February 2020.
At our business parks in the UK, we regularly have
refurbishment works as tenants move into our properties.
The refurbishment works involve the removal of old fit-out
materials left behind by previous tenants, which could still
be in good condition. We work together with our tenants
to identify and donate the materials to local communities
in need. During the year, we donated carpet tiles from
Winnersh Triangle to a local primary school to enhance the
school environment for the students. At Watchmoor Park,
we donated old furniture from a cafe to the local football
club for use during social and match day events.
Awards
In recognition of our efforts, our five commercial buildings
in Australia ranked first in the Waste category in the
NABERS Sustainable Portfolios Index 2020. In addition,
Hougang Mall in Singapore clinched the 3R Merit Award
from Singapore’s National Environment Agency.
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RESPONSIBLY
MATERIALS AND SUPPLY CHAIN
Frasers Property engages a diverse group of suppliers
globally when sourcing for materials and services
essential to our business. It is key that our suppliers
adhere to certain environmental, social and governance
expectations and operate in a manner consistent with
Frasers Property’s commitments. We believe that a
partnership-based approach in four broad areas — namely
environmental management; human rights and labour
management; health, safety and well-being; and business
ethics and integrity — with our suppliers will drive
dynamic transformation, strengthening our supply chain
and the businesses within it.
In Australia, we joined a consortium of developers to work
with the Property Council of Australia to establish an
industry-standard questionnaire and supplier reporting
platform. This initiative aims to ease the process for our
supply chain while improving the visibility of supply chain
risks. The business is currently preparing a Modern Slavery
Policy and Statement in response to the Modern Slavery
Act that came into effect this year in Australia. Our UK
business upholds a similar Modern Slavery Statement
to reiterate our commitment to prevent human rights
abuses and combat modern slavery and human trafficking
across our operations.
In Singapore, we started reporting our embodied carbon
footprint from our development projects. We are
conscious of the need to engage our principal contractors
to reduce our embodied carbon emissions, which make
up a significant portion of our carbon footprint. In FY20,
we procured a total of 3,326 tonnes of steel, 586 tonnes
of timber and 32,465 tonnes of concrete for all our
residential development projects, amounting to a total
Scope 3 embodied carbon content of 10,251 tCO₂e. Of the
materials procured, 14 tonnes of steel and 1,456 tonnes
of concrete were from recycled sources. Carbon emissions
from electricity, gas and fuel used at these projects
amounted to 105 tCO₂e.
During the construction of Frasers Tower, our Grade-A
office development in Singapore, we used green cement,
recycled concrete aggregates and washed copper slag,
which had lower embodied carbon content compared
to conventional materials. We will continue to seek
opportunities to use green materials in our future
developments.
We also engage and guide our tenants to make similar
sustainable choices to improve the sustainability of our
properties. From a materials and supply chain perspective,
we encourage them to fit out their leased spaces with
sustainable materials that generate less environmental
footprint from production through to operations. In
Singapore, we are working to roll out our green fit-out
requirements for retail and commercial tenants. Within
the requirements, tenants are encouraged to procure
sustainable products and services .
At Frasers Hospitality, we have rolled out a Global
Procurement Supplier Conduct Guideline since 2017. The
guideline provides an overarching standard of conduct
for our suppliers relating to human rights, bribery and
corruption, equal employment opportunities, sexual
harassment and environmental management.
Minnippi Quarter: First Net-Zero Carbon
Homes in Australia
Our masterplanned development, Minnippi Quarter, is
the first in Australia to offer residential customers the
choice to fully offset the embodied carbon associated
with the construction of their homes. The funds
from this initiative will be channelled towards forest
regeneration in Humeburn, Queensland, and forest
protection in Lake Kariba, Zimbabwe.
Read more
A N N U A L R E P O R T 2 0 2 0 / 1 5 5
Up Close with Nature at our Industrial
Properties
Frasers Property Industrial is transforming its
properties into thriving ecosystems with bee colonies
in Frasers Logistics Park in Tamm and a native lizard
park in Frasers Park Egelsbach in Germany, as well as
bird houses at Yatala in Australia.
Read more
Burwood Brickworks: Living Building
Challenge®
In Australia, Burwood Brickworks is aiming to be the
world’s most sustainable shopping centre. It was the
first retail development in the world to begin the
certification process for the Living Building Challenge®,
considered the most rigorous green-building standard
in the market today.
Read more
Contents
Wild Flower Area at Hillington Park, Glasgow • United Kingdom
BIODIVERSITY
Biodiversity and ecosystems are the foundation of the
world that we live in, without which we would not have
clean air, clean water and food. Biodiversity also supports
recreation and leisure to enhance the well-being of
people. Research has also shown that biodiversity
benefits mental wellness positively. As a responsible
real estate developer, we strive to conserve, regenerate
and enhance the planet’s ecosystem. We aim to increase
biodiversity for every new development, apart from
abiding by the relevant local laws and regulations.
In Australia, we support biodiversity and biophilia by
making investments to offset the impact of our projects.
Through the Living Future Habitat Exchange programme,
we contributed funds to the purchase and perpetual
protection of 25,000 m² of land in Lonco Vaca, Argentina.
Frasers Property Australia also plans to develop a
biodiversity strategy by 2021, aiming to leave every
site ‘better than before’ by 2030. One of our projects
in Australia, Burwood Brickworks, is a prime example
of how a development can incorporate parklands,
landscaped reserves, bioswales and urban agricultural
spaces to enhance biodiversity. A 2,000 m² farm is
situated at the rooftop of the mall, and 275 citrus trees
produce fruits across the building’s northern façade.
In the UK, we implemented initiatives to increase
biodiversity within our business parks. At Hillington
Park, we seeded wild flowers at an open area to attract
bees and pollinating insects during the summer, while
at Chineham Park, we began cultivating a green wall
at one of the co-working spaces. At our Brookhaven
development in Australia, we also introduced beehives to
the estate back in 2018, which are now producing 180 kg
of honey annually.
In Thailand, our landscaping team started an initiative
to cultivate bananas on a vacant land in Chachoengsao
province as a means to increase biodiversity. The crops
were cultivated in a chemical-free process using organic
fertiliser produced from weeds in our projects.
1 5 6 / F R A S E R S P R O P E R T Y L I M I T E D
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PEOPLE
People are at the heart of our business. We strive to create diverse workplaces for
our employees to work collaboratively to make us stronger and better, and promote
a progressive, respectful culture. We are committed to supporting and protecting
the interests and well-being of our stakeholders through our business practices and
community investments as they are key drivers of our growth and success.
OUR APPROACH
• Focus on purpose, core values and agility to create a sustainable company culture
• Establish policies that focus on strengthening our human capital and leaving positive impact on communities
• Adopt practices that build synergies for our business, people and the community
• Engage stakeholders in driving awareness through collaboration, education and advocacy
OUR PROGRESS
Focus
Area
Diversity &
Inclusion
Our
Goals
• To embed diversity and inclusion
in our culture through employee
engagement.
Our Progress
in FY20
• Introduced Group-wide Diversity &
Inclusion Policy at the workplace.
• Pledged to the UN Women’s
Contribution
to UN SDGs
• To provide training and education that
raises employee awareness of diversity
and inclusion and associated benefits.
Empowerment Principles to empower
and advance women at the workplace.
• Achieved 38% female representation in
• To enhance processes and policies
senior management levels.
to encourage greater flexibility and
diversity.
Skills &
Leadership
• To achieve 40 average training hours
per employee each year.
• To train all employees on sustainability
by 2021, and extend such training
to the supply chain and other
stakeholders after 2021.
• To ensure continuous learning to build
a resilient organisation.
• To transform our workplace by
building a wellness culture that
positively engages employees.
• To create awareness of health
management, support mental
wellness and foster a connected
workforce.
• To create a safe working environment
and achieve zero injuries.
• To seek meaningful long-term
relationships that respect local
cultures and create lasting benefits.
• To identify measurements to quantify
positive contributions.
Health &
Well-being
Community
Connectedness
• Pledged to achieve 40% female
representation in roles at ‘Chief
Executive Officer minus 3’ levels in
Australia by 2030.
• Achieved 40 average training hours per
employee in FY20, compared to 36 in
FY19.
• 52% of employees completed
sustainability related training in FY20.
• Launched Learning Festival to promote
knowledge sharing and self-directed
learning.
• Implemented an Employee Assistance
Programme in Singapore, Australia and
the UK.
• Began upgrading the occupational
health and safety management system
to ISO 45001 from OHSAS 18001 at
commercial and retail properties in
Singapore.
• Zero fatalities iin all business operations.
• Established a Group-wide Community
Investment Framework.
• Contributed over $1 million and 6,000
staff volunteer hours to the local
communities.
A N N U A L R E P O R T 2 0 2 0 / 1 5 7
DIVERSITY AND INCLUSION
Frasers Property sees diversity and inclusion as integral
parts of our culture and identity. We are building a culture
where differences are valued and respected, knowing
that such diversity brings us closer to the communities
we serve. We strive to create workplaces where everyone
feels empowered to bring their full, authentic selves
to work. We are committed to retaining, developing
and recruiting talented and motivated people who are
passionate in sharing our goals. Together, they pool a
broad range of skills, experiences and perspectives to fuel
innovation, create value and help us achieve our ambition
to be a world-class multi-national real estate company.
Our Commitment
Diversity at Frasers Property means being open-minded
to the elements that make people similar or different
from one another. These include their backgrounds,
views, experiences, capabilities, values, beliefs, physical
differences, ethnicity and culture, gender, age, thinking
styles, preferences and behaviours.
Inclusion is about our focus to remove any perceived
or tangible barriers to becoming a part of our business,
being treated fairly and respectfully and having equal
access.
We continue to practice an open appraisal system across
the Group and review each employee’s performance
annually. To demonstrate our commitment to these
practices, we are a signatory to the Tripartite Alliance for
Fair and Progressive Employment Practices in Singapore
and a member of the Singapore National Employers
Federation.
At International Women’s Day in March 2020, we
introduced the Group-wide Diversity & Inclusion Policy,
which outlines our beliefs and actions to support a
diverse workplace and how we assess our performance
in delivering these actions. It also describes how we
maintain an environment where employees can achieve
their full potential. We aim to embed diversity and
inclusion in our culture through employee engagement,
training and education to raise employee awareness.
We also reiterated our commitment to the UN Women’s
Empowerment Principles to empower and advance
women at the workplace. This commitment was made
in response to the 10th Anniversary of the Women’s
Empowerment Principles, a joint initiative of the UN
Entity for Gender Equality and the Empowerment of
Women and the UN Global Compact. In Australia, we
have been recognised as an Employer of Choice from the
Workplace Gender Equality Agency.
We adopt fair employment practices to ensure our people
receive equal opportunities to drive employee morale
and retention and to better connect with our employees.
Frasers Pride Australia was launched in February 2020 as
a network to support employees who identify as LGBTI, as
part of a broader diversity and inclusion initiative.
Celebration of International Women’s Day by Frasers Property Thailand
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Our Employees
As at 30 September 2020, Frasers Property had a total
of 5,664 permanent employees, reflecting an increase of
14% year-on-year. Our workforce was gender-balanced
at a ratio of 50:50, with 2,857 female employees and
2,807 male employees. Women representation in the
senior management team1 increased by 1% to 38% and
remained the same at 9% in the Board of Directors.
The Group’s hiring rate2 of 15% is lower than the
voluntary turnover rate3 of 18%. Compared to FY19,
both our hiring and turnover rates decreased by 24
percentage points and 16 percentage points year-on-year
respectively. This was mainly attributed to disruptions
caused by the COVID-19 pandemic. In Singapore, the
hiring and turnover rates were 1.7% and 1.5%, lower
than annualised national labour hiring and turnover
rates4. The hiring and turnover rates in Singapore fell to
unprecedented lows as employees were less likely to
leave during this period. This trend was observed across
all industries in Singapore5.
Number of Employees, New Hires & Turnover by Region
6,000
5,000
4,000
3,000
2,000
1,000
0
4,960
40%
15%
19%
26%
FY19
5,664
48%
8%
28%
16%
FY20
48%
8%
28%
866
58%
26%
FY20
5%
11%
1,920
63%
6%
14%
17%
FY19
1,700
73%
8%
12%
FY19
7%
1,024
70%
19%
FY20
3%
8%
Permanent Employees
New Hires
Turnover
Singapore • Thailand • Australia • Rest of Overseas
1
2
3
4
5
Senior management team includes those who report directly to the executive management
The hiring rate is based on the number of new hires against the total number of employees
The turnover rate is based on the number of employees that voluntarily left against the total number of employees
Singapore annualised hiring rate is 4.4% and turnover rate is 4.8%, Labour Market Report, Second Quarter 2020, Ministry of Manpower
Labour Market Report, Second Quarter 2020, Ministry of Manpower Singapore
A N N U A L R E P O R T 2 0 2 0 / 1 5 9
Real estate plays a major role in shaping the experiences of communities and
of its people. I believe it starts with purposeful inclusivity and diversity that will
have a lasting impact within our industry. At Frasers Property, we want to have an
inclusive, open and constructive culture, and a growth mindset. This is part of the
journey of building a world-class multi-national real estate company and we will do so
collaboratively with our stakeholders.
ZHENG WANSHI
Group Chief Strategy & Planning Officer
Employee profile
By Gender (%)
FY20
FY19
By Age Group (%)
FY20
FY19
By Employment Type (%)
FY20
FY19
Female
Male
FY20
FY19
50
50
48
52
Executive
Non-Executive
FY20
FY19
40
60
32
68
Employee By Region (%)
FY20
FY20
FY19
FY19
<30 years old
30-49 years old
≥50 years old
23
62
15
27
58
15
Singapore
Thailand
Australia
Rest of Overseas
FY20
FY19
16
28
8
48
26
19
15
40
Employee Type by Gender (%)
Employee Type by Age Group (%)
100
80
60
40
20
0
37
31
15
17
31
29
19
21
80
60
40
20
0
10
34
24
5
24
3
9
32
19
6
30
4
Executive
Non-Executive
Executive
Non-Executive
Executive
Non-Executive
Executive
Non-Executive
FY19
FY20
FY19
FY20
Female • Male
<30 years old • 30-49 years old • >50 years old
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SKILLS AND LEADERSHIP
The progressive development of our people, as our most
valued asset, is key to the Group’s continued success. We
invest in learning and development programmes to equip
our employees with the right skill sets and capabilities
to build and empower a future-ready workforce. We
have been boosting the adoption of design thinking as
a mindset, a common language and approach towards
creative problem-solving. This is how we want to build
our organisational ‘muscle memory’ to better address
the evolving needs of our customers and employees in a
human-centric way.
Grooming the Workforce of the Future
Our Learning Academy and our in-house learning
specialists play a critical role in identifying business-
aligned learning interventions to equip employees with
core capabilities. During the year, we dedicated 2% of our
payroll cost to our employees’ learning and development.
Our employees completed a total of 174,506 hours of
training, with each employee completing an average
of 40 training hours in 2020. This was on par with our
goal of 40 average training hours per employee, faring
10% above FY19’s performance. Both female and male
employees received 97,661 hours and 76,845 hours of
training respectively.
Following the introduction of the Group’s sustainability
goals this year, we intend to roll out a global sustainability
e-learning programme designed to facilitate the
understanding of sustainability across the business. The
e-learning aims to impart how sustainability is integrated
into our business practices and decision-making processes to
progress towards our goals. It also encourages employees to
adopt sustainability practices in their daily work processes.
Delivering Undisrupted Learning
We want to embrace the Future of Work to improve the
effectiveness of what we do. This means encouraging
the right mindset shifts in how we work and equipping
our employees with the right digital training tools
and infrastructure. For example, through our Learning
Academy, we actively curated and developed learning
programmes centred on transferable and functional skills,
with many of them aligned with the Future of Work. These
learning programmes revolve around themes such as
innovation, technology and digitalisation, sustainability
and industry education. These programmes are available
online — through virtual instructor-led training, webinars
and self-paced e-learning — to provide wider accessibility
across geographies. The Learning Academy also hosted a
nine-day inaugural Learning Festival themed ‘Learning for
the Future’ during the COVID-19 pandemic with over 40
virtual live sessions led by internal and external experts.
Group Total Training Hours
Group Training Hours by Gender
Hours
200,000
150,000
100,000
50,000
0
Hours/employee
45
45
37
36
40
32
36
38
36
42
77,337
65,875
117,183
108,631
194,520
174,506
92,460
76,845
102,060
97,661
FY19
FY20
Executive
FY19
FY20
Non-Executive
FY19
FY20
Total
FY19
FY20
FY19
FY20
Male
Female
Hours • Hours/Employee
50
40
30
20
10
0
Building Our Sustainability Capabilities
One of our goals is to arm all our employees with
sustainability knowledge by 2021, extending this effort
to our supply chain and other stakeholders thereafter.
In FY20, 82% of our Singapore-based, 75% of Australia-
based and 100% of our UK-based employees attended
sustainability training on topics such as net-zero carbon,
climate risk and resilience, green building certification,
environmental management, human rights, diversity and
inclusion, innovation and GRESB assessment.
Upskilling Our Tenants’ Workforce
A Retailer Academy, the first of its kind in Australia, was
launched as part of our initiative to deliver excellent
customer service. Designed to assist and support new
retailers to realise their full sales potential and set
high standards for customer service, the programme
delivers training focused on best practices, branding,
communications, social media, finance and business
readiness.
A N N U A L R E P O R T 2 0 2 0 / 1 6 1
Our people are our most valuable asset and their continuous development is a
priority. While complexity, customer-centricity and connectivity will remain key focus
areas at the workplace, we need to understand the trends arising out of the current
crisis that are defining the new normal. Agility, resilience and design thinking will be
key future skills that we need to face an even faster churn of business models and
industry disruption.
CHIA KHONG SHOONG
Group Chief Corporate Officer
HEALTH AND WELL-BEING
We can create positive outcomes by designing buildings
that are human-centric, and places that inspire people.
From the onset of design, Frasers Property takes into
consideration air quality, environmental quality, thermal
comfort, adequate lighting and safe materials. In addition,
we proactively enhance the safety protocol and processes
by adopting occupational health and safety management
systems across our key operating properties.
Our commercial and retail properties are certified to
locally and internationally recognised safety standards.
In Singapore, close to 90% of our commercial and retail
properties are certified OHSAS 18001 and bizSAFE Star. In
Australia, our residential, retail, commercial and industrial
units continue to be certified in accordance with AS/NZS
4801, the standard for occupational health and safety
adopted in Australia and New Zealand.
Our safety commitment extends to our supply chain,
where we actively seek to influence our business partners
to work safely. To ensure continual improvement,
we consistently monitor the safety of our employees
and contractors working at our operating assets and
development sites.
In FY20, we reported no work-related fatalities. In our
Singapore development projects, we had a lost-time
injury rate and a severity rate of 0 and 19.71 respectively.
In our Australia development projects, we had a lost-time
injury rate of 2.9 and a severity rate of 38.2. Overall, our
performance remained comparable to previous years, as
a testament to the extensive health and safety initiatives
implemented.
Saving a Life on the Job
When a cleaner collapsed at work, three employees
at YewTee Point in Singapore took quick action to
perform cardiopulmonary resuscitation and use
an automated external defibrillator to save his life.
Recipients of SCDF Award • Singapore
For their courage and action, they were awarded
the Community First Responder Award by the
Singapore Civil Defence Force.
Read more
Group Training Hours by Gender
Completed
Properties
No. of fatalities
No. of lost-time
injuries
No. of lost days
Lost-time Injury
Rate
Severity rate
Corporate
Office2
Singapore
Australia
China
UK
Vietnam
Hospitality
FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20 FY19 FY20
0
37
0
28
0
0
0
0
0
0
0
0
0
1
0
0
0
1
0
0
0
0
0
0
0
0
0
0
4
0.3
0
0.0
0
0.0
12
0.4
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0 1,162
1.7
0.0
654
2.9
1.2
0.0
0.0
4.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
72.4
50.4
1
2
The lost days in FY20 were a result of an incident which occurred during FY19
Corporate office located in Singapore, China, Australia, Thailand, Europe, Vietnam and the UK
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In Australia, we reviewed and updated our Health,
Safety & Environment (HSE) Policy that underpins our
commitment to protecting the environment, and the
health and safety of our people, contractors, customers
and the communities where we operate. During the year,
the HSE intranet was revamped to include our updated
HSE policy, manual, process and risk standards in addition
to other resources that empower employees to take
charge of safety in the workplace.
Prioritising Employees’ Well-being
Health, safety and wellness remain key, not only in terms
of measures but also workplace design, leadership and
communications. What COVID-19 has taught is that it is a
cornerstone of trust that stakeholders expect of us.
Promoting the health and well-being of our stakeholders
would lead to increased productivity and work
satisfaction and fewer workplace injuries. Hence, we
invest in health screenings, wellness events for our
people. During the COVID-19 pandemic, we introduced
new health and safety measures that complied with local
regulatory requirements.
For eligible full-time employees, we offer a comprehensive
range of welfare benefits, such as insurance coverage,
medical and dental benefits, maternity and parental leave
and family care leave. Contract employees also enjoy
similar benefits. We also designate every last Friday of the
school semester as ‘Eat With Your Family Day’ in Singapore
for employees to leave work early and spend quality time
over dinner with their families.
In FY20, 70 female employees and 31 male employees
in Singapore and Australia took paid maternity and
paternity leave respectively. A total of 89% of female and
97% male employees returned to work after completing
their leave and remained employed with us 12 months
after their return to work.
We also comply with various social security policies
legislated in every country where our staff work for
a peaceful retirement. In Singapore and Australia, we
make monthly contributions to every employee’s Central
Provident Fund and pension fund accounts respectively.
Promoting Health and Wellness
Our annual Health and Safety Month in August, themed
‘Your Well-being. A Priority’, focused on empowering our
employees to take charge of their personal well-being,
especially in this current pandemic climate. A global
virtual challenge was held to encourage employees to
stay active by walking, running or cycling. The month
also lined up weekly health and safety tips on home office
ergonomics and digital device use.
In line with this year’s wellness theme, ‘Be Fit, Uplifted
and Nourished’, our corporate wellness team organised
virtual workout sessions and high-intensity interval
training to encourage our employees to remain active
even when working from home. A series of talks on
healthy eating, chiropractic care and self-massage was
also implemented.
In Singapore, Frasers Tower and Alexandra Technopark
partnered with the Singapore Health Promotion Board to
introduce a Healthy Workplace Ecosystems programme,
aimed at integrating healthy living into the daily work
lives of our tenants and employees. The programme
included mass exercises and health education sessions.
Alexandra Technopark was recognised with the Healthy
Workplace Ecosystem Award at the Health Promotion
Board’s Singapore Health Award 2019.
In the UK, a Health and Well-being Framework was
implemented across all commercial parks to deliver
healthy outcomes for all occupiers. The Framework brings
together five themes — air quality, active travel, nutritious
food, outdoor spaces and events — to support well-being.
Example targets included launching an active travel
campaign on each park, undertaking air quality testing,
and where needed, implementing action plans.
Keeping Employees Mentally Resilient
An Employee Assistance Programme was introduced in
Singapore, Australia and the UK to support our employees
with personal or work-related issues. A team of specialist
counsellors are on hand to provide ‘in-the-moment’
professional and confidential assistance or counselling
for our employees. A select group of human resource
representatives have been trained on Emotional First-Aid
to recognise and support mental wellness needs.
To show our support towards mental well-being, Frasers
Property Australia Foundation pledged to donate A$10
to Mental Health Australia for every promise made by our
employees to remove the stigma against those seeking
mental health and support. Our Singapore and Thailand
offices dedicated the month of November to mindfulness.
Workshops were held to raise awareness on the benefits
of incorporating mindfulness at work and at home,
supplemented by meditation and yoga classes, art and
music therapy workshops.
Health and Safety during the COVID-19 Pandemic
Frasers Property responded swiftly to the pandemic to
protect the health, well-being and safety of employees,
tenants and communities that use our properties around
the world. As our risk management practices had already
prepared us for an epidemic situation, we were able to roll
out various measures starting from January 2020 at our
A N N U A L R E P O R T 2 0 2 0 / 1 6 3
Increased cleaning frequency and intensity at Fraser Suites
Protecting our frontline staff at Samyan Mitrtown • Thailand
Sydney • Australia
commercial, industrial, retail and hospitality properties
as well as our corporate offices. As the situation evolved,
we implemented more extensive precautionary measures
driven by the corporate office but customised and
executed at the market level, according to local factors
and complying with the relevant regulations.
Implementing New Operational Practices
The true frontline was at our malls, our hotels and
serviced residences, our offices and business parks,
and our industrial and logistics facilities. Across our
properties, we introduced extensive measures to prevent
the spread of COVID-19. Among these, we increased the
frequency and intensity of cleaning at our properties
and introduced temperature scanning, safe distancing
and personal hygiene measures for our tenants and
customers. In Singapore, we implemented SafeEntry
protocols, added social distancing markers and signs and
provided self-disinfecting sprays and hand sanitisers at
main entrances and lift lobbies of our properties.
We responded to orders by some governments to
restrict or close down certain activities. These included
the temporary closure of food and beverage outlets at
our hotels in Sydney and Melbourne and the closure
of hospitality properties in the UK and Germany. In
Singapore, malls were open during the Circuit Breaker
only for essential services, and restaurants were limited
to takeaways and deliveries.
Large-scale internal and external meetings and events
were postponed or cancelled, and meeting formats
were transformed with the support of telecommuting
technologies. International and domestic travel was
largely suspended, adhering strictly to local health and
travel advisories. Employees who were symptomatic,
or who had travelled recently, were placed on leave-
of-absence or self-quarantine at Frasers Hospitality
properties, where possible.
As some teams prepared to return to the workplace,
we introduced new measures to ensure their safety.
In Thailand, we carried out weekly disinfection of the
office and required all employees to observe strict safe
distancing practices. In Australia, we produced a three-
minute Return to Office Safety video for all employees
to understand their expected behaviour upon return
and provided each with a return-to-office pack which
included a hand sanitiser and a stylus for use at high
touch points. In Singapore, we continued to encourage
remote working and team rotations.
Caring for Our Front-liners
Throughout the pandemic, we recognised the importance
of protecting the health and safety of our frontline staff
who interacted the most with the communities that used
or visited our properties. We provided our frontline staff
with care packs containing face masks, hand sanitisers
and personal protective equipment, where required.
Working Safely in the ‘New Normal’
Since the onset of COVID-19, we embraced large-
scale remote working across all our offices worldwide,
to minimise the risk of infection to our employees.
Employees were at first segregated into teams to rotate
between office working and remote working from their
homes. As the pandemic evolved, full remote working
became necessary for most teams, leaving behind
skeletal staff in our offices to coordinate deliveries and
handle essential functions. We now have flexible work
arrangements being introduced.
Protecting Our Contractors’ Welfare
Our development contractors in Singapore were one of
the groups most affected by COVID-19. We took steps
to improve our contractors’ well-being by ensuring they
complied with BCA’s COVID-Safe Worksite practices. This
included implementing safe management measures,
appointing Safe Management Officers, and segregating
teams to reduce physical interaction and ensure safe
distancing at worksites. Workers were required to
stagger working hours and break times to reduce
possible congregation at shared facilities. Contact tracing
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requirements, as well as health checks and protocols,
were adopted. Most importantly, we rigorously enforced
the basic requirements to ensure cleanliness and the
wearing of masks at worksites.
Assuring Customers of Safety and Hygiene
Frasers Hospitality was the first hospitality brand to be
awarded the International Serviced Accommodation
Accreditation Process (ISAAP) Compliance Accreditation
by the Association of Serviced Apartment Providers,
offering assurance to customers that our properties
achieved the stringent ISAAP Global Standard for safety
and service, including meeting COVID-19 sanitisation
requirements. Properties across the Frasers Hospitality
portfolio that experienced closures re-opened with a
#FraserCares commitment, dedicated to ensuring the
health, safety and well-being of guests and staff. The
commitment outlined its new cleaning regime, safe
distancing protocols and redefined operational standards
according to local legislations. Frasers Hospitality has
engaged with SGS, the world’s leading inspection,
verification, testing, and certification company, as part
of its continuous effort to meet the highest international
health and safety standards. All 14 retail assets in
Singapore successfully passed the SG Clean audit,
recognising the high standards of hygiene maintained at
our premises, and our efforts to safeguard public health
within our malls. About 80% of our tenants surveyed
were satisfied with the cleanliness of the malls, especially
in areas such as lifts, escalators and common areas.
COMMUNITY CONNECTEDNESS
A successful real estate development goes beyond its
design and layout. It also considers the community
planning and transformation to bring people together
for long-term health and sustainability. We aim to create
places for social connectedness and community resilience
to grow organically. We strive to build communities
that thrive as places to live, work and play, working
in partnership with local communities and non-profit
organisations.
In FY20, we established a new Community Investment
Framework, which brings together priorities and
ambitions of Frasers Property, key partner organisations
and local communities where we operate. To make
valuable contributions as community partners, we seek
meaningful long-term relationships that respect local
cultures and create lasting benefits. We use a data-
driven approach to understand the requirements of each
community and the opportunities where we can make
a positive contribution. Our projects are designed and
implemented with the participation of local community
representatives. Three focus areas – environment,
Temperature taking at Waterway Point • Singapore
health and education – have been our targets of
community investment where we can make the greatest
transformative impact in the communities.
Transforming Developments into Vibrant Communities
Our project developments globally have become vibrant
communities. This was the result of thorough curation
processes and countless iterations of improvement at
the design, construction and operations stages, involving
various stakeholders in collaboration and partnership.
In Thailand, One Bangkok is set to be a fully integrated
district in the heart of the city with a development
philosophy focused on people-centric principles,
environmental sustainability and smart-city living. When
completed, the development will create a new way of
urban living in Bangkok. Another project in Bangkok
completed recently, The PARQ, is designed with wellness
in mind. Themed ‘Life Well Balanced’, the development
reconnects busy urban lives with nature through biophilic
design principles that satisfy the inherent human need to
embrace natural elements including natural light, healthy
air, natural materials and green spaces.
Separately, we initiated exhaust gas measurement for
vehicles that enter some of our logistics parks in Thailand
to monitor and improve the air quality for the health and
well-being of the tenants and employees.
In Singapore, Frasers Tower, a Grade-A office development,
is uniquely designed with four community zones featuring
lush greenery and a relaxing environment for tenants
to connect and collaborate. In addition, our community
managers at Frasers Tower and Alexandra Technopark
further enhance our tenants’ experience with engagement
activities throughout the year.
In Australia, we place a dedicated community
development team in each masterplan development
to work with residents and tenants and to bring
the community together through social gatherings
and programmes. These teams put up community
A N N U A L R E P O R T 2 0 2 0 / 1 6 5
development plans that set out a series of key objectives
to enhance community connectedness and promote
active, healthy lifestyles.
Ensuring Customer Satisfaction
To maintain our industry leadership, we need to be
mindful of what makes our customers satisfied with our
products and services. Staying up to date with these
insights would shape our unique value proposition in each
market. To do this, we carry out annual surveys to gauge
the satisfaction of our customers and tenants. From the
insights gained, we seek to rectify any immediate issues
and to enhance our future offerings.
This year, our office tenants’ satisfaction level in Singapore
has remained high at 96.6%, compared to 98% in FY19.
The number of respondents who rated ‘Satisfied to Very
Satisfied’ increased from 71% in 2019 to 82% in 2020.
Across our managed serviced apartment portfolio, we
collected a total of 54,967 guest reviews and ratings
this year. The number of responses was impacted
by COVID-19 due to the temporary closure of some
properties. Despite that, we managed to achieve
comparably positive reviews, popularity scores and
performance scores.
In FY20, we captured our homebuyers’ experience in
Singapore using a digital platform. Our homebuyers’ live-in
experience averaged 71% as compared to 72% a year ago.
There was no home collection experience survey done this
year as no new projects were being completed. The surveys
showed that our homebuyers appreciated their experience
with us throughout the process of owning a home. From the
feedback gathered, we recognised that there was room for
improvement, particularly in estate management services
and security management.
Homebuyers’ Survey Results (%)
100
80
60
40
20
0
82
83
87
85
78
78
76
72
71
How was your home
collection experience?
How is your home
experience?
FY16 • FY17 • FY18 • FY19 • FY20
Office Tenants’ Experience (%)
100
80
60
40
20
0
70
67
78
72
82
24
29
19
26
15
FY16
FY17
FY18
FY19
FY20
Neutral to Satisfied • Satisfied to Very Satisfied
Hospitality Guests’ Experience (%)
91
88
90
88
78
80
91
88
82
90
90
83
89
88
78
100
80
60
40
20
0
FY16
FY17
FY18
FY19
FY20
Positive reviews • Popularity score • Performance score
Supporting Communities Through Philanthropy
We believe in giving back to the local communities
where we operate through corporate philanthropy. We
contribute to various charitable causes with particular
focus on health, education, environment and community.
In FY20, Frasers Property contributed over $1 million in
monetary and in-kind support, with over 6,000 hours
of staff volunteerism through over 250 community
investment activities.
Health
Throughout the year, we supported the Singapore Health
Promotion Board’s efforts to host events, talks and
campaigns by sponsoring venues at our retail properties.
One of the activities, ‘Eat, Drink, Shop Healthy Campaign’
which was held in November 2019 at Anchorpoint,
encouraged healthy lifestyle habits among shoppers.
We provided complimentary use of our mall atrium and
advertising spaces, and promoted the event through
social media. We also provided vouchers to encourage
Contents
1 6 6 / F R A S E R S P R O P E R T Y L I M I T E D
FOCUSING ON
PEOPLE
participation in the campaign. Additionally, we provided
mall spaces across different properties for the Health
Promotion Board to host regular free workout classes.
In Australia, our Frasers Property Australia Foundation
continued to sponsor Smiling Mind, a non-profit
organisation that focuses on mental health and well-
being. The Smiling Mind School Program, an evidence-
based approach to support student mental health
and well-being, aims to reach out to 90 schools.
The programme has reached out to 61 schools with
participation from 49,330 students and 2,120 teachers.
Over 1,000 books collected and donated by Frasers Property
China and Frasers Hospitality
In the UK, our business parks conducted regular workout
classes to encourage tenants to maintain an active
lifestyle. Classes such as pilates, yoga and bootcamps
were held on a weekly basis at the properties. During the
social distancing period, classes were conducted virtually
to ensure that tenants remained active while at home.
At Golden Land, we worked with an architectural firm to
design an award-winning multi-sensory classroom for
the visually impaired students in Pattaya. The classroom
design is aligned with the pre-Braille curricula to
promote interactive learning to equip the students with
fundamental skills required for their daily lives.
Education
Our annual Frasers Property Study Award in Singapore
rewarded a total of 212 children for their excellent
academic achievements this year, the highest since the
award was established in 2014. Over the years, the Study
Award criteria has progressed to become more inclusive,
benefiting more of our employees’ children.
ln Australia, we funded a A$60,000 Master of
Architecture scholarship at Western Sydney University to
encourage women’s participation in architecture. The first
recipient of the scholarship was announced in February
2020. Frasers Property Australia received the prestigious
Elizabeth Broderick Workforce Flexibility Award and
the Dame Quentin Bryce Gender Equity Award, which
recognised outstanding best practice people and culture
initiatives from the Australian HR Institute.
In Thailand, we supported the dreams of aspiring
astronauts and budding footballers. In the ‘Discover
Thailand’s Astronauts Scholarship Program 2019, Episode
3’, we sponsored four students with the opportunity
to gain first-hand experience in advanced aviation and
space technology at the US Space and Rocket Center
in Huntsville, Alabama, USA. Our One Bangkok team
conducted the inaugural One Bangkok Youth Football
Camp 2019, which aimed to create an avenue for youths
to hone their sports skills and develop sportsmanship.
In a ground-up initiative, the Frasers Property Thailand
Volunteer Club members came together to donate
computers and raise lunch funds for students at the Wat
Bang Hua Sua School in the Samut Prakan Province in
Thailand. The team also prepared donations to be given
to monks at the temple near the school.
In China, we contributed to improve reading habits
among children living in rural regions. Frasers Property
China and Frasers Hospitality China worked with Stars
Youth Development Center, a non-profit educational
organisation based in Guangzhou, to collect over 1,000
books through donations from employees and serviced
residence guests. The books went to the libraries of two
rural primary schools, benefitting about 800 students. We
further donated RMB150,000 to refurbish a rural school’s
library to inculcate good reading habits among children.
Environment
In late 2019 to early 2020, Australia experienced
devastating bushfires across the country, which wiped
out millions of hectares of lands and animals. We raised
A$25,700 for the Salvation Army Appeal through
donations from employees, which were matched by the
Frasers Property Australia Foundation. The funds were
used to provide financial assistance and emotional well-
being and support services, to those affected.
To commemorate Clean Up Australia Day, 20 colleagues
volunteered to work with the Friends of Lane Cove
National Park. The exercise removed over 1,000 tree
guards and litter and cleared out land for tree planting.
In Thailand, Frasers Property Thailand’s Love Tree & Save
the World Club organised a mangrove reforestation
programme at Ban Laem Chabang Community located
in Chonburi. The members spent time to plant mangrove
trees to combat climate change while raising awareness
on the importance of trees as a key carbon sequester.
A N N U A L R E P O R T 2 0 2 0 / 1 6 7
Classroom makeover for Redemptorist
School for the Blind, Pattaya • Thailand
Frasers Property Australia volunteers participating in Clean Up
Australia Day
Community
We continued to partner with The Foodbank Singapore
to collect and donate foodstuff to communities with food
security issues from our commercial and retail properties.
In FY20, we accumulated a total of 6,389 kg of foodstuff
for donation. We also worked with The Foodbank
Singapore to organise a food collection drive that aimed
to reduce food waste across 11 of our retail properties.
Meeting Community Needs over the COVID-19
Pandemic
We actively reached out to the communities and
provided ongoing relief efforts through various
initiatives, from sponsoring personal protective
equipment and organising blood donation drives, to
contributing donations to help migrant workers, medical
personnel and vulnerable groups.
In Malaysia, our hospitality team ran a food drive with
the support of their staff and fellow hoteliers. The event
successfully delivered over 800 free meals to families
affected by flash floods as well as the needy in care
centres, nursing homes, orphanages and other non-
governmental organisations.
In the UK, we raised over £20,000 (including £10,000
from Frasers Property UK) through the Do Something
Good Campaign for FareShare, a national network of
charitable food redistributors, to provide 80,000 meals to
vulnerable people. To achieve the target, the campaign
required our team to collectively cover over 2,500
kilometres between all its UK offices and assets by setting
personal challenges to run, walk, cycle and spin.
Malmaison and Hotel du Vin in the UK donated hotel
rooms worth over £5,000 for auction to Charity Escapes.
The money raised was channelled towards supporting
partners of Charity Escapes across the UK.
To show our support for women and diversity, Frasers
Property Australia sponsored the Urban Development
Institute of Australia & Frasers Property Women in
Leadership Awards. The awards acknowledge and
promote the positive contribution of women to the
development industry in Australia. In addition, the
Australian team continued to work on the Reconciliation
Action Plan, which started in 2018, to engage indigenous
Australians in our business operations.
Medical and Personal Protective Equipment
In Singapore, we were among the first Singapore-based
companies to support Razer’s plan to set up the country’s
first fully automated mask production and packing line.
We committed US$50,000 upfront to purchase the
initial shipments to support Razer’s innovative action
to convert its manufacturing lines to produce masks at
the height of the pandemic. We distributed these masks,
along with face shields, to tenants and frontline staff
across 15 of our malls. In addition, we leveraged our
strategic locations in the heartlands to support Razer’s
initiative to deploy mask-vending machines across
Singapore, for the redemption of free surgical masks
conveniently at our malls.
Frasers Property Thailand donated THB399,000 to
the Thai Subconstructing Promotion Association in its
efforts to support medical personnel treating COVID-19
patients. The donation went towards producing personal
protective equipment and powered air-purifying
respirators, distributed to local hospitals. Our team at
Fraser Suites Sukhumvit helped overcome the shortage
of masks in the community by making reusable masks
using clean linen and distributing them to ‘tuk tuk’
drivers around the property.
Frasers Property Vietnam donated 20 thermal cameras
worth over VND1 billion to the Vietnam Fatherland Front
Central Committee of Ho Chi Minh City. These cameras
were deployed at high-traffic areas such as hospitals,
medical centres, television stations, museums, and
dormitories of universities.
Contents
1 6 8 / F R A S E R S P R O P E R T Y L I M I T E D
FOCUSING ON
PEOPLE
Thanapol Sirithanachai, Country CEO of Frasers Property
Thailand, participating in the blood donation drive for Red Cross
Reconciliation Action Plan: Engaging
Indigenous Australians
In Australia, we play a key role in designing
communities that are inclusive of indigenous
Australians and their interests. Since the launch of our
Reconciliation Action Plan in 2018, we have channeled
A$366,000 to support indigenous-owned businesses,
including artwork and catering businesses, and
biodiversity assessments.
Read more
Blood Donation Drives
The Red Cross began to face a shortage in blood reserves
during the pandemic. The Group collaborated with the Red
Cross to mobilise blood donation drives and set up mobile
stations at some commercial and retail properties in
Singapore, Thailand and Vietnam. Through the drive, about
1,000 units of blood were donated.
Care for the Less Fortunate
We supported the Singapore Red Cross Youth’s ongoing
‘disaster risk reduction’ programme to help enhance
COVID-19 precautionary measures for vulnerable
communities, specifically isolated elderly, persons
with physical disabilities, disadvantaged families, and
low-income patients with transportation needs. Our
contribution helped its emergency response aid for its
COVID-19 relief operations in China. Through our ‘Pack
It with Love’ initiative, our employees volunteered time
over three days at the Red Cross Campsite to pack 5,000
care packages for the underprivileged.
Packing over 5,000 care packages for the underprivileged
In addition, we contributed to the Real Estate Developers
Association of Singapore Solidarity Fund for affected
migrant workers in the built environment and healthcare
workers. Our contribution went towards essential care
pack items distributed to migrant workers in dormitories.
Sharing with the Industry
Throughout the year, the Group fielded representatives
and subject matter experts to industry speaking
engagements. They spoke on a range of topics on real
estate, sustainability and innovation.
Among the events that we participated in were the Green
Building Council Australia’s Green Star in Focus event
and Carbon Leader series in Australia, and the Building
and Construction Authority’s iBuildSG Built Environment
Formation Programme: Building a Lasting Legacy
dialogue in Singapore. Speakers from the Group also
shared their perspectives at the PropertyGuru Asia Real
Estate Summit 2019 in Thailand, and at select forums
led by Urban Land Institute in Singapore and China. In
Singapore, we further participated in the International
Council of Shopping Centers’ RECon Asia-Pacific
Conference 2019 and the Advance Net Zero Roundtable
organised by the World Green Building Council and the
Singapore Green Building Council.
A N N U A L R E P O R T 2 0 2 0 / 1 6 9
ABOUT THIS
REPORT
This is Frasers Property’s sixth sustainability report. This report provides the summary of our sustainability practices
and performance of Frasers Property Limited (Frasers Property, and together with its subsidiaries, the Group) for the
period of 1 October 2019 to 30 September 2020 (FY20).
This report has been prepared in accordance with the sustainability reporting requirements of the SGX-ST Listing
Manual (Rules 711A and 711B), and the Global Reporting Initiative (GRI) Standards: Comprehensive option. In addition,
we have also included consideration of the GRI G4 Construction and Real Estate Sector Disclosures in the preparation of
this report.
REPORT SCOPE
This report discloses the activities and performance of our key business units1 and our listed trusts2. The report
covers our significant locations of operations which are Singapore, Australia, the UK and China. Specific sustainability
initiatives in Thailand, Vietnam and Europe are also shared in this report. Data disclosed covers the above scope, unless
otherwise stated, for assets that we own and/or manage, over which we have operational control. We have also
included health and safety data of our principal contractors’ employees working at our development sites in Singapore
and Australia.
FEEDBACK
We welcome your feedback in our efforts to continuously improve our sustainability practices and performance.
Please write to:
Dr Pang Chin Hong,
Vice President, Group Sustainability
Frasers Property Limited
Email: sustainability@frasersproperty.com
1
2
Frasers Property Singapore, Frasers Hospitality, Frasers Property Australia, Frasers Property China, Frasers Property Thailand, Frasers Property UK, Frasers
Property Industrial, Frasers Property Vietnam, Frasers Centrepoint Asset Management, Frasers Commercial Asset Management, Frasers Hospitality Asset
Management and Frasers Logistics & Commercial Asset Management
Frasers Centrepoint Trust, Frasers Logistics & Commercial Trust and Frasers Hospitality Trust
Contents
1 7 0 / F R A S E R S P R O P E R T Y L I M I T E D
GRI
CONTENT INDEX
GRI Standards
2016
Universal Standards
Disclosure
Number
Disclosure
Title
Section and
Page Reference / Notes
Organisational Profile
102-1
102-2
Name of the organisation
Activities, brands, products, and services
102-3
102-4
102-5
102-6
102-7
102-8
102-9
Location of headquarters
Location of operations
Ownership and legal form
Markets served
Scale of the organisation
Information on employees and other
workers
Supply chain
102-10
102-11
Significant changes to organisation and its
supply chain
Precautionary principle or approach
102-12
External initiatives
102-13
Membership of associations
GRI 102: General
Disclosures
Strategy
102-14
102-15
Statement from senior decision-maker
Key impacts, risks and opportunities
Ethics and Integrity
102-16
102-17
Governance
102-18
Values, principles, standards, and norms of
behaviour
Mechanisms for advice and concerns about
ethics
Governance structure
102-19
Delegating authority
102-20
102-21
102-22
102-23
102-24
102-25
102-26
Executive-level responsibility for
economic, environmental, and social topics
Consulting stakeholders on economic,
environmental, and social topics
Composition of the highest governance
body and its committees
Chair of the highest governance body
Nominating and selecting the highest
governance body
Conflicts of interest
Role of highest governance body in setting
purpose, values, and strategy
Frasers Property Limited
Corporate Narrative, pg. 2
Our Businesses, pg. 4
Our Multi-national Presence, pg. 6-7
Corporate Information, pg. 29
Our Multi-national Presence, pg. 6-7
Corporate Narrative, pg. 2
Our Businesses, pg. 4
Group Structure, pg. 10
Our Businesses, pg. 4
Corporate Narrative, pg. 2
Our Businesses, pg. 4
Financial Highlights, pg. 11
Focusing on People – Diversity & Inclusion, pg. 158
Focusing on People – Diversity & Inclusion, pg. 158
Managing Sustainability – Stakeholder Engagement,
pg. 133
Consuming Responsibly – Materials & Supply Chain,
pg. 154
Focusing on people – Health & Well-being, pg. 161
Our Milestones, pg. 8-9
About This Report – Report Scope, pg. 169
FPL does not specifically refer to the precautionary
approach when managing risk; however, our
management approach is risk-based, and
underpinned by our internal audit framework.
Managing Sustainability – Industry Alignment,
pg. 134, Acting Progressively – Responsible
Investment, pg. 142, Focusing on People –
Community Connectedness, pg. 168
Acting Progressively, – Responsible Investment
pg. 142
Board Statement, pg. 126
Board Statement, pg. 126
Acting Progressively – Resilient Properties, pg. 142-
143
Enterprise Risk Management, pg. 178-180
Acting Progressively – Risk-based Management,
pg. 137
Corporate Governance, pg. 181-214
Acting Progressively – Risk-based Management,
pg. 137
Board of Directors, pg. 14-20
Group Management, pg. 21-28
Corporate Information, pg. 29
Managing Sustainability – Sustainability Governance,
pg. 132
Corporate Governance, pg. 181-214
Managing Sustainability – Sustainability Governance,
pg. 132
Managing Sustainability – Sustainability Governance,
pg. 132
Managing Sustainability – Sustainability Governance,
pg. 132
Board of Directors, pg. 14-20
Corporate Governance, pg. 181-214
Board of Directors, pg. 14
Corporate Governance, pg. 181-214
Corporate Governance, pg. 181-214
Managing Sustainability – Sustainability Governance,
pg. 132
Corporate Governance, pg. 181-214
GRI Standards
2016
Universal Standards
Disclosure
Number
Disclosure
Title
102-27
102-28
102-29
102-30
102-31
102-32
102-33
102-34
102-35
102-36
102-37
102-38
102-39
Collective knowledge of highest
governance body
Evaluating the highest governance body’s
performance
Identifying and managing economic,
environmental, and social impacts
Effectiveness of risk management
processes
Review of economic, environmental, and
social topics
Highest governance body’s role in
sustainability reporting
Communicating critical concerns
Nature and total number of critical
concerns
Remuneration policies
Process for determining remuneration
Stakeholders’ involvement in
remuneration
Annual total compensation ratio
Percentage increase in annual total
compensation ratio
Stakeholder Engagement
102-40
List of stakeholder groups
102-41
Collective bargaining agreements
102-42
Identifying and selecting stakeholders
102-43
Approach to stakeholder engagement
GRI 102: General
Disclosures
102-44
Key topics and concerns raised
Reporting Practice
102-45
102-46
Entities included in the consolidated
financial statements
Defining report content and topic
Boundaries
102-47
List of material topics
102-48
Restatements of information
102-49
Changes in reporting
102-50
102-51
102-52
102-53
102-54
102-55
102-56
Reporting period
Date of most recent report
Reporting cycle
Contact point for questions regarding the
report
Claims of reporting in accordance with GRI
Standards
GRI content index
External assurance
A N N U A L R E P O R T 2 0 2 0 / 1 7 1
Section and
Page Reference / Notes
Corporate Governance, pg. 181-214
Corporate Governance, pg. 181-214
Managing Sustainability – Materiality Assessment,
pg. 134-135
Managing Sustainability – Sustainability Governance,
pg. 132
Corporate Governance, pg. 181-214
Managing Sustainability – Sustainability Governance,
pg. 132
Board Statement, pg. 126
Corporate Governance, pg. 181-214
Acting Progressively – Risk-based Management,
pg. 138
Corporate Governance, pg. 181-214
Corporate Governance, pg. 181-214
Corporate Governance, pg. 181-214
We are unable to disclose the ratio due to our highly
competitive labour market.
We are unable to disclose the ratio due to our highly
competitive labour market.
Managing Sustainability – Stakeholder Engagement,
pg. 133
There are no collective bargaining agreements in
place.
Managing Sustainability – Stakeholder Engagement,
pg. 133
Managing Sustainability – Stakeholder Engagement,
pg. 133
Managing Sustainability – Stakeholder Engagement,
pg. 133
Group Structure, pg. 10
Notes to Financial Statements, pg. 237-357
About This Report – Report Scope, pg. 169
Our Sustainability Framework, pg. 128
Managing Sustainability – Stakeholder Engagement,
pg. 133, Materiality Assessment, pg. 134-135
Managing Sustainability – Materiality Assessment,
pg. 134-135
Acting Progressively – Responsible Investment,
pg. 139
Restatement due to consolidation of Green Star
Design and As-Built certificates and Green Star
Performance Certificates within our Australian
Portfolio as part of our new methodology to track
our progress for our newly created Group Goals.
Consuming Responsibly – Energy & Carbon, pg. 148,
Water, pg. 151, Waste, pg. 152
Restatement due to refreshment of portfolio
composition during the year
Managing Sustainability – Materiality Assessment,
pg. 134-135
About This Report, pg. 169
December 2019
Annual
About This Report – Feedback, pg. 169
About This Report, pg. 169
GRI Content Index, pg. 170-174
We have not sought external assurance on this data;
however we intend to review this stance in the future.
Contents
1 7 2 / F R A S E R S P R O P E R T Y L I M I T E D
GRI
CONTENT INDEX
103-2
103-3
201-1
201-2
201-3
201-4
103-2
103-3
205-1
205-2
205-3
103-3
307-1
103-2
103-3
417-1
417-2
417-3
Disclosure
Number
103-1
GRI Standards
2016
Management Approach
GRI 103:
Management
Approach
Topic-specific Standards
Economic Performance
GRI 103:
Management
Approach
GRI 201:
Economic
Performance
Anti-corruption
GRI 103:
Management
Approach
GRI 205: Anti-
corruption
Environmental Compliance
103-2
GRI 103:
Management
Approach
GRI 307:
Environmental
Compliance
Ethical Marketing
GRI 103:
Management
Approach
GRI 417: Marketing
and Labelling
Energy Management
GRI 103:
Management
Approach
GRI 302: Energy
103-2
103-3
302-1
302-2
302-3
302-4
302-5
GRI 305: Emissions 305-1
305-2
305-3
305-4
305-5
305-6
305-7
Disclosure
Title
Section and
Page Reference / Notes
Explanation of the material topic and its
boundary
Managing Sustainability - Materiality Assessment,
pg. 134-135
The management approach and its
components
Evaluation of the management approach
Direct economic value generated and
distributed
Financial implications and other risks and
opportunities due to climate change
Defined benefit plan obligations and other
retirement plans
Financial assistance received from
government
The Group Strategy, pg. 3
Financial Highlights, pg. 11
Financial Statements, pg. 215-357
Focusing on People - Community Connectedness,
pg.165
Acting Progressively – Resilient Properties, pg. 142
Focusing on People – Health & Well-being, pg. 162
Information is not disclosed due to confidentiality
nature.
The management approach and its
components
Evaluation of the management approach
Operations assessed for risks related to
corruption
Communication and training about anti-
corruption policies and procedures
Confirmed incidents of corruption and
actions taken
Acting Progressively – Risk-based Management,
pg. 137
Acting Progressively – Risk-based Management,
pg. 137
Acting Progressively – Risk-based Management,
pg. 138, Corporate Governance, pg. 181-214
Acting Progressively – Risk-based Management,
pg. 138
The management approach and its
components
Evaluation of the management approach
Non-compliance with environmental laws
and regulations
Acting Progressively – Risk-based Management,
pg. 137-138
Acting Progressively – Risk-based Management,
pg. 138
The management approach and its
components
Evaluation of the management approach
Requirements for product and service
information and labelling
Incidents of non-compliance concerning
product and service information and
labelling
Incidents of non-compliance concerning
marketing communications
The management approach and its
components
Evaluation of the management approach
Energy consumption within the
organization
Energy consumption outside of the
organization
Energy intensity
Reduction of energy consumption
Reductions in energy requirements of
products and services
Direct (Scope 1) GHG emissions
Energy indirect (Scope 2) GHG emissions
Other indirect (Scope 3) GHG emissions
GHG emissions intensity
Reduction of GHG emissions
Emissions of ozone-depleting substances
(ODS)
Nitrogen oxides (NOX), sulfur oxides (SOX),
and other significant air emissions
Acting Progressively – Risk-based Management,
pg. 137-138
Not applicable due to the nature of our business.
Not applicable due to the nature of our business.
Acting Progressively – Risk-based Management,
pg. 138
Consuming Responsibly – Energy & Carbon,
pg. 148-150
Consuming Responsibly – Energy & Carbon,
pg. 148-149
Consuming Responsibly – Energy & Carbon, pg. 149
Consuming Responsibly – Energy & Carbon, pg. 148
We plan to collect data on this metric in the future.
Not applicable due to the nature of our business.
Consuming Responsibly – Energy & Carbon, pg. 149
Consuming Responsibly – Energy & Carbon, pg. 148
Consuming Responsibly – Energy & Carbon, pg. 149
Consuming Responsibly – Energy & Carbon, pg. 148
Consuming Responsibly – Energy & Carbon, pg. 149
Not significant due to the nature of our business.
Not significant due to the nature of our business.
A N N U A L R E P O R T 2 0 2 0 / 1 7 3
Disclosure
Title
Section and
Page Reference / Notes
The management approach and its
components
Evaluation of the management approach
Water withdrawal by source
Water sources significantly affected by
withdrawal of water
Water recycled and reused
The management approach and its
components
Evaluation of the management approach
New employee hires and employee
turnover
Benefits provided to full-time employees
that are not provided to temporary or
part-time employees
Parental leave
Average hours of training per year per
employee
Programs for upgrading employee skills
and transition assistance programs
Percentage of employees receiving regular
performance and career development
reviews
The management approach and its
components
Evaluation of the management approach
Minimum notice periods regarding
operational changes
Consuming Responsibly – Water, pg. 151
Consuming Responsibly – Water, pg. 151
All water consumed is from purchased utilities.
Consuming Responsibly – Water, pg. 151
Focusing on People – Diversity & Inclusion,
pg. 157-158, Skills & Leadership, pg. 160
Focusing on People – Diversity & Inclusion, pg. 158-
159
Focusing on People – Health & Well-being, pg. 162
Focusing on People – Health & Well-being, pg. 162
Focusing on People – Skills & Leadership, pg. 160
Focusing on People – Diversity & Inclusion, pg. 157
Focusing on People – Diversity & Inclusion, pg. 157
This is currently not covered in Group-wide collective
agreements. The notice period varies.
The management approach and its
components
Evaluation of the management approach
Focusing on People – Health & Well-being, pg. 161
Acting Progressively – Risk-based Management,
pg. 137
Workers representation in formal joint
management–worker health and safety
committees
Types of injury and rates of injury,
occupational diseases, lost days, and
absenteeism, and number of work-related
fatalities
Workers with high incidence or high risk of
diseases related to their occupation
Health and safety topics covered in formal
agreements with trade unions
The management approach and its
components
Evaluation of the management approach
Operations with local community
engagement, impact assessments,
and development programs
Operations with significant actual and
potential negative impacts on local
communities
The management approach and its
components
Evaluation of the management approach
Legal actions for anti-competitive
behavior, anti-trust, and monopoly
practices
FPL has a Health and Safety senior management
committee.
Focusing on People – Health & Well-being, pg. 161
Not significant due to the nature of our business.
This is currently not covered in Group-wide collective
agreements. The agreement varies.
Focusing on People – Community Connectedness,
pg. 164
Focusing on People – Community Connectedness,
pg. 164-168
Focusing on People – Community Connectedness,
pg. 164-168. We are not aware of any such actual and
potential negative impacts on local communities.
Acting Progressively – Risk-based Management,
pg. 137
Acting Progressively – Risk-based Management,
pg. 138
Contents
Disclosure
Number
GRI Standards
2016
Topic-specific Standards
Water Management
GRI 103:
Management
Approach
GRI 303: Water
Staff Retention and Development
GRI 103:
Management
Approach
103-2
GRI 401:
Employment
GRI 404: Training
and Education
Labour/Management Relations
GRI 103:
Management
Approach
103-2
GRI 402: Labour/
Management
Relations
Health and Safety
GRI 103:
Management
Approach
GRI 403:
Occupational
Health and Safety
Local Communities
GRI 103:
Management
Approach
GRI 413:
Local Communities
103-2
103-3
303-1
303-2
303-3
103-3
401-1
401-2
401-3
404-1
404-2
404-3
103-3
402-1
103-2
103-3
403-1
403-2
403-3
403-4
103-2
103-3
413-1
413-2
103-3
206-1
Emerging Topic – Anti-competitive Behavior
GRI 103:
Management
Approach
103-2
GRI 206: Anti-
competitive
behavior
1 7 4 / F R A S E R S P R O P E R T Y L I M I T E D
GRI
CONTENT INDEX
103-3
304-1
304-2
304-3
304-4
103-3
306-1
Disclosure
GRI Standards
Number
2016
Emerging Topics - Materials
GRI 103:
Management
Approach
103-2
GRI 301: Materials
103-3
301-1
Emerging Topic – Biodiversity
GRI 103:
Management
Approach
103-2
GRI 304:
Biodiversity
Disclosure
Title
Section and
Page Reference / Notes
The management approach and its
components
Evaluation of the management approach
Materials used by weight or volume
301-2
301-3
Recycled input materials used
Reclaimed products and their packaging
materials
The management approach and its
components
Evaluation of the management approach
Operational sites owned, leased, managed
in, or adjacent to, protected areas and
areas of high biodiversity value outside
protected areas
Significant impacts of activities, products,
and services on biodiversity
Habitats protected or restored
IUCN Red List species and national
conservation list species with habitats in
areas affected by operations
Consuming Responsibly – Materials & Supply Chain,
pg. 154
Consuming Responsibly – Materials & Supply Chain,
pg. 154
Consuming Responsibly – Materials & Supply Chain,
pg. 154
Not applicable due to the nature of our business.
Consuming Responsibly – Biodiversity pg. 155
We do not manage assets which reside in or close to
areas of high biodiversity value.
Consuming Responsibly – Biodiversity pg. 155
Consuming Responsibly – Biodiversity pg. 155
We are not aware of any relevant species affected by
our operations.
Emerging Topic – Effluents and Waste
GRI 103:
Management
Approach
103-2
GRI 306: Effluents
and Waste
The management approach and its
components
Evaluation of the management approach
Water discharge by quality and destination In FY20, the maximum suspended solids runoff at our
Consuming Responsibly – Waste pg. 152-153
306-2
306-3
306-4
306-5
Waste by type and disposal method
Significant spills
Transport of hazardous waste
Water bodies affected by water discharges
and/or runoff
Emerging Topic – Diversity and Equal Opportunity
GRI 103:
Management
Approach
103-2
The management approach and its
components
Evaluation of the management approach
Diversity of governance bodies and
employees
Ratio of basic salary and remuneration of
women to men
GRI 405: Diversity
and Equal
Opportunity
103-3
405-1
405-2
development projects in Singapore is 25 mg/l.
Consuming Responsibly – Waste pg. 152
Not applicable due to the nature of our business.
Not applicable due to the nature of our business.
Water discharge from operations is discharged to
public sewage or treatment plants.
Board of Directors, pg. 14-20
Group Management, pg. 21-28
Corporate Governance, pg. 181-214
Focusing on People – Diversity & Inclusion, pg. 158
Information is not disclosed due to the highly
competitive labour market.
Notes
•
Energy and Water Reporting Scope
Electricity consumption and GHG emissions reported is inclusive of all completed properties that we own and/or manage with significant operational
control in FY20, which are the landlord areas for commercial properties in Singapore, Australia, China, Vietnam and the UK, total area for serviced
residences and hotels. We have additionally reported data for our-indirectly managed industrial properties in Australia (both FPI and FLCT-owned).
Energy and GHG intensities exclude both newly completed properties in FY20 and properties divested at any point during the reporting period.
The GHG emission factors are from Energy Market Authority – Singapore Energy Statistics 2020, Australia National Greenhouse Accounts Factors 2020,
Climate Transparency – G20 Brown to Green Report 2017 for Spain, Hungary, Turkey, India, Indonesia, Japan, South Korea, France, Switzerland and Saudi
Arabia, UK Government GHG Reporting 2018, 2019, 2020, Institute for Global Environmental Strategies – List of Grid Emission Factors 2020 for United
Arab Emirates, International Energy Agency – Key World Energy Statistics 2010 for Bahrain and Qatar, Baseline Emission Factors for Regional Power Grids
in China 2017, Study on Grid Connected Baselines in Malaysia 2014, National Grid Emission Factor for National Emission Grid for Luzon-Visayas Grid
2015- 2017 for Philippines, Thailand Greenhouse Gas Management Organisation 2017, Ministry of Natural Resources and Environment Vietnam 2017,
Association of Issuing Bodies for Germany and Netherlands, Clean Development Mechanism – Grid Emission Factor for West African Power Pool 2017 for
Nigeria, International Energy and Environment Foundation – International Journal of Energy And Environment Issue 4, 2013 for Oman.
Water consumption reported is inclusive of all completed properties that we own and/or manage with significant operational control in FY20, which are
the landlord areas for commercial properties in Singapore, Australia, China, Vietnam and the UK, and total area for serviced residences, hotel. We have
additionally reported data for our-indirectly managed industrial properties in Australia (both FPI and FLCT-owned).
Water intensities exclude both newly completed properties in FY20 and properties divested at any point during the reporting period.
Scope of electricity, water and paper reporting for corporate offices include Singapore, Australia, China, Thailand, United Kingdom and Vietnam.
•
Embodied Carbon Reporting Scope
The GHG emissions factors are from Energy Market Authority – Singapore Energy Statistics 2020 for electricity, UK Government GHG Reporting, 2019 for
gas and fuel, and Inventory of Carbon & Energy (ICE) Version 2.0 and 3.0 for building materials.
• Monetary Disclosure
All monetary related disclosures within the report are in Singapore Dollars (S$) unless stated otherwise.
A N N U A L R E P O R T 2 0 2 0 / 1 7 5
AWARDS AND
ACCOLADES
FRASERS PROPERTY SINGAPORE
PropertyGuru Asia Property Awards –
• Special Recognition in CSR Winner
• Special Recognition in Design and
Construction Winner
• Special Recognition in Sustainable
Development Winner
Frasers Property Singapore
Residential
BCA Awards – Construction Excellence
Award, Merit Winner
Parc Life Executive Condominium
Retail and Commercial
International Council of Shopping
Centres, Asia-Pacfic Shopping Centre
Awards 2019 – Integrated Digital
Campaigns – Gold Award for ‘A Beary
Merry Christmas’ Campaign
Frasers Property Retail
BCA Awards – Construction Excellence
Award, Excellence Winner
Northpoint City
BCA Awards – Green Mark Certification
YewTee Point
EdgeProp Singapore Excellence Awards
2020 –
• Top Development Excellence
• Mixed-Used Development Excellence
• Landscape Excellence
NorthPark Residences
BCA Awards – Green Mark Gold
• Bedok Point
• Northpoint Shopping Centre
• 51 Cuppage Road
• Alexandra Technopark
• Valley Point
FIABCI World Prix D’Excellence Awards
2020 – Mixed-Use Development Category,
World Silver Winner
Watertown and Waterway Point
BCA Awards – Green Mark GoldPLUS
• Northpoint City South Wing
• Tampines 1
• Cross Street Exchange
PropertyGuru Asia Property Awards –
• Highly Commended Best Luxury Condo
Architectural Design
• Highly Commended Best Luxury Condo
Development
• Highly Commended Best Luxury Condo
Interior Design
• Highly Commended Best Luxury Condo
Landscape Architectural Design
• Highly Commended Best Mixed-Use
Development
• Highly Commended Best Smart
Building Development
Riviere
PropertyGuru Asia Property Awards –
• Highly Commended Best Condo
BCA Awards – Green Mark Platinum
• Causeway Point
• Century Square
• Eastpoint Mall
• Tiong Bahru Plaza and Central Plaza
• White Sands
• Alexandra Point
• Frasers Tower
bizSAFE Level Star Certification by
Workplace Safety and Health Council
• Anchorpoint
• Bedok Point
• Causeway Point
• Changi City Point
• Eastpoint Mall
• Frasers Property Management Services
Residential Interior Design
Pte. Ltd.
• Highly Commended Best New Private
Condo Architectural Design
• Highly Commended Best New Private
Condo Development
• Highly Commended Best New Private
Condo Landscape Architectural Design
Seaside Residences
Singapore Property Awards 2019
by FIABCI Singapore – Mixed-Use
Development Category Winner
Watertown and Waterway Point
Singapore Property Awards 2019 by
FIABCI Singapore – Mid Rise Category
Winner
Watertown
• Northpoint City North Wing
• Robertson Walk
• The Centrepoint
• Waterway Point
• YewTee Point
• 51 Cuppage Road
• Cross Street Exchange
• Alexandra Technopark
• Alexandra Point
• Valley Point
• Frasers Tower
bizSAFE Partner Award by Workplace
Safety and Health Council
• 51 Cuppage Road
• Cross Street Exchange
• Valley Point
• Alexandra Point
• Alexandra Technopark
FIABCI World Prix D’Excellence Awards
2020 – Retail Category, World Silver
Winner
Waterway Point
ISO 14001:2015
• Robertson Walk
• 51 Cuppage Road
• Cross Street Exchange
• Alexandra Technopark
• Alexandra Point
• Valley Point
• Frasers Tower
ISO 50001:2011
• Robertson Walk
• 51 Cuppage Road
• Cross Street Exchange
• Alexandra Technopark
• Alexandra Point
• Valley Point
• Frasers Tower
ISO 45001:2018
• 51 Cuppage Road
• Cross Street Exchange
• Alexandra Technopark
• Alexandra Point
• Valley Point
• Frasers Tower
Occupational Health & Safety
Management System Standard SS506
Part 1:2009/ BS OHSAS 18001:2007
– Provision of Centre and Associated
Facility Management Services
• Anchorpoint
• Bedok Point
• Causeway Point
• Changi City Point
• Eastpoint Mall
• Frasers Property Management Services
Pte. Ltd. – Retail Properties Department
• Northpoint City North Wing
• The Centrepoint
• Waterway Point
• YewTee Point
• Robertson Walk
• 51 Cuppage Road
• Cross Street Exchange
• Alexandra Technopark
• Alexandra Point
• Valley Point
PropertyGuru Asia Property Awards –
• Highly Commended Best Completed
Private Condo Architectural Design
• Highly Commended Best Completed
Private Condo Development
• Highly Commended Best Completed
Private Condo Landscape Architectural
Design
• Highly Commended Best Mixed-Use
Development
• Highly Commended Best Residential
Green Development
Northpoint City
Singapore Property Awards 2019 by
FIABCI Singapore – Retail Category
Winner
Waterway Point
Contents
1 7 6 / F R A S E R S P R O P E R T Y L I M I T E D
AWARDS AND
ACCOLADES
Water Efficient Building by Public Utilities
Board
• Alexandra Point
• Cross Street Exchange
• 51 Cuppage Road
• Frasers Tower
Urban Developer Awards 2019 –
• Development of the Year, Urban
Regeneration
• Excellence in Sustainability
Central Park
Eco Office by Singapore Environment
Council
• 51 Cuppage Road
• Valley Point
• Cross Street Exchange
• Alexandra Technopark
• Frasers Tower
Retail
Good Design Awards 2020 – Architectural
Design, Urban Design and Public Spaces
Burwood Brickworks Shopping Centre
INDE.Awards 2020 – Honourable Mention
– The Building
Burwood Brickworks Shopping Centre
Property Guru - Asia Property Awards –
• Best Smart Building Developemnt -
Highly Commended
• Best Office Development – Winner
• Best Mixed Use Development – Winner
• Best Office Architectural Design –
Winner
• Best Co Working Space – Winner – The
Executive Centre
• Best Commercial Green Development –
Winner
Frasers Tower
Sustainable Building Awards
• Best of the Best
• Commercial Architecture (Large)
Burwood Brickworks Shopping Centre
The Urban Developer Awards –
• Excellence in Sustainability
• Retail Development of the Year
Burwood Brickworks Shopping Centre
FRASERS PROPERTY AUSTRALIA &
FRASERS PROPERTY INDUSTRIAL
GRESB
• 5 Star rating
• Global Non-listed Sector Leader –
Diversified Office/Industrial
• Global Development Sector Leader –
Residential
Australian Human Resources Institute
Awards 2019 –
• Workplace Flexibility Award
• Gender Diversity Award
FRASERS PROPERTY INDUSTRIAL
ASEAN Energy Award – 2nd Runner-up of
the New and Existing Building – Energy
Efficient Building Category
Frasers Tower
FRASERS PROPERTY AUSTRALIA
Australian Institute of Architects National
Awards – Leader in Sustainability
Stephen Choi
Residential
AIRAH Awards 2019 – Excellence in
Innovation
Fairwater
Architizer A+Awards 2020 – Architecture,
Urban & Masterplans Award Finalist
Central Park Public Domain
Australian Institute of Landscape
Architects NSW Awards 2020 – Urban
Design, Landscape Architecture Award
Central Park Public Domain
Corporate Housing Provider of the Year
2019 by Expatriate Management and
Mobility Awards
Frasers Hospitality Pte Ltd
Singapore’s Leading Hotel Residences
2020 by World Travel Awards
Capri by Fraser, Changi City / Singapore
South Korea’s Leading Serviced
Apartments 2020 by World Travel
Awards
Fraser Place Central Seoul
Indonesia’s Leading Serviced Apartments
2020 by World Travel Awards
Fraser Place Setiabudi Jakarta
Indonesia’s Leading Serviced Apartment
Brand 2020 by World Travel Awards
Frasers Hospitality Pte Ltd
Europe’s Leading New Boutique Hotel
2020 by World Travel Awards
Malmaison Edinburgh City
Germany’s Leading Serviced Apartments
2020 by World Travel Awards
Fraser Suites Hamburg
England’s Leading Serviced Apartment
Brand 2020 by World Travel Awards
Frasers Hospitality Pte Ltd
England’s Leading Serviced Apartments
2020 by World Travel Awards
Fraser Suites Kensington, London
France’s Leading Serviced Apartments
2020 by World Travel Awards
Fraser Suites Le Claridge Champs-Élysées
Property Council RLB Innovation &
Excellence Awards 2020 – Award for Best
Business or Industrial Park Finalist
Yatala Central
Germany’s Leading Hotel Residences
2020 by World Travel Awards
Capri by Fraser, Berlin / Germany
FRASERS LOGISTICS & COMMERCIAL
TRUST
Bahrain’s Leading Serviced Apartments
2020 by World Travel Awards
Fraser Suites Diplomatic Area, Bahrain
GRESB
• 5 Star rating
• Global Listed Sector Leader – Industrial
Qatar’s Leading Serviced Apartments
2020 by World Travel Awards
Fraser Suites Doha
Green Good Design Awards 2020 – Green
Urban Planning, Landscape Architecture
Central Park Public Domain
Sydney Design Awards 2020 – Gold –
Urban Design
Kensington Street, Spice Alley, Central Park
FRASERS HOSPITALITY
World’s Leading Serviced Apartment
Brand by World Travel Awards
Frasers Hospitality Pte Ltd
UDIA QLD Awards for Excellence 2019 –
Premium Small-Scale Development
River Homes, Hamilton Reach
World’s Leading Serviced Apartments by
World Travel Awards
Fraser Residence Orchard, Singapore
UDIA National Awards for Excellence
2020 – Environmental Excellence
Central Park
Best Serviced Residence Brand in China
2019 by Business Traveller China
Frasers Hospitality Pte Ltd
Dubai’s Leading Serviced Apartments
2020 by World Travel Awards
Fraser Suites Dubai
United Arab Emirates’s Leading Serviced
Apartments 2020 by World Travel
Awards
Fraser Suites Dubai
Oman’s Leading Serviced Apartments
2020 by World Travel Awards
Fraser Suites Muscat
A N N U A L R E P O R T 2 0 2 0 / 1 7 7
Nigeria’s Leading Serviced Apartments
2020 by World Travel Awards
Fraser Suites Abuja
Best Serviced Apartment Company 2020
by Business Traveller Awards UK
Frasers Hospitality Pte Ltd
Traveller’s Choice 2020 – Top 25 Luxury
Hotels in Middle East by TripAdvisor
Fraser Suites Diplomatic Area, Bahrain
FRASERS HOSPITALITY TRUST
FRASERS PROPERTY THAILAND
Agoda 2020 Customer Review Awards
• Fraser Suites Sydney
• Novotel Melbourne on Collins
• Novotel Sydney Darling Square
• Sofitel Sydney Wentworth
• InterContinental Singapore
• Fraser Suites Edinburgh
• ANA Crowne Plaza Kobe
• The Westin Kuala Lumpur
Residential
BCI Asia Top 10 Developers Awards 2019
by BCI Media Group
Frasers Property Thailand
Commercial
LEED GOLD Certified 2020 by US Green
Building Council (USGBC)
Mitrtown Office Tower
Traveller’s Choice 2020 – Top 25 Hotels in
Japan by TripAdvisor
Fraser Residence Nankai Osaka
Partner of the Year for Asia Pacific by
Synergy Global Housing
Fraser Suites Singapore
Traveller’s Choice 2020 – Hall of Fame by
TripAdvisor
• Fraser Suites Le Claridge, Champs-
Singapore’s Leading City Hotel by World
Travel Awards 2020
InterContinental Singapore
Elysees
• Fraser Suites Harmonie
• Hotel du Vin Bristol, City Centre
• Malmaison London
Traveller’s Choice 2020 by TripAdvisor
• Capri by Fraser, Barcelona / Spain
• Capri by Fraser, Berlin
• Capri by Fraser, Brisbane
• Capri by Fraser, Changi City
• Capri by Fraser, Frankfurt
• Capri by Fraser, Shenzhen
• Fraser Place Antasya, Istanbul
• Fraser Place Anthill, Istanbul
• Fraser Place Setiabudi, Jakarta
• Fraser Residence Menteng, Jakarta
• Fraser Residence Sudirman, Jakarta
• Fraser Suites Abuja
• Fraser Suites Dalian
• Fraser Suites Diplomatic Area, Bahrain
• Fraser Suites Doha
• Fraser Suites Dubai
• Fraser Suites Geneva
• Fraser Suites Guangzhou
• Fraser Suites Hamburg
• Fraser Suites Muscat
• Fraser Suites New Delhi
• Fraser Suites Perth
• Fraser Suites Riyadh
• Fraser Suites Shenzhen
• Hotel du Vin Brighton
• Hotel du Vin Exeter
• Hotel du Vin Glasgow
• Hotel du Vin Henley-on-Thames
• Hotel Du Vin Stratford-Upon-Avon
• Modena by Fraser Changsha
• Modena by Fraser Putuo Shanghai
• Modena by Fraser Zhuankou Wuhan
• Modena by Fraser Bangkok
• Modena by Fraser Buriram
• Malmaison Aberdeen
• Malmaison Belfast
• Malmaison Glasgow
• Malmaison Leeds
• Malmaison Liverpool
• Malmaison Manchester
• Malmaison Reading
Scotland’s Leading Serviced Apartments
by World Travel Awards 2020
Fraser Suites Edinburgh
Traveller’s Choice 2020 – Singapore’s Top
25 Luxury Hotels by TripAdvisor
InterContinental Singapore
ASEAN MICE Venue Standard (Category:
Meeting Room) Awards by Ministry of
Tourism, Arts and Culture Malaysia
The Westin Kuala Lumpur
Traveller’s Choice 2020 – Hall of Fame by
TripAdvisor
Fraser Suites Glasgow
Traveller’s Choice 2020 by TripAdvisor
• Fraser Suites Edinburgh
• Fraser Suites Sydney
• The Westin Kuala Lumpur
FRASERS PROPERTY (HOLDINGS)
THAILAND
DOT Property Thailand Awards 2020
– Special Recognition Award, Green
Innovation
The PARQ
Property Guru Asia Property Awards
• Best Office Development
• Best Green Development
• Best Office Architectural Design
The PARQ
Property Guru Asia Property Awards
• Best Office Development in Asia
The PARQ
Asia Pacific Property Awards by
International Property Media Ltd
– Winner, Mixed-use development
Thailand, 2020-2021
Samyan Mitrtown
FRASERS PROPERTY VIETNAM
Residential
Asia Pacific Property Awards – Winner of
Mixed-Use Development
Q2 Thao Dien
Best of the Best Awards by Robb Report
Vietnam - Best Lifestyle Townhouse of
the Year
Q2 Thao Dien
Commercial
Asia Pacific Property Awards – Best
Commercial Renovation / Redevelopment
Melinh Point
FRASERS PROPERTY CHINA
Residential
Best Livable Environment Residential
Estate Award 2020 by Suzhou City
Government
Suzhou Baitang One Residences
Construction Quality Excellence Award
“Tropic of Gusu” 2020 by Suzhou City
Construction Bureau
Suzhou Baitang One Residences
Industrial
Sichuan Provincial Construction Quality
& Safety Award 2020 – Silver
Chengdu Logistic Hub
Outstanding Business & Tenants
Management Award 2020
Chengdu Logistic Hub
FRASERS PROPERTY UNITED KINGDOM
First Time Buyer Readers Awards 2020 –
the Best Large Development
9 Eastfields, Riverside Quarter
Contents
1 7 8 / F R A S E R S P R O P E R T Y L I M I T E D
ENTERPRISE-WIDE
RISK MANAGEMENT
Enterprise-wide risk management
(ERM) is an essential part of Frasers
Property’s business strategy. We
maintain a risk management system
to proactively manage risks at the
strategic, tactical and operational
level to support the achievement
of our business objectives and
corporate strategies. Through active
risk management at all levels, the
management of Frasers Property
creates and preserves value for the
Group.
Our Board of Directors is responsible
for the governance of risks across
the Group and ensuring that the
management maintains a sound
system of risk management and
internal controls to achieve business
objectives. It is assisted by the Risk
Management Committee (RMC)
to oversee our ERM framework,
determine the risk appetite and
risk strategy, assess our risk profile,
material risks, and mitigation
plans, as well as to ensure the
adequacy and effectiveness of
our risk management policies and
procedures. The RMC comprises
members of the Board who meet
quarterly to review material risk
issues and the mitigating strategies
for such risks. All material risks and
risk issues are reported to the RMC
for review.
The RMC, on behalf of the Board,
approves Frasers Property’s risk
tolerance statements, which set
out the nature and extent of the
significant risks that we are willing
to take in achieving our business
objectives. The risk tolerance
statements are supported by the
risk thresholds which have been
developed by the management.
These thresholds set the risk
boundaries in various strategic and
operational areas and serve as a
guide for the management in their
decision making. The risk tolerance
status is reviewed and monitored
closely by management. Any risk that
has escalated beyond its threshold
will be highlighted and addressed.
The risk tolerance status, together
with any associated mitigating action
plan, will be reported to the RMC.
RISK MANAGEMENT PROCESS
To facilitate a consistent and cohesive
approach to ERM, we have developed
an ERM framework and process. We
adopt a robust risk management
framework to maintain a high level of
corporate discipline and governance.
The risk management process is
implemented by the management for
the identification and management
of risks of the Group. The process
consists of risk identification, risk
assessment and evaluation, risk
treatment, risk monitoring and
reporting.
The ERM framework links Frasers
Property’s risk management
process with the strategic, tactical
objectives and operations. Risks
are identified and assessed, and
mitigating measures developed to
address and manage those risks.
The ERM framework and process
are summarised in an ERM policy for
employees.
The risk management process is
integrated and coordinated across
our businesses. The ERM framework
and process apply to all our business
units. The risk ownership lies
with the heads of the respective
business units who consistently
review risks and ensure the control
measures are effective. They are
responsible for the development,
implementation and practice of ERM
within the business unit. Emerging
risks that have a material impact
on the business units are identified,
assessed and monitored closely.
The risk exposures and potential
mitigating measures are tracked
in risk registers maintained in a
web-based corporate risk scorecard
system. Where applicable, key risk
indicators are established to provide
an early warning signal to monitor
risks. Key material risks and their
associated mitigating measures are
consolidated at the Group level and
reported to the RMC quarterly.
We proactively manage risks at
the operational level. Control
self-assessment, which promotes
accountability and risk ownership,
is implemented for key business
processes. We have put in place
a comfort matrix framework,
which provides an overview of the
mitigating strategies, and internal
control assurance processes of key
financial, operational, compliance
and information technology risks.
An ERM validation is held at the
management level annually. At this
annual ERM validation, the heads of
business units deliberate on key risks
and the corresponding mitigating
strategies for their business units
in response to emerging risks and
opportunities, provide assurance to
the Group Chief Executive Officer
and key management personnel
that the business units’ key risks
have been identified and monitored,
and that the mitigating measures
are effective and adequate. The
results of the ERM validation for the
financial year ended 30 September
2020 were reported and presented
to the RMC and the Board.
We enhance our risk management
culture through various risk
management activities. Risk
awareness briefings are conducted
for all levels during staff orientation.
Refresher sessions are also organised
for existing staff when required.
Periodic discussions of risk and
risk issues are held at the business
unit level where emerging risks are
identified and managed. Business
continuity exercises are carried out
at least annually at the business
units and the Group level to prepare
ourselves against unexpected crises.
A N N U A L R E P O R T 2 0 2 0 / 1 7 9
local contacts, and reviewing expert
opinions and market indicators,
keeping abreast of economic,
political and regulatory changes
as well as stepping up the crisis
preparedness of our properties.
Emphasis is also placed on regulatory
compliance in our operations.
Financial risk
We have global operations and
therefore are exposed to financial
risks such as foreign exchange risk,
interest rate risk and liquidity risk.
We use derivatives, a mix of fixed
and floating rate debt with varying
tenors as well as other financial
instruments to hedge against foreign
exchange and interest rate exposure.
Policies and processes are in place
to facilitate the monitoring and
management of these risks.
To manage liquidity risk, we monitor
cash flow and maintain sufficient
cash or cash equivalents as well as
secure funding through multiple
sources, to ensure that financing,
funding and repayment of debt
obligation are fulfilled. Our financial
risk management is discussed in
more detail in Treasury Highlights on
pages 122 to 123 and the Notes to
the Financial Statements on pages
237 to 357.
Human capital risk
We view our human capital as a key
factor for driving growth. As such,
talent management, employee
engagement, the retention of key
personnel and maintenance of a
conducive work environment are
important to the Group. In view of
these considerations, the human
resources team has developed and
implemented effective reward
schemes, succession planning,
corporate wellness programmes
and staff development programmes.
Details on the various programmes
and initiatives can be found in the
Sustainability Report on pages 156
to 160.
Contents
We seek to improve our risk
management processes on an
ongoing basis. Our risk management
system is benchmarked against
market practice. During the
financial year, we improved our
risk management capability
by enhancing the risk tools to
include environmental, social and
governance factors to provide a
wider coverage of risk. In addition,
we also identified and included
definitions of key non-financial
risk parameters for a more
comprehensive risk assessment.
For this financial year, we have
enhanced our business continuity
management capability through the
rolling out of a business continuity
management programme at the
business unit level for the Singapore
strategic business unit. We will
continue to roll out the business
continuity management programme
to other business units in the coming
years. The business continuity
effort is overseen by our Business
Continuity Management Committee
comprising key heads of departments
and business units.
KEY RISKS
The Management has been actively
monitoring the key material risks that
affect the Group. Some material risks
include:
Country risks
With diversified international
operations and investments, we
are exposed to economic, political
and regulatory developments in
major economies and key financial
and property markets. The risk
of adverse changes in the global
economy can reduce profits, result in
revaluation losses, affect our ability
to sell residential development
stock and exit from operations and
investments.
Inconsistent and frequent changes in
regulatory policies as well as security
threats may also result in higher
operating and investment costs, loss
in productivity and disruptions to
business operations.
We adopt a prudent approach
in selecting locations for our
investments to mitigate risks. We
put measures in place to monitor
the markets closely, such as
through maintaining good working
relationships and engaging with local
authorities, business associations and
1 8 0 / F R A S E R S P R O P E R T Y L I M I T E D
ENTERPRISE-WIDE
RISK MANAGEMENT
Fraud and corruption risk
We do not condone any acts of
fraud, corruption or bribery by
employees in the course of our
business activities. We have put in
place various policies and guidelines,
including a Code of Business
Conduct and an Anti-bribery Policy,
to guide employees on business
practices, standards and conduct
expected while in their employment
with us. A Whistle-blowing Policy
has also been put in place to provide
a clearly defined process and
independent feedback channel for
employees to report any suspected
improprieties in confidence and in
good faith, without fear of reprisal.
The Audit Committee reviews
and ensures that independent
investigations and appropriate
follow-up actions are carried out.
More details can be found in the
Corporate Governance Report on
pages 181 to 214.
Technology risk
Frasers Property builds digital
capabilities and invests in new
technologies to ensure our business
is future-ready. To safeguard against
the technology risks that come
with digitalisation, an Information
Technology & Cybersecurity
Committee comprising members
of the Board and management
was formed to provide oversight
on technology risks. Group-wide
policies, standards and procedures
were established to govern the
confidentiality, integrity and
availability of business data and
IT systems. Technology solutions
were implemented to manage risk
exposures such as cyber-attacks,
phishing and malicious software
such as ransomware. Incident
Management Procedures and
Disaster Recovery Plans have been
established to respond to and
ensure recovery from any breach
of IT security. IT security training
is conducted for new employees
to institute awareness on evolving
Capri by Fraser China Square, Singapore
threats, with ongoing training
provided for existing employees as
well. External IT services providers
are also periodically engaged to
conduct IT threat and cyber-security
vulnerability assessments and
consulted on proactive IT systems
management.
Environmental, health and safety
risks
We place importance in managing
environmental, health and safey
(EHS) risks in our international
operations. We have put in place an
EHS policy and EHS management
systems in key operation areas to
manage the risks. We have achieved
OHSAS18001 (Occupational Health &
Safety) and ISO14001 (Environment)
certification or equivalent for our
key operations. The Singapore Retail
Mall Management has been certified
OHSAS18001 and is in the process
of enhancing its management
system to include ISO14001 and
ISO50001 in the next one to two
years. The Singapore Office Building
Management has achieved the
ISO14001, OHSAS18001 and
ISO50001 (Energy) certification.
Both the Singapore Retail Mall
Management and Office Building
Management are in the midst of
transitioning its Occupational Health
& Safety Management System from
OHSAS18001 to ISO45001. Our
hospitality business unit, Frasers
Hospitality, is expanding its EHS
management system in accordance
with ISO14001 and ISO 45001
(updated standard on Occupational
Health & Safety) to cover the
enlarged Singapore-managed
properties. Frasers Property
Australia’s key operations have also
been certified ISO 14001 and AS/NZS
4801 (Australia and New Zealand
Standard for Occupational Health &
Safety). In Frasers Property Thailand,
a Health & Safety Policy is also in
place. We will continue to extend the
coverage of our EHS management
systems to a wider scope of
operations in the future.
Frasers Property is also in the
midst of carrying out climate risk
assessment on its portfolio, based
on various climate scenarios, and
establishing mitigation plans
to address climate risk. We set
targets in reducing greenhouse gas
emission, energy usage and water
consumption within our investment
portfolio. More details can be found
in the Sustainability Report on pages
147 to 155.
OUR GOVERNANCE FRAMEWORK
CHAIRMAN
Mr Charoen Sirivadhanabhakdi
–––––––––––––––––––––––––––––––––––
Key Objectives
Lead and ensure effectiveness of the
Board, including effective communication
with shareholders and other stakeholders
BOARD OF FRASERS PROPERTY LIMITED
11 Directors:
- 6 Independent Directors
- 5 Non-independent Directors
–––––––––––––––––––––––––––––––––––
Key Objectives
Provide oversight of business performance
and affairs of the Company for the long-
term success of the Company
A N N U A L R E P O R T 2 0 2 0 / 1 8 1
BOARD EXECUTIVE COMMITTEE
Chairman: Mr Charoen Sirivadhanabhakdi
3 Independent Directors, 4 Non-independent Directors
Key Objectives
Formulate strategic development initiatives of the Group and
provide direction to ensure that the Group achieves its desired
performance objectives and enhances long-term shareholder
value
AUDIT COMMITTEE
Chairman: Mr Charles Mak Ming Ying
3 Independent Directors, 1 Non-independent Director
Key Objectives
Assist the Board in fulfilling responsibility for overseeing the
quality and integrity of the accounting, auditing, internal
controls, risk management and financial practices of the Group
NOMINATING COMMITTEE
Chairman: Mr Weerawong Chittmittrapap
3 Independent Directors, 1 Non-independent Director
Key Objectives
Establish a formal and transparent process for appointment
and re-appointment of Directors, formulate the performance
criteria and process for evaluation of the effectiveness of the
Board, Board Committees and individual Directors, review the
Board and Directors’ training and professional development
programmes
REMUNERATION COMMITTEE
Chairman: Mr Philip Eng Heng Nee
3 Independent Directors
Key Objectives
Assist the Board in establishing a formal and transparent
process for developing policies on executive remuneration
and development and review of the remuneration framework
for the Non-executive Directors, the Group CEO and key
management executives
RISK MANAGEMENT COMMITTEE
Chairman: Mr Chotiphat Bijananda
3 Independent Directors, 3 Non-independent Directors
Key Objectives
Assist the Board in carrying out its responsibility of overseeing
the Company’s risk management framework and policies
and to report to the Board and provide appropriate advice
and recommendations on material risk issues, and a risk
management system for the timely identification, mitigation
and management of key risks that may have a material impact
on the Group
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INTRODUCTION
Frasers Property Limited (“FPL” or the “Company”, and together with its subsidiaries, the “Group”) was listed on 9 January
2014 on the Mainboard of the Singapore Exchange Securities Trading Limited (the “SGX-ST”).
In line with the listing rules of the SGX-ST (the “Listing Rules”), FPL complies with the principles of the Code of Corporate
Governance 2018 (the “Code”). The practices of the Board and the management of the Group (the “Management”) adhere
closely to the provisions under the Code. To the extent FPL’s practices may vary from any provision, FPL will explain the
reason for the variation and how its practices nevertheless are consistent with the intent of the relevant principle of the
Code. FPL is also guided by the voluntary Practice Guidance which was issued to complement the Code and which sets
out best practice standards for companies; as this will build investor and stakeholder confidence in the Group. A summary
of compliance with the express disclosure requirements in the principles and provisions of the Code is set out on pages
213 to 214.
FPL’S VALUES
1.
2.
3.
FPL is firmly committed to upholding and maintaining high standards of corporate governance, corporate
transparency and sustainability. FPL believes that a robust and sound governance framework is an essential
foundation on which to build, evolve and innovate a business which is sustainable over the long-term, and is
resilient in the face of the demands of a dynamic, fast-changing environment.
FPL adheres to corporate policies, business practices and systems of risk management and internal controls, which
are designed to ensure that it maintains consistently high standards of integrity, accountability and governance
throughout its organisation and in its daily operations.
FPL pursues growth and enhancement of corporate performance and value on a sustainable basis. In so doing, FPL
safeguards the assets of the Group, in the interests of the Company’s shareholders (the “Shareholders”) and other
stakeholders.
The Board works with Management to ensure that these values underpin its leadership of the Company and guides
Management and employees at all levels of the organisation in their respective roles within the Group.
BOARD MATTERS
The Board
The Board is responsible for the Group’s overall entrepreneurial leadership, oversight of the Group’s business performance,
determination of its risk appetite and performance objectives, and its long-term success. The Board sets the strategic
direction of the Group and its approach to corporate governance, including the organisational culture, values and ethical
standards of conduct, and works with Management on its implementation across all levels of the Group’s organisation,
as well as focus on value creation, innovation and sustainability. The Board, supported by Management, ensures
necessary resources are in place for the Group to meet its strategic objectives. Through the Group’s enterprise-wide
risk management framework, the Board establishes and maintains a sound risk management framework to effectively
monitor and manage risks. It also oversees Management to ensure transparency and accountability to key stakeholder
groups.
During the financial year ended 30 September 2020 (“FY2020”), the Board worked closely with Management in
monitoring the challenges posed by the COVID-19 pandemic and reviewing issues arising therefrom. Details relating
to this can be found in the section “In Conversation with the Group CEO” on pages 36 to 47 of this annual report. In
FY2020, the Board attended a Board Strategy Meeting over three half-days, which allowed the directors of the Company
(the “Directors”) to: (i) focus on the Group’s long-term strategy apart from the regular agenda at the quarterly Board
meetings; and (ii) engage in dynamic and in-depth strategic discussion to promote deeper understanding of the Group’s
business environment and operations, and refine its strategies.
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 1 8 3
All Directors attended the 2020 Board Strategy Meeting held in August 2020, where they had in-depth discussions with
Management, which included:
(a)
how the Group is looking at its evolution in a post-COVID19 world; and
(b)
review of the business model, market opportunities and challenges for each of the Group’s businesses.
This was followed by a review of the financial budget and the Group’s portfolio and returns analysis at the September
2020 Board meeting.
The Chairman and the Group Chief Executive Officer
The Chairman of the Board (the “Chairman”) and Group Chief Executive Officer of the Company (the “Group CEO”) are
separate persons
The Chairman provides leadership to the Board. He sets the right ethical and behavioural tone and ensures the Board’s
effectiveness by, among other things, encouraging active and effective engagement, participation by and contribution
from all Directors and facilitating constructive relations among and between them and Management. The Chairman
promotes a culture of openness at Board meetings and encourages Directors to engage in productive and thorough
discussions on strategic, business and other key issues pertinent to the business and operations of the Group, and fosters
constructive debate, leading to better decision-making and enhanced business performance.
The Group CEO leads the Management and is responsible for reviewing and implementing the business direction and the
strategies for the Group as approved by the Board. He also, with the support of Management, seeks business opportunities,
drives new initiatives and is responsible for the operational performance of the Group. Key initiatives led by the Group
CEO and supported by Management during FY2020 include (i) leading the Group’s evolution, amid changes brought upon
by external factors, while navigating the COVID-19 pandemic; (ii) building resilient and sustainable business platforms
and strengthening the Group’s structure; (iii) scaling up the platforms of REITs and trusts managed by the Group; (iv)
maintaining the Company’s active capital management discipline; and (v) driving organisational culture and developing
the Company’s purpose.
The division of responsibilities between the Chairman and the Group CEO, who are separate persons, are clearly
demarcated. The roles between the Chairman and the Group CEO are separate, and no one person has unfettered powers
of decision-making.
Role of Management
The Management is led by the Group CEO. Senior Management, comprising the Group CEO, the Group Chief Corporate
Officer (the “Group CCO”), the Group Chief Financial Officer (“Group CFO”), the Group Chief Investment Officer (the “Group
CIO”) and the Chief Executive Officers (“CEOs”) of the Group’s strategic business units (the “SBUs”) (collectively, the “Key
Management Personnel”) are responsible for executing the Group’s strategies and policies, and are accountable to the
Board for the conduct and performance of the respective business operations under their charge.
Relationships between Management and Board
Mr Panote Sirivadhanabhakdi was appointed as the Group CEO as of 1 October 2016. Mr Panote Sirivadhanabhakdi is the
son of the Chairman of the Board, Mr Charoen Sirivadhanabhakdi, and the Vice Chairman of the Board, Khunying Wanna
Sirivadhanabhakdi, each of whom is also a substantial Shareholder. Mr Panote Sirivadhanabhakdi is also the brother-in-
law of a Director, Mr Chotiphat Bijananda.
Board Committees
The Board has formed committees of the Board (the “Board Committees”) to oversee specific areas, for greater efficiency.
There are five Board Committees, namely, the Board Executive Committee (“EXCO”), the Audit Committee (“AC”), the
Nominating Committee (“NC”), the Remuneration Committee (“RC”) and the Risk Management Committee (“RMC”).
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Minutes of all Board Committee meetings are circulated to the Board so that Directors are aware of and kept updated as
to the proceedings, matters discussed and decisions made during such meetings.
MEMBERSHIP
KEY OBJECTIVES
BOARD EXECUTIVE COMMITTEE
Mr Charoen Sirivadhanabhakdi, Committee Chairman
Mr Charles Mak Ming Ying, Vice Chairman
Mr Chotiphat Bijananda, Vice Chairman
Mr Philip Eng Heng Nee, Member
Mr Wee Joo Yeow, Member
Mr Panote Sirivadhanabhakdi, Member
Mr Sithichai Chaikriangkrai, Member
•
•
Formulate strategic development initiatives of the
Group
Provide direction for new investments and material
financial and non-financial matters to ensure that the
Group achieves its desired performance objectives and
enhances long-term shareholder value
The EXCO assists the Board in enhancing its business strategies and contributes towards the strengthening of core
competencies of the Group. The terms of reference of the EXCO provide that the EXCO shall provide overall direction
as well as oversee the general management of the Company and the Group. It is empowered to formulate the Group’s
strategic development initiatives, take all possible measures to protect the interests of the Group, review and approve
corporate values, corporate strategy and corporate objectives, review and approve corporate decisions subject to the
threshold limits set under the Company’s prevailing internal control procedures, and review both the financial and non-
financial performance of the Company and the Group. The EXCO reviews and approves corporate decisions, such as
capital investments, and acquisitions, investments and divestments (other than those which are material to the Company
requiring Board approval).
MEMBERSHIP
Mr Charles Mak Ming Ying, Chairman
Mr Philip Eng Heng Nee, Member
Mr Wee Joo Yeow, Member
Mr Sithichai Chaikriangkrai, Member
AUDIT COMMITTEE
KEY OBJECTIVES
•
Assist the Board in fulfilling its responsibility for
overseeing the quality and integrity of the accounting,
auditing, internal controls, risk management and
financial practices of the Group
The AC is made up of non-executive Directors, the majority of whom, including the Chairman, are Independent Directors.
The members of the AC, including the Chairman, are appropriately qualified and have recent and/or relevant accounting
and related financial management expertise or experience. Their collective wealth of experience and expertise enables
them to discharge their responsibilities competently.
Under the Terms of Reference of the AC, a former partner or director of the Company’s existing auditing firm or auditing
corporation shall not act as a member of the AC: (a) within a period of two years commencing on the date of his ceasing
to be a partner of the auditing firm or director of the auditing corporation; and in any case (b) for so long as he has any
financial interest in the auditing firm or auditing corporation. None of the members of the AC were previous partners
or directors of the Company’s auditors, KPMG LLP and none of the members of the AC hold any financial interest in the
Company’s external auditors, KPMG LLP.
The Terms of Reference of the AC provide that some of the key responsibilities of the AC include:
•
•
External Audit Process: reviewing and reporting to the Board, its assessment of the adequacy, effectiveness,
independence, scope and results of the external audit, taking into account the Audit Quality Indicators Disclosure
Framework published by the Accounting and Corporate Regulatory Authority of Singapore (“ACRA”);
Internal Audit: reviewing and reporting to the Board, its assessment of the adequacy, effectiveness, independence,
scope and results of the Company’s and the Group’s internal audit function, and to approve the appointment,
termination and remuneration of the head of the internal audit function, or the accounting/auditing firm or
corporation to which the internal audit function is outsourced;
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 1 8 5
•
•
•
•
•
•
Financial Reporting: reviewing and reporting to the Board, the significant financial reporting issues and
judgements, and how these issues were addressed, so as to ensure the integrity of the financial statements of
the Company and the Group, and to review the assurance provided by the Group CEO and the Group CFO that
the financial records have been properly maintained and the financial statements give a true and fair view of the
Company’s operations and finances;
Internal Controls and Risk Management: reviewing and reporting to the Board at least annually, its assessment
of the adequacy and effectiveness of the Company’s and the Group’s internal controls, including financial,
operational, compliance and information technology controls, and risk management systems;
Interested Person Transactions: reviewing interested person transactions (“IPT”) as may be required under the
SGX-ST Listing Manual and the IPT General Mandate, and to ensure proper disclosure and reporting to Shareholders;
Conflicts of Interests: monitoring and/or reviewing any actual or potential conflicts of interest that may involve
the Directors (as disclosed by them to the Board and in exercising their Directors’ fiduciary duties), controlling
shareholders and their respective associates;
Whistle-blowing: reviewing the policy and arrangements for concerns about possible improprieties in financial
reporting or other matters to be safely raised, independently investigated and appropriately followed up; and
Investigations: reviewing the findings of internal investigations into any suspected fraud or irregularity, or
suspected infringement of any Singapore laws or regulations, which has or is likely to have a material impact on
the Company’s operating results or financial position.
In carrying out its role, the AC is empowered to investigate any matter within its Terms of Reference, with full access to,
and cooperation by, Management, and full discretion to invite any Director or executive officer to attend its meetings,
and reasonable resources to enable it to discharge its functions properly. The AC meets with internal auditors and
external auditors without the presence of Management at least once a year to obtain feedback on the competency and
adequacy of the finance function and to ascertain if there are any material weaknesses or control deficiencies in the
Group’s financial reporting and operational systems. The AC may also consult outside counsel, auditors or other advisors
as it may deem necessary at the Company’s expense.
Periodic updates on changes in accounting standards and treatment are prepared by external auditors and circulated
to members of the AC so that they are kept abreast of such changes and its corresponding impact on the financial
statements, if any.
During FY2020, key activities of the AC included:
•
•
•
•
1
reviewing the quarterly1 and full-year financial results, business updates and related SGX-ST announcements,
including the independent auditors’ report, significant financial reporting issues and assessments, to safeguard
the integrity in financial reporting, and to ensure compliance with the requirements of the Singapore Financial
Reporting Standards;
recommending, for the approval of the Board, the quarterly1 and annual financial results, business updates and
related SGX-ST announcements;
reviewing and evaluating with internal and external auditors, the adequacy and effectiveness of internal control
systems, including financial, operational, information technology and compliance controls;
reviewing and approving the internal and external audit plans to ensure the adequacy of the audit scope;
Following the amendments to Rule 705(2) of the SGX-ST Listing Manual which took effect from 7 February 2020, the Company announced on 13 May 2020
that it would cease to announce its financial statements on a quarterly basis and would announce its financial statements on a half-yearly basis, commencing
from the financial results announcement for the full-year ended 30 September 2020. The Company would provide business updates to shareholders for the
first and third quarter performance of the Company and the Group, commencing with the third quarter ended 30 June 2020.
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•
•
•
•
reviewing with internal and external auditors, the audit reports and their recommendations, and monitoring the
timely and proper implementation of any required corrective or improvement measures;
reviewing the adequacy and effectiveness of the Group’s internal audit function, including the adequacy of
internal audit resources and its appropriate standing within the Group;
assessing the independence and objectivity of the external auditors and the quality of the work carried out by the
external auditors, using ACRA’s Audit Quality Indicators Disclosure Framework as a basis; and
reviewing whistle-blowing investigations within the Group and ensuring appropriate follow-up actions, where
required.
MEMBERSHIP
KEY OBJECTIVES
NOMINATING COMMITTEE
Mr Weerawong Chittmittrapap, Chairman
Mr Charles Mak Ming Ying, Member
Mr Chan Heng Wing, Member
Mr Chotiphat Bijananda, Member
•
•
•
Establish a formal and transparent process for appointment
and re-appointment of Directors
Assessing annually the effectiveness of the Board as a
whole, and that of each of its Board Committees and
individual Directors
Identifying and developing Board training and professional
development programmes
A majority of the members of the NC, including the Chairman, are independent non-executive Directors. The Lead
Independent Director, Mr Charles Mak Ming Ying, is a member of the NC.
The NC is guided by written Terms of Reference approved by the Board which set out the duties and responsibilities of
the NC. The NC’s responsibilities include reviewing the structure, size and composition and independence of the Board
and its Board committees, reviewing and making recommendations to the Board on the succession plans for Directors,
making recommendations to the Board on all Board appointments, and determining the independence of Directors.
The NC also proposes for the Board’s approval, the objective performance criteria and process for the evaluation of the
effectiveness of the Board, the Board Committees and each Director, and ensures that proper disclosures of such criteria
and process are made. The NC is also responsible for making recommendations to the Board on training and professional
development programmes for the Board and the Directors.
Further information on the main activities of the NC are outlined in the following sections:
•
•
•
•
“Training and development of Directors” on page 191
“Board Composition” on pages 192 to 193
“Directors’ Independence” on pages 194 to 195
“Board Evaluation Performance” on page 196
MEMBERSHIP
Mr Philip Eng Heng Nee, Chairman
Mr Charles Mak Ming Ying, Member
Mr Chan Heng Wing, Member
REMUNERATION COMMITTEE
KEY OBJECTIVES
•
•
Assist the Board in establishing a formal and transparent
process for developing policies on executive remuneration
and development
Ensuring that the level and structure of remuneration of
the Board and key management personnel of the Group
are appropriate and proportionate to the sustained
performance and value creation of the Company
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The RC is made up entirely of non-executive Directors, all of whom, including the Chairman, are Independent Directors.
Under the Terms of Reference of the RC, the RC shall review and recommend to the Board, a framework of remuneration
for the Board and Key Management Personnel, and ensure the remuneration policies and systems of the Group, as
approved by the Board, support the Group’s objectives and strategies, and are consistently administered and being
adhered to within the Group.
On an annual basis, the RC also reviews and recommends to the Board the Group’s remuneration and benefits policies
and practices (including long-term incentive schemes), and the performance and specific remuneration packages for
each Director and Key Management Personnel, in accordance with the approved remuneration policies and processes.
The RC also proposes, for the Board’s approval, criteria to assist in the evaluation of the performance of Key Management
Personnel, and reviews the obligations of the Group arising in the event of the termination of the service contracts of
executive Directors and Key Management Personnel to ensure that such contracts of service contain fair and reasonable
termination clauses. The RC also administers and approves awards under the FPL Performance Share Plan, the FPL
Restricted Share Plan and/or other long term incentive schemes to senior executives of the Group.
In carrying out its role, the Terms of Reference of the RC provide that the RC shall consider all aspects of remuneration,
including Directors’ fees, special remuneration to Directors who render special or extra services to the Company or the
Group, salaries, allowances, bonuses, share-based incentives and awards, benefits in kind and termination payments, and
shall aim to be fair and to avoid rewarding poor performance.
If necessary, the RC can seek expert advice on remuneration within the Company or from external sources. Where such
advice is obtained from external sources, the RC ensures that existing relationships, if any, between the Company and its
appointed remuneration consultants will not affect the independence and objectivity of the remuneration consultants.
MEMBERSHIP
KEY OBJECTIVES
RISK MANAGEMENT COMMITTEE
Mr Chotiphat Bijananda, Chairman
Mr Charles Mak Ming Ying, Member
Mr Chan Heng Wing, Member
Mr Weerawong Chittmittrapap, Member
Mr Panote Sirivadhanabhakdi, Member
Mr Sithichai Chaikriangkrai, Member
•
•
Assist the Board in carrying out its responsibility of
overseeing the Company's risk management framework
and policies
Report to the Board and provide appropriate advice
and recommendations on material risk issues, and a
risk management system for the timely identification,
mitigation and management of key risks that may have a
material impact on the Group
Save for Mr Panote Sirivadhanabhakdi, all members of the RMC are non-executive Directors, and three of whom, namely
Mr Charles Mak Ming Ying, Mr Chan Heng Wing and Mr Weerawong Chittmittrapap are Independent Directors.
The RMC assists the Board to oversee the Group’s enterprise-wide risk management framework, determine the risk
appetite and risk strategy, and assess the Group’s risk profile, material risks, and mitigation plans.
The Board, through the RMC, reviews the adequacy and effectiveness of the Group’s risk management framework and
systems to ensure that robust risk management and mitigating controls are in place. Together with the AC, the RMC
helps to ensure that Management maintains a sound system of risk management and internal controls to safeguard
the interests of Shareholders and the assets of the Group. Through guidance to and discussions with Management, the
RMC assists the Board in its determination of the nature and extent of significant risks which the Board is willing to take
in achieving the Group’s strategic objectives. The meetings of the RMC are attended by key senior Management of the
Group. The meetings serve as a forum to review and discuss material risks and exposures of the Group’s businesses and
strategies to mitigate risks. Further information on the key activities conducted by the RMC can be found in the section
titled “Governance of Risk and Internal Controls” on pages 205 to 207.
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In addition to the Board Committees, the Company has established an Information Technology & Cybersecurity
Committee that comprises board members and members of Management.
INFORMATION TECHNOLOGY & CYBERSECURITY COMMITTEE
MEMBERSHIP
Mr Tan Pheng Hock, Chairman
Mr Wee Joo Yeow, Member
Mr Panote Sirivadhanabhakdi, Member
Mr Chia Khong Shoong, Member
KEY OBJECTIVES
•
Review and monitor the on-going appropriateness and
relevance of the Company’s policy for the allocation of
resources required to deliver and execute both the short-
term and long-term information technology strategies
The Information Technology & Cybersecurity Committee approves major changes in any information technology
strategies, priorities and/or structures implemented throughout the Group. It also reviews and approves the Company’s
policies and procedures relating to cybersecurity and information technology, oversees any major information technology
projects with a cost of more than $2 million or which the Information Technology & Cybersecurity Committee considers
are of significant importance to the Company and seek to ensure their timely and efficient implementation, and seek to
ensure that appropriate business continuity arrangements are in place relating to information technology.
The Information Technology & Cybersecurity Committee will make recommendations to the Board as it deems appropriate
on any area within its remit where action or improvement is needed.
Delegation of Authority Framework
The Company has adopted a framework of delegated authorisations in its Manual of Authority (the “MOA”). The MOA
defines the procedures and levels of authorisation required for specified transactions. It also sets out approval limits for
operating and capital expenditure as well as acquisitions and disposals of assets and investments.
While day-to-day operations of the Group’s business are delegated to Management, in the Board’s exercise of its
leadership and oversight of the Group, the MOA contains a schedule of matters specifically reserved for approval by the
Board. These include approval of annual budgets, financial plans, business strategies and material transactions, such as
major acquisitions, divestments, funding and investment proposals.
The Board approves transactions exceeding certain threshold limits while delegating authority for transactions below
these limits to the EXCO and/or Management and sub-committees formed at various levels of Management (the
“Management Sub-Committees”), under the authorisation limits of the MOA, to optimise operational efficiency.
Aligned with the Company’s strategy to develop growth and build scalable platforms in core businesses and geographical
markets, the Board has also put in place an internal approval matrix with established authority limits delegated to
Management Sub-Committees, to facilitate the execution of adopted business strategies and operating plans subject to
specified authority limits.
Such Management Sub-Committees include capital management and finance and investment committees at various
business units that are responsible for the review of the quality and integrity of (a) finance, accounting, treasury
and taxation functions; (b) audit, internal controls and financial practices; and (c) risk management and compliance
framework, and reviewing of matters such as all proposed acquisitions, development plans, asset disposals and major
leasing transactions.
The MOA and the internal approval matrix form a clear structure of accountability for decisions taken at different levels
of the Group.
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 1 8 9
Meetings of the Board and Board Committees
The Board and its various Board Committees meet regularly, and also as required by business needs or if their members
deem it necessary or appropriate to do so.
The following table summarises the number of meetings of the Board and Board Committees and general meetings held
and attended by the Directors in FY2020:
Meetings held for FY2020
Mr Charoen
Sirivadhanabhakdi
Khunying Wanna
Sirivadhanabhakdi
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
Mr Philip Eng Heng Nee
Mr Tan Pheng Hock
Mr Wee Joo Yeow
Mr Weerawong
Chittmittrapap
Mr Chotiphat Bijananda
Mr Panote
Sirivadhanabhakdi
Mr Sithichai Chaikriangkrai
Board
Executive
Committee
2
Board
8
8 (C)
2 (C)
7
8
8
8
8
8
8
8
8
8
N.A.
2
N.A.
2
N.A.
2
N.A.
2
2
2
Audit
Committee
5
Nominating
Committee
1
Remuneration
Committee
4
Risk
Management
Committee
4
N.A.
N.A.
5 (C)
N.A.
5
N.A.
5
N.A.
N.A.
N.A.
5
N.A.
N.A.
1
1
N.A.
N.A.
N.A.
1 (C)
1
N.A.
N.A.
N.A.
N.A.
4
4
4 (C)
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
4
4
N.A.
N.A.
N.A.
3
4 (C)
3
4
General
Meetings
1
– (C) (i)
–(i)
1
1
1
1
1
–(i)
–(i)
–(ii)
1
Notes:
(C)
(i) Due to precautionary measures to minimise travel in light of the Coronavirus 2019 situation at the time of the meeting, the Director could not travel to
refers to Chairman of the Board or Board Committees.
attend the general meeting.
(ii) Absent with apologies as he was unwell.
A calendar of activities is scheduled for the Board a year in advance.
The Company’s Constitution provides for Board members who are unable to attend physical meetings to participate
through telephone conference, video conference or any other forms of electronic or instantaneous communication
facilities.
Directors are provided with Board papers setting out relevant information on the agenda items to be discussed at Board
and Board Committee meetings around a week in advance of the meeting (save in cases of urgency), to give Directors
sufficient time to prepare for the meeting and review and consider the matters being tabled and/or discussed so that
discussions can be more meaningful and productive and Directors have the necessary information to make sound,
informed decisions.
Senior members of the Management team and from the Company’s business divisions attend Board meetings, and where
necessary, Board Committee meetings, to brief and make presentations to the Directors, provide input and insight into
matters being discussed, and respond to queries and take any follow up instructions from the Directors.
Where required by the Directors, external advisers may also be present or available whether at Board and Board
Committee meetings or otherwise, and at FPL’s expense where applicable, to brief the Directors and provide their expert
advice.
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For matters which require the Board’s and/or Board Committees’ decision outside such meetings, Board and/or Board
Committee papers will be circulated through the Company Secretary for the Directors’ consideration with further
discussions taking place between the Directors and Management (if required) before a decision is made.
Matters discussed by Board and Board Committees in FY2020
BOARD
• Strategy
• Business and Operations Update
• Financial Performance
• Governance
• Feedback from Board committees
Remuneration
Committee
• Remuneration
Policies and
Framework
Risk Management
Committee
• Risk Management
Framework and
Policies
• Material Risk
Issues
Board Executive
Committee
• Strategic
Development
Initiatives
• Direction for New
Audit
Committee
• External and
Internal Audit
• Financial
Reporting
Investments and
Material Financial
and Non-Financial
Matters
•
•
Internal Controls
and Risk
Management
Interested Person
Transactions
• Conflicts of
Interests
• Whistle-blowing
•
Investigations
Board Oversight
Nominating
Committee
• Board Composition
and Renewal
• Board, Board
Committees
and Director
Evaluations
• Training and
Development
• Succession
Planning
Management also provides Directors with reports on major operational matters, business development activities,
financial performance, potential investment opportunities and budgets periodically, as well as such other relevant
information on an on-going and timely basis to enable them to discharge their duties and responsibilities properly. Where
required or requested by Directors, site visits and meetings with personnel from the Group’s business divisions are also
arranged for Directors to have an intimate understanding of the key business operations of each division and to promote
active engagement with Management.
Directors are provided with sufficient information to enable them to ensure that they prepare adequately for Board and
Board Committee meetings, and devote sufficient time and attention to the affairs of the Group. At Board and Board
Committee meetings, the Directors actively participate, discuss, deliberate and appraise matters requiring their attention
and decision. Where necessary for the proper discharge of their duties, the Directors may seek and obtain independent
professional advice at the Company’s expense.
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 1 9 1
The Company Secretary
The Company Secretary, who is legally trained and familiar with company secretarial practices, is responsible for
overseeing compliance with Board and Board Committee procedures, the Company’s Constitution and relevant corporate
rules and regulations, including disclosure requirements under the Securities and Futures Act, Chapter 289 (the “SFA”),
Companies Act, Chapter 50 (the “Companies Act”) and the Listing Rules, and provides advice and guidance on corporate
governance practices and processes.
The Company Secretary attends Board and Board Committee meetings and drafts and reviews the minutes of proceedings
thereof, and facilitates and acts as a channel of communication for the smooth flow of information to and within the
Board and its various Board Committees, as well as between and with senior Management.
The Company Secretary solicits and consolidates Directors’ feedback and evaluation, facilitates induction and orientation
programmes for new Directors, and assists with Directors’ professional development matters. The Company Secretary
also acts as the Company’s primary channel of communication with the SGX-ST.
The appointment and removal of the Company Secretary is subject to the approval of the Board.
Training and Development of Directors
The NC is tasked with ensuring that new Directors are aware of their duties and obligations, and overseeing and making
recommendations to the Board on the review of training and professional development programmes for the Board and
its Directors.
Upon appointment, each new Director is issued a formal letter of appointment setting out his or her duties and obligations,
including his or her responsibilities as fiduciaries and on the policies relating to conflicts of interest. A comprehensive
induction and orientation programme is also conducted to familiarise new appointees with the business activities,
strategic direction, policies and corporate governance practices of the Group, as well as their statutory and other duties
and responsibilities as Directors. This programme allows new Directors to get acquainted with Management, and fosters
better rapport and facilitates communication with Management.
The Directors are kept continually and regularly updated on the Group’s businesses and the regulatory and industry
specific environments in which the entities of the Group operate. Updates on relevant legal, regulatory and technical
developments may be in writing or disseminated by way of presentations and/or handouts. The Board is also regularly
updated on the latest key changes to any applicable legislation and changes to the Listing Rules as well as developments
in financial reporting standards, by way of briefings held by the Company’s lawyers and auditors. During FY2020, the
Directors attended a presentation in relation to Personal Data Regulations of Singapore and the European Union, and
were updated on revisions to the SGX-ST Listing Rules Disclosures, changes in the Financial Reporting Standards and
updates on Tax Regulations in Relevant Jurisdictions.
To ensure the Directors can fulfil their obligations and to continually improve the performance of the Board, all Directors
are encouraged to undergo continual professional development during the term of their appointment, and provided with
opportunities to develop and maintain their skills and knowledge at the Company’s expense.
Directors are encouraged to be members of the Singapore Institute of Directors (“SID”) for them to receive updates and
training from SID to stay abreast of relevant developments in financial, legal and regulatory requirements, and business
trends.
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BOARD COMPOSITION
The following table shows the composition of the Board and the various Board Committees:
Audit
Committee
Nominating
Committee
Remuneration
Committee
Risk
Management
Committee
Board
Executive
Committee
•
(Chairman)
Mr Charoen
Sirivadhanabhakdi
Khunying Wanna
Sirivadhanabhakdi
Non-Executive and
Non-independent
Chairman
Non-Executive and
Non-independent
Vice Chairman
Mr Charles Mak
Ming Ying
Non-Executive and
Lead Independent
Director
•
(Vice
Chairman)
•
(Chairman)
Mr Chan Heng Wing Non-Executive and
Independent Director
Mr Philip Eng Heng
Nee
Non-Executive and
Independent Director
Mr Tan Pheng Hock
Mr Wee Joo Yeow
Non-Executive and
Independent Director
Non-Executive and
Independent Director
Mr Weerawong
Chittmittrapap
Non-Executive and
Independent Director
•
•
Mr Chotiphat
Bijananda
Non-Executive and
Non-independent
Director
•
(Vice
Chairman)
Mr Panote
Sirivadhanabhakdi
Mr Sithichai
Chaikriangkrai
Group Chief
Executive Officer
Executive and Non-
independent Director
Non-Executive and
Non-independent
Director
•
•
•
•
•
•
•
•
•
•
(Chairman)
•
(Chairman)
•
•
•
•
•
(Chairman)
•
•
Profiles of each of the Directors can be found on pages 16 to 20.
As can be seen from the table above, other than the Group CEO, all of the Directors are non-executive and the Board
comprises a majority of Independent Directors.
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 1 9 3
The NC reviews, on an annual basis, the Board structure, size, composition of the Board and Board Committees taking
into account the requirements of the Code. The NC has assessed that the current structure, size and composition of
the Board and Board Committees are appropriate for the scope and nature of FPL’s operations. No individual or group
dominates the Board’s decision-making process or has unfettered powers of decision-making. The NC is of the opinion
that the Directors with their diverse backgrounds and experience (including banking, finance, accounting, legal and other
relevant industry knowledge, entrepreneurial and management experience, and familiarity with regulatory requirements
and risk management) provide the appropriate balance and mix of skills, knowledge, experience and other aspects of
diversity that avoids groupthink and fosters constructive debate and ensures the effectiveness of the Board and its Board
Committees. The Board concurs with the views of the NC.
Board Composition in terms of Age Group, Independence, Gender and Tenure (as at 30 September 2020)
Age Group
Independence
n Non-Executive and
36%
n 41-50
9%
n 51-60
9%
n 61-70 36%
n 71-80 46%
Gender
Tenure
Non-Independent
Directors
n Non-Executive
and Independent
Directors
n Executive and
Non-Independent
Directors
Between 7 – 8 years
3
Between 5 – 7 years
4 years or less
1
n Female 9%
n Male
91%
Number of Directors
55%
9%
7
The Company’s Constitution provides that at least one-third of its Directors shall retire from office and are subject to re-
election at every annual general meeting of the Company (“AGM”). All Directors are required to retire from office at least
once every three years. Under its Terms of Reference, the NC is tasked with reviewing the succession plans for Directors,
and assessing and evaluating whether Directors retiring at each AGM are appropriate for reappointment by virtue of
their skills, experience and contributions, and providing its recommendations to the Board. Newly-appointed Directors
during the year must also submit themselves for retirement and re-election at the next AGM immediately following their
appointment. The Shareholders approve the appointment or re-appointment of Board members at the AGM. Information
on the Directors that are seeking election or re-election at the upcoming AGM can be found on pages 415 to 421.
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The NC reviews the nominations for appointments and re-appointments to the Board and Board Committees, taking into
account, among other things, whether Directors (including those who hold multiple board representations and other
principal commitments) are able to and have been devoting sufficient time to discharge their responsibilities adequately
and identifying the balance of skills, knowledge and experience required for the Board to discharge its responsibilities
effectively. The process for the selection, appointment and re-appointment of Directors also takes into account the
composition and progressive renewal of the Board and Board Committees, each Director’s experience, education, expertise,
personal qualities and general and sector-specific knowledge in relation to the needs of the Board as well as whether the
candidates will add diversity to the Board and whether they are likely to have adequate time to discharge their duties.
The NC considers a range of different channels to source and screen candidates for Board appointments, depending on
the requirements, including tapping on the existing networks of contacts and recommendations. External consultants
may be retained from time to time, where appropriate, to assist in assessing and selecting potential candidates. Suitable
candidates are carefully evaluated by the NC so that recommendations made on proposed candidates are objective and
well supported. Instead of prescribing a maximum number of directorships and/or other principal commitments that
each Director may have, the NC adopts a holistic assessment of each Director’s individual capacity and circumstances to
carry out his or her duties, taking into consideration not only the number of other board and other principal commitments
held by each Director, but also the nature and complexity of such commitments. The NC submits its recommendations for
nominations of appointments and reappointments for approval by the Board.
On an annual basis, the NC reviews (a) the directorships and principal commitments of each Director, and (b) a
framework for Board evaluation to be conducted by an external consultant on the effectiveness of the Board. Through
the aforementioned Board evaluation exercise conducted by the external consultant, the Directors assess whether
Board members effectively manage his or her directorships and have the time and ability to contribute to the Board.
The assessment also takes into consideration Directors’ commitment, conduct and contributions (such as participation,
candour and ability to make quality decisions) at Board meetings, as well as whether Directors’ engagement with
Management is adequate and effective. Further details on the Board evaluation exercise are set out under the section
“Board Performance Evaluation” on page 196.
Board Diversity Policy
The Board has adopted a board diversity policy. The NC will monitor and implement this policy, and will take the principles
of the policy into consideration when determining the optimal composition of the Board, and when recommending any
proposed changes to the Board. On the recommendation of the NC, the Board may set certain measurable objectives/
specific diversity targets, with a view to achieving an optimal Board composition, and these objectives/specific diversity
targets may be reviewed by the NC from time to time to ensure their appropriateness.
The Board views diversity at the Board level as an essential element for driving value in decision-making and proactively
seeks as part of its diversity policy, to maintain an appropriate balance of expertise, skills and attributes among the
Directors. This is reflected in the diversity of backgrounds and competencies of the Directors, whose competencies
range from banking, finance, accounting and legal to relevant industry knowledge, entrepreneurial and management
experience, and familiarity with regulatory requirements and risk management. This is beneficial to the Company
and Management as decisions by, and discussions with, the Board would be enriched by the broad range of views and
perspectives and the breadth of experience of the Directors.
Directors’ Independence
The Directors complete a declaration of independence annually which is reviewed by the NC. The NC determines the
independence of each Director annually and as and when circumstances require, based on the definitions set out in the
Listing Rules and the guidelines of independence set out in the Code and its accompanying Practice Guidance. The NC
provides its views to the Board for the Board’s consideration. Directors are expected to disclose any relationships with
the Company, its related corporations, its substantial shareholders or its officers which may affect their independence,
as and when they arise.
Based on the declarations of independence of the Directors, and having regard to the circumstances set forth in Provision
2.1 of the Code and Rule 210(5)(d) of the SGX-ST Listing Manual, the NC and the Board have determined that for FY2020,
there are six Independent Directors on the Board, namely Mr Charles Mak Ming Ying, Mr Chan Heng Wing, Mr Philip Eng
Heng Nee, Mr Tan Pheng Hock, Mr Wee Joo Yeow and Mr Weerawong Chittmittrapap.
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 1 9 5
Based on their declarations, none of them has any relationship with the Company, its related corporations, the substantial
Shareholders or the Company’s officers that could interfere, or reasonably be perceived to interfere, with the exercise of
each of their independent business judgment in the best interests of the Company. The NC reviewed the appointments
of Mr Philip Eng Heng Nee as (i) the chairman of the board of directors of Frasers Hospitality International Pte Ltd (“FHI”)
and non-executive chairman of the approval committee of the Hospitality SBU, being one of the Management Sub-
Committees, (ii) a member of the board of directors of Frasers Property Australia Pty Ltd (“FPA”) and (iii) a non-executive
and non-independent director of Frasers Centrepoint Asset Management Ltd. (“FCAM”) prior to his retirement as director
of FCAM on 3 January 2020, and was satisfied that such appointments and the payment of director’s fees to him in respect
of such appointments did not affect his continued ability to exercise strong objective judgment and be independent
in conduct and character (in particular, in the expression of his views and in his participation in the deliberations and
decision making of the Board and the Board Committees of which he is a member) and act in the best interests of all
Shareholders as a whole. FHI is a wholly-owned subsidiary of the Company within the Hospitality SBU, FPA is a wholly-
owned subsidiary of the Company within the Frasers Property Australia SBU and FCAM, which is the manager of Frasers
Centrepoint Trust, is a wholly-owned subsidiary of the Company.
The Independent Directors lead the way in upholding good corporate governance at the Board level and their presence
facilitates the exercise of objective independent judgement on corporate affairs. Their participation and input also
ensure that key issues and strategies are critically reviewed, constructively challenged, fully discussed and thoroughly
examined, taking into account the long-term interests of FPL and its Shareholders.
As of 30 September 2020, none of the Independent Directors have been on the Board for an aggregate period of more
than nine years. Board renewal is a continuing process where the appropriate composition of the Board is continually
under review. In this regard, the tenure of each Independent Director is monitored so that the process for board renewal
is commenced ahead of any Independent Director reaching the nine-year mark to facilitate a smooth transition and to
ensure that the Board continues to have an appropriate balance of independence. To this end, the NC is tasked with
undertaking the process of reviewing, considering and recommending any changes to the composition of the Board,
where appropriate, taking into account the requirements to be met by Independent Directors including Listing Rule
210(5)(d)(iii) which will be effective from 1 January 2022.
No alternate Directors have been appointed on the Board for FY2020.
Lead Independent Director
Mr Charles Mak Ming Ying, who has been an Independent Director of the Company since 25 October 2013, was appointed
as lead Independent Director (the “Lead Independent Director”) on 8 May 2015. The Lead Independent Director provides
leadership in situations where the Chairman is conflicted, chairs Board meetings in the absence of the Chairman,
and is available to Shareholders where they have concerns and the normal channels of communication with the
Chairman, the Group CEO and the Group CFO may be inappropriate or inadequate. The Lead Independent Director
represents the Independent Directors in responding to Shareholders’ and other stakeholders’ questions that are directed
to the Independent Directors as a group, and has the authority to call for meetings of the Independent Directors, where
necessary and appropriate. The Lead Independent Director can call for a meeting of the Independent Directors and/or
other non-executive Directors when necessary and appropriate without the presence of Management to provide a forum
for them for the frank exchange of any concerns which may be difficult to raise in Management’s presence. The Lead
Independent Director thereafter provides feedback to the Chairman as appropriate.
Conflict Policy
To address and manage possible conflicts of interest that may arise between Directors’ interests and those of the Group,
the Company, inter alia: (a) requires Directors to declare any interest in a transaction or proposed transaction with the
Group and any actual or potential conflict of interest as soon as practicable after the relevant facts have come to their
knowledge; and (b) requires such Directors to refrain from participating in meetings or discussions (or relevant segments
thereof), in addition to abstaining from voting, on any matter in which they have a direct or indirect personal material
interest.
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For purchases of property in FPL property projects, there is also a policy which sets out the process and procedure for
disclosing, reporting and obtaining of relevant approvals for property purchases made by any Director, the Group CEO or
any other interested persons (as defined in the SGX-ST Listing Manual) and employees of the Group. The Company does
not have a practice of extending loans to Directors, and as at 30 September 2020, there were no loans granted by the
Company to Directors. If there are such loans, the Company will comply with its obligations under the Companies Act in
relation to loans, quasi-loans, credit transactions and related arrangements to Directors.
Board Performance Evaluation
The NC is tasked with making recommendations to the Board on the process and criteria for evaluation of the performance
of the Board as a whole, the Board Committees and the Directors.
The effectiveness of the Board as a whole, the Board Committees and the contribution by each Director to the effectiveness
of the Board is assessed annually. The Board, with the recommendation of the NC, has implemented a formal process
for assessing the effectiveness of the Board and its Board Committees and the contribution by each Director to the
effectiveness of the Board.
For FY2019 and FY2020, an independent external consultant, Ernst & Young Advisory Pte. Ltd. was appointed to facilitate
the process of conducting a Board evaluation survey. The external consultant has no connection with the Company or
any of the Directors, apart from being the consultant in previous financial year(s). The outcome of the evaluation in
relation to FY2019 was satisfactory and based on the responses received, ratings were generally affirmative across the
evaluation categories. Based on the NC’s review, the Board and the various Board Committees operate effectively and
each Director is contributing to the overall effectiveness of the Board.
For FY2020, the survey was designed to provide an evaluation of the current effectiveness of the Board and to support
the Chairman and the Board in proactively considering what can enhance the readiness of the Board to address emerging
strategic priorities for the Company as a whole. As part of the survey, the external consultant will facilitate questionnaires
to be sent to all Directors as well as conduct interviews with some Directors to obtain their feedback.
The objective performance criteria covered in the Board evaluation exercise relate to the following key segments: (1) the
Board’s contribution to the overall development of the Company’s strategic direction and performance orientation; (2)
Board priorities; (3) Board composition and skills; (4) Governance of the Board and organisation focus; (5) the effectiveness
of the Board’s internal operations and Board dynamics, as well as engagement with key investors, Shareholders and
strategic stakeholders; (6) the Board’s relationship with Management; (7) Director Performance, which includes an
evaluation of whether each Director is willing to challenge and ask questions to address gaps in and add to others’
thinking, effective in fulfilling and delivering value on his/her responsibilities and acts as a valuable resource in fulfilling
the Board’s accountabilities; (8) the Board’s role in respect of Director development and succession planning for the
Board and Management; and (9) the effectiveness of the Board Committees. The responses to the questionnaires and
interviews would be summarised by the external consultant and its report would be submitted to the NC. Findings and
recommendations of the external consultant which include feedback from Directors would be taken into consideration
and any necessary follow-up actions would be undertaken with a view to improving the overall effectiveness of the
Board in fulfilling its role and meeting its responsibilities to Shareholders.
REMUNERATION MATTERS
With the recommendations of the RC, the Board has put in place a formal and transparent process for developing
policies on Director and executive remuneration and for fixing the remuneration packages of individual Directors and key
Management.
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 1 9 7
Compensation Philosophy
The Group seeks to incentivise and reward consistent and sustained performance through market competitive, internally
equitable, performance-orientated and shareholder-aligned compensation programmes. This compensation philosophy
serves as the foundation for the Group’s remuneration framework, and guides the Group’s remuneration framework
and strategies. In addition, the Group’s compensation philosophy seeks to align the aspirations and interests of its
employees with the interests of the Group and its Shareholders, resulting in the sharing of rewards for both employees
and Shareholders on a sustained basis. The Group’s compensation philosophy serves to attract, motivate and retain
employees. The Group aims to connect employees’ desire to develop and fulfil their aspirations with the growth
opportunities afforded by the Group’s vision and corporate initiatives.
Compensation Principles
All compensation programme design, determination and administration are guided by the following principles:
(a)
Pay-for-Performance
The Group’s Pay-for-Performance principle encourages excellence, in a manner consistent with the Group’s core
values. The Group takes a total compensation approach, which recognises the value and responsibility of each
role, and differentiates and rewards performance through its incentive plans.
(b)
Shareholder Returns
Performance measures for incentives are established to drive initiatives and activities that are aligned with
both short-term value creation and long-term shareholder wealth creation, thus ensuring a focus on delivering
Shareholder returns.
(c)
Sustainable Performance
The Group believes sustained success depends on the balanced pursuit and consistent achievement of short and
long-term goals. Hence, variable incentives incorporate a significant pay-at-risk element to align employees with
sustainable performance for the Group.
(d) Market Competitiveness
The Group aims to be market competitive by benchmarking its compensation levels with relevant comparators.
However, the Group embraces a holistic view of employee engagement that extends beyond monetary rewards.
Recognising each individual as unique, the Group seeks to motivate and develop employees through all the levers
available to the Group through its comprehensive human capital platform, including learning and development
and career advancement through vertical, lateral and diagonal moves within the Group.
Engagement of External Consultants
The RC may from time to time, and where necessary or required, engage external consultants in framing the remuneration
policy and determining the level and mix of remuneration for Directors and Management. Among other things, this
helps the Company to stay competitive in its remuneration packages. During FY2020, Korn Ferry was appointed as the
Company’s remuneration consultant. The remuneration consultant does not have any relationship with the Company or
its Directors or Key Management Personnel which would affect its independence and objectivity.
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Remuneration Framework
The RC reviews and makes recommendations to the Board on the remuneration framework for the Independent Directors
and other non-executive Directors, the Key Management Personnel and other management personnel of the Company.
The remuneration framework is endorsed by the Board.
The remuneration framework covers all aspects of remuneration including salaries, allowances, performance bonuses,
grant of share awards and incentives for the Key Management Personnel and fees for the Independent Directors and
other non-executive Directors.
Remuneration Policy in Respect of Management and Other Employees
The RC reviews the level, structure and mix of remuneration and benefits policies and practices (where appropriate) of the
Company, to ensure that they are appropriate and proportionate to the sustained performance of the Company, taking
into account the strategic objectives of the Company, and designed to attract, retain and motivate the Key Management
Personnel to successfully manage the Company for the long term. The RC takes into account all aspects of remuneration,
including termination terms, to ensure that they are fair.
The remuneration framework comprises fixed and variable components, which include short-term and long-term
incentives. When conducting its review of the remuneration framework, the RC takes into account Company and individual
performance. Company performance is measured based on pre-set financial and non-financial indicators. Individual
performance is measured via employee’s annual appraisal based on indicators such as core values, competencies and key
performance indicators.
Fixed Component
The fixed component in the Company’s remuneration framework is structured to reward employees for the role they
performed, and is benchmarked against relevant industry market data. It comprises base salary, fixed allowances and any
statutory contribution. The base salary and fixed allowances for each Key Management Personnel are reviewed annually
by RC and approved by the Board.
Variable Component
An appropriate proportion of Key Management Personnel’s remuneration comprises a variable component which is
structured so as to link rewards to corporate and individual performance and incentivise sustained performance in both
the short and long term. The variable incentives are measured based on quantitative and qualitative targets, and overall
performance will be determined at the end of the year and approved by the RC.
(1)
Short Term Incentive Plans
The short-term incentive plans aim to incentivise excellence in performance in the short term. All Key Management
Personnel are assessed using a balanced scorecard with pre-agreed financial and non-financial Key Performance
Indicators (“KPIs”). The financial KPIs comprise of Group and, where applicable, SBUs targets. Non-financial KPIs
may include measures on People, Sustainability, Corporate Governance or specified projects. These targets are
established at the beginning of each financial year. At the end of the financial year, the achievements are measured
against the pre-agreed targets and the short-term incentives of each Key Management Personnel are determined.
The RC recommends the final short-term incentives that are awarded to the Key Management Personnel for the
Board’s approval, taking into consideration any other relevant circumstances.
CORPORATE GOVERNANCE REPORT
A N N U A L R E P O R T 2 0 2 0 / 1 9 9
(2)
Long Term Incentive Plans
The RC administers the Company’s long-term incentive plans (“LTI Plans”), namely, the restricted share plan (“RSP”)
and the performance share plan (“PSP”). The RSP and the PSP were approved by the Board and adopted on 25
October 2013. Through the LTI Plans, the Company seeks to foster a greater ownership culture within the Group
by aligning more directly the interests of Key Management Personnel and senior executives with the interest of
the Shareholders and other stakeholders, and for such employees to participate and share in the Group’s growth
and success, thereby ensuring alignment with sustainable value creation for Shareholders over the long-term.
The RSP is available to a broader base of senior executives compared to the PSP. Its objectives are to increase the
Company’s flexibility and effectiveness in its continuing efforts to attract, motivate and retain talented senior
executives and to reward these executives for the future performance of the Company. The PSP applies to senior
Management in key positions who shoulder the responsibility of the Company’s future performance and who
are able to drive the growth of the Company through superior performance. They serve as further motivation to
the participants in striving for excellence, promoting the Company’s long-term success and delivering long-term
Shareholder value.
Under the RSP and the PSP, the Company grants share-based awards (“Initial Awards”) with pre-determined
Group performance targets being set at the beginning of performance period. The RC recommends the Initial
Awards granted to each Key Management Personnel to the Board for approval, taking into consideration the
executive’s individual performance. The performance periods for the RSP and the PSP are one year and three
years respectively. For the RSP, the pre-set targets are Attributable Profit Before Fair value and Exceptional items
(“APBFE”) and Return on Capital Employed. For the PSP, the pre-set targets are Return on Invested Capital, Total
Shareholders’ Return Relative to FTSE ST Real Estate Index and Absolute Shareholders’ Return as a multiple of
Cost of Equity. The RSP and PSP awards represent the right to receive fully paid shares in the Company (“Shares”),
their equivalent cash value or a combination thereof, free of charge, provided certain prescribed performance
conditions are met. Such performance conditions are generally performance indicators that are key drivers of
shareholder value creation and aligned to the Group’s business objectives. The final number of Shares to be
released (“Final Awards”) will depend on the achievement of the pre-determined Group performance targets at
the end of the respective performance period. If such targets are exceeded, more Shares than the Initial Awards
may be delivered, subject to a maximum multiplier of the Initial Awards. The Final Awards under the RSP will
vest to the participants in three tranches over two years after the one-year performance period. For the PSP, the
Final Awards will vest fully at the end of the three-year performance period. The vesting period under the RSP is
between one to three years. The maximum number of Shares which can be released, when aggregated with the
number of new Shares issued pursuant to the vesting of awards under the RSP and the PSP will not exceed ten
percent (10%) in aggregate of the issued share capital of the Company over the life of the RSP and the PSP of ten
years respectively.
The RC has absolute discretion to decide on the Final Awards, taking into consideration any other relevant
circumstances.
Approach to Remuneration of Key Management Personnel
The Company advocates a performance-based remuneration system that is highly flexible and responsive to the market,
which also takes into account the Company’s performance and that of its employees.
In designing the compensation structure, the RC seeks to ensure that the level and mix of remuneration is competitive,
relevant and appropriate in finding a balance between current versus long-term compensation and between cash versus
equity incentive compensation.
Executives who have a greater ability to influence Group outcomes have a greater proportion of overall reward at risk.
The RC exercises broad discretion and independent judgement in ensuring that the amount and mix of compensation
are aligned with the interests of the Shareholders and other stakeholders and promote the long-term success of the
Company.
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CORPORATE GOVERNANCE REPORT 2 0 0 / F R A S E R S P R O P E R T Y L I M I T E D
Performance Indicators for Key Management Personnel
As set out above, the Company’s variable remuneration comprises short-term and long-term incentives, taking into
account both individual and Company’s performance. This is to ensure employee remuneration is linked to performance.
In determining short-term incentives, both the Group and SBU’s financial and non-financial performance as set out in
the balanced scorecard are taken into consideration. The performance targets under the LTI Plans of APBFE and Return
on Capital Employed (in the case of the RSP) and Return on Invested Capital, Total Shareholders’ Return Relative to FTSE
ST Real Estate Index and Absolute Shareholders’ Return as a multiple of Cost of Equity (in the case of the PSP) align the
interests of the Key Management Personnel with the long-term growth and performance of the Company. For FY2020,
the pre-determined target performance levels for the RSP and the PSP grants were partially met.
Currently, the Company does not have claw-back provisions which allow it to reclaim incentive components of
remuneration from its Key Management Personnel in exceptional circumstances of misstatement of financial results or
misconduct resulting in financial loss.
Remuneration Packages of Key Management Personnel
The RC reviews and makes recommendations on the specific packages and service terms for the Group CEO and the other
Key Management Personnel for approval by the Board.
No Director or Key Management Personnel is involved in deciding his/her remuneration.
The Group CEO does not receive any fee for serving on the Board and Board Committees. As he is also an associate of a
substantial Shareholder, he does not participate in the RSP and PSP. The Group CEO’s long-term incentive paid in the form
of cash is based on similar performance targets, performance periods and achievement factors of the RSP and the PSP.
Non-independent Directors abstain from any decisions relating to the Group CEO’s remuneration.
The RC aligns the Group CEO’s leadership, through appropriate remuneration and benefit policies, with the Company’s
strategic objectives and key challenges. Performance targets are also set for the Group CEO and his performance is
evaluated yearly.
Remuneration Policy in respect of Independent Directors and Other Non-Executive Directors
The remuneration of Independent Directors and other non-executive Directors has been designed to be appropriate to
the level of contribution, taking into account factors such as effort, time spent, and responsibilities, on the Board and
Board Committees, and to attract, retain and motivate the Directors to provide good stewardship of the Company.
Independent Directors and other non-executive Directors do not receive options, share-based incentives or bonuses.
The Company engages consultants to review Directors’ fees by benchmarking such fees against the amounts paid by
listed industry peers. Each non-executive Director’s and Independent Director’s remuneration comprises a basic fee
and attendance fees for attending Board and Board Committee meetings. In addition, non-executive Directors and
Independent Directors who perform additional services on Board Committees are paid an additional fee for such services.
The chairman of each Board Committee is also paid a higher fee compared to the members of the respective Board
Committees in view of the greater responsibility carried by that office.
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 2 0 1
The following fee structure was presented to and reviewed by the RC, and endorsed by the Board for FY2020:
Board
– Chairman
–
– Member
Lead Independent Director
Audit Committee and EXCO
– Chairman
– Member
Remuneration Committee
– Chairman
– Member
Basic Fee
($)
200,000
120,000
100,000
60,000
30,000
50,000
25,000
Nominating Committee and Risk Management Committee
– Chairman
– Member
40,000
20,000
Information Technology & Cybersecurity Committee (1)
– Chairman
– Member
-
-
Attendance Fee
(for physical
attendance in
Singapore or
home country of
Director)
($)
Attendance Fee
(for physical
attendance
outside Singapore
(excluding
home country of
Director))
($)
Attendance Fee
(for attendance
via tele / video
conference)
($)
3,000
1,500
1,500
3,000
1,500
3,000
1,500
3,000
1,500
3,000
1,500
4,500 per trip
4,500 per trip
4,500 per trip
4,500 per trip
4,500 per trip
4,500 per trip
4,500 per trip
4,500 per trip
4,500 per trip
4,500 per trip
4,500 per trip
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Note:
(1)
The Information Technology & Cybersecurity Committee comprises board members and members of Management, No basic fees are payable to the
members of the Information Technology & Cybersecurity Committee while attendance allowance is payable only to Mr Tan Pheng Hock and Mr Wee Joo
Yeow, respectively the chairman and a member of this committee.
Shareholders’ approval was obtained at the AGM on 29 January 2020, for the payment of the Directors’ fees for FY2020
of up to $2 million. Shareholders’ approval will be sought at the 57th AGM on 22 January 2021 for the approval of
Directors’ fees proposed for the financial year ending 30 September 2021, up to $2 million.
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CORPORATE GOVERNANCE REPORT 2 0 2 / F R A S E R S P R O P E R T Y L I M I T E D
Disclosure of Remuneration of Directors and Key Management Personnel
Information on the remuneration of Directors and Key Management Personnel of the Group for FY2020 is set out below.
Directors of the Company
Mr Charoen Sirivadhanabhakdi
Khunying Wanna Sirivadhanabhakdi
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
Mr Philip Eng Heng Nee
Mr Tan Pheng Hock
Mr Wee Joo Yeow
Mr Weerawong Chittmittrapap
Mr Chotiphat Bijananda
Mr Panote Sirivadhanabhakdi
Mr Sithichai Chaikriangkrai
Remuneration
$(*)
– (1)
–(1)
294,542
179,625
221,847(2)
113,333
175,833
169,333
198,083
–(3)
194,500
Notes:
(1) Mr Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi waived payment of Directors’ fees due to them.
(2)
Excludes $19,599, A$75,000 and $120,000 being payment of director’s fees from FPL’s subsidiaries, Frasers Centrepoint Asset Management Ltd, Frasers
Property Australia Pty Ltd and FHI, respectively.
(3) Mr Panote Sirivadhanabhakdi, the Group CEO, who is an executive Director, is not paid director’s fees.
(*)
The Board had approved the waiver of 10% of non-executive Directors’ fees for the period from 1 May 2020 to 30 September 2020, and this has been
reflected in the amount of remuneration.
Remuneration of Group CEO for
Year Ended 30 September 2020
Mr Panote Sirivadhanabhakdi
Remuneration
($)
3,837,674
Salary
%
22
Bonus
%
38
Allowances
and Benefits
%
16
Salary
%
Remuneration of Key Management Personnel for
Year Ended 30 September 2020
Between $3,500,001 to $3,750,000
Mr Rodney Fehring
Between $2,000,001 to $2,250,000
Mr Reini Otter
Between $1,250,001 to $1,500,000
Mr Chia Khong Shoong
Mr Koh Teck Chuan
Mr Uten Lohachitpitaks
Between $1,000,001 to $1,250,000
Mr Loo Choo Leong
Mr Christopher Tang Kok Kai (3)
Aggregate Total Remuneration of Key Management Personnel
45
44
42
45
15
32
37
Bonus
%
Allowances
and Benefits
%
34
34
16
21
16
16
–
9
–
5
5
5
6
85(4)
Long Term
Incentives(1)
%
24(2)
Long Term
Incentives(1)
%
25
29
34
30
37
Total(5)
%
100
Total(5)
%
100
100
100
100
100
100
33
–
100
$11,825,979
Notes:
(1)
(2)
The value of long term incentives was calculated based on the closing share price of $1.68 on 20 December 2019.
The long term incentives for Mr Panote Sirivadhanabhakdi will be paid in the form of cash based on similar performance targets, performance periods,
vesting periods and achievement factors of the RSP and the PSP.
(3) Mr Christopher Tang Kok Kai retired as the CEO of Frasers Property Singapore SBU on 31 December 2019, and as such, the remuneration disclosed is for
period from 1 October 2019 to 31 December 2019.
Following his retirement, Mr Tang was appointed as an advisor to the Company with effect from 1 January 2020. The remuneration disclosed excludes
$162,000 being payment of advisor’s fees, as well as $43,125 being payment of director’s fees from FPL’s subsidiary, FCAM and $22,217 being payment of
director’s fees from FPL’s subsidiary, Frasers Commercial Asset Management Ltd.
Includes lump sum payment in connection with his retirement.
(4)
(5) Certain Key Management Personnel have taken a reduction in their remuneration for the period from 1 May 2020 to 30 September 2020, and this has been
reflected in the amount of total remuneration.
Save as disclosed in the table above, for FY2020, there were no termination, retirement and post-employment benefits
granted to the Directors, the Group CEO and Key Management Personnel.
CORPORATE GOVERNANCE REPORT
A N N U A L R E P O R T 2 0 2 0 / 2 0 3
The Company has not disclosed exact details of the remuneration of each Key Management Personnel due to the highly
competitive human resource environment and the confidential nature of staff remuneration matters.
As at 30 September 2020, save for the Group CEO, there are no employees within the Group who is a substantial
Shareholder or an immediate family member of a Director or substantial Shareholder, and whose remuneration (from the
Company and its subsidiaries) exceeds $100,000 during the year.
FINANCIAL PERFORMANCE, REPORTING AND AUDIT
The Board is responsible for providing a balanced and understandable assessment of the Company’s and the Group’s
performance, position and prospects, including interim and other price sensitive public reports, and reports to regulators
(if required).
The Company prepares its financial statements in accordance with the Singapore Financial Reporting Standards
(International) prescribed by the Accounting Standards Council.
Quarterly financial results were provided to Shareholders for the financial quarters ended 31 December 2019 and 31
March 2020. Following the amendments to Rule 705(2) of the SGX-ST Listing Manual which took effect from 7 February
2020, the Company announced on 13 May 2020 that it would cease to announce its financial statements on a quarterly
basis and would announce its financial statements on a half-yearly basis, commencing from the financial results
announcement for the full-year ended 30 September 2020. The Company would provide business updates to shareholders
for the first and third quarter performance of the Company and the Group, commencing with the third quarter ended 30
June 2020. The Board also provides Shareholders with business updates, other price sensitive information and material
corporate developments through announcements to the SGX-ST and, where appropriate, press releases, the Company’s
website and media and analysts’ briefings.
In communicating and disseminating its results, the Company aims to present a balanced and clear assessment of the
Group’s performance, position and prospects.
In order to enable the Board to obtain a timely and informed assessment of the Company’s position, Management furnishes
accounts to it on a quarterly basis, with monthly management accounts to be provided as the Board may request from
time to time. Such reports keep the Board members informed of the Company’s and the Group’s performance, position
and prospects.
External Audit
The AC conducts an assessment of the external auditors, and recommends its appointment or re-appointment to the
Board. The assessment is based on factors such as the performance and quality of its audit and the independence of the
auditors.
In the AGM held on 29 January 2020, KPMG LLP was re-appointed by Shareholders as the external auditors of the
Company for FY2020. Pursuant to the requirements of the SGX-ST, an audit partner may only be in charge of a maximum
of five consecutive annual audits and may then return after two years. The current KPMG LLP audit partner for the Group
has been appointed since the AGM held on 29 January 2016. There will be a new audit partner in charge for the financial
year ending 30 September 2021.
During the year, the AC conducted a review of the scope and results of audit by the external auditors and its cost
effectiveness, as well as the independence and objectivity of the external auditors. It also reviewed all non-audit services
provided by the external auditors, and the aggregate amount of audit fees paid to them. Details of fees payable to the
external auditors in respect of audit and non-audit services for FY2020 are set out in the table below:
Fees Relating to External Auditors for FY2020
For audit and audit-related services
For non-audit services
Total
$
(Million)
6.0
1.7
7.7
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CORPORATE GOVERNANCE REPORT 2 0 4 / F R A S E R S P R O P E R T Y L I M I T E D
The AC is satisfied that neither their independence nor their objectivity is put at risk, and that they are still able to meet
the audit requirements and statutory obligations of the Company.
The Company has complied with Rule 712 of the Listing Rules which requires, amongst others, that a suitable auditing
firm should be appointed by the Company. The Company has also complied with Rule 715 of the Listing Rules which
requires that the same auditing firm of the Company based in Singapore audits its Singapore-incorporated subsidiaries
and significant joint venture and associates, and that a suitable auditing firm be engaged for its significant foreign-
incorporated subsidiaries and joint venture and associates.
In the review of the financial statements for FY2020, the AC discussed the following key audit matters identified by the
external auditors with Management:
Key Audit Matter
Review by the AC
Valuation of Investment
Properties
The AC considered the methodologies and key assumptions applied by the valuers in arriving
at the valuation of investment properties.
The AC reviewed the outputs from the year-end valuation process of the Group’s investment
properties and discussed the details of the valuation with Management, focusing on
significant changes in fair value measurements and key drivers of the changes.
The AC considered the findings of the external auditors, including their assessment of the
appropriateness of valuation methodologies and the underlying key assumptions applied in
the valuation of investment properties and the estimation uncertainty during the current
climate.
The AC was satisfied with the valuation process, the methodologies used and the valuation
for investment properties as adopted as at 30 September 2020.
Valuation of Intangible
Assets
The AC considered the methodologies and key assumptions applied by Management for its
annual impairment tests of the Group’s intangible assets.
The AC also considered the external auditors’ findings on Management’s estimates of the
recoverable amounts supporting the intangible assets, the methodologies applied and
key assumptions used. Where applicable, the AC was briefed on the sensitivity of the key
assumptions on the available headroom.
The AC was satisfied with the methodologies and key assumptions used in supporting
Management’s assessment of the carrying value of the intangible assets as at 30 September
2020.
Valuation of Development
Properties for Sale
The AC considered the methodology applied to the valuation of development properties held
for sale, focusing on development projects in markets faced with challenging conditions or
with slower than expected sales. Where appropriate, the AC had inquired of Management
on its basis and its strategy to sell the unsold units.
The AC has also considered the findings of the external auditors on Management’s
assessment of the net realisable value of these development projects.
The AC was satisfied with the approach and assessment adopted by Management in arriving
at the net realisable value of the development projects as at 30 September 2020.
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 2 0 5
Key Audit Matter
Review by the AC
Valuation of Property,
Plant and Equipment
The AC considered the methodologies and key assumptions applied in arriving at the
valuation of property, plant and equipment in relation to the Group’s portfolio of hotel
properties.
The AC reviewed the outputs from the year-end valuation process of the Group’s hotel
properties and discussed the details of the valuation with Management, focusing on
significant changes in fair value measurements and key drivers of the changes.
The AC considered the findings of the external auditors, including their assessment of the
appropriateness of valuation methodologies and the underlying key assumptions applied
in the valuation of the Group’s hotel properties and the estimation uncertainty during the
current climate.
The AC was satisfied with the valuation process, the methodologies used and the valuation
for property, plant and equipment as adopted as at 30 September 2020 in relation to the
Group’s portfolio of hotel properties.
GOVERNANCE OF RISK AND INTERNAL CONTROLS
The Board is responsible for the governance of risk and ensures that Management maintains a sound system of risk
management and internal controls. The Company maintains a sound system of risk management and internal controls
with a view to safeguarding the interests of the Company and its Shareholders and the Company’s assets.
Enterprise Risk Management and Risk Tolerance
Assisted by the RMC, the Board oversees and determines the nature and extent of the significant risks which the
Company is willing to take in achieving its strategic objectives and value creation. With the assistance of the RMC, the
Board determines the Company’s risk appetite, assesses the Group’s risk profile, material risks, and mitigation plan,
provides advice to Management in formulating the risk management framework, policies and guidelines, and oversees
Management in the implementation of the risk management systems.
The Company has adopted an enterprise-wide risk management framework (“ERM Framework”) to enhance its risk
management capabilities. The Board is assisted by the RMC to oversee the ERM Framework. Key risks, mitigating
measures and management actions are continually identified, reviewed and monitored as part of the ERM Framework.
Where applicable, financial and operational key risk indicators are put in place to track key risk exposures. Apart from
the ERM Framework, key business risks are thoroughly assessed by Management and each significant transaction is
comprehensively analysed so that Management understands the risks involved before it is embarked upon. An outline of
the Group’s ERM Framework is set out on pages 178 to 180.
Periodic updates are provided to the RMC on the Group’s risk profile. These updates include assessments of the Group’s
key risks by major business units, highlights of emerging risks, the implementation status of the risk mitigation plan and
changes in plans undertaken by Management to manage key risks, as well as reports on risk tolerance status. The Group’s
risk tolerance statements have been developed by Management, and approved by the RMC on behalf of the Board.
The risk tolerance statements set out the nature and extent of the significant risks that the Group is willing to take in
achieving its strategic objectives. The accompanying risk tolerance thresholds, which set the risk boundaries in various
financial and operational areas, are reviewed and monitored closely by Management, and reported to the RMC. The
tolerance statements and risk thresholds are revised annually to ensure they are aligned with the Group’s business
strategies.
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CORPORATE GOVERNANCE REPORT 2 0 6 / F R A S E R S P R O P E R T Y L I M I T E D
Internal Controls
The AC, on behalf of the Board, undertakes the monitoring and review of the system of internal controls. The AC, with
the assistance of internal and external auditors, reviews and reports to the Board on the adequacy and effectiveness of
the Company’s system of controls, including financial, operational, compliance and information technology controls,
established by Management, and highlights to the Board any significant findings. In assessing the effectiveness of
internal controls, the AC ensures primarily that key objectives are met, material assets are properly safeguarded, fraud or
errors in the accounting records are prevented or detected, accounting records are accurate and complete, and reliable
financial information is prepared in compliance with applicable internal policies, laws and regulations.
To assist the Board in ascertaining the adequacy and effectiveness of the Group’s internal controls, Management has
in place a control self-assessment exercise for key areas of the business and operations to self-evaluate the internal
controls status. Management also separately maps out key operational risks with the existing assurance processes
in a comfort matrix every year. Using a comfort matrix of key risks, the material financial, operational, compliance and
information technology risks of the Company are documented by the business units and presented against strategies,
policies, people, processes, systems, mechanisms and reporting processes that have been put in place.
Management Assurance
The heads of business units are required to provide the Company with written assurances as to the adequacy and
effectiveness of their system of internal controls and risk management. Assurances are also sought from the Company’s
internal auditors based on their independent assessments. The Board has received the relevant assurances from:
Financial Records and Financial Statements
(a)
the Group CEO and the Group CFO that as at 30 September 2020, the financial records of the Group have been
properly maintained and the financial statements for FY2020 give a true and fair view of the Group’s operations
and finances;
System of Internal Controls
(b)
(c)
the Group CEO, the Group CCO, the Group CFO and the Group CIO, that the system of internal controls in place for
the Group is adequate and effective as at 30 September 2020 to address financial, operational, compliance and
information technology risks which the Group considers relevant and material to its operations; and
the CEOs of each of the Group’s strategic business units (“SBU CEOs”) that the system of internal controls in place
for their respective strategic business units is adequate and effective as at 30 September 2020 to address financial,
operational, compliance and information technology risks for their respective strategic business units which the
Group considers relevant and material to its operations; and
(i)
(ii)
the Group CEO, the Group CCO, the Group CFO and the Group CIO, that the risk management system in
place for the Group is adequate and effective as at 30 September 2020 to address risks which the Group
considers relevant and material to its operations; and
each of the SBU CEOs that the risk management system in place for their respective strategic business units
is adequate and effective as at 30 September 2020 to address risks for their respective strategic business
units which the Group considers relevant and material to its operations.
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 2 0 7
Board’s Comment
Based on the internal controls established and maintained by the Group, work performed by internal and external
auditors, reviews performed by Management and various Board Committees and the relevant assurances from the
Group CEO, the Group CCO, the Group CFO, the Group CIO and the SBU CEOs, the Board is of the view that the Group’s
internal controls were adequate and effective as at 30 September 2020 to address financial, operational, compliance and
information technology risks, which the Group considers relevant and material to its operations.
Based on the Enterprise-wide risk management framework established and adopted by the Company, review performed
by Management and the relevant assurances from the Group CEO, the Group CCO, the Group CFO, the Group CIO and
the SBU CEOs, the Board is of the view that the Group’s risk management system was adequate and effective as at 30
September 2020 to address risks which the Group considers relevant and material to its operations.
The Board notes that the system of internal controls and risk management provides reasonable, but not absolute,
assurance that the Group will not be adversely affected by any event that could be reasonably foreseen as it works
to achieve its business objectives. In this regard, the Board also notes that no system of internal controls and risk
management can provide absolute assurance against the occurrence of material errors, poor judgment in decision
making, human error, losses, fraud or other irregularities.
The AC concurs with the Board’s view that as at 30 September 2020, the Group’s internal controls (including financial,
operational, compliance and information technology controls) and risk management systems were adequate and
effective to address risks which the Group considers relevant and material to its operations.
Internal Audit
The Group’s internal audit department (“FPL Group IA”) is responsible for conducting objective and independent
assessments on the adequacy and effectiveness of the Group’s system of internal controls, risk management and
governance practices. The Head of the FPL Group IA reports directly to the Chairman of the AC and administratively,
to the Group CEO. The appointment and removal of the Head of the FPL Group IA requires the approval of the AC. In
performing internal audit services, FPL Group IA has adopted, and complies with, the Standards for the Professional
Practice of Internal Auditing set by The Institute of Internal Auditors, Inc.
FPL Group IA comprises 22 professional staff. The Head of FPL Group IA and the Singapore-based FPL Group IA staff
are members of The Institute of Internal Auditors, Singapore. To ensure that the internal audit activities are effectively
performed, FPL Group IA recruits and employs suitably qualified staff with the requisite skills and experience. Such staff
are given relevant training and development opportunities to update their technical knowledge and auditing skills. All
staff members of FPL Group IA also receive relevant technical training and attend seminars organised by The Institute of
Internal Auditors, Singapore and other professional bodies. FPL Group IA operates within the framework of a set of terms
of reference as contained in the Internal Audit Charter approved by the AC. The FPL Group IA function adopts a risk-based
audit methodology to develop its audit plans, and its activities are aligned to key risks of the Group. Risk assessments
are carried out on all key business processes and the results of the risk assessments are used to determine the intensity
and the frequency of the reviews to be performed. Higher risk areas are subject to more intense and frequent reviews.
FPL Group IA conducts its reviews based on internal audit plan approved by the AC. FPL Group IA has unfettered access
to all the Group companies’ documents, records, properties and personnel, including access to the AC members. All audit
reports detailing audit findings and recommendations are provided to Management who would respond with the actions
to be taken.
Each quarter, FPL Group IA will submit reports to the AC on the status of the audit plans and on audit findings and actions
taken by Management on such findings. Key findings are highlighted at AC meetings for discussion. The AC monitors
the timely and proper implementation of the required follow-up measures undertaken by Management. The AC is
satisfied that the internal audit function is independent and effective and that FPL Group IA has adequate resources and
appropriate standing within the Group to perform its functions effectively. Quality assurance reviews on the Group’s
internal audit function are periodically carried out by qualified professionals from an external organisation. The last
review was performed in January 2018.
Contents
CORPORATE GOVERNANCE REPORT 2 0 8 / F R A S E R S P R O P E R T Y L I M I T E D
Interested Person Transactions
Pursuant to Rule 920(2) of the SGX-ST Listing Manual, the Company may obtain a general mandate as having from
Shareholders (“Shareholders’ Mandate”) for it to enter into interested person transactions with its interested persons.
The Company has an internal control system in place to ensure that the types of transactions to which the Shareholders’
Mandate will apply (the “Mandated Transactions”), with the Mandated Interested Persons2 are made on normal
commercial terms, supported by independent valuation where appropriate, and consistent with the Group’s usual
policies and practices. In general, there are procedures established by the EAR Group3 to ensure that General Transactions
with Mandated Interested Persons are undertaken on an arm’s length basis and on normal commercial terms consistent
with the EAR Group’s usual business practices and policies, which are generally no more favourable to the Mandated
Interested Persons than those extended to unrelated third parties.
In addition, specific review and approval procedures with threshold limits apply to the Mandated Transactions. The
Company maintains a register of Mandated Transactions carried out with Mandated Interested Persons (recording the
basis, including the quotations obtained to support such basis, on which they are entered into), and the Company’s
annual internal audit plan will incorporate a review of all Mandated Transactions entered into in the relevant financial
year pursuant to the Shareholders’ Mandate.
The AC reviews the internal audit reports on Mandated Transactions to ascertain that the guidelines and review
procedures for Mandated Transactions have been complied with. If during any of the reviews by the AC, the AC is of the
view that the guidelines and review procedures for Mandated Transactions have become inappropriate or insufficient in
the event of changes to the nature of, or manner in which, the business activities of the Group or the Mandated Interested
Persons are conducted, the Company will revert to Shareholders for a fresh general mandate based on new guidelines
and review procedures so that Mandated Transactions will be carried out at arm’s length, on commercial terms and will
not be prejudicial to the interests of the Company and its minority Shareholders.
All other existing and future interested person transactions not subject to the Shareholders’ Mandate will be reviewed
and approved in accordance with the prevailing rules and regulations of the SGX-ST (in particular, Chapter 9 of the Listing
Manual) to ensure that they are carried out on normal commercial terms and are not prejudicial to the interests of the
Company and its minority Shareholders. In the event that such interested person transactions require the approval
of the Board and the AC, relevant information will be submitted to the Board and the AC for review. In the event that
such interested person transactions require the approval of Shareholders, additional information may be required to be
presented to Shareholders and an independent financial adviser may be appointed for an opinion.
Directors who are interested in any interested person transactions to be entered into by the Company are required to
abstain from any deliberations or decisions in relation to that interested person transaction.
Whistle-Blowing Policy
The Company has in place a whistle-blowing policy (the “Whistle-Blowing Policy”). The Whistle-Blowing Policy
provides an independent feedback channel through which matters of concern about possible improprieties in matters of
financial reporting, suspected fraud and corruption or other matters may be raised by employees and any other persons
in confidence and in good faith, without fear of reprisal. Whistle-blowers may report any matters of concern by mail,
electronic mail or by calling a hotline, details of which are provided in the Whistle-Blowing Policy, which is made available
on the Company’s website. Any report submitted through this channel would be received by the Head of FPL Group IA.
For employees, the Whistle-Blowing Policy provides assurance that employees will be treated fairly, and protected from
reprisals or victimisation for whistle-blowing in good faith.
2
3
The Shareholders’ Mandate will apply to the transactions that are carried out with Thai Beverage Public Company Limited, TCC Assets Limited, Fraser and
Neave, Limited, the Directors and their respective associates (the “Mandated Interested Persons”).
For the purposes of the Shareholders’ Mandate, an “Entity At Risk” mean (i) the Company, (ii) a subsidiary of the Company that is not listed on the SGX-ST or
an approved exchange; or (iii) an associated company of the Company that is not listed on the SGX-ST or an approved exchange, provided that the Company
and its interested person(s), have control over the associated company (collectively, the “EAR Group”).
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 2 0 9
The improprieties that are reportable under the Whistle-Blowing Policy include: (a) financial or professional misconduct;
(b) improper conduct, dishonest, fraudulent or unethical behaviour; (c) any irregularity or non-compliance with laws/
regulations or the Company’s policies and procedures, and/or internal controls; (d) violence at the workplace, or
any conduct that may threaten health and safety; (e) corruption or bribery; (f) conflicts of interest; and (g) any other
improprieties or matters that may adversely affect Shareholders’ interest in, and assets of, the Company and its reputation.
The Whistle-Blowing Policy is covered during staff training. All whistle-blowing complaints raised are investigated and
if appropriate, an independent investigation committee constituted. The outcome of each investigation and any action
taken is reported to the AC. The AC reviews and ensures that independent investigations and any appropriate follow-up
actions are carried out.
SHAREHOLDER MATTERS
The Company treats all Shareholders fairly and equitably in order to enable them to exercise their Shareholders’ rights
and have the opportunity to communicate their views on matters affecting the Company.
Investor Relations
The Company prides itself on its high standards of disclosure and corporate transparency. FPL aims to provide fair, relevant,
comprehensive and timely information regarding the Group’s performance and progress and matters concerning the
Group and its business which are likely to materially affect the price of the Shares and other securities of the Company, to
Shareholders and the investment community, to enable them to make informed investment decisions.
The Group’s dedicated Investor Relations (“IR”) team is tasked with, and focuses on, facilitating communications between
the Company and its Shareholders, as well as with the investment community. The Company has an IR policy which
allows for an ongoing exchange of views so as to actively engage and promote regular, effective and fair communication
with Shareholders.
Frank and informed dialogue between the Company and Shareholders is a central tenet of good corporate governance,
and encourages more active stewardship. Better engagement between these parties will thus benefit the Company and
investors. The IR team communicates regularly with Shareholders, as well as with the investment community, through
timely disclosures of material and other pertinent information to the SGX-ST, and quarterly briefings and conference
calls for results and business updates. The IR team also conducts roadshows (together with senior Management), and
participates in investor seminars and conferences to keep the market and investors apprised of the Group’s corporate
developments and financial performance.
During the year, the IR team, together with senior Management, engaged with Singapore and foreign investors virtually
at conferences, briefings and calls, non-deal roadshows as well as one-on-one and group meetings. In addition, to keep
investors informed of material developments concerning the Group in view of the COVID-19 situation, the Company
released updates by way of press releases and voluntary business updates which include the impact of the pandemic on
the Group’s business operations and performance. The aim of such engagement is to provide Shareholders and investors
with prompt disclosure of relevant information, to enable them to have a better understanding of the Company’s
businesses and performance. The Company makes available all its briefing materials to analysts and the media, webcasts
of its half-year and full-year results briefings, its financial information, its annual reports, and all announcements to the
SGX-ST on its website at https://www.frasersproperty.com. The Company maintains and regularly updates its corporate
website to communicate and engage with Shareholders and other stakeholders.
Further details on the various activities organised by IR during the year can be found in the IR section of the FY2020
Annual Report on pages 120 to 121.
The contact details of the IR team for Shareholders, investors and other stakeholders to channel their comments
and queries can be found on the Company’s website, as well as in the IR section of the FY2020 Annual Report on
pages 120 to 121.
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CORPORATE GOVERNANCE REPORT
2 1 0 / F R A S E R S P R O P E R T Y L I M I T E D
An electronic copy of the FY2020 Annual Report has been uploaded on the Company’s website. Shareholders can
access the FY2020 Annual Report (printed copies are available upon request) at https://investor.frasersproperty.com/
publications.html.
Conduct of General Meetings
In view of the COVID-19 pandemic, the forthcoming 57th Annual General Meeting (“AGM 2021”) will be held on 22 January
2021 via electronic means pursuant to the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for
Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (“COVID-19
Temporary Measures Order”). Alternative arrangements relating to attendance at the AGM 2021 via electronic means
(including arrangements by which the meeting can be electronically accessed via live audio-visual webcast or live audio
only stream, submission of questions in advance of the AGM 2021, addressing of substantial and relevant questions prior
to or at the AGM 2021 and voting by appointing the chairman of the meeting as proxy at the AGM 2021, are set out in
the Company’s announcement dated 23 December 2020. The description below sets out the Company’s usual practice
for Shareholders’ meetings when there are no pandemic risks and the COVID-19 Temporary Measures Order is not in
operation.
The Board supports and encourages active shareholder participation at AGMs as it believes that general meetings
serve as an opportune forum for Shareholders to meet the Board and senior Management, and to interact with them.
Shareholders are given the opportunity to participate effectively and vote at general meetings of the Company, where
relevant rules and procedures governing such meetings (for instance, how to vote) are clearly communicated prior to the
start of the meeting.
The Company’s Constitution allows (a) each Shareholder who is not a relevant intermediary (as defined in the Companies
Act) the right to appoint up to two proxies and (b) each Shareholder who is a relevant intermediary to appoint more than
two proxies to attend and vote on their behalf in Shareholders’ meetings.
At general meetings, the Company sets out separate resolutions on each substantially separate matter. Shareholders are
given the opportunity to raise questions and clarify any issues that they may have relating to the resolutions sought to
be passed.
For greater transparency, the Company has implemented electronic poll voting at AGMs. This entails Shareholders being
invited to vote on each of the resolutions by poll, using an electronic voting system (instead of voting by hands), thereby
allowing all Shareholders present or represented at the meeting to vote on a one share, one vote basis. The voting results
of all votes cast for, against, or abstaining from each resolution is then screened at the meeting and announced to the
SGX-ST after the meeting. An independent external party is appointed as scrutineer for the electronic voting process to
count and validate the votes at general meetings. The Company will continue to use the electronic poll voting system
at the forthcoming AGM. As the authentication of shareholder identity and other related security and integrity issues
remain a concern, the Company has decided for the time being, not to implement absentia voting methods such as voting
via mail, e-mail or fax.
At the AGM, a presentation is made to Shareholders to update on the Company’s performance, position and prospects.
The links to the presentation materials are made available on SGXNet and the Company’s website for the benefit of
Shareholders.
Board members and senior Management are present at each Shareholders’ meeting to respond to any questions from
Shareholders, unless they are unable to attend due to exigencies. The Company’s external auditors are also present to
address queries about the conduct of audit and the preparation and content of the auditors’ report.
The minutes of Shareholders’ meetings which capture the attendance of Board members at the meetings, matters
approved by Shareholders, voting results and substantial and relevant comments or queries from Shareholders relating
to the agenda of the general meeting together with responses from the Board and Management, are prepared by the
Company. These minutes are published on the Company’s website as soon as practicable.
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 2 1 1
Dividend Policy
As previously disclosed in the Introductory Document issued by the Company on 28 October 2013 in connection with
its listing on the SGX-ST, the Company intends to recommend dividends of up to 75% of its net profit after tax after
considering factors such as its level of cash and reserves, results of operations, business prospects, capital requirements
and surplus, general financial condition, contractual restrictions, the absence of any circumstances which might reduce
the amount of reserves available to pay dividends and other factors relevant to the Board (including the expected
financial performance of the Company).
The Company has recorded a historical payout ratio of 45% to 55% of APBFE before distribution to perpetual securities
holders in the past financial years. In view of the COVID-19 pandemic’s impact on earnings and in keeping with the Group’s
conservation of financial resources given the unprecedented crisis and uncertainties ahead, for FY2020, the Board has
proposed a first and final dividend of 1.5 Singapore cents per Share (representing 19% of APBFE before distribution to
perpetual securities holders) to be approved at the AGM to be held on 22 January 2021.
STAKEHOLDER ENGAGEMENT
The Board adopts an inclusive approach by considering and balancing the needs and interests of material stakeholders,
as part of its overall responsibility to ensure that the best interests of the Company are served.
Code of Business Conduct
The Company’s business practices have been governed by integrity, honesty, fair dealing and compliance with applicable
laws. To guide the Group’s employees across its multi-national network to uphold these values, the Company has
established the FPL Code of Business Conduct to provide clear guidelines on ethics and relationships to safeguard the
interests and reputation of the Group, as well as stakeholders of FPL.
The Code of Business Conduct has been recently updated in FY2020 to keep current with today’s business practices
and requirements. The updated policy covers key aspects such as avoiding conflicts of interest, working with external
stakeholders (customers, suppliers, busines partners, governments and regulatory officials), protecting company’s assets,
social media engagement, data privacy and upholding laws in countries where the Group has geographical presence in.
The updated Code of Business Conduct also emphasises the importance of upholding the Company’s core values to build
a respectful culture. Employees are encouraged to be respectful to the elements that make people similar or different
from one another, including background, views, experiences, capabilities, values, beliefs, physical differences, ethnicity
and culture, gender, age, thinking styles, preferences and behaviours.
The Code of Business Conduct sets out the policies and procedures dealing with various issues such as conflicts of
interests, the maintenance of records and reports, equal employment opportunities and sexual harassment. It includes
requirements relating to the keeping of accurate and sufficiently detailed accounting records for financial transactions,
internal financial reporting and financial reporting to stakeholders, sets out the standards to which employees must
adhere in their business relationships with third parties and personal business undertakings and their obligations to the
FPL Group, and provides for the need to obtain approval in certain situations where a conflict of interest may arise. It also
covers an employee’s obligations in protecting the FPL Group’s confidential information and intellectual property and
reiterates the FPL Group’s zero tolerance approach to bribery and corruption.
Where applicable/appropriate, the Code of Business Conduct is also made available to other stakeholders such as the
Company’s agents, suppliers, business associates and customers.
Contents
CORPORATE GOVERNANCE REPORT 2 1 2 / F R A S E R S P R O P E R T Y L I M I T E D
Anti-Bribery and Anti-Corruption
The Company has procedures in place to comply with applicable anti-bribery laws and regulations. Under the Company’s
Code of Business Conduct, employees are not to accept, offer, promise, or pay anything of value to another person
with the intention to obtain or retain business, to improperly influence an official action or to secure an unfair business
advantage, whether directly or through a third party. The Company also has an anti-bribery policy, which is applicable
to entities of the FPL Group incorporated or formed in the United Kingdom, and those carrying on business in the United
Kingdom.
Anti-Money Laundering and Countering the Financing of Terrorism Measures
The Company has a policy and in place implemented procedures to comply with applicable anti-money laundering,
counter-terrorism financing laws and regulations, including the notice and guidelines issued by the Monetary Authority
of Singapore to capital intermediaries on the prevention of money laundering and countering the financing of terrorism.
The Company’s policy and procedures include, but are not limited to, risk assessment and mitigation, customer due
diligence, reporting of suspicious transactions, and record keeping. Training on anti-money laundering, counter-terrorism
financing laws and regulations are also conducted for employees, officers and representatives periodically and as and
when needed.
Business Continuity Management
The Company has in place a Group Business Continuity Management (“BCM”) Policy which referenced the requirements of
ISO22301 management system. The policy sets the directives and guides the Company in implementing and maintaining
a BCM management programme to protect against, reduce the likelihood of the occurrence of, prepare for, respond to
and recover from disruptions when they arise. The Group Business Continuity Management Committee oversees the
Company’s Business Continuity Management (BCM) programme and activities.
The Company has implemented a BCM programme that boosts its resilience and capability in responding, managing,
and recovery from adverse business disruptions and unforeseen catastrophic events. Management developed Crisis
Management Plans, Business Continuity Plans and Emergency Response Plans at all levels to prepare themselves in
case of disruption that may negatively impact on the business. Under the programme, critical business functions, key
processes, resource requirements and business recovery strategies are identified. Annual tests, exercises (tabletop
or simulated) and drills, simulating different scenarios, are carried out to assess the effectiveness of the plans. Crisis
Management Team and staff are trained periodically, and the plans are updated regularly. The BCM programme ensures
the Company is resilient in the face of a crisis. It is a holistic approach to minimise adverse business impact, safeguard the
Company’s reputation and business operations.
The Code of Business Conduct, together with the other policies, is accessible to all employees on the FPL Group intranet.
Sustainability
In order to review and assess the material topics relevant to the Company’s business activities, the Company from time
to time proactively engages with various stakeholders, including employees, contractors and suppliers, customers and
tenants, and the investment community to gather feedback on the sustainability issues most important to them. Please
refer to the Sustainability Report on pages 124 to 177 of this annual report, which sets out information on the Company’s
arrangements to identify and engage with its material stakeholder groups and to manage its relationships with such
groups, and the Company’s strategy and key areas of focus in relation to the management of stakeholder relationships
during FY2020.
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 2 1 3
POLICY ON DEALINGS IN SECURITIES
The Company has established a procedure regarding dealings in the securities of the Company. In compliance with
Listing Rule 1207(19) of the SGX-ST Listing Manual on best practices on dealing in securities, the Group issues quarterly
reminders to its Directors, officers and employees on the restrictions in dealings in listed securities of the Group during
the period commencing (a) two weeks prior to the announcement of financial results of each of the first three quarters
of the financial year, and (b) one month before the announcement of full year results, and ending on the date of such
announcements, and following the Company’s announcement on the SGXNet on 13 May 20204, the period commencing
(a) two weeks prior to the announcement of the interim business updates of the first and third quarters of the financial
year, and (b) one month before the announcement of the half-year and full-year results, and ending on the date of such
announcements. Directors, officers and employees are also reminded not to trade in listed securities of the Group at any
time while in possession of unpublished price sensitive information and to refrain from dealing in the Group’s securities
on short-term considerations. Pursuant to the SFA, Directors and the Group CEO are also required to report their dealings
in the Company’s securities within two business days.
SUMMARY OF COMPLIANCE WITH EXPRESS DISCLOSURES REQUIREMENTS IN PRINCIPLES AND PROVISIONS OF THE
CODE
PRINCIPLES AND PROVISIONS OF THE CODE
THE BOARD'S CONDUCT OF AFFAIRS
Provision 1.2
Provision 1.3
Provision 1.4
Provision 1.5
Induction, training and development provided to new and existing
Directors
Matters requiring Board approval
Names of Board Committee members, terms of reference of Board
Committees, any delegation of Board's authority to make decisions and
a summary of each Board Committee's activities
Number of Board and Board Committee meetings and each individual
Directors' attendances at such meeting
BOARD COMPOSITION AND GUIDANCE
Provision 2.2
The Board diversity policy and progress made towards implementation
of the policy, including objectives
BOARD MEMBERSHIP
Provision 4.3
Provision 4.4
Provision 4.5
Process for the selection, appointment and reappointment of Directors
to the Board, including the criteria used to identify and evaluate
potential new Directors and channels used in searching for appropriate
candidates
Relationships that Independent Directors have with the Company, its
related corporations, its substantial shareholders or its officers, if any,
which may affect their independence, and the reasons why the Board,
having taken into account the views of the NC, has determined that such
Directors are still independent
Listed company directorships and principal commitments of each
Director, and where a Director holds a significant number of such
directorships and commitments, the NC's and Board's reasoned
assessment of the ability of the Director to diligently discharge his or
her duties
PAGE REFERENCE
OF ANNUAL
REPORT
191
188 to 190
183 to 188
189
194
193 to 194
194 to 195
194
4
Following the amendments to Rule 705(2) of the SGX-ST Listing Manual which took effect from 7 February 2020, the Company announced on 13 May 2020
that it would cease to announce its financial statements on a quarterly basis and would announce its financial statements on a half-yearly basis, commencing
from the financial results announcement for the full-year ended 30 September 2020. The Company would provide business updates to shareholders for the
first and third quarter performance of the Company and the Group, commencing with the third quarter ended 30 June 2020.
Contents
CORPORATE GOVERNANCE REPORT 2 1 4 / F R A S E R S P R O P E R T Y L I M I T E D
PRINCIPLES AND PROVISIONS OF THE CODE
BOARD PERFORMANCE
Provision 5.2
How the assessments of the Board, its Board Committees and each
Director have been conducted, including the identity of any external
facilitator and its connection, if any, with the Company or any of its
Directors
PROCEDURES FOR DEVELOPING REMUNERATION POLICIES
Provision 6.4
DISCLOSURE ON REMUNERATION
Provision 8.1
Engagement of any remuneration consultants and their independence
Policy and criteria for setting remuneration, as well as names, amounts
and breakdown of remuneration of:
(a) each individual Director and the CEO; and
(b) at least the top five key management personnel (who are not
Directors or the CEO) in bands no wider than $250,000 and in
aggregate the total remuneration paid to these key management
personnel
Names and remuneration of employees who are substantial
shareholders of the Company, or are immediate family members of a
Director, the CEO or a substantial shareholder, and whose remuneration
exceeds $100,000 during the year, in bands no wider than $100,000.
The employee's relationship with the relevant director or the CEO or
substantial shareholders should also be stated.
All forms of remuneration and other payments and benefits, paid by
the Company and its subsidiaries to directors and key management
personnel of the Company
Provision 8.2
Provision 8.3
RISK MANAGEMENT AND INTERNAL CONTROLS
Provision 9.2
Board's assurance from:
PAGE REFERENCE
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REPORT
196
197
198 to 203
203
202
206
(a) the CEO and the CFO that the financial records have been properly
maintained and the financial statements give a true and fair view of
the company's operations and finances; and
(b) the CEO and other key management personnel who are responsible,
regarding the adequacy and effectiveness of the company's risk
management and internal control systems.
SHAREHOLDER RIGHTS AND ENGAGEMENT
SHAREHOLDER RIGHTS AND CONDUCT OF GENERAL MEETINGS
Provision 11.3
Directors' attendance at general meetings of shareholders held during
the financial year
ENGAGEMENT WITH SHAREHOLDERS
Provision 12.1
Steps taken by the Company to solicit and understand the views of
shareholders
ENGAGEMENT WITH STAKEHOLDERS
Provision 13.2
The Company's strategy and key areas of focus in relation to the
management of stakeholder relationships during the reporting period
189
209 to 210
211
CORPORATE GOVERNANCE REPORT A N N U A L R E P O R T 2 0 2 0 / 2 1 5
FINANCIAL
STATEMENTS
CONTENTS
216 Directors’ Statement
221
Independent Auditors’ Report
227 Consolidated Profit Statement
228 Consolidated Statement of Comprehensive
Income
229 Balance Sheets
230 Statements of Changes in Equity
234 Consolidated Cash Flow Statement
237 Notes to the Financial Statements
Contents
2 1 6 / F R A S E R S P R O P E R T Y L I M I T E D
DIRECTORS’
STATEMENT
The Directors have pleasure in presenting their statement together with the audited financial statements of Frasers
Property Limited (the “Company”) and its subsidiaries (the “Group”) for the financial year ended 30 September 2020.
1.
OPINION OF THE DIRECTORS
In the opinion of the Directors,
(i)
the consolidated financial statements of the Group set out in pages 227 to 357 are drawn up so as to give a
true and fair view of the financial position of the Group and of the Company as at 30 September 2020 and
of the financial performance, changes in equity and cash flows of the Group and changes in equity of the
Company for the year ended on that date in accordance with the provisions of the Singapore Companies
Act, Chapter 50 and Singapore Financial Reporting Standards (International); and
(ii)
at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay
its debts as and when they fall due.
The Board of Directors has, on the date of the statement, authorised these financial statements for issue.
2.
DIRECTORS
The Directors of the Company in office at the date of this statement are:
(Chairman)
Mr Charoen Sirivadhanabhakdi
Khunying Wanna Sirivadhanabhakdi (Vice Chairman)
Mr Panote Sirivadhanabhakdi
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
Mr Philip Eng Heng Nee
Mr Tan Pheng Hock
Mr Wee Joo Yeow
Mr Weerawong Chittmittrapap
Mr Chotiphat Bijananda
Mr Sithichai Chaikriangkrai
3.
ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES AND DEBENTURES
Neither at the end of, nor at any time during, the financial year was the Company a party to any arrangement
whose object was to enable the Directors of the Company to acquire benefits by means of an acquisition of shares
in, or debentures of, the Company or any other body corporate, other than as disclosed in this statement.
A N N U A L R E P O R T 2 0 2 0 / 2 1 7
DIRECTORS’
STATEMENT
4.
DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES
(a)
The following Directors who held office at the end of the financial year had, according to the register of Directors’
shareholdings, required to be kept under Section 164 of the Companies Act of Singapore (Chapter 50), an interest
in the shares in or debentures of the Company and its related corporations (other than wholly-owned subsidiaries)
as stated below:
Name of Director
Charoen Sirivadhanabhakdi
– Frasers Property Limited
• Ordinary Shares
– Frasers Property Treasury Pte. Ltd.
• S$700,000,000 5.00% Subordinated
Perpetual Securities (Series 5)
– Fraser and Neave, Limited
• Ordinary Shares
– Fraser & Neave Holdings Bhd
• Ordinary Shares
– TCC Assets Limited
• Ordinary Shares
Khunying Wanna Sirivadhanabhakdi
– Frasers Property Limited
• Ordinary Shares
– Frasers Property Treasury Pte. Ltd.
• S$700,000,000 5.00% Subordinated
Perpetual Securities (Series 5)
– Fraser and Neave, Limited
• Ordinary Shares
– Fraser & Neave Holdings Bhd
• Ordinary Shares
– TCC Assets Limited
• Ordinary Shares
Direct Interest
Deemed Interest
As at
1 October
2019
As at
30
September
2020
As at
1 October 2019
As at
30 September
2020
–
–
–
–
–
2,541,007,768 (1)
2,541,007,768 (1)
– S$300,000,000 (2)
– (2)
–
1,270,503,884 (3)
1,270,503,884 (3)
–
203,470,910 (4)
203,470,910 (4)
25,000
25,000
–
–
–
–
–
–
–
2,541,007,768 (1)
2,541,007,768 (1)
– S$300,000,000 (2)
– (2)
–
1,270,503,884 (3)
1,270,503,884 (3)
–
203,470,910 (4)
203,470,910 (4)
25,000
25,000
–
–
(1) As of 30 September 2020, Charoen Sirivadhanabhakdi and his spouse, Khunying Wanna Sirivadhanabhakdi are deemed to be interested in an
aggregate of 2,541,007,768 shares in the Company.
Each of Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi owns 50% of the issued and paid-up share capital of TCC Assets
Limited (“TCCA”), and is therefore deemed to be interested in all of the 1,716,160,124 shares in the Company in which TCCA has an interest.
Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi also jointly hold a 51% direct interest in Siriwana Co., Ltd., which in turn holds an
aggregate of approximately 45.26% interest in Thai Beverage Public Company Limited (“ThaiBev”).
Further, Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi also jointly hold a 100% direct interest in MM Group Limited (“MM
Group”). MM Group holds a 100% direct interest in each of Maxtop Management Corp. (“Maxtop”), Risen Mark Enterprise Ltd. (“RM”) and Golden Capital
(Singapore) Limited (“GC”). Maxtop holds a 17.23% direct interest in ThaiBev; RM holds a 3.32% direct interest in ThaiBev; and GC holds a 0.06% direct
interest in ThaiBev.
ThaiBev holds a 100% direct interest in International Beverage Holdings Limited, which in turn holds a 100% direct interest in InterBev Investment
Limited (“IBIL”). Each of Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi is therefore deemed to be interested in all of the
824,847,644 shares in the Company in which IBIL has an interest.
Contents
2 1 8 / F R A S E R S P R O P E R T Y L I M I T E D
DIRECTORS’
STATEMENT
4.
DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (CONT’D)
(2) As at 1 October 2019, TCC Prosperity Limited (“TCCP”) held an aggregate of S$300 million perpetual securities (the “Perpetual Securities”) issued
by Frasers Property Treasury Pte. Ltd. (“FP Treasury”) on 9 March 2015. Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi own all
the shares in TCCP in equal shares, and therefore are deemed to be interested in the Perpetual Securities in which TCCP has an interest.
On 9 March 2020, FPTPL redeemed all of the outstanding Perpetual Securities, and the redeemed Perpetual Securities were cancelled thereafter.
(3) As at 30 September 2020:
–
–
TCCA holds 858,080,062 shares in Fraser and Neave, Limited (“F&N”); and
IBIL holds 412,423,822 shares in F&N.
Each of Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi is therefore deemed to be interested in all of the shares in F&N in
which TCCA and IBIL have an interest.
(4) As at 30 September 2020, F&N holds 203,470,910 shares in Fraser & Neave Holdings Bhd.
Therefore, each of Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi has a deemed interest in all of the shares in Fraser & Neave
Holdings Bhd in which F&N has an interest.
(b)
(c)
(d)
There was no change in any of the abovementioned interests in the Company between the end of the financial
year and 21 October 2020, other than as disclosed in this statement.
By virtue of Section 4 of the Singapore Securities and Futures Act, Chapter 289, each of Charoen Sirivadhanabhakdi
and Khunying Wanna Sirivadhanabhakdi is deemed to have interests in the shares of the subsidiaries held by the
Company and in the shares of the subsidiaries held by F&N.
Except as disclosed in this statement, no director who held office at the end of the financial year had any interest in
shares in, or debentures of, the Company, or its related corporations, either at the beginning of the financial year,
or date of appointment if later, or at the end of the financial year.
5.
SHARE OPTIONS AND SHARE PLANS
(a)
Share Options
The Company does not have any share option scheme or plans in place, or such scheme of plans that entitled
holders to participate, by virtue of the scheme or plans, in any share issue of any other corporation.
(b)
Share Plans
On 25 October 2013, F&N, which was then the sole shareholder of the Company, approved the adoption of the
FPL Restricted Share Plan (“RSP”) and FPL Performance Share Plan (“PSP”, and together with the RSP the, “Share
Plans”).
The RSP and PSP are administered by the Remuneration Committee which, as at the date of this statement,
comprise the following three non-executive directors who do not participate in the Share Plans:
Mr Philip Eng Heng Nee (Chairman)
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
A N N U A L R E P O R T 2 0 2 0 / 2 1 9
DIRECTORS’
STATEMENT
5.
SHARE OPTIONS AND SHARE PLANS (CONT’D)
(c)
Share Grants under RSP and PSP
Under the RSP and PSP, the Company grants awards to eligible participants annually, referred to herein as “RSP
Awards” and “PSP Awards”, respectively. The grant (“Initial Award”) represents the right to receive fully paid shares,
their equivalent cash value or combinations thereof, free of charge, provided that certain prescribed performance
conditions are met. The Remuneration Committee that administers this scheme has absolute discretion in the
granting of awards under the RSP and PSP. The vesting of the RSP Initial Award and the PSP Initial Award are
conditional on the achievement of pre-determined targets set for a one-year performance period and a three-year
performance period, respectively. An achievement factor will be determined based on the level of achievement
of the pre-determined targets at the end of the respective performance period. The achievement factor will be
applied to the relevant Initial Award to determine the final number of shares to vest under the RSP Awards and
PSP Awards (as the case may be, the “Final Award”). The achievement factor ranges from 0% to 150% for RSP and
from 0% to 200% for PSP.
At the end of the performance period and after the achievement factor is determined, 1/3 of the RSP Final Awards
will be released upon vesting and the balance will be released in equal number of shares over the subsequent
two years upon the fulfilment of service requirements. All PSP Final Awards will be released to the participants at
the end of the three-year performance period upon vesting. Pre-determined targets over the performance period
are set by the Remuneration Committee at their absolute discretion. For the RSP, the pre-set targets are based
on the achievement of Attributable Profit Before Fair Value Change and Exceptional Items (APBFE) and Return on
Capital Employed (ROCE). For the PSP, the pre-set targets are based on Return on Invested Capital (ROIC), Total
Shareholders’ Return Relative to FTSE ST Real Estate Index and Absolute Shareholders’ Return as a multiple of
Cost of Equity.
No awards have been granted to controlling shareholders or their associates, or parent group directors and
employees under the RSP and PSP.
No awards have been granted to directors of the Company.
No employee other than Mr Rod Fehring, Chief Executive Officer of Frasers Property Australia, has received 5%
or more of the total number of shares available/delivered for the financial year ended 30 September 2020 and in
his case, its equivalent in cash(1), pursuant to grants under the RSP. Details of conditional awards available to Mr
Fehring under the RSP are as follows:
Balance as at
1 October 2019
or Grant Date if
later
Additional
Awards /
(Awards
Reduced) due
to Achievement
Factor
Balance as at
30 September
2020
Vested(1)
ROD FEHRING
Grant Date
RSP Awards
– Year 3
– Year 4
– Year 5
– Year 6
– Year 7
22.12.2015
21.12.2016
22.12.2017
19.12.2018
20.12.2019
Total
110,800
248,650
497,700
569,900
516,000
1,943,050
–
–
(89,600)
–
–
(89,600)
(110,800)
(124,325)
(204,050)
–
–
(439,175)
–
124,325
204,050
569,900
516,000
1,414,275
(1)
The Final RSP Awards vested and released to Mr Rod Fehring in accordance with the terms of the Share Plans were settled in cash.
Contents
2 2 0 / F R A S E R S P R O P E R T Y L I M I T E D
DIRECTORS’
STATEMENT
6.
AUDIT COMMITTEE
The Audit Committee carried out its functions in accordance with Section 201B(5) of the Companies Act of
Singapore (Chapter 50), which include, inter alia, the following:
(i)
reviewed the quarterly and full-year financial statements of the Company and of the Group for the financial
year and the independent auditors’ report for the full-year prior to approval by the Board;
(ii)
reviewed the internal and external audit plans to ensure the adequacy of the audit scope;
(iii)
(iv)
(v)
reviewed the adequacy and effectiveness of the Group and the Company’s internal controls, including
financial, operational and compliance controls and risk management;
reviewed with internal and external auditors, the respective audit reports and their recommendations, and
monitoring the timely and proper implementation of any required corrective or improvement measures;
reviewed the adequacy and effectiveness of the Group’s internal audit function, including the adequacy of
internal audit resources and its appropriate standing within the Group;
(vi) met with the external and internal auditors, in each case without the presence of the Company’s
management to review various audit matters as well as the assistance given by the Company’s management
to the external and internal auditors;
(vii)
reviewed the cost effectiveness, the independence and the objectivity of external auditors, including the
nature and extent of non-audit services provided by the external auditors;
(viii)
recommended to the Board the appointment, re-appointment and removal of the external auditors, and
reviewed and approved the remuneration and terms of engagement of the external auditors; and
(ix)
reviewed interested person transactions in accordance with the requirements of the Singapore Exchange
Securities Trading Limited’s Listing Manual.
Further details regarding the Audit Committee are disclosed in the Corporate Governance Report.
Having reviewed the non-audit services provided by the external auditors to the Group, the Audit Committee is
satisfied that the nature and extent of such services would not affect the independence of external auditors, and
has recommended to the Board of Directors the re-appointment of KPMG LLP as auditors of the Company at the
forthcoming Annual General Meeting.
7.
AUDITORS
The auditors, KPMG LLP, have expressed their willingness to accept re-appointment as auditors.
On behalf of the Board
Charles Mak Ming Ying
Director
Singapore
24 November 2020
Panote Sirivadhanabhakdi
Director and Group Chief Executive Officer
A N N U A L R E P O R T 2 0 2 0 / 2 2 1
INDEPENDENT AUDITORS’
REPORT
MEMBERS OF THE COMPANY
FRASERS PROPERTY LIMITED
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the accompanying consolidated financial statements of Frasers Property Limited (the “Company”) and
its subsidiaries (collectively the “Group”), which comprise the consolidated balance sheet of the Group and balance sheet
of the Company as at 30 September 2020, the consolidated profit statement, consolidated statement of comprehensive
income, consolidated statement of changes in equity, and consolidated cash flow statement of the Group, and statement
of changes in equity of the Company for the year then ended, and notes to the financial statements, including a summary
of significant accounting policies and other explanatory information, as set out on pages 227 to 357.
In our opinion, the accompanying consolidated financial statements of the Group and the balance sheet and statement
of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act,
Chapter 50 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair
view of the consolidated financial position of the Group and the financial position of the Company as at 30 September
2020 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the
Group and the changes in equity of the Company for the year ended on that date.
Basis for opinion
We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those
standards are further described in the ‘Auditors’ responsibilities for the audit of the financial statements’ section of our
report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”)
Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”), together with
the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our
other ethical responsibilities in accordance with the ACRA Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Valuation of investment properties
(Refer to Note 11 to the financial statements)
Risk:
The Group owns a portfolio of investment properties (including investment properties under construction) comprising
retail, commercial, industrial & logistics and service residences properties that are leased to third parties under operating
leases, located mainly in Australia, Germany, the Netherlands, Singapore, Thailand, Vietnam and the United Kingdom.
Investment properties represent the largest category of assets on the balance sheet, at $21.9 billion (2019: $22.6 billion)
as at 30 September 2020.
These investment properties are stated at their fair values based on independent external valuations except for certain
overseas properties whereby valuations are performed internally. In addition, investment properties under construction
are stated at their fair values as determined by valuers which involve estimating the fair value of the completed
investment property and then deducting from that amount the estimated costs to complete the construction and a
reasonable market-based profit margin on the construction and development.
The valuation process involves significant judgement in determining the appropriate valuation methodology to be used,
and in estimating the underlying assumptions to be applied. The valuations are sensitive to key assumptions applied
in deriving future cash flows, the capitalisation rates, discount rates and terminal yield rates; where a change in the
assumptions can have a significant impact to the valuation.
Contents
2 2 2 / F R A S E R S P R O P E R T Y L I M I T E D
INDEPENDENT AUDITORS’
REPORT
MEMBERS OF THE COMPANY
FRASERS PROPERTY LIMITED
Certain valuation reports obtained from the external valuers also highlighted that given the unprecedented set of
circumstances due to the Coronavirus Disease (“COVID-19”) pandemic on which to base a judgement, less certainty,
and a higher degree of caution, should be attached to their valuations than would normally be the case. Due to the
unknown future impact that COVID-19 pandemic might have on the real estate market, the external valuers have also
recommended to keep the valuation of these properties under frequent review.
Our response:
We evaluated the qualifications and competence of the valuers and held discussions with the valuers to understand their
valuation methods and assumptions and basis used, where appropriate.
We considered the valuation methodologies used against those applied by valuers for similar property types. We tested
the integrity of inputs of the projected cash flows used in the valuation to supporting leases and other documents.
We evaluated the appropriateness of the discount, capitalisation and terminal yield rates used in the valuation by
comparing them against historical rates and available industry data, taking into consideration comparability and market
factors. Where the rates were outside the expected range, we undertook further procedures to understand the effect of
additional factors and, when necessary, held further discussions with the valuers. In addition, for investment properties
under construction, we evaluated the estimated cost to complete by comparing the cost incurred to date to management
budgets and, where the works were contracted to third parties, agreed to the contracts. We have also tested significant
items of the cost components to source documents to ascertain the existence and accuracy of those cost components.
We also discussed with management and the external valuers to understand how they have considered the implications
of COVID-19 and market uncertainty in the valuations.
Our findings:
We found the valuers to be objective and competent. The valuers are members of generally-recognised professional
bodies for valuers. The valuation methodologies used are in line with generally accepted market practices and the key
assumptions used are within the range of market data. For investment properties under construction, the estimated cost
to complete were found to be supported.
Valuation of intangible assets
(Refer to Note 16 to the financial statements)
Risk:
The Group has goodwill and other intangible assets relating to brands and favourable leases, management contracts and
others with an aggregate carrying value of $633.6 million (2019: $611.2 million) as at 30 September 2020. These assets
are impaired when their individual carrying value or the carrying value of the cash generating unit (“CGU”) of which the
goodwill or intangible asset is allocated to, exceeds their recoverable amount. The recoverable amount is the higher of
their fair value less costs to sell and its value in use. Estimating the recoverable amount involves significant judgement in
determining an appropriate model and the underlying assumptions to be applied; coupled with the inherent estimation
uncertainties that arise when estimating and discounting future cash flows. The recoverable amount is sensitive to inputs
and assumptions underlying the models used. Some of the key inputs and assumptions relate to expectations of future
cash flows, growth rates used for extrapolation purposes and discount rates.
Our response:
We evaluated the Group’s methodology and identification of CGU and assessed indicators of impairment for intangible
assets where appropriate.
A N N U A L R E P O R T 2 0 2 0 / 2 2 3
INDEPENDENT AUDITORS’
REPORT
MEMBERS OF THE COMPANY
FRASERS PROPERTY LIMITED
For goodwill, intangible assets with infinite useful life and intangible assets with indicators of impairment, we evaluated
the cash flows used in the model against the understanding we obtained about the business through our audit and
assess if these cash flows were reasonable. We challenged the appropriateness of key assumptions used by the Group in
its impairment testing comprising the discount rate and growth rate by comparing these to externally available market
data for reasonableness. We also assessed whether or not the assumptions showed any evidence of management bias
with a particular focus on the risk that the forecasted cash flows may not support the carrying value of the intangible
assets.
Our findings:
The methodology and model used by the Group is supported by generally accepted market practices. We found the key
assumptions and resulting estimates that were made in the determination of the recoverable amounts to be supported
by recent historical operating statistics and market data.
Valuation of development properties held for sale
(Refer to Note 19 to the financial statements)
Risk:
The Group has significant residential, industrial and commercial properties held for sale located primarily in Australia,
China, Singapore, Thailand and the United Kingdom. These properties have a carrying value of $5.9 billion as at 30
September 2020 (2019: $5.0 billion) and are stated at the lower of their cost and their net realisable values. In arriving
at estimates of net realisable values, the Group considered comparable properties and the recent selling prices less the
estimated costs of completion and the estimated costs necessary to make the sale. The determination of the estimated
net realisable value of these properties is critically dependent upon the Group’s expectations of future selling prices.
Our response:
We compared the Group’s forecast selling prices to recently transacted prices and prices of comparable properties
located in the same vicinity as the development or completed project. We focused our work on projects with slower-
than-expected sales or with low or negative margins. For projects with units which are expected to sell below costs, we
checked the computations of the foreseeable losses.
Our findings:
In estimating future selling price for the purpose of management’s assessment, the Group takes into account
macroeconomic and real estate price trend information and planned capital management considerations. Management
has applied its knowledge of the business in its regular review of these estimates. We found that reasonable estimates
were made in the determination of net realisable values and allowance for foreseeable losses.
Valuation of property, plant and equipment
(Refer to Note 12 to the financial statements)
Risk:
As at 30 September 2020, the property, plant and equipment relating to the Group’s portfolio of hotel properties has an
aggregate carrying value of $2.2 billion (2019: $2.0 billion).
Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses and are subject
to an annual review to assess if there are indicators of impairment. With the COVID-19 pandemic outbreak, the Group
undertook an impairment assessment and recognised an impairment loss on its hotel properties.
Contents
2 2 4 / F R A S E R S P R O P E R T Y L I M I T E D
INDEPENDENT AUDITORS’
REPORT
MEMBERS OF THE COMPANY
FRASERS PROPERTY LIMITED
The process of identifying indicators of impairment and assessing the recoverable amount of each hotel property involves
significant judgement in determining an appropriate model and the underlying assumptions to be applied; coupled with
the inherent estimation uncertainties that arise when estimating and discounting future cash flows. The recoverable
amount of a hotel property is the higher of its fair value less cost to sell and value in use. The recoverable amount is
sensitive to inputs and assumptions underlying the models used. Some of the key inputs and assumptions relate to
expectations of future cash flows, growth rates used for extrapolation purposes, discount rates and terminal yield rates.
Where the recoverable amount of the hotel properties is based on independent external valuations, certain valuation
reports obtained from the external valuers also highlighted that given the unprecedented set of circumstances due to
the COVID-19 pandemic on which to base a judgement, less certainty, and a higher degree of caution, should be attached
to their valuations than would normally be the case. Due to the unknown future impact that COVID-19 pandemic might
have on the real estate market, the external valuers have also recommended to keep the valuation of these properties
under frequent review.
Our response:
We evaluated the Group’s process for identification of indicators of impairment. We considered the valuation methods
used against those applied for similar property types. We compared the key assumptions used in estimating the
recoverable amounts, which included discount rates, capitalisation rates, average room rates, average occupancy rates
and growth rates, by comparing them to available industry data, taking into consideration comparability and market
factors. We also discussed with management and the external valuers on how they have considered the impact of the
COVID-19 pandemic and market uncertainty in arriving at the recoverable amounts.
Our findings:
The Group has a structured process in place to periodically identify indicators of impairment of the hotels and the methods
used are in line with generally accepted market practices. We found that the key assumptions and resulting estimates
made in the determination of the recoverable amounts to be supported by recent historical operating statistics and
relevant market data.
Other information
Management is responsible for the other information contained in the annual report. Other information is defined as
all information in the annual report other than the financial statements and our auditors’ report thereon. We have
obtained the Corporate Profile, The Group Strategy, Our Businesses, Our Multi-national Presence, Our Milestones, Group
Structure, Financial Highlights, Board of Directors, Group Management, Corporate Information, Chairman’s Statement, In
Conversation with the Group CEO, Business Review, Investor Relations, Treasury Highlights, Sustainability Report, Awards
and Accolades, Enterprise-wide Risk Management, Corporate Governance Report, Directors’ Statement, Particulars
of Group Properties, Interested Person Transactions and FPL Fact Sheet prior to the date of this auditors’ report. The
Shareholding Statistics and Trends View are expected to be made available to us after that date.
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditors’
report, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
When we read the other information made available to us after the date of this report, if we conclude that there is a
material misstatement therein, we are required to communicate the matter to the directors of the Company and take
appropriate actions in accordance with SSAs.
A N N U A L R E P O R T 2 0 2 0 / 2 2 5
INDEPENDENT AUDITORS’
REPORT
MEMBERS OF THE COMPANY
FRASERS PROPERTY LIMITED
Responsibilities of management and directors for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with
the provisions of the Act and SFRS(I)s, and for devising and maintaining a system of internal accounting controls sufficient
to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and
transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair
financial statements and to maintain accountability of assets.
In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The directors’ responsibilities include overseeing the Group’s financial reporting process.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:
•
•
•
•
•
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal controls.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the
Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that achieves
fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are responsible for
the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
Contents
2 2 6 / F R A S E R S P R O P E R T Y L I M I T E D
INDEPENDENT AUDITORS’
REPORT
MEMBERS OF THE COMPANY
FRASERS PROPERTY LIMITED
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal controls that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with the directors, we determine those matters that were of most significance in the
audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters
in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary
corporations incorporated in Singapore of which we are the auditors have been properly kept in accordance with the
provisions of the Act.
The engagement partner on the audit resulting in this independent auditors’ report is Ronald Tay Ser Teck.
KPMG LLP
Public Accountants and Chartered Accountants
Singapore
24 November 2020
CONSOLIDATED PROFIT
STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
REVENUE
Cost of sales
GROSS PROFIT
Other income
Administrative expenses
TRADING PROFIT
Share of results of joint ventures and associates, net of tax
PROFIT BEFORE INTEREST, FAIR VALUE CHANGE,
TAXATION AND EXCEPTIONAL ITEMS
Interest income
Interest expense
NET INTEREST EXPENSE
PROFIT BEFORE FAIR VALUE CHANGE, TAXATION AND
EXCEPTIONAL ITEMS
Fair value change on investment properties
PROFIT BEFORE TAXATION AND EXCEPTIONAL ITEMS
Exceptional items
PROFIT BEFORE TAXATION
Taxation
PROFIT FOR THE YEAR
ATTRIBUTABLE PROFIT:
– before fair value change and exceptional items
– fair value change
– exceptional items
Non-controlling interests
PROFIT FOR THE YEAR
EARNINGS PER SHARE
Basic earnings per share
Diluted earnings per share
The accompanying notes form an integral part of the financial statements.
A N N U A L R E P O R T 2 0 2 0 / 2 2 7
Note
3
4a
4b
4c
4
14
5
6
7
8
9
Group
2020
$'000
2019
$'000
3,597,007
(2,138,741)
3,791,943
(2,345,194)
1,458,266
59,797
(493,108)
1,446,749
6,501
(447,678)
1,024,955
220,646
1,005,572
287,055
1,245,601
1,292,627
72,195
(514,445)
72,340
(441,386)
(442,250)
(369,046)
803,351
161,910
923,581
544,357
965,261
(160,338)
1,467,938
(114,811)
804,923
(286,131)
1,353,127
(286,135)
518,792
1,066,992
229,232
96,698
(137,805)
188,125
330,667
350,075
321,641
(111,417)
560,299
506,693
518,792
1,066,992
3.8¢
3.8¢
15.9¢
15.8¢
Contents
2 2 8 / F R A S E R S P R O P E R T Y L I M I T E D
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PROFIT FOR THE YEAR
OTHER COMPREHENSIVE INCOME
Items that may be reclassified subsequently to profit statement:
Group
2020
$'000
2019
$'000
518,792
1,066,992
Change in fair value of cash flow hedges
Foreign currency translation
Share of other comprehensive income of joint ventures and associates
Realisation of reserves on disposal of subsidiaries
(100,181)
307,107
(15,887)
62,996
(113,037)
(293,256)
(3,779)
–
Other comprehensive income for the year, net of tax
254,035
(410,072)
Items that will not be reclassified subsequently to profit statement:
Change in fair value of equity investments at fair value through
other comprehensive income
28,713
–
Total other comprehensive income for the year, net of tax
282,748
(410,072)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
801,540
656,920
ATTRIBUTABLE TO:
Owners of the Company
Holders of perpetual securities
Non-controlling interests
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
301,736
79,794
420,010
163,767
98,560
394,593
801,540
656,920
The accompanying notes form an integral part of the financial statements.
BALANCE
SHEETS
AS AT 30 SEPTEMBER 2020
NON-CURRENT ASSETS
Investment properties
Property, plant and equipment
Investments in:
– Subsidiaries
– Joint ventures
– Associates
Other non-current assets
Intangible assets
Other receivables
Deferred tax assets
Derivative financial instruments
CURRENT ASSETS
Properties held for sale
Contract assets
Other current assets
Trade and other receivables
Derivative financial instruments
Bank deposits
Cash and cash equivalents
Assets held for sale
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Contract liabilities
Derivative financial instruments
Provision for taxation
Lease liabilities
Loans and borrowings
Liabilities held for sale
NET CURRENT ASSETS
NON-CURRENT LIABILITIES
Other payables
Derivative financial instruments
Deferred tax liabilities
Lease liabilities
Loans and borrowings
NET ASSETS
SHARE CAPITAL AND RESERVES
Share capital
Retained earnings
Other reserves
Equity attributable to owners of the Company
NON-CONTROLLING INTERESTS
– Perpetual securities
NON-CONTROLLING INTERESTS
– Others
TOTAL EQUITY
A N N U A L R E P O R T 2 0 2 0 / 2 2 9
Note
Group
2020
$'000
2019
$'000
Company
2020
$'000
2019
$'000
11
12
13
14
14
15
16
17
18
21
19
20
15
17
21
22
22
23
24
20
21
25
26
23
24
21
18
25
26
27
28
30
21,947,848
2,423,793
22,639,296
2,149,464
–
1,063,859
1,219,432
66,781
633,579
561,844
123,543
175,475
28,216,154
5,886,203
153,549
74,233
548,638
3,252
236,886
3,085,110
544,095
10,531,966
–
940,656
1,075,915
97,913
611,241
490,470
62,864
82,631
28,150,450
4,968,427
199,420
75,168
528,816
30,561
467,023
3,112,956
100,112
9,482,483
2,150
22
1,146,750
500
–
34,833
–
4,148,259
–
22,568
5,355,082
–
–
9
272,770
–
–
8,566
–
281,345
2,150
24
1,182,948
500
–
2,148
–
3,783,039
–
129
4,970,938
–
–
204
283,989
13,186
–
11,454
–
308,833
38,748,120
37,632,933
5,636,427
5,279,771
1,300,026
75,760
26,453
512,327
20,803
4,126,393
–
6,061,762
1,481,177
328,867
6,480
497,154
–
3,490,572
1,944
5,806,194
226,130
–
–
1,380
–
–
–
227,510
249,006
–
2,278
3,228
–
–
–
254,512
4,470,204
32,686,358
3,676,289
31,826,739
53,835
5,408,917
54,321
5,025,259
624,998
344,262
716,759
823,814
15,061,241
17,571,074
1,099,054
137,017
594,795
–
13,905,327
15,736,193
320,759
22,568
–
–
–
343,327
138
5,971
–
–
–
6,109
15,115,284
16,090,546
5,065,590
5,019,150
1,804,951
6,017,905
(262,705)
7,560,151
1,795,241
6,014,963
(405,848)
7,404,356
1,342,720
8,902,871
2,038,840
9,443,196
6,212,413
15,115,284
6,647,350
16,090,546
1,804,951
3,155,721
104,918
5,065,590
–
5,065,590
–
5,065,590
1,795,241
3,095,532
128,377
5,019,150
–
5,019,150
–
5,019,150
The accompanying notes form an integral part of the financial statements.
Contents
2 3 0 / F R A S E R S P R O P E R T Y L I M I T E D
STATEMENTS OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Share
Capital
(Note 27)
$'000
Retained
Earnings
$'000
Other
Reserves
(Note 28)
$'000
Equity
Attributable
to Owners
of the
Company
$'000
Non-
Controlling
Interests –
Perpetual
Securities
(Note 30)
$'000
Non-
Controlling
Interests –
Others
$'000
Total
$'000
Total
Equity
$'000
Group
2020
At 30 September 2019, as previously
reported
Effects of adopting SFRS(I) 16 (Note 41)
1,795,241
–
6,014,963
(55,215)
(405,848)
–
7,404,356
(55,215)
2,038,840
–
9,443,196
(55,215)
6,647,350 16,090,546
(52,422)
2,793
At 1 October 2019
1,795,241
5,959,748
(405,848)
7,349,141
2,038,840
9,387,981
6,650,143 16,038,124
Profit for the year
Other comprehensive income
Change in fair value of cash flow hedges
Foreign currency translation
Share of other comprehensive income
of joint ventures and associates
Realisation of reserves on disposals
of subsidiaries
Change in fair value of equity
investments at fair value through
other comprehensive income
Other comprehensive income
for the year
Total comprehensive income
for the year
Contributions by and distributions
to owners
Ordinary shares issued (Note 27)
Employee share-based expense
Dividend paid (Note 31)
Dividend proposed (Note 31)
Transfer to other reserves
Total contributions by and
distributions to owners
Changes in ownership interests
in subsidiaries
Units/shares issued to non-controlling
interests
(Acquisitions)/disposals of subsidiaries
with non-controlling interests
Change in interests in subsidiaries
without change in control
Issuance costs incurred by subsidiaries
Total changes in ownership interests
in subsidiaries
Total transactions with owners in their
–
–
–
–
–
–
–
–
111,647
–
111,647
79,794
191,441
327,351
518,792
–
–
–
–
–
–
(87,674)
199,816
(87,674)
199,816
(15,401)
(15,401)
62,996
62,996
30,352
30,352
190,089
190,089
–
–
–
–
–
–
(87,674)
199,816
(12,507)
107,291
(100,181)
307,107
(15,401)
(486)
(15,887)
62,996
–
62,996
30,352
(1,639)
28,713
190,089
92,659
282,748
111,647
190,089
301,736
79,794
381,530
420,010
801,540
9,710
–
–
–
–
–
–
(222)
(43,885)
(13,461)
(9,710)
16,394
(105,102)
43,885
13,461
–
16,394
(105,324)
–
–
9,710
(57,568)
(41,072)
(88,930)
–
–
–
–
–
–
–
–
–
–
–
4,102
(24)
(5,874)
–
(1,772)
(24)
4,078
(5,874)
(1,796)
–
–
–
–
–
–
–
–
–
–
–
–
–
16,394
(105,324)
–
–
–
–
(301,963)
–
–
–
16,394
(407,287)
–
–
(88,930)
(301,963)
(390,893)
–
–
890,561
890,561
(2,610)
(2,610)
(1,772)
(24)
(1,443,659)
(69)
(1,445,431)
(93)
(1,796)
(555,777)
(557,573)
(90,726)
(857,740)
(948,466)
capacity as owners
9,710
(53,490)
(46,946)
(90,726)
Contributions by and distributions
to perpetual securities holders
Redemption of perpetual securities
Distributions to perpetual securities
holders
Total contributions by and distributions
to perpetual securities holders
–
–
–
–
–
–
–
–
–
–
–
–
(696,120)
(696,120)
(79,794)
(79,794)
(775,914)
(775,914)
–
–
–
(696,120)
(79,794)
(775,914)
At 30 September 2020
1,804,951
6,017,905
(262,705)
7,560,151
1,342,720
8,902,871
6,212,413 15,115,284
The accompanying notes form an integral part of the financial statements.
A N N U A L R E P O R T 2 0 2 0 / 2 3 1
STATEMENTS OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2020 (CONT’D)
Share
Capital
(Note 27)
Retained
Earnings
Other
Reserves
(Note 28)
Equity
Attributable
to Owners
of the
Company
Non-
Controlling
Interests –
Perpetual
Securities
(Note 30)
$'000
$'000
$'000
$'000
$'000
Non-
Controlling
Interests –
Others
$'000
Total
$'000
Total
Equity
$'000
Group
2019
At 1 October 2018
1,784,732
5,729,349
(45,616)
7,468,465
2,037,819
9,506,284
5,233,378 14,739,662
Profit for the year
Other comprehensive income
Change in fair value of cash flow hedges
Foreign currency translation
Share of other comprehensive income
of joint ventures and associates
Other comprehensive income
for the year
Total comprehensive income
for the year
Contributions by and distributions
to owners
Ordinary shares issued (Note 27)
Employee share-based expense
Dividend paid (Note 31)
Dividend proposed (Note 31)
Transfer to other reserves
Total contributions by and
distributions to owners
Changes in ownership interests
in subsidiaries
Units/shares issued to non-controlling
interests
Acquisitions of subsidiaries with
non-controlling interests
Change in interests in subsidiaries
without change in control
Issuance costs incurred by subsidiaries
Total changes in ownership interests
in subsidiaries
–
–
–
–
–
–
465,093
–
465,093
98,560
563,653
503,339
1,066,992
–
–
–
–
(100,407)
(197,329)
(100,407)
(197,329)
(3,590)
(3,590)
(301,326)
(301,326)
–
–
–
–
(100,407)
(197,329)
(12,630)
(95,927)
(113,037)
(293,256)
(3,590)
(189)
(3,779)
(301,326)
(108,746)
(410,072)
465,093
(301,326)
163,767
98,560
262,327
394,593
656,920
10,509
–
–
–
–
–
–
(70,531)
(105,102)
(13,089)
(10,509)
14,578
(180,545)
105,102
13,089
–
14,578
(251,076)
–
–
10,509
(188,722)
(58,285)
(236,498)
–
–
–
–
–
–
–
12,481
(3,238)
9,243
–
–
(621)
–
(621)
–
–
11,860
(3,238)
8,622
–
–
–
–
–
–
–
–
–
–
–
–
–
14,578
(251,076)
–
–
–
–
(309,182)
–
–
–
14,578
(560,258)
–
–
(236,498)
(309,182)
(545,680)
–
–
830,587
830,587
520,653
520,653
11,860
(3,238)
(14,998)
(7,681)
(3,138)
(10,919)
8,622
1,328,561
1,337,183
(227,876) 1,019,379
791,503
Total transactions with owners
10,509
(179,479)
(58,906)
(227,876)
Contributions by and distributions
to perpetual securities holders
Issue of perpetual securities
Redemption of perpetual securities
Distributions to perpetual securities
holders
Total contributions by and distributions
to perpetual securities holders
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
598,156
(597,135)
598,156
(597,135)
(98,560)
(98,560)
(97,539)
(97,539)
–
–
–
–
598,156
(597,135)
(98,560)
(97,539)
At 30 September 2019
1,795,241
6,014,963
(405,848)
7,404,356
2,038,840
9,443,196
6,647,350 16,090,546
The accompanying notes form an integral part of the financial statements.
Contents
2 3 2 / F R A S E R S P R O P E R T Y L I M I T E D
STATEMENTS OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2020 (CONT’D)
Share
Capital
(Note 27)
$'000
Retained
Earnings
$'000
Other
Reserves
(Note 28)
$'000
Fair Value
Adjustment
Reserve
$'000
Share-based
Compensation
Reserve
$'000
Dividend
Reserve
$'000
Total
Equity
$'000
Company
2020
At 1 October 2019
1,795,241 3,095,532
128,377
Profit for the year
–
104,296
–
–
–
Other comprehensive income
Change in fair value of equity
investments at fair
value through other
comprehensive income
Other comprehensive income
for the year
Total comprehensive income
for the year
Contributions by and
distributions to owners
Ordinary shares issued (Note 27)
Employee share-based expense
Dividend paid (Note 31)
Dividend proposed (Note 31)
Total contributions by and
distributions to owners
23,275
105,102 5,019,150
–
–
–
–
–
104,296
–
–
–
32,685
32,685
136,981
–
–
–
–
–
32,685
32,685
32,685
32,685
104,296
32,685
32,685
9,710
–
–
–
–
–
(222)
(43,885)
(9,710)
14,783
(105,102)
43,885
9,710
(44,107)
(56,144)
–
–
–
–
–
(9,710)
14,783
–
–
–
–
(105,102)
43,885
–
14,783
(105,324)
–
5,073
(61,217)
(90,541)
At 30 September 2020
1,804,951 3,155,721
104,918
32,685
28,348
43,885
5,065,590
The accompanying notes form an integral part of the financial statements.
A N N U A L R E P O R T 2 0 2 0 / 2 3 3
STATEMENTS OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2020 (CONT’D)
Share
Capital
(Note 27)
$'000
Retained
Earnings
$'000
Other
Reserves
(Note 28)
$'000
Share-based
Compensation
Reserve
$'000
Dividend
Reserve
$'000
Total
Equity
$'000
Company
2019
At 1 October 2018
1,784,732
3,056,544
202,263
21,718
180,545
5,043,539
Profit for the year
Total comprehensive income
for the year
Contributions by and
distributions to owners
Ordinary shares issued (Note 27)
Employee share-based expense
Dividend paid (Note 31)
Dividend proposed (Note 31)
Total contributions by and
distributions to owners
–
–
214,621
214,621
–
–
–
–
–
–
214,621
214,621
10,509
–
–
–
–
–
(70,531)
(105,102)
(10,509)
12,066
(180,545)
105,102
(10,509)
12,066
–
–
–
–
(180,545)
105,102
–
12,066
(251,076)
–
10,509
(175,633)
(73,886)
1,557
(75,443)
(239,010)
At 30 September 2019
1,795,241
3,095,532
128,377
23,275
105,102
5,019,150
The accompanying notes form an integral part of the financial statements.
Contents
2 3 4 / F R A S E R S P R O P E R T Y L I M I T E D
CONSOLIDATED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Cash Flow from Operating Activities
Profit after taxation
Adjustments for:
Depreciation of property, plant and equipment and right-of-use assets
Fair value change on investment properties
Share of results of joint ventures and associates, net of tax
Amortisation of intangible assets
Impairment of intangible assets
Impairment of property, plant and equipment
Loss on disposal of property, plant and equipment
Net allowance for doubtful trade receivables
Bad debts written off
Write-down to net realisable value of properties held for sale
Employee share-based expense
Net loss/(gain) on acquisitions and disposals of subsidiaries,
joint ventures and associates
Net fair value change on derivative financial instruments
Interest income
Interest expense
Tax expense
Exchange difference
Operating profit before working capital changes
Change in trade and other receivables
Change in contract assets
Change in contract liabilities
Change in properties held for sale
Change in inventory
Change in trade and other payables
Cash generated from operations
Income taxes paid
Net cash generated from Operating Activities
Cash Flow from Investing Activities
Acquisition of/development expenditure on investment properties
Purchase of property, plant and equipment
Proceeds from disposal of investment properties
Proceeds from disposal of property, plant and equipment
Net investments in/loans to joint ventures and associates
Repayments of loans to joint ventures and associates
Dividends from joint ventures and associates
Settlement of hedging instruments
Purchase of financial assets
Purchase of intangible assets
Interest received
Acquisitions of subsidiaries, net of cash acquired
Acquisitions of non-controlling interests
Disposals of subsidiaries, net of cash disposed of
Proceeds from dilution of interest in an associate
Proceeds from disposal of assets held for sale
Uplift/(placement) of structured deposits
Net cash used in Investing Activities
The accompanying notes form an integral part of the financial statements.
Note
Group
2020
$'000
2019
$'000
518,792
1,066,992
14
16
16
12
4b
4a
4a
4c
7
4b
5
6
8
11
16
87,040
(161,910)
(220,646)
5,117
–
136,622
565
7,234
238
62,759
20,235
15,849
44,129
(72,195)
514,445
286,131
7,891
1,252,296
59,161
45,871
(253,107)
(956,322)
218
78,810
226,927
(226,316)
611
(313,458)
(33,435)
162,235
1,980
(407,235)
21,820
244,556
(836)
(30,656)
(6,368)
65,871
(252,451)
(1,445,431)
(53,251)
40,999
81,455
248,316
(1,675,889)
57,428
(544,357)
(287,055)
3,673
64,660
37,230
120
1,404
343
93,952
19,762
(723)
(29,980)
(72,340)
441,386
286,135
6,489
1,145,119
(138,092)
168,543
84,896
29,912
35
271,486
1,561,899
(190,411)
1,371,488
(446,597)
(35,239)
660,394
296
(1,776,888)
6,244
83,614
(49,686)
(82,154)
(6,431)
70,240
(239,595)
(3,138)
37,607
–
66,494
(30,469)
(1,745,308)
A N N U A L R E P O R T 2 0 2 0 / 2 3 5
CONSOLIDATED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2020 (CONT’D)
Cash Flow from Financing Activities
Contributions from non-controlling interests of subsidiaries without
890,561
830,587
Note
Group
2020
$'000
2019
$'000
change in control
Dividends paid to non-controlling interests
Dividends paid to shareholders
Payment of lease liabilities
Proceeds from bank borrowings
Repayments of bank borrowings
(Repayments of)/proceeds from issue of bonds/debentures, net of costs
Net proceeds from issue of perpetual securities
Distributions to perpetual securities holders
Redemption of perpetual securities
Interest paid
Issuance costs
Net cash generated from Financing Activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of year
Effects of exchange rate on opening cash
Cash and cash equivalents at end of year
Cash and cash equivalents at end of year:
Fixed deposits, current
Cash and bank balances
Bank overdraft, unsecured
Cash and cash equivalents at end of year
26
26
26
26
(301,963)
(105,324)
(47,397)
8,576,329
(5,760,209)
(387,423)
–
(79,794)
(696,120)
(488,257)
(93)
1,600,310
(309,182)
(251,076)
–
6,750,645
(5,961,001)
852,108
598,156
(98,560)
(597,135)
(425,507)
(10,919)
1,378,116
(74,968)
3,104,105
54,681
3,083,818
1,004,296
2,146,514
(46,705)
3,104,105
22
26
833,335
2,251,775
3,085,110
(1,292)
3,083,818
937,694
2,175,262
3,112,956
(8,851)
3,104,105
The accompanying notes form an integral part of the financial statements.
Contents
2 3 6 / F R A S E R S P R O P E R T Y L I M I T E D
CONSOLIDATED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2020 (CONT’D)
Analysis of Acquisitions of Subsidiaries
Net assets acquired:
Investment properties
Property, plant and equipment
Investments in joint ventures and associates
Intangible assets
Properties held for sale
Derivative financial assets
Inventories
Trade and other receivables
Assets held for sale
Trade and other payables
Contract liabilities
Provision for tax
Loans and borrowings
Liabilities held for sale
Deferred tax liabilities
Cash and cash equivalents
Fair value of net assets
Add: Non-controlling interests acquired
Add/(less): Non-controlling interests on consolidation
Less: Amounts previously accounted for as investments in associates
Gain on acquisitions of subsidiaries
Loss on disposal of an associate
Exchange difference
Consideration paid in cash
Cash and cash equivalents of subsidiaries acquired
Cash flow on acquisitions of subsidiaries, net of cash and cash
equivalents acquired
Analysis of Disposals of Subsidiaries
Net assets of subsidiaries disposed of:
Investment properties
Property, plant and equipment
Intangible assets
Trade and other receivables
Trade and other payables
Derivative financial liabilities
Loans and borrowings
Deferred tax assets
Cash and cash equivalents
Fair value of net (liabilities)/assets
Less: Non-controlling interests disposed
Realisation of reserves on disposals of subsidiaries
Less: Equity interest retained as a joint venture
(Loss)/gain on disposals of subsidiaries
Consideration received in cash
Less: Cash of subsidiaries disposed of
Cash flow on disposals of subsidiaries, net of cash and cash equivalents disposed of
39
The accompanying notes form an integral part of the financial statements.
Group
2020
$'000
2019
$'000
Note
273,468
–
404
–
7,669
–
–
–
–
(8,369)
–
–
(19,007)
–
(83)
268
254,350
–
3,243
–
(4,984)
–
110
252,719
(268)
3,730,342
153,296
228,563
2,283
1,308,321
509
54
96,793
279,882
(921,965)
(4,730)
(17,367)
(2,143,664)
(48,422)
(70,949)
390,563
2,983,509
637
(521,290)
(1,803,293)
(82,520)
55,033
(1,918)
630,158
(390,563)
39
252,451
239,595
1,100,000
49
54
2,225
(389,170)
(39,156)
(780,673)
13,272
53,251
(40,148)
633
62,996
–
(23,481)
–
(53,251)
(53,251)
2,010,007
1,205
140
7,324
(343,159)
(23,840)
(1,192,434)
4,754
7,438
471,435
–
–
(434,384)
7,994
45,045
(7,438)
37,607
A N N U A L R E P O R T 2 0 2 0 / 2 3 7
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
These notes form an integral part of the financial statements.
The financial statements for the financial year ended 30 September 2020 were authorised for issue in accordance with a
resolution of the Directors on 24 November 2020.
1.
CORPORATE INFORMATION
Frasers Property Limited (the “Company”) is a limited liability company incorporated and domiciled in Singapore.
On 9 January 2014, the Company commenced trading on the Main Board of the Singapore Exchange Securities
Trading Limited (“SGX-ST”). TCC Assets Limited, incorporated in the British Virgin Islands, is the immediate and
ultimate holding company.
The registered office and principal place of business of the Company is located at 438 Alexandra Road, #21-00
Alexandra Point, Singapore 119958.
The principal activity of the Company is investment holding.
The principal activities of the significant subsidiaries, joint arrangements and associates are set out in Note 40.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1
Basis of Preparation
The complete set of consolidated financial statements of the Company and its subsidiaries (collectively, the
“Group”) and the Group’s interest in equity-accounted investees as at and for the year ended 30 September 2020
are prepared in accordance with Singapore Financial Reporting Standards (International) (“SFRS(I)”). SFRS(I) are
issued by the Accounting Standards Council and comprise standards and interpretations that are equivalent to
International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standard Board
(“IASB”). All references to SFRS(I) and IFRS are subsequently referred to as SFRS(I) in these financial statements
unless otherwise stated.
The consolidated financial statements of the Group and the balance sheet and statement of changes in equity of
the Company are prepared on the historical cost basis except as disclosed in the accounting policies below.
The financial statements are presented in Singapore Dollars (“$” or “S$”). All financial information presented in
Singapore Dollars has been rounded to the nearest thousand, unless otherwise stated.
The accounting policies set out below have been applied consistently to all periods presented in these financial
statements, unless otherwise indicated in Note 41. This is the first set of the Group’s annual financial statements
in which SFRS(I) 16 Leases has been applied.
The accounting policies have been applied consistently by Group entities.
Contents
2 3 8 / F R A S E R S P R O P E R T Y L I M I T E D
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.2
Significant Accounting Judgements and Estimates
The preparation of the Group’s consolidated financial statements in conformity with SFRS(I) requires management
to make judgements, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets, liabilities, income and expenses and the disclosure of contingent liabilities at the
reporting date. The estimates and associated assumptions are based on historical experience and various other
factors that are believed to be reasonable under the circumstances, the results of which form the basis of making
judgements about carrying values of assets and liabilities, and which are not readily apparent from other sources.
Estimates and underlying assumptions are revised on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised, if the revisions affect only that period, or in the period
of the revisions and future periods, if the revisions affect both current and future periods.
Impact of COVID-19 on the Group
The World Health Organization declared a global pandemic in March 2020 as a result of COVID-19. The effects
of this health crisis are continuing to unfold and the ultimate extent of the social, medical and economic impacts
worldwide are unknown. The Group has considered the impact of COVID-19 in preparing its financial report for
the year.
The critical accounting estimates and key judgement areas of the Group have required additional consideration
and analysis due to the impact of COVID-19. Given the uncertainty of the extent of the pandemic, changes to the
estimates and outcomes that have been applied in the measurement of the Group’s assets and liabilities may
arise in the future. Other than adjusting events that provide evidence of conditions that existed at the end of the
financial year, the impact of events that arise after the reporting period will be accounted for in future reporting
periods.
The impact of COVID-19 increases the level of judgement required across a number of key areas for the Group,
in particular the recognition and measurement of the assets of the Group. The COVID-19 assumptions and
considerations for the critical accounting estimates and key judgement areas of the Group are outlined in further
detail in the following sections of this financial report:
–
–
Property, plant and equipment (Note 12(c))
Determination of fair value of investment properties (Note 35(c)(iv))
(a)
Key Sources of Estimation Uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed below.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 3 9
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.2
Significant Accounting Judgements and Estimates (cont’d)
(a)
Key Sources of Estimation Uncertainty (cont’d)
Valuation of Completed Investment Properties
The Group’s completed investment properties are stated at their fair values, which are determined
annually. The fair values are based on independent professional valuations conducted annually, except
for certain overseas properties whereby valuations are performed internally every year and at least once
every two years; independent professional valuations are obtained for cross-checking purposes. The fair
value of completed investment properties is determined using a combination of the market comparison
method, discounted cash flow method and capitalisation method. The independent valuers have
considered available information as at 30 September 2020 relating to COVID-19 and have made necessary
adjustments due to the COVID-19 pandemic to the valuation. The valuation reports also highlighted that
given the unprecedented set of circumstances on which to base a judgement, less certainty, and a higher
degree of caution, should be attached to their valuations than would normally be the case. Due to the
unknown future impact that COVID-19 might have on the real estate market, the external valuers have
also recommended to keep the valuation of these properties under frequent review.
These estimated market values may differ from the prices at which the Group’s completed investment
properties could be sold at a particular time, since actual selling prices are negotiated between willing
buyers and sellers. Also, certain estimates require an assessment of factors not within the directors’
control, such as overall market conditions. As a result, actual results of operations and realisation of these
completed investment properties could differ from the estimates set forth in these financial statements,
and the difference could be significant. The carrying amount of completed investment properties is
disclosed in Note 11.
The Group’s valuation policies and procedures are disclosed in Notes 11 and 35.
Valuation of Investment Properties under Construction (“IPUC”)
IPUC are measured at fair value if they can be reliably determined. If fair values cannot be reliably
determined, then IPUC are recorded at cost. The fair values of IPUC are determined using a combination of
market comparison method, discounted cash flow method, capitalisation method and residual land value
method which considers the significant risks which are relevant to the development process, including but
not limited to construction and letting risks.
The Group’s valuation policies and procedures are disclosed in Notes 11 and 35.
Net Realisable Value of Properties Held for Sale
Properties held for sale are carried at lower of cost and net realisable value.
A write-down to net realisable value is made for properties held for sale when the net realisable value
has fallen below cost. In arriving at estimates of net realisable values, management considers factors
such as current market conditions, recent selling prices of the development properties and comparable
development properties less the estimated costs of completion and the estimated costs necessary to make
the sale.
The carrying amount of properties held for sale is disclosed in Note 19.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 4 0 / F R A S E R S P R O P E R T Y L I M I T E D
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.2
Significant Accounting Judgements and Estimates (cont’d)
(a)
Key Sources of Estimation Uncertainty (cont’d)
Impairment of Intangible Assets
Impairment exists when the carrying value of an asset or CGU exceeds its recoverable amount, which is
the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal
calculation is based on available data from binding sales transactions, conducted at arm’s length, for
similar assets or observable market prices less incremental costs for disposing of the asset. The value-in-use
calculation is based on a discounted cash flow (“DCF”) model. The cash flows are derived from the budget
for the next five to ten years and do not include restructuring activities that the Group is not yet committed
to or significant future investments that will enhance the asset’s performance of the CGU being tested. The
recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future
cash inflows and the growth rate used for extrapolation purposes. These estimates are most relevant
to goodwill, brands and management contracts recognised by the Group. The key assumptions used to
determine the recoverable amount for the different CGUs are disclosed and further explained in Note 16.
The valuations of the goodwill arising from business combinations, brands and management contracts are
disclosed in Notes 16 and 39.
Impairment of Property, Plant and Equipment
Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses
and are subject to annual review to assess if there are indicators of impairment. Impairment exists when the
carrying value of an asset exceeds its recoverable amount, which is the higher of its fair value less costs of
disposal and its value in use. The recoverable amount is determined based on independent professional or
internal valuation using DCF method. The recoverable amount is sensitive to the discount rate and terminal
yield rate used for the DCF method as well as the expected future cash flows and the growth rate used for
extrapolation purposes. These estimates are most relevant to the Group’s portfolio of hotel properties.
Where the recoverable amount of the hotel properties is based on independent external valuations, certain
valuation reports obtained from the external valuers also highlighted that given the unprecedented set of
circumstances due to the COVID-19 pandemic on which to base a judgement, less certainty, and a higher
degree of caution, should be attached to their valuations than would normally be the case. Due to the
unknown future impact that COVID-19 might have on the real estate market, the external valuers have
also recommended to keep the valuation of these properties under frequent review. The key assumptions
used to determine the recoverable amount for the hotel properties are disclosed and further explained in
Note 12.
Income Taxes
The Group has exposure to income taxes in numerous jurisdictions. Significant assumptions are required
in determining the group-wide provision for income taxes. The ultimate tax determination of taxability
of income and deductibility of expenses from certain transactions are uncertain during the ordinary
course of business. The tax computations of newly created tax consolidated groups arising from business
combinations would also be subject to uncertainty and formal assessment by tax authorities. The Group
recognises the liabilities for expected tax issues based on estimates of whether additional taxes will be due.
Where the final tax outcome of these matters is different from the amounts that were initially recognised,
such differences will impact the income tax and deferred tax provisions in the period in which such
determination is made. The carrying amounts of provision for taxation, deferred tax assets and liabilities
are as disclosed in the Group’s balance sheet.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 4 1
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.2
Significant Accounting Judgements and Estimates (cont’d)
(a)
Key Sources of Estimation Uncertainty (cont’d)
Land Appreciation Tax
Under the Provisional Regulations on Land Appreciation Tax (“LAT”) implemented upon the issuance of the
Provisional Regulations of the People’s Republic of China on 27 January 1995, all gains arising from the
transfer of real estate property in China effective from 1 January 1994 are subject to LAT at progressive
rates ranging from 30% to 60% on the appreciation of land value, being the proceeds of sales of properties
less deductible expenditure including amortisation of land use rights, borrowing costs and all property
development expenditure.
The subsidiaries of the Group engaging in property development business in China are subject to land
appreciation tax. However, the implementation of this tax varies amongst China cities and the Group
has not finalised its land appreciation tax returns with various tax authorities. Accordingly, significant
judgement is required in determining the amount of land appreciation and related taxes. The ultimate tax
determination is uncertain during the ordinary course of business. The Group recognises these liabilities
based on management’s best estimates. When the final tax outcome of these matters is different from the
amounts that were initially recorded, such differences will impact the provisions for land appreciation tax
and consequently, corporate income tax in the period in which such determination is made.
Revenue Recognition and Estimation of Total Development Costs
For Singapore property development projects under progressive payment scheme, the Group recognises
revenue and cost of sales from development properties held for sale based on the percentage of completion
method. The stage of completion is measured in accordance with the accounting policy stated in Note 2.19.
Estimates are required in determining the total estimated development costs which will affect the stage
of completion. In making these assumptions, the Group relies on references to information such as current
offers and/or recent contracts with contractors and suppliers, estimation of construction and material
costs based on historical experience, and the work of professional surveyors and architects. Revenue from
development properties held for sale is disclosed in Note 3.
(b)
Critical Judgements made in Applying Accounting Policies
In the process of applying the Group’s accounting policies, management has made the following judgements,
apart from those involving estimations, which have significant effects on the amounts recognised in the
consolidated financial statements:
Operating Lease Commitments – Group as Lessor
The Group has entered into commercial property leases on its investment property portfolio. The Group
has determined, based on an evaluation of the terms and conditions of the arrangements, that it retains all
the significant risks and rewards of ownership of these properties which are leased out on operating leases.
Classification of Property
In determining whether a property is classified as investment property or property, plant and equipment,
the Group determines the business model and how much space is allocated to ancillary services. The
Group further analyses whether the quantum of other income derived from ancillary services rendered
is significant as compared to total revenue and other qualitative factors such as the accommodation and
amenities offerings.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 4 2 / F R A S E R S P R O P E R T Y L I M I T E D
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.2
Significant Accounting Judgements and Estimates (cont’d)
(b)
Critical Judgements made in Applying Accounting Policies (cont’d)
Business Combinations
The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers whether
each acquisition represents the acquisition of a business or the acquisition of an asset. The Group accounts
for an acquisition as a business combination where an integrated set of activities is acquired in addition
to the property. More specifically, consideration is made of the extent to which significant processes are
acquired and, in particular, the extent of services provided by the subsidiary (e.g. maintenance, cleaning,
security, bookkeeping, hotel services). For example, the Group assessed the acquisitions of the subsidiaries
as disclosed in Note 39(a)(i) as purchases of businesses because of the strategic management function and
associated processes purchased along with the investment and development properties.
When the acquisition of a subsidiary does not represent a business, it is accounted for as an acquisition of
a group of assets and liabilities. The cost of the acquisition is allocated to the assets and liabilities acquired
based upon their relative fair values, and no goodwill or deferred tax is recognised.
2.3
Basis of Consolidation and Business Combinations
(a)
Basis of Consolidation
The financial year of the Company and all its subsidiaries ends on 30 September unless otherwise stated.
The consolidated financial statements incorporate the financial statements of the Company and all its
subsidiaries made up to 30 September. The financial statements of subsidiaries are prepared using consistent
accounting policies. Adjustments are made to any dissimilar material accounting policies to conform to the
Group’s significant accounting policies. A list of the Group’s significant subsidiaries is disclosed in Note 40.
The consolidated financial statements comprise the financial statements of the Company and its
subsidiaries as at the reporting date.
All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group
transactions and dividends are eliminated in full.
Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains
control, and continue to be consolidated until the date that such control ceases.
Losses within a subsidiary are attributed to the non-controlling interest (“NCI”) even if that results in a
deficit balance.
(b)
Business Combinations
Business combinations are accounted for by applying the acquisition method. Identifiable assets acquired,
liabilities and contingent liabilities assumed in a business combination are measured initially at their fair
values at the acquisition date. Acquisition-related costs, other than those associated with the issue of debt
or equity securities, incurred in connection with a business combination are recognised as expenses in the
periods in which the costs are incurred and the services are received.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate
classification and designation in accordance with the contractual terms, economic circumstances and
pertinent conditions as at the acquisition date.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 4 3
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.3
Basis of Consolidation and Business Combinations (cont’d)
(b)
Business Combinations (cont’d)
Any contingent consideration payable is recognised at fair value at the acquisition date and included in
the consideration transferred. Subsequent changes to the fair value of the contingent consideration is
recognised in the profit statement. If the contingent consideration is classified as equity, it is not remeasured
until it is finally settled within equity.
In business combinations achieved in stages, previously held equity interests in the acquiree are remeasured
to fair value at the acquisition date and any corresponding gain or loss is recognised in the profit statement.
The Group elects for each individual business combination, whether NCI in the acquiree (if any) that are
present ownership interests and entitle their holders to a proportionate share of net assets in the event
of liquidation, is recognised on the acquisition date at fair value, or at the NCI’s proportionate share of the
acquiree’s identifiable net assets. Other components of NCI are measured on their acquisition date at fair
value, unless another measurement basis is required by another SFRS(I).
Any excess of the sum of the fair value of the consideration transferred in the business combination, the
amount of NCI in the acquiree (if any), and the fair value of the Group’s previously held equity interest in
the acquiree (if any), over the net fair value of the acquiree’s identifiable assets and liabilities is recorded
as goodwill. The accounting policy for goodwill is disclosed in Note 2.11(a). When the excess is negative, a
bargain purchase is recognised in the profit statement on the acquisition date.
The consideration transferred does not include amounts related to the settlement of pre-existing
relationships. Such amounts are generally recognised in the profit statement.
When share-based payment awards (“replacement awards”) are exchanged for awards held by the
acquiree’s employees (“acquiree’s awards”) and relate to past services, then all or a portion of the amount
of the acquirer’s replacement awards is included in measuring the consideration transferred in the business
combination. This determination is based on the market-based value of the replacement awards compared
with the market-based value of the acquiree’s awards and the extent to which the replacement awards
relate to past and/or future service.
Transactions with NCI
NCI represent the equity in subsidiaries not attributable, directly or indirectly, to owners of the Company
and are presented separately in the consolidated profit statement and consolidated statement of
comprehensive income, and within equity in the consolidated balance sheet, separately from the equity
attributable to owners of the Company. Changes in the Company’s ownership interest in a subsidiary
that do not result in a loss of control are accounted for as equity transactions. In such circumstances, the
carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in
their relative interests in the subsidiary. Any difference between the amount by which the NCI is adjusted
and the fair value of the consideration paid or received is recognised directly in equity and attributable to
owners of the Company.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 4 4 / F R A S E R S P R O P E R T Y L I M I T E D
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.3
Basis of Consolidation and Business Combinations (cont’d)
(b)
Business Combinations (cont’d)
Loss of Control
Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any NCI and the
other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control
is recognised in the profit statement. If the Group retains any interest in the previous subsidiary, then
such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as
an equity-accounted investee or as a financial asset at fair value through other comprehensive income
depending on the level of influence retained.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity
transaction.
Acquisitions before 1 October 2017
As part of transition to SFRS(I), the Group elected not to restate those business combinations that occurred
before the date of transition to SFRS(I), i.e. 1 October 2017. Goodwill arising from acquisitions before 1
October 2017 has been carried forward from the previous FRS framework as at the date of transition.
(c)
Property Acquisitions and Business Combinations
Where property is acquired, via corporate acquisitions or otherwise, management considers the substance
of the assets and activities of the acquired entity in determining whether the acquisition represents the
acquisition of a business. The basis of the judgement is set out in Note 2.2(b).
Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business
combinations. In such cases, the acquirer shall identify and recognise the individual identifiable assets
acquired and liabilities assumed. The cost to acquire the corporate entity is allocated between the
identifiable assets and liabilities of the entity based on their relative fair values at the acquisition date. Such
a transaction or event does not give rise to goodwill.
(d)
Acquisitions from Entities Under Common Control
Business combinations arising from transfers of interests in entities that are under the control of the
shareholder that controls the Group are accounted for as if the acquisition had occurred at the beginning
of the earliest comparative year presented or, if later, at the date that common control was acquired,
are recognised at the carrying amounts recognised previously in the Group controlling shareholder’s
consolidated financial statements. The components of equity of the acquired entities are added to the
same components within Group equity and any gain/loss arising is recognised directly in equity.
2.4
Investments in Subsidiaries
A subsidiary is an investee that is controlled by the Group. The Group controls an investee when it is exposed, or
has rights, to variable returns from its involvement with the investee and has the ability to affect those returns
through its power over the investee.
In the Company’s separate financial statements, investments in subsidiaries are carried at cost less impairment
losses.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 4 5
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.5
Joint Arrangements and Associates
A joint arrangement is a contractual arrangement whereby two or more parties have joint control. Joint control
is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require the unanimous consent of the parties sharing control.
A joint arrangement is classified either as joint operation or joint venture, based on the rights and obligations of
the parties to the arrangement.
To the extent the joint arrangement provides the Group with rights to the assets and obligations for the liabilities
relating to the arrangement, the arrangement is a joint operation. To the extent the joint arrangement provides
the Group with rights to the net assets of the arrangement, the arrangement is a joint venture.
(a)
Joint Operations
The Group recognises in relation to its interest in a joint operation, its:
–
–
–
–
–
assets, including its share of any assets held jointly;
liabilities, including its share of any liabilities incurred jointly;
revenue from the sale of its share of the output arising from the joint operation;
share of the revenue from the sale of the output by the joint operation; and
expenses, including its share of any expenses incurred jointly.
The Group accounts for the assets, liabilities, revenues and expenses relating to its interests in a joint
operation in accordance with the accounting policies applicable to the particular assets, liabilities, revenues
and expenses.
(b)
Joint Ventures and Associates
An associate is an entity over which the Group has significant influence over the financial and operating
policy decisions of the investee but does not have control or joint control of those policies. Significant
influence is presumed to exist when the Group holds 20% or more of the voting power of another entity.
The Group accounts for its investments in associates and joint ventures using the equity method from the
date on which it becomes an associate or joint venture.
On acquisition of the investment, any excess of the cost of the investment over the Group’s share of the net
fair value of the investee’s identifiable assets and liabilities is accounted as goodwill and is included in the
carrying amount of the investment. Any excess of the Group’s share of the net fair value of the investee’s
identifiable assets and liabilities over the cost of the investment is included as income in the determination
of the entity’s share of the associate’s or joint venture’s profit or loss in the period in which the investment
is acquired.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 4 6 / F R A S E R S P R O P E R T Y L I M I T E D
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.5
Joint Arrangements and Associates (cont’d)
(b)
Joint Ventures and Associates (cont’d)
Under the equity method, the investments in associates or joint ventures are carried on the balance sheet
at cost plus post-acquisition changes in the Group’s share of net assets of the associates or joint ventures.
The profit statement reflects the share of results of the operations of the associates or joint ventures.
Distributions received from associates or joint ventures reduce the carrying amount of the investment.
Where there has been a change recognised in other comprehensive income (“OCI”) by the associates or
joint ventures, the Group recognises its share of such changes in OCI. Unrealised gains and losses resulting
from transactions between the Group and associates or joint ventures are eliminated to the extent of the
interest in the associates or joint ventures.
When the Group’s share of losses in an associate or joint venture equals or exceeds its interest in the
associate or joint venture, the Group does not recognise further losses, unless it has incurred obligations or
made payments on behalf of the associate or joint venture.
After application of the equity method, the Group determines whether it is necessary to recognise an
additional impairment loss on the Group’s investments in associates or joint ventures. The Group determines
at the end of each reporting period whether there is any objective evidence that the investment in the
associate or joint venture is impaired. If this is the case, the Group calculates the amount of impairment as
the difference between the recoverable amount of the associate or joint venture and its carrying value and
recognises the amount in the profit statement.
Goodwill that forms part of the carrying amount of an investment in an associate or a joint venture is not
recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount
of the investment in an associate or a joint venture is tested for impairment as a single asset when there is
objective evidence that the investment in an associate or a joint venture may be impaired.
The financial statements of joint ventures and associates are prepared at the same reporting date as the
Group. Where the accounting period of the joint ventures and associates is not co-terminous with that of the
Group, the share of results is arrived at from the last audited financial statements available and unaudited
management financial statements to the end of the accounting period. Where necessary, adjustments are
made to bring the accounting policies in line with those of the Group.
In the Company’s separate financial statements, interests in joint ventures and associates are carried at
cost less impairment losses.
2.6
Investment Properties
(a)
Completed Investment Properties
Completed investment properties are held either to earn rental income or for capital appreciation or both,
rather than for use in the production or supply of goods or services, or for administrative purposes, or for
sale in the ordinary course of business and are treated as non-current assets.
Completed investment properties are measured at cost on initial recognition. Costs include expenditure
that is directly attributable to the acquisition of investment properties. Subsequent to recognition,
completed investment properties are measured at fair value and gains or losses arising from changes in
the fair value of completed investment properties are included in the profit statement in the year in which
they arise.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 4 7
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.6
Investment Properties (cont’d)
(a)
Completed Investment Properties (cont’d)
Completed investment properties are derecognised when either they have been disposed of or when the
completed investment properties are permanently withdrawn from use and no future economic benefit
is expected from its disposal. Any gains or losses on the retirement or disposal of a completed investment
property are recognised in the profit statement in the year of retirement or disposal. When an investment
property that was previously classified as property, plant and equipment is sold, any related amount
included in the revaluation reserve is transferred to retained earnings.
Transfers are made to or from completed investment properties only when there is a change in use. For a
transfer from completed investment property to owner-occupied property, the deemed cost for subsequent
accounting is the fair value at the date of change in use. For a transfer from owner-occupied property to
completed investment property, the property is accounted for in accordance with the accounting policy for
property, plant and equipment up to the date of change in use.
(b)
Investment Properties under Construction
IPUC are initially stated at cost, which includes cost of land and construction, related overhead expenditure
and financing charges incurred during the period of construction and up to the completion of construction.
IPUC are subsequently measured at fair value annually and on completion, with changes in fair values being
recognised in the profit statement when fair value can be measured reliably.
When completed, IPUC are transferred to completed investment properties.
IPUC for which fair value cannot be determined reliably is measured at cost less impairment.
2.7
Properties Held for Sale
(a)
Development Properties Held for Sale
Development properties held for sale are properties acquired or being constructed for sale in the ordinary
course of business, rather than being held for the Group’s own use, rental or capital appreciation.
Development properties held for sale are held as inventories and are measured at the lower of cost and net
realisable value.
Net realisable value of development properties held for sale is the estimated selling price in the ordinary
course of business, less the estimated costs of completion and the estimated costs necessary to make the
sale.
When completed, development properties held for sale are transferred to completed properties held for
sale.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.7
Properties Held for Sale (cont’d)
(b)
Completed Properties Held for Sale
Completed properties held for sale are stated at the lower of cost and net realisable value. Costs include cost
of land and construction, related overhead expenditure, and financing charges (applicable to construction
of a development for which revenue is to be recognised at a point of time), and other related costs incurred
during the period of development.
A write-down to net realisable value is made when it is anticipated that the net realisable value has fallen
below cost.
2.8
Contract Costs
Incremental costs of obtaining a contract for the sale of a development property are capitalised as contract costs
only if (a) these costs relate directly to a contract or an anticipated contract which the Group can specifically
identify; (b) these costs generate or enhance resources of the Group that will be used in satisfying (or in continuing
to satisfy) performance obligations in the future; and (c) these costs are expected to be recovered. Otherwise, such
costs are recognised as an expense immediately.
Non-refundable commissions paid to sales or marketing agents on the sale of real estate units are capitalised as
contract costs.
Capitalised contract costs are subsequently amortised on a systematic basis as the Group recognises the related
revenue on the contract. An impairment loss is recognised in the profit statement to the extent that the carrying
amount of capitalised contract costs exceeds the expected remaining consideration less any directly related costs
not yet recognised as expenses.
2.9
Contract Assets and Liabilities
Contract assets primarily relate to the Group’s rights to consideration for work completed but not billed at the
reporting date on construction of development properties. Contract assets are transferred to trade receivables
when the rights become unconditional. This usually occurs when the Group invoices the customer.
Contract liabilities primarily relate to:
–
–
advance consideration received from customers; and
progress billings issued in excess of the Group’s rights to the consideration.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 4 9
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.10 Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment. The cost of
an asset comprises its purchase price and any directly attributable costs of bringing the asset to working condition
for its intended use and estimate of the costs of dismantling and removing the items and restoring the site on
which they are located when the Group has an obligation to remove the asset or restore the site. Expenditure for
additions, improvements and renewals are capitalised and expenditure for maintenance and repair are charged to
the profit statement. Where parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items (major components) of property, plant and equipment. When assets are sold or
retired, their cost and accumulated depreciation are removed from the financial statements and any gain or loss
resulting from their disposal is included in the profit statement.
Property, plant and equipment except freehold lands, leasehold lands of more than 100 years and assets under
construction, are depreciated on the straight line method so as to write-off the cost of the assets over their
estimated useful lives. No depreciation is provided on freehold lands, leasehold lands of more than 100 years and
assets under construction. The estimated useful lives of the Group’s property, plant and equipment are as follows:
Leasehold lands (less than 100 years)
Buildings
Equipment, furniture and fittings
Others1
Lease term
30 to 60 years
2 to 10 years
3 to 10 years
1
Others include motor vehicles, golf course and office spaces.
Depreciation is recognised from the date that the property, plant and equipment are installed and are ready for
use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use.
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in
circumstances indicate that the carrying value may not be recoverable.
The estimated useful lives, depreciation method and residual values are reviewed periodically to ensure that the
method and period of depreciation are consistent with the expected pattern of economic benefits from items of
property, plant and equipment.
Assets under construction are stated at cost and are not depreciated. Expenditure relating to assets under
construction (including borrowing costs) are capitalised when incurred. Depreciation will commence when the
development is completed.
When the use of a property changes from owner-occupied to investment property, the property is remeasured to
fair value and reclassified accordingly. Any gain arising on remeasurement is recognised in the profit statement to
the extent that it reverses a previous impairment loss on the specific property, with any remaining gain recognised
in OCI and presented in the revaluation reserve in equity. Any loss is recognised immediately in the profit statement.
When the property is sold, the related amount in the revaluation reserve is transferred to retained earnings.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.11
Intangible Assets
Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in
a business combination is their fair value as at the date of acquisition. Following initial acquisition, intangible
assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally
generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is
reflected in the profit statement in the year in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for impairment
whenever there is an indication that the intangible assets may be impaired. The amortisation period and the
amortisation method are reviewed at least at each financial year end. Changes in the expected useful life or
the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by
changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates.
The amortisation expense on intangible assets with finite useful lives is recognised in the profit statement in the
expense category consistent with the function of the intangible asset.
Intangible assets with indefinite useful lives or not yet available for use are tested for impairment annually, or more
frequently if the events and circumstances indicate that the carrying value may be impaired either individually or
at the CGU level. Such intangible assets are not amortised. The useful life of an intangible asset with an indefinite
useful life is reviewed annually to determine whether the useful life assessment continues to be supportable. If
not, the change in useful life from indefinite to finite is made on a prospective basis.
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and are recognised in the profit statement when the asset
is derecognised.
(a)
Goodwill
Goodwill acquired in a business combination is initially measured at cost. Following initial recognition,
goodwill is measured at cost less accumulated impairment losses.
Goodwill is reviewed for impairment, at least annually or more frequently if events or changes in
circumstances indicate that the carrying value may be impaired.
(b)
Brands
The brands were acquired in business combinations. The useful lives of the brands are estimated to be
indefinite because based on the current market share of the brands, management believes there is no
foreseeable limit to the period over which the brands are expected to generate net cash inflows for the
Group.
(c)
Favourable Leases
Favourable leases acquired in a business combination are initially measured at cost and are amortised on a
straight line basis over the lease term of 35 to 70 years.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 5 1
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.11
Intangible Assets (cont’d)
(d) Management Contracts
Management contracts acquired in business combinations are initially recognised at cost and subsequently
carried at cost less accumulated impairment losses. The useful lives of the management contracts are
estimated to be indefinite because management believes that there is no foreseeable limit to the period
over which the management contracts are expected to generate net cash inflows for the Group.
(e)
Software
Software are initially capitalised at cost, which includes the purchase prices (net of any discounts and
rebates) and other directly attributable costs of preparing the asset for its intended use.
Subsequent to initial recognition, software are amortised to the profit statement on a straight line basis
over their estimated useful lives of 3 to 10 years.
2.12 Non-Current Assets and Liabilities Held for Sale
Non-current assets and liabilities, that are highly probable to be recovered primarily through sale rather than
through continuing use, are classified as held for sale. Immediately before classification as held for sale, the assets
are remeasured in accordance with the applicable SFRS(I). Thereafter, the assets are generally measured at the
lower of their carrying amount and fair value less costs to sell. Impairment losses on initial classification as held
for sale and subsequent gains or losses on remeasurement are recognised in the profit statement. Gains are not
recognised in excess of any cumulative impairment loss.
Intangible assets and property, plant and equipment classified as held for sale are not amortised or depreciated. In
addition, equity accounting of associates and joint ventures ceases once the investments are classified as held for
sale.
2.13 Financial Instruments
(a) Non-Derivative Financial Assets
Classification and Measurement
The Group classifies its financial assets in the following measurement categories:
–
–
–
amortised costs;
fair value through other comprehensive income (“FVOCI”); and
fair value through profit or loss (“FVTPL”).
The classification depends on the Group’s business model for managing the financial assets as well as the
contractual terms of the cash flows of the financial assets.
Financial assets with embedded derivatives are considered in their entirety when determining whether
their cash flows are solely payments of principal and interest.
The Group reclassifies financial assets when and only when its business model for managing those assets
changes.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(a) Non-Derivative Financial Assets (cont’d)
At Initial Recognition
Trade receivables are initially recognised when they are originated. All other financial assets and financial
liabilities are initially recognised when the Group becomes a party to the contractual provisions of the
instrument.
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset
not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition
of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are
expensed in the profit statement.
Subsequent Measurement
(i)
Financial Assets at Amortised Cost
Financial assets that are held for collection of contractual cash flows where those cash flows
represent solely payments of principal and interest are measured at amortised cost. Interest income
from these financial assets is included in interest income using the effective interest rate method.
(ii)
Financial Assets at FVOCI
The Group has elected to recognise changes in fair value of equity securities not held for trading in
OCI as these are strategic investments and the Group considers this to be more relevant. Movements
in fair values of equity investments classified as FVOCI are recognised in OCI. Dividends from equity
investments are recognised in the profit statement as dividend income. On disposal of an equity
investment, any difference between the carrying amount and sales proceed amount would be
recognised in OCI and transferred to retained earnings along with the amount previously recognised
in OCI relating to that asset.
(iii)
Financial Assets at FVTPL
Financial assets that are held for trading as well as those that do not meet the criteria for classification
as amortised cost or FVOCI are classified as FVTPL. Movement in fair values and interest income is
recognised in the profit statement in the period in which it arises.
Financial Assets: Business Model Assessment
The Group makes an assessment of the objective of the business model in which a financial asset is held at
a portfolio level because this best reflects the way the business is managed and information is provided to
management. The information considered includes:
–
the stated policies and objectives for the portfolio and the operation of those policies in practice.
These include whether management’s strategy focuses on earning contractual interest income,
maintaining a particular interest rate profile, matching the duration of the financial assets to the
duration of any related liabilities or expected cash outflows or realising cash flows through the sale
of the assets;
–
how the performance of the portfolio is evaluated and reported to the Group’s management;
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 5 3
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(a) Non-Derivative Financial Assets (cont’d)
Financial Assets: Business Model Assessment (cont’d)
–
–
the risks that affect the performance of the business model (and the financial assets held within that
business model) and how those risks are managed;
the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such
sales and expectations about future sales activity.
Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not
considered sales for this purpose, consistent with the Group’s continuing recognition of the assets.
Financial assets that are held for trading or are managed and whose performance is evaluated on a fair
value basis are measured at FVTPL.
Assessment Whether Contractual Cash Flows are Solely Payments of Principal and Interest
For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial
recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk
associated with the principal amount outstanding during a particular period of time and for other basic
lending risks and costs (e.g. liquidity risk and administrative costs), as well as profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Group
considers the contractual terms of the instrument. This includes assessing whether the financial asset
contains a contractual term that could change the timing or amount of contractual cash flows such that it
would not meet this condition. In making this assessment, the Group considers:
–
–
–
–
contingent events that would change the amount or timing of cash flows;
terms that may adjust the contractual coupon rate, including variable rate features;
prepayment and extension features; and
terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely payments of principal and interest criterion if the
prepayment amount substantially represents unpaid amounts of principal and interest on the principal
amount outstanding, which may include reasonable additional compensation for early termination of the
contract. Additionally, for a financial asset acquired at a significant discount or premium to its contractual
par amount, a feature that permits or requires prepayment at an amount that substantially represents the
contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable
additional compensation for early termination) is treated as consistent with this criterion if the fair value of
the prepayment feature is insignificant at initial recognition.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(b)
Cash and Cash Equivalents
Cash and cash equivalents comprise cash balances and bank deposits. For the purpose of the statement of
cash flows, pledged deposits are excluded whilst bank overdrafts that are repayable on demand and form
an integral part of the Group’s cash management are included as a component of cash and cash equivalents.
(c)
Non-Derivative Financial Liabilities
The Group initially recognises debt securities issued on the date that they are originated. Financial liabilities
for contingent consideration payable in a business combination are recognised at the acquisition date. All
other financial liabilities (including liabilities designated at FVTPL) are recognised initially on the trade
date, which is the date that the Group becomes a party to the contractual provisions of the instrument.
A financial liability is classified as FVTPL if it is classified as held for trading or is designated as such on initial
recognition. Directly attributable transaction costs are recognised in the profit statement as incurred.
Financial liabilities at FVTPL are measured at fair value and changes therein, including any interest expense,
are recognised in the profit statement.
The Group classifies non-derivative financial liabilities under the other financial liabilities category. Such
financial liabilities are recognised initially at fair value plus any directly attributable transaction costs.
Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the
effective interest rate method. Other financial liabilities comprise loans, borrowings, debt securities and
trade and other payables.
(d)
Derecognition
Financial assets are derecognised if the Group’s contractual rights to the cash flows from the financial
assets expire or if the Group transfers the financial assets to another party without retaining control or
transfers substantially all the risks and rewards of the assets. The Group derecognises a financial liability
when its contractual obligations are discharged, cancelled or expired.
(e)
Offsetting
Financial assets and liabilities are offset and the net amount presented in the balance sheet when, and only
when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to
realise the asset and settle the liability simultaneously.
(f)
Derivative Financial Instruments and Hedge Accounting
The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk
exposures. Embedded derivatives are separated from the host contract and accounted for separately if the
host contract is not a financial asset and the economic characteristics and risks of the host contract and the
embedded derivative are not closely related, a separate instrument with the same terms as the embedded
derivative would meet the definition of a derivative, and the combined instrument is not measured at FVTPL.
The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument, and if so, the nature of the item being hedged.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 5 5
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(f)
Derivative Financial Instruments and Hedge Accounting (cont’d)
On initial designation of the derivative as the hedging instrument, the Group formally documents the
economic relationship between the hedging instrument and hedged item, including the risk management
objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the
methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an
assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether
the hedging instruments are expected to be highly effective in offsetting the changes in the fair value
or cash flows of the respective hedged items attributable to the hedged risk. For a cash flow hedge of a
forecast transaction, the transaction should be highly probable to occur and should present an exposure to
variations in cash flows that could ultimately affect the profit statement.
Derivatives are recognised initially at fair value; attributable transaction costs are recognised in the profit
statement when incurred. Subsequent to initial recognition, derivatives are measured at fair value, and
changes therein are accounted for as described below.
Cash Flow Hedges
The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows
associated with highly probable forecast transactions arising from changes in foreign exchange rates and
interest rates.
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the
fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. Any ineffective
portion of changes in the fair value of the derivative is recognised immediately in the profit statement.
Where the hedged forecast transaction subsequently results in the recognition of a non-financial item,
such as inventory, the amount recognised as OCI is included in the initial cost of the non-financial item.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is
terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting
for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains
in equity until, for a hedge of a transaction resulting in recognition of a non-financial item, it is included in
the non-financial item’s cost on its initial recognition or, for other cash flow hedges, it is reclassified to the
profit statement in the same period or periods as the hedged expected future cash flows affect the profit
statement.
Net Investment Hedges
The Group designates certain derivatives and non-derivative financial liabilities as hedges of foreign
exchange risk on a net investment in a foreign operation.
When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument
in a hedge of a net investment in a foreign operation, the effective portion of, for a derivative, changes
in the fair value of the hedging instrument or, for a non-derivative, foreign exchange gains and losses is
recognised in OCI and presented in the translation reserve within equity. Any ineffective portion of the
changes in the fair value of the derivative or foreign exchange gains and losses on the non-derivative is
recognised immediately in the profit statement. The amount recognised in OCI is reclassified to the profit
statement on disposal of the foreign operation.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(f)
Derivative Financial Instruments and Hedge Accounting (cont’d)
Applicable from 1 October 2019 for hedges directly affected by interest rate benchmark reform
For the purpose of evaluating whether there is an economic relationship between the hedged item(s) and
the hedging instrument(s), the Group assumes that the benchmark interest rate is not altered as a result of
interest rate benchmark reform.
For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark interest rate will not
be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast
transaction is highly probable and presents an exposure to variations in cash flows that could ultimately
affect profit or loss. A similar exception is also provided for a discontinued cash flow hedging relationship.
The Group will cease to apply the specific policy for assessing the economic relationship between the
hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty
arising from interest rate benchmark reform is no longer present with respect to the timing and the
amount of the interest rate benchmark-based cash flows of the respective item or instrument or (ii) when
the hedging relationship is discontinued. For its highly probable assessment of the hedged item, the Group
will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform
about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged
item is no longer present, or when the hedging relationship is discontinued.
(g)
Impairment of Financial Assets
The Group recognises loss allowances for expected credit losses (“ECL”) on:
–
–
–
financial assets measured at amortised cost;
contract assets (as defined in SFRS(I) 15); and
lease receivables.
Loss allowances of the Group are measured on either of the following bases.
–
–
12 months ECL: these are ECL that result from default events that are possible within the 12 months
after the reporting date (or for a shorter period if the expected life of the instrument is less than 12
months); or
Lifetime ECL: these are ECL that result from all possible default events over the expected life of a
financial instrument or contract asset.
Simplified Approach
The Group applied the simplified approach to provide for ECL for all trade receivables, contract assets and
lease receivables. The simplified approach requires the loss allowance to be measured at an amount equal
to lifetime ECL.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 5 7
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(g)
Impairment of Financial Assets (cont’d)
General Approach
The Group applies the general approach to provide for ECL on all other financial instruments. Under the
general approach, the loss allowance is measured at an amount equal to 12-month ECL at initial recognition.
At each reporting date, the Group assesses whether the credit risk of a financial instrument has increased
significantly since initial recognition. When credit risk has increased significantly since initial recognition,
loss allowance is measured at an amount equal to lifetime ECL.
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating ECL, the Group considers reasonable and supportable information that
is relevant and available without undue cost or effort. This includes both quantitative and qualitative
information and analysis, based on the Group’s historical experience and informed credit assessment and
includes forward-looking information.
If credit has not increased significantly since initial recognition or if the credit quality of the financial
instruments improves such that there is no longer a significant increase in credit risk since initial recognition,
loss allowance is measured at an amount equal to 12-month ECL.
The Group considers a financial asset to be in default when the borrower is unlikely to pay its credit
obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is
held); or the financial asset is more than 120 days past due.
The Group considers a contract asset to be in default when the customer is unlikely to pay its contractual
obligations to the Group in full, without recourse by the Group to actions such as realising security (if any
is held).
The maximum period considered when estimating ECLs is the maximum contractual period over which the
Group is exposed to credit risk.
Measurement of ECLs
ECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of
all cash shortfalls (i.e. the difference between the cash flows due to entity in accordance with the contract
and the cash flows that the Group expects to receive). ECLs are discounted at the effective interest rate of
the financial asset.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(g)
Impairment of Financial Assets (cont’d)
Credit-Impaired Financial Assets
At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-
impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on
the estimated future cash flows of the financial asset have occurred.
Evidence that a financial asset is credit-impaired includes the following observable data:
–
–
–
–
–
significant financial difficulty of the borrower or issuer;
a breach of contract such as a default or being more than 120 days past due;
the restructuring of a loan or advance by the Group on terms that the Group would not consider
otherwise;
it is probable that the borrower will enter bankruptcy or other financial reorganisation; or
the disappearance of an active market for a security because of financial difficulties.
Presentation of ECL in the Balance Sheet
Loss allowances for financial assets measured at amortised cost and contract assets are deducted from the
gross carrying amount of these assets.
Write-off
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that
there is no realistic prospect of recovery. This is generally the case when the Group determines that the
debtor does not have assets or sources of income that could generate sufficient cash flows to repay the
amounts subject to the write-off. However, financial assets that are written off could still be subject to
enforcement activities in order to comply with the Group’s procedures for recovery of amounts due.
2.14 Provisions
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event and
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation,
and a reliable estimate can be made of the amount of the obligation.
Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no longer
probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed.
Where the effect of time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision
due to the passage of time is recognised as a finance cost.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 5 9
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.15 Leases
The Group has applied SFRS(I) 16 using the modified retrospective approach and therefore the comparative
information has not been restated and continues to be reported under SFRS(I) 1-17 and SFRS(I) INT 4. The details
of accounting policies under SFRS(I) 1-17 and SFRS(I) INT 4 are disclosed separately.
Policy applicable from 1 October 2019
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group
uses the definition of a lease in SFRS(I) 16. This policy is applied to contracts entered into, on or after 1 October
2019.
(i)
As a lessee
At commencement or on modification of a contract that contains a lease component, the Group allocates
the consideration in the contract to each lease component on the basis of its relative stand-alone prices.
However, for the leases of property, the Group has elected not to separate non-lease components and
account for the lease and non-lease components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-
of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted
for any lease payments made at or before the commencement date, plus any initial direct costs incurred
and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset
or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement
date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group
by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a
purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying
asset, which is determined on the same basis as that of property, plant and equipment. In addition, the right-
of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements
of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be
readily determined, the Group’s incremental borrowing rate.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value
assets and short-term leases, including IT equipment. The Group recognises the lease payments associated
with these leases as an expense on a straight-line basis over the lease term.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 6 0 / F R A S E R S P R O P E R T Y L I M I T E D
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.15 Leases (cont’d)
Policy applicable from 1 October 2019 (cont’d)
(ii)
As a lessor
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially
all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease
is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain
indicators such as whether the lease is for the major part of the economic life of the asset.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease
separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising
from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to
which the Group applies the exemption described above, then it classifies the sub-lease as an operating
lease.
The Group leases out its investment properties, including owned properties and right-of-use assets. The
Group has classified these leases as operating leases except for sub-leases that qualify as finance leases.
The Group recognises lease payments received from investment properties under operating leases as
income on a straight-line basis over the lease term.
Policy applicable before 1 October 2019
At inception, an arrangement that contains a lease is accounted for as such based on the terms and conditions
even though the arrangement is not in the legal form of a lease.
(i) When entities within the Group are lessees of a finance lease
Leased assets in which the Group assumes substantially all the risks and rewards of ownership are
classified as finance leases. Upon initial recognition, property, plant and equipment acquired through
finance leases are capitalised at the lower of their fair value and the present value of the minimum lease
payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting
policy applicable to that asset. Leased assets are depreciated over the shorter of the lease term and their
useful lives. Lease payments are apportioned between finance expense and reduction of the lease liability.
The finance expense is allocated to each period during the lease term so as to produce a constant periodic
rate of interest over the remaining balance of the liability. Contingent lease payments are accounted for by
revising the minimum lease payments over the remaining term of the lease when the lease adjustment is
confirmed.
(ii) When entities within the Group are lessees of an operating lease
Where the Group has the use of assets under operating leases, payments made under the leases are
recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are
recognised as an integral part of the total lease payments made. Contingent rentals are charged to the
profit or loss in the accounting period in which they are incurred.
(iii) When entities within the Group are lessors of an operating lease
Assets subject to operating leases are included in either property, plant and equipment (Note 2.10) or
investment properties (Note 2.6).
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 6 1
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.16
Impairment of Non-Financial Assets
The carrying amounts of the Group’s non-financial assets, other than investment properties, development
properties held for sale, contract assets and deferred tax assets, are reviewed at each reporting date to determine
whether there is any indication of impairment. If any such indication exists, the assets’ recoverable amounts are
estimated. For goodwill, the recoverable amount is estimated at each reporting date, and as and when indicators
of impairment are identified, an impairment loss is recognised if the carrying amount of an asset or its related
cash-generating unit (CGU) exceeds its estimated recoverable amount.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-
tax discount rate that reflects current market assessments of the time value of money and the risks specific to
the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped
together into the smallest group of assets that generate cash inflows from continuing use that are largely
independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the
purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the
level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal reporting
purposes. Goodwill acquired in a business combination is allocated to groups of CGU that are expected to benefit
from the synergies of the combination.
Impairment losses are recognised in the profit statement. Impairment losses recognised in respect of CGUs are
allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying
amounts of the other assets in the CGU on a pro-rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised
in prior periods are assessed at each reporting date for any indication that the loss has decreased or no longer
exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had
been recognised.
Goodwill that forms part of the carrying amount of an investment in an associate or a joint venture is not recognised
separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in
an associate or a joint venture is tested for impairment as a single asset when there is objective evidence that the
investment in an associate or a joint venture may be impaired.
2.17
Income Taxes
Tax expense comprises current and deferred tax, as well as land appreciation tax in China. Tax expense is recognised
in the profit statement except to the extent that it relates to a business combination, or items recognised directly
in equity or in OCI.
The Group has determined that interest and penalties related to income taxes, including uncertain tax treatments,
do not meet the definition of income taxes, and therefore accounted for them under SFRS(I) 1-37 Provisions,
Contingent Liabilities and Contingent Assets.
Current tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates
enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous
years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid
or received that reflects uncertainty related to income taxes, if any.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 2 6 2 / F R A S E R S P R O P E R T Y L I M I T E D
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.17
Income Taxes (cont’d)
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for:
–
–
temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business
combination and that affects neither accounting nor taxable profit or loss;
temporary differences relating to investments in subsidiaries, associates and joint arrangements to the
extent that the Group is able to control the timing of the reversal of the temporary difference and it is
probable that they will not reverse in the foreseeable future; and
–
taxable temporary differences arising on the initial recognition of goodwill.
The measurement of deferred taxes reflects the tax consequences that would follow the manner in which the
Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. For
investment property that is measured at fair value, the presumption that the carrying amount of the investment
property will be recovered through sale has not been rebutted. Deferred tax is measured at the tax rates that are
expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or
substantively enacted by the reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and
assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax
entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities
will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the
extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred
tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the
related tax benefit will be realised.
Land appreciation tax relates to the gains arising from the transfer of real estate property in China. Land
appreciation tax is levied from 30% to 60% on the appreciation of land value, being the proceeds of sales of
properties less deductible expenditure including amortisation of land use rights, borrowing costs and all property
development expenditure.
2.18 Borrowing Costs
Borrowing costs are capitalised as part of the cost of a qualifying asset if they are directly attributable to the
acquisition, construction or production of that asset. Capitalisation of borrowing costs commences when the
activities to prepare the asset for its intended use or sale are in progress and the expenditure and borrowing
costs are incurred. Borrowing costs are capitalised until the assets are substantially completed for their intended
use or sale. All other borrowing costs are expensed in the period they occur using the effective interest method.
Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 2 6 3
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.19 Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured, regardless of when the payment is made. Revenue is measured at the fair value
of consideration received or receivable, taking into account contractually defined terms of payment and excluding
taxes or duty. The following specific recognition criteria must also be met before revenue is recognised:
(a)
Properties Held for Sale
The Group develops and sells residential and mixed development projects to customers through fixed-
price contracts. Revenue is recognised when the control over a development property has been transferred
to the customer. At contract inception, the Group assesses whether the Group transfers control of the
residential project over time or at a point in time by determining if (a) its performance does not create
an asset with an alternative use to the Group; and (b) the Group has an enforceable right to payment for
performance completed to date.
Where a development property has no alternative use for the Group due to contractual restriction, and the
Group has enforceable rights to payment for performance completed to date arising from the contractual
terms, revenue is recognised over time by reference to the Group’s progress towards completing the
construction of the development property. The measure of progress is determined based on the proportion
of development costs incurred to date to the estimated total development costs. Costs incurred that are
not related to the contract or that do not contribute towards satisfying a performance obligation are
excluded from the measure of progress and instead are expensed as incurred.
In respect of contracts where the Group does not have an enforceable right to payment for performance
completed to date, revenue is recognised only when the completed property is delivered to the customer
and the customer has accepted it in accordance with the sales contract.
Under certain payment schemes, the time when payments are made by the buyer and the transfer of control
of the property to the buyer do not coincide and where the difference between the timing of receipt of the
payments and the satisfaction of a performance obligation is 12 months or more, the Group adjusts the
transaction price with its customer and recognises a financing component. In adjusting for the financing
component, the Group uses a discount rate that would reflect that of a separate financing transaction
between the Group and its customer at contract inception. A finance income or finance expense will be
recognised depending on the arrangement.
The Group has elected to apply the practical expedient not to adjust the transaction price for the existence
of significant financing component when the period between the transfer of control of goods or services to
a customer and the payment date is 12 months or less.
Revenue is measured at the transaction price agreed under the contract entered into with customers.
Estimates of revenues, costs or extent of progress towards completion are revised if circumstances change.
Any resulting increases or decreases in estimated revenues or costs are reflected in the profit statement in
the period in which the circumstances that give rise to the revision become known by management.
The customer is invoiced based on a payment schedule which is typically triggered upon achievement of
specified construction milestones. If the value of the goods transferred by the Group exceeds the payments,
a contract asset is recognised. If the payments exceed the value of the goods transferred, a contract liability
is recognised. The accounting policy for contract assets and contract liabilities is set out in Note 2.9.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 6 4 / F R A S E R S P R O P E R T Y L I M I T E D
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.19 Revenue Recognition (cont’d)
(b)
Rental Income
Rental and related income from completed investment properties are recognised on a straight line basis
over the lease term commencing on the date from which the lessee is entitled to exercise its right to use
the leased asset. Contingent rentals, which include gross turnover rental, are recognised as income in the
accounting period in which it is earned and the amount can be reliably measured.
(c)
Hotel Income
Revenue from hotel operations is recognised on an accrual basis, upon rendering of the relevant services.
(d)
Dividends
Dividend income is recognised when the Group’s right to receive the payment is established.
(e)
Interest Income
Interest income is recognised using the effective interest method.
(f) Management Fees
Management fee is recognised at the point when such services are rendered on an accrual basis.
2.20 Foreign Currencies
(a)
Functional Currency
Items included in the financial statements of each entity in the Group are measured using the currency
that best reflects the economic substance of the underlying events and circumstances relevant to the
entity (the “functional currency”). The consolidated financial statements and financial statements of the
Company are presented in Singapore Dollars, the functional currency of the Company.
(b)
Foreign Currency Transactions
Transactions in foreign currencies are measured in the respective functional currencies of the Company and
its subsidiaries at rates of exchange approximating those ruling at transaction dates. Monetary assets and
liabilities denominated in foreign currencies are translated at the rates ruling at the reporting date. The
foreign currency gain or loss on monetary items is the difference between amortised cost in the functional
currency at the beginning of the year, adjusted for effective interest and payments during the year, and the
amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary
assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using
the exchange rates ruling at the initial transaction dates. Non-monetary items measured at fair value in a
foreign currency are translated using the exchange rates at the date when the fair value was measured.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 6 5
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.20 Foreign Currencies (cont’d)
(b)
Foreign Currency Transactions (cont’d)
Foreign currency differences arising on the settlement of monetary items or on translating monetary items
at the reporting date are recognised in the profit statement except for:
–
–
an investment in financial asset at FVOCI;
a financial liability designated as a hedge of the net investment in a foreign operation to the extent
that the hedge is effective; and
–
qualifying cash flow hedges to the extent the hedges are effective.
(c)
Foreign Currency Translation
The results and financial position of foreign operations are translated into Singapore Dollars using the
following procedures:
–
–
assets and liabilities are translated at the closing rate ruling at that reporting date; and
income and expenses are translated at average exchange rates for the year, which approximates the
exchange rates at the dates of the transactions.
All resulting exchange differences are taken directly to OCI and accumulated in the foreign currency
translation reserve in equity.
However, if the foreign operation is a non-wholly-owned subsidiary, then the relevant proportionate share
of the translation difference is allocated to the NCI. When a foreign operation is disposed such that control,
significant influence or joint control is lost, the cumulative amount in the translation reserve related to that
foreign operation is reclassified to the profit statement as part of the gain or loss on disposal. When the
Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining
control, the relevant proportion of the cumulative amount is reattributed to NCI. When the Group disposes
of only part of its investment in an associate or joint venture that includes a foreign operation while retaining
significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to the
profit statement as part of the gain or loss on disposal.
When the settlement of a monetary item receivable from or payable to a foreign operation is neither
planned nor likely to occur in the foreseeable future, foreign exchange gains and losses arising from such a
monetary item that are considered to form part of a net investment in a foreign operation are recognised in
OCI and are accumulated in the foreign currency translation reserve in equity.
2.21 Employee Benefits
(a)
Defined Contribution Plan
As required by law, the Group makes contributions to state pension schemes in accordance with local
regulatory requirements. The pension contributions are recognised as compensation expense in the same
period as the employment that gives rise to the contribution.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 6 6 / F R A S E R S P R O P E R T Y L I M I T E D
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.21 Employee Benefits (cont’d)
(b)
Employee Leave Entitlement
Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made
for the estimated liability for leave as a result of services rendered by employees up to the reporting date.
(c)
Equity Plans
For equity-settled share-based payment transactions, the fair value of the services received is recognised
as an expense with a corresponding increase in equity over the vesting period during which the employees
become unconditionally entitled to the equity instrument. The fair value of the services received is
determined by reference to the fair value of the equity instrument granted at the grant date. At each
reporting date, the number of equity instruments that are expected to be vested are estimated. The impact
of the revision of the original estimates is recognised as an expense and as a corresponding adjustment
to equity over the remaining vesting period, unless the revision to the original estimates is due to market
conditions. No adjustment is made if the revision or actual outcome differs from the original estimates due
to market conditions.
For cash-settled share-based payment transactions, the fair value of the goods or services received is
recognised as an expense with a corresponding increase in liability. The fair value of the services received
is determined by reference to the fair value of the liability. Until the liability is settled, the fair value of the
liability is remeasured at each reporting date and at the date of settlement, with any changes in fair value
recognised for the period.
The proceeds received from the exercise of the equity instruments, net of any directly attributable
transaction costs, are credited to share capital when the equity instruments are exercised.
2.22 Exceptional Items
Exceptional items are one-off items of income and expense of such size, nature or incidence that their disclosure
is relevant to explain the performance of the Group and the Company for the year arising from infrequent and
non-operating events.
2.23 Government grants
Government grants are recognised when there is reasonable assurance that the grant will be received and the
Group will comply with the conditions associated with the grant. Government grants related to income are
recognised in profit or loss as ‘Other Income’ on a systematic basis over the periods in which the entity recognises
as expenses the related costs for which the grants are intended to compensate.
2.24 Contingencies
A contingent liability is:
–
–
a possible obligation that arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
Group and the Company; or
a present obligation that arises from past events but is not recognised because it is not probable that an
outflow of resources embodying economic benefits will be required to settle the obligation or the amount
of obligation cannot be measured with sufficient reliability.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 6 7
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.24 Contingencies (cont’d)
Contingent liabilities are not recognised on the balance sheets of the Group and the Company, except for
contingent liabilities assumed in a business combination that are present obligations and which the fair values
can be reliably determined.
2.25 New standards and interpretations not yet adopted
A number of new standards, interpretations and amendments to standards are effective for annual periods
beginning after 1 October 2019 and earlier application is permitted. The Group has early adopted the Amendments
to SFRS(I) 9, SFRS(I) 1-39 and SFRS(I) 7 Interest Rate Benchmark Reform. The Group applied the interest rate
benchmark reform amendments retrospectively to hedging relationship that existed at 1 October 2019 or were
designated thereafter and that are directly affected by interest rate benchmark reform. These amendments also
apply to the gain or loss accumulated in the hedging reserve that existed at 1 October 2019. The details of the
accounting policies are disclosed in Notes 2.13(f) and 34(c) for related disclosures about the risks and hedge
accounting.
The following new SFRS(I)s, interpretations and amendments to SFRS(I)s are not expected to have a significant
impact on the Group’s consolidated financial statements and the Company’s statement of financial position.
–
–
–
–
–
–
Amendments to References to Conceptual Framework in SFRS(I) Standards
Definition of a Business (Amendments to SFRS(I) 3 Business Combinations)
Definition of Material (Amendments to SFRS(I) 1-1 Presentation of Financial Statements and SFRS(I) 1-8
Accounting Policies, Changes in Accounting Estimates and Errors)
SFRS(I) 17 Insurance Contracts
Classification of Liabilities as Current or Non-Current (Amendments to SFRS(I) 1-1 Presentation of Financial
Statements)
Covid-19-Related Rent Concessions (Amendments to SFRS(I) 16 Leases)
3.
REVENUE
Properties held for sale:
– recognised at a point in time
– recognised over time
Rent and related income
Hotel income
Fee income and others
Group
2020
$'000
2019
$'000
1,690,428
44,009
1,734,437
1,428,923
349,575
84,072
3,597,007
1,503,959
102,427
1,606,386
1,541,014
573,874
70,669
3,791,943
As at 30 September 2020, the Group has property development income of $94,308,000 (2019: $77,463,000)
which is expected to be recognised over the next 3 years (2019: 3 years) as construction of the development
properties progresses.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 2 6 8 / F R A S E R S P R O P E R T Y L I M I T E D
3.
REVENUE (CONT’D)
(a)
Consideration of COVID-19 on Revenue recognition
Rent and related income
The Group has granted rental relief to a number of its tenants in light of mandatory government shutdowns,
increased social distancing and work from home measures. Each rental relief request has been reviewed
and considered on a case-by-case basis. The relief provided are mainly rental rebates, rental payment
deferrals or a combination of these.
(b)
Disaggregation of revenue
In the following table, revenue is disaggregated by major products and service lines and timing of revenue
recognition. The table also includes a reconciliation of the disaggregated revenue with the Group’s
reportable segments. The comparative operating segment information have been restated to take into
account the organisational changes as disclosed in Note 10.
Year ended 30 September 2020
Operating Segment Singapore Australia Industrial Hospitality
Thailand
&
Vietnam
Others(1)
Corporate
& Others
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Group
$'000
Major products
and service
lines
Properties held
for sale
44,009
575,563
36,949
–
647,384
430,532
– 1,734,437
Rent and related
income
Hotel income
Fee income and
others
Timing of revenue
recognition
Products
transferred
at a point in
time
Products and
services
transferred
over time
548,005
–
43,181
–
462,425
–
138,138
334,938
111,650
14,637
125,524
–
– 1,428,923
349,575
–
17,439
609,453
715
619,459
197
499,571
15,669
488,745
49,486
823,157
358
556,414
84,072
208
208 3,597,007
–
575,563
36,949
–
647,384
430,532
– 1,690,428
609,453
609,453
43,896
619,459
462,622
499,571
488,745
488,745
175,773
823,157
125,882
556,414
208 1,906,579
208 3,597,007
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 6 9
Thailand
&
Vietnam Others(1)
$'000
$'000
Corporate
& Others
$'000
Group
$'000
3.
REVENUE (CONT’D)
(b)
Disaggregation of revenue (cont’d)
Year ended 30 September 2019
Operating Segment Singapore Australia Industrial Hospitality
$'000
$'000
$'000
$'000
Major products
and service
lines
Properties held
for sale
117,445 1,075,344
93,388
–
–
320,209
– 1,606,386
Rent and related
income
Hotel income
Fee income and
others
Timing of revenue
recognition
Products
transferred
at a point in
time
Products and
services
transferred
over time
557,698
–
44,300
–
372,111
–
199,502
573,874
238,740
–
128,663
–
11,906
548
687,049 1,120,192
2,527
468,026
24,900
798,276
30,098
268,838
690
449,562
– 1,541,014
573,874
–
70,669
–
– 3,791,943
15,018 1,075,344
93,388
–
–
320,209
– 1,503,959
672,031
44,848
687,049 1,120,192
374,638
468,026
798,276
798,276
268,838
268,838
129,353
449,562
– 2,287,984
– 3,791,943
(1) Others include revenue contribution from China and the United Kingdom
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 7 0 / F R A S E R S P R O P E R T Y L I M I T E D
4.
TRADING PROFIT
Trading profit includes the following:
(a)
Cost of Sales includes:
Group
2020
$'000
2019
$'000
Note
Cost of properties held for sale
Write-down to net realisable value of properties held for sale
Operating costs of investment properties that
generated rental income
Operating costs of hotels
Depreciation of property, plant and equipment
and right-of-use assets
Staff costs
Defined contribution plans
Allowance for doubtful trade receivables
Write-back of allowance for doubtful trade receivables
Bad debts written off
19
12
17
17
(1,193,985)
(62,759)
(1,240,285)
(93,952)
(333,551)
(148,806)
(700,866)
(294,555)
(63,911)
(233,623)
(16,940)
(10,590)
3,356
(238)
(46,245)
(274,197)
(17,650)
(3,713)
2,309
(343)
(b)
Other Income includes:
Net fair value change on derivative financial instruments
Foreign exchange gain/(loss)
Loss on disposal of property, plant and equipment
Government grant income
Government grant expense
Others
Government grant income
(44,129)
42,929
(565)
105,588
(52,862)
8,836
59,797
29,980
(29,906)
(120)
–
–
6,547
6,501
Various government grants were received to help business deal with the impact from COVID-19:
–
–
government grant income of $47,048,000 (2019: Nil) related to various temporary wage support
schemes; and
government grant income of $58,540,000 (2019: Nil) related to property tax rebates and cash grants
received from the Singapore Government. The Group is obliged to pass on the benefits to its tenants
and has transferred these to the tenants in the form of rent rebates during the current financial year.
For the cash grant, the Group is obliged to waive up to two months of rental to eligible tenants.
Government grant expense
Government grant expense of $52,862,000 (2019: Nil) related to property tax rebates received from the
Singapore Government that were transferred to tenants in the form of rent rebates during the financial
year and rental waivers provided to eligible tenants as part of the qualifying conditions of the cash grant.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
4.
TRADING PROFIT (CONT’D)
(c)
Administrative Expenses includes:
Depreciation of property, plant and equipment
and right-of-use assets
Amortisation of intangible assets
Audit fees paid to:
– Auditors of the Company
– Other auditors
Non-audit fees paid to:
– Auditors of the Company
– Other auditors
Directors of the Company:
– Fee
–
Key executive officers:
– Remuneration
– Provident fund contribution
– Employee share-based expense
Staff costs
Defined contribution plans
Employee share-based expense
Remuneration of members of Board Committees
5.
INTEREST INCOME
Interest income:
– Fixed deposits and bank balances
– Interest rate swaps
– Finance lease receivables
– Related parties
A N N U A L R E P O R T 2 0 2 0 / 2 7 1
Group
2020
$'000
2019
$'000
Note
12
16
(23,129)
(5,117)
(11,183)
(3,673)
(1,822)
(4,219)
(813)
(881)
(1,050)
(707)
(1,883)
(4,083)
(637)
(1,688)
(1,148)
(730)
(11,429)
(111)
(2,999)
(226,298)
(15,224)
(17,236)
(10,568)
(107)
(3,479)
(202,373)
(12,225)
(16,283)
Group
2020
$'000
2019
$'000
65,931
625
1,133
4,506
72,195
62,505
1,035
799
8,001
72,340
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 2 7 2 / F R A S E R S P R O P E R T Y L I M I T E D
6.
INTEREST EXPENSE
Interest expense:
– Loans and borrowings
– Lease liabilities
– Interest rate swaps
– Related parties
7.
EXCEPTIONAL ITEMS
Net transaction costs on acquisitions and
disposals of subsidiaries, joint ventures and associates
Net (loss)/gain on acquisitions and disposals
of subsidiaries, joint ventures and associates
Impairment of property, plant and equipment
Impairment of intangible assets
Group
2020
$'000
2019
$'000
(462,620)
(30,049)
(1,096)
(20,680)
(514,445)
(417,793)
–
(1,798)
(21,795)
(441,386)
Note
12
16
Group
2020
$'000
2019
$'000
(7,867)
(13,644)
(15,849)
(136,622)
–
(160,338)
723
(37,230)
(64,660)
(114,811)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 2 7 3
8.
TAXATION
(a)
Components of Income Tax Expense
The components of income tax expense for the years ended 30 September are:
Based on profit for the year:
– Current taxation
– Withholding tax
– Deferred taxation
Over/(under) provision in prior years:
– Current taxation
– Deferred taxation
(b)
Tax Recognised in OCI
Group
2020
$'000
2019
$'000
(229,328)
(6,727)
(58,266)
(294,321)
(270,306)
(14,409)
(10,184)
(294,899)
7,986
204
8,190
(286,131)
20,735
(11,971)
8,764
(286,135)
Before
tax
$'000
2020
Tax
expense
$'000
Net
of tax
$'000
Before
tax
$'000
2019
Tax
expense
$'000
Net
of tax
$'000
Group
Change in fair value
of cash flow hedges
(100,181)
Foreign currency translation
307,107
Share of other
comprehensive income of
joint ventures and
associates
Realisation of reserves on
disposal of subsidiaries
Change in fair value of equity
investments at fair value
through OCI
(15,887)
62,996
28,713
282,748
–
–
–
–
–
–
(100,181)
(113,037)
307,107
(293,256)
(15,887)
(3,779)
62,996
–
28,713
282,748
–
(410,072)
–
–
–
–
–
–
(113,037)
(293,256)
(3,779)
–
–
(410,072)
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 7 4 / F R A S E R S P R O P E R T Y L I M I T E D
8.
TAXATION (CONT’D)
(c)
Reconciliation between Tax Expense and Accounting Profit
Profit before taxation
Less: Share of results of joint ventures and associates, net of tax
Profit before taxation and share of results of joint ventures and associates,
net of tax
Group
2020
$'000
2019
$'000
804,923
(220,646)
1,353,127
(287,055)
584,277
1,066,072
A reconciliation of the statutory tax rate to the Group’s effective tax rate applicable to profit before taxation
and share of results of joint ventures and associates, net of tax for the years ended 30 September are as
follows:
Singapore statutory rate
Effect of different tax rates of other countries
Income not subject to tax
Expenses not deductible for tax purposes
Losses not allowed to be set off against future taxable profits
Utilisation of previously unrecognised tax losses
Overprovision in prior years
Tax benefits on current losses not recognised
Tax effect of fair value change on investment properties
Withholding tax
Tax effect of distributions to perpetual securities holders
Land appreciation tax
Effect of tax reduction on land appreciation tax
Others
Effective tax rate
Group
2020
%
17.0
7.0
(1.9)
12.1
2.6
(0.2)
(0.5)
1.5
(0.3)
1.7
(2.0)
14.1
(3.5)
1.4
49.0
2019
%
17.0
4.6
(3.5)
3.5
2.2
(0.5)
(0.8)
1.1
(2.5)
1.3
(1.4)
6.4
(1.6)
1.0
26.8
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 7 5
9.
EARNINGS PER SHARE
Earnings per share is computed by dividing the Group’s attributable profit (after adjusting for distributions
to perpetual securities holders of $76,478,000 (2019: $95,206,000), net of distributions of $3,316,000 (2019:
$3,354,000) to perpetual securities holders borne by non-controlling interests) by the weighted average number
of ordinary shares in issue during the financial year. In respect of diluted earnings per share, the denominator is
adjusted for the effects of dilutive potential ordinary shares, which comprise share awards granted to employees.
The following table reflects the profit and share data used in the computation of basic and diluted earnings per
share for the years ended 30 September:
Attributable profit to shareholders of the Company
after adjusting for distributions to perpetual securities holders:
– before fair value change and exceptional items
– after fair value change and exceptional items
Weighted average number of ordinary shares in issue
Effects of dilution – share plans
Weighted average number of ordinary shares for
diluted earnings per share computation
Earnings Per Share ("EPS")
(a) Basic earnings per share:
– before fair value change and exceptional items
– after fair value change and exceptional items
(b) On a fully diluted basis:
– before fair value change and exceptional items
– after fair value change and exceptional items
Group
2020
$'000
2019
$'000
152,754
111,647
254,869
465,093
No. of Shares
'000
'000
2,932,357
28,799
2,917,873
27,260
2,961,156
2,945,133
5.21¢
3.81¢
5.16¢
3.77¢
8.73¢
15.94¢
8.65¢
15.79¢
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 2 7 6 / F R A S E R S P R O P E R T Y L I M I T E D
10.
SEGMENT INFORMATION
Management determines the operating segments based on the reports reviewed and used by the Group CEO (the
chief operating decision maker) for strategic decision making and resources allocation.
The segments are organised based on their products and services. The Group CEO reviews internal management
reports of each segment at least quarterly.
With effect from 1 October 2019, the Group formed a new strategic business unit (“SBU”) – Industrial.
The Group’s reportable operating segments, after the organisational changes, comprise four SBUs:
(i)
(ii)
(iii)
Singapore, which encompasses the development, ownership, management and operation of residential,
retail and commercial properties held by Frasers Centrepoint Trust (“FCT”), Frasers Commercial Trust
(“FCOT”) and non-REIT entities in Singapore,
Australia, which encompasses the development, ownership, management and operation of residential,
retail and commercial properties held by non-REIT entities in Australia,
Industrial, which encompasses the development, ownership, management and operation of industrial,
logistics and commercial properties and business parks held by Frasers Logistics & Commercial Trust (“FLCT”,
previously known as Frasers Logistics & Industrial Trust (“FLT”)) and the non-REIT entities in Australia and
continental Europe, and
(iv)
Hospitality, which encompasses the Group’s hospitality operations and the ownership/management and
operation of hotels and serviced apartments held by Frasers Hospitality Trust (“FHT”) and non-REIT entities,
as well as
(i)
(ii)
Thailand & Vietnam, which encompasses the development, ownership, management and operation of
industrial, residential, retail, hospitality and commercial properties in Thailand and Vietnam, and
Others, which comprises the development, ownership, management and operation of residential, industrial,
logistics and commercial properties and business parks in China and the UK.
On 14 April 2020, FCOT merged with FLT to form FLCT (the “Merger”). Following the Merger, the Industrial
operating segment includes the ownership, management and operation of commercial properties and business
parks in Australia, Singapore and the UK.
The comparative operating segment information have been restated to take into account the organisational
changes above.
Information regarding the results of each reportable segment is included below. Performance is measured based
on segment profit before interest, fair value change, taxation and exceptional items (“PBIT”), as included in the
internal management reports that are reviewed by the Group CEO. Segment PBIT is used to measure performance
as management believes that such information is the most relevant in evaluating the results of certain segments
relative to other entities that operate within these industries. Group financing (including finance costs) and income
taxes are managed on a group basis and are not allocated to operating segments. Segment assets and liabilities
are presented net of inter-segment balances. Inter-segment pricing is determined on arm’s length basis.
Geographically, management reviews the performance of the businesses in Singapore, Australia, Europe, China,
Thailand and Others. Geographical segment revenue is based on the geographical location of the customers.
Geographical segment assets are based on the geographical location of the assets.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 2 7 7
10.
SEGMENT INFORMATION (CONT’D)
Year ended 30 September 2020
The following table presents financial information regarding operating segments:
Singapore
$'000
Australia
$'000
Industrial
$'000
Hospitality
$'000
Thailand
& Vietnam
$'000
Others(2)
$'000
Corporate
& Others
$'000
Group
$'000
Revenue
609,453
619,459
499,571
488,745
823,157
556,414
208
3,597,007
PBIT
Subsidiaries
Joint ventures and
associates
Interest income
Interest costs
Profit before fair value
change, taxation and
exceptional items
Fair value change on
investment properties
Profit before taxation and
exceptional items
Exceptional items
Profit before taxation
Taxation
Profit for the year
Non-current assets
Current assets
Investments in joint
ventures and associates
Tax assets
Bank deposits
Cash and cash equivalents
Total assets
Liabilities
Loans and borrowings
Tax liabilities
Total liabilities
Other segment information
Additions / transfers
between segments of
investment properties
268,801
20,590
341,489
19,514
162,709
264,792
(52,940)
1,024,955
43,943
312,744
17,700
38,290
9,617
351,106
116
19,630
102,675
265,384
54,702
319,494
(8,107)
(61,047)
220,646
1,245,601
72,195
(514,445)
803,351
138,989
912
159,909
(126,200)
52,040
(63,740)
–
161,910
(29,284)
–
(750)
(129,657)
1,903
(2,492)
(58)
965,261
(160,338)
804,923
(286,131)
518,792
8,278,504 1,109,650 7,977,580 4,474,537 2,326,211 1,453,588
435,675
1,630,905 1,681,848 1,365,570
443,540 1,620,967
189,250 25,809,320
7,209,970
31,465
789,143
59,458
74,799
66 1,049,665
214,815
95,345
393,923
366,516
513,746
661,495
524,991
481,473
273,972
2,283,291
123,543
236,886
3,085,110
38,748,120
3,216,116
19,187,634
1,229,086
23,632,836
and property, plant
and equipment
Additions / transfers
between segments of
intangible assets
Depreciation of property,
plant and equipment
and right-of-use assets
Amortisation of intangible
assets
Write-down to net
realisable value of
(2,102,901)
4,407 2,765,529
106,718
105,031
(163,577)
1,506
716,713
(62,124)
–
62,624
–
1,501
1
4,366
6,368
(601)
(7,442)
(4,352)
(57,109)
(12,853)
(1,343)
(3,340)
(87,040)
properties held for sale
(60,000)
(573)
–
–
(907)
(489)
(1,263)
(262)
(1,623)
(5,117)
–
–
(2,759)
–
–
(62,759)
Attributable profit before
fair value change and
and exceptional items (1)
Fair value change
Exceptional items
Attributable profit
(20,520)
101,490
(26,869)
54,101
20,106
638
–
20,744
71,776
72,718
(167)
144,327
(95,124)
(113,841)
(110,386)
(319,351)
23,125
103,557
3,021
129,703
153,611
(67,864)
(3,346)
82,401
76,258
–
(58)
76,200
229,232
96,698
(137,805)
188,125
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 7 8 / F R A S E R S P R O P E R T Y L I M I T E D
10.
SEGMENT INFORMATION (CONT’D)
Year ended 30 September 2020 (cont’d)
The following table presents financial information regarding geographical segments:
Singapore
$'000
Australia
$'000
Europe(3)
$'000
China
$'000
Thailand
$'000
Others(4)
$'000
Group
$'000
Revenue
PBIT
702,623
256,388
1,039,091
273,666
607,238
186,560
349,324
254,528
813,199
264,048
85,532
10,411
3,597,007
1,245,601
Non-current assets
Current assets
Investments in joint ventures
11,092,737
1,699,425
5,331,691
2,899,444
6,322,728
474,774
116,362
506,892
2,252,618
1,492,230
693,184
137,205
25,809,320
7,209,970
and associates
786,032
134,257
–
214,815
1,049,664
98,523
810,780
709,787
734,571
405,264
427,162
128,552
2,283,291
123,543
236,886
3,085,110
38,748,120
3,216,116
19,187,634
1,229,086
23,632,836
Tax assets
Bank deposits
Cash and cash equivalents
Total assets
Liabilities
Loans and borrowings
Tax liabilities
Total liabilities
Other segment information
Additions / transfers between
segments of investment
properties and property,
plant and equipment
Additions / transfers between
66,666
64,527
475,665
200
98,830
10,825
716,713
segments of intangible assets
4,842
–
24
1
1,501
–
6,368
Depreciation of property,
plant and equipment and
right-of-use assets
Amortisation of intangible assets
Write-down to net realisable
value of properties held for sale
Exceptional items
(13,371)
(2,411)
(22,475)
(106)
(33,870)
(1,211)
(414)
(116)
(12,610)
(1,250)
(4,300)
(23)
(87,040)
(5,117)
(60,000)
(29,340)
–
(21,275)
–
(94,753)
–
–
(2,759)
1,903
–
(16,873)
(62,759)
(160,338)
(1)
The attributable profit disclosed includes inter-segment interest income and expense, in order to reflect the cost of financing of the Group’s internal
funds between segments.
(2) Others in operating segment includes China, whose contribution to the Group’s revenue, PBIT, attributable profit, non-current assets, current assets,
investments in joint ventures and associates and liabilities amounts to $332,460,000, $252,173,000, $134,703,000, $15,912,000, $136,155,000,
$214,815,000 and $396,163,000, respectively.
(3)
Europe includes the United Kingdom and continental Europe.
(4) Others in geographical segment includes Vietnam, Japan, New Zealand, Indonesia and Malaysia.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 7 9
10.
SEGMENT INFORMATION (CONT’D)
Year ended 30 September 2019
The following table presents financial information regarding operating segments:
Singapore
$'000
Australia
$'000
Industrial
$'000
Hospitality
$'000
Thailand
& Vietnam
$'000
Others(2)
$'000
Corporate
& Others
$'000
Group
$'000
Revenue
687,049 1,120,192
468,026
798,276
268,838
449,562
–
3,791,943
PBIT
Subsidiaries
Joint ventures and
associates
Interest income
Interest costs
Profit before fair value
change, taxation and
exceptional items
Fair value change on
investment properties
Profit before taxation and
exceptional items
Exceptional items
Profit before taxation
Taxation
Profit for the year
Non-current assets
Current assets
Investments in joint
ventures and associates
Tax assets
Bank deposits
Cash and cash equivalents
Total assets
Liabilities
Loans and borrowings
Tax liabilities
Total liabilities
305,960
73,673
246,567
131,631
76,644
223,246
(52,149)
1,005,572
159,611
465,571
5,515
79,188
352
246,919
198
131,829
53,505
130,149
67,874
291,120
–
(52,149)
287,055
1,292,627
72,340
(441,386)
923,581
277,007
32,774
256,756
(19,685)
15,136
(181)
(17,450)
544,357
(30,757)
76
(2,373)
(105,756)
21,424
3,595
(1,020)
1,467,938
(114,811)
1,353,127
(286,135)
1,066,992
11,375,742 1,012,054 4,630,444
834,213
1,411,429 1,444,964
4,638,718 2,690,639 1,613,471
620,730
91,845 1,478,478
109,947 26,071,015
5,902,504
20,845
923,570
44,415
8,102
55
891,142
149,287
–
532,076
377,930
162,685
256,952
708,534
874,334
142,028
2,016,571
62,864
467,023
3,112,956
37,632,933
3,054,539
17,395,899
1,091,949
21,542,387
Other segment information
Additions / transfers
between segments of
investment properties
and property, plant
and equipment
Net additions to
intangible assets
Depreciation of property,
plant and equipment
Amortisation of intangible
assets
Write-down to net
realisable value of
properties held for sale
Attributable profit before
fair value change and
and exceptional items (1)
Fair value change
Exceptional items
Attributable profit
2,981,232
19,742
399,973
90,310
897,494
44,070
1,417
4,434,238
(95)
–
(4,380)
(24)
6,460
–
2,947
4,908
(380)
(4,335)
(1,997)
(45,712)
(2,367)
(177)
(2,464)
(57,432)
(482)
–
(288)
(1,339)
(318)
(258)
(988)
(3,673)
(39,000)
(40,281)
–
–
(325)
(14,346)
–
(93,952)
22,485
200,191
(26,071)
196,605
35,570
22,941
76
58,587
31,496
127,476
13,385
172,357
(5,667)
(25,107)
(90,701)
(121,475)
13,705
13,736
(10,681)
16,760
147,734
(146)
3,595
151,183
104,752
(17,450)
(1,020)
86,282
350,075
321,641
(111,417)
560,299
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 8 0 / F R A S E R S P R O P E R T Y L I M I T E D
10.
SEGMENT INFORMATION (CONT’D)
Year ended 30 September 2019 (cont’d)
The following table presents financial information regarding geographical segments:
Singapore
$'000
Australia
$'000
Europe(3)
$'000
China
$'000
Thailand
$'000
Others(4)
$'000
Group
$'000
Revenue
PBIT
765,026
375,203
1,663,088
308,740
665,275
196,958
310,636
250,650
259,130
127,208
128,788
33,868
3,791,943
1,292,627
Non-current assets
Current assets
Investments in joint ventures
12,098,187
1,404,181
4,891,360
2,224,779
5,380,495
459,108
330,219
275,810
2,623,897
1,399,030
746,857
139,596
26,071,015
5,902,504
and associates
713,734
52,516
–
300,506
891,144
58,671
758,551
512,035
250,763
779,785
661,850
91,555
2,016,571
62,864
467,023
3,112,956
37,632,933
3,054,539
17,395,899
1,091,949
21,542,387
3,024,061
2,723
113,907
97
390,800
(4,372)
2,951
–
897,404
6,460
5,115
–
4,434,238
4,908
(13,315)
(1,692)
(18,754)
(105)
(18,689)
(1,426)
(92)
(114)
(2,351)
(304)
(4,231)
(32)
(57,432)
(3,673)
(39,000)
(31,914)
(40,281)
(6,031)
(13,910)
(94,562)
(436)
–
(325)
21,424
–
(3,728)
(93,952)
(114,811)
(1)
The attributable profit disclosed includes inter-segment interest income and expense, in order to reflect the cost of financing of the Group’s internal
funds between segments.
(2) Others in operating segment includes China, whose contribution to the Group’s revenue, PBIT, attributable profit, non-current assets, current assets,
investments in joint ventures and associates and liabilities amounts to $283,286,000, $242,219,000, $141,373,000, $15,585,000, $271,553,000,
$300,506,000 and $766,782,000, respectively.
(3)
Europe includes the United Kingdom and continental Europe.
(4) Others in geographical segment includes Vietnam, Japan, New Zealand, the Philippines, Indonesia and Malaysia.
Tax assets
Bank deposits
Cash and cash equivalents
Total assets
Liabilities
Loans and borrowings
Tax liabilities
Total liabilities
Other segment information
Additions / transfers between
segments of investment
properties and property,
plant and equipment
Net additions to intangible assets
Depreciation of property,
plant and equipment
Amortisation of intangible assets
Write-down to net realisable
value of properties held
for sale
Exceptional items
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 8 1
11.
INVESTMENT PROPERTIES
Group
At 1 October 2018
Currency re-alignment
Reclassification from properties held for sale
Reclassification from assets held for sale
Transfer upon completion
Additions
Disposals
Fair value change
Acquisitions of subsidiaries
Disposals of subsidiaries
Completed
Investment
Properties
$'000
Investment
Properties
Under
Construction
$'000
Total
Investment
Properties
$'000
20,357,969
(354,140)
–
54,396
408,877
370,853
(660,394)
604,038
3,730,342
(2,010,007)
398,510
(1,022)
71,271
–
(408,877)
75,744
–
1,736
–
–
20,756,479
(355,162)
71,271
54,396
–
446,597
(660,394)
605,774
3,730,342
(2,010,007)
At 30 September 2019 and 1 October 2019
Recognition of right-of-use asset on initial application
of SFRS(I) 16 (Note 41)
22,501,934
137,362
22,639,296
(82,621)
–
(82,621)
Adjusted balance at 1 October 2019
Currency re-alignment
Reclassification to assets held for sale
Transfer upon completion
Additions
Disposals
Fair value change
Acquisitions of subsidiaries (Note 39)
Disposals of subsidiaries (Note 39)
At 30 September 2020
22,419,313
384,182
(527,862)
75,165
290,187
(162,235)
190,238
273,468
(1,100,000)
21,842,456
137,362
(2,339)
–
(75,165)
75,475
–
(29,941)
–
–
105,392
Company
At 1 October 2018
Fair value change
At 30 September 2019, 1 October 2019 and 30 September 2020
22,556,675
381,843
(527,862)
–
365,662
(162,235)
160,297
273,468
(1,100,000)
21,947,848
Completed
Investment
Properties
$'000
1,600
550
2,150
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 2 8 2 / F R A S E R S P R O P E R T Y L I M I T E D
11.
INVESTMENT PROPERTIES (CONT’D)
(a)
Completed Investment Properties
Completed investment properties comprise serviced residences, retail, commercial, industrial and logistics
properties that are leased mainly to third parties under operating leases (Note 33). Completed investment
properties are stated at fair value which has been determined based on independent professional or
internal valuations.
Investment properties amounting to approximately $5,569,664,000 (2019: $6,909,447,000) have been
mortgaged to certain financial institutions as securities for credit facilities.
Contingent rents, representing income based on sales turnover achieved by tenants, amounted to
$17,387,000 (2019: $18,474,000) for the year.
(b)
Investment Properties Under Construction
IPUC are valued annually by valuers by estimating the fair values of the completed investment properties
and then deducting from those amounts the estimated costs to complete the construction and a reasonable
profit margin on construction and development. The estimated cost to complete is determined based on
the construction cost per square metre in the pertinent area.
IPUC amounting to approximately $54,600,000 (2019: $78,860,000) have been mortgaged to certain
financial institutions as securities for credit facilities.
During the year, net interest expense of $3,470,000 (2019: $6,248,000) arising from borrowings obtained
specifically for the projects was capitalised as cost of IPUC.
(c)
Operating Lease Commitments – as Lessor
The Group has entered into property leases on its investment properties and certain properties held for
sale. These non-cancellable leases have remaining non-cancellable lease terms of between two to eight
years. Future minimum rental receivable under non-cancellable operating leases at the end of the reporting
period is as follows:
Within 1 year
From 1 year to 5 years
After 5 years
Group
2020
$'000
2019
$'000
1,033,834
2,297,837
1,363,586
4,695,257
969,203
1,950,876
1,034,238
3,954,317
Rental income from investment properties and certain properties held for sale is disclosed in Note 3.
(d)
Details of valuation methods and key assumptions used to estimate the fair values of investment properties
are set out in Note 35.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 8 3
12.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment owned
Right-of-use assets classified within
property, plant and equipment
Group
Cost
At 1 October 2018
Currency re-alignment
Acquisitions of subsidiaries
Disposals of subsidiaries
Additions
Disposals/write-offs
At 30 September 2019 and 1 October 2019
Recognition of right-of-use asset on
initial application of SFRS(I) 16 (Note 41)
Adjusted balance at 1 October 2019
Currency re-alignment
Disposals of subsidiaries
Additions
Disposals/write-offs
Reclassification
At 30 September 2020
Accumulated Depreciation and
Accumulated Impairment
At 1 October 2018
Currency re-alignment
Acquisitions of subsidiaries
Disposals of subsidiaries
Charge for the year 2019
Impairment loss (Note 7)
Disposals/write-offs
Reclassification
Group
2020
$'000
2019
$'000
Company
2020
$'000
2019
$'000
2,033,546
2,149,464
390,247
2,423,793
–
2,149,464
Land and
Buildings
$'000
Equipment,
Furniture
and Fittings
$'000
22
–
22
24
–
24
Others
$'000
Total
$'000
2,118,241
(56,505)
151,796
–
10,473
(74)
208,710
(7,649)
44,083
(2,874)
24,651
(4,058)
2,455
47
26,181
(13)
115
(242)
2,329,406
(64,107)
222,060
(2,887)
35,239
(4,374)
2,223,931
262,863
28,543
2,515,337
391,263
498
56,243
448,004
2,615,194
63,660
–
44,745
(1,736)
7,157
2,729,020
116,516
(1,646)
29,939
–
30,194
37,230
(10)
2
263,361
4,715
(82)
26,154
(5,043)
(7,173)
281,932
95,311
(3,655)
22,288
(1,669)
26,870
–
(3,728)
(2)
84,786
657
–
6,684
(306)
16
91,837
1,525
36
16,537
(13)
368
–
(220)
–
2,963,341
69,032
(82)
77,583
(7,085)
–
3,102,789
213,352
(5,265)
68,764
(1,682)
57,432
37,230
(3,958)
–
At 30 September 2019 and 1 October 2019
Recognition of right-of-use asset on
initial application of SFRS(I) 16 (Note 41)
212,225
135,415
18,233
365,873
86,834
30
159
87,023
Adjusted balance at 1 October 2019
Currency re-alignment
Disposals of subsidiaries
Charge for the year 2020
Impairment loss (Note 7)
Disposals/write-offs
Reclassification
At 30 September 2020
Net Book Value
At 30 September 2020
At 30 September 2019
299,059
4,772
–
47,796
136,622
(161)
5,734
493,822
135,445
2,941
(33)
28,693
–
(4,085)
(5,743)
157,218
18,392
(523)
–
10,341
–
(263)
9
27,956
452,896
7,190
(33)
86,830
136,622
(4,509)
–
678,996
2,235,198
2,011,706
124,714
127,448
63,881
10,310
2,423,793
2,149,464
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 8 4 / F R A S E R S P R O P E R T Y L I M I T E D
12.
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Company
Cost
At 1 October 2018
Additions
At 30 September 2019, 1 October 2019 and 30 September 2020
Accumulated Depreciation
At 1 October 2018
Charge for the year 2019
At 30 September 2019 and at 1 October 2019
Charge for the year 2020
At 30 September 2020
Net Book Value
At 30 September 2020
At 30 September 2019
Equipment,
Furniture and
Fittings
$'000
1
26
27
1
2
3
2
5
22
24
(a)
The depreciation charge for the year is included in the financial statements as follows:
Depreciation charge on property, plant and equipment
Depreciation charge on other right-of-use assets
Depreciation charge capitalised in properties held for sale
Group
Company
2020
$'000
2019
$'000
2020
$'000
2019
$'000
86,830
210
–
87,040
57,428
–
4
57,432
2
–
–
2
2
–
–
2
(b)
(c)
Included in property, plant and equipment are certain hotel properties of the Group with carrying amount
of $172,244,000 (2019: $182,284,000) which are pledged to certain financial institutions to secure credit
facilities.
Land and buildings are measured at cost less accumulated depreciation and accumulated impairment
losses. The impairment loss recognised in the Profit Statement during the financial year is $136,622,000
(2019: $37,230,000). Impairment is recognised for land and building when the net carrying value of the
assets exceed the recoverable amount. The recoverable amount of land and buildings was based on
independent professional valuations and management’s value-in-use calculation using DCF method and
the fair value measurement is categorised as Level 3 on the fair value hierarchy.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 2 8 5
12.
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
The following table shows the valuation technique as well as the significant unobservable inputs used:
Operating Segments
Valuation method
Key unobservable
inputs
Hospitality
Thailand &
Vietnam
Discounted
Discount rate
cash flow
method
2020
2019
7.0% to 8.0% 10.0%
6.5%
11.0%
Inter-relationship between key
unobservable inputs and fair
value measurement
The estimated fair value varies
inversely against the discount
rate and terminal yield rate
Terminal yield rate
2020
2019
5.8% to 6.0% –
5.3% to 6.0% –
13.
INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES
Investments in subsidiaries
Shares, at cost
Less: Allowance for impairment
Balances with subsidiaries
Amounts due from subsidiaries:
– Interest-free
– Interest-bearing
Amounts due to subsidiaries:
– Interest-free
Net balances with subsidiaries
Amounts due from subsidiaries:
– Current
– Non-current
Amounts due to subsidiaries:
– Current
– Non-current
Net balances with subsidiaries
Company
2020
$'000
2019
$'000
Note
1,199,387
(52,637)
1,146,750
1,265,244
(82,296)
1,182,948
3,718,453
699,458
4,417,911
3,508,885
556,211
4,065,096
(525,721)
(227,337)
3,892,190
3,837,759
269,652
4,148,259
4,417,911
282,057
3,783,039
4,065,096
(204,962)
(320,759)
(525,721)
(227,199)
(138)
(227,337)
3,892,190
3,837,759
17
17
24
24
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 8 6 / F R A S E R S P R O P E R T Y L I M I T E D
13.
INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES (CONT’D)
Amounts due from subsidiaries are non-trade related, unsecured and repayable in cash. In respect of interest-
bearing amounts, interest of between 0.2% to 1.6% (2019: 0.2% to 1.6%) per annum was charged.
Amounts due to subsidiaries are non-trade related, interest-free, unsecured and repayable in cash.
Balances with subsidiaries which are repayable on demand have been classified as current, while balances with no
fixed terms of repayment and not expected to be repaid within the next 12 months have been classified as non-
current. The non-current loans due from subsidiaries form part of the Company’s net investments in subsidiaries
where settlements are neither planned nor likely to occur in the foreseeable future.
Details of significant subsidiaries are included in Note 40.
Interest in Subsidiaries with Material NCI
(a)
Determining whether the Group has control over the REITs it manages requires management judgement.
In exercising its judgement, management considers the proportion of its ownership interest and voting
rights, the REIT managers’ decision making authority over the REITs as well as the Group’s overall exposure
to variable returns, both from the REIT managers’ remuneration and their interests in the REITs.
The Group assesses that it controls FCT, FCOT, FHT and FLT (collectively, the “REITs”), although the Group
owns less than half of the ownership interest and voting power of the REITs. The activities are managed
by the Group’s wholly-owned subsidiaries, namely, Frasers Centrepoint Asset Management Ltd. (“FCAM”),
Frasers Commercial Asset Management Ltd. (“FCOAM”), Frasers Hospitality Asset Management Pte. Ltd.
(“FHAM”) and Frasers Logistics & Industrial Asset Management Pte. Ltd. (“FLIAM”), respectively (collectively,
the “REIT Managers”). The REIT Managers have decision-making authority over the REITs, subject to
oversight by the trustees of the respective REITs. The Group’s overall exposure to variable returns, both
from the REIT Managers’ remuneration and the interests in the REITs, is significant and any decisions made
by the REIT Managers affect the Group’s overall exposure.
(b)
On 2 December 2019, FLT and FCOT jointly announced a proposed merger to be effected by a way of
trust scheme of arrangement with FLT acquiring all the FCOT units for consideration of $1,257.3 million,
comprising of $138.4 million in cash and 1,130.2 million new FLT units issued at a price of $0.99. The Merger
was completed on 14 April 2020 and the Group’s stake in FLT increased from 19.2% to 21.8%.
On 29 April 2020, FLT was renamed Frasers Logistics & Commercial Trust (“FLCT”). The activities of FLCT
are managed by the Group’s wholly-owned subsidiary, namely Frasers Logistics & Commercial Asset
Management Pte. Ltd. (“FLCAM”) (formerly known as FLIAM).
(c)
The following subsidiaries of the Group have material NCI:
Name of entity
Principal place of
business
Ownership
interest held by NCI
2019
2020
%
%
FCT
FCOT
FHT
FLCT
Frasers Property (Thailand) Public Company Limited (“FPT”)
Asia Retail Fund ("ARF") (formerly known as
PGIM Real Estate Asia Retail Fund Limited)
Singapore
Singapore
Singapore
Singapore
Thailand
Singapore
63.4
–
74.3
77.7
40.4
23.4
63.6
74.3
75.4
80.8
41.4
38.6
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 8 7
13.
INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES (CONT’D)
Interest in Subsidiaries with Material NCI (cont’d)
(i)
FCT
During the year, the Group received units in FCT in return for management services provided to FCT,
increasing the Group’s interest in FCT from 36.4% to 36.6%.
(ii)
FCOT
Following the Merger, FCOT is now an unlisted sub-trust of FLCT.
(iii)
FHT
During the year, the Group received units in FHT in return for management services provided to FHT,
increasing the Group’s interest in FHT from 24.6% to 25.7%.
(iv)
FLCT
During the year, the Group received units in FLCT in return for management services provided to FLCT.
FLCT also issued additional units arising from the Merger. Arising therefrom, the Group’s interest in
FLCT increased from 19.2% to 22.3%.
(v)
FPT
During the year, the Group made open-market purchases of additional shares of FPT. In addition,
FPT issued new shares pursuant to a rights offer, of which the Group subscribed more than its
proportionate share. Arising therefrom, the Group’s effective interest in FPT increased from 58.6%
to 59.6%.
(vi) ARF
During the year, certain shares of ARF were redeemed. In addition, the Group acquired additional
shares of ARF. Arising therefrom, the Group’s effective interest in ARF increased from 61.4% to 76.6%.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 8 8 / F R A S E R S P R O P E R T Y L I M I T E D
13.
INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES (CONT’D)
Interest in Subsidiaries with Material NCI (cont’d)
The following table summarises the financial information of each of the Group’s subsidiaries with material NCI,
based on their respective consolidated financial statements prepared in accordance with SFRS(I), modified for fair
value adjustments on acquisition and differences in the Group’s accounting policies. The information is before
inter-company eliminations with other entities in the Group.
Other
Subsidiaries
with
Individually
Immaterial
NCI
$'000
Total
$'000
FCT
$'000
FCOT
$'000
FHT
$'000
FLCT
$'000
FPT
$'000
163,271
152,438
146,789
80,799
28,269
15,455
86,234
(75,281)
(54,803)
333,832
219,209
378,270
794,921
169,507
91,307
96,691
20,919
(55,949)
170,435
71,143
24,112
327,351
2020
Revenue
Profit for the year
Total comprehensive income
Attributable to NCI
– Profit for the year2
– Total comprehensive
income
92,622
11,437
(40,730)
294,105
37,198
25,378
420,010
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
37,187
3,834,366
(317,043)
(1,028,022)
2,526,488
Net assets attributable to NCI
1,601,190
Cash flows from/(used in):
– Operating activities
– Investing activities
– Financing activities1
Net increase/(decrease) in cash
78,130
(163,802)
101,152
and cash equivalents
15,480
–
–
–
–
–
–
–
–
–
–
94,747
2,042,332
(67,285)
(918,462)
348,459
6,388,515
(792,582)
(2,233,483)
1,595,028
3,128,091
(714,015)
(1,887,175)
1,151,332
3,710,909
2,121,929
809,160
2,880,793
860,437
60,833
6,212,413
60,322
(9,588)
(45,644)
159,877
(477,565)
369,565
87,813
(76,983)
(93,906)
5,090
51,877
(83,076)
1
Includes dividends paid to NCI
53,835
51,287
35,734
124,392
19,611
2 Net of distributions to perpetual securities holders borne by NCI amounting to $3,316,000 (2019: $3,354,000).
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 8 9
13.
INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES (CONT’D)
Interest in Subsidiaries with Material NCI (cont’d)
Other
Subsidiaries
with
Individually
Immaterial
NCI
$'000
Total
$'000
FCT
$'000
FCOT
$'000
FHT
$'000
FLCT
$'000
FPT
$'000
ARF
$'000
196,386
125,058
149,805
230,502
244,360
57,257
201,093
148,247
51,147
196,088
154,046
(1,537)
200,922
107,483
16,964
81,908
262,536
(1,672)
127,875
110,207
38,549
158,459
63,826
(593)
5,016
503,339
2019
Revenue
Profit for the year
Total comprehensive
income
Attributable to NCI
– Profit for the year2
– Total comprehensive
income
127,577
79,903
12,785
66,191
108,777
(645)
5
394,593
Current assets
16,245
27,319
96,831
151,357 1,593,596
251,991
Non-current assets
3,589,786 2,232,328 2,091,547 3,309,810 3,439,839 3,014,711
Current liabilities
Non-current liabilities
Net assets
Net assets attributable
(364,999)
(774,825)
(454,149)
(967,034)
2,466,207 1,481,493 1,250,378 2,140,426 1,971,106 1,845,519
(977,175)
(250,203)
(895,537) (1,070,538) (2,085,154)
(216,311)
(561,843)
(42,463)
to NCI
1,566,135 1,101,363
888,701 1,725,303
849,641
461,954
54,253 6,647,350
Cash flows from/(used in):
– Operating activities
130,755
67,338
108,093
146,586
(177,651)
31,507
– Investing activities
– Financing activities1
(660,644)
521,128
(32,421)
(44,628)
(12,316)
(87,563)
(278,812)
(999,794)
152,222 1,058,811
51,946
(293,476)
Net (decrease)/increase in
cash and cash
equivalents
(8,761)
(9,711)
8,214
19,996
(118,634)
(210,023)
1
2
Includes dividends paid to NCI
67,030
64,276
65,344
95,108
7,960
6,258
Net of distributions to perpetual securities holders borne by NCI amounting to $3,354,000 (2018: $3,399,000).
14.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES
Investments in joint ventures
Investments in associates
Group
2020
$'000
2019
$'000
1,063,859
1,219,432
2,283,291
940,656
1,075,915
2,016,571
Company
2020
$'000
500
–
500
2019
$'000
500
–
500
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 9 0 / F R A S E R S P R O P E R T Y L I M I T E D
14.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
Balances with joint ventures
Loans to joint ventures:
– Non-current
– Current
Amounts due from joint ventures:
– Current
Loans from joint ventures:
– Non-current
– Current
Amounts due to joint ventures:
– Non-current
– Current
Balances with associates
Loans to associates:
– Non-current
Amounts due from associates:
– Current
Loans from an associate:
– Non-current
Amounts due to associates:
– Current
Group
2020
$'000
2019
$'000
Note
17
17
24
24
17
17
24
24
300,958
135,076
312,053
9,005
22,733
22,342
(34,823)
(22,899)
(34,049)
(22,865)
(32,913)
(87,156)
280,976
–
(84,712)
201,774
25,729
25,134
102
1,483
(312,746)
(475,561)
(5,721)
(292,636)
(635)
(449,579)
Loans to joint ventures bear interest at 0.9% to 4.5% (2019: 2.4% to 4.4%) per annum and are unsecured and
repayable in cash. On 2 October 2019, loan to a joint venture of MYR126,820,000 ($41,724,000) was converted to
redeemable non-cumulative convertible preference shares.
Excluding loans from joint ventures of $48,415,000 (2019: $47,654,000) which are interest-free, loans from joint
ventures bear interest at 0.5% (2019: 0.5%) per annum and are unsecured and repayable in cash.
The non-current loans to and from joint ventures are not expected to be repaid within the next 12 months.
Excluding a non-current amount due from a joint venture of $32,913,000 (2019: Nil) which is not expected to
be repaid within the next 12 months, amounts due from and to joint ventures are interest-free, unsecured and
repayable in cash on demand.
Excluding a loan to an associate of $14,526,000 (2019: $14,667,000) which is interest-free, loans to associates
bear interest at 4.0% to 5.0% (2019: 4.4%) per annum, are unsecured and repayable in cash and have no fixed
repayment terms.
Loans from an associate bear interest at 4.8% (2019: 4.8%) per annum and are unsecured and repayable in cash.
The non-current loans from an associate are repayable by May 2022.
Amounts due from and to associates are interest-free, unsecured and repayable in cash on demand.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 2 9 1
14.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(a)
Acquisition of an Associate
On 6 December 2019, JustCo Holdings Pte. Ltd. (“JCH”) and JustGroup Holdings Pte. Ltd. (“JGH”)
amalgamated, with JCH continuing as the surviving entity (the “Amalgamation”). Pursuant to the
Amalgamation, the Group’s interest in JCH became 17.8% and was equity accounted for as an associate.
The Group engaged an independent firm to perform Purchase Price Allocation (“PPA”) for the acquisition of
JCH. Based on the PPA, part of the consideration paid for the net assets has been identified and allocated
to intangible assets. The excess of the consideration paid over the fair value of identifiable net assets of
US$38,398,000 ($52,429,000) is accounted as goodwill and is included in the carrying amount of the
investment.
On 8 January 2020, the Group, through its wholly-owned subsidiary, Frasers Property Ventures II Pte. Ltd.,
acquired additional 791 ordinary shares and 15,510,474 preference C shares of JCH for an aggregate cash
consideration of US$12,409,000 ($16,943,000) (the “Acquisition”). Subsequent to the Acquisition, new
shares were issued to a new investor. Arising therefrom, the Group’s interest in JCH became 21.1%.
(b)
Dilution of Interest in an Associate
In January 2020, FPT and its wholly-owned subsidiary, Frasers Property Thailand (International) Pte. Ltd.
(“FPTI”), subscribed for 79,862,533 units in Frasers Property Thailand Industrial Freehold & Leasehold REIT
(“FTREIT”) at a consideration of THB1,142,034,000 ($49,336,000), increasing the Group’s deemed interest
in FTREIT to 24.4%.
In February 2020, FPTI disposed of 61,200,000 units in FTREIT for a consideration of THB942,811,000
($40,729,000). Following the above, the Group’s deemed interest in FTREIT decreased to 22.3%. The
excess of the consideration received over the carrying amount disposed of THB90,236,000 ($3,988,000) is
included in net gain/(loss) on acquisitions and disposals of subsidiaries, joint ventures and associates under
“Exceptional Items” in the Group’s Profit Statement (Note 7).
(c)
Dilution of Interest in a Subsidiary to a Joint Venture
On 14 July 2020, the Group, through its wholly-owned subsidiaries, Frasers Property North Gem Trustee
Pte. Ltd. and FCL Amber Pte. Ltd., entered into a unit subscription agreement with an interested person,
Bright Bloom Capital Limited (the “Subscriber”), where the Subscriber subscribed for 1,000,002 new units
in North Gem Trust (“NGT”), representing 50.0% of the enlarged total issued units of NGT, for a consideration
of $1.
FCL Amber holds the remaining 50.0% of the enlarged total issued units of NGT, and with effect from
14 July 2020, NGT is equity accounted for as a joint venture.
Material Joint Ventures and Associates
Except for Supreme Asia Investments Limited and its subsidiary (“SAI group”), FTREIT and Aquamarine Star
Trust (“AST”), the Group’s joint ventures and associates are individually immaterial.
The market value of the Group’s interest in FTREIT as at 30 September 2020 is $388,151,000 (2019:
$491,079,000).
No disclosure of fair value is made for material joint ventures as they are not quoted on any market.
The following table summarises the financial information of the Group’s material joint venture based on its
consolidated financial statements prepared in accordance with SFRS(I), modified for fair value adjustments
on acquisition and differences in the Group’s accounting policies. The table also analyses, in aggregate, the
carrying amount and share of profit and OCI of the remaining individually immaterial joint ventures, based
on the amounts reported in the Group’s consolidated financial statements.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 9 2 / F R A S E R S P R O P E R T Y L I M I T E D
14.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
AST
$'000
Immaterial
Joint Ventures
$'000
Total
$'000
2020
Revenue
Profit after taxation
OCI
Total comprehensive income
Attributable to:
– NCI
– Investee's shareholders
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Attributable to:
– NCI
– Investee's shareholders
68,703
14,592
(30,267)
(15,675)
–
(15,675)
22,506
1,971,185
(11,946)
(1,145,581)
836,164
–
836,164
Group's interest in net assets at beginning of the year
432,691
507,965
940,656
Effects of adopting SFRS(I) 16 (Note 41)
–
4,957
4,957
Group's share of:
– Profit after taxation
– OCI
Total comprehensive income
Currency re-alignment
Additions during the year
Dividends received during the year
Carrying amount of interest at end of the year
7,296
(15,133)
(7,837)
–
378
(7,150)
418,082
47,210
(754)
46,456
(487)
135,203
(48,317)
645,777
54,506
(15,887)
38,619
(487)
135,581
(55,467)
1,063,859
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 2 9 3
14.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
AST
$'000
Immaterial
Joint Ventures
$'000
Total
$'000
2019
Revenue
Profit after taxation
OCI
Total comprehensive income
Attributable to:
– NCI
– Investee's shareholders
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Attributable to:
– NCI
– Investee's shareholders
16,593
(1,445)
(1,940)
(3,385)
–
(3,385)
34,855
1,977,005
(33,608)
(1,112,870)
865,382
–
865,382
Group's interest in net assets at beginning of the year
–
226,424
226,424
Group's share of:
– Profit/(loss) after taxation
– OCI
Total comprehensive income
Currency re-alignment
Additions during the year
Acquisitions of subsidiaries
Return of capital during the year
Dilution of interest in a subsidiary to a joint venture
Dividends received during the year
Goodwill written off
Carrying amount of interest at end of the year
(723)
(970)
(1,693)
–
–
–
–
434,384
–
–
432,691
79,490
(1,758)
77,732
(2,642)
176,016
63,793
(5,281)
–
(27,876)
(201)
507,965
78,767
(2,728)
76,039
(2,642)
176,016
63,793
(5,281)
434,384
(27,876)
(201)
940,656
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 2 9 4 / F R A S E R S P R O P E R T Y L I M I T E D
14.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
The following table summarises the financial information of the Group’s material associates based on their
respective consolidated financial statements prepared in accordance with SFRS(I), modified for fair value
adjustments on acquisition and differences in the Group’s accounting policies. The table also analyses, in aggregate,
the carrying amount and share of profit and OCI of the remaining individually immaterial associates, based on the
amounts reported in the Group’s consolidated financial statements.
SAI group
$'000
FTREIT
$'000
Immaterial
Associates
$'000
Total
$'000
2020
Revenue
Profit after taxation
OCI
Total comprehensive income
Attributable to:
– NCI
– Investee's shareholders
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Attributable to:
– NCI
– Investee's shareholders
283,548
134,727
138,969
–
138,969
52,782
–
52,782
5,079
133,890
–
52,782
334,191
733,299
(690,325)
–
377,165
71,897
1,787,414
(146,594)
(417,813)
1,294,904
14,494
362,671
–
1,294,904
Group's interest in net assets at beginning
of the year
260,493
294,666
520,756
1,075,915
Group's share of:
– Profit after taxation
– OCI
Total comprehensive income
Currency re-alignment
Additions during the year
Disposals during the year
Acquisitions of subsidiaries
Dividends received during the year
Reclassification from other non-current assets
(Note 15)
Carrying amount of interest at end of the year
62,999
–
62,999
9,805
–
–
–
(162,003)
11,781
–
11,781
(12,397)
49,336
(36,831)
–
(18,394)
91,360
–
166,140
–
91,360
(19,797)
89,536
–
404
(8,692)
166,140
(22,389)
138,872
(36,831)
404
(189,089)
–
171,294
–
288,161
86,410
759,977
86,410
1,219,432
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 2 9 5
14.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
GOLD
$'000
ARF
$'000
SAI group
$'000
Immaterial
FTREIT Associates
$'000
$'000
Total
$'000
2019
Revenue
587,660
56,335
664,419
121,162
Profit after taxation
OCI
Total comprehensive income
79,173
–
79,173
119,522
(1,578)
117,944
166,945
–
166,945
80,514
–
80,514
Attributable to:
– NCI
– Investee's shareholders
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Attributable to:
– NCI
– Investee's shareholders
Group's interest in net assets
at beginning of the year
373,532
(341)
79,514
–
117,944
6,177
160,768
–
80,514
–
–
–
–
–
–
–
1,714,511
–
–
247,820
– (1,388,838)
–
–
573,493
–
16,858
1,716,141
(72,859)
(422,333)
1,237,807
–
–
–
21,644
551,849
–
1,237,807
193,226
276,475
126,549
969,782
Group's share of:
– Profit after taxation
– OCI
Total comprehensive income
Currency re-alignment
Additions during the year
Acquisition of subsidiaries
Carrying amount of interest
in an associate acquired
as a subsidiary
Dividends received during
the year
Goodwill written off
Carrying amount of interest
at end of the year
31,726
–
31,726
25,350
–
–
79,619
(1,051)
75,725
–
78,568
–
1,350,295
–
75,725
(8,458)
–
–
18,799
–
18,799
17,526
–
–
2,419
–
208,288
(1,051)
2,419
3,720
229,235
164,770
207,237
38,138
1,579,530
164,770
(412,200)
(1,391,093)
(18,408)
–
(13,323)
(24,447)
–
–
–
–
– (1,803,293)
(18,134)
–
(5,873)
(64)
(55,738)
(24,511)
–
–
260,493
294,666
520,756
1,075,915
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
2 9 6 / F R A S E R S P R O P E R T Y L I M I T E D
15. OTHER NON-CURRENT/CURRENT ASSETS
Other non-current assets
Equity investments at FVOCI
Prepayments
Other current assets
Other prepayments
Inventory
Contract costs
Group
2020
$'000
2019
$'000
62,066
4,715
66,781
90,688
7,225
97,913
51,775
4,553
17,905
74,233
141,014
54,989
4,771
15,408
75,168
173,081
Company
2020
$'000
34,833
–
34,833
9
–
–
9
34,842
2019
$'000
2,148
–
2,148
204
–
–
204
2,352
(a)
Equity investments designated as at FVOCI
The Group designates the investments shown below as equity investments at FVOCI because these equity
investments represent investments that the Group intends to hold for long-term strategic purpose.
The following table shows the movements of FVOCI under Level 3 fair value measurements:
At 1 October
Transfer into Level 3 under initial
application of SFRS(I) 9
Currency re-alignment
Additions
Change in fair value recognised in OCI
Reclassification to Level 2 fair value
hierarchy
Reclassification to investments in
associates (Note 14)
At 30 September
2020
$'000
90,688
–
(1,581)
30,656
28,713
Group
2019
$'000
Company
2020
$'000
2019
$'000
–
2,148
–
8,475
59
82,154
–
–
–
–
32,685
2,148
–
–
–
(34,833)
–
(34,833)
–
(86,410)
27,233
–
90,688
–
–
–
2,148
Following the Amalgamation of JCH and JGH, the Group has equity accounted for JCH’s results as an
associate with effect from 6 December 2019 (Note 14).
As at 30 September 2020, the Group and Company’s equity investments measured at FVOCI with a carrying
amount of $34,833,000 were transferred from Level 3 to Level 2 due to the listing of the associate of the
investee company.
(b)
Contract Costs
Contract costs relate to commission fees paid to property agents for securing sale contracts for the Group’s
development properties. During the year, $3,611,000 (2019: $12,695,000) of commission fees paid were
capitalised as contract costs.
Capitalised commission fees are amortised when the related revenue is recognised. During the year,
$1,651,000 (2019: $13,522,000) was amortised. There was no impairment loss in relation to such costs
capitalised.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 9 7
16.
INTANGIBLE ASSETS
Goodwill
$'000
Brands
$'000
Favourable
Leases
$'000
Management
Contracts
$'000
Software
and
Others
$'000
Total
$'000
601,289
(29,532)
–
(5,736)
73
–
134,285
(6,221)
–
–
–
–
566,094
24,043
–
–
(48,914)
541,223
128,064
–
–
–
(128,064)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
38,392
(1,697)
–
–
–
–
36,695
–
–
–
(36,695)
–
2,830
(69)
839
–
–
3,600
–
–
–
(3,600)
–
51,290
(2,376)
–
102,758
(5,474)
30,780
–
(785)
33,880
48,914
(48,914)
–
128,064
(128,064)
–
33,095
(33,095)
–
68,069
4,516
–
–
–
–
72,585
(2,903)
–
–
–
69,682
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
24,099
(26)
6,431
–
4,140
(175)
866,134
(32,960)
6,431
(5,736)
4,213
(175)
34,469
(81)
6,368
(78)
(5,018)
35,660
837,907
21,059
6,368
(78)
(218,691)
646,565
8,678
(414)
2,834
1,930
(35)
12,993
(82)
5,117
(24)
(5,018)
12,986
11,508
(483)
3,673
1,930
(35)
16,593
(82)
5,117
(24)
(8,618)
12,986
–
–
–
–
–
–
154,048
(8,635)
64,660
210,073
(210,073)
–
541,223
517,180
–
–
–
–
69,682
72,585
22,674
21,476
633,579
611,241
Group
Cost
At 1 October 2018
Currency re-alignment
Additions
Finalisation of PPA
Acquisitions of subsidiaries
Disposals of subsidiaries
At 30 September 2019 and
1 October 2019
Currency re-alignment
Additions
Disposals of subsidiaries
Write-offs
At 30 September 2020
Accumulated Amortisation
At 1 October 2018
Currency re-alignment
Amortisation (Note 4(c))
Acquisitions of subsidiaries
Disposals of subsidiaries
At 30 September 2019 and
1 October 2019
Currency re-alignment
Amortisation (Note 4(c))
Disposals of subsidiaries
Write-offs
At 30 September 2020
Accumulated Impairment
At 1 October 2018
Currency re-alignment
Impairment loss (Note 7)
At 30 September 2019 and
1 October 2019
Write-offs
At 30 September 2020
Net Book Value
At 30 September 2020
At 30 September 2019
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 2 9 8 / F R A S E R S P R O P E R T Y L I M I T E D
16.
INTANGIBLE ASSETS (CONT’D)
(a)
Goodwill
The Group’s goodwill is denominated in the respective functional currencies of the acquired subsidiaries
and is subject to currency fluctuations.
The carrying value was assessed for impairment based on CGUs during the financial year. The comparative
operating segment information have been restated to take into the account organisation changes as
disclosed in Note 10.
Carrying value of capitalised goodwill in the following
operating segments:
– Australia
– Industrial
– Singapore
(i)
Australia
2020
$'000
2019
$'000
309,403
231,820
–
541,223
294,469
160,110
62,601
517,180
The Group recorded the goodwill upon the acquisition of Frasers Property AHL Limited (“FPA”). For
the purposes of impairment assessment, the carrying amount of goodwill is allocated to the total
assets of the residential division.
The recoverable amount of the CGU of FPA is estimated based on value-in-use calculations using a
projection of earnings before interest and taxation and changes in capital requirements over a five-
year period. The pre-tax discount applied to the projections is 10.6% (2019: 9.4%) and the terminal
growth rate used beyond the five-year period is 2.0% (2019: 2.0%). Management believes the
assumptions applied are appropriate and sustainable considering current and anticipated business
conditions.
The recoverable amount yields sufficient head room at the reporting date which indicates no
impairment required.
As at 30 September 2020, the carrying value of goodwill is A$316,396,000 ($309,403,000) (2019:
A$316,396,000 ($294,469,000)).
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 2 9 9
16.
INTANGIBLE ASSETS (CONT’D)
(a)
Goodwill (cont’d)
(ii)
Industrial
(a)
As at 30 September 2019, the goodwill arising from the Group’s acquisition of FCOT and
FCOAM was reported under the Singapore operating segment. Following the Merger of FLT
and FCOT on 14 April 2020 (Notes 10 and 13), the goodwill has been allocated to FLCAM
which holds the management contracts for FCOT, and is now reported under the Industrial
operating segment.
The recoverable amount has been determined based on value-in-use calculations using
a projection of the net management fee income covering a 10-year period. The pre-tax
discount rate applied to the projections is 12.0% (2019: 11.9%) and the forecast growth rate
used beyond the 10-year period is 2.0% (2019: 2.0%). Based on the recoverable amount, no
impairment is necessary.
As at 30 September 2020, the carrying value of goodwill is $62,601,000 (2019: $62,601,000).
(b)
The Group recorded the goodwill upon the acquisition of Geneba Properties N.V. (the “Geneba
Acquisition”) and Alpha Industrial GmbH & Co. KG. and Alpha Industrial Management GmbH
(the “Alpha Acquisition”).
The goodwill arising from the Geneba and Alpha Acquisitions are aggregated as a single CGU
as the CGU is managed by the same asset management team. The recoverable amount is
estimated based on value-in-use calculations using a projection of the net management fee
income over a 10-year period. The pre-tax discount rate applied to the projections is 4.0%
(2019: 4.5%) and the terminal growth rate used beyond the 10-year period is 6.0% (2019:
6.6%). Based on the recoverable amount, no impairment is necessary.
As at 30 September 2020, the carrying value of goodwill is EUR65,978,000 ($105,655,000)
(2019: EUR65,978,000 ($99,614,000)).
(c)
The Group recorded the goodwill upon the acquisition of FPA. For the purposes of impairment
assessment, the carrying amount of goodwill is allocated to the total assets of the commercial
and industrial division.
The recoverable amount of the CGU of FPA is estimated based on value-in-use calculations
using a projection of earnings before interest and taxation and changes in capital requirements
over a five-year period. The pre-tax discount applied to the projections is 10.6% (2019:
9.4%) and the terminal growth rate used beyond the five-year period is 2.0% (2019: 2.0%).
Management believes the assumptions applied are appropriate and sustainable considering
current and anticipated business conditions.
The recoverable amount yields sufficient head room at the reporting date which indicates no
impairment required.
As at 30 September 2020, the carrying value of goodwill is A$65,000,000 ($63,564,000)
(2019: A$65,000,000 ($60,496,000)).
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 0 0 / F R A S E R S P R O P E R T Y L I M I T E D
16.
INTANGIBLE ASSETS (CONT’D)
(b)
Brands
Brands relate to the “Malmaison” and “Hotel du Vin” brand names that the Group acquired. As the brands
are determined to have indefinite useful lives, no amortisation has been charged for the year.
As at 30 September 2019, the brands are fully impaired.
(c)
Favourable Leases
Favourable leases relate to certain Malmaison hotels.
As at 30 September 2019, the favourable leases are fully impaired.
(d) Management Contracts
These relate to management contracts held by certain acquired subsidiaries prior to the acquisitions of the
subsidiaries by the Group.
Management contracts of THB1,613,000,000 ($69,682,000) (2019: THB1,613,000,000 ($72,585,000)) are
assessed to have indefinite useful lives and not amortised. Management is of the view that these contracts
have indefinite useful lives as contracts are automatically renewed every five years and are expected to
continue into perpetuity.
The recoverable amount of the management contracts has been determined based on value-in-use
calculations using a projection of the net management fee income covering a five-year period. Cash flows
beyond this period are extrapolated using the estimated terminal growth rate of 3.0% (2019: 3.0%). The
pre-tax discount rate applied to the projections is 11.0% (2019: 8.4%). Based on the recoverable amount,
no impairment is necessary.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 0 1
17.
TRADE AND OTHER RECEIVABLES
Other receivables (non-current)
Amounts due from subsidiaries
Loans to joint ventures
Loans to associates
Loan to a non-controlling interest
Receivables from joint development
agreements
Finance lease receivables
– External parties
– Associates
Tax recoverable
Sundry debtors
Trade receivables (current)
Trade receivables
Other receivables (current)
Tax recoverable
Accrued interest income
Staff loans and advances
Other deposits
Finance lease receivables
– External parties
– Associates
Receivables from joint development
agreements
Receivable from divestment of an
investment property
Recoverable development costs
Amounts due from subsidiaries
Amounts due from related companies
Amounts due from associates
Amounts due from joint ventures
Loans to joint ventures
Sundry debtors
Total trade and other receivables
(current)
Total trade and other receivables
(current and non-current)
Note
13
14
14
13
14
14
14
Group
Company
2020
$'000
2019
$'000
2020
$'000
2019
$'000
–
300,958
25,729
42,867
–
312,053
25,134
33,220
4,148,259
–
–
–
3,783,039
–
–
–
114,837
57,784
–
–
15,205
30,866
8,737
22,645
561,844
11,976
–
34,350
15,953
490,470
–
–
–
–
4,148,259
–
–
–
–
3,783,039
102,889
87,139
–
–
46,509
14,626
2,575
62,644
878
1,161
116,356
8,302
1,511
43,924
763
–
47,276
90,605
–
1,475
–
223
102
22,733
135,076
110,471
445,749
39,800
11,957
–
6,950
1,483
22,342
9,005
88,679
441,677
2,845
–
–
–
–
–
–
–
–
269,652
–
–
–
–
273
272,770
1,050
–
–
–
–
–
–
–
–
282,057
881
–
–
–
1
283,989
548,638
528,816
272,770
283,989
1,110,482
1,019,286
4,421,029
4,067,028
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 0 2 / F R A S E R S P R O P E R T Y L I M I T E D
17.
TRADE AND OTHER RECEIVABLES (CONT’D)
(a)
Trade Receivables
Trade receivables comprise mainly rental receivables, are non-interest bearing and are recognised at their
original invoiced amounts which represent their fair values on initial recognition.
(b)
Finance Lease Receivables
Under SFRS(I) 1-17, the finance lease receivables relate to equipment leased out by the Group to non-related
parties. On transition to SFRS(I) 16, finance lease receivables mainly relate to subleases to associates which
are classified as finance leases on adoption of SFRS(I) 16.
(c)
Receivables from Joint Development Agreements
The timing of expected receipts of cash flows associated with current and non-current receivables from
joint development agreements are based on cash flow forecasts carried out in conjunction with detailed
reviews of the project feasibility studies.
(d)
Amounts due from Related Companies
Amounts due from related companies are non-trade related, interest-free, unsecured and repayable in cash
on demand.
(e)
Loan to a Non-Controlling Interest
The loan to a non-controlling interest is non-trade related, bears interest at a fixed rate of 6.0% (2019:
6.0%) per annum and is unsecured. The non-current loan to a non-controlling interest is not expected to be
repaid within the next 12 months.
(f)
Trade Receivables that are Impaired
The Group’s trade receivables that are impaired at the reporting date and the movements of the allowance
account used to record the impairment are as follows:
Trade receivables – nominal amounts
Allowance for impairment
Lifetime ECL
Group
2020
$'000
31,988
(9,491)
22,497
2019
$'000
23,347
(3,202)
20,145
Individually Impaired
2019
$'000
2020
$'000
4,989
(4,989)
–
4,189
(4,189)
–
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 0 3
Lifetime
ECL
$'000
Individually
Impaired
$'000
2,507
(235)
1,020
(224)
–
134
3,202
94
6,673
(458)
(18)
(2)
9,491
3,733
19
2,693
(2,085)
(171)
–
4,189
60
3,917
(2,898)
(279)
–
4,989
17.
TRADE AND OTHER RECEIVABLES (CONT’D)
(f)
Trade Receivables that are Impaired (cont’d)
At 1 October 2018
Currency re-alignment
Allowance for the year (Note 4(a))
Write-back of allowance (Note 4(a))
Bad debt written off
Acquisitions of subsidiaries
At 30 September 2019 and 1 October 2019
Currency re-alignment
Allowance for the year (Note 4(a))
Write-back of allowance (Note 4(a))
Bad debt written off
Disposal of a subsidiary
At 30 September 2020
Trade and other receivables that are individually determined to be impaired at the reporting date relate to
debtors that are in significant financial difficulties and have defaulted on payments. These receivables are
not secured by any collateral or credit enhancements.
Based on the Group’s historical experience in the collection of receivables, management believes that no
additional credit risk beyond that provided for is inherent in the Group’s trade and other receivables.
The Group and the Company’s exposure to credit on trade and other receivables are disclosed in Note 34(a).
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 0 4 / F R A S E R S P R O P E R T Y L I M I T E D
18.
DEFERRED TAX ASSETS AND LIABILITIES
(a)
The deferred tax assets and liabilities prior to offsetting of balances within the same jurisdiction are as
follows:
Deferred tax assets
Fair value adjustments
Provisions and accruals
Employee benefits
Unabsorbed losses and capital
allowances
Others
Gross deferred tax assets
Deferred tax liabilities
Fair value adjustments
Provisions and accruals
Differences in depreciation
Others
Gross deferred tax liabilities
Balance Sheet
2020
$'000
2019
$'000
Group
Credited/(charged) to
Profit Statement
2020
$'000
2019
$'000
11,690
135,199
14,903
55,724
14,938
232,454
11,891
119,440
14,722
47,037
7,350
200,440
(532,464)
(92,719)
(155,223)
(45,264)
(825,670)
(445,537)
(89,025)
(112,783)
(85,026)
(732,371)
483
7,435
(311)
19,707
3,647
30,961
(77,344)
4,688
(15,124)
(1,243)
(89,023)
(2,158)
24,314
14
(13,869)
(4,087)
4,214
(54,304)
52,440
(20,652)
(3,853)
(26,369)
(b)
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when the deferred taxes relate to the same tax jurisdiction. The
amounts, determined after appropriate offsetting, are shown on the balance sheet.
Deferred tax assets
Deferred tax liabilities
Group
2020
$'000
2019
$'000
123,543
(716,759)
(593,216)
62,864
(594,795)
(531,931)
(c)
As at 30 September 2020, certain subsidiaries have unutilised tax losses of approximately $291,284,000
(2019: $229,337,000) and unabsorbed capital allowances of $52,709,000 (2019: $56,939,000) available
for set off against future taxable profits. Deferred tax assets of $73,219,000 (2019: $60,537,000) in respect
of these losses and capital allowances have not been recognised due to uncertainty of their recoverability.
The utilisation of tax losses and capital allowances is subject to the agreement of the respective tax
authorities and compliance with certain provisions of the tax legislations of the respective jurisdictions
in which the Group operates. Tax losses amounting to $63,385,000 (2019: $39,041,000) can be carried
forward up to a certain prescribed period, while the remaining tax losses have no expiry dates.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 0 5
Group
2020
$'000
2019
$'000
1,069,187
(99,000)
970,187
1,051,939
(39,000)
1,012,939
4,533,309
(107,375)
4,425,934
3,486,738
(122,096)
3,364,642
561,041
(70,959)
490,082
5,886,203
650,652
(59,806)
590,846
4,968,427
Group
2020
$'000
2019
$'000
(161,096)
(5,364)
(61,543)
12,834
916
7,878
(206,375)
(59,806)
(2,716)
(1,216)
9
648
(7,878)
(70,959)
(86,167)
6,182
(93,516)
12,405
–
–
(161,096)
(64,957)
2,900
(436)
2,687
–
–
(59,806)
19.
PROPERTIES HELD FOR SALE
Development properties held for sale
Properties under development, for which revenue
is to be recognised over time
Allowance for foreseeable losses
Properties under development, for which revenue
is to be recognised at a point in time
Allowance for foreseeable losses
Completed properties held for sale
Completed units, at cost
Allowance for foreseeable losses
Total properties held for sale
(a) Movements in allowance for foreseeable losses are as follows:
Development properties held for sale
At 1 October
Currency re-alignment
Charge for the year
Utilised during the year
Write-back during the year
Transferred to completed properties held for sale
At 30 September
Completed properties held for sale
At 1 October
Currency re-alignment
Charge for the year
Utilised during the year
Write-back during the year
Transferred from development properties held for sale
At 30 September
(b)
The Group adopts the percentage of completion method of revenue recognition for residential projects
under progressive payment scheme in Singapore. The stage of completion is measured in accordance with
the accounting policy stated in Note 2.19. Significant assumptions are required in determining the total
estimated development costs. In making the assumptions, the Group evaluates them by relying on past
experience and the work of specialists.
The Group makes allowance for foreseeable losses by applying its experience in estimating the net realisable
values of completed units and properties under development. References were made to comparable
properties, timing of sale launches, location of property, management’s expected net selling prices and
estimated development expenditure. Market conditions may, however, change which may affect the future
selling prices of the remaining unsold units of the development properties and accordingly, the carrying
value of development properties held for sale may have to be written down in future periods.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 0 6 / F R A S E R S P R O P E R T Y L I M I T E D
19.
PROPERTIES HELD FOR SALE (CONT’D)
(c)
During the year, net interest expense of $39,519,000 (2019: $46,129,000) arising from borrowings obtained
specifically for the projects was capitalised as cost of development properties held for sale.
Included in development properties held for sale are capitalised staff costs amounting to $2,764,000
(2019: $212,000).
(d)
(e)
Included in development properties held for sale are projects of approximately $273,395,000 (2019:
$326,587,000) which are expected to be completed within the next 12 months.
Certain subsidiaries have granted fixed and floating charges over their properties held for sale totalling
$1,275,263,000 (2019: $1,063,064,000) to financial institutions as securities for credit facilities.
20.
CONTRACT ASSETS/LIABILITIES
Contract assets
Contract liabilities
Group
2020
$'000
2019
$'000
153,549
75,760
199,420
328,867
Contract assets relate primarily to the Group’s right to consideration for work completed but not billed at the
reporting date in respect of its property development business and project management contracts, including
sales proceeds and progress billing receivables.
Sales proceeds receivables relate to the balance of sales proceeds from completed properties held for sale which
will be received upon issue of notice of vacant possession, certificate of statutory completion, expiry of defect
liability period and/or title subdivision. Progress billing receivables relate to the outstanding balance of progress
billings which are due after the purchasers receive the notices to make payments. Contract assets are transferred
to trade receivables when the rights become unconditional. This usually occurs when the Group invoices the
customers.
Contract liabilities relate primarily to progress billings issued in excess of the Group’s rights to the consideration.
Contract liabilities are recognised as revenue when the Group fulfils its performance obligation under the contract
with the customer.
Significant changes in the contract assets and the contract liabilities balances during the year are as follows:
Contract assets reclassified to trade receivables
Changes in measurement of progress
Revenue recognised that was
included in the contract liability
balance at the beginning of the year
Increases due to cash received,
excluding amounts recognised
as revenue during the year
Group
Contract Assets
2020
$'000
2019
$'000
Contract Liabilities
2019
2020
$'000
$'000
(44,848)
2,511
(292,148)
117,096
–
–
–
–
–
–
–
–
(298,809)
(86,441)
45,702
182,434
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 0 7
21.
DERIVATIVE FINANCIAL INSTRUMENTS
Assets
Cross currency swaps/cross currency
interest rate swaps
Interest rate swaps
Foreign currency forward contracts
Comprise:
– Current
– Non-current
Liabilities
Cross currency swaps/cross currency
interest rate swaps
Interest rate swaps
Foreign currency forward contracts
Comprise:
– Current
– Non-current
Group
2020
$'000
2019
$'000
Company
2020
$'000
2019
$'000
92,597
85,800
330
178,727
106,141
453
6,598
113,192
3,252
175,475
178,727
30,561
82,631
113,192
95,148
269,679
5,888
370,715
28,623
113,974
900
143,497
26,453
344,262
370,715
6,480
137,017
143,497
9,930
12,638
–
22,568
–
22,568
22,568
9,930
12,638
–
22,568
–
22,568
22,568
13,186
129
–
13,315
13,186
129
13,315
2,307
5,717
225
8,249
2,278
5,971
8,249
(a)
Cross Currency Swaps/Cross Currency Interest Rate Swaps
The Group enters into cross currency swaps and cross currency interest rate swaps to hedge its exposure
to interest rate risks associated with movements in interest rates which impact the borrowing costs of the
Group and also to hedge exposure to exchange rate risks on foreign currency borrowings, cash and cash
equivalents and investments.
The Group and the Company have cross currency swap and cross currency interest rate swap arrangements
in place for the following amounts:
Notional amounts
Within one year
Between one to three years
After three years
Group
2020
$'000
2019
$'000
Company
2020
$'000
2019
$'000
834,324
1,391,102
2,124,203
4,349,629
424,340
1,337,558
1,670,505
3,432,403
–
73,807
342,265
416,072
109,541
–
162,873
272,414
Cross currency swaps at net carrying liability value of $42,413,000 (2019: net asset value of $14,547,000)
are designated as hedging instruments for net investment hedges to hedge foreign exchange risks arising
from the Group’s net investments. There was no ineffectiveness recognised from these hedges.
Cross currency swaps and cross currency interest rate swaps at net carrying asset value of $34,910,000
(2019: $37,458,000) are designated as hedging instruments for cash flow hedges to hedge foreign
exchange risks on foreign currency borrowings and cash and cash equivalents. There was no ineffectiveness
recognised from these hedges.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 0 8 / F R A S E R S P R O P E R T Y L I M I T E D
21.
DERIVATIVE FINANCIAL INSTRUMENTS (CONT’D)
(b)
Interest Rate Swaps
Interest rate swaps are used by the Group to hedge exposure to interest rate risks associated with
movements in interest rates on the borrowings of the Group.
The Group and the Company have interest rate swap arrangements in place for the following amounts:
Notional amounts
Within one year
Between one to three years
After three years
Group
Company
2020
$'000
2019
$'000
2020
$'000
2019
$'000
567,416
5,504,297
2,795,351
8,867,064
1,794,894
2,166,163
3,023,700
6,984,757
–
706,704
–
706,704
439,680
127,500
186,904
754,084
As at 30 September 2020, the fixed interest rates of the outstanding interest rate swap contracts ranged
between 0.1% to 2.6% (2019: 0.3% to 3.0%) per annum.
Interest rate swaps at net carrying liability value of $180,795,000 (2019: $110,947,000) are designated as
hedging instruments for cash flow hedges to hedge interest rate risks arising from variable rate borrowings.
There was no ineffectiveness recognised from these hedges.
(c)
Foreign Currency Forward Contracts
Foreign currency forward contracts are used by the Group to hedge exposure to exchange rate risks on
foreign currency receivables and payables, cash and cash equivalents and borrowings.
The Group and the Company have foreign currency forward contract arrangements in place for the
following amounts:
Group
2020
$'000
2019
$'000
Company
2020
$'000
2019
$'000
Notional amounts
Within one year
411,079
726,302
–
151,763
A foreign currency forward contract at net carrying liability value of Nil (2019: $225,000) is designated as
hedging instrument for net investment hedge to hedge foreign exchange risk arising from the Group’s net
investment. There was no ineffectiveness recognised from this hedge.
Foreign currency forward contracts at net carrying liability value of $3,751,000 (2019: Nil) are designated
as hedging instruments for cash flow hedges to hedge foreign exchange risks on foreign currency cash and
cash equivalents. There was no ineffectiveness recognised from these hedges.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 0 9
22.
BANK DEPOSITS AND CASH AND CASH EQUIVALENTS
Bank deposits
Structured deposits
Deposits pledged with banks
Cash and cash equivalents
Fixed deposits
Cash in banks and in hand
Amounts held under "Project Account
Rules – 1997 Ed"
– Fixed deposits
– Cash in banks
Group
2020
$'000
2019
$'000
Company
2020
$'000
2019
$'000
233,160
3,726
236,886
462,613
4,410
467,023
–
–
–
–
–
–
833,335
2,244,388
903,202
2,167,150
–
8,566
–
11,454
–
7,387
7,387
34,492
8,112
42,604
–
–
–
–
–
–
Total cash and cash equivalents
3,085,110
3,112,956
8,566
11,454
Total bank deposits and cash and
cash equivalents
(a)
Bank deposits comprise the following:
3,321,996
3,579,979
8,566
11,454
(i)
Chinese Renminbi (“RMB”) structured deposits:
Group
30 September 2020
Principal protected deposits(1)
Linked to Euro Dollars ("EUR")/US$
– within one year
Linked to A$/US$
– within one year
Linked to British Pound ("GBP")/US$
– within one year
Linked to US$/Japanese Yen ("JPY")
– within one year
Total structured deposits
30 September 2019
Principal protected deposits(1)
Linked to US$ LIBOR
– within one year
Linked to A$/US$
– within one year
Total structured deposits
(1)
Principal protected at maturity
$'000
RMB'000
72,360
360,000
100,500
500,000
20,100
100,000
40,200
233,160
200,000
1,160,000
365,913
1,892,000
96,700
462,613
500,000
2,392,000
As at 30 September 2020, the interest rates of the RMB structured deposits ranged between 3.3%
to 3.5% (2019: 3.5% to 3.8%) per annum.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 1 0 / F R A S E R S P R O P E R T Y L I M I T E D
22.
BANK DEPOSITS AND CASH AND CASH EQUIVALENTS (CONT’D)
(a)
Bank deposits comprise the following (cont’d):
(ii)
Deposits pledged with banks in relation to bankers’ guarantees issued for development contracts
and rent and utilities guarantees.
As at 30 September 2020, the interest rates of the deposits pledged with banks ranged between
1.6% to 3.0% (2019: 1.0% to 3.4%) per annum.
(b)
(c)
(d)
Cash in banks earns interest at floating rates based on daily bank deposit rates. The tenure of short-term
deposits vary between one day and three months depending on the immediate cash requirements of the
Group, and the deposits earn interest at the respective short-term deposit rates.
The withdrawals from amounts held under “Project Account Rules – 1997 Ed” are restricted to payments
for development expenditure incurred on properties developed for sale.
For the purpose of the Consolidated Cash Flow Statement, cash and cash equivalents comprise the
following at the reporting date:
Fixed deposits and cash in banks and in hand
Bank overdrafts
Cash and cash equivalents in the Consolidated
Cash Flow Statement
23.
ASSETS/LIABILITIES HELD FOR SALE
Investment properties
Trade and other receivables
Assets held for sale
Trade and other payables
Rental deposits
Liabilities held for sale
Note
26
Group
2020
$'000
2019
$'000
3,085,110
(1,292)
3,112,956
(8,851)
3,083,818
3,104,105
2020
$'000
544,095
–
544,095
–
–
–
2019
$'000
99,928
184
100,112
432
1,512
1,944
(a)
(b)
In May 2019, independent property agencies were appointed to conduct a marketing exercise for the
divestment of 44 Cambridge Street, Rocklea, Queensland (“Cambridge Street”). Pursuant to the planned
divestment of Cambridge Street, the property was reclassified to assets held for sale as at 30 September
2019. The property was stated at fair value based on independent professional valuation. The divestment
was not completed during the financial year, but plans to divest the property remain unchanged.
On 3 August 2020, FLT Queensland No. 8 Pty Ltd, trustee for the Sandstone Place Trust A, a wholly-owned
sub-trust of FLCT, entered into a contract of sale to divest the remaining 50% interest in a property at 99
Sandstone Place, Parkinson, Queensland. Accordingly, the property was reclassified to assets held for sale
as at 30 September 2020. The sale was completed on 23 November 2020.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 1 1
23.
ASSETS/LIABILITIES HELD FOR SALE (CONT’D)
(c)
(d)
On 21 September 2020, Excellent Esteem Limited, a wholly-owned subsidiary of the Group, entered into
a letter of intent for the divestment of Fraser Suites Beijing. The property was stated at fair value based on
independent professional valuation. Accordingly, the property was reclassified to assets held for sale as at
30 September 2020.
On 10 September 2020, FPT entered into a sale and purchase agreement with its associate, FTREIT, for
the divestment of six warehouses located in Frasers Property Logistic Park (Sriracha). The properties were
stated at fair value based on independent professional valuation. Pursuant to the planned divestment, the
properties were reclassified to assets held for sale as at 30 September 2020. The divestment was completed
on 1 October 2020.
24.
TRADE AND OTHER PAYABLES
Group
2020
$'000
2019
$'000
Company
2020
$'000
2019
$'000
Note
Trade payables
508,379
654,752
Other payables (current)
Amounts due to non-controlling interests
Interest payable
Accrued operating expenses and
sundry creditors
Land vendor liabilities
Deferred income
Rental deposits
Deposits
Amounts due to subsidiaries
Amounts due to related companies
Amounts due to associates
Loans from joint ventures
Amounts due to joint ventures
13
14
14
14
–
67,657
493,933
713
41,055
59,408
12,615
–
490
5,721
22,899
87,156
791,647
633
71,518
463,315
70,092
29,229
63,747
18,512
–
1,167
635
22,865
84,712
826,425
1
–
–
21,167
–
–
–
–
204,962
–
–
–
–
226,129
2
–
–
21,805
–
–
–
–
227,199
–
–
–
–
249,004
Total trade and other payables (current)
1,300,026
1,481,177
226,130
249,006
Other payables (non-current)
Sundry creditors
Land vendor liabilities
Deferred income
Rental deposits
Amounts due to subsidiaries
Amounts due to non-controlling interests
Amounts due to joint ventures
Loans from joint ventures
Loans from an associate
13
14
14
14
26,633
56,147
1,471
112,678
–
47,587
32,913
34,823
312,746
624,998
33,465
53,437
327,311
150,916
–
24,315
–
34,049
475,561
1,099,054
–
–
–
–
320,759
–
–
–
–
320,759
–
–
–
–
138
–
–
–
–
138
Total trade and other payables
(current and non-current)
1,925,024
2,580,231
546,889
249,144
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 1 2 / F R A S E R S P R O P E R T Y L I M I T E D
24.
TRADE AND OTHER PAYABLES (CONT’D)
(a)
Trade Payables
Trade payables are non-interest bearing and are generally settled on 30 to 60 days term.
(b)
Amounts due to Non-Controlling Interests
Current amounts due to non-controlling interests are interest-free, non-trade in nature, unsecured and
repayable in cash on demand.
Included in non-current amounts due to non-controlling interests are:
(i)
(ii)
A non-trade and unsecured loan of $23,983,000 (2019: $24,315,000) which bears interest at 6.5%
(2019: 6.5%) per annum and is not expected to be repaid within the next 12 months.
A non-trade and unsecured loan of $23,604,000 (2019: Nil) which bears interest at 1.9% (2019: Nil)
per annum and is repayable in cash by December 2025.
(c)
Amounts due to Related Companies
Amounts due to related companies are interest-free, non-trade related, unsecured and repayable in cash
on demand.
(d)
Land Vendor Liabilities
When a subsidiary enters into unconditional contracts with land vendors to purchase properties for future
development that contain deferred payment terms, these liabilities are disclosed at their present value.
Excluding amounts owing to land vendors of $713,000 (2019: $3,291,000) that are secured over the
properties until the balances of the purchase monies have been paid or settlements of the acquisition have
occurred, land vendor liabilities are unsecured.
(e)
Deferred income
Included in deferred income are deferred income on land and building leases of Nil (2019: $340,353,000).
When a subsidiary enters into lease agreements for land and building that contain upfront payment terms,
a deferred income is recognised and amortised over the lease period. As at 30 September 2019, included in
the deferred income on land and building leases are leases that will expire in October 2040. On adoption of
SFRS(I) 16, deferred income on land and building leases have been derecognised.
25.
LEASE LIABILITIES
Repayable within one year
Repayable after one year
2020
$'000
20,803
823,814
844,617
Group
2019
$'000
–
–
–
Included in lease liabilities are balances relating to contracts with associates, joint ventures and related parties
amounting to $5,096,000 (2019: Nil), $18,020,000 (2019: Nil) and $1,330,000 (2019: Nil), respectively.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 1 3
Weighted Average
Effective
Interest Rate
2020
%
2019
%
Group
2020
$'000
2019
$'000
1.6
3.0
2.7
2.1
–
2.1
–
2.1
3.5
3.1
3.5
2.3
4.9
1.9
2.6
3.5
2.2
–
3.0
2.6
2.5
3.5
3.1
3.5
2.7
4.9
2,760,030
432,350
447,538
21,541
1,292
2,016,687
259,938
310,150
246,393
8,851
463,642
–
4,126,393
537,610
110,943
3,490,572
7,740,433
1,538,012
1,823,587
529,943
5,817,539
1,930,911
1,893,219
528,912
3,398,007
31,259
15,061,241
3,703,642
31,104
13,905,327
19,187,634
17,395,899
26.
LOANS AND BORROWINGS
Repayable within one year:
Unsecured
Bank loans
Medium Term Notes
Debentures
Bills of exchange
Bank overdrafts
Secured
Bank loans
Other bond
Repayable after one year:
Unsecured
Bank loans
Medium Term Notes
Debentures
Other bonds
Secured
Bank loans
Other bonds
Total loans and borrowings
(a)
The secured bank loans and other bonds are secured by certain subsidiaries by way of fixed and floating
charges over certain assets and/or freehold and leasehold land and properties as disclosed in Notes 11, 12
and 19.
(b) Maturity of non-current loans and borrowings is as follows:
Between 1 and 2 years
Between 3 and 5 years
After 5 years
Group
2020
$'000
2019
$'000
4,103,865
9,621,669
1,335,707
15,061,241
2,418,283
9,479,705
2,007,339
13,905,327
(c)
As at 30 September 2020, the Group and the Company had interest rate swaps in place, which have the
economic effect of converting borrowings from variable rates to fixed rates. The fair values and the terms
of these interest rate swaps are disclosed in Notes 21 and 35.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 3 1 4 / F R A S E R S P R O P E R T Y L I M I T E D
26.
LOANS AND BORROWINGS (CONT’D)
(d)
Notes and debentures
The Group’s notes and debentures are mainly issued by FP Treasury, FCT, FLCT, FHT, Frasers Property
Holdings (Thailand) Co., Ltd. (“FPHT”) and FPT under their respective issuance programs. These notes and
debentures are denominated mainly in Singapore Dollars, United States Dollars and Thai Baht. The notes
and debentures issued are unsecured.
(e)
Bills of exchange
Bills of exchange of $21,541,000 (THB0.5 billion) (2019: $246,393,000 (THB5.5 billion)) are issued by
FPT. The bills of exchange mature within the next one year, are unsecured and are unconditionally and
irrevocably guaranteed by FPT.
(f)
Other bonds
The Group’s other bonds are mainly issued by FP Treasury and FHT. These bonds are denominated mainly
in Singapore Dollars, Japanese Yen and Malaysian Ringgit. Except for the secured bond below, the bonds
issued are unsecured.
As at 30 September 2020, the secured bond amounting to $31,259,000 (2019: $142,047,000) is secured by
The Westin Kuala Lumpur, Malaysia.
(g)
Reconciliation of movements of liabilities to cash flows arising from financing activities is as follows:
Loans and
borrowings
(Note 26)
$'000
Interest
payable
(Note 24)
$'000
Lease
liabilities
(Note 25)
$'000
At 30 September 2019
17,395,899
71,518
–
Recognition of lease liabilities on initial application
of SFRS(I) 16
–
–
742,463
At 1 October 2019, as restated
17,395,899
71,518
742,463
Changes from financing cash flows
Proceeds from bank borrowings
Repayments of bank borrowings
(Repayments of)/proceeds from issue of
bonds/debentures, net of costs
Repayment of lease liabilities
Interest paid
Total changes from financing cash flows
Acquisitions of subsidiaries
Disposals of subsidiaries
Effect of changes in foreign exchange rates
New leases
Interest expense
Disposals
Others
At 30 September 2020
8,576,329
(5,760,209)
(387,423)
–
–
2,428,697
19,007
(780,673)
132,263
–
–
–
(7,559)
19,187,634
–
–
–
–
–
–
(488,257)
(488,257)
–
–
–
–
484,396
–
–
67,657
–
(47,397)
–
(47,397)
–
–
23,061
96,352
30,049
(31)
120
844,617
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 1 5
26.
LOANS AND BORROWINGS (CONT’D)
(g)
Reconciliation of movements of liabilities to cash flows arising from financing activities is as follows
(cont’d):
At 1 October 2018
Changes from financing cash flows
Proceeds from bank borrowings
Repayments of bank borrowings
(Repayments of)/proceeds from issue of
bonds/debentures, net of costs
Interest paid
Total changes from financing cash flows
Acquisitions of subsidiaries
Disposals of subsidiaries
Effect of changes in foreign exchange rates
Interest expense
Others
At 30 September 2019
Loans and
borrowings
(Note 26)
$'000
Interest
payable
(Note 24)
$'000
14,945,700
55,639
6,750,645
(5,961,001)
–
–
852,108
–
1,641,752
–
(425,507)
(425,507)
2,143,664
(1,192,434)
(148,405)
–
5,622
17,395,899
–
–
–
441,386
–
71,518
27.
SHARE CAPITAL
Issued and fully paid:
Ordinary Shares
At 1 October
Issued during the year:
– pursuant to the vesting of shares
awarded under the share plans
At 30 September
Group and Company
2020
2019
No. of Shares
$'000
No. of Shares
$'000
2,919,487,919
1,795,241
2,912,026,619
1,784,732
6,172,975
2,925,660,894
9,710
1,804,951
7,461,300
2,919,487,919
10,509
1,795,241
The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All shares
carry one vote per share without restriction.
The ordinary shares have no par value.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 1 6 / F R A S E R S P R O P E R T Y L I M I T E D
28. OTHER RESERVES
Hedging reserve
Foreign currency translation reserve
Share-based compensation reserve
Dividend reserve
Fair value reserve
Other reserves
(a)
Hedging Reserve
Group
2020
$'000
2019
$'000
(165,109)
(274,287)
32,471
43,885
30,352
69,983
(262,705)
(124,788)
(468,289)
25,787
105,102
–
56,340
(405,848)
Company
2020
$'000
–
–
28,348
43,885
32,685
–
104,918
2019
$'000
–
–
23,275
105,102
–
–
128,377
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of
hedging instruments related to hedged transactions that have not yet occurred.
(b)
Foreign Currency Translation Reserve
The foreign currency translation reserve represents exchange differences arising from the translation of
the financial statements of foreign operations whose functional currencies are different from that of the
Group’s presentation currency. It is also used to record the effect of hedging net investment in foreign
operations and translating foreign currency loans which form part of the Group’s net investment in foreign
operations.
(c)
Share-based Compensation Reserve
The share-based compensation reserve comprises the cumulative value of employee services received for
the issue of the shares under the share plans of the Company and the Group (Note 29).
(d)
Dividend Reserve
Dividend reserve relates to proposed first and final dividend of 1.5 cents (2019 interim and final: 6 cents)
per share (Note 31).
(e)
Fair Value Reserve
The fair value reserve comprises the cumulative net change in the fair value of equity instruments
designated at FVOCI.
(f)
Other Reserves
Included in other reserves are statutory reserves which relate to appropriation of funds from the net profit
of subsidiaries and associates in China, Thailand and Vietnam, respectively, in accordance with the local
laws.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 1 7
29.
EQUITY COMPENSATION PLANS
(a)
FPL Restricted Share Plan (“RSP”)
The RSP is a share-based incentive plan for senior executives and key senior management, which was
approved by shareholders of the Company at an Extraordinary General Meeting held on 25 October 2013.
Information regarding the RSP are as follows:
(i)
(ii)
Depending on the achievement of pre-determined targets over a two-year period, the final number
of RSP awards could range between 0% to 150% of the initial grant of the RSP awards.
50% of the final RSP awards will vest at the end of the two-year performance period. The balance
will vest equally over the subsequent two years with fulfilment of service requirements.
The expense recognised in the Profit Statement for awards granted under the RSP during the financial year
is $17,783,000 (2019: $17,095,000).
The estimated fair value of each RSP award granted during the year ranges from $1.52 to $1.62 (2019: $1.34
to $1.49). The fair value is determined using Monte Carlo Valuation Model, which involves projection of
future outcomes using statistical distributions of key random variables including share price and volatility
of returns. The inputs to the model used are as follows:
Dividend yield (%)
Expected volatility (%)
Risk-free interest rate (%)
Expected life (years)
Share price at date of grant ($)
2020
2019
3.39
17.54
1.43 to 1.46
1.03 to 3.03
1.68
5.08
15.87
1.90 to 1.94
2.04 to 4.04
1.65
Cash-settled awards of shares are measured at their current fair values at the balance sheet date.
(b)
FPL Performance Share Plan (“PSP”)
The PSP is a share-based incentive plan for senior executives and key senior management, which was
approved by shareholders of the Company at an Extraordinary General Meeting held on 25 October 2013.
Information regarding the PSP are as follows:
(i)
Depending on the achievement of pre-determined targets over a three-year period, the final number
of PSP awards could range between 0% to 200% of the initial grant of the PSP awards.
(ii)
100% of the final PSP awards will vest at the end of the three-year performance period.
The expense recognised in the Profit Statement for awards granted under the PSP during the financial year
is $343,000 (2019: $462,000).
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 1 8 / F R A S E R S P R O P E R T Y L I M I T E D
29.
EQUITY COMPENSATION PLANS (CONT’D)
(b)
FPL Performance Share Plan (“PSP”) (cont’d)
The estimated fair value of each PSP award granted during the year is $0.77 (2019: $0.81). The fair value
is determined using Monte Carlo Valuation Model, which involves projection of future outcomes using
statistical distributions of key random variables including share price and volatility of returns. The inputs to
the model used are as follows:
Dividend yield (%)
Expected volatility (%)
Cost of equity (%)
Risk-free interest rate (%)
Expected life (years)
Share price at date of grant ($)
RSP and PSP Awards Granted
2020
3.39
17.54
7.40
1.45
3.03
1.68
2019
5.08
15.87
7.10
1.92
3.04
1.65
The seventh grant of RSP and PSP awards (“Year 7”) was made on 20 December 2019. On 29 September 2020, the
Restricted Unit Plans (“RUP”) for FCOAM were converted to RSP awards. The details of the awards granted under
the RSP and PSP in aggregate as at 30 September 2020 are as follows:
Balance as at
1 October
2019 or
RSP
Grant Date
Conversion of
Achievement
Balance as at
30 September 2020
Awards
Grant Date
if later
FCOAM RUP
Cancelled
Factor
Vested
Total Equity-settled
Cash-settled
Year 3
Year 4
Year 5
Year 6
Year 7
22 December 2015
21 December 2016
22 December 2017
19 December 2018
20 December 2019
FPL Share 29 September 2020
FPL RSP
29 September 2020
2,525,125
5,499,950
7,102,924
11,157,500
12,141,800
–
–
–
–
–
(41,100)
(398,900)
(523,650)
(1,427,500)
(828,700)
–
–
797,152
300,619
–
–
–
–
(2,484,025)
–
(2,695,825)
2,405,225
82,976
(3,537,400)
3,124,850
–
–
–
–
–
–
–
–
9,730,000
11,313,100
797,152
300,619
–
1,708,625
2,023,800
6,272,100
8,031,300
797,152
300,619
–
696,600
1,101,050
3,457,900
3,281,800
–
–
38,427,299
1,097,771
(3,219,850)
82,976
(8,717,250)
27,670,946
19,133,596
8,537,350
PSP
Awards
Grant Date
Year 4
Year 5
Year 6
Year 7
21 December 2016
22 December 2017
19 December 2018
20 December 2019
Balance as at
1 October
2019 or
Grant Date
Achievement
Balance as at
30 September 2020
if later
Cancelled
Factor
Vested
Total
Equity-settled
Cash-settled
219,540
292,000
462,800
542,000
–
(19,840)
(199,700)
(46,200)
(57,700)
(65,200)
–
–
–
–
–
–
–
245,800
405,100
476,800
–
245,800
405,100
476,800
1,516,340
(169,100)
(19,840)
(199,700)
1,127,700
1,127,700
–
–
–
–
–
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 1 9
29.
EQUITY COMPENSATION PLANS (CONT’D)
RSP and PSP Awards Granted (cont’d)
The details of the awards granted under the RSP and PSP in aggregate as at 30 September 2019 are as follows:
RSP
Awards
Grant Date
Year 2 19 August 2015
Year 3 22 December 2015
Year 4 21 December 2016
Year 5 22 December 2017
Year 6 19 December 2018
Balance as at
1 October
2018 or
Grant Date
if later
Cancelled
Achievement
Factor
Vested
Total
Balance as at 30 September 2019
Cash-settled
Equity-settled
1,690,800
5,186,850
10,434,065
7,589,424
11,714,800
36,615,939
(10,750)
(77,150)
(344,100)
(348,600)
(557,300)
(1,337,900)
–
–
1,287,035
(69,000)
–
1,218,035
(1,680,050)
(2,584,575)
(5,877,050)
(68,900)
–
(10,210,575)
–
2,525,125
5,499,950
7,102,924
11,157,500
26,285,499
–
1,827,875
3,972,050
4,282,124
7,181,300
17,263,349
–
697,250
1,527,900
2,820,800
3,976,200
9,022,150
PSP
Awards
Grant Date
Year 3 22 December 2015
Year 4 21 December 2016
Year 5 22 December 2017
Year 6 19 December 2018
Balance as at
1 October
2018 or
Grant Date
if later
523,616
219,540
292,000
462,800
1,497,956
Cancelled
Achievement
Factor
Vested
Total
Balance as at 30 September 2019
Cash-settled
Equity-settled
–
–
–
–
–
(282,816)
–
–
–
(282,816)
(240,800)
–
–
–
(240,800)
–
219,540
292,000
462,800
974,340
–
181,940
292,000
462,800
936,740
–
37,600
–
–
37,600
(c)
Restricted Unit Plans and Restricted Stapled Security Plan (“RSSP”) of Subsidiaries
The RUPs for FCAM and FLCAM and RSSP for FHAM are unit-based incentive plans for senior executives and
key senior management of the respective subsidiaries. These RUPs and RSSP are approved by the respective
board of directors of the subsidiaries on 8 December 2017.
Information regarding the RUPs and RSSP are as follows:
(i)
(ii)
Depending on the achievement of pre-determined targets over a two-year period, the final number
of RUPs and RSSP awards could range between 0% to 150% of the initial grant of the RUPs and RSSP
awards.
50% of the final RUPs and RSSP awards will vest at the end of the two-year performance period
and the balance will vest equally over the subsequent two years with the fulfilment of service
requirements.
The expense recognised in the Profit Statement for awards granted under the RUPs and RSSP during the
financial year is $2,109,000 (2019: $2,205,000).
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 2 0 / F R A S E R S P R O P E R T Y L I M I T E D
30.
PERPETUAL SECURITIES
The Group’s perpetual securities comprise perpetual securities issued by its subsidiaries, FP Treasury and FHT (the
“Issuers”).
Issued under FHT's S$1,000,000,000 Multicurrency
Debt Issuance Programme:
– 4.45% subordinated perpetual securities
Issued under FP Treasury’s S$5,000,000,000
Multicurrency Debt Issuance Programme:
– 3.95% subordinated perpetual securities
– 4.38% subordinated perpetual securities
– 4.98% subordinated perpetual securities
Issue Date
Principal Amount
12 May 2016
$100,000,000
21 September 2017
3 October 2017
17 January 2018
11 April 2019
30 July 2019
$308,000,000
$42,000,000
$300,000,000
$400,000,000
$200,000,000
On 9 March 2020, FP Treasury redeemed and cancelled the $700,000,000 5.00% subordinated perpetual
securities.
Distributions are payable semi-annually in arrears. The rates of distribution are subject to revision in accordance
with the terms and conditions of the securities. Subject to such conditions, the Issuers may elect to defer making
distributions on the perpetual securities, and is not subject to any limits as to the number of times a distribution
can be deferred.
As the perpetual securities have no fixed maturity date and the payment of distributions is at the discretion of
the Issuers, the Issuers are considered to have no contractual obligations to repay the principal or to pay any
distributions, and the perpetual securities do not meet the definition for classification as a financial liability
under SFRS(I) 1-32 Financial Instruments. The whole instrument is presented within equity, and distributions are
treated as dividends.
The perpetual securities constitute direct, unconditional, subordinated and unsecured obligations of the Issuers
and shall at all times rank pari passu, without any preference or priority among themselves, and pari passu
with any Parity Obligations (as defined in the Conditions) of the Issuers. The securities may be redeemed at the
option of the Issuers on any distribution payment date as specified in the Conditions and otherwise upon the
occurrence of certain redemption events as specified in the Conditions.
31.
DIVIDENDS
Dividends on Ordinary Shares:
Interim paid
Nil (2019: 2.4 cents) per share, tax exempt
First and final (2019: Final) proposed
1.5 cents (2019: 3.6 cents) per share, tax exempt
Company
2020
$'000
2019
$'000
–
70,531
43,885
43,885
105,102
175,633
The first and final dividend is proposed by the Directors after the reporting date and subject to the approval of
shareholders at the next annual general meeting of the Company.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 2 1
32.
SIGNIFICANT RELATED PARTY TRANSACTIONS
For the purposes of these financial statements, parties are considered to be related to the Group if the Group has
the direct and indirect ability to control the party, jointly control or exercise significant influence over the party in
making financial and operating decisions, or vice versa, or where the Group and the party are subject to common
control or significant influence. Related parties may be individuals or other entities.
The Group considers the Directors of the Company, and Key Executive Officers comprising the Group CEO, key
management officers of the corporate office and CEOs of the strategic business units, to be key management
personnel in accordance with SFRS(I) 1-24 Related Party Disclosures.
In addition to those related party information disclosed elsewhere in the financial statements, the following
significant transactions between the Group and related parties took place during the period at terms agreed
between the parties:
Related corporations
Rental and service charge income/lease receipts
Rental and service charge expense/lease payments
Management/service fee income
Purchase of products and obtaining of services
Joint ventures and associates
Rental and service charge income/lease receipts
Rental and service charge expense/lease payments
Management/service fee income
Purchase of products and obtaining of services
Dividend income
Proceeds from the sale of properties
Interest income
Interest expense
Marketing fee income
Accounting and secretarial fees
Directors and key management personnel
Sale of residential properties by subsidiaries
Group
2020
$'000
2019
$'000
(4,043)
2,781
(2,053)
5,541
(5,133)
1,579
(2,804)
4,695
(2,210)
5,167
(61,724)
2,155
(244,556)
(126,312)
(4,506)
20,680
(3,939)
(398)
(2,691)
617
(31,621)
132
(83,614)
(154,544)
(8,001)
21,795
(4,256)
(373)
–
(5,288)
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 3 2 2 / F R A S E R S P R O P E R T Y L I M I T E D
33.
LEASES
(a)
Leases as lessee
The Group leases land and buildings, equipment, offices and motor vehicles. These leases have varying
terms, escalation clauses and renewal rights. Some leases provide for additional rent payments that are
based on changes in local price index. Previously, these leases were classified as operating leases under
SFRS(I) 1-17.
For leases that are short-term and/or leases of low-value items, the Group has elected not to recognise
right-of-use assets and lease liabilities for these leases.
Information about leases for which the Group is a lessee is presented below.
(i)
Right-of-use assets
Right-of-use assets that do not meet the definition of investment property are presented as property,
plant and equipment (Note 12) and properties held for sale (Note 19).
Properties
held for sale
Property, plant and equipment
Depreciation charge
Additions
Carrying amount at
30 September 2020
Land
and
Buildings
$'000
Equipment,
Furniture
and Fittings
$'000
$'000
210
–
14,250
39,272
18,921
335,804
232
–
225
(ii)
Amounts recognised in the Profit Statement
Leases under SFRS(I) 16
Interest on lease liabilities
Expenses relating to short-term leases
Expenses relating to leases of low-value assets, excluding
short-term leases of low-value assets
Amounts recognised in Consolidated Cash Flow Statement
Total cash outflow for leases
(iii)
Extension options
Others
$'000
9,902
6,513
54,218
2020
$'000
30,049
5,147
999
2020
$'000
47,397
Certain leases contain extension periods for which the related lease payments have not been
included in lease liabilities as the Group is not reasonably certain that the extension options will be
exercised.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 2 3
33.
LEASES (CONT’D)
(b)
Leases as lessor
The Group leases out investment properties consisting of its owned properties as well as leased properties
(Note 11). All leases are classified as operating leases from a lessor perspective with the exception of
subleases, which the Group has classified as finance sublease.
(i)
Finance lease
The Group leases land and buildings from non-related parties that are subleased to related parties.
Previously, the subleases were classified as operating leases under SFRS(I) 1-17. On adoption of
SFRS(I) 16, the subleases are classified as finance sublease.
During the year, the Group recognised interest income on lease receivables of $1,133,000 (2019:
$799,000).
The following table sets out a maturity analysis of lease receivables, showing the undiscounted
lease payments to be received after the reporting date.
2020 – Finance leases under SFRS(I) 16
Within 1 year
From 1 year to 5 years
After 5 years
Total undiscounted lease receivable
Unearned finance income
Net investment in the lease (Note 17)
2019 – Finance leases under SFRS(I) 1-17
Within 1 year
From 1 year to 5 years
After 5 years
Total undiscounted lease receivable
Unearned finance income
Net investment in the lease (Note 17)
(ii)
Operating lease
$'000
4,107
24,197
39,127
67,431
(19,321)
48,110
1,552
12,416
4,200
18,168
(5,429)
12,739
The Group leases out its investment properties and certain properties held for sale. The Group has
classified these leases as operating leases because they do not transfer substantially all of the risks
and rewards incidental to the ownership of the assets.
Rental income from investment property and property sublease recognised by the Group is disclosed
in Note 3.
Future minimum rental receivables under non-cancellable operating leases at the end of the
reporting period are disclosed in Note 11.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 2 4 / F R A S E R S P R O P E R T Y L I M I T E D
34.
FINANCIAL RISK MANAGEMENT
The Group and the Company are exposed to financial risks arising from its operations and the use of financial
instruments. The key financial risks include credit risk, liquidity risk, interest rate risk and foreign currency risk. The
Group uses financial instruments such as currency forwards, interest rate swaps and cross currency swaps as well
as foreign currency borrowings to hedge certain financial risk exposures.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk
management framework. The Board has established the Risk Management Committee to strengthen its risk
management framework and processes. The Group has risk management policies and guidelines, which set out its
overall business strategies, its tolerance for risk and its general risk management philosophy and has established
processes to monitor and control hedging transactions in a timely and accurate manner. All major investment
opportunities are reviewed by the Executive Committee of the Board to ensure that the Group’s policy guidelines
are adhered to.
(a)
Credit Risk
Credit risk is the risk of financial loss that may arise on outstanding financial instruments should a
counterparty default on its obligations.
For trade and other receivables, contract assets and financial assets at amortised cost, the Group has
guidelines governing the process of granting credit as a service or product provider in its respective
segments of business. Trade and other receivables and contract assets relate mainly to the Group’s
customers who bought its residential units and tenants from its commercial, retail and industrial and
logistics buildings and serviced residences. Financial assets at amortised cost relate mainly to amounts
owing by related parties. Investments and financial transactions are restricted to counterparties that meet
the appropriate credit criteria.
The principal risk to which the Group and the Company is exposed to in respect of financial guarantee
contracts is credit risk in connection with the guarantee contracts they have issued. To mitigate the risk,
management continually monitors the risk and has performed periodic credit evaluations of the parties
it is providing the guarantee on behalf of. Guarantees are only given for the benefit of its subsidiaries and
joint ventures.
As at the reporting date, the Group’s and the Company’s maximum exposure to credit risk in the event that
the counterparties fail to perform their obligations is represented by the carrying amount of each class of
financial assets and contract assets recognised in the balance sheets, including derivatives with positive
fair values.
Impairment on cash and fixed deposits has been measured on the 12-month expected loss basis and
reflects the short maturities of the exposures. The Group and the Company consider that cash and fixed
deposits have low credit risk based on the external credit ratings of the counterparties. The amount of the
allowance on cash and fixed deposits is negligible.
Impairment on other receivables has been measured on the 12-month expected loss basis which reflect the
low credit risk of the exposures. The amount of the allowance on these balances is insignificant.
With respect to derivative financial instruments, credit risk arises from the potential failure of counterparties
to meet their obligations under the contract or arrangement. The Group’s maximum credit risk exposure
for cross currency interest rate swaps, cross currency swaps, foreign currency swap contracts and interest
rate swap contracts are limited to the fair value adjustments of these contracts. It is the Group’s and the
Company’s policy to enter into financial instruments with a diversity of credit worthy counterparties. The
Group and the Company do not expect to incur material credit losses on their financial assets or other
financial instruments.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 2 5
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Credit Risk (cont’d)
The credit risk associated with receivables from joint ventures and associates is monitored through
management’s review of project feasibilities and the Group’s ongoing involvement in the operations of
these entities. The Group and the Company do not expect to incur material credit losses on receivables
from joint ventures and associates.
As at 30 September 2020, 100% (2019: 100%) of the Company’s receivables are due from subsidiaries.
There is no significant credit risk as these companies are of good credit standing.
(i)
Trade receivables and contract assets
The Group has a credit policy in place and the exposure to credit risk is monitored on an ongoing
basis. Credit evaluations are performed on all customers requiring credit over a certain amount.
The Group limits its exposure to credit risk from trade receivables by collecting deposits and bankers’
guarantees as collateral, where possible.
In monitoring customer credit risk, the Group considers the trade history of the customers with the
Group, aging profile, maturity and existence of previous financial difficulties.
Trade and other receivables and contract assets are written off when there is no reasonable
expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. The
Group generally considers a financial asset as in default if the counterparty fails to make contractual
payments within 120 days when they fall due and writes off the financial asset when the Group
assesses that the debtor fails to make contractual payments. Where receivables are written off,
the Group continues to engage in enforcement activity to attempt to recover the receivables due.
Where recoveries are made, these are recognised in profit or loss.
Impairment losses on trade receivables recognised in the Profit Statement are as follows:
Impairment loss on trade receivables arising from
contracts with customers (Note 4(a))
Group
2020
$'000
2019
$'000
10,590
3,713
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 2 6 / F R A S E R S P R O P E R T Y L I M I T E D
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Credit Risk (cont’d)
(ii)
Credit Risk by Operating Segments
The Group has a diversified portfolio of businesses, there is no concentration of credit risk with
respect to the trade receivables of the Group as they consist of a large number of customers that are
geographically dispersed. The Group does not have any significant credit risk exposure to a single
customer or group of customers. The Group generally holds collateral in the form of bank deposits,
bank guarantees or mortgages over assets until completion.
The maximum exposure to credit risk for trade receivables at the reporting date by operating
segments is as follows:
Singapore
Australia
Industrial
Hospitality
Thailand & Vietnam
Others(1)
Corporate & Others
2020
$'000
14,786
15,861
14,533
22,657
10,925
17,925
6,202
102,889
Group
2019
$'000
9,742
12,213
8,141
34,640
5,332
12,666
4,405
87,139
Company
2020
$'000
2019
$'000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(1) Others include contribution from China of $953,000 (2019: $1,310,000) and the United Kingdom of $16,972,000 (2019:
$11,356,000)
The comparative operating segment information have been restated to take into the account
organisation changes as disclosed in Note 10.
(iii)
Financial guarantees
The Company has issued financial guarantees to banks for borrowings and perpetual securities of its
subsidiaries. It has also provided banker’s guarantees to unrelated parties in respect of performance
contracts on behalf of its subsidiaries and joint ventures. These guarantees are subject to the
impairment requirements of SFRS(I) 9. The Company has assessed that its subsidiaries and joint
ventures have strong financial capacity to meet the contractual cash flow obligations in the near
future and hence, does not expect significant credit losses arising from these guarantees.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 2 7
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Credit Risk (cont’d)
(iv)
Expected credit loss assessment on trade receivables
The Group uses an allowance matrix to measure the ECLs of trade receivables from individual
customers, which comprise a large number of small balances.
Loss rates are based on actual credit loss experience over the past 3 years. These rates are adjusted
to reflect differences between economic conditions during the period over which the historic
data has been collected, current conditions and the Group’s view of economic conditions over the
expected lives of the receivables. The Group’s credit risk exposure in relation to trade receivables is
set out in the allowance matrix as follows:
Group
1 to 30
days
past due
$'000
31 to 60
days
past due
$'000
61 to 90 More than
90 days
past due
$'000
days
past due
$'000
Current
$'000
Total
$'000
30 September 2020
Expected loss rate
Gross carrying amount
Loss allowance provision
30 September 2019
Expected loss rate
Gross carrying amount
Loss allowance provision
6.1%
63,224
3,839
4.4%
24,641
1,088
17.2%
8,693
1,498
4.3%
62,706
2,680
1.9%
17,830
330
5.2%
2,854
147
1.1%
2,718
31
9.6%
2,595
248
44.3%
18,093
8,024
12.3%
117,369
14,480
46.6%
8,545
3,986
7.8%
94,530
7,391
(v) Movements in allowance for impairment in respect of trade receivables and contract assets
The movements in the allowance for impairment in respect of trade receivables during the year are
disclosed in Note 17.
Impairment losses recognised are included in “cost of sales”.
There is no impairment loss on contract assets.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 2 8 / F R A S E R S P R O P E R T Y L I M I T E D
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(b)
Liquidity Risk
Liquidity risk is the risk that the Group and Company will encounter difficulty in meeting financial obligations
due to shortage of funds. The Group actively manages its debt maturity profile, operating cash flows and
the availability of funding so as to ensure that all refinancing, repayment and funding needs are met. The
Group adopts a prudent approach to managing its liquidity risk. The Group always maintains sufficient cash
and has available funding through a diverse source of credit facilities from various banks and a related
company.
The following are the expected contractual undiscounted cash flows of financial liabilities and derivative
financial instruments, including interest payments and excluding the impact of netting agreements:
Contractual cash flows
Carrying
amount
$'000
Total
$'000
1 year
or less
$'000
1 to 5
years
$'000
Over 5
years
$'000
Group
30 September 2020
Financial liabilities,
at amortised cost
Loans and borrowings
Trade and other payables#
Lease liabilities
Derivative financial assets/
(liabilities), at fair value
Interest rate swaps (net-settled)
(19,187,634) (20,426,391)
(1,884,963)
(1,623,863)
(21,870,974) (23,935,217)
(1,838,723)
(844,617)
(4,522,347) (14,513,063)
(551,498)
(1,249,061)
(205,574)
(45,447)
(5,816,855) (15,270,135)
(1,390,981)
(84,404)
(1,372,842)
(2,848,227)
(183,879)
(184,860)
(70,044)
(113,916)
(900)
Foreign currency forward
contracts (gross-settled)
(5,558)
– outflow
– inflow
(411,131)
405,643
(411,131)
405,643
–
–
–
–
Cross currency swaps/cross
currency interest rate swaps
(gross-settled)
(2,551)
– outflow
– inflow
(4,490,800)
4,488,495
(192,653)
(22,062,962) (24,127,870)
(191,988)
(838,440)
837,038
(76,934)
(3,652,360)
3,651,457
(114,819)
(5,893,789) (15,384,954)
–
–
(900)
(2,849,127)
# Excludes deferred income, provision for employee benefits and advanced rental income received.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 2 9
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(b)
Liquidity Risk (cont’d)
Contractual cash flows
Carrying
amount
$'000
Total
$'000
1 year
or less
$'000
1 to 5
years
$'000
Over 5
years
$'000
(17,395,899)
(2,172,558)
(19,568,457)
(18,990,300)
(2,241,668)
(21,231,968)
(3,927,444)
(1,441,888)
(5,369,332)
(12,930,389)
(744,501)
(13,674,890)
(2,132,467)
(55,279)
(2,187,746)
(113,521)
(115,411)
(34,034)
(81,024)
(353)
Group
30 September 2019
Financial liabilities, at
amortised cost
Loans and borrowings
Trade and other payables#
Derivative financial assets/
(liabilities), at fair value
Interest rate swaps
(net-settled)
Foreign currency forward
contracts (gross-settled)
5,698
– outflow
– inflow
Cross currency swaps/ cross
currency interest rate
swaps (gross-settled)
– outflow
– inflow
(728,306)
733,332
(728,306)
733,332
–
–
–
–
77,518
(30,305)
(19,598,762)
(3,675,437)
3,752,127
(33,695)
(21,265,663)
(422,279)
458,192
6,905
(5,362,427)
(3,110,202)
3,172,072
(19,154)
(13,694,044)
(142,956)
121,863
(21,446)
(2,209,192)
# Excludes deferred income, provision for employee benefits and advanced rental income received.
The table below indicates the periods in which the cash flows associated with the cash flow hedges are
expected to occur:
1 year or less
1 to 5 years
Over 5 years
Group
2020
$'000
2019
$'000
(72,487)
(72,907)
(900)
(146,294)
(15,601)
(59,465)
(353)
(75,419)
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 3 0 / F R A S E R S P R O P E R T Y L I M I T E D
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(b)
Liquidity Risk (cont’d)
Contractual cash flows
Carrying
amount
$'000
Total
$'000
1 year
or less
$'000
1 to 5
years
$'000
Over 5
years
$'000
Company
30 September 2020
Financial liabilities,
at amortised cost
Trade and other payables
Amounts due to subsidiaries
Recognised liabilities
Corporate guarantees
Derivative financial assets/
(liabilities), at fair value
Cross currency swaps
(gross-settled)
– outflow
– inflow
30 September 2019
Financial liabilities,
at amortised cost
Trade and other payables
Amounts due to subsidiaries
Recognised liabilities
Corporate guarantees
Derivative financial assets/
(liabilities), at fair value
Interest rate swaps
(net-settled)
Foreign currency forward
(21,168)
(525,721)
(546,889)
–
(546,889)
(21,168)
(525,721)
(546,889)
(16,601,567)
(17,148,456)
(21,168)
(204,962)
(226,130)
(16,601,567)
(16,827,697)
–
(320,759)
(320,759)
–
(320,759)
–
(430,217)
430,217
–
(17,148,456)
(4,007)
4,007
–
(16,827,697)
(426,210)
426,210
–
(320,759)
–
(546,889)
(21,807)
(227,337)
(249,144)
–
(249,144)
(21,807)
(227,337)
(249,144)
(16,143,718)
(16,392,862)
(21,807)
(227,199)
(249,006)
(16,143,718)
(16,392,724)
–
(138)
(138)
–
(138)
(5,588)
(5,663)
(3,008)
(2,655)
contracts (gross-settled)
(225)
– outflow
– inflow
Cross currency swaps
(gross-settled)
– outflow
– inflow
(152,232)
151,580
(152,232)
151,580
–
–
10,879
5,066
(244,078)
(281,528)
292,246
4,403
(16,388,459)
(96,836)
109,502
9,006
(16,383,718)
(184,692)
182,744
(4,603)
(4,741)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 3 1
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(b)
Liquidity Risk (cont’d)
The maturity analyses show the contractual undiscounted cash flows of the Group’s and the Company’s
financial liabilities, on the basis of their earliest possible contractual maturity. The cash inflows/(outflows)
disclosed relate to those instruments held for risk management purposes and which are usually not closed
out prior to contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net
cash-settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash
settlement e.g. forward exchange contracts.
The Company’s derivative financial instruments are entered on behalf of subsidiaries and JVs and are back-
to-back in nature, hence contractual cash inflows are offset with contractual cash outflows.
(c)
Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of the Group’s and the Company’s financial
instruments will fluctuate because of changes in market interest rates. The Group’s and the Company’s
exposure to interest rate risk is in respect of debt obligations and deposits with related companies and
financial institutions.
The Group manages its interest rate exposure by maintaining a mix of fixed and floating rate debts with
varying tenors. The Group adopts a policy of ensuring that between 50% and 80% of its interest rate risk
exposure is at fixed rate. The Group actively reviews its debt portfolio, taking into account the investment
holding period and nature of its assets. To manage this mix in a cost-efficient manner, the Group uses
hedging instruments such as interest rate swaps and cross currency interest rate swaps to minimise its
exposure to interest rate volatility.
The Group determines the existence of an economic relationship between the hedging instrument and
hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional
or par amounts.
The Group assesses whether the derivative designated in each hedge relationship is expected to be
effective in offsetting changes in cash flows of the hedged item using the critical terms method, dollar
offset method or regression method.
Hedge ineffectiveness may occur due to changes in the critical terms of either the interest rate swaps or
borrowings.
Derivatives
The Group holds interest rate swaps and cross currency interest rate swaps for risk management purposes
which are designated in cash flow hedging relationships. The interest rate swaps have floating legs that are
indexed to Singapore swap offer rates (“SOR”) and GBP LIBOR. The cross currency interest rate swaps have
floating legs that are indexed to SOR and US$ LIBOR. The Group’s derivative instruments are governed by
contracts based on the International Swaps and Derivatives Association (“ISDA”)’s master agreements. The
Group is currently in discussions with counterparties of respective contracts. No derivative instruments
have been modified as at 30 September 2020.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 3 2 / F R A S E R S P R O P E R T Y L I M I T E D
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(c)
Interest Rate Risk (cont’d)
Hedge accounting
The Group has evaluated the extent to which its hedging relationships are subject to uncertainty driven by
IBOR reform as at 30 September 2020. The Group’s hedged items and hedging instruments continue to be
indexed to IBOR benchmark rate which is SOR, GBP LIBOR and US$ LIBOR.
The Group’s SOR, GBP LIBOR and US$ LIBOR hedging relationships extend beyond the anticipated cessation
date for IBOR. However, there is uncertainty about when and how replacement may occur with respect to
the relevant hedged items and hedging instruments. Such uncertainty may impact the hedging relationship.
The Group applies the amendments to FRS 109 issued to those hedging relationships directly affected by
IBOR reform.
Hedging relationships impacted by IBOR reform may experience ineffectiveness attributable to market
participants’ expectations of when the shift from the existing IBOR benchmark rate to an alternative
benchmark interest rate will occur. This transition may occur at different times for the hedged item and
hedging instrument, which may lead to hedge ineffectiveness.
The Group’s exposure to SOR, GBP LIBOR and US$ LIBOR designated in hedging relationships is $6.3 billion
nominal amount at 30 September 2020, representing both the nominal amount of the hedging instruments,
interest rate swaps, cross currency interest rate swaps and principal amount of the Group’s hedged item.
Sensitivity Analysis for Interest Rate Risk
A change of 100 basis points in interest rates at the reporting date would have increased/(decreased)
equity and profit before tax by the amounts shown below. This analysis assumes that all other variables, in
particular foreign currency rates, remain constant, and has not taken into account the effects of qualifying
borrowing costs allowed for capitalisation, the associated tax effects and share of non-controlling interests.
Group
30 September 2020
Variable rate instruments not hedged
Interest rate swaps/cross currency
Profit before tax
Equity
100 bp
Increase
$'000
100 bp
Decrease
$'000
100 bp
Increase
$'000
100 bp
Decrease
$'000
(73,400)
73,400
–
–
swaps/cross currency interest rate swaps
Cash flow sensitivity (net)
475
(72,925)
(562)
72,838
147,173
147,173
(151,329)
(151,329)
30 September 2019
Variable rate instruments not hedged
Interest rate swaps/cross currency
(51,944)
51,944
–
–
swaps/cross currency interest rate swaps
Cash flow sensitivity (net)
3,220
(48,724)
(3,479)
48,465
136,738
136,738
(141,188)
(141,188)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 3 3
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(d)
Foreign Currency Risk
The Group operates internationally and is exposed to various currencies, mainly Singapore Dollar, Australian
Dollar, Sterling Pound, US Dollar and the Euro. The purpose of the Group’s and the Company’s foreign
currency hedging activities is to protect against the volatility associated with future cash flow arising from
investments in and loans granted to foreign subsidiaries.
The Group and Company uses forward exchange contracts or foreign currency loans to hedge its foreign
currency risk, where feasible. It generally enters into forward exchange contracts with maturities ranging
between three months and one year which are rolled over at market rates at maturity or foreign currency
loans which match the Group’s highly probable transactions and investment in the foreign subsidiaries. The
Group also enters into cross currency swaps to hedge the foreign exchange risk of its loans denominated
in a foreign currency. The foreign exchange forwards and currency swaps are denominated in the same
currency as the highly probable transactions, therefore the economic relationship is 100% effective.
In addition to transactional exposures, the Group is also exposed to foreign exchange movements on its net
investment in foreign subsidiaries. The Group maintains a natural hedge, whenever possible, by borrowing
in the currency of the country in which its property or investment is located or by borrowing in currencies
that match the future revenue stream to be generated from its investments.
Hedge ineffectiveness may occur due to:
(i)
changes in timing of the forecasted transaction from what was originally planned; and
(ii)
changes in the credit risk of the derivative counterparty or the Group.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 3 4 / F R A S E R S P R O P E R T Y L I M I T E D
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(d)
Foreign Currency Risk (cont’d)
The Group’s exposure to foreign currencies as at 30 September 2020 and 30 September 2019, after taking
into account foreign currency forward contracts and cross currency swaps, is as follows:
Singapore
Dollar
$'000
Australian
Dollar
$'000
Sterling
Pound
$'000
United
States
Dollar
$'000
Euro
$'000
Group
30 September 2020
Financial Assets
Trade and other receivables
Cash and cash equivalents
Financial Liabilities
Trade and other payables
Loans and borrowings
Net statement of financial
position exposure
Less:
Foreign currency forward
67
446,423
213
35,368
55
3,838
1,575
54,417
45
5,389
(1,999)
(65,393)
(15,719)
(1,555,277)
(159)
(63,734)
(5,772)
(1,306,492)
(773)
(91,738)
379,098
(1,535,415)
(60,000)
(1,256,272)
(87,077)
contracts/cross currency swaps
(339,522)
1,228,561
–
1,306,492
–
Borrowings designated for net
investment hedges
Net currency exposure
30 September 2019
Financial Assets
Trade and other receivables
Cash and cash equivalents
Financial Liabilities
Trade and other payables
Loans and borrowings
Net statement of financial
position exposure
Less:
Foreign currency forward
–
39,576
326,716
19,862
47,633
(12,367)
–
50,220
95,378
8,301
17,895
201,607
22
16,615
26
2,351
950
7,071
144
653
(970)
(68,531)
(292)
(755,366)
(457)
(2,377)
(4,011)
(1,072,369)
(1,002)
(138,498)
150,001
(739,021)
(457)
(1,068,359)
(138,703)
contracts/cross currency swaps
Net currency exposure
(122,433)
27,568
763,174
24,153
–
(457)
1,083,397
15,038
–
(138,703)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 3 5
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(d)
Foreign Currency Risk (cont’d)
The Group has the following outstanding foreign currency forward contracts and cross currency swaps to
hedge future receipts of distribution, net of anticipated payments in foreign currencies:
Notional amounts
Australian Dollar
Sterling Pound
Euro
Others
Group
2020
$'000
2019
$'000
50,851
–
30,406
–
81,257
43,347
2,068
35,454
1,316
82,185
The Company’s exposure to foreign currencies as at 30 September 2020 and 30 September 2019, after
taking into account foreign currency forward contracts, is as follows:
Company
30 September 2020
Financial Assets
Trade and other receivables
Cash and cash equivalents
Currency exposure
30 September 2019
Financial Assets
Trade and other receivables
Cash and cash equivalents
Currency exposure
Australian
Dollar
$'000
Sterling
Pound
$'000
United
States
Dollar
$'000
Euro
$'000
44,801
96
44,897
42,555
91
42,646
334
–
334
115,331
66
115,397
3,919
–
3,919
–
–
–
68,374
77
68,451
–
–
–
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 3 6 / F R A S E R S P R O P E R T Y L I M I T E D
34.
FINANCIAL RISK MANAGEMENT (CONT’D)
(d)
Foreign Currency Risk (cont’d)
Sensitivity Analysis for Foreign Currency Risk
The following table demonstrates the sensitivity analysis of the Group’s exposure to foreign currency risk
on its financial assets and liabilities as at the end of the financial year by a reasonably possible change in
the S$, A$, British Pound (“GBP”) and US$ against the respective functional currencies of the Group entities,
with all other variables held constant:
Group
Company
Profit before
Taxation
$'000
Equity
$'000
Profit before
Taxation
$'000
Equity
$'000
30 September 2020
S$
A$
GBP
US$
EUR
30 September 2019
S$
A$
GBP
US$
EUR
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
(6)
6
199
(199)
(124)
124
55
(55)
83
(83)
276
(276)
242
(242)
(5)
5
150
(150)
402
(402)
(1,028)
1,007
(3,703)
3,609
447
(447)
(5,784)
5,663
–
–
990
(990)
2,378
(2,378)
–
–
– Strengthened 1%
– Weakened 1%
(1,387)
1,387
3,276
(3,276)
–
–
449
(449)
3
(3)
1,154
(1,154)
39
(39)
–
–
426
(426)
–
–
684
(684)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 3 7
35.
FAIR VALUE OF ASSETS AND LIABILITIES
(a)
Fair Value Hierarchy
The Group categorises fair value measurements using a fair value hierarchy that is dependent on the
valuation inputs used as follows:
Level 1:
Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:
Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
Level 3:
Inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
Fair value measurements that use inputs of different hierarchy levels are categorised in its entirety in the
same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.
(b)
Classifications and Fair Values
The following tables show the carrying amounts and fair values of financial assets and liabilities, including
their levels in the fair value hierarchy. They do not include fair value information for trade and other
receivables, bank deposits, cash and cash equivalents, trade and other payables and short term bank
borrowings as their carrying amounts are reasonable approximation of fair values.
Carrying Amount
Fair Value
Derivatives
used for
hedging
$'000
Fair value
through
profit or
loss
$'000
FVOCI
$'000
Amortised
cost
$'000
Total
$'000
Level 1
$'000
Level 2
$'000
Level 3
$'000
Total
$'000
Group
30 September 2020
Financial assets
measured at fair value
Equity investments at FVOCI
Derivative financial
instruments:
– Cross currency swaps/
cross currency
interest rate swaps
Interest rate swaps
–
– Foreign currency
forward contracts
Financial assets not
measured at fair value
Trade and other receivables#
Bank deposits and
cash and cash equivalents
–
– 62,066
–
62,066
–
34,833
27,233
62,066
87,645
85,800
4,952
–
–
–
–
173,445
330
–
5,282 62,066
–
–
–
–
92,597
85,800
330
240,793
–
–
–
–
92,597
85,800
–
–
92,597
85,800
330
213,560
–
27,233
330
240,793
–
–
–
–
–
–
–
1,063,973
1,063,973
–
–
3,321,996
4,385,969
3,321,996
4,385,969
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 3 8 / F R A S E R S P R O P E R T Y L I M I T E D
35.
FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(b)
Classifications and Fair Values (cont’d)
Carrying Amount
Fair Value
Derivatives
used for
hedging
$'000
Fair value
through
profit or
loss FVOCI
$'000 $'000
Amortised
cost
$'000
Total
$'000
Level 1
$'000
Level 2
$'000
Level 3
$'000
Total
$'000
Group
30 September 2020
Financial liabilities
measured at fair value
Derivative financial
instruments:
– Cross currency swaps/
cross currency
interest rate swaps
Interest rate swaps
–
– Foreign currency
forward contracts
Financial liabilities not
measured at fair value
Trade and other payables*
Loans and borrowings
(non-current)
Non-financial assets
Investment properties
# Excludes tax recoverable
95,148
266,595
3,751
365,494
–
3,084
2,137
5,221
–
–
–
–
–
–
–
–
95,148
269,679
5,888
370,715
–
–
–
–
95,148
269,679
5,888
370,715
–
–
–
–
95,148
269,679
5,888
370,715
–
–
–
–
–
–
–
–
–
1,838,723
1,838,723
– 15,061,241 15,061,241
– 16,899,964 16,899,964
3,783,375 11,945,843
3,783,375 11,945,843
– 15,729,218
– 15,729,218
–
–
–
–
– 21,947,848 21,947,848
* Excludes provisions and deferred income on land and building leases
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 3 9
35.
FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(b)
Classifications and Fair Values (cont’d)
Carrying Amount
Fair Value
Derivatives
used for
hedging
$'000
Fair value
through
profit or
loss
$'000
FVOCI
$'000
Amortised
cost
$'000
Total
$'000
Level 1
$'000
Level 2
$'000
Level 3
$'000
Total
$'000
Group
30 September 2019
Financial assets
measured at fair value
Equity investments at FVOCI
Derivative financial
instruments:
– Cross currency swaps/
cross currency
interest rate swaps
Interest rate swaps
–
– Foreign currency
forward contracts
Financial assets not
measured at fair value
Trade and other receivables#
Bank deposits and cash
and cash equivalents
Financial liabilities
measured at fair value
Derivative financial
instruments:
– Cross currency swaps/
cross currency
interest rate swaps
Interest rate swaps
–
– Foreign currency
forward contracts
Financial liabilities not
measured at fair value
Trade and other payables*
Loans and borrowings
(non-current)
Non-financial assets
Investment properties
–
– 90,688
–
90,688
81,257
453
24,884
–
–
–
–
81,710
6,598
–
31,482 90,688
–
–
–
–
106,141
453
6,598
203,880
–
–
–
–
–
–
–
902,930
902,930
3,579,979
4,482,909
3,579,979
4,482,909
–
–
–
–
28,623
113,974
900
143,497
–
–
–
–
–
–
28,623
111,400
225
140,248
–
2,574
675
3,249
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
90,688
90,688
106,141
453
–
–
106,141
453
6,598
113,192
–
90,688
6,598
203,880
28,623
113,974
900
143,497
–
–
–
–
28,623
113,974
900
143,497
–
2,172,558
2,172,558
– 13,905,327 13,905,327
– 16,077,885 16,077,885
4,170,608
4,170,608
9,853,070
9,853,070
– 14,023,678
– 14,023,678
–
–
–
–
– 22,639,296 22,639,296
#
*
Excludes tax recoverable
Excludes provisions and deferred income on land and building leases
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 4 0 / F R A S E R S P R O P E R T Y L I M I T E D
35.
FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(b)
Classifications and Fair Values (cont’d)
Carrying Amount
Fair Value
Derivatives
used for
hedging
$'000
Fair value
through
profit or
loss
$'000
FVOCI
$'000
Amortised
cost
$'000
Total
$'000
Level 1
$'000
Level 2
$'000
Level 3
$'000
Total
$'000
Company
30 September 2020
Financial assets
measured at fair value
Equity investments at FVOCI
Derivative financial assets:
– Cross currency swaps
Interest rate swaps
–
Financial assets not
measured at fair value
Trade and other receivables#
Bank deposits and cash
and cash equivalents
Financial liabilities not
measured at fair value
Derivative financial liabilities:
– Cross currency swaps
Interest rate swaps
–
Financial liabilities not
measured at fair value
Trade and other payables
Non-financial assets
Investment properties
# Excludes tax recoverable
–
–
–
–
–
–
–
–
–
–
–
–
– 34,833
–
9,930
12,638
–
22,568 34,833
–
–
–
–
34,833
9,930
12,638
57,401
–
–
–
9,930
12,638
22,568
–
–
–
–
–
–
–
–
–
–
4,418,184
4,418,184
8,566
4,426,750
8,566
4,426,750
–
–
–
9,930
12,638
22,568
546,889
546,889
–
–
–
–
–
–
–
–
–
–
34,833
9,930
12,638
57,401
9,930
12,638
22,568
–
–
–
–
–
–
–
34,833
9,930
12,638
57,401
9,930
12,638
22,568
–
2,150
2,150
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 4 1
35.
FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(b)
Classifications and Fair Values (cont’d)
Carrying Amount
Fair Value
Derivatives
used for
hedging
$'000
Fair value
through
profit or
loss
$'000
FVOCI
$'000
Amortised
cost
$'000
Total
$'000
Level 1
$'000
Level 2
$'000
Level 3
$'000
Total
$'000
Company
30 September 2019
Financial assets
measured at fair value
Equity investments at FVOCI
Derivative financial assets:
– Cross currency swaps
Interest rate swaps
–
Financial assets not
measured at fair value
Trade and other receivables#
Bank deposits and cash
and cash equivalents
Financial liabilities
measured at fair value
Derivative financial liabilities:
– Cross currency swaps
Interest rate swaps
–
– Foreign currency
forward contracts
Financial liabilities not
measured at fair value
Trade and other payables
Non-financial assets
Investment properties
# Excludes tax recoverable
–
–
129
129
–
–
–
2,307
5,717
225
8,249
–
–
–
2,148
13,186
–
13,186
–
–
2,148
–
–
–
–
2,148
13,186
129
15,463
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
4,065,978
4,065,978
11,454
4,077,432
11,454
4,077,432
–
–
–
–
2,307
5,717
225
8,249
249,144
249,144
–
–
–
–
–
–
–
–
–
–
–
–
2,148
2,148
13,186
129
13,315
–
–
2,148
13,186
129
15,463
2,307
5,717
225
8,249
–
–
–
–
2,307
5,717
225
8,249
–
2,150
2,150
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 4 2 / F R A S E R S P R O P E R T Y L I M I T E D
35.
FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(c)
Determination of Fair Value
The following valuation methods and assumptions are used to estimate the fair values of the following
significant classes of assets and liabilities:
(i)
Derivatives
Foreign currency forward contracts, cross currency interest rate swaps, cross currency swaps and
interest rate swaps are valued using valuation techniques with market observable inputs. The most
frequently applied valuation techniques include forward pricing and swap models, using present
valuation calculations. The models incorporate various inputs including the foreign exchange spot
and forward rates, interest rate and forward rate curves.
(ii)
Non-Derivative Financial Liabilities
Fair value, which is determined for disclosure purposes, is calculated based on the present value of
future principal and interest cash flows, discounted using the market rate of interest at the reporting
date.
(iii) Other Financial Assets and Liabilities
The fair value of quoted securities is their quoted bid price at the reporting date. The fair values of
unquoted equity investments are derived based on discounted cash flow method, option pricing
model and transacted price between a willing buyer and a willing seller in an arm’s length transaction
wherein the parties had each acted knowledgeably and without compulsion.
The discounted cash flow method involves the estimation and projection of net cash flows over a
period and discounting the stream of net cash flow (including estimated terminal net cash flow) at
an estimated required rate of return to arrive at the net present value.
The option pricing model allocates the equity value (determined via the discounted cash flow
method) across various classes of shares in the underlying investment’s capital structure by taking
into account the liquidation preferences, conversion rights and participating rights of different
equity classes.
The carrying amounts of financial assets and liabilities with a maturity of less than one year (including
trade and other receivables, cash and cash equivalents, trade and other payables and short term
bank borrowings) are assumed to approximate their fair values because of the short period to
maturity. All other financial assets and liabilities are discounted to determine their fair values.
(iv)
Investment Properties
As a result of the COVID-19 pandemic, assessing fair value as at the reporting date involved considering
uncertainties around the underlying assumptions and inputs to fair value given the forward-looking
nature of these assumptions. The COVID-19 pandemic has also created unprecedented economic
uncertainty, in particular the absence of a significant level of market transactions which are
ordinarily a key source of evidence for assessing the fair value of investment properties.
As such, the 30 September 2020 valuation process has been adjusted for the current period
compared to the process that would typically be followed and adopted in more normalised market
conditions. In view of uncertainties and lack of market transactions brought upon by COVID-19, the
Group increased the level of independent valuation across its segments for current period.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 4 3
35.
FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(c)
Determination of Fair Value (cont’d)
(iv)
Investment Properties (cont’d)
The Group’s investment property portfolio is mostly valued by external and independent valuers at
least once every two years. Independent valuation is also carried out on occurrence of acquisition
and on completion of construction of investment property. The fair values are based on open market
values, being the estimated amount for which a property could be exchanged on the date of the
valuation between a willing buyer and a willing seller in an arm’s length transaction wherein the
parties had each acted knowledgeably and without compulsion. The valuers have considered
valuation techniques including market comparison method, capitalisation method and discounted
cash flow method in arriving at the open market value as at the reporting date. In determining the
fair value, the valuers have used valuation techniques which involve certain estimates. The key
assumptions used to determine the fair value of investment properties include market-corroborated
capitalisation rate, terminal yield rate, discount rate, comparable market price and occupancy rate.
IPUC are stated at fair value which has been determined based on valuations performed at reporting
date. Valuations are performed by accredited independent valuers with recognised and relevant
professional qualification or internal valuers with recent experience in the location and category
of the properties being valued. The fair values of IPUC are determined using a combination of
capitalisation method, discounted cash flow method and residual land value method, where
appropriate.
The market comparison method involves the analysis of comparable sales of similar properties and
adjusting the sale prices to that reflective of the investment properties.
The capitalisation method capitalises the estimated net income of the property for perpetuity or
the balance term of the lease tenure at a capitalisation rate that is appropriate for the type of use,
tenure and reflective of the quality of the investment property. Capital adjustments are then made
to derive the capital value of the property.
The discounted cash flow method involves the estimation and projection of net cash flows over a
period and discounting the stream of net cash flow (including estimated terminal net cash flow) at
an estimated required rate of return to arrive at the net present value.
In the residual land value method of valuation, the value of the property in its existing partially
completed state of construction taking into account the cost of work done is arrived at by deducting
estimated cost to complete, other relevant costs and developer’s profit from the gross development
value of the proposed development, assuming satisfactory completion.
In relying on the valuation reports, management has exercised its judgement and is satisfied that
the valuation methods and estimates are reflective of current market conditions.
(v)
Assets Held for Sale
The fair value of the Group’s investment properties held for sale is either valued by an independent
valuer or based on agreed contractual selling price on a willing buyer seller basis. For investment
properties held for sale valued by an independent valuer, the valuer has considered the direct
comparison and income capitalisation approaches in arriving at the open market value as at the
balance sheet date. In determining the fair value, the valuer used valuation techniques which involve
certain estimates. The key assumptions used to determine the fair value of investment properties
held for sale include market-corroborated capitalisation rate.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 4 4 / F R A S E R S P R O P E R T Y L I M I T E D
35.
FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(d)
Level 2 and Level 3 Fair Value Measurements
(i)
Information about Significant Unobservable Inputs used in Level 2 and Level 3 Fair Value
Measurements
The following table shows the valuation techniques used in measuring significant Level 2 and Level
3 fair values, as well as the significant unobservable inputs used:
Recurring Fair Value Measurements
Business Segments
Valuation
methods
Key
unobservable
inputs
Singapore
Capitalisation Capitalisation rate
Australia
Industrial
Hospitality
Thailand &
Vietnam
Others
Inter-relationship
between key
unobservable
inputs and fair value
measurement
The estimated fair
method
2020
2019
3.5% to 7.0%
5.2% to 6.8%
3.5% to 16.2% 3.5% to 7.8%
3.5% to 7.0%
5.2% to 6.8%
5.3% to 15.0% 3.0% to 5.5%
9.0%
9.0%
5.5% to 15.0%
value varies
4.3% to 20.0%
inversely against
Gross initial yield
2020
2019
–
–
Net initial yield
2020
2019
–
–
–
–
–
–
4.0% to 9.1%
1.4% to 8.5%
3.7% to 7.9%
2.5% to 7.5%
–
–
–
–
–
–
–
–
–
–
–
–
Discounted
Discount rate
cash flow
method
2020
2019
6.5% to 9.5%
6.5% to 8.0%
3.8% to 8.5%
3.5% to 10.0% 7.8% to 25.0% –
6.2% to 8.8%
6.6% to 7.8%
4.0% to 9.0%
5.4% to 9.0%
8.0% to 20.0% 5.5%
Terminal yield rate
2020
2019
3.8% to 8.0%
5.5% to 7.0%
3.7% to 59.1% 2.8% to 8.0%
6.8% to 9.0%
–
3.8% to 7.5%
5.6% to 7.0%
4.3% to 44.9% 2.4% to 7.3%
7.0% to 11.0% 5.6%
Market
Transacted price of comparable properties(1)
comparison 2020
$7,879 psm to
–
method
$40,750 psm
2019
$18,750 psm to –
$27,941 psm
Residual land Total gross development value
value
method
2020
$80,000,000 to –
$251,400,000
2019
$119,000,000
–
Total estimated construction cost to completion
2020
$36,284,000
to $82,346,000
2019
$52,689,000
–
–
–
–
–
–
–
–
$12,835 psm to $3 psm to
$216,992 psm $181 psm
$6,546 psm to
$31 psm to
$27,258 psm
$2,135 psm
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(1) Adjustments are made for any difference in the location, tenure, size and condition of the specific property.
the capitalisation
rate, gross initial
yield and net
initial yield
The estimated fair
value varies
inversely against
the discount rate
and terminal
yield rate
The estimated fair
value varies with
different
adjustment
factors used
The estimated fair
value would
increase with
higher gross
development
value and
decreases with
higher cost to
completion
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 4 5
35.
FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(d)
Level 2 and Level 3 Fair Value Measurements (cont’d)
(i)
Information about Significant Unobservable Inputs used in Level 2 and Level 3 Fair Value
Measurements (cont’d)
Fair Value
as at
Inter-relationship
Between Key Unobservable
30 September
Valuation
Key Unobservable
Inputs and Fair Value
Description
2020
$'000
Techniques
Inputs
Measurement
Unquoted equity
investments
FVOCI
62,066 – Discounted
cash flow
(2019: 90,688)
method
– Discount rate:
10.4%
(2019: 8.0% to 11.5%)
The estimated fair value
varies inversely against
the discount rate and
terminal yield rate
– Terminal yield rate:
2.8%
(2019: 2.0% to 3.0%)
– Option pricing
model
– Discount rate:
Nil
(2019: 12.0%)
The estimated fair value
varies inversely against
the discount rate
– Willing buyer
willing seller in
an arm's length
transaction
– Net asset value
of investee,
adjusted for
quoted prices
of the investee’s
investment
Key unobservable inputs correspond to:
•
•
•
•
•
Capitalisation rate corresponds to a rate of return on a property based on the income that the
property is expected to generate.
Gross initial yield corresponds to a rate of return on a property based on the current passing
income.
Net initial yield corresponds to a rate of return on a property based on the current passing
income, net of estimated non-recoverable expenses.
Discount rate represents the required rate of return, adjusted for a risk premium that reflects
the risks relevant to an asset.
Terminal yield rate reflects an exit capitalisation rate applied to a projected terminal cash
flow.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 4 6 / F R A S E R S P R O P E R T Y L I M I T E D
35.
FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(d)
Level 2 and Level 3 Fair Value Measurements (cont’d)
(ii) Movements in Level 2 and Level 3 Assets Measured at Fair Value
The movements of financial and non-financial assets, classified under Level 2 and Level 3 and
measured at fair value have been disclosed in Notes 11 and 15.
(iii)
Valuation Policies and Procedures
The significant non-financial asset of the Group categorised within Level 3 of the fair value hierarchy
is investment properties. Generally, the fair values of investment properties are determined at least
once every two years by independent professional valuers. Investment properties that are not
independently valued are carried at fair value determined by directors’ valuation.
The independent professional valuers and internal valuation teams where each member of the
teams is professionally qualified and is an accredited property valuer (collectively, the “Valuers”) are
experts who possess the relevant credentials and knowledge on the subject of property valuation,
valuation methodologies and SFRS(I) 13 fair value measurement guidance to perform the valuation.
For valuations performed by the Valuers, the appropriateness of the valuation methodologies and
assumptions adopted are reviewed along with the appropriateness and reliability of the inputs
(including those developed internally by the Group) used in the valuations.
In selecting the appropriate valuation models and inputs to be adopted for each valuation that uses
significant non-observable inputs, the Valuers are required to recalibrate the valuation models and
inputs to actual market transactions (which may include transactions entered into by the Group
with third parties as appropriate) that are relevant to the valuation if such information is reasonably
available. For valuations that are sensitive to the unobservable inputs used, the Valuers are required,
to the extent practicable, to use a minimum of two valuation approaches to allow for cross-checks.
Significant changes in fair value measurements from period to period are evaluated for
reasonableness. Key drivers of the changes are identified and assessed for reasonableness against
relevant information from independent sources, or internal sources if necessary and appropriate.
In accordance with the Group’s reporting policies, the valuation process and the results of the
independent valuations and directors’ valuation are reviewed at least once a year by the Executive
Committee of the Board and the Audit Committee before the results are presented to the Board of
Directors for approval.
(e)
Fair Value of Financial Instruments by Classes that are not Carried at Fair Value and whose Carrying
Amounts are not Reasonable Approximation of Fair Value
(i)
Other Receivables (Non-Current) and Other Payables (Non-Current)
No disclosure of fair value is made for non-current other receivables and other payables as it is
not practicable to determine their fair values with sufficient reliability since the balances have no
fixed terms of repayment. The Group and the Company do not anticipate that the carrying amounts
recorded at the end of the financial year would be significantly different from the values that would
eventually be received or settled.
(ii)
Rental Deposits Payables (Non-Current)
No disclosure of fair value is made for rental deposits payables as the Group does not anticipate that
the carrying amounts recorded at the end of the financial year would be significantly different from
the values that would eventually be received or settled.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 4 7
36.
CAPITAL MANAGEMENT
The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in
order to support its business and maximise shareholder value.
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions.
To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares.
No changes were made in the objectives, policies or processes during the years ended 30 September 2020 and 30
September 2019.
The Group monitors capital using a gearing ratio, which is net debt divided by total equity, as follows:
Bank deposits
Cash and cash equivalents
Loans and borrowings
Net borrowings
Total equity
Group
2020
$'000
2019
$'000
236,886
3,085,110
(19,187,634)
467,023
3,112,956
(17,395,899)
(15,865,638)
(13,815,920)
15,115,284
16,090,546
Net borrowings over total equity ratio
1.05
0.86
Certain entities in the Group are required to comply with certain externally imposed capital requirements in
respect of some of their external borrowings, and these have been complied with during the year.
37.
COMMITMENTS
Commitments in respect of contracts placed for:
– development expenditure for properties held for sale
– capital expenditure for investment properties
– share of joint ventures’ and associates’ capital and development expenditure
– equity investments in joint ventures, associates and investee companies
– shareholders' loans committed to associates
– others
Group
2020
$'000
2019
$'000
918,398
46,821
168,641
3,144
177,694
8,957
1,323,655
680,908
96,738
220,576
105,755
185,395
3,878
1,293,250
FPHT’s aggregate equity and shareholder loan commitment for certain associates amount to approximately
THB7.1 billion ($306.3 million) (2019: THB7.1 billion ($319.1 million)). As at 30 September 2020, FPHT has injected
THB2.9 billion ($125.9 million) (2019: THB2.0 billion ($90.3 million)).
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 3 4 8 / F R A S E R S P R O P E R T Y L I M I T E D
38.
GUARANTEE CONTRACTS
(i)
(ii)
(iii)
(iv)
(v)
(vi)
As at 30 September 2020, the Company has provided unconditional and irrevocable corporate guarantees
for up to $16,601,567,000 (2019: $16,143,718,000) for loans and borrowings and perpetual securities
of certain subsidiaries. As at 30 September 2020, the total amount of utilised borrowing facilities was
$9,955,844,000 (2019: $9,547,656,000).
As at 30 September 2020, the Company has provided bankers’ guarantees of $85,557,000 (2019:
$57,433,000) to unrelated parties in respect of performance contracts on behalf of certain subsidiaries and
joint ventures. No liability is expected to arise.
As at 30 September 2020, the Company has provided interest shortfall undertaking on a proportionate and
several basis, in respect of outstanding term loan and revolving loan facilities amounting to $946,431,000
(2019: $806,794,000) granted to certain subsidiaries and a joint venture.
Certain subsidiaries of the Group have provided bankers’ guarantees of A$90,597,000 ($88,595,000)
(2019: A$81,554,000 ($75,902,000)) to unrelated parties in Australia in respect of performance contracts
and A$46,605,000 ($45,575,000) (2019: A$48,946,000 ($45,554,000)) of insurance bonds representing
undertakings given to unrelated parties by insurance companies on behalf of the subsidiaries. No liability is
expected to arise.
A wholly-owned subsidiary of the Group has provided RMB34,567,000 ($6,948,000) (2019: RMB379,294,000
($73,355,000)) of corporate guarantees to banks in China in connection with loans provided by the banks to
the subsidiary’s property buyers, covering the period from loan contract date to the property delivery date.
Certain subsidiaries of the Group have provided bankers’ guarantees of THB3,172,700,000 ($137,061,000)
(2019: THB3,036,329,000 ($136,635,000)) to unrelated parties in respect of performance contracts. No
liability is expected to arise.
39.
ACQUISITIONS/DISPOSALS OF SUBSIDIARIES
(a)
Acquisitions of Subsidiaries
The Group acquires subsidiaries that own real estate. At the time of acquisition, the Group considers
whether each acquisition represents the acquisition of a business or the acquisition of an asset. The Group
accounts for an acquisition as a business combination where an integrated set of activities is acquired in
addition to the property, and together, they are capable of being managed to provide returns to the Group.
When the acquisition of a subsidiary does not represent a business, it is accounted for as an acquisition of
a group of assets and liabilities.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 4 9
39.
ACQUISITIONS/DISPOSALS OF SUBSIDIARIES (CONT’D)
(a)
Acquisitions of Subsidiaries (cont’d)
(i)
Business Combinations
The following acquisitions of the Group have been accounted for as business combinations:
In 2019, the Group acquired shares of Golden Land Property Development Public Company Limited
(“GOLD”) (the “GOLD Acquisition”). The Group engaged an independent firm to perform PPA for
GOLD. The PPA was finalised during the current financial year. The effects of the finalisation of the
PPA are not material and the excess of the consideration received over the finalised carrying amount
acquired of $4,878,000 is included in net gain/(loss) on acquisitions and disposals of subsidiaries,
joint ventures and associates under “Exceptional Items” in the Group’s Profit Statement (Note 7).
Subsequent to the GOLD Acquisition, the Group made further open-market purchases of additional
shares of GOLD, increasing the Group’s deemed interest in GOLD to 99.4% as at 30 September 2020.
With effect from 10 August 2020, GOLD was delisted from the Stock Exchange of Thailand.
(ii)
Acquisition of a Group of Assets and Liabilities
The list of significant acquisitions of subsidiaries accounted for as an acquisition of a group of assets
and liabilities is as follows:
Name of Subsidiary
Frankenthal S.A.
Egelsbach S.a.r.l.
Bedfont Lakes Limited
Date acquired
19 December 2019
19 December 2019
22 January 2020
The cash flows and net assets of subsidiaries acquired are as follows:
Investment properties
Properties held for sale
Cash and cash equivalents
Borrowings
Trade and other payables
Total identifiable net assets at fair value
Less: Non-controlling interest at fair value
Gain on acquisitions of subsidiaries
Consideration paid in cash
Less: Cash and cash equivalents of subsidiaries acquired
Cash outflow on acquisition, net of cash and cash equivalents acquired
Effective
Interest Acquired
(%)
94.0
94.0
100.0
Fair Value
Recognised on
Acquisition
$'000
273,468
7,657
268
281,393
(19,007)
(8,369)
254,017
(1,192)
(106)
252,719
(268)
252,451
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 5 0 / F R A S E R S P R O P E R T Y L I M I T E D
39.
ACQUISITIONS/DISPOSALS OF SUBSIDIARIES (CONT’D)
(b)
Disposals of Subsidiaries
(i)
Significant disposal during the year
On 14 July 2020, the Group disposed 50.0% of its ownership interest in NGT to a joint venture
partner while retaining 50.0% joint control in NGT. As a result, the Group ceased consolidation of
NGT and applied equity accounting for NGT as a joint venture (Note 14(c)).
(ii)
Effects of Disposals
The cash flows and net assets of subsidiaries disposed of are as follows:
Investment properties
Property, plant and equipment
Intangible assets
Deferred tax asset
Trade and other receivables
Cash and cash equivalents
Borrowings
Trade and other payables
Derivative financial instruments
Total identifiable net assets at fair value
Less: Non-controlling interests disposed
Realisation of reserves on disposal of subsidiaries
Loss on disposal of subsidiaries
Consideration received in cash
Less: Cash and cash equivalents of subsidiaries disposed of
Cash inflow on disposals, net of cash and cash equivalents disposed of
Net Assets
Derecognised
on Disposal
$'000
1,100,000
49
54
13,272
2,225
53,251
1,168,851
(780,673)
(389,170)
(39,156)
(40,148)
633
62,996
(23,481)
–
(53,251)
(53,251)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 5 1
40.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES
Principal Activities
Effective
Interest
2020
%
2019
%
Subsidiaries of the Company
Country of Incorporation and Place of Business: Singapore
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
Frasers Property Treasury Pte. Ltd.
Financial services
100.0
100.0
FCL (China) Pte. Ltd.
Investment holding
100.0
100.0
Frasers (Australia) Pte. Ltd.
Investment holding
100.0
100.0
Frasers (Thailand) Pte. Ltd.
Investment holding
100.0
100.0
Frasers (UK) Pte. Ltd.
Investment holding
100.0
100.0
Frasers Amethyst Pte. Ltd.
Investment holding
100.0
100.0
Frasers Hospitality Asset
Management Pte. Ltd.
Frasers Hospitality Changi
Investments Pte. Ltd.
Investment holding
100.0
100.0
Investment holding
100.0
100.0
(a)
Frasers Hospitality Dalian
Investment holding
100.0
100.0
Holding Pte. Ltd.
(a)
Frasers Hospitality Holdings
Investment holding
100.0
100.0
(Europe) Pte. Ltd.
(a)
(a)
Frasers Hospitality Holdings Pte. Ltd.
Investment holding
100.0
100.0
Frasers Hospitality Investments
Investment holding
100.0
100.0
China Square Pte. Ltd.
(a)
Frasers Hospitality Investments
Investment holding
100.0
100.0
Melbourne Pte. Ltd.
(a)
(a)
(a)
Frasers Hospitality ML Pte. Ltd.
Investment holding
100.0
100.0
Frasers Property (Singapore) Pte. Ltd.
Investment holding
100.0
100.0
Frasers Property Development
Investment holding
100.0
100.0
(China) Pte. Ltd.
(a)
Frasers Property Hospitality Trust
Investment holding
100.0
100.0
Holdings Pte. Ltd.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 3 5 2 / F R A S E R S P R O P E R T Y L I M I T E D
40.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES (CONT’D)
Principal Activities
Effective
Interest
2020
%
2019
%
Subsidiaries of the Company (cont’d)
Country of Incorporation and Place of Business: Singapore (cont'd)
(a)
Frasers Property Industrial Holdings
Investment holding
100.0
100.0
Pte. Ltd. (formerly known as
FCL Clover Pte. Ltd.)
(a)
Frasers Property Industrial Trust
Investment holding
100.0
100.0
Holdings Pte. Ltd.
(a)
(a)
Frasers Property International Pte. Ltd.
Investment holding
100.0
100.0
Frasers Property Retail Trust
Investment holding
100.0
100.0
Holdings Pte. Ltd.
(a)
Frasers Hospitality Pte. Ltd.
(a)
River Valley Properties Pte. Ltd.
Investment holding and
management services
Investment holding and
property development
100.0
100.0
100.0
100.0
(a)
Frasers Logistics & Commercial Asset
Management and
100.0
100.0
Management Pte. Ltd.
(formerly known as Frasers Logistics &
Industrial Asset Management Pte. Ltd.)
consultancy services
(a)
Frasers Centrepoint Asset
Management services
100.0
100.0
Management Ltd.
(a)
(a)
(a)
(a)
Frasers Hospitality International Pte. Ltd.
Management services
100.0
100.0
Frasers Property Corporate
Services Pte. Ltd.
Management services
100.0
100.0
Riverside Property Pte. Ltd.
Property investment
100.0
100.0
Frasers Property Management
Services Pte. Ltd.
Provision of management
services relating to
property management
100.0
100.0
Country of Incorporation and Place of Business: Hong Kong
(a)
Excellent Esteem Limited
Investment holding
100.0
100.0
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 5 3
40.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES (CONT’D)
Principal Activities
Effective
Interest
2020
%
2019
%
Subsidiaries of the Group
Country of Incorporation and Place of Business: Singapore
(a)
(a)
Frasers Centrepoint Trust
Real estate investment trust
Frasers Logistics & Commercial Trust
Real estate investment trust
(formerly known as Frasers Logistics &
Industrial Trust)
36.6
22.3
36.4
19.2
(a)
Frasers Hospitality Trust
Stapled trust
25.7
24.6
Country of Incorporation and Place of Business: Thailand
(a)
Frasers Property (Thailand) Public Company
Investment holding
59.6
58.6
Limited
Associates of the Group
Country of Incorporation and Place of Business: China
(b)
Shanghai Zhong Jun Property Real Estate
Property development
45.2
45.2
Development Co., Ltd.
Country of Incorporation and Place of Business: Thailand
(a)
Frasers Property Thailand Industrial Freehold Real estate investment trust
13.3
13.7
& Leasehold Real Estate Investment Trust
(a)
Golden Ventures Leasehold Real Estate
Real estate investment trust
13.4
12.6
Investment Trust
Country of Incorporation and Place of Business: Malaysia
(b)
Hektar Real Estate Investment Trust
Real estate investment trust
11.4
11.3
Joint Arrangements of the Group
Country of Incorporation and Place of Business: Singapore
(a)
(a)
(a)
(b)
Aquamarine Star Trust
Investment holding
North Gem Trust
Investment holding
50.0
50.0
50.0
100.0
Audited by KPMG in the respective countries.
Audited by other firms.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 3 5 4 / F R A S E R S P R O P E R T Y L I M I T E D
41.
ADOPTION OF NEW STANDARDS
The Group has applied the following SFRS(I)s, amendments to and interpretations of SFRS(I) for the first time for
the annual period beginning on 1 October 2019:
–
–
–
–
–
–
–
–
SFRS(I) 16 Leases
SFRS(I) INT 23 Uncertainty over Income Tax Treatments
Long-term Interests in Associates and Joint Ventures (Amendments to SFRS(I) 1-28)
Prepayment Features with Negative Compensation (Amendments to SFRS(I) 9)
Previously Held Interest in a Joint Operation (Amendments to SFRS(I) 3 and 11)
Income Tax Consequences of Payments on Financial Instruments Classified as Equity (Amendments to
SFRS(I) 1-12)
Borrowing Costs Eligible for Capitalisation (Amendments to SFRS(I) 1-23)
Plan Amendment, Curtailment or Settlement (Amendments to SFRS(I) 1-19)
In addition, the Group has early adopted the Amendments to SFRS(I) 9 Financial Instruments, SFRS(I) 1-39
Financial Instruments: Recognition and Measurement and SFRS(I) 7 Financial Instruments: Disclosures in relation
to the project on interest rate benchmark reform. Other than SFRS(I) 16, the application of these amendments to
standards and interpretations does not have a material effect on the financial statements.
SFRS(I) 16 Leases
The Group applied SFRS(I) 16 using the modified retrospective approach, under which the cumulative effect of
initial application is recognised in retained earnings at 1 October 2019. Accordingly, the comparative information
presented for 2019 is not restated – i.e. it is presented, as previously reported, under SFRS(I) 1-17 and related
interpretations.
Definition of a lease
Previously, the Group determined at contract inception whether an arrangement was or contained a lease under
SFRS(I) INT 4 Determining whether an Arrangement contains a Lease. The Group now assesses whether a contract
is or contains a lease based on the definition of a lease, as explained in SFRS(I) 16.
On transition to SFRS(I) 16, the Group elected to apply the practical expedient to grandfather the assessment of
which transactions are leases. The Group applied SFRS(I) 16 only to contracts that were previously identified as
leases. Contracts that were not identified as leases under SFRS(I) 1-17 and SFRS(I) INT 4 were not reassessed for
whether there is a lease under SFRS(I) 16. Therefore, the definition of a lease under SFRS(I) 16 was applied only to
contracts entered into or changed on or after 1 October 2019.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 5 5
41.
ADOPTION OF NEW STANDARDS (CONT’D)
As a lessee
As a lessee, the Group leases many assets including land and buildings, equipment, offices and motor vehicles. The
Group used a number of practical expedients when applying SFRS(I) 16 to leases previously classified as operating
leases under SFRS(I) 1-17. In particular, the Group:
–
–
–
–
did not recognise right-of-use assets and liabilities for leases for which the lease term ends within
12 months of the date of initial application;
did not recognise right-of-use assets and liabilities for leases of low-value assets (e.g. IT equipment);
excluded initial direct costs from the measurement of the right-of-use asset at the date of initial application;
and
used hindsight when determining the lease term.
Previously, the Group classified property leases as operating leases under SFRS(I) 1-17. On transition, for these
leases, lease liabilities were measured at the present value of the remaining lease payments, discounted at the
respective lessee entities incremental borrowing rates applicable to the leases as at 1 October 2019.
Right-of-use assets are measured at either:
–
–
their carrying amount as if SFRS(I) 16 had been applied since the commencement date, discounted using
the Group’s incremental borrowing rate at the date of initial application; or
an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments.
The Group has tested its right-of-use assets for impairment on the date of transition and has concluded that there
is no indication that the right-of-use assets are impaired.
As a lessor
The Group leases out its investment property, including own property and right-of-use assets. The Group has
classified these leases as operating leases.
The Group is not required to make any adjustments on transition to SFRS(I) 16 for leases in which it acts as a lessor,
except for a sub-lease.
The Group sub-leases some of its properties. Under SFRS(I) 1-17, the head lease and sub-lease contracts were
classified as operating leases. On transition to SFRS(I) 16, the right-of-use assets recognised from the head
leases are presented in investment property, and measured at fair value at that date. The Group assessed the
classification of the sub-lease contracts with reference to the right-of-use asset rather than the underlying asset,
and concluded that they are operating leases under SFRS(I) 16.
The Group has also reassessed the classification of subleases to finance lease based on remaining contractual
terms and condition of the head lease.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
3 5 6 / F R A S E R S P R O P E R T Y L I M I T E D
41.
ADOPTION OF NEW STANDARDS (CONT’D)
Impact on transition
At 1 October 2019
Right-of-use assets included in investment properties
Right-of-use assets included in property, plant and equipment
Right-of-use assets included in properties held for sale
Investments in joint ventures
Other receivables
Other payables
Lease liabilities
Deferred tax liabilities
NET LIABILITIES
Retained earnings
Non-controlling interests – others
TOTAL EQUITY
Group
Increase/
(Decrease)
$'000
(82,621)
360,981
18,216
4,957
35,302
336,835
(351,735)
742,463
(1,471)
389,257
(52,422)
(55,215)
2,793
(52,422)
When measuring lease liabilities for leases that were classified as operating leases, the Group discounted lease
payments using its incremental borrowing rate at 1 October 2019. The rate applied was between 1.1% to 11.5%.
Operating lease commitments at 30 September 2019 as disclosed
under SFRS(I) 1-17 in the Group's financial statements
Discounted using the incremental borrowing rate at 1 October 2019
Finance lease liabilities recognised as at 30 September 2019
– Recognition exemption for leases of low-value assets
– Recognition exemption for leases with less than 12 months of lease term at transition
– Extension options reasonably certain to be exercised
1 October
2019
$'000
1,328,780
742,944
(1,867)
(325)
1,711
742,463
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 5 7
42.
SUBSEQUENT EVENTS
(a)
(b)
(c)
(d)
On 7 October 2020, FCAM, a wholly-owned subsidiary of the Company, in its capacity as manager of FCT
(the “FCT Manager”), announced the issue of a private placement of 244,681,000 new units in FCT (the
“Private Placement Units”) at the issue price of S$2.350 per Private Placement Unit (the “Issue Price”)
(the “Private Placement”). Gross proceeds of approximately S$575.0 million were raised from the Private
Placement.
On 9 October 2020, the FCT Manager announced the launch of a non-renounceable preferential offering
of 324,639,666 new units in FCT (the “Preferential Offering Units”) on the basis of 290 Preferential Offering
Units for every 1,000 existing units in FCT (the “Existing Units”) at an issue price of S$2.340 per Preferential
Offering Unit (the “Preferential Offering”). The Preferential Offering was fully subscribed as at the close of
the Preferential Offering on 19 October 2020 and the Preferential Offering Units were issued on 27 October
2020. Gross proceeds of approximately S$759.7 million were raised from the Preferential Offering.
On 27 October 2020, the Company announced the completion of the disposal by its wholly-owned
subsidiary, Frasers Property Investments (Bermuda) Limited, of 252,158 shares representing approximately
63.11% of the entire issued and paid-up share capital of ARF to FCT Holdings (Sigma) Pte. Ltd. (the
“ARF Disposal”) and the acquisition by its wholly-owned subsidiary, Frasers Property Gold Pte. Ltd., of
131,443,060 shares representing the entire issued and paid-up share capital of Mallco Pte. Ltd. (the
“Mallco Acquisition”) from ARMF (Mauritius) Limited (the “Mallco Vendor”), a wholly-owned subsidiary of
ARF. The consideration for the ARF Disposal was approximately S$1,057.4 million and was satisfied in cash
after taking into account (a) the new units in FCT issued to the FCT Manager and Frasers Property Retail
Trust Holdings Pte. Ltd., a wholly-owned subsidiary of the Company which holds units in FCT, and/or the
Company under the Preferential Offering; and (b) the amount of consideration received by Mallco Vendor
for the Mallco Acquisition.
On 29 October 2020, Chempaka Development Pte. Ltd., a wholly-owned subsidiary of the Company,
exercised its option in relation to its acquisition of the leasehold interest in the whole of the land lots
4710W, 4711V, 10529L and 10530N all of Mukim 27 together with the building erected thereon, situated
at 799 New Upper Changi Road, Singapore 467351, currently known as Bedok Point, together with the
plant, mechanical and electrical equipment, fixtures and fittings located in or on or which otherwise relate
to Bedok Point (the “Bedok Point Acquisition”) for a consideration of S$108.0 million. The Bedok Point
Acquisition was completed on 9 November 2020.
Contents
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 3 5 8 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED INVESTMENT PROPERTIES
Singapore
Alexandra Point
A 24-storey office building at 438 Alexandra Road.
Freehold, lettable area – 18,550 sqm
51 Cuppage Road
A 10-storey commercial building at 51 Cuppage Road.
Leasehold (lease expires year 2095), lettable area – 25,339 sqm
Central Plaza
The Centrepoint
A 20-storey office building at 298 Tiong Bahru Road.
Leasehold (lease expires year 2091), lettable area – 16,035 sqm
A 7-storey shopping-cum-residential complex with 2 basement floors at The
Centrepoint, 176 Orchard Road.
Freehold and leasehold (lease expires year 2078), lettable area – 32,992 sqm
Tiong Bahru Plaza
A 7-storey suburban retail mall at 302 Tiong Bahru Road.
Leasehold (lease expires year 2090), lettable area – 19,947 sqm
Century Square
Hougang Mall
White Sands
Tampines 1
Robertson Walk & Fraser
Place Robertson Walk
Valley Point
A 7-storey suburban retail mall at 2 Tampines Central 5.
Leasehold (lease expires year 2091), lettable area – 19,602 sqm
A 6-storey suburban retail mall at 90 Hougang Avenue 10.
Leasehold (lease expires year 2092), lettable area – 15,455 sqm
A 6-storey suburban retail mall at 1 Pasir Ris Central Street 3.
Leasehold (lease expires year 2092), lettable area – 13,970 sqm
A 5-storey suburban retail mall at 10 Tampines Central 1.
Leasehold (lease expires year 2089), lettable area – 24,952 sqm
A 10-storey commercial-cum-serviced apartment complex with a 2-storey
basement carpark, a 2-storey retail podium and 164 serviced apartment
units at Robertson Walk Shopping Centre and Fraser Place Robertson Walk,
11 Unity Street.
Leasehold (lease expires year 2840)
Lettable area:
Retail – Robertson Walk
Serviced Apartment – Fraser Place Robertson Walk
8,881 sqm
17,694 sqm
26,575 sqm
A 20-storey commercial-cum-serviced apartment complex with a 5-storey
covered carpark, a 5-storey podium block and a 2-storey retail podium at
Valley Point Shopping Centre/Office Tower, 491/B River Valley Road.
Leasehold (lease expires year 2876)
Lettable area:
Retail – Valley Point Shopping Centre
Office – Valley Point Office Tower
4,015 sqm
16,685 sqm
20,700 sqm
Book Value
$'000
278,000
416,000
215,000
646,000
654,000
574,000
432,000
428,000
762,000
313,900
347,000
Centrepoint Apartment
#04-56
An apartment unit at The Centrepoint, 176A Orchard Road.
Leasehold (lease expires year 2078), lettable area – 81 sqm
2,150
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 5 9
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Singapore (cont’d)
Centrepoint Apartment
#05-53
An apartment unit at The Centrepoint, 176A Orchard Road.
Leasehold (lease expires year 2078), lettable area – 104 sqm
Centrepoint Apartment
#05-59
An apartment unit at The Centrepoint, 176A Orchard Road.
Leasehold (lease expires year 2078), lettable area – 69 sqm
Centrepoint Apartment
#06-54
An apartment unit at The Centrepoint, 176A Orchard Road.
Leasehold (lease expires year 2078), lettable area – 104 sqm
Capri by Fraser,
Changi City
Capri by Fraser,
China Square
313 units of hotel residences at Changi Business Park Central 1.
Leasehold (lease expires year 2069), lettable area – 10,583 sqm
304 units of hotel residences at 181 South Bridge Road.
Leasehold (lease expires year 2096), gross floor area – 15,860 sqm
Book Value
$'000
2,690
1,870
2,700
178,700
243,400
Fraser Residence Singapore A 2-year lease (lease expires year 2021) of serviced apartments at 2 Mount
243
Elizabeth Link.
Malaysia
Setapak Central
Australia
A 3-storey retail mall in Setapak, Kuala Lumpur, Malaysia.
Leasehold (lease expires year 2096), lettable area – 47,641 sqm
104,878
Fraser Place Melbourne
112 serviced apartment units in 2 blocks of high rise buildings at 19 Exploration
Lane, Melbourne, Victoria.
Freehold, lettable area – 3,516 sqm
Capri by Fraser, Brisbane
239 units of hotel residences at 80 Albert Street, Brisbane, Queensland.
Freehold, lettable area – 9,468 sqm
Frasers Property Australia
Group's Completed
Investment Properties
A car park comprising 267 public car parking spaces at Freshwater Place,
Public Car Park, Southbank, Victoria.
Freehold, lettable area – 11,822 sqm
A property comprising a warehouse and a single-storey office at 64 West Park
Drive, West Park, Derrimut, Victoria.
Freehold, lettable area – 20,337 sqm
A property comprising common facilities including a café, childcare centre,
car wash, gym, pool and common parking areas at Rhodes Corporate Park, 1E
Homebush Bay Drive, Rhodes, New South Wales.
Freehold, lettable area – 1,291 sqm
25,425
72,365
18,580
25,914
12,517
A property comprising office accommodation at 1F Homebush Bay Drive,
Rhodes Corporate Park, Rhodes, New South Wales.
Freehold, lettable area – 17,600 sqm
119,793
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 6 0 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
Australia (cont’d)
Frasers Property Australia
Group’s Completed
Investment Properties
(cont’d)
An 8-storey office building at 20 Lee Street, Henry Deane Building, Railway
Square, Sydney, New South Wales.
Leasehold, lettable area – 9,112 sqm
102,680
A property comprising a warehouse and a 2-storey office component at 227
Walters Road, Arndell Park, New South Wales.
Freehold, lettable area – 17,733 sqm
30,999
A 8-storey building with a terrace area on level 7 at 26-30 Lee Street, Gateway
Building, Sydney, New South Wales.
Leasehold, lettable area – 12,602 sqm
168,688
A property comprising an industrial facility with full vehicular access and a
single-level office at 10 Reconciliation Rise, Pemulwuy, New South Wales.
Freehold, lettable area – 25,705 sqm
A 6-level office accommodation and a café at 1B Homebush Bay Drive, Rhodes
Corporate Park, Rhodes, New South Wales.
Freehold, lettable area – 12,785 sqm
48,895
76,765
A commercial office building with a 5-level office accommodation at 1D
Homebush Bay Drive, Rhodes Corporate Park, Rhodes, New South Wales.
Freehold, lettable area – 17,084 sqm
143,751
A property comprising a 3-level office and warehouse at 2 Wonderland Drive,
Eastern Creek, New South Wales.
Freehold, lettable area – 29,047 sqm
A property comprising 2 warehouses at 4-12 Doriemus Drive, Truganinga,
Victoria.
Freehold, lettable area – 22,840 sqm
A property comprising of a warehouse at 21 Muir Road, Chullora, New South
Wales.
Freehold, lettable area – 91,690 sqm
55,740
27,968
58,478
A shopping centre located at 300 Old Cleveland Road, Coorparoo, Queensland.
Freehold, lettable area – 6,780 sqm
43,321
Europe
Fraser Suites Kensington,
London
70 residential apartments at Fraser Suites Kensington, 75 Stanhope Gardens
London SW7 5RN, the United Kingdom.
Freehold, lettable area – 6,842 sqm
189,210
Capri by Fraser, Barcelona
97 serviced apartments at Sancho de Avila, 32-34 Barcelona, Spain.
Freehold, lettable area – 3,626 sqm
29,606
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 6 1
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
Europe (cont’d)
Capri by Fraser, Frankfurt
153 serviced apartments at 42 Europa-allee, 60327, Frankfurt am Maine,
Germany.
Freehold, lettable area – 5,688 sqm
Capri by Fraser, Berlin
143 serviced apartments at Scharrenstraße 22, 10178 Berlin, Germany.
Freehold, lettable area – 4,103 sqm
Flat 3 at Queens Gate
Gardens
An apartment unit at 39A Queens Gate Gardens, London SW7 5RR, the United
Kingdom.
Freehold, lettable area – 74 sqm
Fraser Suites Hamburg
154 serviced apartment units at Rodingsmarkt 2, Hamburg, Germany.
Freehold, lettable area – 5,303 sqm
55,210
49,449
1,994
99,699
Fraser Residence Prince of
Wales Terrace
A 3-year lease (lease expiry 2021) of serviced apartments situated at 2-14
Prince of Wales Terrace, London, W8 5PE, England.
784
Capri by Fraser, Leipzig
A 20-year lease (lease expiry 2040) of an apart-hotel situated at Bruhl, 76, 78,
Goethestrasse 8, 9, Ritterstrasse 28, Germany.
43,249
Winnersh Triangle
A mixed-use park comprising 10 districts of predominantly office and industrial
accomodation located in Winnersh, Wokingham, the United Kingdom.
Freehold, lettable area – 130,084 sqm
624,981
Chineham Park
Watchmoor Park
Hillington Park
A mixed-use park comprising nine districts providing office and industrial
accomodation located in Basingstoke, the United Kingdom.
Freehold, lettable area – 75,289 sqm
278,438
An office park comprising office accommodation located in Camberley, the
United Kingdom.
Freehold, lettable area – 23,420 sqm
72,985
A mixed-use park comprising office and industrial accomodation located in
Glasgow, Scotland.
Freehold, lettable area – 207,679 sqm
222,801
Lakeshore Business Park
An office park comprising three buildings located at 9-11 New Square, Bedfont
Lakes, Feltham, Middlesex, the United Kingdom.
Freehold, lettable area – 25,664 sqm
232,698
Frasers Property Europe
Group's Completed
Investment Properties
A business park at Mülheim-Mellinghofer Straße 55 (Technopark), Mülheim an
der Ruhr, Germany.
Freehold, lettable area – 125,331 sqm
115,422
Solar panels at Gottmadingen-Industriepark 309, Gottmadingen, Germany.
1,024
A cross-dock facility located in Bad Rappenau-Buchäckerring 18, Germany.
Freehold, lettable area – 13,125 sqm
64,652
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 6 2 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
Europe (cont’d)
Frasers Property Europe
Group’s Completed
Investment Properties
(cont’d)
A cross-dock facility located in Mainz-Genfer Allee 6, Germany.
Freehold, lettable area – 13,148 sqm
87,536
A cross-dock facility located in Hamburg, Billbrookdeich 167-171, Germany.
Leasehold, lettable area – 11,545 sqm
107,871
A logistics facility located at Werner von Siemens-Straße 44, Saarland,
Germany.
Freehold, lettable area – 9,298 sqm
A logistics facility located at Thomas-Dachser-Straße 3, Saarland, Germany.
Freehold, lettable area – 21,765 sqm
A logistics facility located at Werner von Siemens-Straße 35, Saarland,
Germany.
Freehold, lettable area – 6,413 sqm
A logistics facility located at Kirchheim-Oskar-von-Miller-Straße 2, Germany.
Freehold, lettable area – 30,165 sqm
A logistics facility located at Remscheid-Leverkuser Straße 65, Germany.
Freehold, lettable area – 29,418 sqm
A logistics facility located at Dreieich-An der Trift 75, Germany.
Freehold, lettable area – 19,937 sqm
A logistics facility located at Vienna-SchemmerlStraße 72, Austria.
Freehold, lettable area – 24,805 sqm
A logistics facility located at Magstadt-HutwiesenStraße 13, Germany.
Freehold, lettable area – 17,081 sqm
A warehouse facility located at Hanau-MoselStraße 70, Germany.
Freehold, lettable area – 4,996 sqm
11,522
32,966
8,002
58,411
19,364
29,926
39,847
13,122
5,265
A logistics facility located at Duisburg-Rheindeichstraße 155, Germany.
Freehold, lettable area – 46,580 sqm
104,980
A logistics facility located in Graz, StyriaStraße 15, Austria.
Freehold, lettable area – 26,856 sqm
A cargo logistics facility located in Vienna, at Vienna Airport, Cargo Nord,
Objekt 3, Austria.
Leasehold, lettable area – 10,419 sqm
A cargo logistics facility located in Vienna, at Vienna Airport, Cargo Nord,
Objekt 10-12, Austria.
Leasehold, lettable area – 9,307 sqm
41,128
39,105
30,213
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 6 3
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
Europe (cont’d)
Frasers Property Europe
Group’s Completed
Investment Properties
(cont’d)
A logistics facility located in Bielefeld, at FuggerStraße 13, Germany.
Freehold, lettable area – 23,115 sqm
A logistics facility located in Bielefeld, at FuggerStraße 15, Germany.
Freehold, lettable area – 31,087 sqm
A logistics facility located in Breda, on the border of the Netherlands and
Belgium, at Hazeldonk 6308, the Netherlands.
Freehold, lettable area – 8,303 sqm
A logistics facility located in Breda, on the border of the Netherlands and
Belgium, at Hazeldonk 6801, the Netherlands.
Freehold, lettable area – 4,225 sqm
A logistics facility located in Frankenthal, at Am Römig, Germany.
Freehold, lettable area – 20,266 sqm
45,449
34,727
9,874
3,201
47,369
A light industrial facility located in Günzburg, at Alois Mengele Str. 1, Germany.
Freehold, lettable area – 23,992 sqm
22,886
A light industrial facility located in Kleinkötz, at Industriestraße/Bahnhofstr.
40, Germany.
Freehold, lettable area – 42,028 sqm
51,210
Thailand
Amata City Chonburi
Industrial Estate
11 industrial factories and vacant plots of industrial land located in the Amata
City Chonburi Industrial Estate on Sukhumvit Road (Highway No. 3) within
Phan Thong Sub-District, Phan Thong District, Chon Buri Province.
Freehold, lettable area:
Land
33,655 sqm
24,250 sqm
57,905 sqm
Laemchabang Industrial
Estate
30 industrial factories located in the Laemchabang Industrial Estate on
Sukhumvit Road (Highway No. 3) within Thung Sukhla Sub-District, Si Racha
District, Chon Buri Province.
Leasehold (lease expires year 2025, 2027, 2029 and 2048), lettable area –
77,005 sqm
Hi-Tech Industrial Estate
5 industrial factories and vacant plots of industrial land, located in the Hi-Tech
Industrial Estate on Asia Road (Highway No. 32) within Ban Len and Ban Pho
Sub-Districts, Bang Pa-in District, Phra Nakhon Si Ayutthaya Province.
Freehold, lettable area:
Land
12,825 sqm
11,700 sqm
24,525 sqm
51,620
52,781
15,846
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020
3 6 4 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
Thailand (cont’d)
Amata City Rayong
Industrial Estate
5 industrial factories and vacant plots of industrial land, located in the Amata
City Rayong Industrial Estate on Chachoengsao – Sattahip Road (Highway
No. 331) within Map Yang Phon Sub-District, Pluak Daeng District, Rayong
Province.
Freehold, lettable area:
Land
12,525 sqm
16,950 sqm
29,475 sqm
Rojana Industrial Estate
(Rayong – Ban Khai)
Vacant land located in the Rojana Industrial Estate Rayong on Ban Khai –
Ban Bueng Road (Highway No. 3138) within Nong Bua Sub-District, Ban Khai
District, Rayong Province.
Freehold, total area – 14,736 sqm
Rojana – Ayudhya Industrial
Park Zone 1-3
Pinthong Industrial Estate
21 industrial factories and vacant plots of industrial land located in the Rojana
Industrial Estate on Rojana – Uthai Road (Highway No. 3056) within Ban Chang
and Uthai Sub-Districts, Uthai District, Phra Nakhon Si Ayutthaya Province.
Freehold, lettable area:
Land
72,100 sqm
10,900 sqm
83,000 sqm
Vacant land located in the Pinthong Industrial Estate on Sattahip –
Chachoengsao Road (Highway No. 331) within Khao Khansong, Nong Kham
and Bowin Sub-Districts, Si Racha District, Chon Buri Province.
Freehold, lettable area:
Estate 5
Estate 2
Estate 3
256,797 sqm
8,725 sqm
4,875 sqm
270,397 sqm
Latkrabang Industrial
Estate
1 industrial factory located in the Latkrabang Industrial Estate on Chalong
Krung Road within Lam Pla Thio Sub-District, Lat Krabang District, Bangkok
Metropolis.
Freehold, lettable area – 1,300 sqm
Navanakorn Industrial
Promotion Zone
2 industrial factories and vacant plots of industrial land located in the Nava
Nakorn Industrial Estate on Phahon Yothin Road (Highway No. 1) within
Khlong Nueng Sub-District, Khlong Luang District, Pathum Thani Province.
Freehold, lettable area:
5,525 sqm
5,000 sqm
Land
10,525 sqm
Hemaraj Chonburi
Industrial Estate 1
3 industrial factories located in the Hemaraj Chonburi Industrial Estate on
Sattahip – Chachoengsao Road (Highway No. 331) within Bowin Sub-District,
Si Racha District, Chon Buri Province.
Freehold, lettable area – 11,100 sqm
Kabinburi Industrial Zone
7 industrial factories and vacant plots of industrial land located in the
Kabinburi Industrial Estate on Kabin Buri – Nakhon Ratchasima Road (Highway
No. 304) within Nong Ki Sub-District, Kabin Buri District, Prachin Buri Province.
Freehold, lettable area – 15,675 sqm
16,373
1,197
68,260
28,750
1,620
5,638
11,720
21,976
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 3 6 5
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
Thailand (cont’d)
Asia Industrial Estate
Suvarnabhumi
Rojana Industrial Park
(Prachinburi)
Frasers Property Logistics
Park (Bangna)
28 industrial factories and vacant plots of industrial land located in the Asia
Industrial Estate Suvarnabhumi on Luang Phaeng Road within Khlong Suan
Sub-District, Bang Bo District, Samut Prakan Province.
Freehold, lettable area – 38,900 sqm
8 industrial factories and vacant plots of industrial land located in the Rojana
Prachin Buri Industrial Park on Chachoengsao – Si Maha Phot Road (Highway
No. 304) within Hua Wa Sub-District, Si Maha Phot District, Prachin Buri
Province.
Freehold, lettable area – 22,350 sqm
26 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Park (Bangna) project on Bang Na – Bang Pakong Road
(Highway No. 34) within Bang Samak Sub-District, Bang Pakong District, Cha
Choeng Sao Province.
Freehold, lettable area:
Land
61,042 sqm
179,085 sqm
240,127 sqm
Frasers Property Logistics
Center (Laemchabang 1)
Land located in the Frasers Property Logistics Center (Laemchabang 1) project
on Bypass-Laem Chabang Road (Motorway No. 7) within Nong Kham Sub-
District, Si Racha District, Chon Buri Province.
Freehold, total area – 37,920 sqm
Frasers Property Logistics
Center (Wangnoi 1)
4 warehouses located in the Frasers Property Logistics Center (Wangnoi 1)
project on Phahon Yothin Road (Highway No. 1) around km. station 55+900
within Phayom Sub-District, Wang Noi District, Phra Nakhon Si Ayutthaya
Province.
Freehold, lettable area – 41,535 sqm
Frasers Property Logistics
Park (Latkrabang)
Vacant plots of industrial land located in the Frasers Property Logistics Park
(Latkrabang) project on Chalongkrung Road within Lam Pla Thio Sub-District,
Lat Krabang District, Bangkok Metropolis.
Freehold, total area – 389,200 sqm
Frasers Property Logistics
Park (Sriracha)
Vacant plots of industrial land located in the Frasers Property Logistics Park
(Sriracha) project on Chon Buri – Pattaya Road (Highway No. 7) within Bang
Phra Sub-District, Si Racha District, Chon Buri Province.
Freehold, total area – 167,168 sqm
Frasers Property Logistics
Center (Eastern
Seaboard 2A)
9 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (Eastern Seaboard 2A) project on Chachoengsao –
Sattahip Road (Highway No. 331) within Bowin Sub-District, Si Racha District,
Chon Buri Province.
Freehold, lettable area – 24,363 sqm
51,808
46,775
145,968
2,203
31,869
27,553
20,788
15,824
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020
3 6 6 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
Thailand (cont’d)
Frasers Property Logistics
Center (Eastern
Seaboard 2B)
Vacant plots of industrial land located in the Frasers Property Logistics Center
(Eastern Seaboard 2B) project on Chachoengsao – Sattahip Road (Highway
No. 331) within Bowin Sub-District, Si Racha District, Chon Buri Province.
Freehold, total area – 107,504 sqm
Frasers Property Logistics
Center (Eastern
Seaboard 1B)
4 warehouses located in the Frasers Property Logistics Center (Eastern
Seaboard 1B) project on Chachoengsao – Sattahip Road (Highway No. 331)
within Pluak Daeng Sub-District, Pluak Daeng District, Rayong Province.
Freehold, total area – 11,400 sqm
Frasers Property Logistics
Center (Wangnoi 2)
12 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (Wangnoi 2) project on Phahon Yothin Road
(Highway No. 1) around km. station 57 within Phayom Sub-District, Wang Noi
District, Phra Nakhon Si Ayutthaya Province.
Freehold, lettable area – 93,537 sqm
Frasers Property Logistics
Park (Laemchabang 2)
18 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Park (Laemchabang 2) project on Bypass-Laem Chabang
Road (Motorway No. 7) within Nong Kham Sub-District, Si Racha District,
Chon Buri Province.
Freehold, lettable area – 38,248 sqm
Frasers Property Logistics
Center (Eastern
Seaboard 1C)
Vacant plots of industrial land located in the Frasers Property Logistics Center
(Eastern Seaboard 1C) project on Chachoengsao – Sattahip Road (Highway
No. 331) within Bowin Sub-District, Si Racha District, Chon Buri Province.
Freehold, total area – 141,728 sqm
Frasers Property Logistics
Center (Phan Thong 1)
10 warehouses located in the Frasers Property Logistics Center (Phan Thong
1) project on Thang Rot Fai Chachoengsao – Sattahip Road within Phan Thong
Sub-District, Phan Thong District, Chon Buri Province.
Freehold, lettable area – 38,391 sqm
Frasers Property Logistics
Center (Eastern
Seaboard 3)
8 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (Eastern Seaboard 3) project on Chachoengsao –
Sattahip Road (Highway No. 331) within Khao Khansong Sub-District, Si Racha
District, Chon Buri Province.
Freehold, lettable area – 15,350 sqm
Frasers Property Logistics
Park (Bangpakong)
Vacant plots of industrial land located in the Frasers Property Logistics Park
(Bangpakong) project on Bang Na – Bang Pakong Road (Highway No. 34) within
Bang Samak Sub-District, Bang Pakong District, Cha Choeng Sao Province.
Freehold, total area – 364,528 sqm
Frasers Property Logistics
Park (Khonkaen)
12 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Park (Khonkaen) project on Mittaphap Road (Highway No.
2) within Tha Phra Sub-District, Mueang District, Khon Kaen Province.
Freehold, lettable area – 9,660 sqm
Frasers Property Logistics
Center (Phan Thong 2)
Vacant plots of industrial land located in the Frasers Property Logistics Center
(Phan Thong 2) project on Ban Kao – Phan Thong Road (Highway No. 3127)
within Phan Thong Sub-District, Phan Thong District, Chon Buri Province.
Freehold, total area – 74,160 sqm
14,515
7,733
115,266
70,822
8,994
33,571
37,752
30,210
21,617
8,411
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 6 7
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
Thailand (cont’d)
Frasers Property Logistics
Center (Phan Thong 3)
Vacant plots of industrial land located in the Frasers Property Logistics Center
(Phan Thong 3) project on Ban Kao – Phan Thong Road (Highway No. 3127)
within Phan Thong Sub-District, Phan Thong District, Chon Buri Province.
Freehold, total area – 93,920 sqm
Frasers Property Logistics
Center (Amata City
Rayong)
11 warehouses located in the Frasers Property Logistics Center (Amata City
Rayong) project on Sattahip – Chachoengsao Road (Highway No. 331) within
Map Yang Phon Sub-District, Pluak Daeng District, Rayong Province.
Freehold, lettable area – 33,832 sqm
Frasers Property Logistics
Center (Surat Thani)
Vacant plots of industrial land located in the Frasers Property Logistics Center
(Surat Thani) project on Chaiya – Phunphin Road (Highway No. 41) within
Nong Sai Sub-District, Phunphin District, Surat Thani Province.
Freehold, total area – 109,456 sqm
Frasers Property Logistics
Center (Bangplee 1)
Vacant plots of industrial land located in the Frasers Property Logistics Center
(Bangplee 1) project on Bang Na – Bang Pakong Road (Highway No. 34) at
around km. station 22, within Sisa Chorakhe Yai Sub-District, Bang Sao Thong
District, Samut Prakan Province.
Freehold, total area – 63,659 sqm
Frasers Property Logistics
Center (Bangplee 3)
Land located in the Frasers Property Logistics Center (Bangplee 3) project on
Liap Khlong Chonlahan Pichit Road within Bang Pla Sub-District, Bang Phli
District, Samut Prakan Province.
Freehold, lettable area – 106,692 sqm
Frasers Property Logistics
Center (Bangplee 4)
5 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (Bangplee 4) project on Liap Khlong Chonlahan
Pichit Road at around km. station 3+600, within Bang Pla Sub-District, Bang
Phli District, Samut Prakan Province,Thailand.
Freehold, lettable area – 52,680 sqm
Frasers Property Logistics
Center (Bangplee 5)
3 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (Bangplee 5) project on Liap Khlong Chonlahan
Pichit Road at around km. station 19, within Bang Pla Sub-District, Bang Phli
District, Samut Prakan Province.
Freehold, lettable area – 15,048 sqm
Frasers Property Logistics
Center (Samut Sakhon)
2 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (Samut Sakhon) project on Rama 2 Road or Thon
Buri – Pak Tho Road (Highway No. 35) within Bang Krachao Sub-District,
Mueang District, Samut Sakhon Province.
Freehold, lettable area – 34,421 sqm
9,897
31,795
7,469
56,303
26,196
70,572
19,712
89,942
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 6 8 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
Thailand (cont’d)
Frasers Property Logistics
Center (Lamphun)
9 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (Lamphun) project on Chiang Mai – Lamphun Road
(Highway No. 11) within Umong Sub-District, Mueang District, Lamphun
Province.
Freehold, lettable area – 9,011 sqm
Frasers Property Logistics
Center (Rojana
Prachinburi)
Vacant plots of industrial land located in the Frasers Property Logistics Center
(Rojana Prachinburi) project on Chachoengsao – Kabin Buri Road (Highway No.
304) within Hua Wa Sub-District, Si Maha Phot District, Prachin Buri Province.
Freehold, total area – 90,480 sqm
Frasers Property Logistics
Center (Bangplee 2)
9 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (Bangplee 2) project on Mueang Mai – Bang Phli
Road (Highway No. 1006) within Bang Sao Thong Sub-District, Bang Sao
Thong District, Samut Prakan Province.
Leasehold (lease expires year 2039), lettable area – 123,924 sqm
17,876
5,093
89,169
Frasers Property Logistics
Center (Phanat Nikhom)
Vacant plots of industrial land located in the Frasers Property Logistics Center
(Phanat Nikhom) project on Chachoengsao – Sattahip Road (Highway No. 331)
within Nong Prue Sub-District, Phanat Nikhom District, Chon Buri Province.
Freehold, total area – 261,840 sqm
7,776
Frasers Property Logistics
Center (Bangplee 6)
2 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Centre (Bangplee 6) project on Liap Khlong Chonlahan
Pichit Road at around km. station 4+700, within Bang Pla Sub-District, Bang
Phli District, Samut Prakan Province.
Freehold land, lettable area – 105,050 sqm
120,377
Frasers Property Logistics
Center (Bangplee 7)
Vacant plots of industrial land located in the Frasers Property Logistics Center
(Bangplee 7) within Bang Pla Sub-District, Bang Phli District, Samut Prakan
Province, Thailand.
Leasehold (lease expires year 2049), total area – 130,524 sqm
13,272
Vacant land located on the corner of Ramkhamhaeng Road, Soi Ramkhamhaeng
28, Hua Mak Sub-District, Bang Kapi District, Bangkok Metropolis.
Freehold, total area – 24,209 sqm
47,044
FYI Centre
A 12-storey office building and three underground floors situated at Rama IV
Road and Ratchadaphisek Road (Khlong Toei intersection), within Khlong Toei
Sub-District, Khlong Toei District, Bangkok Metropolis.
Leasehold (lease expires year 2077), lettable area – 50,272 sqm
243,987
Panorama Resort
and Golf Club
Vacant land located on Ban Sup Chumphon – Ban Nong Han Road within Lat
Bua Khao and Nong Ya Khao Sub-Districts, Sikhio District, Nakhon Ratchasima
Province.
Freehold, total area – 332,944 sqm
3 vacant plots of land located on Ao Thalen Beach off Krabi – Khao Thong
Road (Highway No. 4034), within Nong Tale Sub-District, Mueang District,
Krabi Province.
Freehold, total area – 190,080 sqm
12,545
8,122
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 6 9
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
Thailand (cont’d)
Goldenland Building
Vietnam
Melinh Point
China
Fraser Suites Dalian
Indonesia
An 8-storey office building with one underground floor located at Soi
Mahadlekluang 1, Rajdamri Road, Pathumwan, Bangkok Metropolis.
Leasehold (lease expires year 2022), lettable area – 11,000 sqm
Vacant land located off Bang Bon 4 Road, within Nong Khaem Sub-District,
Nong Khaem District, Bangkok Metropolis.
Freehold, total area – 15,824 sqm
Vacant land located on Soi Khu Bon 27 and Soi Khu Bon 27 Yaek 15, 17 and 19,
off Khu Bon Road within Tha Raeng Sub-District, Bang Khen District, Bangkok
Metropolis.
Freehold, total area – 3,079 sqm
Vacant land located on Ratchaphruek Road, within Bang Ramat Sub-District
Taling Chan District, Bangkok Metropolis.
Freehold, total area – 6,900 sqm
Vacant land located on Frontage Road to Kanchanaphisek Road (Highway No.
9) around km. station 39+900 and public road within Bang Chan Sub-District,
Khlong Sam Wa District Bangkok Metropolis.
Freehold, total area – 1,629 sqm
3,198
942
1,542
1,119
791
A 21-storey retail/office building with 2 basements at 2 Ngo Duc Ke Street,
District 1, Ho Chi Minh City.
Leasehold (lease expires year 2045), lettable area – 17,414 sqm
72,795
259 serviced apartment units in the Kardan Europark, which is a large-scale
comprehensive development comprising of residential units, offices, shopping
mall and serviced apartments, located at Gang Long Road, Zhongshan District,
Dalian. The property comprises of levels 5 to 25 of the Europark Apartment
section of the development.
Freehold, lettable area – 18,549 sqm
65,325
Fraser Residence Sudirman,
Jakarta
108 serviced apartment units in Fraser Tower of Fraser Residence Sudirman
Jakarta at Jalan Setiabudi Raya No. 9, Setiabudi District, Jakarta.
Freehold, lettable area – 11,324 sqm
31,404
Japan
Capri by Fraser, Ginza
Carpark land lots located at Shimbashi, Minato-ku, Tokyo, Japan, to be
redeveloped into a 14-storey apart-hotel with 244 apartment units.
Freehold, total area – 851 sqm
184,005
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 7 0 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS CENTREPOINT TRUST
Book Value
$'000
Singapore
Causeway Point
A 7-storey retail mall (including 1 basement level) and a 7-level carpark
(B2, B3 and 2nd-6th levels) at 1 Woodlands Square.
Leasehold (lease expires year 2094), lettable area – 39,004 sqm
1,305,000
Northpoint City North Wing A 6-storey retail mall (including 2 basement levels) and a 3-level carpark
771,500
(B1-B3) at 930 Yishun Avenue 2.
Leasehold (lease expires year 2089), lettable area – 21,355 sqm
Changi City Point
A 3-storey retail mall (including 1 basement level) at 5 Changi Business Park
Central 1.
Leasehold (lease expires year 2069), lettable area – 19,046 sqm
338,000
Bedok Point
YewTee Point
Anchorpoint
A 5-storey retail mall (including 1 basement level) and 1 basement carpark at
799 New Upper Changi Road.
Leasehold (lease expires year 2077), lettable area – 7,684 sqm
108,000
A 2-storey retail mall (including 1 basement level) and 1 basement carpark at
21 Choa Chu Kang North 6.
Leasehold (lease expires year 2105), lettable area – 6,844 sqm
190,000
A 2-storey retail mall (including 1 basement level) and adjacent 2-storey
conservation building at 368 and 370 Alexandra Road.
Freehold, lettable area – 6,616 sqm
110,000
Yishun 10 Retail Podium
10 strata-titled retail units at 51 Yishun Central 1.
Leasehold (lease expires year 2089), lettable area – 961 sqm
35,000
HELD THROUGH FRASERS HOSPITALITY TRUST
Singapore
Fraser Suites Singapore(1)
255 serviced apartment units at 491A River Valley Road.
Freehold, lettable area – 22,214 sqm
362,000
Australia
Fraser Suites Sydney(1)
United Kingdom
201 serviced apartment units at 488 Kent Street, Sydney, New South Wales.
Freehold, lettable area – 10,007 sqm
142,978
Fraser Place Canary Wharf,
London(1)
2 buildings of 108 residential apartments at 80 Boardwalk Place, London.
Freehold, lettable area – 4,460 sqm
74,096
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 7 1
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
HELD THROUGH FRASERS HOSPITALITY TRUST (CONT’D)
United Kingdom (cont’d)
Fraser Suites Glasgow(1)
A 4-storey building of 99 serviced apartments at 1-19 Albion Street, Glasgow,
Scotland.
Freehold, lettable area – 4,964 sqm
Fraser Suites Edinburgh(1)
A 8-storey building of 75 residential apartments at 12-26 St Giles Street,
Edinburgh, Scotland.
Freehold, lettable area – 2,333 sqm
Fraser Suites Queens Gate,
London(1)
105 residential apartments at 39B Queens Gate Gardens, London.
Freehold, lettable area – 4,188 sqm
Germany
Maritim Hotel Dresden
328 hotel rooms at Ostra-Ufer 2, Dresden.
Freehold, lettable area – 25,916 sqm
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST
17,466
26,816
101,089
98,739
Singapore
Cross Street Exchange
Alexandra Technopark(1)
Australia
A 15-storey office and retail tower with basement carpark and heritage
shophouses at 18, 20 & 22 Cross Street, China Square Central.
Leasehold (lease expires year 2096), lettable area – 36,497 sqm
643,000
A high-specification business space development comprising 3 buildings of
8, 9 and 3-storeys with basement carpark at 438A, 438B and 438C Alexandra
Road.
Freehold, lettable area – 96,107 sqm
681,000
2 adjoining office and warehouse facilities, located at 18-34 Aylesbury Drive,
Altona, Victoria.
Freehold, lettable area – 21,493 sqm
A large industrial warehouse and an attached 2-level office building, located
at 49-75 Pacific Drive, Keysborough, Victoria.
Freehold, lettable area – 25,163 sqm
An industrial facility, a substantial 2-level office and a ground floor café,
located at 115-121 South Centre Road, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 3,085 sqm
A 3-level office attached by a first floor walkway to the warehouse, located at
96-106 Link Road, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 18,599 sqm
26,390
35,693
8,091
37,032
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 7 2 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
Book Value
$'000
2 warehouse and distribution facilities with associated office accommodation,
located at 17-23 Jets Court, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 9,869 sqm
2 adjoining warehouse facilities, each with front office accommodation,
located at 25-29 Jets Court, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 15,544 sqm
A warehouse distribution facility and a 2-level office, located at 28-32 Sky
Road East, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 12,086 sqm
A warehouse and distribution facility with a single-level office, located at 38-
52 Sky Road East, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 46,231 sqm
2 free-standing industrial facilities with a 2-level office attached to a
warehouse with car parking for approximately 311 vehicles, located at 2-46
Douglas Street, Port Melbourne, Victoria.
Leasehold (lease expires year 2053), lettable area – 21,803 sqm
A warehouse facility, 2-level office and showroom, located at 21-33 South
Park Drive, Dandenong South, Victoria.
Freehold, lettable area – 22,106 sqm
A single-level office and temperature-controlled warehouse, located at 22-
26 Bam Wine Court, Dandenong South, Victoria.
Freehold, lettable area – 17,606 sqm
A storage and distribution facility, with associated office area, canopy,
hardstand and 69 parking lots, located at 16-32 South Park Drive, Dandenong
South, Victoria.
Freehold, lettable area – 12,729 sqm
Industrial office and warehouse facility, located at 98-126 South Park Drive,
Dandenong South, Victoria.
Freehold, lettable area – 28,062 sqm
A warehouse and attached 2-storey office/display centre, located at 77
Atlantic Drive, Keysborough, Victoria.
Freehold, lettable area – 15,095 sqm
2 warehouse and office facilities under 1 roofline, located at 17 Pacific Drive
and 170-172 Atlantic Drive, Keysborough, Victoria.
Freehold, lettable area – 30,004 sqm
2 adjoining distribution facilities with associated mezzanine level office areas,
located at 78 & 88 Atlantic Drive, Keysborough, Victoria.
Freehold, lettable area – 13,495 sqm
14,033
16,481
12,961
42,691
39,760
28,359
24,936
16,624
39,556
24,056
43,223
19,754
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 7 3
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
Book Value
$'000
2 adjoining distribution facilities with associated mezzanine level office areas,
located at 150-168 Atlantic Drive, Keysborough, Victoria.
Freehold, lettable area – 27,272 sqm
2 attached warehouses, each with internal office accommodation, located at
1-13 and 15-27 Sunline Drive, Truganina, Victoria.
Freehold, lettable area – 26,153 sqm
A distribution facility and with a single-level office which is attached to a large
warehouse, located at 468 Boundary Road, Derrimut, Victoria.
Freehold, lettable area – 24,732 sqm
1 office and warehouse, located at 42 Sunline Drive, Truganina, Victoria.
Freehold, lettable area – 14,636 sqm
3 office and warehouse accommodations, located at 2-22 Efficient Drive,
Truganina, Victoria.
Freehold, lettable area – 38,335 sqm
1 office/showroom development and 330 car parking bays, located at 211A
Wellington Road, Mulgrave, Victoria.
Freehold, lettable area – 7,175 sqm
Office warehouse, located at 1 Doriemus Drive, Truganina, Victoria.
Freehold, lettable area – 74,546 sqm
1 office/warehouse distribution centre, located at 21 Kangaroo Avenue,
Eastern Creek, New South Wales.
Freehold, lettable area – 41,401 sqm
2 adjoining office and warehouse, located at 17 Kangaroo Avenue, Eastern
Creek, New South Wales.
Freehold, lettable area – 23,112 sqm
Office/warehouse facility, located at 7 Eucalyptus Place, Eastern Creek, New
South Wales.
Freehold, lettable area – 16,074 sqm
A warehouse and office, located at 6 Reconciliation Rise, Pemulwuy, New
South Wales.
Freehold, lettable area – 19,218 sqm
An industrial distribution facility, located at 8-8A Reconciliation Rise,
Pemulwuy, New South Wales.
Freehold, lettable area – 22,511 sqm
A port related automotive vehicle storage and distribution facility, located at
Lot 104 & 105 Springhill Road, Port Kembla, New South Wales.
Leasehold (lease expires year 2049), lettable area – 90,661 sqm
37,991
32,662
37,600
17,798
45,472
39,116
96,812
71,876
47,184
32,271
45,619
47,526
28,701
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 7 4 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
Book Value
$'000
2-storey office and warehouse facility, located at 8 Distribution Place, Seven
Hills, New South Wales.
Freehold, lettable area – 12,319 sqm
2-level office accommodation, undercover parking and a warehouse, located
at 10 Stanton Road, Seven Hills, New South Wales.
Freehold, lettable area – 7,065 sqm
Warehouse and associated offices, located at 99 Station Road, Seven Hills,
New South Wales.
Freehold, lettable area – 10,772 sqm
2 adjoining office and warehouse units, located at 11 Gibbon Road, Winston
Hills, New South Wales.
Freehold, lettable area – 16,625 sqm
2 separate standalone distribution facilities, located at 4-8 Kangaroo Avenue,
Eastern Creek, New South Wales.
Freehold, lettable area – 40,543 sqm
Office/warehouse distribution centre, located at 10 Siltstone Place, Berrinba,
Queensland.
Leasehold (lease expires year 2115), lettable area – 9,797 sqm
Warehouse with ancillary office spaces, located at 55-59 Boundary Road,
Carole Park, Queensland.
Leasehold (lease expires year 2115), lettable area – 13,250 sqm
Warehouse and manufacturing facility, located at 57-71 Platinum Street,
Crestmead, Queensland.
Leasehold (lease expires year 2115), lettable area – 20,518 sqm
Warehouse and production facility with associated office accommodation,
located at 51 Stradbroke Street, Heathwood, Queensland.
Leasehold (lease expires year 2115), lettable area – 14,916 sqm
Warehouse and office facility, located at 30 Flint Street, Inala, Queensland.
Leasehold (lease expires year 2115), lettable area – 15,052 sqm
Warehouse and manufacturing facility, with a detached 2-level office building,
located at 286 Queensport Road, North Murarrie, Queensland.
Leasehold (lease expires year 2115), lettable area – 21,531 sqm
2-level office and warehouse, located at 350 Earnshaw Road, Northgate,
Queensland.
Leasehold (lease expires year 2115), lettable area – 30,779 sqm
Warehouse and distribution facility with a single-level office, located at 99
Shettleston Street, Rocklea, Queensland.
Leasehold (lease expires year 2115), lettable area – 15,186 sqm
25,719
14,962
21,025
47,184
89,804
16,038
19,851
46,450
28,555
25,914
40,192
59,652
23,470
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 7 5
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
Book Value
$'000
4 various-sized industrial units with associated offices, located at 5 Butler
Boulevard, Adelaide Airport, South Australia.
Leasehold (lease expires year 2097), lettable area – 8,224 sqm
Office and warehouse facility, located at 20-22 Butler Boulevard, Adelaide
Airport, South Australia.
Leasehold (lease expires year 2097), lettable area – 11,197 sqm
Office and warehouse facility, located at 18-20 Butler Boulevard, Adelaide
Airport, South Australia.
Leasehold (lease expires year 2097), lettable area – 6,991 sqm
A complex comprising an office warehouse building, located at 60 Paltridge
Road, Perth Airport, Western Australia.
Leasehold (lease expires year 2033), lettable area – 20,143 sqm
Office and warehouse facility, located at 143 Pearson Road, Yatala,
Queensland.
Leasehold (lease expires year 2115), lettable area – 30,618 sqm
Office/warehouse development, located at 111 Indian Drive, Truganina,
Victoria.
Freehold, lettable area – 21,660 sqm
Specialised temperature-controlled warehouse and a 2-level office, located
at 1 Burilda Close, Wetherill Park, New South Wales.
Leasehold (lease expires year 2106), lettable area – 18,848 sqm
A standalone high-clearance warehouse, sub-divided into 2 tenancy areas,
located at Lot 1, 2 Burilda Close, Wetherill Park, New South Wales.
Leasehold (lease expires year 2106), lettable area – 14,333 sqm
A 2-level office and high clearance warehouse facility, located at 8 Stanton
Road, Seven Hills, New South Wales.
Freehold, lettable area – 10,708 sqm
A single-level office and high-clearance warehouse facility, located at 43
Efficient Drive, Truganina, Victoria.
Freehold, lettable area – 23,088 sqm
A single-level office and high-clearance warehouse facility, located at located
at Indian Drive, Keysborough, Victoria.
Freehold, lettable area – 21,854 sqm
A single-level office and high-clearance warehouse facility, located at 89-103
South Park Drive, Dandenong South, Victoria.
Freehold, lettable area – 10,425 sqm
13,162
18,211
13,044
11,637
40,876
40,094
97,120
38,026
18,678
26,892
33,448
15,042
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 7 6 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
Book Value
$'000
A single-level office and high-clearance warehouse facility, located at located
at 166 Pearson Road, Yatala, Queensland.
Freehold, lettable area – 23,218 sqm
A 2-level office and high clearance temperature controlled warehouse,
located at 17 Hudson Court, Keysborough, Victoria.
Freehold, lettable area – 21,271 sqm
A modern industrial office/warehouse building, located at 3 Burilda Close,
Wetherill Park, New South Wales.
Leasehold (lease expires year 2107), lettable area – 20,078 sqm
Office and warehouse facility, located at 103-131 Wayne Goss Drive, Berrinba,
Queensland.
Freehold, lettable area – 19,487 sqm
Office and warehouse facility, located at 8-28 Hudson Court, Keysborough,
Victoria.
Freehold, lettable area – 25,762 sqm
Office and warehouse facility, located at 2 Hanson Place, Eastern Creek, New
South Wales.
Freehold, lettable area – 32,839 sqm
Office and warehouse facility, located at 29-51 Wayne Goss Drive, Berrinba,
Queensland.
Freehold, lettable area – 15,456 sqm
Office and warehouse facility, located at 75-79 Canterbury Road, Braeside,
Victoria.
Freehold, lettable area – 14,263 sqm
Central Park
A 51-storey office tower at 152-158 St Georges Terrace, Perth.
Freehold, lettable area – 66,113 sqm
Caroline Chisholm Centre
A 5-storey office complex at Block 4 Section 13, Tuggeranong, Canberra.
Leasehold (lease expires year 2101), lettable area – 40,244 sqm
357 Collins Street
A 25-storey office and retail building at 357 Collins Street, Melbourne.
Freehold, lettable area – 31,962 sqm
Europe
A logistics facility at Marl-Elbestraße 1-3, Marl, Germany.
Freehold, lettable area – 16,831 sqm
A light industrial facility at Isenbüttel-Am Krainhop 10, Isenbüttel, Germany.
Freehold, lettable area – 20,679 sqm
A logistics facility at Vaihingen-Otto-Hahn-Straße 10, Vaihingen an der Enz,
Germany.
Freehold, lettable area – 42,006 sqm
41,034
32,864
53,677
31,160
37,684
70,635
25,480
20,714
307,061
239,586
312,928
23,044
29,926
88,017
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 7 7
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Europe (cont’d)
A logistics facility at Ulm – Eiselauer Weg 2, Ulm, Germany.
Freehold, lettable area – 24,525 sqm
A light industrial facility at Gottmadingen-Industriepark 309, Gottmadingen,
Germany.
Freehold, lettable area – 35,307 sqm
A light industrial facility at Gottmadingen-Industriepark 309 (Halle 5-7),
Gottmadingen, Germany.
Freehold, lettable area – 19,700 sqm
A light industrial facility at Mamming – Industriepark 1, Mamming, Germany.
Freehold, lettable area – 14,193 sqm
A logistics facility at Leipzig-Am Exer 9, Leipzig, Germany.
Freehold, lettable area – 11,537 sqm
A logistics facility at Chemnitz-Johann-Esche-Straße 2, Chemnitz, Germany.
Freehold, lettable area – 18,053 sqm
A light industrial facility at Amberg-Jubatus-Allee 3, Amberg/Ebermannsdorf,
Germany.
Freehold, lettable area – 9,389 sqm
71,389
47,443
30,492
24,805
22,244
26,885
12,482
A logistics facility at s-Heerenberg-Brede Steeg 1, s-Heerenberg, The
Netherlands.
Freehold, lettable area – 84,767 sqm
104,820
A logistics facility at Nürnberg-KoperStraße 10, Nürnberg, Germany.
Freehold, lettable area – 44,221 sqm
104,872
A logistics facility at Achern-Ambros-Nehren-Straße 1, Achern, Germany.
Freehold, lettable area – 12,304 sqm
A logistics facility at Rheinberg-Saalhoffer Straße 211, Rheinberg, Germany.
Freehold, lettable area – 31,957 sqm
A light industrial facility at Münster-Gustav-Stresemann-Weg 1, Münster,
Germany.
Freehold, lettable area – 12,960 sqm
A light industrial facility at Brilon-Keffelker Straße 66, Brilon, Germany.
Freehold, lettable area – 13,352 sqm
23,524
46,569
24,965
15,843
A light industrial facility at Rastede-Am Autobahnkreuz 14, Rastede, Germany.
Freehold, lettable area – 11,491 sqm
28,805
A logistics facility at Tilburg-Belle van Zuylenstraat 5, Tilburg, The Netherlands.
Freehold, lettable area – 18,121 sqm
26,085
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 7 8 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Europe (cont’d)
A logistics facility at Zeewolde-Handelsweg 26, Zeewolde, The Netherlands.
Freehold, lettable area – 51,703 sqm
A logistics facility at Venlo-Heierhoevenweg 17, Venlo, The Netherlands.
Freehold, lettable area – 32,642 sqm
A logistics facility at Moosthenning-Oberes Feld 2, Germany.
Freehold, lettable area – 51,418 sqm
A logistics facility at Moosthenning-Oberes Feld 2, Germany.
Freehold, lettable area – 21,140 sqm
A logistics facility at Freiberg am Neckar-Murrer Straße 1, Germany.
Freehold, lettable area – 21,701 sqm
A logistics warehouse located in Meppel, The Netherlands.
Freehold, lettable area – 31,600 sqm
A cross-dock facility located in Graben-Hermessrasse, Augsburg, Germany.
Freehold, lettable area – 48,642 sqm
A logistics facility located at Buhlfeldstraße 2-8, Herbrechtingen, Baden-
Württemberg, Germany.
Freehold, lettable area – 44,501 sqm
A logistics facility located at Ratingen-An den Dieken 92, Germany.
Freehold, lettable area – 43,905 sqm
A logistics facility located at Bergheim-Walter-Gropius-Straße 19, Germany.
Freehold, lettable area – 19,405 sqm
A logistics facility located at Obertshausen-Im Birkengrund 5-7, Germany.
Freehold, lettable area – 16,962 sqm
Book Value
$'000
70,253
43,368
77,832
32,909
58,251
44,488
57,451
53,876
75,953
32,086
50,150
A logistics facility located at Tamm-Bietigheimer Straße 50-52, Germany.
Freehold, lettable area – 39,220 sqm
116,668
A logistics facility located at Garching Dieselstaße 30, Germany.
Freehold, lettable area – 13,014 sqm
A cross-dock facility located in Ketzin an der Havel, Berlin, Germany.
Freehold, lettable area – 57,250 sqm
A logistics facility located in Bielefeld, at FuggerStraße 17, Germany.
Freehold, lettable area – 22,336 sqm
51,690
69,293
42,408
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 7 9
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Book Value
$'000
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Europe (cont’d)
Farnborough Business Park A mixed-use park located at Farnborough, Thames Valley, west of London, the
314,028
United Kingdom.
Freehold, lettable area – 51,006 sqm
Maxis Business Park
An office park comprising two 5-storey buildings located in Bracknell, the
United Kingdom.
Freehold, lettable area – 17,859 sqm
120,407
TOTAL COMPLETED INVESTMENT PROPERTIES
21,842,456
INVESTMENT PROPERTIES UNDER CONSTRUCTION
Book Value
$’000
A commercial development at Jiak Kim Street, Singapore, comprising 1 block
of 4-storey serviced apartment (82 units) and 14,067 sqm of commercial space
within existing conservation warehouse buildings which are to be restored.
Leasehold (lease expires 2117), gross floor area – 4,730 sqm
54,600
Singapore
Fraser Residence
Promenade
Thailand
Amata City Chonburi
Industrial Estate
1 industrial factory located in the Amata City Chonburi Industrial Estate on
Sukhumvit Road (Highway No. 3) within Phan Thong Sub-District, Phan Thong
District, Chon Buri Province.
Freehold, lettable area – 2,550 sqm
Hi-Tech Industrial Estate
5 industrial factories located in the Hi-Tech Industrial Estate on Asia Road
(Highway No. 32) within Ban Len and Ban Pho Sub-Districts, Bang Pa-in
District, Phra Nakhon Si Ayutthaya Province.
Freehold, lettable area – 12,200 sqm
Amata City Rayong
Industrial Estate
2 industrial factories located in the Amata City Rayong Industrial Estate on
Chachoengsao – Sattahip Road (Highway No. 331) within Map Yang Phon
Sub-District, Pluak Daeng District, Rayong Province.
Freehold, lettable area – 5,600 sqm
2,220
3,149
3,802
Rojana – Ayudhya Industrial
Park Zone 1-3
16 industrial factories located in the Rojana Industrial Estate on Rojana –
Uthai Road (Highway No. 3056) within Ban Chang and Uthai Sub-Districts,
Uthai District, Phra Nakhon Si Ayutthaya Province.
Freehold, lettable area – 38,800 sqm
14,861
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 8 0 / F R A S E R S P R O P E R T Y L I M I T E D
INVESTMENT PROPERTIES UNDER CONSTRUCTION (CONT’D)
Book Value
$'000
Thailand (cont’d)
Kabinburi Industrial Zone
2 industrial factories located in the Kabinburi Industrial Estate on Kabin Buri
– Nakhon Ratchasima Road (Highway No. 304) within Nong Ki Sub-District,
Kabin Buri District, Prachin Buri Province.
Freehold, lettable area – 4,800 sqm
Asia Industrial Estate
Suvarnabhumi
8 industrial factories located in the Asia Industrial Estate Suvarnabhumi on
Luang Phaeng Road within Khlong Suan Sub-District, Bang Bo District, Samut
Prakan Province.
Freehold, lettable area – 17,100 sqm
Rojana Industrial Park
(Prachinburi)
1 industrial factory located in the Rojana Prachin Buri Industrial Park on
Chachoengsao – Si Maha Phot Road (Highway No. 304) within Hua Wa Sub-
District, Si Maha Phot District, Prachin Buri Province.
Freehold, lettable area – 4,000 sqm
Frasers Property Logistics
Park (Khonkaen)
1 warehouse located in the Frasers Property Logistics Park (Khonkaen) project
on Mittaphap Road (Highway No. 2) within Tha Phra Sub-District, Mueang
District, Khon Kaen Province.
Freehold, lettable area – 11,737 sqm
605
11,005
788
665
The River
14 warehouses located in the River project on Pu Chao Saming Phrai Road,
within Bang Hua Suea Sub-District, Phra Samut Chedi District, Samut Prakan
Province.
Freehold and leasehold (lease expires 2048), lettable area – approximately
28,325 sqm
13,697
TOTAL INVESTMENT PROPERTIES UNDER CONSTRUCTION
TOTAL PROPERTIES (CLASSIFIED AS INVESTMENT PROPERTIES)
105,392
21,947,848
(1) Due to consolidation of the REITs, the carrying values of these properties have been adjusted to reflect FPL Group's freehold interest in the properties.
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 8 1
PROPERTY, PLANT AND EQUIPMENT
Book Value
$'000
Australia
Fraser Suites Perth
United Kingdom
Malmaison Belfast
236 apartments and suites at 10 Adelaide Terrace, East Perth, Western
Australia.
Freehold, gross floor area – 18,936 sqm
85,259
A boutique hotel situated at 34-38 Victoria Street, Belfast, BT1 3GH, Northern
Ireland. The property provides a 64 bedroom boutique hotel, a 60 cover
restaurant, bar, gym and meeting rooms for a total capacity of 40.
Freehold, gross floor area – 3,600 sqm
12,323
Malmaison Edinburgh
A boutique hotel situated at 1 Tower Place, Edinburgh, EH6 7BZ, Scotland.
The property provides a 100 bedroom boutique hotel, a 53 cover restaurant,
bar, gym and meeting rooms for a total capacity of 70.
Freehold, gross floor area – 6,340 sqm
Malmaison Glasgow
Malmaison Leeds
Malmaison Liverpool
A boutique hotel situated at 278 West George Street, Glasgow, G2 4LL,
Scotland. The property provides a 72 bedroom boutique hotel, a 106 cover
restaurant, 2 bars, gym and meeting rooms for a total capacity of 45.
Freehold, gross floor area – 4,408 sqm
A boutique hotel situated at 1 Swinegate, Leeds, LS1 4AG, England. The
property provides a 100 bedroom boutique hotel, a 96 cover restaurant, bar,
gym and meeting rooms for a total capacity of 45.
Freehold, gross floor area – 7,920 sqm
A boutique hotel situated at 7 William Jessop Way, Liverpool, L3 1QZ,
England. Occupying floors ground to sixth, the boutique hotel provides 130
bedrooms, a 65 cover Brasserie restaurant, 2 private dining rooms (Kitchen &
Boudoir with 18 covers), a 70 seat Mal Bar, a small gym and 4 meeting rooms
with a maximum capacity of 100.
Leasehold (lease expires year 2146), gross floor area – 8,250 sqm
Malmaison Reading
A boutique hotel situated at 18-20 Station Road, Reading, RG1 1JX, England.
The property provides a 76 bedroom boutique hotel, a 76 cover restaurant,
bar, gym and meeting rooms for a total capacity of 25.
Leasehold (lease expires year 2894), gross floor area – 1,804 sqm
Hotel du Vin Birmingham A boutique hotel situated at Church Street, Birmingham, B3 2NR, England.
The property provides a 66 bedroom boutique hotel, a 85 cover restaurant,
bar, gym and meeting rooms for a total capacity of 90.
Leasehold (lease expires year 2150), gross floor area – 4,510 sqm
Hotel du Vin Brighton
A boutique hotel situated at Ship Street, Brighton, BN1 1AD, England. The
property provides a 49 bedroom boutique hotel, a 80 cover restaurant, bar,
and meeting rooms for a total capacity of 110.
Freehold, gross floor area – 5,693 sqm
24,910
11,362
19,352
24,707
21,942
18,867
21,807
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 8 2 / F R A S E R S P R O P E R T Y L I M I T E D
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
United Kingdom (cont’d)
Hotel du Vin Bristol
A boutique hotel situated at The Sugar House, Narrow Lewins Mead, Bristol,
BS1 2NU, England. The property provides a 40 bedroom boutique hotel, a 80
cover restaurant, bar and 3 meeting rooms for a maximum capacity of 72.
Freehold, gross floor area – 3,272 sqm
Hotel du Vin Cambridge
A boutique hotel situated at 15-19 Trumpington Street, Cambridge, CB2 1QA,
England. The property provides a 41 bedroom boutique hotel, a 82 cover
restaurant, bar and 2 meeting rooms for a maximum capacity of 24.
Leasehold (lease expires year 2105), gross floor area – 4,320 sqm
Hotel du Vin Cheltenham A boutique hotel situated at Parabola Road, Cheltenham, Gloucestershire,
GL50 3AQ, England. The property provides a 49 bedroom boutique hotel, a
110 cover restaurant, bar and meeting rooms for a total capacity of 40.
Freehold, gross floor area – 3,625 sqm
Hotel du Vin Edinburgh
A boutique hotel situated at 11 Bistro Place, Edinburgh, EH1 1EZ, Scotland.
The property provides a 47 bedroom boutique hotel, a 80 cover restaurant,
bar and meeting rooms with capacity of 36.
Freehold, gross floor area – 4,126 sqm
Hotel du Vin Glasgow
A boutique hotel situated at Devonshire Gardens, Glasgow, G12 0UX, Scotland.
The property provides a 49 bedroom boutique hotel, a 80 cover restaurant,
bar, gym and meeting rooms for a maximum capacity of 50.
Freehold, gross floor area – 5,280 sqm
Hotel du Vin Harrogate
A boutique hotel situated at Prospect Place, Harrogate, North Yorkshire, HG1
1LB, England. The property provides a 48 bedroom boutique hotel, a 90 cover
restaurant, bar and meeting rooms for a total capacity of 60.
Freehold, gross floor area – 7,552 sqm
Hotel du Vin Henley
A boutique hotel situated at New Street, Henley-on-Thames, Oxfordshire,
RG9 2BP, England. The property provides a 43 bedroom boutique hotel, a 80
cover restaurant, bar and meeting rooms for a total capacity of 56.
Freehold, gross floor area – 5,260 sqm
Hotel du Vin Newcastle
A boutique hotel situated at Allan House, City Road, Newcastle-upon-Tyne,
NE1 2BE, England. The property provides a 42 bedroom boutique hotel, a 84
cover restaurant, bar and meeting rooms for a maximum capacity of 36.
Freehold, gross floor area – 3,491 sqm
Hotel du Vin Poole
A boutique hotel situated at The Quay, Thames Street, Poole, BH15 1JN,
England. The property provides a 38 bedroom boutique hotel, a 85 cover
restaurant, bar and meeting rooms for a total capacity of 30.
Freehold and leasehold (lease expires year 2078), gross floor area – 2,610 sqm
Book Value
$'000
13,087
14,195
14,551
20,507
14,916
8,738
8,199
4,642
6,771
Hotel du Vin St Andrews
A boutique hotel situated at 40 The Scores, St Andrews, KY16 9AS, Scotland.
The property provides a 40 bedroom boutique hotel, a 56 cover restaurant,
bar and meeting rooms for a total capacity of 120.
Freehold, gross floor area – 3,974 sqm
10,822
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 8 3
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Book Value
$'000
United Kingdom (cont’d)
Hotel du Vin Tunbridge
Wells
A boutique hotel situated at Crescent Road, Tunbridge Wells, TN1 2LY,
England. The property provides a 34 bedroom boutique hotel, a 88 cover
restaurant, bar and meeting rooms with a maximum capacity of 80.
Freehold, gross floor area – 2,916 sqm
9,853
Hotel du Vin Wimbledon
A boutique hotel situated at Cannizaro House, West Side Common, London,
SW19 4 UE, England. The property provides a 50 bedroom boutique hotel, a
60 cover restaurant, bar and meeting rooms for a total capacity of 120.
Leasehold (lease expires year 2111), gross floor area – 4,531 sqm
21,722
Hotel du Vin Winchester
A boutique hotel situated at 14 Southgate Street, Winchester, Hampshire,
SO23 9EF, England. The property provides a 24 bedroom boutique hotel, a 60
cover restaurant, bar and meeting rooms for a total capacity of 50.
Freehold, gross floor area – 2,225 sqm
Hotel du Vin York
A boutique hotel situated at 89 The Mount, York, YO24 1AX, England. The
property provides a 44 bedroom boutique hotel, a 70 cover restaurant, bar
and meeting rooms for a total capacity of 30.
Freehold, gross floor area – 4,210 sqm
Hotel du Vin Stratford
upon Avon
A boutique hotel situated on Rother Street, Stratford upon Avon, Staffordshire,
C37 6LU, England. The property provides a 46 bedroom boutique hotel, an 80
cover restaurant, bar and meeting rooms for a total capacity of 48.
Freehold, gross floor area – 3,218 sqm
Malmaison Cheltenham
A boutique hotel situated on Bayshill Road, Cheltenham, Gloucestershire,
GL50 3AS, England. The property provides a 61 bedroom hotel, a 74 cover
restaurant, bar and meeting rooms for a total capacity of 38.
Freehold, gross floor area – 3,226 sqm
Hotel du Vin Avon Gorge
A boutique hotel situated on Sion Hill, Clifton, Bristol, BS8 4LD, England. The
property provides a 78 bedroom hotel, a 50 cover restaurant, bar and meeting
rooms for a total capacity of 80.
Freehold, gross floor area – 5,219 sqm
Hotel du Vin Exeter
A boutique hotel situated on Magdalen Street, Exeter, Devon, EX2 4HY,
England. The property provides a 59 bedroom boutique hotel, a 80 cover
restaurant, bar and meeting rooms for a total capacity of 24.
Freehold, gross floor area – 2,293 sqm
6,444
9,775
9,948
11,324
33,799
12,186
Hotel du Vin Aberdeen
An unoccupied building to be redeveloped at Clarke Building, Schoolhill,
Aberdeen, AB10 1JQ, Scotland.
3,528
Malmaison Oxford
A 35-year lease (lease expiry 2040) of a boutique hotel situated on 3 Oxford
Castle, New Road, Oxford, OX1 1AY, England.
18,311
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 8 4 / F R A S E R S P R O P E R T Y L I M I T E D
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
United Kingdom (cont’d)
Malmaison Aberdeen
A 35-year lease (lease expiry 2046) of a boutique hotel situated on 49-53
Queens Road, Aberdeen, AB15 4YP, Scotland.
Malmaison Birmingham
A 35-year lease (lease expiry 2046) of a boutique hotel situated on 1
Wharfside Street, Birmingham, B1 1RD, England.
Malmaison Manchester
A 35-year lease (lease expiry 2046) of a boutique hotel situated on 1-3
Piccadilly, Manchester, M1 3AQ, England.
Malmaison Newcastle
A 35-year lease (lease expiry 2046) of a boutique hotel situated on 104
Quayside, Newcastle, NE1 3DX, England.
Malmaison London
A 70-year lease (lease expiry 2081) of a boutique hotel situated on 18-21
Charterhouse Square, London, EC1M 6AH, England.
Malmaison Dundee
A 35-year lease (lease expiry 2049) of a boutique hotel situated on 44
Whitehall Crescent, Dundee, DD1 4AY, Scotland.
Malmaison Brighton
A 35-year lease (lease expiry 2050) of a boutique hotel situated on The
Waterfront, Brighton Marina, Brighton, BN2 5WA, England.
Book Value
$'000
34,086
45,806
46,424
34,192
56,177
21,857
18,919
Malmaison Edinburgh (City) A 35-year lease (lease expiry 2054) of a boutique hotel situated on Buchan
38,244
House, 22 St Andrew Square, Edinburgh, EH2 1AY, Scotland.
Thailand
Frasers Property Logistics
Park (Bangna)
Sale office and storage located in the Frasers Property Logistics Park (Bang
Na) project on Bang Na – Bang Pakong Road (Highway No. 34) within Bang
Samak Sub-District, Bang Pakong District, Cha Choeng Sao Province.
1,195
Frasers Property Logistics
Center (Bangplee 1)
Sale office located in the Frasers Property Logistics Center (Bangplee 1) project
on Bang Na – Bang Pakong Road (Highway No. 34) at around km. station 22,
within Sisa Chorakhe Yai Sub-District, Bang Sao Thong District, Samut Prakan
Province.
Frasers Property Logistics
Center (Eastern
Seaboard 3)
Sale office located in the Frasers Property Logistics Center (Eastern Seaboard
3) project on Chachoengsao – Sattahip Road (Highway No. 331) within Khao
Khansong Sub-District, Si Racha District, Chon Buri Province.
Frasers Property Logistics
Park (Khonkaen)
Sale office located in the Frasers Property Logistics Park (Khonkaen) project
on Mittaphap Road (Highway No. 2) within Tha Phra Sub-District, Mueang
District, Khon Kaen Province.
Frasers Property Logistics
Park (Laemchabang 2)
Sale office located in the Frasers Property Logistics Park (Laemchabang 2)
project on Bypass – Laem Chabang Road (Motorway No. 7) within Nong Kham
Sub-District, Si Racha District, Chon Buri Province.
Frasers Property Logistics
Park (Sriracha)
Sale office located in the Frasers Property Logistics Park (Sriracha) project on
Chon Buri – Pattaya Road (Highway No. 7) within Bang Phra Sub-District, Si
Racha District, Chon Buri Province.
424
542
81
380
371
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 8 5
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Thailand (cont’d)
Frasers Property Logistics
Center (Wangnoi 1)
Sale office and custom office located in the Frasers Property Logistics Center
(Wangnoi 1) project on Phahon Yothin Road (Highway No. 1) around km.
station 55+900 within Phayom Sub-District, Wang Noi District, Phra Nakhon
Si Ayutthaya Province.
Frasers Property Logistics
Center (Eastern
Seaboard 2A)
Sale office cabinet located in the Frasers Property Logistics Center (Eastern
Seaboard 2A) project on Chachoengsao – Sattahip Road (Highway No. 331)
within Bowin Sub-District, Si Racha District, Chon Buri Province.
Frasers Property Logistics
Center (Laemchabang 1)
Sale office cabinet located
in the Frasers Property Logistics Center
(Laemchabang 1) project on Bypass-Laem Chabang Road (Motorway No. 7)
within Nong Kham Sub-District, Si Racha District, Chon Buri Province.
Frasers Property Logistics
Center (Samut Sakhon)
Sale office cabinet located in the Frasers Property Logistics Center (Samut
Sakhon) project on Rama 2 Road or Thon Buri – Pak Tho Road (Highway No. 35)
within Bang Krachao Sub-District, Mueang District, Samut Sakhon Province.
Frasers Property Logistics
Center (Lamphun)
Sale office cabinet located in the Frasers Property Logistics Center (Lamphun)
Project on Chiang Mai – Lamphun Road (Highway No. 11) within Umong Sub-
District, Mueang District, Lamphun Province.
Frasers Property Logistics
Park (Bangpakong)
Sale office cabinet located in the Frasers Property Logistics Park (Bangpakong)
project on Bang Na – Bang Pakong Road (Highway No. 34) within Bang Samak
Sub-District, Bang Pakong District, Cha Choeng Sao Province.
Modena by Fraser,
Bangkok
A 239-room, 14-storey hotel with an underground floor at Rama IV Road and
Ratchadaphisek Road (also known as Khlong Toei intersection), within Khlong
Toei Sub-District, Khlong Toei District, Bangkok Metropolis.
Leasehold (lease expires year 2077), gross floor area – 12,934 sqm
Mayfair Marriott Executive
Apartment
A 16-year lease (lease expiry 2023) of a 164-room, 25-storey serviced
apartment building at 60 Soi Langsuan, Lumpini, Pathumwan, Bangkok
Metropolis.
The Ascott Sathorn,
Bangkok
A contemporary serviced apartment building at 7 South Sathorn Road,
Yannawa, Sathon, Bangkok Metropolis. This 35-storey building houses 177
serviced apartment units, managed by the Ascott Group Limited.
HELD THROUGH FRASERS HOSPITALITY TRUST
Singapore
Book Value
$'000
465
23
11
6
140
1
30,631
4,856
82,877
InterContinental
Singapore(2)
406 hotel rooms at 80 Middle Road, Singapore 188966
Leasehold (lease expires year 2089), gross floor area – 49,987 sqm
470,285
Malaysia
The Westin Kuala
Lumpur(2)
443 hotel rooms at 199 Jalan Bukit Bintang, Kuala Lumpur.
Freehold, gross floor area – 79,593 sqm
127,325
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 8 6 / F R A S E R S P R O P E R T Y L I M I T E D
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
HELD THROUGH FRASERS HOSPITALITY TRUST (cont’d)
Japan
Book Value
$'000
ANA Crown Plaza Kobe(2)
593 hotel rooms at 1-Chome, Kitano-Cho, Chuo-Ku, Kobe.
Freehold, gross floor area – 136,657 sqm
152,943
Australia
Novotel Sydney Darling
Square(2)
230 hotel rooms at Novotel Rockford Darling Harbour, 17 Little Pier Street,
Darling Harbour, New South Wales.
Leasehold (lease expires year 2098), gross floor area – 12,128 sqm
88,420
Sofitel Sydney
Wentworth(2)
436 hotel rooms at 61-101 Phillip Street, Sydney, New South Wales.
Freehold, gross floor area – 33,589 sqm
Novotel Melbourne on
Collins(2)
380 hotel rooms at 270 Collins Street, Melbourne, Victoria.
Freehold, gross floor area – 20,860 sqm
United Kingdom
Park International
London(2)
171 hotel rooms at 117-129 Cromwell Road, South Kensington, London.
Leasehold (lease expires 2098), gross floor area – 6,825 sqm
ibis Styles London
Gloucester Road(2)
85 hotel rooms at 108, 110 and 112 Cromwell Road, London.
Leasehold (lease expires 2098), gross floor area – 2,512 sqm
LAND AND BUILDING
OTHERS
TOTAL PROPERTY, PLANT AND EQUIPMENT
175,427
217,304
61,187
30,752
2,235,198
188,595
2,423,793
(2) To align to the Group's accounting policy, the property, plant and equipment held under FHT are stated at cost less accumulated depreciation and any
impairment.
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 8 7
COMPLETED PROPERTIES HELD FOR SALE
Australia
Central Park
Putney Hill
Queens Riverside
Lumiere
China
Chengdu Logistics Hub
Baitang One
United Kingdom
Wandsworth Riverside
Quarter
A mixed development of residential apartment units of approximately 107,287
sqm of gross floor area for sale and commercial space of approximately 21,715
sqm of gross floor area for sale on freehold land of approximately 48,000 sqm
situated at Broadway, Sydney, New South Wales, comprising 7 units to go.
A residential development of approximately 15,321 sqm of gross floor area
for sale on freehold land of approximately 113,500 sqm situated at Putney,
Sydney, New South Wales, comprising 4 units to go.
A mixed development of apartment units and commercial space of a total
of approximately 41,287 sqm of gross floor area for sale on freehold land
of approximately 11,895 sqm situated at East Perth, Western Australia,
comprising 102 units to go.
A mixed development of 1 retail podium, residential units, serviced
apartments, retail units and commercial suites of a total gross floor area of
61,146 sqm on freehold land of approximately 3,966 sqm situated at former
Regent Theatre, Frontages on George Street, Bathurst & Kent Street, Sydney,
New South Wales, comprising 1 unit to go.
Leasehold land (lease expires year 2057) of approximately 195,846 sqm
situated at Chengdu. Phase 1 of the development has a gross floor area of
161,288 sqm and consists of 18 warehouses and 487 car park lots to go. Phase
2 has a gross floor area of 154,049 sqm and consists of 62 car park lots to go.
Phase 4 has a gross floor area of 163,527 sqm and consists of 6 office units, 19
retail units and 183 car park lots to go.
Leasehold land (lease expires year 2074) of approximately 314,501 sqm
situated at Gongye Yuan District, Nan Shi Jie Dong, Suzhou. Phases 3A, 3C1
and 3C2 consist of 1,181 car park lots to go. Phase 3B has a gross floor area
of 57,893 sqm and consists of 32 apartment units and 469 car park lots to go.
A mixed development of residential and commercial units and office and
retail space of approximately 52,000 sqm of total gross floor area on freehold
land of approximately 40,000 sqm situated at south bank of River Thames,
London, comprising 106 units to go.
Camberwell Green
A mixed development of private apartments, shared ownership units and
commercial units, with total gross floor area of approximately 8,800 sqm
situated at Camberwell Passage, London, comprising 2 units to go.
Effective
Interest
%
50.0
100.0
100.0
100.0
80.0
100.0
100.0
100.0
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 8 8 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand
Sky Villas
Alpina
Lake Grandiose
A residential development part of The Ascott Sathorn Bangkok building
situated at 7 South Sathorn Road, Yannawa, Sathorn, Bangkok Metropolis,
comprising 3 units to go.
A residential development on freehold subdivided land of approximately
143,625 sqm situated on Boromarajajonani Road, within Sala Thammasop
Sub-District, Thawi Watthana District, Bangkok Metropolis, comprising 13
units to go.
A residential development on freehold subdivided land of approximately
66,136 sqm situated on Rama 2 Road around km. station 16+400, within
Phan Tay Norasing Sub-District, Mueang District, Samut Sakhon Province,
comprising 1 unit to go.
The Island (Courtyard)
A residential development on freehold subdivided land of approximately
80,232 sqm situated on Rama 2 Road around km. station 16+400, within
Phan Tay Norasing Sub-District, Mueang District, Samut Sakhon Province,
comprising 1 unit to go.
The Grand Lux Bangna –
Suanluang
A residential development on freehold subdivided land of approximately
58,327 sqm situated on parallel road off Kanchanaphisek Road (Highway
No. 9 – Eastern Outer Ring Road) within Dokmai Sub-District, Prawet District,
Bangkok Metropolis, comprising 4 units to go.
De Pine
A residential development on freehold subdivided land of approximately
156,602 sqm situated on Boromarajajonani Road, within Sala Thammasop
Sub-District, Thawi Watthana District, Bangkok Metropolis, comprising 2
units to go.
Two Grande Monaco
Bangna – Wongwaen
A residential development on freehold subdivided land of approximately
70,132 sqm situated on parallel road off Kanchanaphisek Road (Highway
No. 9 – Eastern Outer Ring Road) within Dokmai Sub-District, Prawet District,
Bangkok Metropolis, comprising 1 unit to go.
Golden Prestige
Watcharapol –
Sukhaphiban 5
A residential development on freehold subdivided land of approximately
62,782 sqm situated on public road off Sukhapiban 5 Road, within O Ngoen
Sub-District, Sai Mai District, Bangkok Metropolis, comprising 8 units to go.
Golden Prestige Ekachai –
Wongwaen
A residential development on freehold subdivided land of approximately
67,068 sqm situated on Soi Ekkachai 102/3 off Ekkachai Road, within Bang
Bon Sub-District, Bang Bon District, Bangkok Metropolis, comprising 1 unit to
go.
Granddio
A residential development on freehold subdivided land of approximately
133,022 sqm situated on Rama 2 Road around km. station 16+400, within
Phan Tay Norasing Sub-District, Mueang District, Samut Sakhon Province,
comprising 1 unit to go.
Effective
Interest
%
35.6
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 8 9
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Grandio Bangkae
A residential development on freehold subdivided land of approximately
113,657 sqm situated on Soi Kanchanaphisek 5/1 (Soi Moo Ban Suk San 6),
off Kanchanaphisek Road, within Lak Song Sub-District, Bang Khae District,
Bangkok Metropolis, comprising 5 units to go.
Grandio Petchkasem 81
A residential development on freehold subdivided land of approximately
41,764 sqm situated on Soi Phet Kasem 81 (Soi Ma Charoen) off Phet Kasem
Road, within Nong Khaem Sub-District, Nong Khaem District, Bangkok
Metropolis, comprising 4 units to go.
Grandio Ramintra –
Wongwaen
A residential development on freehold subdivided land of approximately
109,589 sqm situated on parallel road off Kanchanaphisek Road (Highway
No. 9) around km. station 38+500 and on Soi Kanchanaphisek 6/1 off
Kanchanaphisek Road (Highway No. 9) within Tha Raeng Sub-District, Bang
Khen District, Bangkok Metropolis, comprising 10 units to go.
Golden Neo
Chaengwattana –
Muang Thong
A residential development on freehold subdivided land of approximately
50,669 sqm situated on Tiwanon Road, within Ban Mai Sub-District, Pak Kret
District, Nonthaburi Province, comprising 13 units to go.
Golden Neo Sathorn
A residential development on freehold subdivided land of approximately
76,780 sqm situated on Kanlapaphruek Road, within Bang Wa Sub-District,
Phasi Charoen District, Bangkok Metropolis, comprising 1 unit to go.
Golden Neo 2 Rama 2
A residential development on freehold subdivided land of approximately
39,944 sqm situated on Phan Tay Norasing – Jedsadwithi Road off Rama 2
Road, within Phan Tay Norasing Sub-District, Mueang District, Samut Sakhon
Province, comprising 10 units to go.
Golden City
Chaengwattana –
Muang Thong
A residential development on freehold subdivided land of approximately
33,066 sqm situated on Tiwanon Road, within Ban Mai Sub-District, Pak Kret
District, Nonthaburi Province, comprising 61 units to go.
Golden City Sathorn
A residential development on freehold subdivided land of approximately
20,218 sqm situated on private road off Kanlapaphruek Road, within Bang
Wa Sub-District, Phasi Charoen District, Bangkok Metropolis, comprising 20
units to go.
Golden Town
Rattanathibet –
Bangphlu Station
A residential development on freehold subdivided land of approximately
32,760 sqm situated on Chan Thong Iam Road within Bang Rak Phatthana
Sub-District, Bang Bua Thong District, Nonthaburi Province, comprising 1 unit
to go.
Golden Town Suksawat –
Phuttha Bucha
A residential development on freehold subdivided land of approximately
25,907 sqm situated on Phuttha Bucha 36 Yaek 1, Phuttha Bucha Road, within
Bang Mot Sub-District, Thung Khru District, Bangkok Metropolis, comprising
1 unit to go.
Effective
Interest
%
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 9 0 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town
Chaiyaphruek –
Wongwaen
Golden Town 3 Suksawat
– Phuttha Bucha
A residential development on freehold subdivided land of approximately
59,990 sqm situated on Bang Kruai – Sai Noi Road, within Sai Noi Sub-District,
Sai Noi District, Nonthaburi Province, comprising 28 units to go.
A residential development on freehold subdivided land of approximately
80,744 sqm situated on Phuttha Bucha 36 Yaek 1, Phuttha Bucha Road, within
Bang Mot Sub-District, Thung Khru District, Bangkok Metropolis, comprising
44 units to go.
Golden Town 2 Pinklao –
Charan Sanitwong
A residential development on freehold subdivided land of approximately
82,915 sqm situated on Bang Kruai – Sai Noi Road off Charan Sanit Wong
Road, within Bang Kruai Sub-District and Bang Si Thong Sub-District, Bang
Kruai District, comprising 13 units to go.
Golden Town Vibhavadi –
Chaengwattana
A residential development on freehold subdivided land of approximately
53,799 sqm situated on Wat Welu Wanaram Road off Song Prapha Road,
within Thung Song Hong and Don Mueang Sub-District, Lak Si and Don
Mueang District, Bangkok Metropolis, comprising 21 units to go.
Golden Town
Wongsawang – Khae
Rai
A residential development on freehold subdivided land of approximately
46,332 sqm situated on Nonthaburi 1 Road, within Suan Yai Sub-District,
Mueang District, Nonthaburi Province, comprising 34 units to go.
Golden Town Ramintra –
Wongwaen
A residential development on freehold subdivided land of approximately
70,763 sqm situated on public road off parallel road Kanchanaphisek Road
(Highway No. 9), within Ram Inthra Sub-District, Khan Na Yao District, within
Tha Raeng Sub-District, Bang Khen District, Bangkok Metropolis, comprising
45 units to go.
Golden Town Petchkasem A residential development on freehold subdivided land of approximately
62,873 sqm situated on Soi Phetkasem 108 off Phetkasem Road, within
Nong Khang Phlu Sub-District, Nong Khaem District, Bangkok Metropolis,
comprising 9 units to go.
Golden Town Srinakarin –
Sukhumvit
A residential development on freehold subdivided land of approximately
56,753 sqm situated on Soi Sap Phatthana off Phraekkasa Road, within
Phraekkasa Sub-District, Mueang District, Samut Prakan Province, comprising
25 units to go.
Golden Town
Phaholyothin –
Saphanmai
A residential development on freehold subdivided land of approximately
83,010 sqm situated on Soi Phahon Yothin 54/1 off Phahon Yothin Road
within Sai Mai Sub-District, Sai Mai District, Bangkok Metropolis, comprising
52 units to go.
Golden Town Chiangrai –
Big C Airport
A residential development on freehold subdivided land of approximately
54,147 sqm situated on Phahon Yothin Road within Ban Du Sub-District,
Mueang District, Chiang Rai Province, comprising 37 units to go.
Effective
Interest
%
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 9 1
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town Sukhumvit –
Bearing Station
Golden Town
Rattanathibet –
Westgate
Golden Town
Charoenmuang –
Superhighway
Golden Town 3 Rama 2
A residential development on freehold subdivided land of approximately
38,986 sqm situated on Soi Thetsaban Samrong Tai 6, off Thang Rotfai Sai Kao
Road, within Samrong Tai Sub-District, Phra Pradaeng District, Samut Prakan
Province, comprising 37 units to go.
A residential development on freehold subdivided land of approximately
44,110 sqm situated on Chan Thong Iam Road within Bang Rak Phatthana
Sub-District, Bang Bua Thong District, Nonthaburi Province, comprising 44
units to go.
A residential development on freehold subdivided land of approximately
17,730 sqm situated on Soi Bun Raksa off Chiang Mai – Lampang Road
(Highway No. 11) within Tha Sala Sub-District, Mueang District, Chiang Mai
Province, comprising 35 units to go.
A residential development on freehold subdivided land of approximately
56,679 sqm situated on Phan Tay Norasing – Jedsadwithi Road off Rama 2
Road, within Phan Tay Norasing Sub-District, Mueang District, Samut Sakhon
Province, comprising 47 units to go.
Golden Town
Chalermprakiat –
Suanluang
A residential development on freehold subdivided land of approximately
23,288 sqm situated on Soi Chaloem Phrakiat Ratchakan Thi 9 Yeak 4 off
Chaloem Phrakiat Ratchakan Thi 9 Road within Dokmai Sub-District, Prawet
District, Bangkok Metropolis, comprising 13 units to go.
Golden Neo Rama 9 –
Krungthepkreetha
A residential development on freehold subdivided land of approximately
49,936 sqm situated on Saphan Sung Sub-District, Saphan Sung District,
Bangkok Metropolis, comprising 3 units to go.
Golden Town 3 Bangna –
Suanluang
A residential development on freehold subdivided land of approximately
56,689 sqm situated on parallel road off Kanchanaphisek Road (Highway
No. 9 – Eastern Outer Ring Road) within Dokmai Sub-District, Prawet District,
Bangkok Metropolis, comprising 73 units to go.
Golden Town Sathorn
A residential development on freehold subdivided land of approximately
60,982 sqm situated on Kanlapaphruek Road, within Bang Wa Sub-District,
Phasi Charoen District, Bangkok Metropolis, comprising 126 units to go.
Golden Town
Ngamwongwan – Khae
Rai
A residential development on freehold subdivided land of approximately
47,787 sqm situated on Soi Tiwanon 45, Tiwanon Road, within Tha Sai Sub-
District, Mueang District, Nonthaburi Province, comprising 55 units to go.
Golden Town
Phaholyothin –
Lumlukka
A residential development on freehold subdivided land of approximately
47,990 sqm situated on Soi Lam Luk Ka 19, Lam Luk Ka Road within Khu Khot
Sub-District, Lam Luk Ka District, Pathum Thani Province, comprising 74 units
to go.
Effective
Interest
%
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 9 2 / F R A S E R S P R O P E R T Y L I M I T E D
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town 3 Ladphrao –
Kasetnawamin
A residential development on freehold subdivided land of approximately
32,550 sqm situated on private road off Soi Nawamin 42 Yeak 27 (Soi Suwan
Prasit) Nawamin Road, within Khlong Kum Sub-District, Bueng Kum District,
Bangkok Metropolis, comprising 1 unit to go.
Golden Town Rangsit –
Klong 3
A residential development on freehold subdivided land of approximately
69,138 sqm situated on Liap Khlong Sam Road, within Khlong Sam Sub-
District, Khlong Luang District, Pathum Thani Province, comprising 59 units
to go.
Golden Town Petchkasem
– Phutthamonthon
Sai 3
A residential development on freehold subdivided land of approximately
41,123 sqm situated on Phuttha Monthon Sai 3 Road within Nong Khang Phlu
Sub-District, Nong Khaem District, Bangkok Metropolis, comprising 32 units
to go.
Golden Town Tiwanon –
Chaengwattana
A residential development on freehold subdivided land of approximately
50,444 sqm situated on Liap Khlong Prapa Road within Ban Mai Sub-District,
Mueang District, Pathum Thani Province, comprising 44 units to go.
Golden Town Sriracha –
Assumption
A residential development on freehold subdivided land of approximately
83,024 sqm situated on Kao Kilo Road, within Surasak Sub-District, Sriracha
District, Chonburi Province, comprising 127 units to go.
Golden Town Ayutthaya
A residential development on freehold subdivided land of approximately
68,464 sqm situated on parallel road off Asia Road (Highway No. 32) within
Ban Krot Sub-District, Bang Pa – In District, Phra Nakhon Si Ayutthaya
Province, comprising 79 units to go.
Golden Town Pattaya Tai –
Sukhumvit
A residential development on freehold subdivided land of approximately
38,416 sqm situated on Soi Khao Ta Lo 7 off Khao Ta Lo Road within Nong
Prue Sub-District, Bang Lamung District, Chon Buri Province, comprising 41
units to go.
Golden Neo
Chachoengsao – Ban
Pho
A residential development on freehold subdivided land of approximately
71,448 sqm situated on Watphanitaram – Watbangphra Road (Highway No.
3315) around km. station 0+650 off Siri Sothon Road (Highway No. 314) Road
within Bang Krod Sub-District, Ban Pho District, Chachoengsao Province,
comprising 52 units to go.
Golden Neo Bangna –
Suanluang
A residential development on freehold subdivided land of approximately
43,260 sqm situated on Dokmai Subdistrict, Phra Khanong District, Bangkok
Metropolis, comprising 11 units to go.
Effective
Interest
%
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 9 3
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town 2
Ngamwongwan –
Prachachuen
A residential development on freehold subdivided land of approximately
22,566 sqm situated on Soi Ngamwongwan 6 Yaek 21 within Bang Khen Sub-
District, Mueang District, Nonthaburi Province, comprising 50 units to go.
Golden Town Vibhavadi –
Rangsit
A residential development on freehold subdivided land of approximately
48,619 sqm situated on Khlong Nueng, Klong Luang Distirct, Pathum Thani
Province, comprising 85 units to go.
Golden Town 2 Srinakarin
– Sukhumvit
A residential development on freehold subdivided land of approximately
74,229 sqm situated on Bang Mueang Subdistrict Mueang Samut Prakan
District Samut Prakan Province, comprising 32 units to go.
Golden Town 2 Bangkae
A residential development on freehold subdivided land of approximately
55,062 sqm situated on Soi Kanchanaphisek 5/1 (Soi Moo Ban Suk San 6),
off Kanchanaphisek Road, within Lak Song Sub-District, Bang Khae District,
Bangkok Metropolis, comprising 24 units to go.
Golden Town Chiang Mai –
Kad Ruamchok
A residential development on freehold subdivided land of approximately
60,026 sqm situated on Somphot Chiangmai 700 Pi Road (The Middle Ring
Road) within Fa Ham Sub-District, Mueang District, Chiang Mai Province,
comprising 9 units to go.
Golden Neo 3 Rama 2
A residential development on freehold subdivided land of approximately
59,319 sqm situated on Phan Tay Norasing – Jedsadwithi Road off Rama 2
Road, within Phan Tay Norasing Sub-District, Mueang District, Samut Sakhon
Province, comprising 11 units to go.
Golden Neo 2 Ramintra –
Wongwaen
A residential development on freehold subdivided land of approximately
44,320 sqm situated on Saphan Sung Sub-District, Saphan Sung District,
Bangkok Metropolis, comprising 7 units to go.
Golden Village Chiang Rai
– Big C Airport
A residential development on freehold subdivided land of approximately
29,581 sqm situated on Sanam Bin Road, within Ban Du Sub-District, Mueang
District, Chiang Rai Province, comprising 4 units to go.
Golden Neo 2 Bangna –
Kingkaew
A residential development on freehold subdivided land of approximately
86,284 sqm situated on King Kaeo Road, within Racha Thewa Sub-District,
Bang Phli District, Samut Prakan Province, comprising 19 units to go.
Golden Biz Bangna –
Kingkaew
A residential development on freehold subdivided land of approximately
5,503 sqm situated on King Kaeo Road, within Racha Thewa Sub-District,
Bang Phli District, Samut Prakan Province, comprising 9 units to go.
Golden Neo Korat –
Terminal
A residential development on freehold subdivided land of approximately
98,260 sqm situated on Si Phet Road within Nong Krathum Muen Wai Sub-
District, Mueang District, Nakhon Ratchasima Province, comprising 23 units
to go.
Effective
Interest
%
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 9 4 / F R A S E R S P R O P E R T Y L I M I T E D
DEVELOPMENT PROPERTIES HELD FOR SALE
Singapore
Rivière
Australia
land
Leasehold
(lease expires year 2117) of
approximately 13,482 sqm at Lot 1637L Town
Subdivision 21 at Jiak Kim Street for the development
of 455 apartment units of approximately 46,865 sqm
of gross floor area for sale.
land
Leasehold
(lease expires year 2119) of
approximately 17,130 sqm at Lot 05278V Mukim 20
at Fernvale Lane for the development of 496 executive
condominium units of approximately 47,964 sqm of
gross floor area for sale.
Estimated
Date of
Completion
Effective
Interest
%
1st Quarter 2023
100.0
–
80.0
Frasers Landing, Western
Australia
A residential development comprising 438 land lots to
go.
4th Quarter 2037
100.0
Fairwater, New South
Wales
A residential development comprising 214 MD housing
lots to go.
2nd Quarter 2023
100.0
Botanica, New South
Wales
A residential development comprising 24 apartment
and MD housing lots to go.
4th Quarter 2023
100.0
Midtown, New South
Wales
residential
A
development
apartment, MD housing, house and land lots to go.
comprising
2,349
1st Quarter 2032
100.0
Ed Square, New South
Wales
A mixed development comprising 1,636 apartment,
MD housing and 3 retail lots to go.
1st Quarter 2028
100.0
Aqua, New South Wales
A residential development comprising 46 apartment
lots to go.
3rd Quarter 2021
100.0
Hamilton Reach,
Queensland
A residential development comprising 374 apartment,
MD housing, house and land lots to go.
1st Quarter 2027
100.0
Cova, Queensland
A residential development comprising 52 MD housing,
house and land lots to go.
4th Quarter 2021
100.0
Brookhaven, Queensland
A residential development comprising 1,222 land lots
to go.
2nd Quarter 2026
100.0
Flourish, Queensland
A residential development comprising 926 land lots to
go.
2nd Quarter 2030
100.0
Keperra, Queensland
A residential development comprising 473 MD housing
and land lots to go.
3rd Quarter 2026
100.0
Minnippi Quarter,
Queensland
A residential development comprising 193 MD housing
and land lots to go.
4th Quarter 2022
100.0
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 9 5
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Estimated
Date of
Completion
Effective
Interest
%
Australia (cont’d)
Burwood Brickworks,
Victoria
A residential development comprising 747 MD housing,
land and apartment lots to go.
3rd Quarter 2023
100.0
Mambourin, Victoria
A residential development comprising 1,098 land lots
and 4 retail lots to go.
3rd Quarter 2026
100.0
Cockburn, Western
Australia
A residential development comprising 348 apartment
and land lots to go.
3rd Quarter 2029
100.0
Port Coogee, Western
Australia
A residential development comprising 564 apartment,
MD housing and land lots to go.
4th Quarter 2029
100.0
Baldivis Grove, Western
Australia
A residential development comprising 281 land lots
to go.
4th Quarter 2026
100.0
The Waterfront, New
South Wales
A residential development comprising 942 MD housing,
house and land lots to go.
4th Quarter 2027
50.0
Berwick Waters, Victoria
A residential development comprising 902 land lots
to go.
4th Quarter 2027
45.0
Wallara Waters, Victoria
A residential development comprising 1,410 land lots
to go.
4th Quarter 2034
50.0
Valley Park,
Westmeadows, Victoria
A residential development comprising 8 MD housing
and land lots to go.
1st Quarter 2021
100.0
Hardy's Road, Victoria
A residential development comprising 1,600 land lots
to go.
2nd Quarter 2031
100.0
Baldivis Parks, Western
Australia
A residential development comprising 746 MD housing
and land lots to go.
4th Quarter 2030
50.0
East Green, Western
Australia
A residential development comprising 78 apartment
and MD housing lots to go.
4th Quarter 2022
100.0
Hino & Spec, Eastern Creek,
New South Wales
Built form project with estimated gross lettable area of
19,032 sqm.
2nd Quarter 2021
100.0
Williams-Sonoma, Eastern
Creek, New South
Wales
CEVA, Westpark Stage
15 Lot 2, Truganina,
Victoria
Built form project with estimated gross lettable area of
17,445 sqm.
3rd Quarter 2021
100.0
Built form project with estimated gross lettable area of
37,523 sqm.
1st Quarter 2021
100.0
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 9 6 / F R A S E R S P R O P E R T Y L I M I T E D
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Estimated
Date of
Completion
Effective
Interest
%
Australia (cont’d)
Mazda, Cooper Street,
Epping, Victoria
Built form project with estimated gross lettable area of
37,235 sqm.
1st Quarter 2021
100.0
Ozito & Spec, Taylors Road
S1 Lot 1, Dandenong
South, Victoria
Built form project with estimated gross lettable area of
35,335 sqm.
3rd Quarter 2021
100.0
Pacific Optics, Yatala Lot
43, Queensland
Built form project with estimated gross lettable area of
9,107 sqm.
4th Quarter 2021
100.0
4 Johnston Crescent,
Horsley Park, New
South Wales
Built form project with net lettable area of 20,734 sqm.
–
100.0
24 Archer Road, Truganina,
Built form project with net lettable area of 37,353 sqm.
Victoria
33 & 15 Archer Road,
Truganina, Victoria
4 Burilda Close, Wetherill
Park, New South Wales
6 Burilda Close, Wetherill
Park, New South Wales
22 Hanson Place, Eastern
Creek, New South
Wales
Built form project with net lettable area of 30,157 sqm.
Built form project with net lettable area of 18,872 sqm.
Built form project with net lettable area of 26,249 sqm.
Built form project with net lettable area of 26,690 sqm.
15-19 Muir Road, Chullora,
Built form project with net lettable area of 22,208 sqm.
New South Wales
11-27 Doriemus Drive,
Truganina, Victoria
58-76 Naxos Way &
68 Atlantic Drive,
Keysborough, Victoria
Built form project with net lettable area of 43,214 sqm.
Built form project with net lettable area of 28,605 sqm.
39 Naxos Way,
Built form project with net lettable area of 20,472 sqm.
Keysborough, Victoria
1-3 Beyer Road, Braeside,
Built form project with net lettable area of 28,416 sqm.
Victoria
–
–
–
–
–
–
–
–
–
–
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 9 7
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Estimated
Date of
Completion
Effective
Interest
%
Australia (cont’d)
2 & 8 Beyer Road, Braeside,
Built form project with net lettable area of 20,003 sqm.
Victoria
17 Andretti Court, Victoria Built form project with net lettable area of 35,770 sqm.
1 Arthur Dixon Court,
Yatala, Queensland
25-39 Australand Drive,
Berrinba, Queensland
70-88 Australand Drive,
Berrinba, Queensland
171-199 Wayne Goss
Drive, Berrinba,
Queensland
Built form project with net lettable area of 13,643 sqm.
Built form project with net lettable area of 12,377 sqm.
Built form project with net lettable area of 20,980 sqm.
Built form project with net lettable area of 22,733 sqm.
Macquarie Park, New
South Wales
Office type of estate with an estimated total saleable
area of 7,810 sqm.
Kemps Creek East, New
South Wales
Industrial type of estate with an estimated total
saleable area of 182,918 sqm.
Horsley Park, New South
Wales
Industrial type of estate with an estimated total
saleable area of 63,096 sqm.
Kemps Creek West, New
South Wales
Industrial type of estate with an estimated total
saleable area of 300,920 sqm.
Richlands, Queensland
Industrial type of estate with an estimated total
saleable area of 22,222 sqm.
Yatala, Queensland
Industrial type of estate with an estimated total
saleable area of 77,159 sqm.
Gilmore Road, Berrinba,
Queensland
Industrial type of estate with an estimated total
saleable area of 20,798 sqm.
Archerfield, Berrinba,
Queensland
Industrial type of estate with an estimated total
saleable area of 62,407 sqm.
Wembley Road, Berrinba,
Queensland
Industrial type of estate with an estimated total
saleable area of 21,149 sqm.
Jacobs Well Road,
Stapylton, Queensland
Industrial type of estate with an estimated total
saleable area of 484,498 sqm.
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
100.0
100.0
100.0
100.0
100.0
100.0
50.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 3 9 8 / F R A S E R S P R O P E R T Y L I M I T E D
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Australia (cont’d)
Keysborough – Stage 8,
Victoria
Industrial type of estate with an estimated total
saleable area of 1,126 sqm.
Braeside, Victoria
Industrial type of estate with an estimated total
saleable area of 62,650 sqm.
Epping – Stage 1, Victoria
Industrial type of estate with an estimated total
saleable area of 89,159 sqm.
Epping – Stage 2, Victoria
Industrial type of estate with an estimated total
saleable area of 75,199 sqm.
Epping – Stage 3, Victoria
Industrial type of estate with an estimated total
saleable area of 244,213 sqm.
Tarneit, Victoria
Industrial type of estate with an estimated total
saleable area of 312,138 sqm.
Dandenong South – Stage
S2, Victoria
Industrial type of estate with an estimated total
saleable area of 51,169 sqm.
Dandenong South – Stage
S3, Victoria
Industrial type of estate with an estimated total
saleable area of 137,082 sqm.
Dandenong South – Stage
N4, Victoria
Industrial type of estate with an estimated total
saleable area of 112,292 sqm.
Dandenong South – Stage
W5, Victoria
Industrial type of estate with an estimated total
saleable area of 7,855 sqm.
Burwood Brickworks,
Victoria
Retail type of estate with an estimated total saleable
area of 13,697 sqm.
Eastern Creek Quarter,
New South Wales
Retail type of estate with an estimated total saleable
area of 50,617 sqm.
Estimated
Date of
Completion
Effective
Interest
%
–
–
–
–
–
–
–
–
–
–
–
–
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
China
Chengdu Logistics Hub
land
Leasehold
(lease expires year 2057) of
approximately 195,846 sqm situated at Chengdu for an
industrial/commercial development of approximately
548,065 sqm gross floor area for sale, which
is
separated into Phase 1 of 161,288 sqm and Phases 2 to
4 of 386,777 sqm. All phases of the development were
completed except Phase 2A.
2nd Quarter 2024
80.0
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 3 9 9
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Estimated
Date of
Completion
Effective
Interest
%
United Kingdom
Central House
Vietnam
Q2 Thao Dien
Thailand
Alpina
De Pine Rama 2
The Grand Rama 2 P.5
The Grand Rama 2 P.8
The Grand Rama 2 P.14
Freehold land of approximately 9,012 sqm situated
in Aldgate for a commercial development with an
estimated saleable area of 15,000 sqm.
4th Quarter 2022
100.0
Leasehold land of approximately 7,956 sqm located
at District 2, Ho Chi Minh City for the development
of a high-rise apartment building combined with
commercial and office services of approximately 56,564
sqm of gross floor area, 6 villas with gross floor area of
72 to 89 sqm each and 12 townhouses with gross floor
area of 108 sqm to 126 sqm each.
Freehold subdivided land of approximately 143,625
sqm situated on Boromarajajonani Road, within Sala
Thammasop Sub-District, Thawi Watthana District,
Bangkok Metropolis
residential
development of 131 residential units total of
approximately 87,276 sqm gross area for sale.
for a proposed
Freehold subdivided land of approximately 86,784 sqm
situated on Phan Tay Norasing Sub-District, Mueang
District, Samut Sakhon Province for a proposed
residential development of 117 residential units total
of approximately 52,070 sqm gross area for sale.
Freehold subdivided land of approximately 6,634 sqm
situated on Rama 2 Road around km. station 16+400,
within Phan Tay Norasing Sub-District, Mueang District,
Samut Sakhon Province.
Freehold subdivided land of approximately 13,541 sqm
situated on Rama 2 Road around km. station 16+400,
within Phan Tay Norasing Sub-District, Mueang District,
Samut Sakhon Province.
Freehold subdivided land of approximately 13,864 sqm
situated on Rama 2 Road around km. station 16+400,
within Phan Tay Norasing Sub-District, Mueang District,
Samut Sakhon Province.
4th Quarter 2021
70.0
2nd Quarter 2028
59.3
4th Quarter 2026
59.3
1st Quarter 2026
59.3
1st Quarter 2026
59.3
1st Quarter 2026
59.3
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 4 0 0 / F R A S E R S P R O P E R T Y L I M I T E D
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Grandio 2 Rama 2
The Grand Lux Bangna –
Suanluang
Two Grande Monaco
Bangna – Wongwaen
Golden Prestige
Watcharapol –
Sukhaphiban 5
Grandio 3 Rama 2
Granddio
Grandio Bangkae
Freehold subdivided land of approximately 69,227 sqm
situated on Phan Tay Norasing Sub-District, Mueang
District, Samut Sakhon Province for a proposed
residential development of 240 residential units total
of approximately 52,032 sqm gross area for sale.
Freehold subdivided land of approximately 58,327
sqm situated on parallel road off Kanchanaphisek
Road (Highway No. 9 – Eastern Outer Ring Road)
within Dokmai Sub-District, Prawet District, Bangkok
Metropolis for a proposed residential development of
61 residential units total of approximately 32,189 sqm
gross area for sale.
Freehold subdivided land of approximately 70,132
sqm situated on parallel road off Kanchanaphisek
Road (Highway No. 9 – Eastern Outer Ring Road)
within Dokmai Sub-District, Prawet District, Bangkok
Metropolis for a proposed residential development of
77 residential units total of approximately 41,813 sqm
gross area for sale.
Freehold subdivided land of approximately 62,782
sqm situated on public road off Sukhapiban 5 Road,
within O Ngoen Sub-District, Sai Mai District, Bangkok
Metropolis for a proposed residential development of
152 residential units total of approximately 38,325
sqm gross area for sale.
Freehold subdivided land of approximately 32,990 sqm
situated on Rama 2 Road, within Phan Tay Norasing
Sub-District, Mueang District, Samut Sakhon Province.
Freehold subdivided land of approximately 133,022
sqm situated on Rama 2 Road around km. station
16+400, within Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province for a proposed
residential development of 246 residential units total
of approximately 80,568 sqm gross area for sale.
Freehold subdivided land of approximately 113,657
sqm situated on Soi Kanchanaphisek 5/1 (Soi Moo Ban
Suk San 6), off Kanchanaphisek Road, within Lak Song
Sub-District, Bang Khae District, Bangkok Metropolis for
a proposed residential development of 261 residential
units total of approximately 62,345 sqm gross area for
sale.
Estimated
Date of
Completion
Effective
Interest
%
1st Quarter 2027
59.3
1st Quarter 2028
59.3
1st Quarter 2022
59.3
2nd Quarter 2021
59.3
1st Quarter 2026
59.3
2nd Quarter 2021
59.3
2nd Quarter 2024
59.3
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 4 0 1
Estimated
Date of
Completion
Effective
Interest
%
2nd Quarter 2023
59.3
4th Quarter 2028
59.3
2nd Quarter 2024
59.3
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Grandio Petchkasem 81
Grandio Ramintra –
Wongwaen
Grandio Vibhavadi –
Rangsit
Freehold subdivided land of approximately 41,764 sqm
situated on Soi Phet Kasem 81 (Soi Ma Charoen) off Phet
Kasem Road, within Nong Khaem Sub-District, Nong
Khaem District, Bangkok Metropolis for a proposed
residential development of 107 residential units total
of approximately 23,491 sqm gross area for sale.
Freehold subdivided land of approximately 109,589
sqm situated on parallel road off Kanchanaphisek
Road (Highway No. 9) around km. station 38+500 and
on Soi Kanchanaphisek 6/1 off Kanchanaphisek Road
(Highway No. 9) within Tha Raeng Sub-District, Bang
Khen District, Bangkok Metropolis for a proposed
residential development of 269 residential units total
of approximately 66,134 sqm gross area for sale.
Freehold subdivided land of approximately 118,792
sqm situated on Soi Khlong Luang 10, Phaholyothin
Road within Khlong Nueng Sub-District, Khlong
Luang District, Pathum Thani Province for a proposed
residential development of 292 residential units total
of approximately 71,331 sqm gross area for sale.
Golden Neo Rattanathibet
– Ratchapruek
Freehold subdivided land of approximately 70,930
sqm situated on Bang Kruai – Sai Noi Road within Bang
Rak Phatthana Sub-District, Bang Bua Thong District,
Nonthaburi Province.
1st Quarter 2025
59.3
Grandio 4 Rama 2
Freehold subdivided land of approximately 102,233
sqm situated on Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province.
1st Quarter 2026
59.3
Golden Village 2 Chiang
Rai – Big C Airport
Freehold subdivided land of approximately 18,733
sqm situated on Sanam Bin Road, within Ban Du Sub-
District, Mueang District, Chiang Rai Province.
2nd Quarter 2023
59.3
Golden Village Chiang Rai –
Big C Airport
Freehold subdivided land of approximately 29,581 sqm
situated on Sanam Bin Road, within Ban Du Sub-District,
Mueang District, Chiang Rai Province for a proposed
residential development of 98 residential units total of
approximately 17,401 sqm gross area for sale.
1st Quarter 2022
59.3
Golden Neo
Ngamwongwan –
Prachachuen
Freehold subdivided land of approximately 46,646 sqm
situated on Soi Samakkee 63, within Bang Talat Sub-
District, Pak Kret District, Nonthaburi Province.
3rd Quarter 2022
59.3
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 4 0 2 / F R A S E R S P R O P E R T Y L I M I T E D
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Neo 2 Bangkae
Golden Neo Rama 9 –
Krungthepkreetha
Golden Neo Sukhumvit
113
Golden Neo 3 Bangkae
Golden Town Sukhumvit
113
Golden Neo 2 Bangna –
Kingkaew
Freehold subdivided land of approximately 77,377 sqm
situated on Soi Kanchanaphisek 5/1 (Soi Moo Ban Suk
San 6) off Kanchanaphisek Road, within Lak Song Sub-
District, Bang Khae District, Bangkok Metropolis for a
proposed residential development of 172 residential
units total of approximately 26,696 sqm gross area for
sale.
Freehold subdivided land of approximately 49,936
sqm situated on Saphan Sung Sub-District, Saphan
Sung District, Bangkok Metropolis for a proposed
residential development of 149 residential units total
of approximately 23,203 sqm gross area for sale.
Freehold subdivided land of approximately 93,264 sqm
situated on Samrong Nua Sub-District, Muang Samut
Prakarn District, Samut Prakan Province for a proposed
residential development of 154 residential units total
of approximately 16,826 sqm gross area for sale.
Freehold subdivided land of approximately 52,014 sqm
situated on Soi Kanchanaphisek 5/1 (Soi Moo Ban Suk
San 6), off Kanchanaphisek Road, within Lak Song Sub-
District, Bang Khae District, Bangkok Metropolis.
Freehold subdivided land in form of approximately
43,648 sqm situated on Samrong Nua Sub-District,
Muang Samut Prakarn District, Samut Prakan Province
for a proposed residential development of 239
residential units total of approximately 25,240 sqm
gross area for sale.
Freehold subdivided land of approximately 86,284 sqm
situated on Kingkaeo Road, within Racha Thewa Sub-
District, Bang Phli District, Samut Prakan Province for
a proposed residential development of 473 residential
units total of approximately 57,718 sqm gross area for
sale.
Estimated
Date of
Completion
Effective
Interest
%
3rd Quarter 2022
59.3
1st Quarter 2024
59.3
1st Quarter 2023
59.3
1st Quarter 2026
59.3
3rd Quarter 2022
59.3
3rd Quarter 2028
59.3
Golden Neo Bangna Km.5
Freehold subdivided land of approximately 43,565 sqm
situated on Buanakarin Road, within Bang Kaeo Sub-
District, Bang Phli District, Samut Prakan Province.
2nd Quarter 2024
59.3
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Neo
Chaengwattana –
Muang Thong
Golden Neo Korat –
Terminal
Golden Neo Charan
Sanitwong 35
Golden Neo 3 Rama 2
Grandio Sathorn
Golden Neo 2 Ramintra –
Wongwaen
Freehold subdivided land of approximately 50,669 sqm
situated on Tiwanon Road, within Ban Mai Sub-District,
Pak Kret District, Nonthaburi Province for a proposed
residential development of 156 residential units total
of approximately 24,341 sqm gross area for sale.
Freehold subdivided land of approximately 98,260 sqm
situated on Si Phet Road within Nong Krathum Muen
Wai Sub-District, Mueang District, Nakhon Ratchasima
Province for a proposed residential development of 493
residential units total of approximately 46,634 sqm
gross area for sale.
Freehold subdivided land of approximately 90,048
sqm situated on Soi Charan Sanitwong 35 (None
Access Road) off Charan Sanitwong Road within Bang
Khun Si Sub-District, Bangkok Noi District, Bangkok
Metropolis for a proposed residential development of
263 residential units total of approximately 42,331
sqm gross area for sale.
Freehold subdivided land of approximately 59,319 sqm
situated on Phan Tay Norasing – Jedsadwithi Road off
Rama 2 Road, within Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province for a proposed
residential development of 212 residential units total
of approximately 32,982 sqm gross area for sale.
Freehold subdivided land of approximately 89,740
sqm situated on private road off Kanlapapruek Road,
within Bang Wa, Bang Khun Thian Sub-District, Phasi
Charoen, Chom Thong District, Bangkok Metropolis for
a proposed residential development of 188 residential
units total of approximately 45,542 sqm gross area for
sale.
Freehold subdivided land of approximately 44,320
sqm situated on Saphan Sung Sub-District, Saphan
Sung District, Bangkok Metropolis for a proposed
residential development of 167 residential units total
of approximately 25,304 sqm gross area for sale.
A N N U A L R E P O R T 2 0 2 0 / 4 0 3
Estimated
Date of
Completion
Effective
Interest
%
3rd Quarter 2022
59.3
4th Quarter 2022
59.3
2nd Quarter 2024
59.3
3rd Quarter 2025
59.3
2nd Quarter 2024
59.3
2nd Quarter 2023
59.3
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 4 0 4 / F R A S E R S P R O P E R T Y L I M I T E D
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Grandio Suksawat –
Rama 3
Golden Neo Chonburi –
Angsila
Golden Town 4 Rama 2
Golden Neo Bangna –
Suanluang
Freehold subdivided land in form of approximately
46,202 sqm situated on Soi Suksawat 30, Bang Pakok
Sub-District, Rat Burana District, Bangkok Metropolis
for a proposed residential development of 248
residential units total of approximately 24,344 sqm
gross area for sale.
Freehold subdivided land of approximately 127,144
sqm situated on Samet District, Muang Chonburi
District, Chonburi Province for a proposed residential
development of 661 residential units total of
approximately 62,037 sqm gross area for sale.
Freehold subdivided land of approximately 57,015 sqm
situated on Phan Tay Norasing – Jedsadwithi Road off
Rama 2 Road, within Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province.
Freehold subdivided land of approximately 43,260
sqm situated on Dokmai Subdistrict, Phra Khanong
District, Bangkok Metropolis for a proposed residential
development of 146 residential units total of
approximately 23,370 sqm gross area for sale.
Estimated
Date of
Completion
Effective
Interest
%
4th Quarter 2026
59.3
3rd Quarter 2027
59.3
1st Quarter 2026
59.3
4th Quarter 2022
59.3
Golden Neo
Charansanitwong –
Rama 5
Freehold subdivided land of approximately 32,220
sqm situated on Bang Bua Thong District, Nonthaburi
Province.
3rd Quarter 2023
59.3
Golden City 2 Ladphrao –
Kasetnawamin
Freehold subdivided land of approximately 17,556 sqm
situated on private road of Soi Nawamin 42 (Soi Suwan
Prasit) Nawamin Road within Khlong Kum Sub-District,
Bueng Kum District, Bangkok Metropolis.
1st Quarter 2026
59.3
Golden City
Chaengwattana –
Muang Thong
Golden City Sathorn
Freehold subdivided land of approximately 33,066 sqm
situated on Tiwanon Road, within Ban Mai Sub-District,
Pak Kret District, Nonthaburi Province for a proposed
residential development of 167 residential units total
of approximately 14,121 sqm gross area for sale.
Freehold subdivided land of approximately 20,218 sqm
situated on private road off Kanlapaphruek Road, within
Bang Wa Sub-District, Phasi Charoen District, Bangkok
Metropolis for a proposed residential development of
119 residential units total of approximately 10,600
sqm gross area for sale.
2nd Quarter 2022
59.3
2nd Quarter 2023
59.3
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 4 0 5
Estimated
Date of
Completion
Effective
Interest
%
3rd Quarter 2021
59.3
3rd Quarter 2021
59.3
2nd Quarter 2021
59.3
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town Chaiyaphruek
– Wongwaen
Golden Town 3 Suksawat –
Phuttha Bucha
Golden Town Vibhavadi –
Chaengwattana
Freehold subdivided land of approximately 59,990 sqm
situated on Bang Kruai – Sai Noi Road, within Sai Noi
Sub-District, Sai Noi District, Nonthaburi Province for
a proposed residential development of 393 residential
units total of approximately 32,608 sqm gross area for
sale.
Freehold subdivided land of approximately 80,744
sqm situated on Phuttha Bucha 36 Yaek 1, Phuttha
Bucha Road, within Bang Mot Sub-District, Thung
Khru District, Bangkok Metropolis for a proposed
residential development of 481 residential units total
of approximately 38,118 sqm gross area for sale.
Freehold subdivided land of approximately 53,799 sqm
situated on Wat Welu Wanaram Road off Song Prapha
Road, within Thung Song Hong and Don Mueang Sub-
District, Lak Si and Don Mueang District, Bangkok
Metropolis for a proposed residential development of
330 residential units total of approximately 25,392
sqm gross area for sale.
Golden Town ChomThong
– Wutthakat
Freehold subdivided land of approximately 3,160 sqm
situated on private road off Kanlapapruek Road, within
Bang Wa, Bang Khun Thian Sub-District, Phasi Charoen,
Chom Thong District, Bangkok Metropolis.
1st Quarter 2026
59.3
Golden Town Wongsawang
– Khae Rai
Freehold subdivided land of approximately 46,332
sqm situated on Nonthaburi 1 Road, within Suan Yai
Sub-District, Mueang District, Nonthaburi Province for
a proposed residential development of 282 residential
units total of approximately 23,362 sqm gross area for
sale.
2nd Quarter 2021
59.3
Golden Town ChomThong
– Ekachai
Freehold subdivided land of approximately 135,833
sqm situated on private road off Kanlapapruek Road,
within Bang Wa, Bang Khun Thian Sub-District, Phasi
Charoen, Chom Thong District, Bangkok Metropolis.
1st Quarter 2026
59.3
Golden Town Ramintra –
Wongwaen
Freehold subdivided land of approximately 70,763 sqm
situated on public road off parallel road Kanchanaphisek
Road (Highway No. 9), within Ram Inthra Sub-District,
Khan Na Yao District, within Tha Raeng Sub-District,
Bang Khen District, Bangkok Metropolis for a proposed
residential development of 478 residential units total
of approximately 36,694 sqm gross area for sale.
3rd Quarter 2022
59.3
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 4 0 6 / F R A S E R S P R O P E R T Y L I M I T E D
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town Petchkasem Freehold subdivided land of approximately 62,873
sqm situated on Soi Phetkasem 108 off Phetkasem
Road, within Nong Khang Phlu Sub-District, Nong
Khaem District, Bangkok Metropolis for a proposed
residential development of 384 residential units total
of approximately 29,660 sqm gross area for sale.
Golden Town Srinakarin –
Sukhumvit
Freehold subdivided land of approximately 56,753 sqm
situated on Soi Sap Phatthana off Phraekkasa Road,
within Phraekkasa Sub-District, Mueang District, Samut
Prakan Province for a proposed residential development
of 405 residential units total of approximately 30,627
sqm gross area for sale.
Estimated
Date of
Completion
Effective
Interest
%
2nd Quarter 2021
59.3
1st Quarter 2021
59.3
Golden Town Bangna Km.5 Freehold subdivided land of approximately 147,233
sqm situated on Buanakarin Road, within Bang Kaeo
Sub-District, Bang Phli District, Samut Prakan Province.
4th Quarter 2024
59.3
Golden Town Phaholyothin
– Saphanmai
Golden Town Chiangrai –
Big C Airport
Golden Town Petchkasem
81
Golden Town 2 Ramintra –
Wongwaen
Freehold subdivided land of approximately 83,010
sqm situated on Soi Phahon Yothin 54/1 off Phahon
Yothin Road within Sai Mai Sub-District, Sai Mai
District, Bangkok Metropolis for a proposed residential
development of 495 residential units total of
approximately 36,409 sqm gross area for sale.
Freehold subdivided land of approximately 54,147
sqm situated on Phahon Yothin Road within Ban Du
Sub-District, Mueang District, Chiang Rai Province for
a proposed residential development of 353 residential
units total of approximately 25,414 sqm gross area for
sale.
Freehold subdivided land of approximately 54,036
sqm situated on Soi Phet Kasem 81 (Soi Ma Charoen)
Phet Kasem Road, within Nong Khang Phlu Sub-
District, Nong Khaem District, Bangkok Metropolis for
a proposed residential development of 107 residential
units total of approximately 23,476 sqm gross area for
sale.
Freehold subdivided land of approximately 48,386
sqm situated on parallel road off Kanchanaphisek
Road (Highway No. 9) around km. station 38+500 and
on Soi Kanchanaphisek 6/1 off Kanchanaphisek Road
(Highway No. 9) within Tha Raeng Sub-District, Bang
Khen District, Bangkok Metropolis for a proposed
residential development of 289 residential units total
of approximately 20,707 sqm gross area for sale.
2nd Quarter 2026
59.3
1st Quarter 2024
59.3
1st Quarter 2023
59.3
2nd Quarter 2023
59.3
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 4 0 7
Estimated
Date of
Completion
Effective
Interest
%
3rd Quarter 2024
59.3
1st Quarter 2024
59.3
3rd Quarter 2022
59.3
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town
Rattanathibet –
Westgate
Golden Town 3 Rama 2
Golden Town
Charoenmuang –
Superhighway
Freehold subdivided land of approximately 44,110
sqm situated on Chan Thong Iam Road within Bang
Rak Phatthana Sub-District, Bang Bua Thong District,
Nonthaburi Province
for a proposed residential
development of 290 residential units total of
approximately 20,874 sqm gross area for sale.
Freehold subdivided land of approximately 56,679 sqm
situated on Phan Tay Norasing – Jedsadwithi Road off
Rama 2 Road, within Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province for a proposed
residential development of 424 residential units total
of approximately 29,979 sqm gross area for sale.
Freehold subdivided land of approximately 17,730 sqm
situated on Soi Bun Raksa off Chiang Mai – Lampang
Road (Highway No. 11) within Tha Sala Sub-District,
Mueang District, Chiang Mai Province for a proposed
residential development of 131 residential units total
of approximately 10,002 sqm gross area for sale.
Grandio Rattanathibet –
Ratchapruek
Freehold subdivided land of approximately 31,443
sqm situated on Bang Bua Thong District, Nonthaburi
Province.
4th Quarter 2025
59.3
Golden Town 2 Chiang Rai
– Big C Airport
Freehold subdivided land of approximately 130,680
sqm situated on Sanam Bin Road, within Ban Du Sub-
District, Mueang District, Chiang Rai Province.
1st Quarter 2026
59.3
Golden Town Suksawat –
Rama 3
Golden Town Sathorn
Golden Town 2 Bangkae
Freehold subdivided land of approximately 55,966
sqm situated on Rat Burana Sub-District, Rat Burana
District, Bangkok Metropolis for a proposed residential
development of 433 residential units total of
approximately 31,866 sqm gross area for sale.
Freehold subdivided land of approximately 60,982 sqm
situated on Kanlapaphruek Road, within Bang Wa Sub-
District, Phasi Charoen District, Bangkok Metropolis for
a proposed residential development of 392 residential
units total of approximately 29,605 sqm gross area for
sale.
Freehold subdivided land of approximately 55,062 sqm
situated on Soi Kanchanaphisek 5/1 (Soi Moo Ban Suk
San 6), off Kanchanaphisek Road, within Lak Song Sub-
District, Bang Khae District, Bangkok Metropolis for a
proposed residential development of 312 residential
units total of approximately 22,752 sqm gross area for
sale.
2nd Quarter 2024
59.3
1st Quarter 2022
59.3
3rd Quarter 2021
59.3
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 4 0 8 / F R A S E R S P R O P E R T Y L I M I T E D
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town
Ngamwongwan – Khae
Rai
Golden Town Phaholyothin
– Lumlukka
Freehold subdivided land of approximately 47,787
sqm situated on Soi Tiwanon 45, Tiwanon Road, within
Tha Sai Sub-District, Mueang District, Nonthaburi
Province for a proposed residential development of 321
residential units total of approximately 23,854 sqm
gross area for sale.
Freehold subdivided land of approximately 47,990 sqm
situated on Soi Lam Luk Ka 19, Lam Luk Ka Road within
Khu Khot Sub-District, Lam Luk Ka District, Pathum
Thani Province for a proposed residential development
of 378 residential units total of approximately 27,238
sqm gross area for sale.
Estimated
Date of
Completion
Effective
Interest
%
1st Quarter 2024
59.3
4th Quarter 2023
59.3
Golden Neo Vibhavadi –
Rangsit
Freehold subdivided land of approximately 23,698
sqm situated on Khlong Nueng, Klong Luang Distirct,
Pathum Thani Province.
1st Quarter 2026
59.3
Ramintra – Wongwaen
Golden Neo 4 Rama 2
Freehold subdivided land of approximately 2,557 sqm
situated on parallel road off Kanchanaphisek Road
(Highway No. 9) around km. station 38+500 and on
Soi Kanchanaphisek 6/1 off Kanchanaphisek Road
(Highway No. 9) within Tha Raeng Sub-District, Bang
Khen District, Bangkok Metropolis.
Freehold subdivided land of approximately 100,810
sqm situated on Phan Tay Norasing – Jedsadwithi Road
off Rama 2 Road, within Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province.
1st Quarter 2026
59.3
1st Quarter 2026
59.3
Golden Town
Rattanathibet –
Ratchapruek
Freehold subdivided land of approximately 55,687
sqm situated on Bang Bua Thong District, Nonthaburi
Province.
1st Quarter 2025
59.3
Golden Town Chiang Mai –
Kad Ruamchok
Golden Town Charan
Sanitwong 35
Freehold subdivided land of approximately 60,026
sqm situated on Somphot Chiangmai 700 Pi Road
(The Middle Ring Road) within Fa Ham Sub-District,
Mueang District, Chiang Mai Province for a proposed
residential development of 398 residential units total
of approximately 28,895 sqm gross area for sale.
Freehold subdivided land of approximately 48,784
sqm situated on Soi Charan Sanitwong 35 (None
Access Road) off Charan Sanitwong Road within Bang
Khun Si Sub-District, Bangkok Noi District, Bangkok
Metropolis for a proposed residential development of
301 residential units total of approximately 22,289
sqm gross area for sale.
2nd Quarter 2022
59.3
2nd Quarter 2023
59.3
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 A N N U A L R E P O R T 2 0 2 0 / 4 0 9
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town Rangsit –
Klong 3
Golden Town Petchkasem
– Phutthamonthon Sai 3
Golden Town Tiwanon –
Chaengwattana
Freehold subdivided land of approximately 69,138
sqm situated on Liap Khlong Sam Road, within Khlong
Sam Sub-District, Khlong Luang District, Pathum Thani
Province for a proposed residential development of 495
residential units total of approximately 35,414 sqm
gross area for sale.
Freehold subdivided land of approximately 41,123 sqm
situated on Phuttha Monthon Sai 3 Road within Nong
Khang Phlu Sub-District, Nong Khaem District, Bangkok
Metropolis for a proposed residential development of
291 residential units total of approximately 20,675
sqm gross area for sale.
Freehold subdivided land of approximately 50,444 sqm
situated on Liap Khlong Prapa Road within Ban Mai Sub-
District, Mueang District, Pathum Thani Province for a
proposed residential development of 361 residential
units total of approximately 26,086 sqm gross area for
sale.
Estimated
Date of
Completion
Effective
Interest
%
3rd Quarter 2028
59.3
1st Quarter 2021
59.3
4th Quarter 2022
59.3
Golden Town 2 Rangsit –
Klong 3
Freehold subdivided land of approximately 70,144
sqm situated on Liap Khlong Sam Road, within Khlong
Sam Sub-District, Khlong Luang District, Pathum Thani
Province.
1st Quarter 2026
59.3
Golden Town Sriracha –
Assumption
Golden Town Ayutthaya
Golden Town Pattaya Tai –
Sukhumvit
Freehold subdivided land of approximately 83,024 sqm
situated on Kao Kilo Road, within Surasak Sub-District,
Sriracha District, Chonburi Province for a proposed
residential development of 476 residential units total
of approximately 38,881 sqm gross area for sale.
Freehold subdivided land of approximately 68,464 sqm
situated on parallel road off Asia Road (Highway No.
32) within Ban Krot Sub-District, Bang Pa – In District,
Phra Nakhon Si Ayutthaya Province for a proposed
residential development of 455 residential units total
of approximately 33,535 sqm gross area for sale.
Freehold subdivided land of approximately 38,416 sqm
situated on Soi Khao Ta Lo 7 off Khao Ta Lo Road within
Nong Prue Sub-District, Bang Lamung District, Chon
Buri Province for a proposed residential development
of 249 residential units total of approximately 19,773
sqm gross area for sale.
4th Quarter 2022
59.3
1st Quarter 2023
59.3
1st Quarter 2021
59.3
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 4 1 0 / F R A S E R S P R O P E R T Y L I M I T E D
PARTICULARS OF
GROUP PROPERTIES
AS AT 30 SEPTEMBER 2020
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Neo Chachoengsao
– Ban Pho
Golden Neo Suksawat –
Rama 3
Golden Town 5 Rama 2
Freehold subdivided land of approximately 71,448
sqm situated on Watphanitaram – Watbangphra Road
(Highway No. 3315) around km. station 0+650 off Siri
Sothon Road (Highway No. 314) Road within Bang
Krod Sub-District, Ban Pho District, Chachoengsao
Province for a proposed residential development of 414
residential units total of approximately 36,166 sqm
gross area for sale.
Freehold subdivided land of approximately 77,114
sqm situated on Soi Suk Sawat 30 Yeak 10 off Suk
Sawat Road within Rat Burana Sub-District, Rat
Burana District, Bangkok Metropolis for a proposed
residential development of 215 residential units total
of approximately 33,623 sqm gross area for sale.
Freehold subdivided land of approximately 56,448 sqm
situated on Phan Tay Norasing – Jedsadwithi Road off
Rama 2 Road, within Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province.
Estimated
Date of
Completion
Effective
Interest
%
2nd Quarter 2026
59.3
2nd Quarter 2024
59.3
1st Quarter 2026
59.3
Golden Town
Chaengwattana –
Muang Thong
Freehold subdivided land of approximately 54,000 sqm
situated on Tiwanon Road, within Ban Mai Sub-District,
Pak Kret District, Nonthaburi Province.
1st Quarter 2024
59.3
Golden Town Vibhavadi –
Rangsit
Freehold subdivided land of approximately 48,619 sqm
situated on Khlong Nueng, Klong Luang Distirct, Pathum
Thani Province for a proposed residential development
of 398 residential units total of approximately 28,820
sqm gross area for sale.
3rd Quarter 2024
59.3
Golden Town 2
Rattanathibet –
Ratchapruek
Freehold subdivided land of approximately 49,253
sqm situated on Bang Bua Thong District, Nonthaburi
Province.
1st Quarter 2025
59.3
Golden Town Rama 9 –
Krungthepkreetha
Golden Town 2 Srinakarin –
Sukhumvit
Freehold subdivided land of approximately 56,000
sqm situated on Rama 9 – Krungthepkreetha, Bangkok
Metropolis for a proposed residential development of
337 residential units total of approximately 24,036
sqm gross area for sale.
Freehold subdivided land of approximately 74,229 sqm
situated on Bang Mueang Subdistrict Mueang Samut
Prakan District Samut Prakan Province for a proposed
residential development of 491 residential units total
of approximately 36,531 sqm gross area for sale.
1st Quarter 2025
59.3
1st Quarter 2023
59.3
A N N U A L R E P O R T 2 0 2 0 / 4 1 1
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Estimated
Date of
Completion
Effective
Interest
%
Thailand (cont’d)
Bangna – Kingkaew
Freehold subdivided land of approximately 9,305 sqm
situated on King Kaeo Road, within Racha Thewa Sub-
District, Bang Phli District Samut Prakan Province.
1st Quarter 2026
59.3
Golden Condo Chiangrai
Freehold subdivided land of approximately 6,400 sqm
situated on Phahon Yothin Road within Ban Du Sub-
District, Mueang District, Chiang Rai Province.
1st Quarter 2026
59.3
Sathorn 5
Freehold subdivided land of approximately 10,512 sqm
situated on Kanlapaphruek Road, within Bang Wa Sub-
District, Phasi Charoen District, Bangkok Metropolis.
1st Quarter 2026
59.3
Contents
PARTICULARS OF GROUP PROPERTIESAS AT 30 SEPTEMBER 2020 4 1 2 / F R A S E R S P R O P E R T Y L I M I T E D
INTERESTED
PERSON TRANSACTIONS
Particulars of interested person transactions (“IPTs”) for the period from 1 October 2019 to 30 September 2020 as
required under Rule 907 of the SGX Listing Manual are set out below.
Aggregate value of all
IPTs during the financial
year under review
(excluding transactions
less than $100,000 and
transactions conducted
under shareholders'
mandate pursuant
to Rule 920)
S$’000
Aggregate value of all
IPTs conducted during
the financial year
under review under
shareholders' mandate
pursuant to Rule 920
(excluding transactions
less than $100,000)
S$’000
512
838
266,348
–
22,587
152
–
118
Name of interested person
Nature of relationship
Associate of the Company’s
Controlling Shareholder
TCC Group of Companies(1)
–
–
Purchase of products and
obtaining of services
Lease of retail/office/
hotel space/motor
vehicles
–
Acquisition of interests in
subsidiaries
Frasers Hospitality Trust
– Provision of services
Associate of the Company’s
director and Group Chief
Excutive Officer
Note:
(1)
This refers to the companies and entities in the TCC Group which are controlled by Mr Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi.
MATERIAL CONTRACTS (RULE 1207 (8) OF THE SGX LISTING MANUAL)
There were no material contracts entered into by the Company or any of its subsidiaries involving the interests of any
Director or controlling shareholder of the Company during the financial year under review, save as disclosed above and
in this Annual Report.
A N N U A L R E P O R T 2 0 2 0 / 4 1 3
DISTRIBUTION OF SHAREHOLDERS BY SIZE OF SHAREHOLDINGS
Size of Holding
No. of Shareholders
%
No. of Shares
%
– 99
– 1,000
1
100
1,001 – 10,000
10,001 – 1,000,000
1,000,001 and above
TOTAL
80
696
5,344
2,599
23
8,742
0.92
7.96
61.13
29.73
0.26
100.00
2,323
464,786
26,660,084
145,264,661
2,753,269,040
2,925,660,894
0.00
0.02
0.91
4.96
94.11
100.00
TWENTY LARGEST SHAREHOLDERS
(AS SHOWN IN THE REGISTER OF MEMBERS AND DEPOSITORY REGISTER)
No.
Shareholder's Name
No. of Shares Held
%*
DBS Nominees Pte Ltd
1
United Overseas Bank Nominees (Private) Limited
2
InterBev Investment Limited
3
Citibank Nominees Singapore Pte Ltd
4
DBS Vickers Securities (Singapore) Pte Ltd
5
Raffles Nominees (Pte) Limited
6
UOB Kay Hian Pte Ltd
7
HSBC (Singapore) Nominees Pte Ltd
8
DBSN Services Pte Ltd
9
Lim Ee Seng
10
Phay Thong Huat Pte Ltd
11
Phillip Securities Pte Ltd
12
13 OCBC Securities Private Limited
14
15 OCBC Nominees Singapore Pte Ltd
16
17
18
19
20 Heng Siew Eng
TOTAL
Choo Meileen
Chee Swee Cheng & Co Pte Ltd
Choe Peng Sum
Christopher Tang Kok Kai
The Titular Roman Catholic Archbishop of Kuala Lumpur
885,469,575
860,878,322
824,847,644
93,864,753
22,532,910
12,508,661
11,019,501
7,465,126
5,929,713
4,573,329
3,618,000
3,221,958
2,083,816
2,013,440
1,963,020
1,812,130
1,693,220
1,607,484
1,562,569
1,350,700
2,750,015,871
30.27
29.43
28.19
3.21
0.77
0.43
0.38
0.26
0.20
0.16
0.12
0.11
0.07
0.07
0.07
0.06
0.06
0.05
0.05
0.05
94.01
Note
*
Percentage is based on 2,925,660,894 shares as at 30 November 2020. There are no Treasury Shares as at 30 November 2020.
Contents
SHAREHOLDING STATISTICSAS AT 30 NOVEMBER 2020
4 1 4 / F R A S E R S P R O P E R T Y L I M I T E D
SUBSTANTIAL SHAREHOLDERS (AS SHOWN IN THE REGISTER OF SUBSTANTIAL SHAREHOLDERS)
TCC Assets Limited
InterBev Investment Limited
International Beverage Holdings Limited (1)
Thai Beverage Public Company Limited (2)
Siriwana Co., Ltd. (3)
MM Group Limited (4)
Maxtop Management Corp. (4)
Risen Mark Enterprise Ltd. (4)
Golden Capital (Singapore) Limited (4)
Charoen Sirivadhanabhakdi (5)
Khunying Wanna Sirivadhanabhakdi (5)
Direct Interest
Deemed Interest
No. of Shares
%*
No. of Shares
%*
1,716,160,124
824,847,644
58.66
28.19
824,847,644
824,847,644
824,847,644
824,847,644
824,847,644
824,847,644
824,847,644
2,541,007,768
2,541,007,768
28.19
28.19
28.19
28.19
28.19
28.19
28.19
86.85
86.85
To the best of the Company’s knowledge and based on records of the Company as at 30 November 2020, approximately
13%* of the issued shares of the Company are held in the hands of the public and this complies with Rule 723 of the
Listing Manual.
Notes:
*
(1)
(2)
(3)
Percentage is based on 2,925,660,894 shares as at 30 November 2020. There are no Treasury Shares as at 30 November 2020.
International Beverage Holdings Limited (“IBHL”) holds a 100% direct interest in InterBev Investment Limited (“IBIL”) and is therefore deemed to be interested
in all of the shares of Frasers Property Limited (“FPL”) in which IBIL has an interest.
Thai Beverage Public Company Limited (“ThaiBev”) holds a 100% direct interest in IBHL, which in turn holds a 100% direct interest in IBIL. ThaiBev is therefore
deemed to be interested in all of the shares of FPL in which IBIL has an interest.
Siriwana Co., Ltd. (“Siriwana”) holds an approximate 45.26% direct interest in ThaiBev;
–
–
ThaiBev holds a 100% direct interest in IBHL; and
IBHL holds a 100% direct interest in IBIL.
Siriwana is therefore deemed to be interested in all of the shares of FPL in which IBIL has an interest.
(4) MM Group Limited (“MM Group”) holds a 100% direct interest in each of Maxtop Management Corp. (“Maxtop”), Risen Mark Enterprise Ltd. (“RM”) and Golden
Capital (Singapore) Limited (“GC”);
– Maxtop holds a 17.23% direct interest in ThaiBev;
–
RM holds a 3.32% direct interest in ThaiBev;
– GC holds a 0.06% direct interest in ThaiBev.
–
–
ThaiBev holds a 100% direct interest in IBHL; and
IBHL holds a 100% direct interest in IBIL.
MM Group is therefore deemed to be interested in all of the shares of FPL in which IBIL has an interest.
(5)
Each of Charoen Sirivadhanabhakdi and his spouse, Khunying Wanna Sirivadhanabhakdi, owns 50% of the issued share capital of TCC Assets Limited (“TCCA”),
and is therefore deemed to be interested in all of the shares of FPL in which TCCA has an interest.
Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi also jointly hold:
–
–
a 51% direct interest in Siriwana, which in turn holds an approximate 45.26% direct interest in ThaiBev; and
a 100% direct interest in MM Group. MM Group holds a 100% direct interest in each of Maxtop, RM and GC. Maxtop holds a 17.23% direct interest in
ThaiBev; RM holds a 3.32% direct interest in ThaiBev; and GC holds a 0.06% direct interest in ThaiBev.
ThaiBev holds a 100% direct interest in IBHL, which in turn holds a 100% direct interest in IBIL. Each of Charoen Sirivadhanabhakdi and Khunying Wanna
Sirivadhanabhakdi is therefore deemed to be interested in all of the shares of FPL in which IBIL has an interest.
SHAREHOLDING STATISTICSAS AT 30 NOVEMBER 2020
A N N U A L R E P O R T 2 0 2 0 / 4 1 5
FRASERS PROPERTY LIMITED
(Incorporated in Singapore)
(Company Registration No. 196300440G)
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the 57th Annual General Meeting of FRASERS PROPERTY LIMITED (the “Company”) will be
convened and held by way of electronic means on Friday, 22 January 2021 at 9.30 a.m. (Singapore time) for the following
purposes:
ROUTINE BUSINESS
(1)
(2)
(3)
To receive and adopt the Directors’ statement and audited financial statements for the year ended 30 September
2020 and the auditors’ report thereon.
To approve a final tax-exempt (one-tier) dividend of 1.5 cents per share in respect of the year ended 30 September
2020.
To pass the following resolutions on the recommendation of the Nominating Committee and endorsement of the
Board of Directors in respect of appointment of Directors (see note (a) of the explanatory notes):
(a)
“That Mr Charoen Sirivadhanabhakdi, who will retire by rotation pursuant to article 94 of the Constitution
of the Company and who, being eligible, has offered himself for re-election, be and is hereby re-appointed
as a Director of the Company.”
Subject to his re-appointment, Mr Charoen will be re-appointed as the Chairman of the Board of Directors
and the Chairman of the Board Executive Committee.
(b)
“That Khunying Wanna Sirivadhanabhakdi, who will retire by rotation pursuant to article 94 of the
Constitution of the Company and who, being eligible, has offered herself for re-election, be and is hereby
re-appointed as a Director of the Company.”
Subject to her re-appointment, Khunying Wanna will be re-appointed as the Vice Chairman of the Board of
Directors.
(c)
“That Mr Charles Mak Ming Ying, who will retire by rotation pursuant to article 94 of the Constitution of
the Company and who, being eligible, has offered himself for re-election, be and is hereby re-appointed as
a Director of the Company.”
Subject to his re-appointment, Mr Mak, who is considered an independent Director, will be re-appointed
as the lead independent Director, the Chairman of the Audit Committee, the Vice Chairman of the Board
Executive Committee, a member of the Nominating Committee, a member of the Remuneration Committee
and a member of the Risk Management Committee.
(d)
“That Mr Weerawong Chittmittrapap, who will retire by rotation pursuant to article 94 of the Constitution
of the Company and who, being eligible, has offered himself for re-election, be and is hereby re-appointed
as a Director of the Company.”
Subject to his re-appointment, Mr Weerawong, who is considered an independent Director, will be
re-appointed as the Chairman of the Nominating Committee and a member of the Risk Management
Committee.
Contents
NOTICE OF ANNUAL GENERAL MEETING
4 1 6 / F R A S E R S P R O P E R T Y L I M I T E D
(4)
To approve Directors’ fees of up to S$2,000,000 payable by the Company for the year ending 30 September 2021
(last year: up to S$2,000,000).
(5)
To re-appoint KPMG LLP as the auditors of the Company and to authorise the Directors to fix their remuneration.
SPECIAL BUSINESS
To consider and, if thought fit, to pass, with or without modifications, the following resolutions, which will be proposed
as Ordinary Resolutions:
(6)
“That authority be and is hereby given to the Directors of the Company to:
(a)
(i)
issue shares of the Company (“shares”) whether by way of rights, bonus or otherwise; and/or
(ii)
make or grant offers, agreements or options (collectively, “Instruments”) that might or would require
shares to be issued, including but not limited to the creation and issue of (as well as adjustments to)
warrants, debentures or other instruments convertible into shares,
at any time and upon such terms and conditions and for such purposes and to such persons as the Directors
may in their absolute discretion deem fit; and
(b)
(notwithstanding the authority conferred by this Resolution may have ceased to be in force) issue shares in
pursuance of any Instrument made or granted by the Directors while this Resolution was in force,
provided that:
(1)
(2)
the aggregate number of shares to be issued pursuant to this Resolution (including shares to be issued in
pursuance of Instruments made or granted pursuant to this Resolution) does not exceed 50% of the total
number of issued shares (excluding treasury shares and subsidiary holdings) (as calculated in accordance
with sub-paragraph (2) below), of which the aggregate number of shares to be issued other than on a
pro rata basis to shareholders of the Company (including shares to be issued in pursuance of Instruments
made or granted pursuant to this Resolution) shall not exceed 20% of the total number of issued shares
(excluding treasury shares and subsidiary holdings) (as calculated in accordance with sub-paragraph (2)
below);
(subject to such manner of calculation as may be prescribed by the Singapore Exchange Securities Trading
Limited (the “SGX-ST”)) for the purpose of determining the aggregate number of shares that may be issued
under sub-paragraph (1) above, the percentage of issued shares shall be based on the total number of
issued shares (excluding treasury shares and subsidiary holdings) at the time this Resolution is passed, after
adjusting for:
(i)
new shares arising from the conversion or exercise of any convertible securities or share options
or vesting of share awards which were issued and are outstanding or subsisting at the time this
Resolution is passed; and
(ii)
any subsequent bonus issue, consolidation or subdivision of shares,
and, in sub-paragraph (1) above and this sub-paragraph (2), “subsidiary holdings” has the meaning given to
it in the Listing Manual of the SGX-ST;
(3)
in exercising the authority conferred by this Resolution, the Company shall comply with the provisions of
the Listing Manual of the SGX-ST for the time being in force (unless such compliance has been waived by
the SGX-ST) and the Constitution for the time being of the Company; and
NOTICE OF ANNUAL GENERAL MEETING
A N N U A L R E P O R T 2 0 2 0 / 4 1 7
(4)
(unless revoked or varied by the Company in general meeting) the authority conferred by this Resolution
shall continue in force until the conclusion of the next Annual General Meeting of the Company or the date
by which the next Annual General Meeting of the Company is required by law to be held, whichever is the
earlier.”
(7)
“That authority be and is hereby given to the Directors of the Company to:
(a)
(b)
grant awards in accordance with the provisions of the FPL Restricted Share Plan (the “Restricted Share
Plan”) and/or the FPL Performance Share Plan (the “Performance Share Plan”); and
allot and issue such number of ordinary shares of the Company as may be required to be delivered pursuant
to the vesting of awards under the Restricted Share Plan and/or the Performance Share Plan,
provided that the aggregate number of new ordinary shares allotted and issued and/or to be allotted and issued,
when aggregated with existing ordinary shares (including shares held in treasury) delivered and/or to be delivered,
pursuant to the Restricted Share Plan and the Performance Share Plan, shall not exceed 10% of the total number
of issued ordinary shares of the Company (excluding treasury shares and subsidiary holdings) from time to time,
and in this Resolution, “subsidiary holdings” has the meaning given to it in the Listing Manual of the Singapore
Exchange Securities Trading Limited.”
(8)
“That:
(a)
(b)
(c)
(9)
“That:
(a)
approval be and is hereby given, for the purposes of Chapter 9 of the Listing Manual (“Chapter 9”) of
the Singapore Exchange Securities Trading Limited, for the Company, its subsidiaries and associated
companies that are considered to be “entities at risk” under Chapter 9, or any of them, to enter into any of
the transactions falling within the types of Mandated Transactions described in Appendix 1 to the Letter
to Shareholders dated 23 December 2020 (the “Letter”), with any party who is of the class of Mandated
Interested Persons described in Appendix 1 to the Letter, provided that such transactions are made on
normal commercial terms and in accordance with the review procedures for such Mandated Transactions
(the “IPT Mandate”);
the IPT Mandate shall, unless revoked or varied by the Company in general meeting, continue in force until
the conclusion of the next Annual General Meeting of the Company; and
the Directors of the Company and/or any of them be and are hereby authorised to complete and do all
such acts and things (including executing all such documents as may be required) as they and/or he may
consider expedient or necessary or in the interests of the Company to give effect to the IPT Mandate and/
or this Resolution.”
for the purposes of Sections 76C and 76E of the Companies Act, Chapter 50 of Singapore (the “Companies
Act”), the exercise by the Directors of the Company of all the powers of the Company to purchase or
otherwise acquire issued ordinary shares of the Company (“Shares”) not exceeding in aggregate the
Maximum Percentage (as hereafter defined), at such price or prices as may be determined by the Directors
from time to time up to the Maximum Price (as hereafter defined), whether by way of:
(i)
(ii)
market purchase(s) on the Singapore Exchange Securities Trading Limited (the “SGX-ST”) transacted
through the trading system of the SGX-ST and/or any other securities exchange on which the Shares
may for the time being be listed and quoted (“Other Exchange”); and/or
off-market purchase(s) (if effected otherwise than on the SGX-ST or, as the case may be, Other
Exchange) in accordance with any equal access scheme(s) as may be determined or formulated by
the Directors as they consider fit, which scheme(s) shall satisfy all the conditions prescribed by the
Companies Act,
Contents
NOTICE OF ANNUAL GENERAL MEETING 4 1 8 / F R A S E R S P R O P E R T Y L I M I T E D
and otherwise in accordance with all other laws and regulations and rules of the SGX-ST or, as the case
may be, Other Exchange as may for the time being be applicable, be and is hereby authorised and approved
generally and unconditionally (the “Share Purchase Mandate”);
(b)
unless varied or revoked by the Company in general meeting, the authority conferred on the Directors
of the Company pursuant to the Share Purchase Mandate may be exercised by the Directors at any time
and from time to time during the period commencing from the date of the passing of this Resolution and
expiring on the earliest of:
(i)
the date on which the next Annual General Meeting of the Company is held;
(ii)
(iii)
the date by which the next Annual General Meeting of the Company is required by law to be held;
and
the date on which purchases and acquisitions of Shares pursuant to the Share Purchase Mandate are
carried out to the full extent mandated;
(c)
in this Resolution:
“Average Closing Price” means the average of the closing market prices of a Share over the five consecutive
market days on which the Shares are transacted on the SGX-ST or, as the case may be, Other Exchange,
immediately preceding the date of the market purchase by the Company or, as the case may be, the date
of the making of the offer pursuant to the off-market purchase, and deemed to be adjusted, in accordance
with the listing rules of the SGX-ST, for any corporate action that occurs during the relevant five-day period
and the date of the market purchase by the Company or, as the case may be, the date of the making of the
offer pursuant to the off-market purchase;
“date of the making of the offer” means the date on which the Company makes an offer for the purchase or
acquisition of Shares from holders of Shares, stating therein the relevant terms of the equal access scheme
for effecting the off-market purchase;
“Maximum Percentage” means that number of issued Shares representing 2% of the issued Shares as at
the date of the passing of this Resolution (excluding treasury shares and subsidiary holdings (as defined in
the Listing Manual of the SGX-ST)); and
“Maximum Price” in relation to a Share to be purchased or acquired, means the purchase price (excluding
related brokerage, commission, applicable goods and services tax, stamp duties, clearance fees and other
related expenses) which shall not exceed 105% of the Average Closing Price of the Shares; and
(d)
the Directors of the Company and/or any of them be and are hereby authorised to complete and do all such
acts and things (including executing all such documents as may be required) as they and/or he may consider
expedient or necessary or in the interests of the Company to give effect to the transactions contemplated
and/or authorised by this Resolution.”
By Order of the Board
Catherine Yeo
Company Secretary
Singapore, 23 December 2020
NOTICE OF ANNUAL GENERAL MEETING
A N N U A L R E P O R T 2 0 2 0 / 4 1 9
NOTES:
1.
2.
3.
4.
5.
6.
7.
The Annual General Meeting is being convened, and will be held, by way of electronic means pursuant
to the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable
Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020. This Notice will
accordingly be sent to members by electronic means via publication on the Company’s website at the URL
https://www.frasersproperty.com and on the SGX website at the URL https://www.sgx.com/securities/company-
announcements. For convenience, printed copies of this Notice will also be sent by post to members.
Alternative arrangements relating to attendance at the Annual General Meeting via electronic means (including
arrangements by which the meeting can be electronically accessed via live audio-visual webcast or live audio-
only stream), submission of questions to the Chairman of the Meeting in advance of the Annual General Meeting,
addressing of substantial and relevant questions at or before the Annual General Meeting and voting by appointing
the Chairman of the Meeting as proxy at the Annual General Meeting, are set out in the accompanying Company’s
announcement dated 23 December 2020. This announcement may be accessed at the Company’s website at
the URL https://www.frasersproperty.com and on the SGX website at the URL https://www.sgx.com/securities/
company-announcements. For convenience, printed copies of this announcement will also be sent by post to
members.
Due to the current COVID-19 situation in Singapore, a member will not be able to attend the Annual General
Meeting in person. A member (whether individual or corporate) must appoint the Chairman of the Meeting
as his/her/its proxy to attend, speak and vote on his/her/its behalf at the Annual General Meeting if such
member wishes to exercise his/her/its voting rights at the Annual General Meeting. The accompanying
proxy form for the Annual General Meeting may be downloaded from the Company’s website at the URL
https://www.frasersproperty.com and on the SGX website at the URL https://www.sgx.com/securities/company-
announcements. For convenience, printed copies of the proxy form will also be sent by post to members.
Where a member (whether individual or corporate) appoints the Chairman of the Meeting as his/her/its proxy, he/
she/it must give specific instructions as to voting, or abstentions from voting, in respect of a resolution in the form
of proxy, failing which the appointment of the Chairman of the Meeting as proxy for that resolution will be treated
as invalid.
CPF and SRS investors who wish to appoint the Chairman of the Meeting as proxy should approach their respective
CPF Agent Banks or SRS Operators to submit their votes by 5.00 p.m. on 12 January 2021.
The Chairman of the Meeting, as proxy, need not be a member of the Company.
The instrument appointing the Chairman of the Meeting as proxy must be submitted to the Company in the
following manner:
(a)
if submitted by post, be lodged at the office of the share registrar of the Company, Tricor Barbinder Share
Registration Services (A division of Tricor Singapore Pte. Ltd.), at 80 Robinson Road #11-02, Singapore
068898; or
(b)
if submitted electronically, be submitted via email to the share registrar of the Company at sg.is.FPLproxy@
sg.tricorglobal.com,
in either case not less than 72 hours before the time appointed for holding the Annual General Meeting.
A member who wishes to submit an instrument of proxy can either use the printed copy of the proxy form which is
sent to him/her/it by post or download a copy of the proxy form from the Company’s website or the SGX website,
and complete and sign the proxy form, before submitting it by post to the address provided above, or before
scanning and sending it by email to the email address provided above.
Due to the current COVID-19 situation in Singapore, members are strongly encouraged to submit completed
proxy forms electronically via email.
Contents
NOTICE OF ANNUAL GENERAL MEETING 4 2 0 / F R A S E R S P R O P E R T Y L I M I T E D
8.
The 2020 Annual Report and the Letter to Shareholders dated 23 December 2020 (in relation to the proposed
renewal of the mandate for interested person transactions and the proposed renewal of the share purchase
mandate) have been published and may be accessed at the Company’s website as follows:
(a)
(b)
the 2020 Annual Report may be accessed at the URL https://investor.frasersproperty.com/newsroom/FPL_
Annual_Report_2020.pdf; and
the Letter to Shareholders dated 23 December 2020 may be accessed at the URL https://investor.
frasersproperty.com/newsroom/FPL-Letter-to-Shareholders-2020.pdf.
The above documents may also be accessed on the SGX website at the URL https://www.sgx.com/securities/
company-announcements. Members may request for printed copies of these documents by completing and
submitting the Request Form accompanying the printed copies of this Notice, the proxy form and announcement
sent by post to members.
EXPLANATORY NOTES:
(a)
(b)
(c)
(d)
Detailed information on the Directors who are proposed to be re-appointed can be found under “Board of
Directors”, “Corporate Governance” and “Additional Information on Directors Seeking Re-appointment” in the
Company’s Annual Report 2020.
The Ordinary Resolution proposed in item (6) above is to authorise the Directors of the Company from the date of the
Annual General Meeting until the next Annual General Meeting to issue shares and/or make or grant instruments
that might require shares to be issued, and to issue shares in pursuance of such instruments, up to a limit of 50%
of the total number of issued shares of the Company (excluding treasury shares and subsidiary holdings), with a
sub-limit of 20% for issues other than on a pro rata basis, calculated as described in the Resolution. As at
2 December 2020 (the “Latest Practicable Date”), the Company had no treasury shares and no subsidiary holdings.
The Ordinary Resolution proposed in item (7) above is to authorise the Directors of the Company to offer and grant
awards and to issue ordinary shares of the Company pursuant to the FPL Restricted Share Plan (the “Restricted
Share Plan”) and the FPL Performance Share Plan (the “Performance Share Plan”) provided that the aggregate
number of new ordinary shares allotted and issued and/or to be allotted and issued, when aggregated with existing
ordinary shares (including shares held in treasury) delivered and/or to be delivered, pursuant to the Restricted
Share Plan and the Performance Share Plan, shall not exceed 10% of the total number of issued ordinary shares
of the Company (excluding treasury shares and subsidiary holdings), over the 10-year duration of the Restricted
Share Plan and the Performance Share Plan.
The Ordinary Resolution proposed in item (8) above is to renew the mandate to enable the Company, its subsidiaries
and associated companies that are considered to be “entities at risk” under Chapter 9 of the Listing Manual, or
any of them, to enter into certain interested person transactions with specified classes of interested persons, as
described in Appendix 1 to the Letter to Shareholders dated 23 December 2020 (the “Letter”). Please refer to the
Letter for more details.
(e)
The Ordinary Resolution proposed in item (9) above is to renew the mandate to allow the Company to purchase or
otherwise acquire its issued ordinary shares, on the terms and subject to the conditions set out in the Resolution.
The Company intends to use internal resources or external borrowings or a combination of both to finance the
purchase or acquisition of its ordinary shares. The amount of financing required for the Company to purchase or
acquire its ordinary shares, and the impact on the Company’s financial position cannot be ascertained as at the
date of this Notice as these will depend on the number of ordinary shares purchased or acquired, whether the
purchase or acquisition is made out of capital or profits, the price at which such ordinary shares were purchased or
acquired and whether the ordinary shares purchased or acquired are held in treasury or cancelled.
NOTICE OF ANNUAL GENERAL MEETING
A N N U A L R E P O R T 2 0 2 0 / 4 2 1
Purely for illustrative purposes only, the financial effects of an assumed purchase or acquisition of 58,513,217
ordinary shares on the Latest Practicable Date, representing 2% of the issued ordinary shares as at that date, at
the maximum price of S$1.33 for one ordinary share (being the price equivalent to 5% above the average of the
closing market prices of the ordinary shares for the five consecutive market days on which the ordinary shares
were traded on the Singapore Exchange Securities Trading Limited immediately preceding the Latest Practicable
Date), in the case of a market purchase and an off-market purchase respectively, based on the audited financial
statements of the Company and its subsidiaries for the financial year ended 30 September 2020 and certain
assumptions, are set out in paragraph 3.7 of the Letter.
Please refer to the Letter for more details.
PERSONAL DATA PRIVACY:
By submitting an instrument appointing the Chairman of the Meeting as proxy to attend, speak and vote at the Annual
General Meeting (“AGM”) and/or any adjournment thereof, a member of the Company consents to the collection, use
and disclosure of the member’s personal data by the Company (or its agents or service providers) for the purpose of the
processing, administration and analysis by the Company (or its agents or service providers) of the appointment of the
Chairman of the Meeting as proxy for the AGM (including any adjournment thereof) and the preparation and compilation
of the attendance lists, minutes and other documents relating to the AGM (including any adjournment thereof), and in
order for the Company (or its agents or service providers) to comply with any applicable laws, listing rules, take-over
rules, regulations and/or guidelines.
Contents
NOTICE OF ANNUAL GENERAL MEETING 4 2 2 / F R A S E R S P R O P E R T Y L I M I T E D
The following additional information on Mr Charoen Sirivadhanabhakdi, Khunying Wanna Sirivadhanabhakdi, Mr Charles Mak Ming Ying and Mr Weerawong
Chittmittrapap, all of whom are seeking re-appointment as Directors at the 57th Annual General Meeting, is to be read in conjunction with their respective
biographies on pages 16 to 20.
Mr Charles Mak Ming Ying
Non-Executive and Lead
Independent Director
Mr Weerawong
Chittmittrapap
Non-Executive and
Independent Director
After reviewing the
recommendation of the
Nominating Committee and Mr
Weerawong Chittmittrapap’s
qualifications and experience
(as set out below and in
his biography on page 19),
the Board has approved Mr
Weerawong’s re-election
as a Director. The Board is
satisfied that Mr Weerawong
will continue to contribute
relevant knowledge, skills and
experience to the Board.
Mr Weerawong will, upon
re-election, continue to
serve as the Chairman of
the Nominating Committee
and a member of the Risk
Management Committee.
– December 2008 to
August 2014
Chairman
Weerawong, Chinnavat &
Partners Limited
After reviewing the
recommendation of the
Nominating Committee and
Mr Charles Mak Ming Ying’s
qualifications and experience
(as set out below and in his
biography on page 17), the
Board has approved Mr Mak’s
re-election as a Director. The
Board is satisfied that Mr Mak
will continue to contribute
relevant knowledge, skills and
experience to the Board.
Mr Mak will, upon re-election,
continue to serve as the
lead independent Director,
the Chairman of the Audit
Committee, the Vice Chairman
of the Board Executive
Committee, a member of the
Nominating Committee, a
member of the Remuneration
Committee and a member
of the Risk Management
Committee.
– May 2017 to Present
Board of Trustee
Pace University Board, USA
– October 2012 to
December 2019
Vice-Chairman
Morgan Stanley Asia
Pacific
– August 2011 to December
2019
President
Morgan Stanley
International Wealth
Management
The Board’s comments
on this re-appointment
(including rationale,
selection criteria, and the
search and nomination
process)
Working experience and
occupation(s) during the
past 10 years
Mr Charoen
Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
After reviewing the
recommendation of the
Nominating Committee and Mr
Charoen Sirivadhanabhakdi’s
qualifications and experience
(as set out below and in
his biography on page 14),
the Board has approved
Mr Charoen’s re-election
as a Director. The Board is
satisfied that Mr Charoen
will continue to contribute
relevant knowledge, skills and
experience to the Board.
Mr Charoen will, upon
re-election, continue to serve
as the Chairman of the Board
of Directors and the Chairman
of the Board Executive
Committee.
Khunying Wanna
Sirivadhanabhakdi
Non-Executive and
Non-Independent Vice
Chairman
After reviewing the
recommendation of the
Nominating Committee
and Khunying Wanna
Sirivadhanabhakdi’s
qualifications and experience
(as set out below and in her
biography on page 15), the
Board has approved Khunying
Wanna’s re-election as a
Director. The Board is satisfied
that Khunying Wanna will
continue to contribute
relevant knowledge, skills and
experience to the Board.
Khunying Wanna will, upon
re-election, continue to serve
as the Vice Chairman of the
Board of Directors.
–
–
–
Present
Chairman
TCC Group of Companies
September 2018 to Present
Chairman
Asset World Corp Public
Company Limited
July 2018 to Present
Chairman
Thai Group Holdings Public
Company Limited
– March 2018 to Present
Chairman
Bangyikhan Distillery
Group of Companies
–
–
–
–
–
2018 to Present
Chairman
Cristalla Co., Ltd.
2018 to Present
Chairman
North Park Golf and Sports
Club Co., Ltd.
2018 to Present
Chairman
Plantheon Co., Ltd.
2018 to Present
Chairman
TCC Assets (Thailand)
Company Limited
February 2017 to Present
Chairman
TCC Asset World
Corporation Limited
–
–
–
–
–
–
–
–
–
Present
Vice Chairman
TCC Group of Companies
September 2018 to Present
Vice Chairman
Asset World Corp Public
Company Limited
July 2018 to Present
Vice Chairman
Thai Group Holdings Public
Company Limited
2018 to Present
Vice Chairman
Cristalla Co., Ltd.
2018 to Present
Vice Chairman
North Park Golf and Sports
Club Co., Ltd.
2018 to Present
Vice Chairman
Plantheon Co., Ltd.
2018 to Present
Vice Chairman
TCC Assets (Thailand)
Company Limited
February 2017 to Present
Vice Chairman
TCC Asset World
Corporation Limited
July 2005 to Present
Vice Chairman
International Beverage
Holdings Limited
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Charoen
Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Khunying Wanna
Sirivadhanabhakdi
Non-Executive and
Non-Independent Vice
Chairman
–
February 2013 to Present
Chairman
Fraser and Neave, Limited
–
February 2013 to Present
Vice Chairman
Fraser and Neave, Limited
– November 2008 to Present
– November 2008 to Present
Chairman
TCC Corporation Limited
Vice Chairman
TCC Corporation Limited
– November 2006 to Present
– November 2006 to Present
Chairman
Siriwana Co., Ltd
Vice Chairman
Siriwana Co., Ltd
– December 2005 to Present
– December 2005 to Present
Vice Chairman
TCC Land Co., Ltd.
– 2004 to Present
Chairman
Beer Thip Brewery (1991)
Co., Ltd.
–
–
–
–
–
2004 to Present
Chairman
Sangsom Group of
Companies
2003 to Present
Vice Chairman
Thai Beverage Public
Company Limited
2001 to Present
Vice Chairman
Berli Jucker Public
Company Limited
1988 to Present
Vice Chairman
Southeast Corporation Co.,
Ltd. (formerly known as
Southeast Group Co., Ltd.)
2016 to 2018
Vice Chairman
Big C Supercenter Public
Company Limited
–
–
–
–
–
–
–
Chairman
TCC Land Co., Ltd.
July 2005 to Present
Chairman
International Beverage
Holdings Limited
2003 to Present
Chairman/Executive
Chairman
Thai Beverage Public
Company Limited
2001 to Present
Chairman
Berli Jucker Public
Company Limited
2001 to Present
Chairman
Beer Thai (1991) Public
Company Limited
1988 to Present
Chairman
Southeast Corporation Co.,
Ltd. (formerly known as
Southeast Group Co., Ltd.)
2016 to 2018
Chairman
Big C Supercenter Public
Company Limited
2004 to 2018
Chairman
Red Bull Distillery Group of
Companies
Mr Charoen has a deemed
interest in approximately
86.85% of the shares of
the Company by virtue of
his deemed interest in the
shares of InterBev Investment
Limited and his shareholding
in TCC Assets Limited, both
substantial shareholders of the
Company.
Khunying Wanna has a deemed
interest in approximately
86.85% of the shares of
the Company by virtue of
her deemed interest in the
shares of InterBev Investment
Limited and her shareholding
in TCC Assets Limited, both
substantial shareholders of the
Company.
Yes – Mr Charoen has a deemed
interest in approximately
86.85% of the shares of
the Company by virtue of
his deemed interest in the
shares of InterBev Investment
Limited and his shareholding
in TCC Assets Limited, both
substantial shareholders of the
Company.
Yes – Khunying Wanna
has a deemed interest in
approximately 86.85% of the
shares of the Company by
virtue of her deemed interest
in the shares of InterBev
Investment Limited and her
shareholding in TCC Assets
Limited, both substantial
shareholders of the Company.
Shareholding interest in
FPL and its subsidiaries
Conflict of interest
(including any competing
business)
A N N U A L R E P O R T 2 0 2 0 / 4 2 3
Mr Charles Mak Ming Ying
Non-Executive and Lead
Independent Director
Mr Weerawong
Chittmittrapap
Non-Executive and
Independent Director
Nil
Nil
Nil
Nil
Contents
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT
4 2 4 / F R A S E R S P R O P E R T Y L I M I T E D
Mr Charoen
Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Khunying Wanna
Sirivadhanabhakdi
Non-Executive and
Non-Independent Vice
Chairman
Mr Charles Mak Ming Ying
Non-Executive and Lead
Independent Director
Mr Weerawong
Chittmittrapap
Non-Executive and
Independent Director
Yes
Yes
Yes
Yes
Undertaking (in the
format set out in
Appendix 7.7) under
Rule 720(1) has been
submitted to FPL
Other Principal Commitments (as defined in the Code of Corporate Governance 2018) including Directorships
Present Directorship(s) (as
at 2 December 2020)
Listed Companies
Listed Companies
Listed Companies
Listed Companies
–
Fraser and Neave, Limited
– Asset World Corp Public
Others
–
BeerCo Limited
–
–
–
Company Limited
Bangkok Dusit Medical
Services Public Company
Limited
Berli Jucker Public
Company Limited
Siam Commercial Bank
Public Company Limited
Others
–
Big C Supercenter Public
Company Limited
– Asset World Corp Public
Company Limited
– Asset World Corp Public
Company Limited
–
–
–
–
Berli Jucker Public
Company Limited
Fraser and Neave, Limited
Thai Beverage Public
Company Limited
Thai Group Holdings
Public Company Limited
–
–
–
–
Berli Jucker Public
Company Limited
Fraser and Neave, Limited
Thai Beverage Public
Company Limited
Thai Group Holdings
Public Company Limited
Others
Others
–
–
–
–
Bangyikhan Distillery
Group of Companies
Beer Thai (1991) Public
Company Limited
Cristalla Co., Ltd.
International Beverage
Holdings Limited
–
–
–
Beer Thip Brewery (1991)
Co., Ltd.
Cristalla Co., Ltd
International Beverage
Holdings Limited
– North Park Golf and Sports
Club Co., Ltd.
– North Park Golf and Sports
–
Plantheon Co., Ltd.
Club Co., Ltd.
Plantheon Co., Ltd.
Siriwana Co., Ltd.
Southeast Corporation
Co., Ltd. (formerly known
as Southeast Group Co.,
Ltd.)
TCC Asset World
Corporation Limited
TCC Assets (Thailand)
Company Limited
TCC Corporation Limited
TCC Land Co., Ltd.
TCC Group of Companies
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Sangsom Group of
Companies
Siriwana Co., Ltd.
Southeast Corporation
Co., Ltd. (formerly known
as Southeast Group Co.,
Ltd.)
TCC Asset World
Corporation Limited
TCC Assets (Thailand)
Company Limited
TCC Corporation Limited
TCC Land Co., Ltd.
TCC Group of Companies
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT A N N U A L R E P O R T 2 0 2 0 / 4 2 5
Mr Charles Mak Ming Ying
Non-Executive and Lead
Independent Director
Mr Weerawong
Chittmittrapap
Non-Executive and
Independent Director
–
Board of Trustee
Pace University, USA
Special Lecturer
King Prajadhipok’s
Institute
Special Lecturer
Chulalongkorn University
Special Lecturer
Thammasat University
–
–
–
Nil
Mr Charoen
Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Present Principal
Commitments (other
than Directorships) (as at
2 December 2020)
Nil
Khunying Wanna
Sirivadhanabhakdi
Non-Executive and
Non-Independent Vice
Chairman
Nil
Past Directorship(s) (for
the last five (5) years)
(from 2 December
2015 to 2 December
2020)
Past Principal
Commitments (for the
last five (5) years)
(from 2 December
2015 to 2 December
2020)
–
Red Bull Distillery Group of
Companies
– Big C Supercenter Public
Nil
Company Limited
– Big C Supercenter Public
Company Limited
Nil
Nil
–
Senior Advisor
Morgan Stanley Asia’s
Investment Banking
Division
–
Chairman
Weerawong, Chinnavat &
Partners Limited
Information Required
Disclose the following matters concerning an appointment of director, chief executive officer, chief financial officer, chief operating officer, general
manager or other officer of equivalent rank. If the answer to any question is "yes", full details must be given.
No
No
No
No
(a) Whether at any time
during the last 10
years, an application
or a petition under
any bankruptcy law
of any jurisdiction
was filed against
him or against a
partnership of which
he was a partner at
the time when he
was a partner or at
any time within 2
years from the date
he ceased to be a
partner?
Contents
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT 4 2 6 / F R A S E R S P R O P E R T Y L I M I T E D
Mr Charoen
Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Khunying Wanna
Sirivadhanabhakdi
Non-Executive and
Non-Independent Vice
Chairman
Mr Charles Mak Ming Ying
Non-Executive and Lead
Independent Director
Mr Weerawong
Chittmittrapap
Non-Executive and
Independent Director
No
No
No
No
(b) Whether at any time
during the last 10
years, an application
or a petition under
any law of any
jurisdiction was filed
against an entity (not
being a partnership)
of which he was
a director or an
equivalent person
or a key executive,
at the time when he
was a director or an
equivalent person
or a key executive
of that entity or
at any time within
2 years from the
date he ceased to
be a director or an
equivalent person
or a key executive
of that entity, for
the winding up or
dissolution of that
entity or, where that
entity is the trustee
of a business trust,
that business trust,
on the ground of
insolvency?
(c) Whether there is any
unsatisfied judgment
against him?
No
(d) Whether he has
No
No
No
No
No
No
No
ever been convicted
of any offence,
in Singapore or
elsewhere, involving
fraud or dishonesty
which is punishable
with imprisonment,
or has been the
subject of any
criminal proceedings
(including any
pending criminal
proceedings of which
he is aware) for such
purpose?
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT A N N U A L R E P O R T 2 0 2 0 / 4 2 7
Mr Charoen
Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Khunying Wanna
Sirivadhanabhakdi
Non-Executive and
Non-Independent Vice
Chairman
Mr Charles Mak Ming Ying
Non-Executive and Lead
Independent Director
Mr Weerawong
Chittmittrapap
Non-Executive and
Independent Director
(e) Whether he has
No
No
No
No
ever been convicted
of any offence,
in Singapore or
elsewhere, involving
a breach of any
law or regulatory
requirement that
relates to the
securities or futures
industry in Singapore
or elsewhere, or has
been the subject
of any criminal
proceedings
(including any
pending criminal
proceedings of which
he is aware) for such
breach?
(f) Whether at any
No
No
No
No
time during the last
10 years, judgment
has been entered
against him in any
civil proceedings
in Singapore or
elsewhere involving
a breach of any
law or regulatory
requirement that
relates to the
securities or futures
industry in Singapore
or elsewhere, or
a finding of fraud,
misrepresentation
or dishonesty on his
part, or he has been
the subject of any
civil proceedings
(including any
pending civil
proceedings of
which he is aware)
involving an
allegation of fraud,
misrepresentation
or dishonesty on his
part?
(g) Whether he has
No
No
No
No
ever been convicted
in Singapore or
elsewhere of
any offence in
connection with
the formation or
management of any
entity or business
trust?
Contents
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT 4 2 8 / F R A S E R S P R O P E R T Y L I M I T E D
Mr Charoen
Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Khunying Wanna
Sirivadhanabhakdi
Non-Executive and
Non-Independent Vice
Chairman
Mr Charles Mak Ming Ying
Non-Executive and Lead
Independent Director
Mr Weerawong
Chittmittrapap
Non-Executive and
Independent Director
No
No
No
No
(h) Whether he has ever
been disqualified
from acting as
a director or an
equivalent person of
any entity (including
the trustee of a
business trust), or
from taking part
directly or indirectly
in the management
of any entity or
business trust?
(i) Whether he has ever
No
No
No
No
been the subject of
any order, judgment
or ruling of any
court, tribunal or
governmental
body, permanently
or temporarily
enjoining him from
engaging in any type
of business practice
or activity?
(j) Whether he has ever,
to his knowledge,
been concerned with
the management
or conduct, in
Singapore or
elsewhere, of the
affairs of:
(i) any corporation
which has been
investigated
for a breach
of any law or
regulatory
requirement
governing
corporations
in Singapore or
elsewhere; or
No
No
No
No
(ii) any entity
No
No
No
No
(not being a
corporation)
which has been
investigated
for a breach
of any law or
regulatory
requirement
governing
such entities in
Singapore or
elsewhere; or
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT A N N U A L R E P O R T 2 0 2 0 / 4 2 9
Mr Charoen
Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Khunying Wanna
Sirivadhanabhakdi
Non-Executive and
Non-Independent Vice
Chairman
Mr Charles Mak Ming Ying
Non-Executive and Lead
Independent Director
Mr Weerawong
Chittmittrapap
Non-Executive and
Independent Director
(iii) any business
No
No
No
No
trust which
has been
investigated
for a breach
of any law or
regulatory
requirement
governing
business trusts
in Singapore or
elsewhere; or
(iv) any entity or
No
No
No
No
business trust
which has been
investigated
for a breach
of any law or
regulatory
requirement
that relates to
the securities or
futures industry
in Singapore or
elsewhere,
in connection with
any matter occurring
or arising during
that period when he
was so concerned
with the entity or
business trust?
(k) Whether he has
been the subject
of any current or
past investigation
or disciplinary
proceedings, or has
been reprimanded
or issued any
warning, by the
Monetary Authority
of Singapore or any
other regulatory
authority, exchange,
professional body
or government
agency, whether
in Singapore or
elsewhere?
No
No
No
No
Contents
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT
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FRASERS PROPERTY LIMITED
(Incorporated in Singapore)
(Company Registration No. 196300440G)
IMPORTANT
1. The Annual General Meeting is being convened, and will be held, by way of electronic means pursuant to the COVID-19 (Temporary Measures) (Alternative
Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020. The Notice of
Annual General Meeting dated 23 December 2020 will accordingly be sent to members by electronic means via publication on the Company’s website
at the URL https://www.frasersproperty.com and on the SGX website at the URL https://www.sgx.com/securities/company-announcements. For
convenience, printed copies of the Notice of Annual General Meeting will also be sent by post to members.
2. Alternative arrangements relating to attendance at the Annual General Meeting via electronic means (including arrangements by which the meeting can
be electronically accessed via live audio-visual webcast or live audio-only stream), submission of questions to the Chairman of the Meeting in advance
of the Annual General Meeting, addressing of substantial and relevant questions at or before the Annual General Meeting and voting by appointing
the Chairman of the Meeting as proxy at the Annual General Meeting, are set out in the accompanying Company’s announcement dated 23 December
2020. This announcement may be accessed at the Company’s website at the URL https://www.frasersproperty.com and on the SGX website at the URL
https://www.sgx.com/securities/company-announcements. For convenience, printed copies of this announcement will also be sent by post to members.
3. Due to the current COVID-19 situation in Singapore, a member will not be able to attend the Annual General Meeting in person. A member (whether
individual or corporate) must appoint the Chairman of the Meeting as his/her/its proxy to attend, speak and vote on his/her/its behalf at the Annual
General Meeting if such member wishes to exercise his/her/its voting rights at the Annual General Meeting.
4. Please read the notes overleaf which contain instructions on, inter alia, the appointment of the Chairman of the Meeting as a member’s proxy to attend,
speak and vote on his/her/its behalf at the Annual General Meeting.
5. CPF and SRS investors who wish to appoint the Chairman of the Meeting as proxy should approach their respective CPF Agent Banks or SRS Operators to
submit their votes by 5.00 p.m. on 12 January 2021.
6. By submitting an instrument appointing the Chairman of the Meeting as proxy, the member accepts and agrees to the personal data privacy terms set out
in the Notice of Annual General Meeting dated 23 December 2020.
PROXY FORM
ANNUAL GENERAL MEETING
I/We ___________________________________ (Name) _____________________________ (NRIC/Passport/Co Reg Number) of
_______________________________________________________________________________________________ (Address) being
a member/members of Frasers Property Limited (the “Company”), hereby appoint the Chairman of the Meeting as
my/our proxy to attend, speak and vote for me/us on my/our behalf at the Annual General Meeting of the Company to
be convened and held by way of electronic means at 9.30 a.m. (Singapore time) on Friday, 22 January 2021 and at any
adjournment thereof. I/We direct the Chairman of the Meeting as my/our proxy to vote for or against or to abstain from
voting on the resolutions to be proposed at the Annual General Meeting as indicated below.
NO. RESOLUTIONS RELATING TO:
For*
Against* Abstain*
ROUTINE BUSINESS
To receive and adopt the Directors’ statement and audited financial statements
for the year ended 30 September 2020 and the auditors’ report thereon.
To approve a final tax-exempt (one-tier) dividend of 1.5 cents per share in respect
of the year ended 30 September 2020.
(a) To re-appoint Director: Mr Charoen Sirivadhanabhakdi
(b) To re-appoint Director: Khunying Wanna Sirivadhanabhakdi
(c) To re-appoint Director: Mr Charles Mak Ming Ying
(d) To re-appoint Director: Mr Weerawong Chittmittrapap
To approve Directors’ fees of up to S$2,000,000 payable by the Company for the
year ending 30 September 2021 (last year: up to S$2,000,000).
To re-appoint KPMG LLP as the auditors of the Company and to authorise the
Directors to fix their remuneration.
SPECIAL BUSINESS
To authorise the Directors to issue shares and to make or grant convertible
instruments.
To authorise the Directors to grant awards and to allot and issue shares pursuant
to the FPL Restricted Share Plan and/or the FPL Performance Share Plan.
To approve the proposed renewal of the mandate for interested person
transactions.
To approve the proposed renewal of the share purchase mandate.
1.
2.
3.
4.
5.
6.
7.
8.
9.
*
Voting will be conducted by poll. If you wish the Chairman of the Meeting as your proxy to exercise all your votes “For” or “Against” the relevant resolution,
please indicate with a tick (ü) in the “For” or “Against” box provided in respect of that resolution. Alternatively, please insert the relevant number of shares
“For” or “Against” in the “For” or “Against” box provided in respect of that resolution. If you wish the Chairman of the Meeting as your proxy to abstain from
voting on a resolution, please indicate with a tick (ü) in the “Abstain” box provided in respect of that resolution. Alternatively, please insert the relevant
number of shares in the “Abstain” box provided in respect of that resolution. In the absence of specific directions in respect of a resolution, the appointment
of the Chairman of the Meeting as your proxy for that resolution will be treated as invalid.
Dated this ______ day of ____________________ 2020/2021+.
+ Delete whichever is inapplicable.
__________________________________________________
Signature/Common Seal of Member(s)
IMPORTANT: PLEASE READ NOTES OVERLEAF
Total Number of
Shares Held (Note 1)
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3rd fold here
fold and seal here
Glue all sides firmly. Do not staple or spot seal.
NOTES TO PROXY FORM:
NOTES TO PROXY FORM:
1.
2.
1.
If the member has shares entered against his name in the Depository Register (maintained by The Central Depository (Pte) Limited), he should insert that number
of shares. If the member has shares registered in his name in the Register of Members (maintained by or on behalf of the Company), he should insert that number
of shares. If the member has shares entered against his name in the Depository Register and registered in his name in the Register of Members, he should insert the
aggregate number of shares. If no number is inserted, this instrument appointing a proxy or proxies will be deemed to relate to all the shares held by the member.
If the member has shares entered against his name in the Depository Register (maintained by The Central Depository (Pte) Limited), he should insert that
number of shares. If the member has shares registered in his name in the Register of Members (maintained by or on behalf of the Company), he should insert
that number of shares. If the member has shares entered against his name in the Depository Register and shares registered in his name in the Register of
Members, he should insert the aggregate number of shares. If no number is inserted, this instrument appointing the Chairman of the Meeting as proxy will
be deemed to relate to all the shares held by the member.
(a) A member who is not a relevant intermediary is entitled to appoint not more than two proxies to attend, speak and vote at the Annual General Meeting.
Where such member’s form of proxy appoints more than one proxy, the proportion of his shareholding concerned to be represented by each proxy shall be
2. Due to the current COVID-19 situation in Singapore, a member will not be able to attend the Annual General Meeting in person. A member (whether
specified in the form of proxy.
individual or corporate) must appoint the Chairman of the Meeting as his/her/its proxy to attend, speak and vote on his/her/its behalf at the Annual
General Meeting if such member wishes to exercise his/her/its voting rights at the Annual General Meeting. This proxy form may be downloaded from
the Company’s website at the URL https://www.frasersproperty.com and on the SGX website at the URL https://www.sgx.com/securities/company-
announcements. For convenience, printed copies of this proxy form will also be sent by post to members. Where a member (whether individual or corporate)
appoints the Chairman of the Meeting as his/her/its proxy, he/she/it must give specific instructions as to voting, or abstentions from voting, in respect of a
resolution in the form of proxy, failing which the appointment of the Chairman of the Meeting as proxy for that resolution will be treated as invalid.
(b) A member who is a relevant intermediary is entitled to appoint more than two proxies to attend, speak and vote at the Annual General Meeting, but each
proxy must be appointed to exercise the rights attached to a different share or shares held by such member. Where such member’s form of proxy appoints
more than two proxies, the number and class of shares in relation to which each proxy has been appointed shall be specified in the form of proxy.
“Relevant intermediary” has the meaning ascribed to it in Section 181 of the Companies Act, Chapter 50 of Singapore.
3. A proxy need not be a member of the Company.
3. CPF and SRS investors who wish to appoint the Chairman of the Meeting as proxy should approach their respective CPF Agent Banks or SRS Operators to
4. The instrument appointing a proxy or proxies must be deposited at the Share Registration Office of the Company at Tricor Barbinder Share Registration Services
(A division of Tricor Singapore Pte. Ltd.), 80 Robinson Road #11-02, Singapore 068898, not less than 72 hours before the time appointed for holding the Annual
General Meeting.
submit their votes by 5.00 p.m. on 12 January 2021.
4. The Chairman of the Meeting, as proxy, need not be a member of the Company.
(a)
5. The instrument appointing the Chairman of the Meeting as proxy must be submitted to the Company in the following manner:
5. Completion and return of the instrument appointing a proxy or proxies shall not preclude a member from attending, speaking and voting at the Annual General
Meeting. Any appointment of a proxy or proxies shall be deemed to be revoked if a member attends the Annual General Meeting in person, and in such event, the
Company reserves the right to refuse to admit any person or persons appointed under the instrument of proxy, to the Annual General Meeting.
if submitted by post, be lodged at the office of the share registrar of the Company, Tricor Barbinder Share Registration Services (A division of Tricor
Singapore Pte. Ltd.), at 80 Robinson Road #11-02, Singapore 068898; or
6. The instrument appointing a proxy or proxies must be under the hand of the appointor or of his attorney duly authorised in writing. Where the instrument
appointing a proxy or proxies is executed by a corporation, it must be executed either under its common seal or under the hand of its attorney or a duly authorised
officer.
if submitted electronically, be submitted via email to the share registrar of the Company at sg.is.FPLproxy@sg.tricorglobal.com,
in either case not less than 72 hours before the time appointed for holding the Annual General Meeting.
(b)
7. Where an instrument appointing a proxy or proxies is signed on behalf of the appointor by an attorney, the letter or power of attorney or a duly certified copy
thereof must (failing previous registration with the Company) be lodged with the instrument of proxy, failing which the instrument may be treated as invalid.
A member who wishes to submit an instrument of proxy can either use the printed copy of the proxy form which is sent to him/her/it by post or download a
copy of the proxy form from the Company’s website or the SGX website, and complete and sign the proxy form, before submitting it by post to the address
provided above, or before scanning and sending it by email to the email address provided above.
8. The Company shall be entitled to reject an instrument appointing a proxy or proxies which is incomplete, improperly completed, illegible or where the true
intentions of the appointor are not ascertainable from the instructions of the appointor specified in the instrument appointing a proxy or proxies (including any
related attachment). In addition, in the case of a member whose shares are entered in the Depository Register, the Company may reject an instrument appointing
a proxy or proxies if the member, being the appointor, is not shown to have shares entered against his name in the Depository Register as at 72 hours before the
time appointed for holding the Annual General Meeting, as certified by The Central Depository (Pte) Limited to the Company.
Due to the current COVID-19 situation in Singapore, members are strongly encouraged to submit completed proxy forms electronically via email.
Postage will
Postage will
be paid by
be paid by
addressee.
addressee.
For posting
For posting
in Singapore
in Singapore
only.
only.
2nd fold here
fold here
fold here
1st fold here
BUSINESS REPLY SERVICE
BUSINESS REPLY SERVICE PERMIT
BUSINESS REPLY SERVICE
PERMIT NO. 09560
NO. 09560
PERMIT NO. 09560
THE COMPANY SECRETARY
THE COMPANY SECRETARY
FRASERS PROPERTY LIMITED
FRASERS PROPERTY LIMITED
SINGAPORE
c/o Tricor Barbinder Share Registration Services
c/o Tricor Barbinder Share Registration Services
(A division of Tricor Singapore Pte. Ltd.)
(A division of Tricor Singapore Pte. Ltd.)
80 Robinson Road #11-02
80 Robinson Road
#11-02
Singapore 068898
Singapore 068898
BUSINESS REPLY SERVICE
PERMIT NO. 09560
6. The instrument appointing the Chairman of the Meeting as proxy must be signed under the hand of the appointor or of his attorney duly authorised in
SINGAPORE
writing. Where the instrument appointing the Chairman of the Meeting as proxy is executed by a corporation, it must be executed either under its common
seal or under the hand of its attorney or a duly authorised officer.
7. Where an instrument appointing the Chairman of the Meeting as proxy is signed on behalf of the appointor by an attorney, the letter or power of attorney
or a duly certified copy thereof must (failing previous registration with the Company), if the instrument appointing the Chairman of the Meeting as proxy is
submitted by post, be lodged with the instrument of proxy or, if the instrument appointing the Chairman of the Meeting as proxy is submitted electronically
via email, be emailed with the instrument of proxy, failing which the instrument may be treated as invalid.
8. The Company shall be entitled to reject an instrument appointing the Chairman of the Meeting as proxy which is incomplete, improperly completed,
illegible or where the true intentions of the appointor are not ascertainable from the instructions of the appointor specified in the instrument appointing
the Chairman of the Meeting as proxy (including any related attachment). In addition, in the case of a member whose shares are entered in the Depository
Register, the Company may reject an instrument appointing the Chairman of the Meeting as proxy if the member, being the appointor, is not shown to have
shares entered against his name in the Depository Register as at 72 hours before the time appointed for holding the Annual General Meeting, as certified by
The Central Depository (Pte) Limited to the Company.
ProxyXForm_v3.indd 424
17/12/19 3:41 PM
Fact Sheet
As at 30 September
As at 30 September 2020
OVERVIEW
Frasers Property Limited (“Frasers Property” and together with its subsidiaries, the “Frasers
Property Group” or the “Group”), is a multi-national owner-operator-developer of real estate
products and services across the property value chain. Listed on the Main Board of the
Singapore Exchange Securities Trading Limited (“SGX-ST”) and headquartered in Singapore,
the Group has total assets of approximately S$38.7 billion as at 30 September 2020.
Frasers Property’s multi-national businesses operate across five asset classes, namely,
development, retail, commercial & business parks, industrial & logistics as well as hospitality.
The Group has businesses in Southeast Asia, Australia, Europe and China, and its well-
established hospitality business owns and/or operates serviced apartments and hotels in
over 70 cities across Asia, Australia, Europe, the Middle East and Africa.
Frasers Property is also the sponsor of two real estate investment trusts (“REITs”) and one
stapled trust listed on the SGX-ST. Frasers Centrepoint Trust (“FCT”) and Frasers Logistics
& Commercial Trust (“FLCT”) are focused on retail, and industrial & commercial properties
respectively. Frasers Hospitality Trust (“FHT”) (comprising Frasers Hospitality Real Estate
Investment Trust and Frasers Hospitality Business Trust) is a stapled trust focused on
hospitality properties. In addition, the Group has two REITs listed on the Stock Exchange
of Thailand. Frasers Property (Thailand) Public Company Limited (“FPT”) is the sponsor and
manager of Frasers Property Thailand Industrial Freehold & Leasehold REIT (“FTREIT”), which
is focused on industrial & logistics properties in Thailand, and Golden Ventures Leasehold
Real Estate Investment Trust (“GVREIT”), which is focused on commercial properties.
FRASERS PROPERTY AT A GLANCE
• Among the top residential developers and one
of the largest mall owners and / or operators in
Singapore
• One of Australia’s and Thailand’s leading diversified
property groups
• S$3,597.0 million revenue in FY20
• S$1,245.6 million PBIT1 in FY20
• S$229.2 million attributable profit before fair value
change and exceptional items in FY20
~ 6,000
residential units settled
in FY20
S$10.0 billion2
retail assets under
management
S$9.8 billion2
commercial & business
park assets under
management
S$9.5 billion2
industrial & logistics
assets under
management
S$5.2 billion2
hospitality assets
under management
>21,5003 hospitality units
5 REITs
FCT, FLCT4, FHT, FTREIT,
and GVREIT
GROUP STRUCTURE AND BUSINESSES
Singapore
Australia
Industrial
Hospitality
Thailand & Vietnam
Others
FRASERS PROPERTY LIMITED
Residential
Over 21,000 homes
built and two projects
under development
Retail & Commercial
Has interests in 15
retail malls5 and seven
office and business
space properties6 in
Singapore
REIT
Holds a 36.6% stake
in FCT, which owns
seven properties7 in
Singapore and holds
31.2% of the units in
Hektar REIT and owns
100% of ARF8
Development
A residential pipeline
with an estimated
gross development
value (“GDV”) of
S$8.3 billion9,10
A retail pipeline with
an estimated GDV of
S$0.2 billion9
Investment –
Non-REIT
S$1.0 billion9,11
portfolio
of commercial and
retail investment
properties, with high
occupancy rates and
solid tenant profile
Fee Income
Asset management
and property
management fees
Fee Income
Asset management
and property
management fees
Development, Asset
and Investment
Management
149 properties across
Singapore, Australia,
Austria, Germany,
the UK and the
Netherlands
REIT
Holds a 22.2% stake in
FLCT, which owns 100
quality industrial and
commercial assets7,12
strategically located
in major industrial and
commercial markets
Fee Income
Asset management
and property
management fees
Management
Business
Owns and / or
operates over 18,000
serviced apartments /
hotel rooms across
more than 70 cities
REIT
Holds a 25.7% stake
in FHT, which owns
15 quality hotel and
serviced residence
assets7 in prime
locations across Asia,
Australia, and Europe
Fee Income
Asset management
and property
management fees
China
Three projects under
development and land
bank of 434 units
UK
S$1.9 billion13 of
business park assets
under management
Thailand
Stakes in FPT and One
Bangkok, Thailand’s
largest integrated
development
Vietnam
Stakes in Melinh
Point and Q2 Thao
Dien, a mixed-use
development as well
as strong growth
potential in a rapidly
growing economy
with stable inflation
Property assets breakdown by geographical segment
Total property assets14 as at 30 Sep 20: S$33.0 billion
Property assets breakdown by asset class
Total property assets14 as at 30 Sep 20:S$33.0 billion
Singapore
Australia
$12.7b, 39%
$7.7b, 23%
Continental Europe
$3.1b, 9%
UK
Thailand
China
Others15
$3.3b, 10%
$4.5b, 14%
$0.8b, 2%
$0.9b, 3%
Industrial / Logistics
$7.5b, 23%
Development
Retail
Hospitality
$6.6b, 20%
$7.0b, 21%
$5.0b, 15%
Business Parks / Offices $6.9b, 21%
1 Profit before interest and taxation
2 Comprises property assets in which the Group has an interest, including assets held
by its REITs, joint ventures (“JVs”) and associates
Including both owned and managed properties; and units pending opening
3
4 FLT was renamed Frasers Logistics & Commercial Trust (“FLCT”) on 29 Apr 20
5
following the completion of the merger of FCOT and FLT
Includes AsiaRetail Fund (“ARF”) retail assets in Singapore and excludes Eastpoint
Mall (a third party-owned mall managed by Frasers Property Retail)
Includes assets in Singapore held by FLCT and Central Plaza held by ARF
6
7 As at 30 Sep 20
8 FCT held a 36.9% stake in ARF as at 30 Sep 20 and now owns 100% of ARF after the
acquisition of the remaining 63.1% stake in ARF was completed on 27 Oct 20
9 Based on exchange rate S$/A$ : 0.9779 as at 30 Sep 20
10 Comprises unsold units and land bank; Includes commercial area; Includes The Grove,
which is conditional and exchanged contracts under deferred payment terms
11 Comprises commercial and retail assets in Australia which the Group owns, excluding
assets held by FLCT
12 Excludes a 50% interest in the property at 99 Sandstone Place, Parkinson,
Queensland, Australia which is classified as “Investment Properties Held for Sale”
13 Based on exchange rate S$/£: 1.7642 as at 30 Sep 20
14 Property assets comprise investment properties, property, plant and equipment,
investments in JVs and associates, properties held for sale, contract assets and
contract costs
15 Including Vietnam, Malaysia, Japan and Indonesia
GROWTH STRATEGIES
ACHIEVE SUSTAINABLE GROWTH AND DELIVER LONG-TERM SHAREHOLDER VALUE
Balanced portfolio
Grow asset portfolio in a balanced manner across geographies and property segments:
• 80% of the Group’s total property assets7,14 generate recurring income
• ~60% of the Group’s total property assets7,14 are outside of Singapore
• >70% of the Group’s PBIT1,16 in FY20 was generated from recurring income sources
• >60% of the Group’s PBIT1,16 in FY20 was generated from Singapore, Australia, and Europe
Sustainable earnings growth
Optimised capital productivity
• Achieve sustainable earnings growth through significant
development pipeline, investment properties and fee income
• Pre-sold revenue of S$1.4 billion across Singapore, Australia,
China and Thailand provides earnings visibility over the next two
to three financial years
$b
Unrecognised revenue from key markets
4
3
2
1
0
3.4
0.3
2.2
3.1
0.5
1.9
0.7
0.9
2.2
0.3
1.5
0.4
1.6
0.4
1.0
0.2
1.4
0.1
0.1
1.1
0.1
• Optimise capital productivity through REIT platforms and active
asset management
$m
2,500
2,000
1,500
1,000
500
0
Capital recycling initiatives
FLT17:
1,700
Changi
City
Point:
153
FHT:
655
Sofitel
Sydney:
223
357
Collins St:
224
FTREIT:
70
Industrial
Assets18:
240
Industrial
Assets19:
933
FTREIT:
114
Industrial
Assets20:
638
Waterway
Point:
433
ARF21:
1,934
FTREIT:
124
Maxis
Business Park:
121
Industrial
Assets22:
22
Farnborough
Business Park:
158
FY16
FY17
FY18
FY19
FY20
FY14
FY15
FY16
FY17
FY18
FY19
FY20
Singapore • Australia • China • Thailand
FINANCIAL HIGHLIGHTS
Selected Financials (S$ million)
Revenue
PBIT1
Attributable profit before fair value
change and exceptional items (“APBFE”)
Fair value change (net)
Exceptional items
Attributable profit (“AP”)
PBIT¹ by Business Segments (S$ million)
FY20
3,597.0
1,245.6
229.2
96.7
(137.8)
188.1
FY19
3,791.9
1,292.6
350.1
321.6
(111.4)
560.3
Singapore
Australia
Industrial
Hospitality
Thailand & Vietnam
Others28
Corporate & others
TOTAL
FY20
312.7
38.3
351.1
19.6
265.4
319.5
FY1927
465.6
79.2
246.9
131.8
130.1
291.1
(61.0)
(52.1)
1,245.6
1,292.6
Key Ratios
Dividends
Net asset value per share23
Return on equity based on Attributable
Profit24
Earnings per share before fair value
change and exceptional items25
Net interest cover26
CAPITAL MANAGEMENT
Net debt / Total equity32
Net debt / Property assets14
Gross debt / Property assets14
Fixed rate debt33
Average debt maturity
Average cost of debt on portfolio basis
As at
30 Sep 20
As at
30 Sep 19
S$2.58
S$2.54
1.5%
FY20
6.3%
FY19
5.2 cents
~3X
8.7 cents
~4X
Interim dividend (Singapore cents)
Final dividend (Singapore cents)
Total dividend (Singapore cents)
Dividend yield
Payout ratio (based on Attributable
Profit)24
Payout ratio (based on Core Earnings)31
FY20
Temporarily
suspended
1.5
1.5
1.3%29
~ 39%
~ 19%
FY19
2.4
3.6
6.0
3.3%30
~ 38%
~ 50%
As at 30 Sep 20
As at 30 Sep 19
105.0%
48.1%
58.2%
61.8%
2.6 years
2.3% p.a.
85.9%
43.5%
54.8%
70.1%
3.0 years
2.9% p.a.
Change
19.1 pp
4.6 pp
3.4 pp
(8.3 pp)
(0.4 years)
(0.6 pp)
16 Excluding share of FV change of JVs and associates
17 Including acquisition of two call-option properties
18 Comprised a portfolio of seven industrial properties and one call option property in
25 Calculated by dividing APBFE (after distributions to perpetual securities holders) over
weighted average number of ordinary shares on issue
26 Net interest excluding mark to market adjustments on interest rate derivatives and
Australia
capitalised interest
19 Comprised a portfolio of 21 logistics and industrial properties in Germany and the
27 Certain segmental reclassifications have been made to the comparative figures to
Netherlands
20 Comprised a portfolio of 13 logistics and industrial properties in Australia, Germany
and the Netherlands
21 The sale of 63.1% stake in ARF to FCT was completed on 27 Oct 20
22 Comprised a portfolio of one logistics and industrial property in Australia
23 Presented based on number of ordinary shares on issue as at the end of the year
24 After distributions to perpetual securities holders
facilitate comparability with the current year’s presentation
28 Consists of China and the UK
29 Based on FPL closing share price of S$1.14 on 10 Nov 20
30 Based on FPL closing share price of S$1.81 on 14 Nov 19
31 Before distributions to perpetual securities holders
32 Includes non-controlling interests and perpetual securities
33 Includes debt that is hedged
NOTE: Unless otherwise stated, all figures in this document are as at 30 Sep 20, the end of Frasers Property Limited’s latest reported financial quarter.
FRASERS PROPERTY LIMITED
Company Registration Number: 196300440G
438 Alexandra Road
#21-00 Alexandra Point
Singapore 119958
Phone: +65 6276 4882
+65 6276 6328
Fax:
frasersproperty.com