APTITUDE
FORTITUDE
ANNUAL REPORT 2021
Contents
Glossary
Navigate the report by clicking on the section
headers below.
A navigation tab is also included on the top of
each page in this Interactive Annual Report.
Overview
12
13
14
16
17
18
19
Corporate Profile
Group Portfolio Approach
Our Businesses
Our Multinational Presence
Group Structure
FY21 Key Milestones
Financial Highlights
Organisational
20
27
32
34
40
42
44
47
Board of Directors
Group Management
Chairman’s Statement
In Conversation with the Group CEO
Investor Relations
Treasury Highlights
Awards and Accolades
Enterprise-Wide Risk Management
Business
50
Business Review
• Singapore
• Australia
• Industrial
• Hospitality
• Thailand & Vietnam
• Others
Sustainability Report
100
FY21 Sustainability Report
Corporate Governance
176 Corporate Governance Report
Financial & Additional Information
213
351
407
408
Financial Statements
Particulars of Group Properties
Interested Person Transactions
Shareholding Statistics
410 Notice of Annual General Meeting
417 Additional Information on Directors
Seeking Re-Appointment
Proxy Form
FPL Fact Sheet
Corporate Information
For ease of reading, this glossary provides definitions of
abbreviations that are frequently used throughout this report
Frasers Property entities
FCT
FCOT
FHT
FLCT
FPA
FPC
FPHT
FPI
FPL
FPS
FPT
FPUK
FPV
FTREIT
GVREIT
: Frasers Centrepoint Trust
: Frasers Commercial 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
: 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
Other Abbreviations
APBFE
ARF
AUM
BCA
CBD
DPU
EMTN
ERM
FY
GDP
GDV
GFA
GLA
GRESB
IR
JV
MTN
NAV
NLA
NPI
PBIT
: Attributable profit before fair value
change and exceptional items
: 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
: Investor relations
: Joint venture
: Medium-term notes
: Net asset value
: Net lettable area
: Net property income
: Profit before interest, fair value change,
taxation and exceptional items
PropTech : Property technology
PSF
PSM
REIT
RevPAR
SET
SBU
SGX-ST
SQM
WALE
: Per square foot
: Per square metre
: Real estate investment trust
: Revenue per available room
: Stock Exchange of Thailand
: 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
APTITUDE
FORTITUDE
At Frasers Property, Aptitude and Fortitude drive our actions as we look to pursue new opportunities,
even as global markets are recovering and adapting to an endemic COVID-19 environment.
With resolve, we are staying ahead of macro trends and shifting consumer and corporate behaviours,
formulating strategies in anticipation of potential pathways and possible outcomes.
Through courage, a strong foundation of good people and a focus on customer-centricity, we continue
to evolve our businesses in an increasingly competitive and complex environment. Our shared
Purpose – Inspiring experiences, creating places for good. – will enable us to achieve our business
objectives while bringing positive impact to our business, people, society and the planet.
We are now moving faster together. As we create a culture of innovation and continuous learning,
we continue building core capabilities, especially sustainability, technology and digitalisation that are
relevant for future readiness. We remain focused on developing quality products, services and places
that create value for our stakeholders.
ITERATE
ADAPT
Challenge and opportunity are two sides of the same coin. Supply-side
shocks and increasing pressures for local production have triggered
a rethink on how best to optimise and operate across industrial and
logistics networks. In response, we are focusing to build and scale within
our existing footprint where we have real depth of local knowledge and
a sound reputation for providing a place for the future.
Reini Otter
Chief Executive Officer, Frasers Property Industrial
UPLIFT
ENRICH
The pause in global travel gave us the opportunity to accelerate
some key initiatives. Not only did we embark on an overhaul of our
tech infrastructure, we also launched a seamless mobile-first guest
experience, in line with our book direct strategy. Our Digital Concierge
app further delivers real-time interactive guest services from check-ins
to housekeeping. Prudent measures were also balanced with operational
agility through our geographical clustering as we collectively gear up for
the eventual resumption of travel.
Mark Chan
Chief Operating Officer, Frasers Hospitality
INNOVATE
EXCITE
Our retail proposition aims to create inspiring, immersive experiences
for the local communities. To enhance the experience, we are refreshing
and optimising our malls as safe and social spaces where people
connect, and working with our tenants to extend their digital channels
to our shoppers.
Low Chee Wah
Chief Executive Officer, Frasers Property Retail
BUILD
SCALE
The many trends accelerated by the pandemic indicate a generational
paradigm shift for the economy, society and the environment is well
underway. In preparation for an endemic-COVID environment and to
bring our purpose to life, we recognise the need to help our tenants thrive
and support the well-being of our customers. Key to this is prioritising
our organisational ability to learn, iterate and adapt winning ideas to
reach and impact more, faster.
Zheng Wanshi
Group Chief Strategy & Planning Officer
10
DRIVING
INNOVATION
EVERY INNOVATION
COUNTS
To unleash creativity and innovation
within the organisation, Frasers
Property organised our inaugural
innovation awards attracting more
than 100 submissions. Projects
were categorised to encourage
productivity, cost and time
savings as well as better customer
experiences. One such innovation
was a Digital Concierge app for
Frasers Hospitality that allows for
24/7 personalised service.
ARTIFICIAL INTELLIGENCE
TAKES CENTRESTAGE FOR
INDUSTRIAL
Frasers Property Industrial (Thailand)
initiated a pilot for logistics parks using
artificial intelligence, machine learning
and cloud computing. This is helping to
enhance security, improve productivity,
and enable real-time tracking of
environmental indicators including
greenhouse gas emissions and energy
consumption.
CORE & FLEX SNAGS
HIGH TENANCY IN
THAILAND
GREENING OUR FUTURE
WITH GREEN OR
SUSTAINABLE FINANCING
Frasers Property (Thailand)
Commercial was adaptive
during the pandemic, creating
a pioneering ‘Core & Flex’
concept. Tenants can choose
core standard office spaces,
or they can opt for flexible
space solutions with ancillary
services. This provides tenants
with the agility to adjust the
size of their office spaces,
manage costs and grow their
businesses.
In FY21, we issued our first-ever
sustainability bonds to strong investor
demand. Frasers Logistics & Commercial
Trust’s maiden notes issuance – which
were also the first-ever sustainability
notes in the Singapore-dollar bond
market – raised about $150 million in July
2021. In September 2021, we followed up
with $200 million sustainability notes to
finance our Australian sustainable portfolio.
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
11
INSPIRING
EXPERIENCES
DIGITAL CONVENIENCES ACROSS TOUCHPOINTS
We are unlocking new digital platforms for greater
speed, efficiency and convenience to tenants and
customers across asset classes. In Singapore, sales
have tripled for tenants since Frasers Property
Retail launched Frasers eStore in January 2021.
We are also rolling out our service portal for
commercial properties around the island, enabling
self-service bookings, payments, and visitor
management requests. In Vietnam, our Holobuilder
provides real-time virtual residential visits for tenants
and homeowners despite the pandemic. The app has
been instrumental in executing 90% of apartment
handovers during the lockdown. In Australia, the
mobile ‘myProsperity’ app gives 6,000 customers
dedicated access to our customer service team.
Customers can access property information or rewards
as well as log defects, request maintenance and view
property requests.
NEW RESIDENTIAL TYPOLOGIES
Being adaptable and sensitive to changing customer
needs in the pandemic is critical. Frasers Property
Thailand explored a new residential typology that
drove sales despite the pandemic. Its smart and stylish
detached home called ‘Grandio’ was based on the
latest trends and new feedback from homeowners.
Complementing the homebuying process, our
business team introduced the iHome loan digital
app to quicken loan processing.
12
Corporate
Profile
Frasers Property is a multinational developer-owner-operator of real estate
products and services across the property value chain. Listed on the
Main Board of SGX-ST and headquartered in Singapore, the Group has total
assets of approximately $40.3 billion as at 30 September 2021.
Frasers Property’s multinational businesses operate across five asset classes -
residential, retail, commercial and business parks, industrial and logistics, as well
as hospitality.
The Group has businesses in Southeast Asia, Australia, Europe and China, and its
well-established hospitality business owns and/or operates serviced apartments
and hotels in over 20 countries and 70 cities across Asia, Australia, Europe, the
Middle East and Africa.
Frasers Property is also the sponsor of two REITs and one stapled trust listed on
the SGX-ST. Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust
are focused on retail, and industrial and commercial properties, respectively.
Frasers Hospitality Trust (comprising Frasers Hospitality Real Estate Investment
Trust and Frasers Hospitality Business Trust) is a stapled trust focused on
hospitality properties. In addition, the Group has two REITs listed on the Stock
Exchange of Thailand. Frasers Property (Thailand) Public Company Limited is the
sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT, which
is focused on industrial and logistics properties in Thailand, and Golden Ventures
Leasehold Real Estate Investment Trust, is focused on commercial properties.
The Group is committed to inspiring experiences and creating places for good for
its stakeholders. By acting progressively, producing and consuming responsibly,
and focusing on people, Frasers Property aspires to raise sustainability ideals
across its value chain, and build a more resilient business. It has committed to be
a net-zero carbon corporation by 2050.
Building on its heritage as well as leveraging its knowledge and capabilities, the
Group aims to create lasting shared value for its people, the businesses and the
communities it serves. Frasers Property believes in the diversity of its people and
is invested in promoting a progressive, collaborative and respectful culture.
Total Assets ($’m)
PBIT ($’m)
2021
2020
2019
20181
2017
40,256.9
2021
38,748.1
37,632.9
32,562.1
27,009.4
2020
2019
20181
2017
1,424.7
1,245.6
1,292.6
1,333.2
1,089.0
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
13
Group Portfolio
Approach
ACH I E V E S U S TA I N A B L E G RO W T H A N D
D E L I V E R LO N G -T E R M S H A R E H O L D E R VA LU E
Sustainable
Earnings Growth
Balanced
Portfolio
Achieve sustainable
earnings growth
through investment
properties, development
project pipeline and
fee income
Grow asset portfolio
in a balanced manner
across geographies
and property
segments
Optimised Capital
Productivity
Optimise capital
productivity through
REITs platform
and active asset
management
initiatives
Attributable Profit ($’m)
188.1
833.1
560.3
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)
2021
2020
2019
20181
2017
14
Our
Businesses
SINGAPORE
Frasers Property Singapore has
expertise in the development,
ownership and management of
residential, commercial and retail
properties, as well as large-scale,
mixed-use developments. As
at 30 September 2021, Frasers
Property Singapore has $8.5 billion
retail assets under management,
comprising 13 retail malls, and
$4.6 billion commercial assets
under management, comprising
seven commercial properties.
These include assets held under
Frasers Centrepoint Trust and
Frasers Logistics & Commercial
Trust. As one of the largest retail
mall owners and operators in
Singapore, a retail-focused business
unit, Frasers Property Retail,
oversees all retail development,
asset management and property
management activities in Singapore.
In addition, Frasers Property
Singapore has developed over
22,000 quality homes in Singapore.
Frasers Centrepoint Trust
Frasers Centrepoint Trust, an
SGX-ST listed REIT, is one of the
largest suburban retail mall owners
in Singapore with assets under
management of approximately
$6.1 billion1. Its current property
portfolio comprises nine retail malls
and an office building located in
populous suburban residential
regions of Singapore, and at key
transportation nodes. The retail
portfolio has approximately
226,600 sqm of net lettable area
and over 1,400 leases, with a strong
focus on providing for non-
discretionary spending, food
and beverage and essential services.
Frasers Centrepoint Trust is a
constituent of several benchmark
indices, including the FTSE EPRA
Nareit Global Real Estate Index Series
(Global Developed Index), FTSE
ST Real Estate Investment Trusts
Index, MSCI Singapore Small
Cap Index and the SGX iEdge
S-REIT Index. Frasers Centrepoint
Trust is managed by Frasers
Centrepoint Asset Management,
a wholly owned subsidiary of
Frasers Property.
AUSTRALIA
Frasers Property Australia is one
of Australia’s major diversified
property companies with over 90
years’ heritage in the country. With
expertise in large-scale, mixed-use
developments, it plans, delivers and
manages residential, commercial,
retail and build-to-rent projects
through the full property cycle.
Frasers Property Australia also
designs, builds and manages energy
infrastructure to provide renewable
energy for select properties and
communities it creates, through its
in-house licensed Australian energy
retailer, Real Utilities. Committed
to carbon reduction and a cleaner
future, Frasers Property Australia
has delivered over 5.6 million
sqm of Green Star-rated space
and is certified by the Australian
government’s Climate Active
initiative. As at 30 September 2021,
Frasers Property Australia has a
residential pipeline of approximately
14,000 units and investment
properties under management
totalling $1.9 billion, including
assets held under Frasers Logistics
& Commercial Trust.
INDUSTRIAL
Frasers Property Industrial has
capabilities in development
management, asset management
and investment management of
industry-leading industrial and
logistics properties in strategic
locations across Australia, Germany,
the Netherlands and Austria. Frasers
Property’s industrial business
has delivered millions of square
metres of premium industrial
and logistics space over several
decades and continues to deliver
facilities totalling approximately
$400 million to $600 million gross
development value each year. As at
30 September 2021, it has assets
under management of $11.3 billion.
FYI Center, Bangkok, Thailand
Frasers Logistics &
Commercial Trust
Frasers Logistics & Commercial
Trust is an SGX-ST listed REIT
with a portfolio comprising
103 industrial and commercial
properties worth approximately
$7.3 billion2 and diversified across
the five major developed markets
of Australia, Germany, Singapore,
the UK and the Netherlands. Its
strategy is to invest in a diversified
portfolio of income producing
properties used predominantly for
logistics and industrial globally,
as well as business park and
commercial purposes located in
the Asia Pacific region, Continental
Europe and the UK. Business parks
comprise primarily non-CBD office
and / or research and development
space and commercial comprises
primarily CBD office space. Frasers
Logistics & Commercial Trust is
a constituent of the FTSE EPRA
Nareit Global Real Estate Index
Series (Global Developed Index),
Straits Times Index and Global
Property Research 250. Frasers
Logistics & Commercial Trust is
managed by Frasers Logistics &
Commercial Asset Management,
a wholly owned subsidiary of
Frasers Property.
HOSPITALITY
Frasers Hospitality has interests
in and/or manages award-winning
serviced residences, hotel
residences and lifestyle boutique
hotels in 70 cities across Asia,
Australia, Europe, the Middle East
and Africa. Its stable of brands
comprises the gold-standard Fraser
Includes FCT’s 40.0% stake in Waterway Point held via Sapphire Star Trust and 31.2% interest in Hektar REIT as at 30 September 2021
1
2 Excludes right-of-use assets as at 30 September 2021
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
15
Waterway Point, Singapore
Am Bühlfeld 2-8, 89543 Herbrechtingen, Germany
Suites, Fraser Place and Fraser
Residence; mid-scale serviced
residences, Modena by Fraser, for
extended stays; and social living
brand, Capri by Fraser, an upscale,
design-led hotel residence. Frasers
Hospitality also manages a portfolio
of 36 upscale boutique hotels in key
cities in the UK, operating under the
Malmaison and Hotel du Vin brands.
It has over 16,200 units in operation
and approximately 3,300 units in the
pipeline.
Frasers Hospitality Trust
Frasers Hospitality Trust was the
first international hotel and serviced
residence trust to be listed on the
SGX-ST in 2014. 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
$2.25 billion as at 30 September
2021, 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 Hospitality Trust is a
stapled group comprising Frasers
Hospitality Real Estate Investment
Trust, managed by Frasers
Hospitality Asset Management
Pte. Ltd., and Frasers Hospitality
Business Trust, of which Frasers
Hospitality Trust Management
Pte. Ltd. is the trustee-manager.
Both managers are wholly owned
subsidiaries of Frasers Property.
THAILAND
Frasers Property has 81.8%
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,
retail and hospitality asset classes
in Thailand. With assets in excess of
$4.5 billion as at 30 September
2021, it is among the five largest
property developers in Thailand
by asset size.
Frasers Property Thailand is also
the sponsor and manager of two
REITs 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
26.6% stake, is the country’s largest
listed industrial REIT with about
$1.8 billion portfolio value as at
30 September 2021. Golden
Ventures Leasehold REIT, in which
Frasers Property Thailand has a
23.5% stake, is a commercial REIT
with a portfolio value of $0.5 billion.
Frasers Property, through Frasers
Property Holdings (Thailand) Co.
Ltd., also holds a 19.8% effective
stake in and is the development
manager of One Bangkok, the largest
integrated precinct in Thailand.
VIETNAM
Frasers Property Vietnam focuses
on the development of residential,
commercial and industrial projects.
Its properties include Q2 Thao
Dien, a mixed-use development in
District 2 of Ho Chi Minh City with
high-end residential apartments,
landed units, shop lots and an office
building; Melinh Point office building
in the CBD of Ho Chi Minh City, and
Binh Duong Industrial Park in the
southern economic hub of Binh
Duong province.
UNITED KINGDOM
Frasers Property UK is a fully
integrated developer, investor
and asset manager of residential,
office, business park and industrial
properties. As at 30 September 2021,
it has $2.1 billion of assets under
management comprising seven
business parks totalling 520,000 sqm
of net lettable area and over 500
tenants. Frasers Property UK has
developed more than 1,165 homes
over the years and is currently
developing The Rowe, a 15,000 sqm
office development in central
London, and West 100 & 200,
a 185,275 sqm industrial scheme at
Hillington Business Park, Glasgow.
Frasers Property UK supports in the
management of Frasers Logistics &
Commercial Trust’s UK properties,
namely three business parks and a
logistics asset.
CHINA
Frasers Property China develops
residential, commercial, logistics
and business park properties. It has
built close to 12,000 homes to-date
and currently has three residential
projects under development in
Shanghai and Suzhou. In addition,
it has approximately 81,000 sqm
balance development landbank at
Chengdu Logistics Hub.
16
Our Multinational
Presence
Frasers Property is a multinational real estate group with a well-diversified portfolio
across asset classes, geographies and customer segments.
Retail
Commercial &
Business Parks
Industrial &
Logistics
Residential
Hospitality
Over
20
countries
across
70
cities
CORE MARKETS
Singapore
Australia
Thailand
United Kingdom
Germany
Netherlands
China
Vietnam
ADDITIONAL MARKETS1
1 Comprise Austria, Bahrain, France, Indonesia, Japan, Malaysia, Nigeria, Oman, Qatar, Saudi Arabia, South Korea, Spain, Switzerland, Turkey and
United Arab Emirates
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
17
Group
Structure
Singapore
Australia
Thailand &
Vietnam
Others1
Industrial
Hospitality
Commercial & Business Parks
Residential
Retail
Industrial &
Logistics
Industrial &
Logistics
Hospitality
s
t
n
e
m
g
e
S
/
s
T
I
E
R
t
s
u
r
T
d
e
l
p
a
t
S
Four strategic business units – Singapore, Australia, Industrial, Hospitality; as well as
Thailand & Vietnam, and Others1
$10.3 billion2
Retail
$10.0 billion2
Commercial &
Business Parks
$12.7 billion2
Industrial & Logistics
$42.6 billion2
Assets Under
Management
across five
asset classes
~5,600
Residential Units
Settled in FY21
$4.9 billion2
Hospitality;
>19,5003 Hospitality Units
5 REITs /
Stapled Trust
FCT, FLCT4, FHT, FTREIT,
and GVREIT
1 Comprises China and the UK
2 Comprises property assets in which the Group has an interest, including assets held by its REITs, joint ventures and associates
3
4 Frasers Logistics & Industrial Trust was renamed Frasers Logistics & Commercial Trust on 29 April 2020 following the completion of the merger of
Including both owned and managed properties; and units pending opening
Frasers Commercial Trust and Frasers Logistics & Industrial Trust
18
FY21 Key
Milestones
October 2020
Frasers Property
Australia was
named one of
two developers
successful in a bid to
join the Queensland
government in
delivering Brisbane’s
first project under
the Build-to-Rent
programme
November 2020
Frasers Property
malls in Singapore
launched Switch
booths, the world’s
first on-demand
workspace platform
• Integrated ‘shop-
dine-work’
experience for
shoppers
2 January
Frasers eStore,
an e-commerce
marketplace with
over 200 tenants,
debuted in Singapore
to over 800,000
shoppers on the
Frasers Experience
platform
21 January
Frasers Property
made its Group-
wide commitment
to net-zero carbon
by 2050 with five
sustainability goals
• The first SGX-listed
real estate player to
tackle three scopes
of emissions
19 April
Frasers Property
secured A$300m
sustainability-linked
loan for its Australia
platform
• Pricing mechanism
provides interest
cost reduction
for maintaining or
improving on existing
GRESB ratings
24 April
Burwood Brickworks
in Australia was
recognised as the
most sustainable
shopping centre in
the world
• Living Building
Challenge® Petal
Certification
achieved
15 October
The Group clinched
five GRESB global
and regional sector
leadership awards
13 April
Frasers Logistics &
Commercial Trust
joined the Straits
Times Index
• FCT and FLCT now
among the top 10
largest S-REITs
5 April
Frasers Property raised $1.16 billion net proceeds
from rights issue
• Strengthened business resilience to capitalise on
tailwind opportunities in industrial and logistics,
and commercial and business parks sectors
17 May
Frasers Property
unveiled its first
industrial development
in Vietnam, Binh
Duong Industrial
Park
• Close to 300,000 sqm
of factory and
warehouse facilities
planned for 467,970
sqm of industrial
land
13 September
Parc Greenwich is
Singapore’s best-
selling executive
condominium launch
this year
24 May
Frasers Logistics &
Commercial Trust
acquired Connexion
and Blythe Valley
Park
• Maiden entry into
the UK logistics
sector and
expanded business
parks portfolio in
the UK
15 July
Frasers Logistics &
Commercial Trust
priced first-ever
sustainability notes
in the Singapore-
dollar bond market,
raising $150 million
June
Frasers Property
Thailand, in a joint
venture with ST
Telemedia Global
Data Centres,
completed the first
hyperscale data
centre campus in
Thailand
14 July
Frasers Property UK
launched The Rowe,
with 15,000 sqm of
office development
in central London
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
19
Financial
Highlights
2017
20181
2019
2020
2021
Revenue ($’m)
4,026.6
4,320.9
3,791.9
3,597.0
3,763.8
Profit before interest, fair value change on investment
properties, taxation and exceptional items ($’m)
1,089.0
1,333.2
1,292.6
1,245.6
1,424.7
Profit before taxation ($’m)
Before fair value change on investment properties and
exceptional items
968.0
1,033.5
923.6
803.3
1,048.0
After fair value change on investment properties and
exceptional items
1,248.0
1,527.0
1,353.1
804.9
2,027.4
Attributable profit ($’m)
Before fair value change and exceptional items
After fair value change and exceptional items
488.2
689.1
482.8
749.6
350.1
560.3
229.2
188.1
399.5
833.1
Earnings per share (cents)2
Attributable profit before fair value change on
investment properties and exceptional items
Attributable profit after fair value change on
investment properties and exceptional items
14.6
13.9
8.7
21.5
23.0
15.9
Dividend per ordinary share (cents)
8.6
8.6
6.0
5.2
3.8
1.5
10.0
22.6
2.0
Net asset value (share capital & reserves) ($’m)
7,154.7
7,469.0
7,404.4
7,560.2
9,544.2
Net asset value per share ($)
2.46
2.56
2.54
2.58
2.44
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
6.1
9.0
5.5
9.1
3.4
6.3
2.0
1.5
4.0
9.1
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)
2 Based on weighted average number of ordinary shares in issue. In 2017, 2018, 2019, 2020 and 2021, the weighted average number of shares
was 2,904,157,000, 2,910,558,000, 2,917,873,000, 2,968,406,000 and 3,432,010,000, respectively. The weighted average number of ordinary
shares in issue in 2020 has been adjusted for the bonus element arising from the rights issue
3 After distributions to perpetual securities holders over average shareholders’ equity
20
Board of
Directors
CHAROEN
SIRIVADHANABHAKDI, 77
Non-Executive and
Non-Independent Chairman
Date of appointment as a director
25 Oct 2013
Length of service as director
7 years 11 months (as at 30 Sep 2021)
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
Present directorships in other
companies (as at 30 Sep 2021)
Listed companies
• Asset World Corp Public Company
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
• Sura Bangyikhan Group of Companies
(Chairman)
• Beer Thai (1991) Public Company
• Honorary Doctorate Degree in Business
Limited (Chairman)
Administration, Sasin Graduate
Institute of Business Administration of
Chulalongkorn University, Thailand
• Honorary Doctoral Degree in Hospitality
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
• Cristalla Co., Ltd. (Chairman)
• International Beverage Holdings Limited
(Chairman)
• Plantheon Co., Ltd. (Chairman)
• Siriwana 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 2018 to 30 Sep 2021)
Nil
Past major appointments
• Red Bull Distillery Group of Companies
(Chairman)
• North Park Golf and Sports Club Co., Ltd.
(Chairman)
• Southeast Corporation Co., Ltd. (formerly
known as Southeast Group Co., Ltd.)
(Chairman)
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
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
21
KHUNYING WANNA
SIRIVADHANABHAKDI, 78
Non-Executive and
Non-Independent Vice Chairman
Date of appointment as a director
07 Jan 2014
Length of service as director
7 years 8 months (as at 30 Sep 2021)
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 2021)
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
Others
• Beer Thip Brewery (1991) Co., Ltd.
(Chairman)
• Cristalla Co., Ltd (Vice Chairman)
• International Beverage Holdings Limited
(Vice Chairman)
• Plantheon Co., Ltd. (Vice Chairman)
• Sangsom Co., Ltd (Chairman)
• Siriwana 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 2018 to 30 Sep 2021)
Nil
Past major appointments
• North Park Golf and Sports Club Co., Ltd.
(Vice Chairman)
• Southeast Corporation Co., Ltd. (formerly
known as Southeast Group Co., Ltd.)
(Vice Chairman)
Others
• Royal Order of Cambodia, Grand
Cross of the Most Nobel Order of the
Rajamitrabhorn (First Class) in
Diplomacy
22
Board of
Directors
PANOTE
SIRIVADHANABHAKDI, 43
Group Chief Executive Officer
Executive and Non-Independent
Director
Major appointments (other than
directorships)
• Singapore Management University
(Director/Board of Trustees)
• National Gallery Singapore (Board
Member)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2018 to 30 Sep 2021)
Nil
Past major appointments
• Chief Executive Officer of Univentures
Public Company Limited
• Real Estate Developers’ Association
of Singapore (REDAS) (Management
Committee)
Others
Nil
Date of appointment as a director
08 Mar 2013
Length of service as director
8 years 6 months (as at 30 Sep 2021)
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 2021)
Listed companies
• Frasers Property (Thailand) 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 (Chairman)
• Beer Thip Brewery (1991) Co., Ltd.
• Blairmhor Distillers Limited
• Blairmhor Limited
• Frasers Property Australia Pty Limited
• lnterBev (Singapore) Limited
• International Beverage Holdings (China)
Limited
• International Beverage Holdings Limited
• International Beverage Holdings (UK)
Limited
• Sura Bangyikhan Group of Companies
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
23
Date of appointment as a director
25 Oct 2013
Length of service as director
7 years 11 months (as at 30 Sep 2021)
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 2018 to 30 Sep 2021)
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, PACE
• Morgan Stanley International Wealth
Management (President)
University, USA
• Chairman and Director of Bank Morgan
• Bachelor of Business Administration,
Stanley AG
PACE University, USA
Present directorships in other
companies (as at 30 Sep 2021)
Listed companies
• Fraser and Neave, Limited
Listed REITs/Trusts
Nil
Others
• BeerCo Limited
• Director in Morgan Stanley Asia Limited
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
Length of service as director
7 years 11 months (as at 30 Sep 2021)
Board committees served on
• Nominating Committee
• Risk Management Committee
• Remuneration Committee
Academic & professional qualifications
• Master of Science, Columbia Graduate
School of Journalism, USA
Major appointments
(other than directorships)
• Ministry of Foreign Affairs: Non-resident
Ambassador to Austria
• Milken Institute Asia Center (Senior
Advisor)
• Singapore China Cultural Centre
(Executive Board Member)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2018 to 30 Sep 2021)
• Banyan Tree Holdings Limited
• Master of Arts, University of Singapore
• Bachelor of Arts (Honours), University of
Past major appointments
• Singapore Non-Resident High
Singapore
Present directorships in other
companies (as at 30 Sep 2021)
Listed companies
• Fraser and Neave, Limited
Listed REITs/Trusts
• EC World Asset Management Pte Ltd,
Manager of EC World REIT
Others
• One Bangkok Holdings Company
Limited
• Precious Quay Pte. Ltd.
• Precious Treasure Pte. Ltd.
Commissioner to the People’s Republic
of Bangladesh
• Managing Director, International
Relations, Temasek Holdings
• Singapore’s Consul General to Hong
Kong and Shanghai
• Singapore’s Ambassador to Thailand
• Press Secretary to Prime Minister
Goh Chok Tong
• Director of the Media Division, Ministry
of Communications and Information
• Chief Representative of Temasek
International in China
Others
Nil
CHARLES MAK MING YING, 69
Non-Executive and
Lead Independent Director
CHAN HENG WING, 74
Non-Executive and
Independent Director
24
Board of
Directors
PHILIP ENG HENG NEE, 75
Non-Executive and
Independent Director
TAN PHENG HOCK, 64
Non-Executive and
Independent Director
Date of appointment as a director
25 Oct 2013
Length of service as director
7 years 11 months (as at 30 Sep 2021)
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
• Chartered Accountant (Singapore)
Present directorships in other
companies (as at 30 Sep 2021)
Listed companies
• PT Adira Dinamika Multi Finance Tbk
(Commissioner)
Listed REITs/Trusts
• Hektar Asset Management Sdn
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
• Corporate Governance Advisory
Committee, Monetary Authority of
Singapore (Member)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2018 to 30 Sep 2021)
• Ezra Holdings Limited
• Frasers Centrepoint Asset Management
Ltd, Manager of Frasers Centrepoint
Trust
Bhd, Manager of Hektar Real Estate
Investment 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
4 years 6 months (as at 30 Sep 2021)
Board committees served on
• Information Technology & Cybersecurity
Committee (Chairman)
Academic & professional qualifications
• Master of Science (Management),
Stanford University, USA
• Bachelor of Science, Marine Engineering
(First Class Honours), University of
Surrey, UK
Present directorships in other
companies (as at 30 Sep 2021)
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)
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2018 to 30 Sep 2021)
Nil
Past major appointments
• Advisor of Accuracy Singapore
• President & CEO of ST Engineering
• Group President of ST Engineering
• Group’s President of Corporate Affairs,
ST Engineering
• President of Singapore Technologies
Automotive Ltd, now known as ST
Engineering Land Systems Ltd.
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
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
25
WEE JOO YEOW, 74
Non-Executive and
Independent Director
Date of appointment as a director
10 Mar 2014
Length of service as director
7 years 6 months (as at 30 Sep 2021)
Board committees served on
• Board Executive Committee
• Audit Committee
• Information Technology & Cybersecurity
Committee
Academic & professional qualifications
• Master of Business Administration,
New York University, USA
• Bachelor of Business Administration
(BBA Honours), University of Singapore
Present directorships in other
companies (as at 30 Sep 2021)
Listed companies
• Oversea-Chinese Banking Corporation
Limited
• Great Eastern Holdings Limited
• Thai Beverage Public Company Limited
Listed REITs/Trusts
Nil
Others
• WJY Holdings Pte Ltd
• WTT Investments Pte Ltd
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2018 to 30 Sep 2021)
• Mapletree Industrial Trust Management
Ltd, Manager of Mapletree Industrial
Trust
• PACC Offshore Services Holdings Ltd.
Past major appointments
• Managing Director and Head of
Corporate Banking Singapore, United
Overseas Bank Limited
Others
Nil
Date of appointment as a director
25 Oct 2013
Length of service as director
7 years 11 months (as at 30 Sep 2021)
Board committees served on
• Nominating Committee (Chairman)
• Risk Management Committee
Major appointments
(other than directorships)
• Weerawong, Chinnavat & Partners Ltd.
(Senior Partner)
• King Prajadhipok’s Institute (Special
Lecturer)
• Chulalongkorn University (Special
Lecturer)
• Thammasat University (Special Lecturer)
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
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2018 to 30 Sep 2021)
Nil
Past major appointments
• Weerawong, Chinnavat & Peangpanor
Company Limited (Chairman)
WEERAWONG CHITTMITTRAPAP, 63
Non-Executive and
Independent Director
Others
Nil
Present directorships in other
companies (as at 30 Sep 2021)
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
Listed REITs/Trusts
Nil
Others
• Big C Supercenter Public Company
Limited
26
Board of
Directors
CHOTIPHAT BIJANANDA, 57
Non-Executive and
Non-Independent Director
SITHICHAI CHAIKRIANGKRAI, 67
Non-Executive and
Non-Independent Director
Date of appointment as a director
08 Mar 2013
Length of service as director
8 years 6 months (as at 30 Sep 2021)
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 2021)
Listed companies
• Fraser and Neave, Limited
• Frasers Property (Thailand) Public
Company Limited
• Sermsuk Public Company Limited
• Thai Group Holdings Public Company
Limited
• Siam Food Product Public Company
Limited
Listed REITs/Trusts
Nil
Others
• Asiatic House 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
• Pholmankhong Business Co., Ltd.
• S Sofin Co., Ltd.
• Pro Garage Company Limited (Formerly
known Sinn Bualang Leasing Co., Ltd.)
• Southeast Academic Center Company
Limited
• Southeast Advisory Company Limited
• Southeast Capital Co., Ltd. (Chairman of
Executive Board)
• Southeast Insurance Public Company
Limited (Chairman of Executive Board)
• Southeast Joint Venture Co., Ltd.
• Southeast Life Insurance Public Company
Limited (Chairman of Executive Board)
• Southeast Money Company Limited
• Southeast Money Retail Company Limited
• 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.
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2018 to 30 Sep 2021)
Nil
Past major appointments
Nil
Others
Nil
Date of appointment as a director
07 Aug 2013
Length of service as director
8 years 1 month (as at 30 Sep 2021)
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 2021)
Listed companies
• Asset World Corporation Public
Company Limited
• Berli Jucker Public Company Limited
• Fraser and Neave, Limited
• Frasers Property (Thailand) Public
Company 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
Listed REITs/Trusts
Nil
Others
• Asia Breweries Limited
• BeerCo Limited
• Big C Retail Holding Company Limited
• Chang Beer Company Limited
• Eastern Seaboard Industrial Estate
(Rayong) Company Limited
• Food and Beverage Holding Co., Ltd
• Frasers Property Commercial Asset
Management (Thailand) Co., Ltd.
• Petform (Thailand) Co., Ltd.
• Siam Breweries Limited
• South East Asia Logistics Pte. Ltd.
• TCC Assets (Thailand) Company Limited
• Thai Beverage Can Co., Ltd.
• Thai Breweries Limited
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 2018 to 30 Sep 2021)
• Golden Land Property Development
Public Company Limited
Past major appointments
Nil
Others
Nil
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
27
Group
Management
Panote assumed the role as Group Chief Executive Officer in 2016. He is responsible for
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 significantly grown its multinational footprint across Asia
Pacific and Europe, with total assets increasing from approximately $24.2 billion, as at
30 September 2016, to approximately $40.3 billion, as at 30 September 2021.
In evolving Frasers Property as a purpose-led company, Panote has placed sustainability
at the core of its business guided by – Inspiring experiences, creating places for good.
This spurs the Group to pursue innovation and build upon its knowledge and capabilities
across its markets to deliver lasting value in its multiple asset classes. Panote has served
on the Board of Directors for Frasers Property since 8 March 2013.
He is directly overseeing the Group’s hospitality business from investment and business
development to expanding its chain of serviced residences and hotels worldwide.
In addition, 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 Thailand’s largest-ever
private sector property development and will be a new global landmark destination as well
as the country’s first fully integrated district in the heart of the city.
Panote previously held the position of 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.
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. Earlier this year, he was appointed as a board
director of National Gallery Singapore. He is also on the Board of Trustees for Singapore
Management University (SMU).
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’s Corporate
Secretariat and Legal, Sustainability, Corporate Administration and Group Human Resource
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. He is also a member of the Group’s governing committees
for sustainability and purpose & culture.
Khong Shoong was previously the Group Chief Financial Officer and Chief Executive
Officer for Australia, New Zealand and the UK. 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.
Khong Shoong holds a Master of Philosophy (Management Studies) from Cambridge
University, UK, and a Bachelor of Commerce (Accounting and Finance) from the University
of Western Australia, Australia.
PANOTE SIRIVADHANABHAKDI
Group Chief Executive Officer
Frasers Property Limited
CHIA KHONG SHOONG
Group Chief Corporate Officer
Frasers Property Limited
28
Group
Management
LOO CHOO LEONG
Group Chief Financial Officer
Frasers Property Limited
UTEN LOHACHITPITAKS
Group Chief Investment Officer
Frasers Property Limited
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 senior leadership
positions including Chief Financial Officer of Pacific Radiance, and Group Head of Global
Shared Services and Head of Regional Finance Office with the Sime Darby Group.
He is a graduate with a Master of Business Administration (Distinction) from the
University of Strathclyde, UK. 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 Frasers Property’s investment and capital markets transactions, Uten
oversees the Group’s asset portfolio, devises strategies for acquisitions and divestments
and works closely with investment partners. Part of the senior management 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 and Senior Vice President of Corporate & Investment
Banking Group at DBS Bank as well as Director of Investment Banking Division at United
Overseas Bank (Thai) Public Company.
Uten graduated with a Master of Business Administration and Bachelor of Business
Administration from Assumption University, Thailand.
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 governing committees for
innovation, sustainability and purpose & culture.
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 Vice
Chair of the Urban Land Institute in Singapore where she also co-chairs its Women’s
Leadership Initiative.
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
29
SAMUEL TAN
Group Chief Digital Officer
Frasers Property Limited
RODNEY VAUGHAN FEHRING
Executive Chairman
Frasers Property Australia
Frasers Property Industrial¹
Frasers Property United Kingdom¹
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.
Rodney sits on the board of directors of Frasers Property Australia as Executive Chairman
and serves as Executive Chairman for the management boards of Frasers Property Industrial
and Frasers Property UK. At the Group level, Rod contributes his perspectives as a member
of the governing committees for sustainability and purpose & culture. 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 REIT.
Rod has 37 years of experience in the property development industry in Australia, and
for short periods in the UK and the USA. He was Executive General Manager, Residential,
at Australand before it was acquired in 2014. He subsequently assumed the role of Chief
Executive Officer of Frasers Property Australia, from 2015 to 2020.
Prior to joining the Group, Rod held leadership roles 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 completed the Advanced Management Program by The
Wharton School, University of Pennsylvania, USA.
1 Management boards of Frasers Property Industrial and Frasers Property UK
Anthony is Chief Executive Officer at Frasers Property Australia, where Frasers Property
is established as one of Australia’s leading diversified property companies. It is active in
development and asset management across Australia. With over 25 years’ experience in
the property and finance industries and a strong business acumen, Anthony oversees the
development of mixed-use, commercial, build-to-rent and retail together with residential
land, housing and apartments. Anthony is also responsible for the Australian investment
property portfolio management as well as the sustainability-focused energy retailer,
Real Utilities. As a leading Australian property professional, Anthony represents Frasers
Property on the Property Council of Australia’s Corporate Leaders Group and Champions
of Change Coalition.
Anthony initially joined Frasers Property Australia in 2005 as Group Financial Controller
before moving on to become General Manager Finance, General Manager Operations
and General Manager Victoria 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.
ANTHONY BOYD
Chief Executive Officer
Frasers Property Australia
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 Program at the Wharton School of the University of
Pennsylvania, USA.
30
Group
Management
Reini is the Chief Executive Officer at Frasers Property Industrial responsible for the
Group’s industrial and logistics operations in Australia and Europe, including sponsor
oversight of Frasers Logistics & Commercial Asset Management, the manager of Singapore-
listed Frasers Logistics & Commercial Trust. Reini was appointed as Non-Executive and
Non-Independent Director of Frasers Logistics & Commercial Asset Management from
July 2020. Reini represents Frasers Property as Chairman of the Industrial Roundtable for
Property Council of Australia and as a Foundational Sponsor of Healthy Heads in Trucks &
Sheds.
Reini joined the Group’s Australian operations in 1998 and has held senior leadership
positions within the business in Australia for over 23 years. In his previous role with Frasers
Property Australia as Executive General Manager of its Commercial & Industrial and
Investment Property division, he was responsible for the strategic direction and leadership
of all Australian commercial and industrial development and investment property
operations in Australia.
REINI OTTER
Chief Executive Officer
Frasers Property Industrial
Reini holds a Bachelor of Science (Architecture) and a Bachelor of Architecture from the
University of Sydney. He is also a graduate from the Advanced Management Program at
INSEAD Business School, Europe.
As Chief Executive Officer of Frasers Property Retail, Chee Wah oversees the investment,
asset and property management of the Group’s retail assets in Singapore, including
sponsor oversight of Frasers Centrepoint Asset Management, the manager of Frasers
Centrepoint Trust.
He has been with the Group for close to 15 years and has held various leadership
positions in the organisation as the Chief Executive Officer of Frasers Commercial Asset
Management, 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.
LOW CHEE WAH
Chief Executive Officer
Frasers Property Retail
Chee Wah holds both 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 also serves as a Vice President of the REIT Association of Singapore, and
Chairman of the Audit, Risk and Governance Committee of Dover Park Hospice.
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 & 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
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 in Austin, USA. He also completed the Advanced Management Program at Harvard
University, USA.
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Organisational
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As Chief Executive Officer of Frasers Property Vietnam, Hua Tiong oversees the
Group’s residential, commercial and industrial business in Vietnam. He has 15 years of
market knowledge in Vietnam’s real estate industry, primarily in township and high-end
condominium development.
Prior to joining the Group in May 2019, 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 the University of Malaya, and is a member
of the Malaysia Institute of Accountants. He is also a graduate from the Management
Acceleration Programme at INSEAD Business School, Europe.
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 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.
During her 30-year career, Ilaria has worked in the UK and across Europe for real estate
advisory, fund management and property companies. Ilaria is also a Non-Executive
Director of Unite Group Plc, the FSTE-listed student housing provider.
She holds a Bachelor of Science in Estate Management and is a member of the Royal
Institution of Chartered Surveyors in the UK.
Lorraine oversees the Group’s residential, commercial and logistics business, investment
and business development in China, as well as residential development in Singapore. Since
her first appointment in September 2012, Lorraine has held several positions within the
Group including Chief Operating Officer for Business Development (Singapore & Southeast
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 and asset 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; Country Head of Singapore
& Managing Director of Business Development (Asia) at ING Real Estate Asia; Managing
Director at IPREAM (a joint-venture company between CapitaLand Limited and ING Real
Estate), and Director of Investments at CapitaLand (Financial).
Lorraine holds a Bachelor of Science (Honours) in Real Estate from the National University
of Singapore.
LIM HUA TIONG
Chief Executive Officer
Frasers Property Vietnam
ILARIA DEL BEATO
Chief Executive Officer
Frasers Property United Kingdom
LORRAINE SHIOW
Chief Executive Officer
Frasers Property China
32
Chairman’s
Statement
The ongoing COVID-19 pandemic
has clouded most of FY21 and
has affected many people around
the world. I would like to take this
opportunity to offer my thoughts
and prayers to our people,
customers, shareholders and
partners, as well as their families
who have been affected by
this crisis.
At Frasers Property, our people
come first. We have been focusing
on their well-being by proactively
extending our support to help
our people cope during these
challenging times. Despite the
widespread disruption during the
year under review, Frasers Property
demonstrated both resilience and
agility, and delivered on our results.
The fortitude of our people and
the values ingrained in our culture
have truly come to the fore in these
unprecedented times.
ENABLING A FUTURE-READY
BUSINESS
In FY21, Frasers Property delivered
$833.1 million in attributable
profit, up from $188.1 million in
the last financial year. Particularly
noteworthy is the robust
performance of our industrial and
logistics business, which has grown
significantly since we first ventured
into the sector in 2014. Through
deliberate efforts and well-executed
plans, the team was able to build
a scaled industrial and logistics
business platform. This has placed
Frasers Property in an excellent
position to take advantage of the
positive sector dynamics when
e-commerce trends accelerated.
As a result, this business
contributed significantly to the
Group’s financial performance
in FY21. With the proceeds from
Frasers Property’s rights issue in
FY21, we are well-placed to carry
on capturing opportunities from
the industrial and logistics sector
tailwinds.
I believe chance favours
the prepared. Since Frasers
Property’s listing on the SGX-ST
in 2014, the team has been taking
steps to enhance the Group’s
preparedness, investing in future-
ready capabilities, and reshaping
our geographic and asset mix in the
process. I am encouraged by the
resilience in the Group’s portfolio
of property assets and business
against the ongoing challenging
business backdrop, which bears
testament to the firm foundation
that the team has built.
Frasers Property’s leadership team
will do well to ensure the Group
is always ready. This means every
business unit must be nimble,
constantly evolve, and be primed
for opportunities. Every employee
should be equipped with the skills
and mindset to embrace innovation
and customer-centricity.
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The Board pays a high degree of attention
to corporate governance and sustainable
practices as these are tenets for a business
that aims to deliver value over the long-term.
Of course, capital is critical for
a real estate business. Frasers
Property’s potential cannot be fully
realised without sufficient capital.
Hence, maintaining an optimal
capital structure must always be a
top priority for Frasers Property’s
leadership team. I am pleased the
team is proactively managing the
Group’s capital and keeping net
gearing within an appropriate range
over time, while meeting the funding
needs of a growing business.
We are mindful dividends need
to be a function of sustainable
earnings. In keeping with the
Group’s efforts to maintain financial
flexibility in light of the ongoing
pandemic, the Frasers Property
Board of Directors has decided to
propose a first and final dividend
of 2.0 Singapore cents per share
for FY21. This is higher than the 1.5
Singapore cents per share declared
for FY20. Based on core earnings,
this translates to a payout ratio
of approximately 20%1, including
a one-time non-cash accounting
gain in FY21 from change in use
of a portfolio of industrial and
logistics properties. The payout ratio
excluding this one-time accounting
gain is approximately 53%.
SUSTAINABLE VALUE CREATION
Our commitment to responsible
growth has always been the focal
point of everything we do at Frasers
Property. It has been our long-
standing belief that sustainable and
purposeful businesses will stand
the test of time, and the drive for
long-term performance is validated
now more than ever before. Hence,
the Board pays a high degree of
attention to corporate governance
and sustainable practices as these
are tenets for a business that aims
to deliver value over the long-term.
In FY21, Frasers Property continued
to make concerted efforts to reduce
operational risks, focus on capital
stewardship, drive positive impact
on the environment and society,
maintain best-in-class governance
standards and most importantly,
safeguard lives to thrive in the next
normal of business.
Frasers Property’s progress on
this front is reported in this year’s
Sustainability Report, which was
prepared in accordance with
international standards, as it
has been in the past. As part
of progressing the Group’s
sustainability processes, we made
the decision to move our Sustainability
Report online from FY21.
I am particularly pleased to note
that, for the first time, all the Group’s
businesses participated in the 2021
Global Real Estate Sustainability
Benchmark (GRESB) assessment.
Frasers Property did well, topping
the GRESB 2021 rankings with
five global and regional sector
leadership positions.
LOOKING AHEAD
In any crisis, it is important to move
quickly to reset objectives in line
with changing market realities.
However, our strategic priorities,
which are guided by our shared
purpose – Inspiring experiences,
creating places for good. – remain
unaltered and gain even more
relevance in this evolving context.
We will maintain a collaborative
approach with all our partners in
the value chain and stay true to
our commitment to the community
and the planet in a bid to create
sustainable value.
Frasers Property will not be where
it is today without the support of
our many stakeholders. To all our
people, I would like to express my
gratitude for your dedication and
hard work, as well as for valiantly
working through the challenges
posed by this prolonged pandemic,
both at work and on a personal
level. To my esteemed colleagues
on the Board, thank you for the
wise counsel and ongoing valuable
guidance.
Finally, I would like to convey my
heartfelt appreciation to all our
customers, business partners,
bankers, financial advisers, vendors,
and fellow shareholders, who have
firmly stood by Frasers Property
amid this pandemic. We deeply
value your unwavering support and
faith in us. On behalf of Frasers
Property’s Board, I thank all the
boards for their stewardship of
Frasers Property’s listed entities.
We are confident of emerging
stronger and look ahead to
better days.
Charoen Sirivadhanabhakdi
Chairman
1
Based on core earnings before distribution to perpetual securities holders
34
In Conversation with
the Group CEO
Q&A
Q
The COVID-19 pandemic has
continued to dominate headlines
and government attention globally
in 2021. Against this backdrop,
what does this year’s annual
report theme, ‘aptitude and
fortitude’ mean to you?
A
As I reflect on another uniquely
challenging year, I recognise we
could not have navigated these last
couple of years without our people,
customers, and partners. Firstly, my
heart goes out to all who have been
adversely affected by the COVID-19
pandemic. While it has been
another tough year for many, I am
hopeful for better days ahead.
I am continually impressed by the
resilience of our extraordinary
people, who carried on supporting
and delivering for our customers.
Many of our people have a natural
aptitude for inspiring experiences
that matter to our customers. They
have kept the business moving
across our multinational network
without skipping a beat. I am also
grateful to you – our shareholders
– for your unwavering faith in our
long-term strategy.
Despite uncertainties, the way out
of this health and economic crisis
is becoming increasingly visible.
Vaccinations continue to roll out
and the workforce around the world
is adapting to ways of working with
restrictions in place. The travel
and hospitality industries are also
experiencing gradual recovery with
signs of hope.
Our robust business platforms
have been critical to our ability
to successfully navigate business
challenges. We have spent the last
few years evolving our business
platforms with good people,
sound organisational structure
and processes, as well as relevant
and quality offerings. Importantly,
our people are united in our
strong commitment to the Group’s
purpose – Inspiring experiences,
creating places for good. We have
a firm foundation to weather the
uncertainties that will persist as the
world transitions to an endemic
COVID-19 environment.
We understand shareholders
wish to see total shareholder
returns increase over time. We
will keep strengthening our
business platforms and building
core capabilities to reinforce
the foundation of our business.
Meanwhile, capital and liquidity
management remain top priorities
for the Group. This helps ensure we
have the right aptitude and fortitude
to tide through difficult times and
be ever ready to capture suitable
growth opportunities as they arise.
This will underpin our ability to
deliver value over the long-term and
through business cycles.
Q
The Group has $42.6 billion property
assets under management across
its five asset classes. How did the
Group’s portfolio perform amid
persistent uncertainties in FY21?
A
Across our business platforms,
we have adopted a rigorous and
disciplined approach to drive returns
from our portfolio. Overall, our
investment property portfolio has
been resilient due to its diversified
exposure across asset classes,
geographies, and customers.
There is a healthy level of ongoing
leasing demand, especially from
the industrial and logistics sector,
which is benefiting from current
e-commerce trends. Over the
course of FY21, we achieved over
1.1 million sqm of renewals and
new leases across our investment
property portfolio. This supported
the stable investment property
occupancy rates.
To sustain our industrial and
logistics development pipeline, we
replenished almost 1.3 million sqm
of industrial and logistics landbank
in FY21. About one-third of that is
from an industrial site in Binh Duong
Province, Vietnam, the first industrial
project in Vietnam for our Group.
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In addition to development projects,
we have the option of progressively
unlocking embedded development
value in our UK business park
portfolio when market conditions
are right, or when there is specific
demand. We have around 100,000
sqm of development area spread
across three of our business parks
– Chineham Park, Winnersh Triangle
and Hillington Park. In FY21, we
commenced development of a
12,000 sqm industrial scheme at
Hillington Park.
Our Singapore suburban mall
portfolio has remained resilient
through the various phases of
COVID-19 control measures in
Singapore. The Group has been
providing targeted assistance for
tenants adversely affected by the
measures, on top of ongoing tenant
support initiatives. The stable
occupancy rates of our portfolio
attest to the continued demand
for quality suburban retail spaces,
and we are confident our portfolio
is well-positioned for the eventual
relaxation of curbs.
While hospitality is indeed one of
the industries most affected by
the pandemic, it has been coping,
responding, and adapting well in the
last 22 months. I have confidence we
are headed towards recovery. The
immediate priority for our hospitality
business is to continue effectively
executing our recovery plans
which capture pockets of demand,
particularly from domestic tourism.
Fortunately, we had been preparing
for the future of our hospitality
business well before COVID-19 hit.
In the last couple of years, we
started to evolve the hospitality
business while navigating
challenges resulting from the
pandemic. Our hospitality business
has a focused operating company
and property company strategy, as
well as an organisational structure
aligned with this. We will continue to
drive operational efficiencies while
sharpening our hospitality brands’
positioning. This is coupled with
the execution of a hospitality digital
transformation roadmap, which
will enhance both our hospitality
marketing and operational
efficiencies. Furthermore, with a
clear geographical structure and
regional clusters in place, we
expect greater agility in responding
to fast-changing customer demands
in the markets we operate in. With
the work that has been done to
optimise our business processes
and cost structures, we are better
placed to benefit once market
dynamics turn positive.
Over 80% of the Group’s total
property assets comprise recurring
income assets. Our ability to
develop a range of asset classes
36
In Conversation with
the Group CEO
allows us to deliver complex, larger-
scale or masterplanned projects. In
many of these mixed-use projects,
residential development is an
integral part. Whilst we are mindful of
the inherent lumpiness, residential
development is, and will continue
to be, an important part of our
business. We have always adopted a
prudent approach. We focus on the
deeper parts of the market where
underlying demand is robust and
calibrate our residential pipeline in
tandem with market dynamics. This
approach has enabled us to sustain
a healthy level of unrecognised
pre-sold revenue totalling
$1.8 billion across our residential
markets as at 30 September 2021,
providing earnings and cashflow
visibility for the Group.
FOCUSED AND SCALABLE PLATFORMS SUPPORT PORTFOLIO RESILIENCE
Well-diversified across asset class and geography
$42.6 billion1 AUM across five asset classes
Retail
Industrial &
Logistics
Commercial &
Business Parks
Hospitality
Residential
Suburban malls at
transportation nodes
catering to essentials
Synergistic end-to-
end business space
solutions provider
Synergistic end-to-
end business space
solutions provider
Long-stay and
leisure lodging at key
locations
Delivering quality
homes
Locations
Australia, Singapore,
Thailand, Vietnam
Locations
Australia,
Continental Europe,
Thailand, UK, Vietnam
Locations
Australia, Singapore,
Thailand, UK, Vietnam
Locations
Multi-geography
Locations
Australia, China,
Singapore, Thailand,
UK, Vietnam
AUM1
$10.3 b
NLA
~322,500 sqm
Catchment2,3
~2.6 m
Renewals and
new leases
~37,700 sqm
Tenants’ sales
y-o-y growth3
12.3%
AUM1
$12.7 b
GFA
~6.7 m sqm
Land bank
~8.5 m sqm
Renewals and
new leases
~970,900 sqm
Facilities
delivered
~281,400 sqm
AUM1
$10.0 b
NLA
~1.2 m sqm
Tenants
~1,100
IN FY21
Renewals and
new leases
~148,600 sqm
Facilities
delivered
~32,000 sqm
AUM1
$4.9 b
Cities
70
Countries
21
Units in
operation4
~16,200
Units in the
pipeline4
~3,300
AUM1
$4.7 b
Homes built5
~120,000
Pipeline units
~19,000
Homes
settled
~5,600
Unrecognised
revenue6
$1.8 b
FCT
FLCT, FTREIT, GVREIT
FHT
1 Comprises property assets in which the Group has an interest, including assets held by its REITs, joint ventures and associates
2 Source: Cistri
3 Refers only to Singapore portfolio
4
5 Built to date
6
Includes the Group’s effective interest of joint operation, joint ventures, project development agreements and associates
Including properties under management
Contents
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37
Q
Can you elaborate on what you
mean by Frasers Property being
ever ready to capture suitable
growth opportunities as they arise?
A
Real estate requires a long-term
view and is cyclical in nature. We
will take advantage of opportunities
when they arise as we have the
right capabilities, right focus and
relevant scale, and these do not
happen overnight. Our focus on
building robust business platforms
allows us to be ever-ready to
benefit from positive market
dynamics and we see this as an
important competitive advantage.
A case-in-point is our industrial
and logistics platform. From the
time we extended our capabilities
into industrial and logistics in
2014, we have taken deliberate
steps to build our capability in this
sector into the scaled and multi-
geographic platform that it is today.
The same goes for our commercial
and business parks platform. We
reshaped and grew our portfolio
through a series of strategic
initiatives, most noteworthy of
which was our entry into the UK
business park sector in 2017.
COVID-19 accelerated many
structural trends that were taking
place even before the pandemic,
particularly, the secular shift
towards e-commerce and evolving
workplace expectations. As a
result of the years of effort we had
put into building our industrial
and logistics unit, as well as our
commercial and business parks
platform, we are well-positioned to
capitalise on the opportunities that
have emerged.
We have a healthy development
pipeline that will allow us to capture
opportunities, providing visibility
of delivering further growth of
our industrial and logistics, and
commercial and business parks
portfolio. Our ability to create value
through development, in addition to
acquiring, operating and recycling
capital well, is an important
differentiator for us.
In FY21, we completed around
313,000 sqm of industrial and
logistics projects, as well as
commercial and business park
development projects. Across the
Group, the development pipeline
to be delivered over the next two
financial years in these two asset
classes stand at approximately
663,000 sqm as at 30 September
2021. About half of that comprises
development projects being
undertaken in Australia and Europe
by Frasers Property Industrial, with
total gross development value of
around $751 million.
Q
Real estate is a capital-intensive
industry. How will Frasers Property
manage the funding requirements
of the business while maintaining
a sound balance sheet?
A
We have always been mindful of
the fact that we cannot maximise
the potential of our business
platforms without sufficient capital.
As such, capital management
has remained a high priority, and
we have a track record of taking
proactive actions to optimise our
capital structure. In FY21 alone, we
lowered the Group’s net debt over
total equity by 31.3 percentage
points to 73.7% as at 30 September
2021, down from 105.0% as at 30
September 2020. These numbers
reflect positions at specific points
in time, but importantly, prove
repeatedly our ability to maintain
our net gearing within our comfort
zone of between 80.0% to 100.0%
over time. This is a clear testament
of the effectiveness of our active
capital management.
One of our key initiatives in FY21
was Frasers Property’s first equity
fund raising via a rights issue. We
raised net proceeds amounting
to $1.16 billion from the rights
issue completion in April 2021.
The proceeds will allow us to fund
our development pipeline that
will give us increased exposure
to industrial and logistics, as well
as commercial and business park
assets. Furthermore, the rights issue
proceeds enhanced the Group’s
financial agility and resilience. As at
30 September 2021, approximately
$171 million of these proceeds have
been utilised.
Tapping into the increasing
appetite for green or sustainable
financing in the credit market and
among financial institutions, we
continued to expand our green
or sustainable financing portfolio.
Beyond diversifying our funding
sources, green or sustainable
financing is aligned with our
sustainability strategy. We have
set a target to finance the majority
of the Group’s new sustainable
asset portfolio with green or
sustainable financing by 2024. In
FY21, approximately $1.9 billion of
green or sustainable financing was
raised across the Group, including
the recent issuance of the $300
million sustainable notes1 due
October 2028 by Frasers Property
Australia in September 2021, as
well as the A$300 million five-year
syndicated sustainability linked loan
in April 2021. To date, the Group
has raised over $6 billion of green
and sustainability linked loans and
bonds since its first green loan in
September 2018.
1
Inaugural issuance under the A$2 billion multicurrency debt issuance programme established in February 2020
38
In Conversation with
the Group CEO
In addition to actively managing
our funding, our REITs platform is
another key element in the Group’s
capital management framework.
Over the course of FY21, we
continued to recycle capital through
our REITs platform, with a total
of approximately $382 million of
industrial and logistics properties
acquired by Frasers Logistics &
Commercial Trust (FLCT) and Frasers
Property Thailand Industrial Freehold
& Leasehold REIT (FTREIT). This is
in addition to Frasers Centrepoint
Trust’s (FCT) completion of its
acquisition of Frasers Property’s
63.1% stake in AsiaRetail Fund
Limited (ARF) for approximately
$1.1 billion1 in October 2020. As the
Group’s REITs platform strengthens,
it enhances flexibility to drive growth
of assets under management and
returns levels for our Group. In the
recent months, FLCT received an
investment-grade rating from S&P
and was included as a constituent in
the Straits Times Index, elevating its
profile and appeal among investors.
In fact, both FCT and FLCT are now
amongst the top 10 largest S-REITs.
Meanwhile, following its acquisition
of the ARF portfolio, FCT has been
working on reconstituting its portfolio
to optimise composition and returns.
Q
The Group recorded attributable
profit of $833.1 million in FY21, up
significantly from $188.1 million
the previous financial year. What
were the factors behind the Group’s
financial performance in FY21?
A
With sector tailwinds in recent
months, the industrial business
continues to be a bright spot and
contributed strongly to the Group’s
financial performance in FY21,
which helped to partially offset lower
residential and hospitality results.
The Group’s industrial business
delivered improved earnings on
the back of an enlarged portfolio.
In addition, as part of the Group’s
strategic initiatives to grow its
industrial and logistics asset base,
a portfolio of industrial properties
in Australia and Europe has been
transferred from properties held
for sale to investment properties.
Arising from this transfer, a one-time
accounting gain on the change in
use, being the difference between
the fair value at the date of transfer
and its previous carrying amount, was
recognised. Excluding this one-time
non-cash gain on the change in use,
FY21 attributable profit would be
$582 million.
In line with the inherent lumpiness of
residential development, residential
development contributions declined
on the back of a lower level of
settlements in China, Thailand and
the UK. Meanwhile, Australia has
been experiencing a housing boom
resulting from positive government
stimulus and achieved a higher
level of settlements, which helped
to partially offset lower residential
development contributions from the
Group’s other markets.
Proactive steps to manage gearing as part of active
capital management
Prompt reduction
1
2
3
99.3%
97.6%
105.0%
73.7%
As at
30 Sep 20
As at
31 Dec 20
As at
30 Mar 21
As at
30 Sep 21
1
2
3
Divestment of stake in ARF and FCT preferential offering
Enlarged equity from profits
FPL rights issue and FLCT private placement
1 As per Frasers Property’s announcement dated 3 September 2020
Contents
Overview
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Sustainability
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Financial &
Additional
Information
39
The pandemic continues to have a
significant impact on our hospitality
business, with the Group feeling the
full brunt of the pandemic over the
course of the entire financial year,
as compared to over nine months
in FY20. While there are signs of
recovery in occupancies and room
rates, particularly in markets with
domestic tourism, performance is
still well below pre-COVID-19 levels.
Income from our retail, commercial
and business parks remained
relatively stable overall, providing a
firm base for the Group’s financial
performance. Following the annual
valuation exercise of the Group’s
investment properties portfolio, we
recorded a higher net fair value
gain of $393 million compared to
$97 million in FY20. This was largely
attributable to the net appreciation of
the Group’s industrial properties on
the back of strong demand.
Q
There are many views as to how
the world will look when we have
fully transitioned to an endemic
COVID-19 environment. How
will you ensure Frasers Property
remains relevant and continues
being a positive contributor in an
ever-changing world?
A
Frasers Property and our business
platforms must keep evolving to
ensure we are always well-placed
to deliver value through business
cycles. As the world changes
rapidly, it is clear that while we strive
to be a returns-driven company,
we must first be purpose-led
because it is good for business,
society and the planet. That is why
we are committed to – Inspiring
experiences, creating places for
good. We have a responsibility and
can make a difference.
Our purpose is ‘why’ we are in
business and ‘why’ we do things the
way we do. Our purpose, culture
and values enable us to conduct
our business. Each day, we focus
on delivering inspiring experiences
for our people, customers, and
partners. We believe we ‘create
places for good’ in our workplaces,
negotiations, business interactions
and in the physical spaces we
create. It is important we always
deal fairly and ethically, while
encouraging innovative thinking
and creating opportunities for
people. Our purpose challenges us
to innovate and reinvent ourselves
as we continue building a more
resilient, future-ready business,
which is helping to deliver a more
sustainable, inclusive, and healthier
world for all.
Enhancing customer-centricity
with purpose and innovation, and
equipping our people with future-
ready skills, will allow us to prioritise
value creation and not only generate
solutions desired by our customers,
but also real estate-related solutions
that are relevant for the future.
On this front, we are proud that
Burwood Brickworks was formally
recognised as the world’s most
sustainable shopping centre in April
2021. The Living Building Challenge®
Petal Certification is widely regarded
as having the most rigorous
sustainability standards in real estate
globally, with seven performance
areas that are independently audited
for certification. This certification has
equal emphasis on both built and
operational requirements. Frasers
Property is well-placed to achieve
this certification given our inherent
strength as a developer-operator,
and we achieved success due to
the team’s innovative spirit and
commitment to our purpose.
In the 2021 Global Real Estate
Sustainability Benchmark (GRESB),
the Group achieved five global
and regional sector leadership
positions. The GRESB Sector
Leader Awards recognises
real estate and infrastructure
companies, funds and assets that
have demonstrated outstanding
leadership in sustainability each year.
These encouraging results reflect our
deep commitment towards achieving
our key sustainability goals, including
our targets to have climate-resilient
portfolio adaptation and mitigation
plans by 2024 and to achieve net-
zero carbon across the entire value
chain by 2050.
To date, our listed vehicles are the
only real estate entities on the SGX-
ST to make a commitment towards
tackling all three scopes of carbon
emissions. Not only will we monitor,
directly reduce and offset carbon
emissions from owned or controlled
sources, we are also examining
emissions generated indirectly as a
result of our business. We recognise
the need for responsible sourcing
and are working closely with external
parties, such as our tenants and
vendors to reduce our carbon
footprint across the value chain. The
strong shared desire of our people
to create a positive impact on our
business, people, society, and the
planet through our properties will
propel our journey towards meeting
this ambitious goal.
We keep sight of the future even
as we stay focused on our near-
term priorities. We want to ensure
we are evolving to have a business
model that is driven by a disciplined
‘investor mindset’. As we recover
from the crisis, we are focusing
on improving our returns and
evolving our people skill sets to
be aligned with strategy. With our
focus on building business and
financial resilience, and further
developing core capabilities
through innovation, digitalisation
and technology, as well as making
progress with environmental, social
and governance practices, Frasers
Property is laying the foundation for
a future-ready business. Our ongoing
evolution for future readiness
remains a priority for management
and the Board.
40
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) as well as
the IR Magazine Awards – South
East Asia. This year, Frasers Property
continued to receive recognition at
the IR Magazine Awards – Southeast
Asia 2021 in the Best Annual Report
(mid-cap) category. 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 virtual briefings,
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
concurrent in-person and virtual
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. In FY21, as necessitated by
the COVID-19 pandemic, we only
hosted virtual briefings of our half-
year and full-year results.
In addition to the quarterly briefings
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 signature annual
institutional investor conferences
in which all the listed entities
within the Frasers Property Group
participate, namely Frasers Day
Bangkok and Frasers Property
Group Dialogue, as well as externally
organised events such as one-
on-one and group meetings with
investors, non-deal roadshows and
investor conferences.
Over the course of the financial year,
we hosted a total of 164 research
analysts, institutional investors,
representatives from our principal
bankers and the media at our
organised events. In addition, we
participated in externally organised
non-deal roadshows and investor
conferences held virtually and
in Singapore and attended 102
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. It also features
an archive of all materials related
to Frasers Property’s quarterly
announcements, Frasers Property’s
fact sheets, webcasts of our
half-year and full-year results
presentations, and annual reports.
For enquiries on Frasers Property,
please contact:
Gerry Wong
Head, Group Investor Relations
Tel: (65) 6276 4882
Email: ir@frasersproperty.com
Contents
Overview
Organisational
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Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
41
FRASERS PROPERTY’S CLOSING PRICE AND TRADING VOLUME IN FY21
FPL SP Equity - Last Price
High on 24/11/20, 26/11/20,
27/11/20, 15/01/21
Average
Low on 30/10/20, 05/11/20,
06/11/20
1.13
1.29
1.18
1.09
FPL SP Equity - Last Volume
High on 14/05/21
Average
Low on 05/07/21
0.13M
71.3M
0.66M
0.01M
71.3M
1.3
1.2
1.1
1.0
80M
12M
8M
4M
0
Oct 20 Nov 20 Dec 20 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21
BROKERAGES
COVERING FRASERS
PROPERTY
(As at 30 September 2021)
• CGS-CIMB Research
• CLSA
• Credit Suisse
• DBS Bank
• JP Morgan
FY21 INVESTOR RELATIONS CALENDAR
October 2020
7
Virtual non-deal
roadshow with equity
investors
November 2020
11
Full-year FY20 virtual
results briefing
12
Post-results investor
meetings held virtually
Frasers Day Bangkok
December 2020
8
Frasers Property
Group Dialogue
January 2021
22
Annual General
Meeting
February 2021
8
First-quarter FY21
business updates
virtual briefing
March 2021
8
Media and analyst
briefing following
Frasers Property’s
renounceable rights
issue announcement
May 2021
12
Half-year FY21 virtual
results briefing
Post-results investor
meetings held virtually
August 2021
10
Third-quarter FY21
business updates
briefing
Post-business updates
investor meetings held
virtually
25
CITI-REITAS conference
26, 30, 31
Virtual non-deal
roadshow with credit
investors
42
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 multinational businesses
which operate across five asset
classes — residential, hospitality,
retail, commercial and business
parks, industrial and logistics
properties, together with the asset
management of two REITs and a
stapled trust listed on the SGX-ST —
generate cash flows for the Group.
The 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 liquidity to finance
our operations and investment
requirements, we maintain banking
facilities with a substantial number
of banks globally.
As at 30 September 2021, our net
debt-to-equity ratio had decreased
from 105.0% to 73.7% mainly
due to the divestment of stake
in AsiaRetail Fund and Frasers
Centrepoint Trust’s preferential
offering; enlarged equity from
profits; Frasers Property’s rights
issue and Frasers Logistics
& Commercial Trust’s private
placement.
SOURCE OF FUNDING
Besides the net cash flows 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 2021,
the Group had over $3.0 billion of
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., Industrial and
Commercial Bank of China, Malayan
Banking Berhad, Mizuho Bank,
Limited, Oversea-Chinese Banking
Corporation Limited, 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 AND SUSTAINABLE
FINANCING
In FY21, we secured nine green
and sustainability-linked loans
totalling approximately $1.4 billion
and issued two sustainability
bonds totalling $450.0 million. This
included our maiden sustainable
notes amounting to $150.0 million
issued by Frasers Logistics &
Commercial Trust under a newly
established Sustainable Finance
Framework. It was the first-ever
sustainability notes to be priced in
the Singapore-dollar bond market.
In Australia, the latest sustainable
bond issuance totalling $300.0
million has raised Frasers Property
Australia’s corporate funding in
the form of green and sustainable
finance to 51%. In addition, our
retail REIT, Frasers Centrepoint
Trust secured its maiden green
loan of $589.0 million to refinance
Waterway Point based on the Green
Loan Principles.
To date, the Group, including
its subsidiaries and associated
entities, has secured 22 green and
sustainability-linked loans and issued
two sustainability bonds totalling about
$6.0 billion, which is approximately
38.1%1 of our net borrowings.
DEBT CAPITAL MARKETS
We have various medium-term
note (MTN) programmes in place
to tap the debt capital market.
Frasers Property Treasury has a
$3.0 billion MTN programme
(issued: $480.0 million) and a
$5.0 billion Euro medium-term note
(EMTN) programme (issued:
$1.8 billion).
Frasers Property Australia issued its
maiden $300.0 million sustainability-
linked notes in September 2021
from its A$2.0 billion EMTN
programme.
Among our Thailand subsidiaries,
Frasers Property Holdings (Thailand)
Co. Ltd. has a THB25.0 billion
debenture programme (issued:
THB9.0 billion); Frasers Property
Thailand has a THB50.0 billion
debenture programme (issued:
THB31.3 billion), and Golden
Land Property Development Plc
has a THB13.0 billion debenture
programme (issued: THB9.5 billion).
In FY21, Frasers Property Thailand
tapped the bond market in Thailand
with the issuance of THB7.8 billion
debentures with tenors ranging from
three years to five years.
Our sponsored REITs and our
stapled trust have their respective
MTN programmes. Frasers
Centrepoint Trust has a $1.0 billion
MTN (issued: $100.0 million) and
$3.0 billion EMTN (issued: $200.0
million); Frasers Commercial Trust
has a $1.0 billion MTN (issued:
$21.0 million); Frasers Logistics &
Commercial Trust has a $1.0 billion
EMTN (issued: $150.0 million), and
Frasers Hospitality Trust has a $1.0
billion EMTN (issued: $240.0 million).
In July 2021 , Frasers Logistics
& Commercial Trust issued its
maiden $150.0 million seven-year
sustainability-linked notes due 2028
with a 2.18% fixed rate coupon.
1
Includes debt related to Frasers Tower, Northpoint City South Wing, Waterway Point and The Grove project, which are not included in the
consolidated financial statements. Total gross debt in the consolidated financial statements is $17.3 billion
Contents
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43
Maturity Profile $’m
4,849
4,209
3,210
3,207
3,012
2,395
1,911
1,541
1,687
1,318
1,086
821
FY 2022
FY2023
FY 2024
FY 2025
FY 2026
> FY 2026
Including REITs / Stapled Trust
Total: $17,283m
Excluding REITs / Stapled Trust
Total: $11,963m
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, 75.4% 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 2.4 years as at 30 September
2021. The floating rate loan portfolio
provides 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 (such as 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 2021 are disclosed in
the financial statements in Note 22.
currency derivatives (such as cross-
currency swaps) to manage these
foreign exchange risks.
GEARING AND INTEREST COVER
RATIOS
We aim to keep our net debt-to-
equity ratio between 80.0% and
100.0% in the medium term. As
at 30 September 2021, this ratio
was lower, at 73.7%. Net interest
expense for the year amounted to
$376.6 million, excluding
$62.6 million that was capitalised
as cost of development properties
held for sale and $6.3 million
that was capitalised as cost of
investment properties under
construction. The net interest²
cover³ ratio was at four times, as at
30 September 2021.
FOREIGN EXCHANGE RISKS AND
DERIVATIVES
We have exposure to foreign exchange
risks arising from 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
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 the 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
2021 are disclosed in the financial
statements in Note 22.
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
44
Awards and
Accolades
Frasers Property Singapore
Marketing Interactive Magazine
Loyalty & Engagement Awards:
Best Loyalty Programme –
Lifestyle Launch/ Relaunch
Frasers Property
Residential
BCA Awards – Green Mark GoldPLUS
Parc Greenwich
Edgeprop Singapore Excellence
Awards 2020 –
Landscape Excellence
Mixed Used Development Excellence
Top Development Excellence
North Park Residences
Workplace Safety and Health
Awards 2021 and bizSAFE Awards
2021 – Safety and Health Awards
Recognition For Projects (SHARP)
Riviere
Retail and Commercial
ACES Awards 2021 – Community
Initiative Award - Sustainability
Frasers Property Retail
BCA Awards – Green Mark Gold
• 51 Cuppage Road
• Bedok Point
• Northpoint City North Wing
• Valley Point
BCA Awards – Green Mark GoldPLUS
• Changi City Point
• Cross Street Exchange
• Northpoint City South Wing
• Tampines 1
• Waterway Point
BCA Awards – Green Mark Platinum
• Alexandra Point
• Causeway Point
• Century Square
• Eastpoint Mall
• Frasers Tower
• Tiong Bahru Plaza & Central Plaza
• White Sands
bizSAFE Level Star Certification
by Workplace Safety and Health
Council
• 51 Cuppage Road
• Bedok Point
• Causeway Point
• Changi City Point
• Cross Street Exchange
• Eastpoint Mall
• Frasers Property Retail Management
• Northpoint City
• Robertson Walk
• The Centrepoint
• Valley Point
• Waterway Point
Eco Office – Elite
• 51 Cuppage Road
• Frasers Tower
• Alexandra Point
• Valley Point
Eco Office – Professional
• Alexandra Technopark
• Cross Street Exchange
Energy Management System ISO
50001: 2018
Environmental Management System
ISO 14001: 2015
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• Causeway Point
• Century Square
• Cross Street Exchange
• Eastpoint Mall
• Frasers Tower
• Hougang Mall
• Northpoint City North & South Wing
• Robertson Walk
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza & Central Plaza
• Valley Point
• Waterway Point
• White Sands
FIABCI World Prix D’Excellence
Awards 2020 – Retail Category,
World Silver Winner
Waterway Point
Green DNA Award by Singapore
Environment Council
• 51 Cuppage Road
• Alexandra Technopark
• Cross Street Exchange
• Frasers Tower
• Valley Point
GRESB –
5 Star Rating
Asia - Diversified - Office / Retail
Regional Sector Lead
Frasers Property Singapore
GRESB –
5 Star Rating
Asia - Retail - Retail Centers:
Shopping Center, Listed
Frasers Centrepoint Trust
Occupation Health & Safety
Management System ISO 45001: 2018
• Bedok Point
• Causeway Point
• Century Square
• Changi City Point
• Eastpoint Mall
• Frasers Property Retail Management
• Hougang Mall
• Northpoint City North & South Wing
• Robertson Walk
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza & Central Plaza
• Waterway Point
• White Sands
PropertyGuru Asia Property Awards–
Best Smart Building Development
Best Green Office Development
Frasers Tower
PUB Water Efficient Building
• 51 Cuppage Road
• Alexandra Point
• Causeway Point
• Century Square
• Cross Street Exchange
• Eastpoint Mall
• Frasers Tower
• Northpoint City North Wing
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza & Central Plaza
• Valley Point
• Waterway Point
• White Sands
SG Clean Award
• Bedok Point
• Causeway Point
• Century Square
• Changi City Point
• Eastpoint Mall
• Hougang Mall
• Northpoint City North & South Wing
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza
• Waterway Point
• White Sands
Frasers Property Australia &
Frasers Property Industrial
UDIA QLD Diversity Awards 2020 –
Diversity in Development
Human Synergistics Australia
Culture Awards 2021 –
Culture Sustainability
Contents
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45
Frasers Property Australia
SAP Best Run Awards 2020 –
Industry Disruptor
Frasers Property Australia
Sydney Design Awards 2021 –
Marketing, Branded Experience –
Silver
Frasers Property Australia
GRESB –
5 Star Rating
Non-Listed Diversified Developer &
Non-listed Diversified Office / Retail
category in Australia
Residential
Annual REA Excellence Awards 2020 –
Land Campaign of the year QLD & NT
Minnippi Quarter
Australian Institute of Horticulture
(AIH) Awards 2020 – Green Space
(Urban)
Burwood Brickworks Shopping Centre
Good Design Awards 2020 –
Architectural Design – Urban Design
and Public Spaces
Burwood Brickworks Shopping Centre
Master Builders Association of NSW
Excellence in Construction Awards
2020 – Best New Retail Project over
$20 million
Eastern Creek Quarter
Master Builders Association of
NSW Excellence in Construction
Awards 2020 – Retail Buildings: New
buildings up to $20 million
The Waterfront, Shell Cove Retail
Australian Institute of Landscape
Architects NSW Awards 2021 –
Urban Design
Putney Hill
Master Builders Association of VIC
Excellence in Construction Awards
2020 – Best Sustainable Project
Burwood Brickworks Shopping Centre
International Architecture Awards
2020 – Multi-Family Housing
Wonderland, Central Park
Premier’s Sustainability Awards
2020 – Built Environment
Burwood Brickworks Shopping Centre
Logan Urban Design Awards 2020 –
Landscape Architecture & Urban
Infrastructure Award
Discovery Park, Brookhaven
Property Council of Australia RLB
Innovation & Excellence Awards 2021
– State Development of the Year
Burwood Brickworks Shopping Centre
Master Builders Association of
NSW Excellence in Construction
Awards 2020 – Excellence in Energy
Efficiency
Eastern Creek Quarter
National Landscape Architecture
Awards 2020 – Award of Excellence
for Urban Design
Central Park Public Domain
Sydney Design Awards – Urban
Design – Gold
• Central Park Sydney
• Kensington Street Spice Alley,
Central Park
UDIA NSW Crown Group Awards
for Excellence 2020 – Excellence in
Mixed-Use Development
Wonderland, Central Park
Retail
Australian Engineering Excellence
Awards 2020 – Winner – Victoria
Burwood Brickworks Shopping Centre
Sustainable Building Awards 2020 –
Best of the Best Commercial
Architecture (Large)
Burwood Brickworks Shopping Centre
Sustainable Building Awards 2020 –
Commercial Architecture (Small)
acre Farm & Eatery, Burwood
Brickworks Shopping Centre
The Urban Developer Awards 2020 –
Development of the Year Retail
Excellence in Sustainability
Burwood Brickworks Shopping Centre
UDIA NSW Crown Group Awards
for Excellence 2020 – Excellence in
Retail Development
Eastern Creek Quarter
Urban Taskforce Developer
Excellence Awards 2020 – Retail
Development of the Year
Burwood Brickworks Shopping Centre
Frasers Property Industrial
GRESB –
5 Star Rating
Diversified - Office / Industrial Global
Non-Listed Sector Lead
Global Developer Residential
(including industrial, commercial, and
retail assets) Sector Lead
Frasers Property Industrial
Master Builders Association of VIC
Excellence in Construction Awards
2020 – Excellence in Construction of
Industrial Buildings
Frasers Property Spec Facility, Truganina
Master Builders Association of VIC
Excellence in Construction Awards
2020 – Excellence in Construction
Maker Place, Wyndham Industrial
Estate
Frasers Hospitality
Business Traveller Awards UK – Best
Serviced Apartment Company 2020
Frasers Hospitality
Relocate Awards 2021 – Best
Serviced Apartment Provider-
Regional/ Global
Frasers Hospitality
World Travel Awards –
England’s Leading Serviced
Apartment Brand 2020
Indonesia’s Leading Serviced
Apartment Brand 2020
World’s Leading Serviced Apartment
Brand 2020
Frasers Hospitality
101 Best Hotels in Germany by
Handelsblatt, ahgz, IUBH and CKR
Hospitality Consulting
Fraser Suites Hamburg
Agoda’s 2021 Customer Review
Award by Agoda.com
Fraser Suites Diplomatic Area, Bahrain
Golden Horse Awards 2021 – Best
Luxury Serviced Apartment of China
Fraser Place Tianjin
Green Tourism Awards – Bronze
• Fraser Place Canary Wharf, London
• Fraser Suites Glasgow
• Fraser Suites Queens Gate, London
• Park International London
Green Tourism Awards – Silver
Fraser Suites Edinburgh
46
Awards and
Accolades
LIV Hospitality Design Awards –
Winner of Interior Design – Living
Space
Fraser Suites Hamburg
Traveller’s Choice 2021 by Trip
Advisor
• Capri by Fraser, Barcelona / Spain
• Capri by Fraser, Brisbane / Australia
• Capri by Fraser, Berlin / Germany
• Capri by Fraser, China Square /
Singapore
• Capri by Fraser, Frankfurt / Germany
• Capri by Fraser, Johor Bahru /
Malaysia
• Fraser Place Anthill, Istanbul
• Fraser Place Setiabudi, Jakarta
• Fraser Place Puteri Harbour
• Fraser Residence Menteng, Jakarta
• Fraser Residence Nankai, Osaka
• Fraser Residence Sudirman, Jakarta
• Fraser Suites Abuja
• Fraser Suites Dalian
• Fraser Suites Diplomatic Area,
Bahrain
• Fraser Suites Doha
• Fraser Suites Dubai
• Fraser Suites Edinburgh
• Fraser Suites Sukhumvit, Bangkok
• Fraser Suites Geneva
• Fraser Suites Glasgow
• Fraser Suites Guangzhou
• Fraser Suites Hamburg
• Fraser Suites Harmonie, Paris La
Defense
• Fraser Suites Muscat
• Fraser Suites Queens Gate, London
• Fraser Suites Riyadh
• Fraser Suites Seef, Bahrain
• Modena by Fraser Bangkok
• Modena by Fraser Buriram
• Modena by Fraser Changsha
• Modena by Fraser Zhuankou Wuhan
World Luxury Hotel Awards – Luxury
City Serviced Apartments
Fraser Suites Geneva
World Luxury Hotel Awards – Luxury
Serviced Apartments
Fraser Suites Muscat
World Luxury Hotel of the Year 2021
by Global 100
Fraser Suites Abuja
World Luxury Serviced Apartments
of the Year 2021 by Global 100
Fraser Suites Hanoi
World Travel Awards – Bahrain’s
Leading Serviced Apartments 2020
Fraser Suites Diplomatic Area, Bahrain
World Travel Awards –
Dubai’s Leading Serviced
Apartments 2020
United Arab Emirates’s Leading
Serviced Apartments 2020
Fraser Suites Dubai
World Travel Awards – England’s
Leading Serviced Apartments 2020
Fraser Suites Kensington, London
World Travel Awards – Europe’s
Leading New Boutique Hotel 2020
Malmaison Edinburgh City
World Travel Awards – France’s
Leading Serviced Apartments 2020
Fraser Suites Le Claridge Champs-
Élysées, Paris
World Travel Awards – Germany’s
Leading Hotel Residences 2020
Capri by Fraser, Berlin / Germany
World Travel Awards – Germany’s
Leading Serviced Apartments 2020
Fraser Suites Hamburg
World Travel Awards – Indonesia’s
Leading Serviced Apartments 2020
Fraser Place Setiabudi, Jakarta
World Travel Awards – Nigeria’s
Leading Serviced Apartments 2020
Fraser Suites Abuja
World Travel Awards – Oman’s
Leading Serviced Apartments 2020
Fraser Suites Muscat
World Travel Awards – Scotland’s
Leading Serviced Apartments 2020
Fraser Suites Edinburgh
World Travel Awards – Singapore’s
Leading Hotel Residences 2020
Capri by Fraser, Changi City /
Singapore
World Travel Awards – South Korea’s
Leading Serviced Apartments 2020
Fraser Place Central Seoul
World Travel Awards – Qatar’s
Leading Serviced Apartments 2020
Fraser Suites Doha
World Travel Awards – World’s
Leading Serviced Apartments 2020
Fraser Residence Orchard, Singapore
Frost & Sullivan’s Thailand
Integrated Warehouse Developer
Company of the Year Award 2021
Frasers Property Industrial Thailand
Thailand Sustainability
Investment 2021
Frasers Property Thailand
GRESB –
‘A’ Rating for Public Disclosure
Green Star for Standing Investments
and Development Projects
Frasers Property Thailand
Commercial
ASEAN Energy Awards 2021 by the
ASEAN Centre for Energy – Energy
Efficiency and Conservation for New
and Existing Building
Samyan Mitrtown
Asia Pacific Property Awards by
International Property Media –
Winner, Mixed-use Development
Thailand, 2020-2021
Samyan Mitrtown
Thailand Energy Awards 2021 by
the Department of Alternative
Energy Development and Efficiency,
Ministry of Energy – Energy
Conservation Creative Building for
New and Existing Building
Samyan Mitrtown
Frasers Property Vietnam
Asia Responsible Enterprise Awards –
Green Leadership Investment
in People
Frasers Property Vietnam
The Real Estate Asia Awards 2021 –
Mixed-Use Development of the Year
and Office Development of the Year,
Vietnam
Frasers Property Vietnam
Commercial
BCA Awards – Green Mark Platinum
Melinh Point
International Property Awards
– Best Commercial Renovation /
Redevelopment Asia Pacific
Melinh Point
Frasers Property Thailand
Frasers Property China
Frost & Sullivan’s Thailand Property
Development Competitive Strategy &
Innovation Leadership Award 2021
Frasers Property Thailand
Commercial
Outstanding Business & Tenants
Management Award 2021
Chengdu Logistic Hub
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
47
Enterprise-Wide
Risk Management
Enterprise-wide risk management
(ERM) is an essential part of the
Group’s business strategy. We
maintain a risk management system
to proactively manage risks at the
strategic, tactical and operational
levels 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.
The 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 our
business objectives. It is assisted
by the Risk Management and
Sustainability Committee (RMSC),
which comprises members of
the Board who meet quarterly
to review material risk issues
and the mitigating strategies for
such risks, including personal
data protection and sustainability
practices. The RMSC oversees
our ERM framework, determines
the risk appetite and risk strategy,
assesses our risk profile, material
risks, practices and risk control
measures, ensures the adequacy
and effectiveness of our risk
management policies and
procedures, as well as oversees
matters in relation to personal
data protection and sustainability
practices. Material risk issues are
reported to the RMSC for review.
The RMSC, 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 to achieve 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 the 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 RMSC.
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 and 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 and departments,
who consistently review risks and
ensure the control measures are
effective. They are responsible for
the development, implementation
and practice of ERM within their
business units and departments.
Emerging risks that have a material
impact on the business units
or departments 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 RMSC 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,
information technology and
sustainability risks.
An ERM validation is held at
management level annually. At
this annual ERM validation, the
heads of business units and
departments deliberate on key risks
and the corresponding mitigating
strategies for their business units
and departments in response to
emerging risks and opportunities.
They also provide assurance to
the Group Chief Executive Officer
and key management personnel
that their business units’ and
departments’ 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
2021 were reported and presented
to the RMSC 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 and department
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 for unexpected crisis.
Proactive measures, such as the
COVID-19 Response Framework
and pandemic response plans,
48
Enterprise-Wide
Risk Management
are activated to manage and
monitor the developments relating
to the impact of the COVID-19
pandemic. These include adapting
our business continuity plans and
measures appropriately to minimise
any operational disruptions and
to ensure the well-being of our
stakeholders.
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, the scope of the comfort matrix
that business units and departments
use to document their internal
control process in managing tactical
risk was expanded to include
factors relating to sustainability,
for a wider coverage. Risk
management e-learning modules
were also developed to enhance
risk awareness and capability,
especially for new employees. For
this financial year, as part of the
Business Continuity Management
Roadmap, we enhanced our
business continuity management
capability by rolling out a corporate
business continuity management
programme for Frasers Property
China and Frasers Centrepoint Asset
Management. We will continue to
extend this programme to other
business units in the coming
years. The business continuity
effort is overseen by our Business
Continuity Management Committee,
comprising the 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:
Business disruption and
pandemic risk
Business disruptions arising from
the COVID-19 pandemic have
brought about widespread impact to
the real estate industry, particularly
in the property development,
retail, office and hospitality
sectors. We proactively monitor
developments relating to the
impact of the COVID-19 pandemic,
and respond through established
crisis management and business
continuity plans and the adoption of
country-specific disease prevention
and containment regulations.
These measures help us minimise
disruption and ensure the safety of
our employees, tenants, guests and
customers.
Country risks
With diversified international
operations and investments,
we are exposed to risks from
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 and affect our ability to sell
residential development stock
and to 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
investment 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 local contacts.
We also review expert opinions
and market indicators, keep
abreast of economic, political and
regulatory changes as well as step
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
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49
up the crisis preparedness of our
properties. Emphasis is also placed
on regulatory compliance in our
operations.
Financial risk
With global operations, we 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
obligations are fulfilled. More details
can be found in Treasury Highlights
on pages 42 to 43 and the Notes to
the Financial Statements on pages
235 to 350.
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 the 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.
More details can be found in the
Sustainability Report on pages 100
to 175.
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 our
employees on business practices,
standards and conduct expected
while in their employment with
us. A Whistle-blowing Policy is
also 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 176 to 212.
Technology risk
Frasers Property builds digital
capabilities and invests in new
technologies to ensure our
business is future-ready, including
embracing cloud technology in
order to provide a higher level
of business agility, scalability
and cost competitiveness. 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
and cybersecurity risks. Group-
wide policies, standards and
procedures were established to
govern the confidentiality, integrity
and availability of business data and
information technology systems.
The Group has invested in and
implemented technology security
solutions to manage exposures
to risks such as cyber-attacks,
phishing and malicious software,
including ransomware. Incident
Management Procedures and
Disaster Recovery Plans have been
established to respond to risks and
to ensure recovery from any breach
of security. We conduct security
training to institute employees’
awareness of evolving technology
threats. External security services
providers are also periodically
engaged to conduct threat and
cyber-security vulnerability
assessments and consulted on
for proactive technology risk
management.
Environmental, health &
safety risks
We place importance in managing
environmental, health and safety
(EHS) risks in our international
operations. We have put in place
a Corporate Social Responsibility
Policy and an EHS Policy, as well as
EHS management systems in key
operation areas to manage these
risks. We have achieved ISO 45001
(Occupational Health & Safety)
and ISO 14001 (Environment)
certification, or equivalent, for our
key operations. The Singapore
Retail Mall Management and Office
Building Management have been
certified ISO50001 (Energy), on top
of ISO 14001 and ISO 45001. Our
hospitality business unit, Frasers
Hospitality, is planning to expand
its bizSAFE certification to cover
the 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
and 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
assessments on its asset portfolio
based on various climate scenarios
(Below 2OC - RCP2.6 and Below
4OC - RCP8.5) and establishing
mitigation plans to address climate
risks. We noted that transition risks
(such as carbon pricing) were
prominent in the 1.5-2OC scenario,
while physical risks (such as floods
and higher temperatures) were
prominent in the 4OC scenario. We
set targets in reducing greenhouse
gas emission, energy usage and
water consumption within our asset
portfolio. More details can be found
in the Sustainability Report on
pages 100 to 175.
50
Business
Review
SINGAPORE
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Corporate
Governance
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51
Faced with evolving challenges, our Singapore business
remained agile, resilient and firmly committed to supporting
our staff, tenants and other stakeholders at our properties.
Frasers Property Singapore
comprises Frasers Property
Retail – a retail-focused platform
that oversees SGX-ST-listed
Frasers Centrepoint Trust – as well
as commercial and residential
businesses.
In FY21, the steady roll-out of
Singapore’s COVID-19 vaccination
programme and the re-opening
of the economy provided some
recovery for businesses. However,
the year was still challenging due
to the various changes in COVID-19
related restrictions and the uneven
recovery in the labour market. Faced
with this evolving situation, we
remained committed to supporting
our tenants and safeguarding the
health of our staff, tenants and other
stakeholders at our properties while
strengthening our resilience to
stay agile.
FINANCIAL PERFORMANCE
For the year in review, Frasers
Property Singapore delivered a
revenue of $702.3 million and profit
before interest, fair value change,
taxation and exceptional items
(PBIT) of $270.7 million, which were
15.2% higher and 13.4% lower,
respectively, than the previous year.
The improved revenue was mainly
attributable to higher progressive
recognition of residential revenue
and a lower level of rebates
extended to tenants under our
Tenant Assistance Package.
The lower PBIT was due to the
absence of Frasers Commercial
Trust’s contributions following the
formation of Frasers Logistics &
Commercial Trust in April 2020, the
dilution of interest in Northpoint
City (South Wing) in July 2020, and
a provision for a residential project.
We continued to offer the Tenant
Assistance Package in FY21 to
alleviate our retail and commercial
tenants’ cashflow challenges
caused by the COVID-19 pandemic.
We voluntarily granted rental
rebates to targeted businesses
that were severely impacted by the
COVID-19 situation, even during the
Phase 2 (Heightened Alert) periods,
ahead of the announcement
of the mandated Rental Waiver
Framework by the Singapore
government in September 2021.
RETAIL
Frasers Property Retail is 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 $8.7 billion, as
at 30 September 2021.
In FY21, Frasers Property Retail
recorded a 15.1% increase in
PBIT to $310.3 million, due to
lower rental rebates and higher
acquisition and divestment fees,
which were offset by the full-year
effect of our dilution of interest in
Northpoint City (South Wing). We
also completed the divestment of
our 63.1% stake in AsiaRetail Fund
to Frasers Centrepoint Trust on 27
October 2020. This enabled us to
recycle capital while expanding
Frasers Centrepoint Trust’s portfolio
significantly, which in turn, grew our
fee income. The retail portfolio’s
committed occupancy continued to
be strong at 94.9%.
Operations
Notwithstanding the evolving
challenges, Frasers Property Retail
continued to chart a path towards
creating inspiring and positive
retail experiences. The restrictions
imposed by the Singapore
government throughout the year to
address new COVID-19 variants and
waves of community transmission
meant that businesses had to move
and adjust swiftly between periods
of heightened alert and relaxed
measures.
52
Business
Review
SINGAPORE
We remained focused on building
our integrated retail management
platform that manages the Group’s
retail malls in Singapore as well
as assets in Singapore held under
Frasers Centrepoint Trust. We
leveraged the scale of our portfolio
to strengthen our competitive
position in the retail industry
by forging new connections
and partnerships with other
service providers within the retail
ecosystem. We further enhanced
the omnichannel retail experience
for both tenants and shoppers by
introducing new features in our
cashless payment platform, loyalty
programme, rewards catalogue
and online delivery service. These
have enabled us to capture new
opportunities that have arisen from
the shifting consumer preferences
amid the pandemic.
Expanding on our frictionless
retail experience, we launched the
Frasers eStore in January 2021 to
provide an additional seamless
store-to-door service for customers
and tenants. A web-based version
of the Frasers eStore was rolled out
in August 2021. These platforms,
together with our digital food and
beverage concierge Frasers Makan
Master, are expected to increase
operational agility for our tenants.
Retail Properties
Properties
Bedok Point
Northpoint City South Wing
The Centrepoint
Robertson Walk
Malaysia
Setapak Central
Total Retail
Frasers eStore App
Since last year, we adopted
stringent health and safety
processes. In April 2021, we
started a tech-enabled sanitisation
approach to create safe spaces
for our community, which included
installing internet-of-things sensors
and devices, such as feedback
panels and sensors within toilets,
that provide real-time data to
optimise cleaning operations and
streamline workflow processes and
manpower needs.
In our ongoing commitment
towards sustainability, Frasers
Centrepoint Trust signed a
letter of intent along with six
other building owners to form a
distributed district cooling network
in a brownfield development. The
project by Temasek and SP Group
is a concerted effort to transform
Tampines into an eco-town by
2025. Two of our retail malls,
Century Square and Tampines 1,
are designated injection nodes
of chilled water to the distributed
district cooling network. According
to a white paper1 published by SP
Group and Temasek,, this network is
expected to see a combined 17.0%
reduction in energy consumption, an
18.0% decrease in carbon emissions
and $4.3 million in annualised
monetary benefits from energy
savings, maintenance costs and
potential earnings for the buildings.
Effective
interest
as at
30 Sep 21
(%)
100.0
50.0
100.0
100.0
100.0
Book value
as at
30 Sep 21
($'m)
Net
lettable
area
('000 sqm)1
Occupancy
FY21 (%)2
FY20 (%)3
108.0
1,100.04
593.0
138.0
105.0
2,044.0
7.7
27.8
33.1
8.9
47.6
125.1
85.1
96.0
88.8
73.3
92.0
89.7
86.6
68.4
94.7
96.5
1 Net lettable area includes area currently used as Community Sports Facilities Scheme (CSFS) space
2 Committed occupancy as at 30 September 2021
3 Physical occupancy as at 30 September 2020, except for The Centrepoint that showed committed occupancy
4 Refers to 100.0% of Northpoint City South Wing’s valuation, of which Frasers Property Retail owns 50.0% through North Gem Trust
1 Taking The Heat Off Cooling: A Greener Way to Cool” published by SP Group and Temasek
Contents
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Sustainability
Report
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Governance
Financial &
Additional
Information
53
FRASERS CENTREPOINT TRUST
Frasers Centrepoint Trust delivered
gross revenue of $341.1 million
and net property income of
$246.6 milion in FY21, a year-
on-year increase of 107.5% and
122.4%, respectively. The financial
performance was boosted by
the enlarged portfolio after the
acquisition of the remaining 63.1%
stake in AsiaRetail Fund and lower
rental rebates granted to tenants,
partially offset by the loss of
contributions from the properties
divested during the year. Frasers
Centrepoint Trust’s retail portfolio
committed occupancy improved
0.9 percentage-point to 97.3%.
As at 30 September 2021, total
appraised value of Frasers
Centrepoint Trust’s investment
properties stood at $5,506.5 million,
registering an increase of $2,649.0
million compared to last year.
The increase was mainly due to
the inclusion of Century Square,
Hougang Mall, Tampines 1, Tiong
Bahru Plaza, White Sands and
Central Plaza, after the acquisition
of the remaining stake in AsiaRetail
Fund, which was partially offset
by the divestment of Bedok Point,
Anchorpoint and YewTee Point
during the year.
Frasers Centrepoint Trust’s financial
position remains healthy with a
gearing level of 33.3% and year-to-
date interest coverage ratio of
5.1 times, as at 30 September 2021.
Northpoint City, Singapore
REIT (Frasers Centrepoint Trust)
Properties
Causeway Point
Central Plaza (Office Building)
Century Square
Changi City Point
Hougang Mall
Northpoint City North Wing4
Tampines 1
Tiong Bahru Plaza
Waterway Point
White Sands
Total
Effective
interest
as at
30 Sep 21
(%)
Book value
as at
30 Sep 21
($'m)
Net
lettable
area
('000 sqm)1
Occupancy
FY21 (%)2
FY20 (%)3
41.1
41.1
41.1
41.1
41.1
41.1
41.1
41.1
16.4
41.1
1,312.0
215.0
574.0
325.0
432.0
804.5
762.0
654.0
1,300.05
428.0
6,806.5
39.0
16.0
19.6
19.3
15.4
22.3
24.9
19.9
36.2
14.0
226.6
98.6
91.8
91.8
94.7
97.8
100.0
97.1
98.3
98.4
95.4
96.6
89.8
94.0
90.4
95.5
95.0
88.3
97.0
96.0
97.4
1 Net lettable area includes area currently used as Community Sports Facilities Scheme (CSFS) space
2 Committed occupancy as at 30 September 2021
3 Physical occupancy as at 30 September 2020
4
5 Refers to 100.0% of Waterway Point’s valuation, of which Frasers Centrepoint Trust owns 40.0% through Sapphire Star Trust
Includes Yishun 10 Retail Podium
54
Business
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SINGAPORE
Tampines 1, Singapore
As one of the major retail landlords
in Singapore, we are committed to
leading the charge towards a more
sustainable, inclusive and resilient
retail industry. In June 2021, Frasers
Property Retail was one of the
key landlords to adopt the Code
of Conduct for Leasing of Retail
Premises ahead of the legislation.
It sets forth our commitment to
support a sustainable and vibrant
retail ecosystem. With continued
agility to react to changes, forward-
planning to reshape our retail
spaces and collaboration with
partners to act on sustainability, we
can build an even more cohesive
and sustainable retail environment
for the future.
Looking ahead
Although retailers are expected
to remain cautious in the coming
year, the retail scene is likely to
improve with the relaxation of safe
management measures as Singapore
transitions towards an endemic
COVID-19 environment. Despite
the challenges faced by retailers
over the year in review, we have
seen business expansion from new
and existing retailers within our
portfolio. These include Japanese
retailers DON DON DONKI, which
opened in Tampines 1, and Gram
Cafe, which opened its second outlet
in Singapore in Waterway Point.
Our priority continues to be the
health, well-being and safety of
our employees, tenants, and the
communities we serve as we further
capitalise on our tech-enabled
cleaning approach and ensure
compliance with safe management
measures.
Contents
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55
COMMERCIAL
Frasers Property Singapore’s
Commercial Division manages
a portfolio of six commercial
properties in Singapore, two
of which are owned by Frasers
Logistics & Commercial Trust. The
total commercial assets under
management was $4.4 billion1 as at
30 September 2021.
In FY21, PBIT for the Commercial
Division registered a decrease
of 33.1% to $58.6 million. The
decline was mainly due to the
absence of Frasers Commercial
Trust’s contributions following the
formation of Frasers Logistics &
Commercial Trust in April 2020,
partially offset by the share of a
higher fair value gain of Frasers
Tower. Portfolio occupancy rate
as at 30 September 2021 was a
healthy 92.3%, compared to 92.8%
a year ago, with assets generally
maintaining their respective
occupancies.
Operations
The challenges brought about by
COVID-19 provided an opportunity
for Frasers Property Singapore
to implement several innovative
initiatives to future-proof our
commercial properties and ensure
our tenants’ safe return to the
workplace.
Following its successful pilot at
Alexandra Point last year, the
Integrated Carpark Management
System was rolled out to all our
commercial buildings this year.
This fully automated season parking
solution provides an efficient and
seamless way for tenants to self-
manage and receive information on
season parking transactions around
the clock.
Artist’s impression of Alexandra Point, Singapore
During the year, we launched
myICEportal, a centralised
intelligent building platform,
at Frasers Tower. Besides serving as
a one-stop service hub for tenants
and facilitating contactless access
to the building, the platform also has
the capability to provide a Digital
Twin or virtual model of the Grade A
office building, which can integrate
various systems and enable real-
time remote management of the
building’s operations. myICEportal
has since been implemented at
other commercial assets within the
portfolio. Additional features will
continue to be included in future
phases in the coming year.
An agents’ e-portal, ACE (Agents
Connect e-portal) was launched
on 1 September 2021 to serve as
a one-stop self-service gateway,
providing timely information on
potential leasing opportunities
across our commercial assets and
connecting us more closely with our
external marketing agents.
Asset Enhancement
Asset enhancement works for
Alexandra Point commenced in
February 2021 at an estimated cost
of $45 million. This initiative will help
to reinforce the building’s position
as a landmark office building along
Alexandra Road. Upon completion
by the third quarter of FY23, the
refreshed Alexandra Point will
feature an expanded lobby fronting
a new entry and drop-off point,
an additional annex block, a new
glass façade, as well as more
collaborative and community
spaces. In addition, enhanced
amenities and technological
applications will improve energy
efficiency and occupants’
experiences and well-being.
Looking Ahead
While the evolving COVID-19
situation continues to bring about
uncertainty, we remain committed
to providing a safe, sustainable
and smart workplace experience
for our tenants, employees and the
community at large. Even as we
navigate a challenging operating
environment with agility and
caution, we will continue to adopt
digital and technology solutions to
improve productivity and customer
experiences, and leverage data
analytics to deliver better operating
performance and business
outcomes.
There are some bright spots in
Singapore’s commercial leasing
market, with a recent Bloomberg
Intelligence report predicting
that average office spot rents in
Singapore could increase in 2022 in
view of limited new supply. We will
continue to explore opportunities
to improve our assets while
maximising their income and
growth potential.
1 Refers to six commercial assets namely Alexandra Point, Frasers Tower, 51 Cuppage Road, Valley Point Office Tower & Shopping Centre,
Alexandra Technopark and Cross Street Exchange (latter two under Frasers Logistics & Commercial Trust) but excludes assets held by Frasers
Centrepoint Trust. Includes 100.0% of Frasers Tower’s valuation, of which Frasers Property Singapore owns 50.0% through Aquamarine Star Trust
56
Business
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SINGAPORE
Commercial Properties (Non-REIT Office / Business Park)
Properties
51 Cuppage Road
Alexandra Point4
Frasers Tower5
Valley Point Office Tower & Shopping Centre
Total Commercial
Effective
interest
as at
30 Sep 21
(%)
100.0
100.0
50.0
100.0
Book value
as at
30 Sep 21
($'m)
Net
lettable
area
('000 sqm)1
416.0
288.0
1,996.0
340.0
3,040.0
25.3
17.9
63.8
21.0
128.0
Occupancy
FY21 (%)2
FY20 (%)3
84.2
93.9
99.3
72.1
88.0
89.3
99.4
68.8
1 Net lettable area includes area currently used as Community Sports Facilities Scheme (CSFS) space
2 Committed occupancy as at 30 September 2021
3 Physical occupancy as at 30 September 2020
4 Net lettable area and occupancy for Alexandra Point exclude non-leaseable area affected by the ongoing asset enhancement initiative
5 Book value and occupancy based on 100.0% of Frasers Tower; Frasers Property Singapore owns 50.0% of Frasers Tower through Aquamarine
Star Trust
Artist’s Impression of Parc Greenwich, Singapore
Contents
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57
stemming from the nationwide
vaccine rollout, the outlook for
the Singapore residential market
remains positive. However,
with record high bids in recent
government land sales coupled
with new price points recorded in
primary residential transactions
in certain locations, the risks of
greater regulatory scrutiny remain
elevated, hence pricing discipline
on upcoming launches remains key.
RESIDENTIAL
Frasers Property Singapore’s
Residential Division currently
has two projects that have been
launched for sale.
In FY21, the Division recorded
a loss before interest, fair value
change, taxation and exceptional
items (LBIT) of $90.6 million,
compared to an LBIT of $38.2
million the year before. The higher
loss was due to the timing of
project completion and a project
provision. The unrecognised
pre-sold residential development
revenue as at 30 September 2021
amounted to $0.2 billion.
Development projects
In September 2021, we launched
Parc Greenwich, a 496-unit, 99-year
leasehold executive condominium
at Fernvale Lane, a site which we
acquired last year. It was the best-
selling executive condominium
in 2021, with 65.0% sold (based
on options signed) during the
launch weekend. Parc Greenwich
is slated to achieve its Temporary
Occupation Permit in 2024.
Rivière, our 455-unit, 99-year
leasehold luxurious residential
development, was 36.3% sold
(including options signed) as
at 30 September 2021. The
development is located along
the iconic Singapore River and
boasts twin 36-storey residential
towers. Sitting on a rare residential
site at Robertson Quay, it is at the
epicentre of a highly attractive
cluster of waterfront developments,
including food and beverage and
lifestyle outlets. It is targeted for
completion in the first half of FY23.
Seaside Residences attained its
Temporary Occupation Permit and
was fully sold during the year.
During the year, we completed the
acquisition of Bedok Point and
progressed with planning for its
redevelopment into a residential
project with commercial units on
the ground floor. Bedok Point will
continue to be managed by Frasers
Property Retail, generating recurring
income until we obtain the relevant
regulatory approvals to begin
redeveloping the site.
Looking ahead
As vaccinations gain pace allowing
for more economic activity,
Singapore’s GDP for 2021 is
anticipated to grow at a faster rate
of around 7.0%, compared with
the previous full-year forecast of
4.0% to 6.0%. The re-opening of
borders may further enhance foreign
demand for Singapore residential
properties, currently dominated by
domestic demand. On the back of
healthy fundamentals and optimism
Residential Projects Completed or Under Development
Project
Effective
interest
as at
30 Sep 21
(%)
No. of
units
% Sold
as at
30 Sep 211
%
Completion
as at
30 Sep 21
Avg. selling
prices
as at
30 Sep 211
($ psm)
Est.
saleable
area
(‘000 sqm)
Seaside Residences
40.0
843
100.0
100.0
18,983.39
67.6
Riviere
Parc Greenwich
100.0
80.0
4552
496
36.3
-
63.3
10.3
28,863.72
-
46.9
49.5
1 Based on sales and purchase agreements signed and excluded options issued as at 30 September 2021
2 Excluded the 72 serviced apartment units
Land cost
($ psm)
Target
completion
date
9,236 Completed
in February
2021
1H FY23
18,649
5,974
1H FY24
58
Business
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Despite the challenging market environment, Frasers
Property Australia continued to build stronger, smarter and
happier neighbourhoods across all operational sectors,
brought to life on the ground by our community development
and asset management teams.
The COVID-19 pandemic continued
to influence the Australian market
in FY21. As the economy re-opens,
and the recovery that was gathering
momentum in early 2021 resumes,
there is optimism that FY22 will see
favourable economic conditions.
We continued to refine and adapt
our residential and mixed-use
development strategy in line
with market conditions. In FY21,
measures introduced by state
and federal governments had
varying impacts. In Victoria, land
tax increases and a new rezoning
tax bred caution, while in New
South Wales, expanded stamp
duty exemptions brought demand
forward. Nationally, the extended
HomeBuilder1 scheme supported
residential construction by giving
people confidence to proceed with
their purchase plans.
The office sector remained
challenging as lockdowns impacted
New South Wales and Victoria
especially, while on the retail front,
several tenants were affected by
trading restrictions.
FINANCIAL PERFORMANCE
In FY21, Frasers Property Australia
reported A$986.4 million
($990.0 million) of revenue and
A$60.6 million ($60.8 million) of
profit before interest, fair value
change, taxation and exceptional
items. As at 30 September 2021,
we had approximately 14,000
residential development units in
the pipeline maintaining earning
visibility, a strong commercial and
retail development pipeline and
an investment property portfolio
with assets under management
amounting to A$1.9 billion
($1.9 billion) in Australia.
These results demonstrate the
resilience of our business despite
the ongoing challenges of the
pandemic. By continually focusing
on innovation and sustainability,
adapting our assets to meet
changing customer needs,
re-investing capital strategically
to grow our pipeline including
in new markets, and leveraging
partnerships, we approach the
future with confidence.
DEVELOPMENTS
Residential housing has been
a bright spot, contributing
significantly to the Australian
economy. Owner-occupiers,
including first home buyers, have
dominated transactions, while
government stimulus measures,
notably the HomeBuilder grant,
have played an influential role in
supporting the sector.
Prevailing domestic demand for
housing remains robust even as
the market looks forward to the
resumption of immigration with
the re-opening of international
borders. Supportive government
stimulus measures, along with low
interest rates and strong availability
of credit, have seen housing prices
increase in most markets.
The construction sector however,
was impacted by lockdowns and
supply chain issues, including
labour and material shortages.
Temporary construction shutdowns
in New South Wales and Victoria
during the year affected various
sites at different times. Having
established strict COVID-19
protocols in our construction
operations, we were able to
minimise any adverse project
delays.
Our focus to enhance customer
experience and deliver
neighbourhoods and communities
that create belonging have delivered
real value. Repeat and referral
customers now represent an all-
time high of approximately 35% of
purchasers, also contributing to
raising our Net Promoter Score2.
The combined effect of our well-
positioned communities, our
product diversity and our focus on
brand positioning has enabled us
to secure A$1.3 billion ($1.3 billion)
in pre-sales (2,787 contracts), giving
visibility and certainty to our income
in coming years.
Pipeline Growth
In FY21, we selectively re-stocked
our pipeline in Australia with key
acquisitions to underpin future
earnings.
In Brisbane, we secured a 3,016
sqm site in Newstead, with plans
for approximately 150 apartments
and terrace homes, an urban plaza
and public realm improvements.
We completed the site acquisition
in November 2021, and pending
approval, we anticipate launching
the project in 2022.
1 HomeBuilder provides a A$25,000 grant to eligible new home buyers with a contract to build a new home up to the value of A$750,000
2 Customer satisfaction benchmark reflecting the likelihood of customers recommending our projects to others
The Waterfront, Shell Cove, New South Wales, Australia
In Yarraville, we secured a former
manufacturing site, eight kilometres
from the Melbourne CBD, in a 50-50
joint venture. We completed the
site acquisition in October 2021.
Leveraging our extensive mixed-
use masterplanned development
expertise, we plan to deliver about
1,000 new homes, a neighbourhood
shopping centre, parks and open
spaces on the 260,000 sqm site.
Community Highlights
We are partnering with Shellharbour
City Council to deliver a A$1.9
billion ($1.9 billion) community
at The Waterfront, Shell Cove, on
the New South Wales south coast.
Shell Cove has been 30 years in
the making, recently opening its
Shellharbour Marina and boat
harbour, Australia’s newest marina
and regional tourism destination.
Our development includes
approximately 3,100 homes, a town
centre, community amenities and
marine infrastructure.
In Victoria, we successfully
relaunched our Berwick Waters
community in May 2021, which was
met with strong interest. Developed
under a project development
agreement, Berwick Waters will
yield more than 2,500 homes when
complete.
Burwood Brickworks in Melbourne
welcomed its first residents in
June 2021. Upon completion,
the community will include 763
dwellings, free-standing and
semi-detached terrace homes and
apartments, community facilities,
parklands and public spaces
connected to an urban plaza
adjoining Burwood Brickworks
Shopping Centre. Sales have proven
strong for all stages. Construction
of the final apartment buildings,
The Terrace Collection and The
Ardent Collection, commenced this
year, for completion in FY23. They
will house 135 and 94 apartments,
respectively.
achieve this certification, Burwood
Brickworks is officially recognised
as the world’s most sustainable
shopping centre.
Also in Melbourne, our new Five
Farms community in the southeast
growth corridor proved popular with
our Prosperity loyalty programme
members, with the initial stages
all sold prior to the public launch.
This well-connected development
will deliver about 1,600 land lots
to the southeast growth corridor,
with proposed amenities including
schools, childcare facilities, a town
centre, an exclusive residents’ club
and parklands.
Within this community, Burwood
Brickworks Shopping Centre truly
exemplified our ability to inspire
experiences by creating places
for good. In April 2021, the centre
received unprecedented global
acclaim by achieving Living Building
Challenge® Petal Certification
from The International Living
Future Institute. The Living Building
Challenge® is the most advanced
measure of sustainability in the
built environment. As the only
retail development globally to
We achieved sell-out at two of our
communities in FY21. They were
the A$122.5 million ($120.2 million)
Minnippi Quarter community in
Brisbane, comprising 20 land
lots and 172 townhouses, and
East Green in Perth, where all
84 land lots and house and land
packages were sold within seven
months of launch. We carefully
managed the East Green project
to ensure affordability, fulfilling our
commitment to our partnership with
the West Australian government.
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Residential / Mixed Use Projects Completed or Under Development
Site1
Burwood East (Burwood Brickworks,
Plaza Garden Apt) - HD, VIC
East Perth (Queens Riverside, Lily Apt) -
HD, WA
Edmondson Park (Ed.Square,
The Emerson Apt) - HD, NSW
Hamilton (Hamilton Reach, Riverlight
North Apt) - HD, QLD
Hope Island (Cova) - MD, QLD
Westmeadows (Valley Park) - MD, VIC
Point Cook (Life, Point Cook) - L3, VIC
Carina (Minnippi Quarter) - MD/L3, QLD
Carlton (Carlton, Encompass Apt) - HD, VIC
Burwood East (Burwood Brickworks) -
MD/L3, VIC
Burwood East (Burwood Brickworks,
The Terrace Apt) - HD, VIC
East Perth (Queens Riverside,
Lily Retail) - R, WA
Burwood East (Burwood Brickworks,
Ardent Collection Apt) - HD, VIC
Shell Cove (The Waterfront, Shell Cove,
Nautilus Apt) - HD, NSW
Shell Cove (The Waterfront, Shell Cove,
Ancora Apt) - HD, NSW
Blacktown (Fairwater) - MD, NSW
Edmondson Park (Ed.Square,
The Arlington Apt) - HD, NSW
Macquarie Park (Midtown, Mac Apt) - HD, NSW
Macquarie Park (Midtown, Affordable Apt)
- HD, NSW
Macquarie Park (Midtown, Soul Apt) -
HD, NSW
East Perth (Queens Riverside, QIII Retail) -
R, WA
Lidcombe (The Gallery) - H/MD, NSW
Tarneit (The Grove) - L3, VIC
Edmondson Park (Ed.Square) - MD, NSW
Shell Cove (The Waterfront, Shell Cove) -
MD/L3, NSW
Bahrs Scrub (Brookhaven) - L3, QLD
Baldivis (Baldivis Grove) - L3, WA
Wyndham Vale (Mambourin) - L3, VIC
Clyde North (Berwick Waters) - L3, VIC
Hamilton (Hamilton Reach) - MD, QLD
Mandurah (Frasers Landing) - L3, WA
North Coogee (Port Coogee) - L3, WA
Baldivis (Baldivis Parks) - L3, WA
Clyde North (Five Farms) - L3, VIC
Wallan (Wallara Waters) - L3, VIC
Effective
interest
as at
30 Sep 21
(%)
Est. total
no. of
units2
% Sold
as at
30 Sep 21
Avg. selling
price
as at
30 Sep 21
($m)
Est. total
saleable
area
('000 sqm)
Total
GDV
($m)
Target
completion
date
100.0
100.0
100.0
100.0
100.0
PDA
50.0
100.0
65.0
100.0
100.0
100.0
100.0
PDA
PDA
100.0
100.0
PDA
PDA
PDA
100.0
100.0
50.0
100.0
PDA
100.0
100.0
100.0
PDA
100.0
100.0
100.0
50.0
PDA
50.0
70
125
91
85
499
210
546
193
115
259
135
5
94
116
64
827
73
270
130
107
7
117
1,768
648
2,667
1,861
387
1,288
1,983
298
608
635
1,014
1,608
1,976
98.6
62.4
98.9
91.8
100.0
99.5
99.8
99.0
49.6
100.0
63.7
40.0
81.9
100.0
81.3
96.6
50.7
91.1
100.0
24.3
28.6
81.2
58.6
46.8
90.7
53.2
34.1
41.1
62.7
8.4
41.9
31.2
35.9
6.8
38.4
0.6
0.5
0.6
0.6
0.4
0.5
0.4
0.6
0.6
1.2
0.6
0.7
0.6
1.2
1.1
0.8
0.6
0.8
0.6
1.0
0.6
0.9
0.3
0.9
0.5
0.2
0.2
0.3
0.4
1.0
0.2
0.8
0.2
0.4
0.2
4.7
41.3 Completed
12.4
64.8 Completed
8.2
6.0
NA
NA
NA
NA
7.5
NA
6.1
0.6
5.3
54.3 Completed
49.0 Completed
210.0 Completed
1Q FY22
2Q FY22
3Q FY22
1Q FY23
95.6
212.3
120.2
67.1
315.0
1Q FY23
80.8
2Q FY23
3.5
2Q FY23
55.0
3Q FY23
10.9
135.3
3Q FY23
5.9
NA
6.5
18.3
7.7
8.7
0.9
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
73.0
630.1
45.6
222.8
4Q FY23
4Q FY23
4Q FY23
4Q FY23
75.5
1Q FY24
102.5
1Q FY24
4.1
103.8
586.7
551.6
1,228.3
431.2
73.5
374.8
712.2
301.9
106.0
476.5
175.7
581.1
459.2
1Q FY24
4Q FY24
1Q FY26
2Q FY26
2Q FY26
4Q FY26
4Q FY26
4Q FY26
FY27
FY27
FY29
FY29
FY30
FY31
FY33
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
62
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Burwood Brickworks, Victoria, Australia
Residential / Mixed Use Land Bank
Site1
Macquarie Park (Midtown) - HD, NSW
Deebing Heights (Flourish) - L, QLD
Edmondson Park (Ed.Square) - HD, NSW
Keperra - L/MD, QLD
Parkville (Parkside Parkville) - HD, VIC
Cockburn Central (Cockburn Living) - H/MD, WA
Shell Cove (The Waterfront, Shell Cove) - HD, NSW
Wolli Creek (Discovery Point) - HD, NSW
Effective
interest
as at
30 Sep 21
(%)
PDA
100.0
100.0
100.0
50.0
100.0
PDA
100.0
Est. total
no. of
units2
Est. total
saleable area
('000 sqm)
Total
GDV
($m)
1,866
926
854
500
467
346
332
1
138.8
NA
48.2
NA
26.4
34.4
31.2
4.3
1,877.6
179.6
620.2
290.8
237.9
151.1
421.0
27.8
Note: 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
Includes 100.0% of joint arrangements (Joint operation-JO and Joint venture-JV) and Project Development Agreements-PDAs
Contents
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will also feature a revitalised
public realm, rooftop community
spaces, vertical gardens, improved
pedestrian amenities and
connectivity to Central Station, retail
and dining options, public art and
green spaces and an integrated
distribution facility to unlock future
over-station development.
During the year, we commenced
strategic repositioning works at
Rhodes Corporate Park in Sydney,
our flagship commercial asset and
the location of our headquarters
in Australia, to enhance the
property’s competitiveness amid
a vacancy rate of about 30%. The
works include the implementation
of new technological innovations
and the curation of a more
compelling community offer. Heads
of agreement have been signed
with several new tenants to set this
transformation in motion.
INVESTMENT PROPERTIES
MAJOR MILESTONES
In March 2021, we lodged plans
with the City of Sydney for the
A$2.5 billion Central Place Sydney,
a 50-50 joint venture. Integrated
with Australia’s busiest transport
interchange, Central Place Sydney
is set to be one of Australia’s most
progressive urban renewal projects.
Central Place Sydney will be a
major component of the New South
Wales government’s Tech Central
precinct, envisioned to be a key
driver of innovation and growth in
Asia Pacific. Subject to approvals,
we plan to commence construction
of Central Place Sydney in 2023,
with the first stage expected to be
delivered in 2026.
Offering approximately 130,000 sqm
of workspace across two premium
towers, the city-shaping project
Our investment properties
continued to face operating
headwinds as commercial tenants
re-evaluated office requirements
for a post-COVID environment
and retail tenants struggled with
pandemic-related restrictions.
Average portfolio occupancy stood
at 79.5%, with a weighted average
lease expiry of 4.6 years as at
30 September 2021.
We worked in partnership with our
tenants to meet the challenges
posed by the pandemic, enhancing
resilience for both ourselves
and our customers. Through
embracing new technologies such
as frictionless access, touch-free
security and community-centric
apps, like those introduced at
Rhodes Corporate Park in Sydney,
we adapted our assets and services
to meet the changing needs of
customers.
In addition, we evolved our Retailer
Academy programme, initially
conceived to support retailers
when the pandemic struck, into a
more holistic, valuable resource
that embeds stronger bonds of
community. Through the Academy,
retail tenants were provided with
specialist training, access to
government benefits and resources,
support through trading restrictions,
tools to succeed in an online
environment, click and collect
infrastructure and more.
Artist’s Impression of Central Place Sydney, New South Wales, Australia
64
Business
Review
AUSTRALIA
Also in Sydney, we launched the
next stage of Ed.Square Town Centre
in April 2021, the heart of our
A$1.7 billion ($1.7 billion) Ed.Square
mixed-use community in the
southwest Sydney growth corridor.
With approximately 25,000 sqm
of retail space accommodating
45 tenants and integrated with
Edmondson Park train station,
Ed.Square Town Centre has been
curated to reflect the needs and
complement the lifestyles of
our residential customers, while
drawing visitors from across the
southwest Sydney region.
In western Sydney, Eastern Creek
Quarter is unique in the retail
landscape for its local community-
focused offer and spectacular
parklands backdrop. Despite
lockdown restrictions, Stage 1
continued to perform well. The
11,300 sqm Stage 2, the large-
format retail and showroom
precinct, began construction in
April 2021 with the launch expected
in the second quarter of 2022. Prior
to work commencing, Anaconda,
Officeworks and McDonald’s were
already secured as major tenants.
Retail Completed Properties
Site
In October 2020, we expanded into
a new asset class when Frasers
Property Australia was appointed
to the Queensland government’s
Build-to-Rent Pilot Project. Named
Brunswick & Co., our project will be
a lifestyle-focused development,
comprising 366 apartments that
we will own and operate, with the
state government subsidising the
rent of 144 of the apartments to
deliver affordable housing, and the
remaining apartments offered at
market rent. Work has now begun
on-site.
LOOKING AHEAD
Our focus will remain on
opportunities to leverage our
cross-sector expertise and
experience in complex, large-
scale masterplanned development
projects to create resilient
neighbourhoods.
In the office sector, we will
continue to reposition our office
assets to ensure they remain
competitive in new market
conditions for commercial space.
While COVID-19 has made flexible
working commonplace, there are
organisations and employees
eager to return to the office. Our
leasing campaign for Central Place
Sydney will leverage the trend for
collaboration spaces, valued in
particular by technology companies.
In the retail sector, we will focus on
stabilising our centres, progressing
new stages at Eastern Creek Quarter
and Ed.Square Town Centre and
working with tenants to help them
re-gather momentum after lockdown
in order to thrive in an endemic-
COVID environment.
Finally, our recently launched Voice
of the Customer programme will
enable us to analyse trends and
distil customer feedback in real
time. It means we can dive deeper
than ever before into understanding
how customers experience the
places we create, developing a
cycle of continuous improvement
in how we shape resilient, inspiring
places that create a sense of
belonging.
Effective
interest
as at
30 Sep 21
(%)
Est. total
saleable
area
('000 sqm)
Occupancy1
FY21 (%)
FY20 (%)
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
100.0
100.0
PDA
100.0
24.7
12.9
10.0
6.8
67.6
94.4
82.0
93.3
100.0
94.4
86.7
92.6
1 Committed occupancy; by NLA
2 Ed.Square (Retail) Stage 1 was partially complete in FY20. Occupancy was based on what was open last year which was only Coles and
Liquorland
Retail Landbank
Site
Wyndham Vale (Mambourin, Stage 1), VIC
Edmondson Park (Ed.Square, Stage 2), NSW
Effective
interest
as at
30 Sep 21
(%)
Est. total
saleable
area
('000 sqm)
100.0
100.0
7.8
10.7
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
65
Ed.Square Town Centre, New South Wales, 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 Committed occupancy; by NLA
State
NSW
NSW
NSW
NSW
NSW
NSW
Effective
interest
as at
30 Sep 21
(%)
Book value
as at
30 Sep 21
($’m)
Net
lettable
area
(‘000 sq m)
100.0
100.0
100.0
100.0
100.0
100.0
112.9
158.0
11.4
82.4
124.6
144.3
633.6
9.1
12.6
1.3
12.9
17.5
17.1
70.5
Occupancy1
FY21 (%)
FY20 (%)
100.0
100.0
72.6
37.1
64.6
100.0
100.0
100.0
100.0
93.8
75.9
100.0
66
Business
Review
INDUSTRIAL
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
67
Our well-positioned landbank, robust development pipeline,
strong customer relationships, strategic portfolio and capital
management approach have enabled us to take advantage of
the ongoing global industrial and logistics boom and deliver
consistently strong results.
The industrial and logistics sector
continued its rapid growth, with
strong demand arising from the
shift to e-commerce and supply
chain reconfigurations triggered
by COVID-19 related disruptions.
Vacancy rates remained at record
lows, and a supply shortage of
zoned land persisted in many
markets. The high level of demand
for institutional grade assets
contributed to the strong growth
in property valuations in FY21.
Frasers Property Industrial focuses
on long-term value creation
through strategic development
opportunities, leveraging our
end-to-end ability to acquire,
develop and own assets across
our multinational reach. Landbank
replenishment was a key focus
area over the year, particularly
in our European markets. As at
30 September 2021, our total
industrial and logistics assets under
management was $11.3 billion, with
a strong $751.4 million development
pipeline and landbank of 2.9 million
sqm. The portfolio consists of 154
properties, equating to a gross floor
area of 4.1 million sqm.
FINANCIAL PERFORMANCE
In FY21, Frasers Property Industrial
achieved a profit before interest,
fair value change, taxation and
exceptional items of $829.5 million,
with growth backed by an
expanded development platform
in Europe and our continued
market leadership in Australia.
Our financial performance was
further strengthened with higher
profits from Frasers Logistics
& Commercial Trust’s enlarged
property portfolio and a change in
our business model.
This change was part of the
strategy to grow our asset base,
by transferring a portfolio of
industrial and logistics properties
from properties held for sale
to investment properties. This
strategic decision to hold all
completed assets at valuation
resulted in a one-off accounting
gain of $355.4 million on the change
in use to those assets previously
held at cost.
We continued to be proactive,
rigorous and disciplined in capital
management, recycling four
industrial and logistics properties
in Germany and the Netherlands,
worth $231.1 million to Frasers
Logistics & Commercial Trust in
June 2021.
Looking ahead, Frasers Property
Industrial will continue to focus on
creating an integrated, focused and
resilient business with customer-
centricity and sustainability as key
drivers of value creation.
AUSTRALIA
We delivered 156,500 sqm of
industrial, logistics and commercial
facilities in Australia throughout
FY21, with a total gross development
value of A$320.0 million ($314.0
million). Of these, five assets with
total investment value of A$303.8
million ($298.1 million) were
retained on balance sheet and one
asset with gross development value
of A$16.2 million ($15.9 million)
was sold to a third party. As at
30 September 2021, our portfolio in
Australia was 100% occupied, with
a weighted average lease expiry
of 5.3 years, on the back of strong
leasing and renewals activity.
The industrial, logistics and
commercial landbank totals
2,400,000 sqm (excluding
conditional sites) after trading
through 662,000 sqm of land during
the year. New landbank acquisitions
of approximately 400,000 sqm were
secured, including 233,000 sqm in
Kemps Creek and 167,000 sqm in
Horsley Park, both in New South
Wales. There were 443,000 sqm
of pre-committed leases in FY21
and a committed forward workload
of 312,000 sqm at 30 September
2021, with completion anticipated
for eight facilities in FY22 and one
asset in FY23.
Our new launches in FY21 included
the 413,000 sqm Rubix Connect
in southeast Melbourne and
the 600,000 sqm Vantage Yatala
between Brisbane and Gold Coast.
In Tarneit, Western Melbourne,
we launched the 423,000 sqm
Canvas West, where 113,620 sqm
is under construction for an
international e-commerce retailer,
due for completion in FY22, in
one of Melbourne’s largest recent
industrial transactions.
68
Business
Review
INDUSTRIAL
We also launched The YARDS, our
$1 billion development in Western
Sydney, as a 700,000 sqm premium
industrial and logistics precinct
focused on sustainability, well-
being and technology, featuring
retail, health, sporting and food and
beverage amenities. Multinational
power tools provider Techtronic
Industries has committed as our
first tenant in The Yards with a
73,920 sqm facility.
During the year, construction began
on the $750 million Macquarie
Exchange (MQX), as Australia’s first
community business district and a
key part of the urban renewal that
will transform Macquarie Park into
Sydney’s second-largest CBD. MQX
will be a new mixed-use destination
centred around four innovative
commercial buildings, of which
one was sold for an initial
investment price of A$167.2 million
($164.1 million) in September 2020.
Industrial & Commercial Properties (Australia)
Properties
Industrial
227 Walters Road, Arndell Park
15-19 Muir Road, Chullora
21 Muir Street, Chullora
22 Hanson Place, Eastern Creek
2 Wonderland Drive, Eastern Creek
4 Johnston Crescent, Horsley Park
2 Johnston Crescent, Horsley Park1
2A Johnston Crescent, Horsley Park1
10 Reconciliation Rise, Pemulwuy
4 Burilda Close, Wetherill Park
6 Burilda Close, Wetherill Park
25-39 Australand Drive, Berrinba
70-88 Australand Drive, Berrinba
171-199 Wayne Goss Drive, Berrinba
44 Cambridge Street, Rocklea2
1 Arthur Dixon Court, Yatala
2 & 8 Beyer Road, Braeside
56 Canterbury Road & 1-3 Beyer Road, Braeside
64 West Park Drive, Derrimut
39 Naxos Way, Keysborough
58-76 Naxos Way & 68 Atlantic Drive, Keysborough
17 Andretti Court & 61 Sunline Drive, Truganina
24 Archer Road, Truganina
33 & 15 Archer Road, Truganina
4-12 Doriemus Drive, Truganina
11-27 Doriemus Drive, Truganina
8 Archer Road, Truganina1
30 Oldham Road, Epping1
25-51 Fox Drive, Dandenong South1
Commercial
Freshwater Place, Public Car Park, Southbank
Total
1 New asset
2 Held for sale
Effective
interest
as at
30 Sep 21
(%)
Book value
as at
30 Sep 21
($’m)
Net
lettable
area
(‘000 sq m)
Occupancy
FY21 (%)
FY20 (%)
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
35.8
126.0
74.6
75.5
61.8
73.1
55.4
46.2
56.4
45.4
65.3
19.4
42.0
48.6
0.7
27.5
35.8
52.0
28.0
38.0
53.9
59.7
62.3
44.2
35.3
65.8
58.2
72.1
66.2
17.7
22.2
91.7
26.7
29.0
20.7
19.0
17.5
25.7
18.9
26.2
12.4
21.0
22.7
0.0
13.6
20.0
28.4
20.3
20.5
28.6
35.8
37.4
30.2
22.8
43.2
37.6
37.6
35.6
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
NA
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
0.0
0.0
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
0.0
0.0
0.0
State
NSW
NSW
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
VIC
VIC
VIC
100.0
18.6
1,543.8
11.8
794.8
NA
100.0
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
69
Artist’s Impression of The YARDS, Sydney, Australia
Development Projects (Australia)
Site
Macquarie Exchange – MQX4 (Ascendas REIT)
Kemps Creek West, Altis JV (TTI)
Yatala (Fife Capital Lot 44 Spec)
Richlands (EG Funds)
Braeside (IVE Group)
Epping (Crusader Caravans/Intel Engineering & Spec)
Tarneit (Shaw Fabrics & Spec)
Tarneit (HB Commerce)
Dandenong South (Spec 2)
Industrial & Commercial Landbank (Australia)
Site
Industrial
Horsley Park
Kemps Creek East
Kemps Creek West
Berrinba
Stapylton
Yatala
Braeside
Dandenong South
Epping
Tarneit
Commercial
Macquarie Park
Mulgrave
State
NSW
NSW
QLD
QLD
VIC
VIC
VIC
VIC
VIC
State
NSW
NSW
NSW
QLD
QLD
QLD
VIC
VIC
VIC
VIC
NSW
VIC
Effective
interest
as at
30 Sep 21
(%)
Est. total
area
(‘000 sqm)
50.0
49.9
100.0
100.0
100.0
100.0
100.0
100.0
100.0
19.4
73.9
18.0
12.2
30.8
37.7
27.9
70.0
22.6
To go
(%)
75.0
100.0
97.0
100.0
80.0
88.0
100.0
67.0
100.0
Target
completion
date
4Q FY22
2Q FY23
2Q FY22
4Q FY22
2Q FY22
2Q FY22
3Q FY22
4Q FY22
4Q FY22
Effective
interest
as at
30 Sep 21
(%)
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
50.0
50.0
256.6
343.9
377.2
98.0
484.5
47.8
2.5
264.8
323.3
155.1
5.9
34.9
70
Business
Review
INDUSTRIAL
Our European portfolio achieved
strong leasing activity throughout
the year with a total of 219,000 sqm
of renewals and new leases
secured. Notable transactions
included a lease with logistics
provider HAAF Warehouse
for 13,677 sqm in Ratingen,
Germany. In addition, Frasers
Park Egelsbach was fully leased
following commitments with
fashion and accessories wholesaler
TB International for 9,674 sqm,
e-commerce retailer onQuality
Deutschland for 10,533 sqm, and
children and baby accessories
company kyddo for 9,588 sqm.
EUROPE
Our strategy in Europe is to
strengthen and grow the portfolio
in the core markets of Germany
and the Netherlands. As at
30 September 2021, our industrial
and logistics portfolio in Europe
comprised 58 properties with
98.0% occupancy and a weighted
average lease expiry of 6.2 years.
Acquisitions were a key focus
for FY21 with landbank additions
of approximately 424,000 sqm in
developable area across four sites.
In the Netherlands, we acquired
a 99,000 sqm site in Breda and a
105,000 sqm site in Bemmel, with
plans to develop approximately
48,000 sqm and 63,000 sqm gross
lettable area, respectively. In
Germany, we acquired a 79,000
sqm site in Gaggenau, in a sale and
leaseback transaction with Swarco
Dambach, with the intention to
redevelop the site into a 47,000 sqm
logistics facility.
In Dusseldorf, Germany, we
acquired a 141,000 sqm
redevelopment site that occupies
a unique strategic position in the
city. The site will be developed
into a mixed-use estate called The
Tube, which offers a state-of-the-art
warehouse and business park, and
a high level of amenity, including
areas for community use. The
project is targeting carbon-neutral
status and will be an important
milestone for the business in
Europe.
Construction started on two
developments in the Netherlands,
namely an 11,400 sqm sustainable
distribution centre, DC Hazeldonk,
in Breda, and a 33,300 sqm
speculative development in
Roermond, due for completion
in the first quarter of FY22.
Completed facilities during the year
included a 29,815 sqm speculative
warehouse in Egelsbach, Germany,
and a 15,588 sqm warehouse in
Ede, the Netherlands.
Artist’s Impression of The Tube, Duesseldorf, Germany
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
71
Industrial Properties (Europe)
Properties
Location
Germany
Fuggerstraße 13
Fuggerstraße 15
An der Trift 75
Rheindeichstraße 155
Rheindeichstraße 165
Hans-Fleissner-Strasse
Adolf-Dambach-Straße 5
Alois Mengele Str. 1
Billbrookdeich 167-171
Moselstraße 70
Oskar-von-Miller-Straße 2
Industriestraße/Bahnhofstr. 40
Hutwiesenstraße 13
Mellinghofer Straße 55
Leverkuser Straße 65
Werner-von-Siemens Straße 35
Werner-von-Siemens Straße 44
Thomas-Dachser-Straße 3
Austria
Styriastraße 151
Cargo Nord, Objekt 31
Cargo Nord, Objekt 10-121
Schemmerlstraße 721
The Netherlands
Hazeldonk 6308
Total
1 Held for sale
Bielefeld
Bielefeld
Dreieich
Duisburg
Duisburg
Egelsbach
Gaggenau
Günzburg
Hamburg
Hanau
Kirchheim
Kleinkötz
Magstadt
Mülheim
Remscheid
Saarwellingen
Saarwellingen
Überherrn
Graz
Vienna
Vienna
Vienna
Breda
Effective
interest
as at
30 Sep 21
(%)
Book value
as at
30 Sep 21
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy
FY21 (%)
FY20 (%)
93.1
93.1
94.0
94.0
94.0
94.0
100.0
94.9
94.9
94.0
94.9
94.9
94.0
94.9
94.9
94.9
94.9
94.9
100.0
100.0
100.0
94.0
100.0
46.7
35.7
22.3
104.9
76.9
80.3
30.5
23.4
99.7
5.4
59.7
51.7
13.2
114.6
20.9
6.9
11.8
31.8
51.1
46.4
33.5
54.6
23.1
31.1
19.9
46.6
34.2
29.8
31.7
24.3
11.5
5.6
28.1
42.0
17.1
125.4
29.4
6.4
9.3
21.8
26.3
10.4
9.3
24.8
100.0
100.0
81.8
100.0
100.0
100.0
100.0
99.0
100.0
97.4
100.0
100.0
100.0
84.9
80.4
100.0
100.0
100.0
99.2
100.0
80.3
100.0
100.0
100.0
100.0
100.0
NA
NA
NA
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
10.4
1,032.4
8.3
616.4
100.0
100.0
Development Projects (Europe)
Properties
Location
Effective
interest
as at
30 Sep 21
(%)
Est.
lettable
area
(‘000 sqm)
To go
(%)
Target
completion
date
The Netherlands
Hazeldonk 6801
Ringweg 19-21
Landbank (Europe)
Breda
Roermond
100.0
100.0
12,114
32,784
39
10
1Q FY22
1Q FY22
Properties
Location
Effective
interest
as at
30 Sep 21
(%)
Est.
total
saleable
area
(‘000 sqm)
Germany
Henkelstraße 209
The Netherlands
Veilingweg 16
Lageweg 15
Düsseldorf
100.0 72,498
Bemmel
Breda - De Posthoren
62,428
100.0
100.0 48,396
72
Business
Review
INDUSTRIAL
FRASERS LOGISTICS &
COMMERCIAL TRUST
In FY21, Frasers Logistics &
Commercial Trust built on its
portfolio’s strong fundamentals,
ensuring its 103 high-quality
industrial and commercial
properties, worth approximately
$7.3 billion1 as at 30 September
2021, remained well sought after by
local and international occupiers.
The weighted average lease expiry
for the entire portfolio was 4.8 years
as at 30 September 2021, while
occupancy stood at 100% for the
industrial and logistics portfolio,
and 91.5% for the commercial and
business parks portfolio.
Leveraging the strengths of its
prime and high-quality properties,
the REIT successfully navigated
through the complexities of the
continuing pandemic to report a
credible financial performance. In
FY21, its distributable income on
a full-year basis rose 34.3%, from
$201.1 million to $270.1 million.
Accordingly, distribution per unit
increased by 7.9%, from 7.12
Singapore cents to 7.68 Singapore
cents in FY21.
This sound performance was
achieved through optimising and
rebalancing the core portfolio.
In FY21, Frasers Logistics &
Commercial Trust grew its portfolio
with the accretive acquisition of
six freehold properties in Germany,
the Netherlands and the UK with an
aggregate value of $562.4 million2. The
acquisition marked its entry into the
attractive UK logistics property market
and its maiden third-party acquisition
of properties in the country.
In FY21, the REIT further optimised
the portfolio with the divestment
of three non-core properties
in South Australia, marking its
strategic exit from the South
Australian market. The three
industrial properties were sold
for a total consideration of A$29.6
million ($29.7 million3), reflecting a
19.4% premium to the aggregate
book value of A$24.8 million ($24.3
million4), as at 30 September 2020.
Frasers Logistics & Commercial Trust – Industrial Properties (Australia)
Properties
8 Stanton Road
Lot 1, 2 Burilda Close
4-8 Kangaroo Avenue
17 Kangaroo Avenue
21 Kangaroo Avenue
7 Eucalyptus Place
6 Reconciliation Rise
8-8A Reconciliation Rise
3 Burilda Close
Lot 104 & 105 Springhill Road
8 Distribution Place
10 Stanton Road
99 Station Road
1 Burilda Close
11 Gibbon Road
2 Hanson Place
55-59 Boundary Road
57-71 Platinum Street
166 Pearson Road
51 Stradbroke Street
30 Flint Street
143 Pearson Road
286 Queensport Road
350 Earnshaw Road
103-131 Wayne Goss Drive
Effective
interest
as at
30 Sep 21
(%)
Book value
as at
30 Sep 21
($’m)
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
26.6
44.01
107.0
60.7
88.3
44.2
54.7
61.3
62.21
26.11
32.7
19.0
28.8
117.91
51.5
83.6
23.1
55.9
51.8
35.6
27.8
50.0
49.1
69.7
37.3
Lettable
area
(sq m)
10,708
14,333
40,543
23,112
41,401
16,074
19,218
22,511
20,078
90,661
12,319
7,065
10,772
18,848
16,625
32,839
13,250
20,518
23,218
14,916
15,052
30,618
21,531
30,779
19,487
Occupancy
FY21 (%)
FY20 (%)
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
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
1 Excludes right-of-use assets as at 30 September 2021
2 Refer to the acquisition announcement by FLCT dated 24 May 2021 for details
3 Based on exchange rate of A$1 : $1.0046
4 Based on exchange rate of A$1 : $0.9779
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
73
Farnborough Business Park, United Kingdom
Frasers Logistics & Commercial Trust – Industrial Properties (Australia) (Cont’d)
Properties
99 Shettleston Street
10 Siltstone Place
29-51 Wayne Goss Drive
18-34 Aylesbury Drive
21-33 South Park Drive
29 Indian Drive
17 Hudson Court
89-103 South Park Drive
43 Efficient Drive
16-32 South Park Drive
22-26 Bam Wine Court
98-126 South Park Drive
1-13 and 15-27 Sunline Drive
468 Boundary Road
2-22 Efficient Drive
49-75 Pacific Drive
17 Pacific Drive & 170-172 Atlantic Drive
78 & 88 Atlantic Drive
150-168 Atlantic Drive
77 Atlantic Drive
111 Indian Drive
1 Doriemus Drive
211A Wellington Road
2-46 Douglas Street
25-29 Jets Court
17-23 Jets Court
28-32 Sky Road East
38-52 Sky Road East
96-106 Link Road
115-121 South Centre Road
42 Sunline Drive
8-28 Hudson Court
75-79 Canterbury Road
60 Paltridge Road
Total
State
QLD
QLD
QLD
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
WA
1
Includes right-of-use assets as at 30 September 2021
Effective
interest
as at
30 Sep 21
(%)
Book value
as at
30 Sep 21
($’m)
Lettable
area
(sq m)
Occupancy
FY21 (%)
FY20 (%)
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.3
21.1
18.9
31.7
36.9
35.8
43.9
44.2
18.4
34.8
18.9
31.9
47.7
45.1
45.6
62.1
46.5
50.5
27.0
50.1
31.4
48.6
124.6
48.6
40.51
19.21
14.61
15.61
49.21
38.81
8.91
25.0
49.6
26.5
11.2
2,572.3
15,186
9,797
15,456
21,493
22,106
21,854
21,270
10,425
23,088
12,729
17,606
28,062
26,153
24,732
38,335
25,163
30,004
13,495
27,272
15,095
21,660
74,546
7,175
21,803
15,544
9,869
12,086
46,231
18,599
3,085
14,636
25,762
14,263
20,143
1,311,199
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
74
Business
Review
INDUSTRIAL
Frasers Logistics & Commercial Trust – Industrial Properties (Europe and the UK)
Properties
Germany
Elbestraße 1-3
Am Krainhop 10
Otto-Hahn Straße 10
Eiselauer Weg 2
Industriepark 309
Industriepark 1
Am Exer 9
Johann-Esche-Straße 2
Jubatus-Allee 3
Koperstraße 10
Ambros-Nehren-Strasse 1
SaalhofferStraße 211
Gustav-Stresemann-Weg 1
Am Autobahnkreuz 14
Keffelker Straße 66
Oberes Feld 2, 4, 6, 8
Murrer Strasse 1
Walter-Gropius-Straße 19
Gewerbegebiet Etzin 1
Hermesstraße 5
Dieselstraße 30
Am Bühlfeld 2-8
Im Birkengrund 5-7
An den Dieken 94
Bietigheimer Straße 50–52
Fuggerstraße 17
Genfer Allee 6
Buchäckerring 18
Am Römig 8
The Netherlands
Brede Steeg 1
Belle van Zuylenstraat 5
Handelsweg 26
Heierhoevenweg 17
Mandeveld 12
Trafostraat 190
United Kingdom
Connexion
Total
Includes right-of-use assets as at 30 September 2021
1
2 Acquired by FLCT in FY21
Effective
interest
as at
30 Sep 21
(%)
Book value
as at
30 Sep 21
($’m)
Lettable
area
(sq m)
Occupancy
FY21 (%)
FY20 (%)
20.2
20.2
20.0
20.2
19.2
20.2
20.2
20.2
20.2
20.0
20.0
20.2
20.2
20.2
20.2
21.3
20.0
20.0
20.0
20.2
20.0
20.0
20.0
20.0
20.0
20.0
20.2
20.2
20.0
21.3
21.3
21.3
21.3
20.2
21.3
21.3
24.6
29.6
91.5
71.8
80.8
24.8
23.3
26.7
13.5
111.31
24.2
53.5
24.1
29.1
18.6
116.5
60.2
36.0
68.4
66.7
54.1
67.5
58.2
93.6
126.3
49.4
86.8
64.9
47.6
107.8
28.7
76.3
47.0
45.3
33.7
16,831
20,679
43,756
24,525
55,007
14,193
11,537
18,053
9,389
44,221
12,304
31,957
12,960
11,491
13,352
72,558
21,071
19,404
13,142
11,534
13,014
44,501
23,154
43,105
38,932
22,336
13,148
13,125
20,579
84,806
18,121
51,703
32,642
31,013
15,588
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
NA2
NA2
NA2
100.0
100.0
100.0
100.0
100.0
NA2
78.0
2,060.4
19,534
963,265
100.0
NA2
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
75
Hermes Bad Rappenau, Germany
Frasers Logistics & Commercial Trust – Commercial Properties
Properties
City/State
Effective
interest
as at
30 Sep 21
(%)
Book value
as at
30 Sep 21
($’m)
Australia
357 Collins Street
Caroline Chisholm Centre
Central Park1
Singapore
Alexandra Technopark
Cross Street Exchange
United Kingdom
Farnborough Business Park
Maxis Business Park
Blythe Valley Park
Total
Melbourne, VIC
Canberra, ACT
Perth, WA
Singapore
Singapore
Farnborough
Bracknell
Birmingham
21.3
21.3
10.6
21.3
21.3
21.3
21.3
21.3
1 Book value is based on FLCT’s 50% effective interest in the property
2 Acquired by FLCT in FY21
Lettable
area
(sq m)
31,962
40,244
66,032
317.0
242.4
328.8
657.0
632.0
96,086
36,497
314.7
121.6
236.1
2,849.6
51,015
17,859
41,651
381,346
Occupancy
FY21 (%)
FY20 (%)
95.7
100.0
84.4
96.5
84.6
85.2
100.0
90.5
95.9
100.0
80.8
97.9
89.5
99.3
100.0
NA2
76
Business
Review
HOSPITALITY
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
77
EUROPE, THE MIDDLE EAST
AND AFRICA
Our properties in Europe were
directly affected by government-
imposed lockdowns during the first
half of FY21, while our properties in
the Middle East continued to thrive
on stable occupancies. Domestic
and regional travel for Continental
Europe and the UK resumed from
April 2021 when borders opened.
As more restrictions lifted and
vaccination programmes gained
ground, occupancies across our
properties in Continental Europe
and the UK also started to pick up.
Our Malmaison and Hotel du Vin
properties successfully capitalised
on strong domestic travel demand
and robust revenue management
strategies to record high levels of
occupancies. They also overcame
staff shortage caused by Brexit,
which was further exacerbated by
the pandemic, by adapting their
service delivery. In particular, the
Hotel du Vin properties performed
beyond expectations between
June and September 2021,
further demonstrating the brand’s
prominence in the UK domestic and
leisure market. In June 2021, the 17th
Malmaison hotel opened in York,
quickly meeting the surge in demand
from the UK domestic market.
Facing the effects of the COVID-19 pandemic throughout
the year, Frasers Hospitality focused on driving operating
efficiencies, implementing prudent measures and preparing
all properties to be ready for recovery.
Frasers Hospitality faced a
challenging year with most of our
properties directly affected by
the COVID-19 pandemic. Some
properties in Europe, Thailand,
South Korea and Australia had to
close temporarily. During this period
of government lockdowns, travel
bans, quarantine requirements and
tougher operating restrictions, we
focused on ensuring the safety of
staff and guests amid the numerous
changes in protocols.
In FY21, we continued to implement
prudent measures, right-sizing
our cost base while injecting the
necessary level of agility into our
operations. This enabled our teams
to react to government guidelines
and customer preferences. Despite
the tough conditions, our teams
worked tirelessly together to find
pockets of business opportunities
while communicating the message
of ‘#FraserCares’ in all our
undertakings.
The teams from our geographical
clusters worked closely with our
corporate sales team to service key
corporate accounts that provided
the base for long-stay occupancies
in North Asia, the Middle East and
Southeast Asia. They were able to
further collaborate on cross-selling
activities, leveraging global brand
and marketing campaigns, to target
domestic travel and to prepare for
the resumption of international travel.
The common goal of being ready
for recovery was clearly articulated
through relevant domestic
campaigns across our properties.
FINANCIAL PERFORMANCE
The prolonged lockdowns and
international border closures
adversely affected the operations of
all our properties and our financial
performance. FY21 felt the effects of
the pandemic for the full 12 months,
compared to FY20 which took the
onslaught from about March 2020
when the World Health Organization
declared COVID-19 a pandemic.
This accounted for the loss before
interest, fair value change, taxation
and exceptional items (LBIT) of
$38.0 million we recorded for the
first half of FY21, against a profit
before interest, fair value change,
taxation and exceptional items
(PBIT) of $42.2 million for the
corresponding period the year before.
Fortunately, we experienced some
signs of recovery in the second half
of the year, especially with the UK’s
reopening of its domestic economy,
the easing of restrictions and the
opening of international borders
in the last quarter. These positive
factors allowed us to achieve a PBIT
of $42.4 million for the second half
of FY21, compared to an LBIT of
$22.6 million for the corresponding
period in FY20.
Notwithstanding this gradual
recovery in the fourth quarter,
Frasers Hospitality ended FY21 with
full-year total revenues declining by
19.6% to $392.8 million and profit
before interest and taxation falling
by 77.6% to $4.4 million. During the
year, we successfully divested Fraser
Suites Beijing for approximately
$332.4 million, with a divestment
gain of about $80.0 million, as part
of our asset recycling programme to
unlock value and recycle capital.
78
Business
Review
HOSPITALITY
ASIA PACIFIC
In Australia and Southeast Asia,
we pivoted our properties to
participate in government-
led quarantine programmes in
Thailand, Australia and Singapore.
Concurrently, our strong corporate
base continued to provide a buffer
for some of our properties in
Singapore, Indonesia and Vietnam.
In Australia, the lifting of restrictions
and the opening of interstate
borders in the first half of FY21
saw Fraser Suites Perth and Sofitel
Sydney Wentworth increasing their
business levels from domestic
demand and posting full-year
operating profits. Fraser Suites
Perth, in particular, averaged 80.0%
occupancy levels, benefiting from
domestic and interstate travel,
corporate travel from the mining
sector and the relocation of
sporting activities to Perth. Despite
lockdown restrictions in Melbourne
since July 2021, Fraser Place
Melbourne continued with its long-
term lease strategy.
A spike in cases in April 2021 in
Vietnam did not affect Fraser Suites
Hanoi’s steady occupancy from
long-stay corporate guests, as it
geared up to open a new tower
in December 2021. Preparations
were also underway to open
Fraser Residence Hanoi and
Capri by Fraser Bukit Bintang in
Kuala Lumpur, both of which were
postponed to December 2021 and
January 2022, respectively.
NORTH ASIA
China, which bore the brunt of the
pandemic in FY20, started to ease
its domestic travel restrictions
after an intense lockdown. While
business travellers were permitted
to travel to and within the country,
it was the domestic market that
sustained our occupancy levels
with a healthy long-stay base.
Artist’s Impression of Fraser Suites Hanoi, Vietnam
We opened Fraser Residence
Chengdu in June 2020 and Modena
by Fraser Nanjing in November
2021, which will both benefit from
domestic travel. Pre-opening
activities started at Fraser Suites
Pazhou Guangzhou, Fraser
Residence Nanjing and Fraser Place
Chengdu, which will all commence
operations in the second half of
2022.
Growth momentum in China
remained relatively strong with
the signing of four management
agreements for Fraser Residence
Chongqing, Fraser Residence
Tianjin, Fraser Residence Shenzhen
and Fraser Residence Changsha.
The South Korea market faced
domestic movement controls
and international border closures.
While Fraser Place Namdaemun
was temporarily closed since May
2020, Fraser Place Central Seoul
continued to operate to serve its
long-stay corporate base.
In Japan, Fraser Residence Nankai
Osaka leveraged the government’s
efforts to drive local consumption
and domestic travel, while
Fraser Suites Akasaka aligned its
promotions with the government’s
‘Go-To’ campaign, which subsidises
domestic travel.
LOOKING AHEAD
As COVID-19 transitions to being
endemic in many countries, we
witnessed more confidence in travel
from the final quarter of FY21 due to
the easing of border restrictions, the
increased rates of vaccinations and
the introduction of vaccinated travel
lanes. Pent-up demand for travel
was already experienced in the
Middle East, Europe and China.
With our defined clusters in place,
we are gearing ourselves up to
capitalise on the anticipated
demand for travel. We have already
implemented technology-enabled
processes in our back- and front-of-
the-house, embedded health and
hygiene protocols and upskilled our
staff, to position us in good stead
for recovery.
Concurrently, we have continued
with the phased implementation of
our digital transformation roadmap,
including the timely overhaul of
our brand website and property-
level microsites. The new website
was launched in November 2021
to provide a swift and seamless
consumer digital journey and help
to boost direct brand conversions.
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
79
Fraser Residence Chengdu, China
Robot Concierge
Serviced Residences – Properties in Operation – Owned Properties
Country
Property
Australia
China
Indonesia
Fraser Suites Perth
Fraser Place Melbourne
Capri by Fraser, Brisbane
Fraser Suites Dalian
Fraser Residence
Sudirman, Jakarta
Fraser Suites Kensington,
London
Capri by Fraser, Barcelona
United
Kingdom
Spain
Singapore Capri by Fraser,
Changi City
Fraser Place Robertson
Walk, Singapore
Capri by Fraser,
China Square
Capri by Fraser, Frankfurt
Capri by Fraser, Berlin
Fraser Suites Hamburg
Germany
Total no. of rooms owned
Effective
interest
as at
30 Sep 21
(%)
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
No. of
units
Occupancy
FY21 (%)
FY20 (%)
Average daily rate
FY21
FY20
Book value
as at
30 Sep 21
(‘m)
236
112
239
259
108
70
97
313
164
304
153
143
154
2,352
80.1
74.3
33.9
58.7
59.9
61.0
58.1
97.5
75.5
100.0
28.1
32.8
23.3
85.2
67.5
40.9
51.3
A$174.8
A$49.6
A$150.5
RMB416.1
A$215.8
A$111.4
A$154.4
RMB403.5
A$88.0
A$25.3
A$74.0
RMB325.0
57.2
US$90.5
US$104.4
US$21.9
62.8
40.7
89.6
76.3
77.6
40.2
46.0
32.8
£259.5
€64.6
£234.6
€114.7
£107.3
€19.1
$81.8
$142.5
$177.4
$240.4
$272.3
$176.8
$65.0
€89.3
€68.5
€167.5
$135.7
€147.9
€106.2
€173.8
$246.0
€35.5
€29.1
€59.0
80
Business
Review
HOSPITALITY
Managed Properties
Country
Property
Bahrain
China
France
Germany
Indonesia
Japan
United Kingdom
Malaysia
Nigeria
Oman
Qatar
Saudi Arabia
Singapore
South Korea
Switzerland
Thailand
Turkey
UAE
Vietnam
Fraser Suites Seef, Bahrain
Fraser Suites Diplomatic Area, Bahrain
Fraser Suites Top Glory, Shanghai
Modena by Fraser Putuo Shanghai
Fraser Suites Guangzhou
Modena by Fraser New District Wuxi
Modena by Fraser Zhuankou Wuhan
Fraser Place Tianjin
Fraser Place Binhai, Tianjin
Modena by Fraser Changsha
Fraser Suites Shenzhen
Fraser Residence Chengdu
Fraser Suites Harmonie, Paris
Fraser Suites Le Claridge Champs-Élysées, Paris
Capri by Fraser, Leipzig (Leased)
Fraser Residence Menteng, Jakarta
Fraser Place Setiabudi, Jakarta
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
Fraser Suites Doha
Fraser Suites Riyadh
Fraser Residence Orchard, Singapore
Fraser Place Central, Seoul
Fraser Place Nandaemum, 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
Total no. of rooms (under management)
No. of
units
Occupancy
FY21 (%)
FY20 (%)
91
114
187
370
332
120
172
192
224
262
211
185
134
114
151
128
151
114
224
19
26
12
14
22
332
297
316
126
120
226
95
115
271
252
67
185
239
101
152
116
80
268
184
175
7,286
70.4
60.5
90.5
77.8
60.8
68.3
66.0
58.9
69.2
57.0
86.4
61.7
25.5
25.0
17.4
50.5
68.0
25.7
10.1
64.8
30.1
8.7
14.5
48.0
11.9
14.5
19.3
68.2
53.9
79.7
87.0
72.7
63.6
-
41.2
50.7
4.8
54.5
33.0
63.2
73.8
82.8
81.2
32.9
41.5
46.7
87.8
61.3
61.6
80.3
67.5
61.6
60.5
47.8
67.7
54.2
44.0
38.1
11.4
47.3
66.9
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
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
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
81
Hotel du Vin Bristol Avon Gorge, UK
Malmaison Belfast, UK
Properties Under Development
Country
Property
Japan
United Kingdom Hotel du Vin Aberdeen
Capri by Fraser Ginza
1 Total book value of the project as at 30 September 2021
Effective
interest
as at
30 Sep 21
(%)
100.0
100.0
Est. no.
of units
244
144
Book value
(‘m)
Target
Opening
JPY14,302.61
£2.0
2023
2023
82
Business
Review
HOSPITALITY
Malmaison and Hotel du Vin Group of Hotels
Effective
interest
as at
30 Sep 21
(%)
No. of
units
Occupancy
Average daily rate
FY21 (%)
FY20 (%)
FY21 (£)
FY20 (£)
Book value
as at
30 Sep 211
(£ ‘m)
Property
United Kingdom
Malmaison Aberdeen
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
Malmaison Edinburgh (City)
Malmaison York
Hotel du Vin Birmingham
Hotel du Vin Brighton
Hotel du Vin Bristol
Hotel du Vin Cambridge
Hotel du Vin Cheltenham
Hotel du Vin Edinburgh
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
Hotel du Vin Wimbledon
Hotel du Vin Winchester
Hotel du Vin York
Hotel du Vin Bristol Avon Gorge
Hotel du Vin Exeter
Hotel du Vin Stratford Upon Avon
Total no. of rooms (owned and leased)
Master leased
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
Master leased
Master leased
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
150
66
49
40
41
49
47
49
48
43
42
38
40
34
50
24
44
78
59
46
2,629
50.2
36.6
27.1
45.8
40.3
32.9
34.4
37.9
19.8
24.3
43.6
43.8
27.9
59.1
53.9
36.0
56.6
44.3
47.2
57.4
51.4
40.1
36.6
54.1
45.4
49.1
43.4
62.6
51.1
57.6
56.2
59.0
45.3
44.6
54.0
38.4
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
97.3
124.1
114.6
80.9
114.4
103.5
112.2
99.5
137.2
113.9
121.9
197.3
95.0
174.9
118.3
142.7
161.9
110.0
213.7
147.8
164.6
130.0
161.3
144.3
156.7
170.8
128.7
185.5
204.8
135.8
154.0
173.5
149.7
163.5
150.4
151.4
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
0.7
7.7
0.9
0.2
14.5
6.8
11.9
13.7
2.4
1.2
0.7
0.8
13.2
4.1
6.9
0.1
0.0
10.3
12.7
7.5
8.4
8.2
11.5
9.5
5.4
5.0
2.7
3.8
6.3
5.6
12.8
3.8
5.6
20.9
7.3
6.5
1 Excludes right-of-use (ROU) assets recognised under SFRS(I) 16 Leases. Including ROU assets, the book value as at 30 September 2021 is
£456.5 million
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
83
FRASERS HOSPITALITY TRUST
In FY21, Frasers Hospitality Trust
reported gross revenue of
$85.5 million and net property
income of $57.6 million, declines
of 3.4% and 3.7% respectively from
the previous year. This performance
reflected a full year of effects from
the ongoing pandemic, compared
to FY20 which was only partially
affected, although the improving
operating environment in the
second half of the year helped to
mitigate further declines.
Income available for distribution
for FY21 decreased year-on-year
by 29.7%. To conserve cash,
$2.1 million or about 10.0% of the
income available for distribution
was retained for working capital
purposes. This led to a distribution
per stapled security of 0.98
Singapore cents for FY21, down
29.7% from FY20.
Gearing stood at 42.2%, as at
30 September 2021. On 29 October
2021, Frasers Hospitality Trust
announced the proposed
divestment of Sofitel Sydney
Wentworth for A$315.0 million
Sofitel Sydney Wentworth, Australia
($309.1 million). Based on proforma
assumptions that the divestment
was completed within this financial
year and net proceeds were used
to repay borrowings, gearing
would have been 34.3% as at
30 September 2021.
Frasers Hospitality Trust’s portfolio
of 15 quality assets had a combined
appraised value of $2.3 billion,
as at 30 September 2021, largely
unchanged from the previous year.
Properties Held through Frasers Hospitality Trust
Country
Property
Singapore
Malaysia
Japan
Australia
United Kingdom
InterContinental Singapore
Fraser Suites Singapore
The Westin Kuala Lumpur
ANA Crowne Plaza Kobe
Fraser Suites Sydney
Novotel Sydney Darling Square1
Sofitel Sydney Wentworth
Novotel Melbourne on Collins
Fraser Suites Glasgow
Fraser Suites Edinburgh
Fraser Suites Queens Gate, London
ibis Styles London Gloucester Road
Park International London
Fraser Place Canary Wharf, London
Maritim Hotel Dresden
Effective
interest
as at
30 Sep 21
(%)
25.8
25.8
25.8
25.8
25.8
25.8
25.8
25.8
25.8
25.8
25.8
25.8
25.8
25.8
25.8
Book value
as at
30 Sep 21
(‘m)
$506.0
$292.0
RM368.0
¥16,200.0
A$127.5
A$109.0
A$270.0
A$231.0
£9.2
£15.0
£54.3
£19.2
£38.6
£36.7
€59.3
No. of
units
406
255
443
593
201
230
436
380
98
75
105
84
171
108
328
3,913
Germany
Total no. of rooms owned and managed
1 Excludes right-of-use (ROU) assets recognised under SFRS(I) 16 Leases. Including ROU assets, the valuation as at 30 September 2021 is
A$112.1 million
84
Business
Review
THAILAND
& VIETNAM
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
85
THAILAND
In Thailand, we focused on growing and driving synergies
from our fully integrated real estate platform with a
diversified portfolio spanning residential, industrial and
commercial properties.
Frasers Property Thailand – in which
Frasers Property holds a 81.8%1
deemed interest – is one of the
largest real estate developers in
the country by asset size across all
asset classes. As at 30 September
2021, we had 63 active residential
projects, owned and managed
3.0 million sqm gross floor area of
factories and warehouses,
240,000 sqm of commercial and
retail net lettable area, and hotel
and serviced apartments with
1,100 keys in Thailand.
RESIDENTIAL
In FY21, subdued macro-economic
conditions from the ongoing
pandemic resulted in a 24.4%
decrease in revenue from residential
developments to about THB11,427
million ($489.0 million). At year-
end, unrecognised revenue stood
at approximately THB2,771 million
($119.0 million).
Residential Projects Completed or Under Development
We continued to focus on high-
growth segments, such as the
low-rise residential market, launching
Grandio as a new concept of large
and luxurious single-detached
houses with clubhouse facilities
within a landscaped gated community.
Grandio was well-received,
exceeding pre-sales target by three
times despite the market conditions.
To facilitate sales, we introduced
the iHome loan digital platform to
streamline the loan application and
approval process. We also launched
the Home+ smart application
to engage with homebuyers
throughout the sales and after-sales
processes.
Project
Active project2
Golden Neo Sathorn
De Pine
The Island (Courtyard)
Golden Town Srinakarin-Sukhumvit
Golden Town Pattaya Tai-Sukhumvit
Golden Town Petchkasem-Phutthamonthon
Sai 3
Golden Town Sukhumvit-Bearing Station
Golden Town Wongsawang-Khae Rai
Golden Town 3 Bangna-Suanluang
Golden Town 2 Ngamwongwan-Prachachuen
Golden Prestige Watcharapol-Sukhaphiban 5
Golden Town Vibhavadi-Chaengwattana
Golden Town Chaiyaphruek-Wongwaen
Golden Town 3 Suksawat-Phuttha Bucha
Two Grande Monaco Bangna-Wongwaen
Golden City Chaengwattana-Muang Thong
Effective
interest
as at
30 Sep 21
(%)
Total no.
of units
% of units
sold
Avg.
selling
price
($ psm)
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
237
213
89
405
249
291
282
282
379
139
152
330
393
481
77
167
99.6
99.1
98.9
99.8
83.9
99.3
99.6
99.3
95.3
91.4
98.0
95.8
99.2
91.5
76.6
59.9
2,222
1,697
1,131
1,212
1,091
1,293
1,454
1,656
2,101
1,737
1,091
1,939
2,222
1,414
2,020
1,091
38.8
99.1
46.4
30.6
19.8
20.7
20.9
23.4
27.9
10.4
38.3
25.4
32.6
38.1
41.8
14.1
85.6
110.8
55.9
40.0
28.6
34.6
43.9
40.8
54.7
22.9
54.2
44.4
33.1
57.3
79.8
31.5
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
1Q FY22
2Q FY22
1 Target completion date is the target date for the completion of the last unit
2 Refers to projects that are partially completed and launched for pre-sales
1 As at 30 September 2021, 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
86
Business
Review
THAILAND
Residential Projects Completed or Under Development (Cont’d)
Project
Active project2 (Cont’d)
Golden City Sathorn
Golden Town 2 Bangkae
Golden Town Sathorn
Golden Town Sriracha-Assumption
Golden Neo 2 Bangkae
Alpina
Grandio Petchkasem 81
Golden Village Chiang Rai-Big C Airport
Golden Town Charoenmuang-Superhighway
Golden Town Ngamwongwan-Khae Rai
The Grand Lux Bangna-Suanluang
Golden Neo Korat-Terminal
Golden Neo Chaengwattana-Muang Thong
Golden Town Ramintra-Wongwaen
Golden Neo Bangna-Suanluang
Golden Town Ayutthaya
Golden Town Rattanathibet-Westgate
Golden Town Petchkasem 81
Golden Town Phaholyothin-Saphanmai
Golden Town Sukhumvit-Lasalle
Golden Neo Khonkaen-Bueng Kaennakhon
Golden Neo Siriraj-Ratchapruek
Golden Town Tiwanon-Chaengwattana
Golden Town Phaholyothin-Lumlukka
Grandio Bangkae
Grandio Vibhavadi-Rangsit
Golden Town Vibhavadi-Rangsit
Grandio Sathorn
Golden Town Chiang Mai-Kad Ruamchok
Golden Town 2 Srinakarin-Sukhumvit
Golden Neo 2 Ramintra-Wongwaen
Golden Town 3 Rama 2
Golden Town Chiangrai-Big C Airport
Golden Town Ratchapruk-Rama 5
Golden Neo Rama 9-Krungthepkreetha
Golden Neo Sukhumvit-Lasalle
Golden Neo Ngamwongwan-Prachachuen
Golden Town 2 Ramintra-Wongwaen
Golden Neo 3 Rama 2
Golden Neo Suksawat-Rama 3
Golden Town Suksawat-Rama 3
Grandio Ramintra-Wongwaen
Golden Town Angsila-Sukhumvit
Grandio Suksawat-Rama 3
Golden Neo 2 Bangna-Kingkaew
Golden Town Rangsit–Klong 3
Golden Neo Chachoengsao-Ban Pho
Effective
interest
as at
30 Sep 21
(%)
Total no.
of units
% of units
sold
Avg.
selling
price
($ psm)
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
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
119
312
392
476
172
131
107
99
131
321
61
491
156
478
146
455
290
314
495
239
261
236
361
378
261
237
398
184
398
491
167
424
353
193
149
154
118
289
212
215
433
259
492
96
372
495
409
52.1
53.2
72.4
74.2
50.0
63.4
60.7
52.5
52.7
43.0
26.2
57.6
58.3
69.0
41.8
66.2
41.4
30.3
46.5
41.0
24.5
2.1
41.0
36.8
57.9
44.7
24.1
0.0
31.7
33.4
33.5
40.3
38.0
11.9
14.8
14.9
16.1
14.9
34.0
6.0
5.1
23.9
10.0
10.4
32.8
17.2
31.3
1,454
1,737
1,010
2,060
4,121
1,131
1,333
1,495
1,697
1,535
1,333
1,414
2,384
1,656
2,222
1,172
1,293
1,374
1,576
1,939
2,020
1,858
1,656
2,909
2,222
1,414
1,697
1,293
2,384
1,131
1,535
1,535
1,899
2,141
1,656
1,778
1,818
1,737
2,222
1,818
2,262
1,858
2,060
1,374
1,778
2,141
1,697
10.6
22.8
29.6
38.9
26.7
87.3
23.5
17.4
10.0
23.9
32.2
46.6
24.3
36.7
23.4
33.5
20.9
23.3
36.4
17.4
22.7
38.5
26.1
27.2
62.3
68.0
28.8
46.7
28.9
36.5
25.3
30.0
25.4
15.9
23.2
25.4
19.1
20.7
33.0
33.5
32.0
65.2
37.2
24.3
59.0
35.4
36.1
30.1
45.6
70.7
45.8
47.0
165.2
36.3
19.2
14.0
45.3
68.7
51.9
49.6
63.6
38.4
44.2
35.3
42.0
63.9
37.9
29.5
90.9
38.0
41.9
106.5
102.1
45.2
125.8
49.3
57.0
42.0
41.8
32.9
29.5
51.6
57.5
39.3
37.9
43.3
64.4
65.1
107.3
50.7
56.1
98.8
48.9
39.7
3Q FY22
4Q FY22
4Q FY22
4Q FY22
4Q FY22
4Q FY22
1Q FY23
1Q FY23
1Q FY23
1Q FY23
1Q FY23
2Q FY23
2Q FY23
2Q FY23
3Q FY23
3Q FY23
3Q FY23
4Q FY23
4Q FY23
4Q FY23
4Q FY23
4Q FY23
1Q FY24
1Q FY24
1Q FY24
1Q FY24
1Q FY24
1Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY24
3Q FY24
3Q FY24
3Q FY24
4Q FY24
1Q FY25
1Q FY25
1Q FY25
2Q FY25
4Q FY25
4Q FY25
1Q FY26
1Q FY26
3Q FY26
1 Target completion date is the target date for the completion of the last unit
2 Refers to projects that are partially completed and launched for pre-sales
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
87
Golden Neo Ladprao, Bangkok, Thailand
Residential Landbank
Site Cluster
Bangna
Rama 2
Chiangrai
Bangkae
Ramintra-Wongwaen
Rattanathibet-Ratchapruek
Charansanitwong
Chaengwattana
Rangsit
Sukhumvit
Ngamwongwan
Ladphrao-Kasetnawamin
Extra-TH-Sathorn
Sathorn
Condo-Sathorn
Effective
interest as at
30 Sep 21
(%)
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
59.3
59.3
59.3
59.3
59.3
59.3
495
1,510
900
116
2
372
218
40
1,796
494
1
478
82
108
427
36.6
148.0
41.4
8.2
9.2
28.7
15.9
6.1
155.1
40.1
5.8
33.7
9.4
3.5
2.6
Total
GDV
($m)
52.5
217.1
65.4
14.3
2.5
44.1
31.3
12.0
191.6
86.2
1.7
57.8
64.9
17.0
42.5
88
Business
Review
THAILAND
INDUSTRIAL
Driven by strong demand for
modern industrial and logistics
space, our industrial and logistics
portfolio occupancy reached a
five-year record high of 85.2%,
with net leasing growth of over
160,000 sqm in FY21. We plan to
continue integrating sustainability
features, robotics, flexible
automation and the internet-of-
things in many of our new projects
to tap into the growing focus on
sustainability and productivity.
During the year, we recycled over
196,000 sqm of quality industrial
assets worth approximately
THB3.53 billion ($152.0 million) to
Frasers Property Thailand Industrial
Freehold & Leasehold REIT, as part
of proactive capital management.
In addition, we divested non-core
assets worth approximately THB317
million ($13.0 million) to third parties.
Despite pandemic-related
operational challenges, we achieved
on-schedule delivery for over
100,000 sqm of built-to-suit and asset
enhancement initiatives in FY21.
Our development pipeline of more
than 100,000 sqm will be ready for
handover in FY22.
Frasers Property Logistics Center Bangplee, Samutprakarn, Thailand
Industrial & Logistics Completed Properties
Site Cluster
Northern Bangkok
Central Region
Eastern Region
Outer Region
Inclusive of vacant land
1
2 Includes occupancies for assets under management
Effective
interest
as at
30 Sep 21
(%)
59.6
59.6
59.6
59.6
Book value1
as at
30 Sep 21
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy2
FY21 (%)
FY20 (%)
259.6
569.8
389.0
203.1
206.1
354.1
285.6
94.1
71.0
87.0
89.0
83.0
58.0
89.0
86.0
72.0
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
89
Frasers Property Logistics Center Wangnoi, Ayutthaya, Thailand
Industrial & Logistics Development Projects
Site
Bangna 2 Logistics Park, Bangpakong Chachoengsao
Bangkok Logistics Park, Puchaosamingprai Samutprakarn
Frasers Property Logistics Centre (Bangplee 7), Samutprakarn
Amata City Rayong Industrial Estate, Rayong
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 projects and landbank are subject to planning approvals
2 Excludes non-core landbank
Effective
interest as at
30 Sep 21
(%)
Total
area
(‘000 sqm)
Target
completion
date
30.4
44.7
59.6
59.6
22
40
42
7
1Q FY22
2Q FY22
2Q FY22
3Q FY22
Effective
interest as at
30 Sep 21
(%)
Land area
(‘000 sqm)
59.6
59.6
59.6
59.6
59.6
59.6
59.6
59.6
110.0
35.0
273.0
702.0
927.0
948.0
1,462.0
716.0
90
Business
Review
THAILAND
COMMERCIAL
Our commercial portfolio under
management – comprising FYI Center,
Park Venture Ecoplex, Sathorn Square
and Goldenland Building – achieved
an average occupancy rate of 94.0%.
Two of the properties are owned
by Golden Ventures Leasehold
REIT. Our mixed-use development,
Samyan Mitrtown, recorded average
occupancy rates of about 88.0% for
its office space and 96.0% for its
retail space, while its convention
facility was used as a community
vaccination centre.
To tap the demand for flexible working
and collaboration spaces, in April 2021,
we acquired an existing property
that we are redeveloping into a new
sandbox community in Bangkok’s
CBD. Silom Edge, a 49,000 sqm gross
floor area mixed-use development, will
target digital entrepreneurs and start-
ups. Construction has commenced,
with the opening slated for end-2022.
Due to prolonged travel restrictions
amid new waves of the pandemic,
our hospitality assets in the portfolio
recorded average occupancy rates
of 21.7%, compared to 41.5% in
FY20. With Thailand opening up to
international travel, the hospitality
team has prepared recovery plans
to bring back its corporate base and
attract tourists.
Samyan Mitrtown, Bangkok, Thailand
Artist’s Impression of Silom Edge, Bangkok, Thailand
Commercial & Retail Completed Properties
Properties
Goldenland Building
FYI Center
Effective
interest
as at
30 Sep 21
(%)
Book value
as at
30 Sep 21
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy
FY21 (%)
FY20 (%)
59.3
59.3
1.2
217.2
11.0
50.3
65.0
95.0
88.0
96.0
Commercial & Retail Development Projects for Internal Pipeline
Property
Effective
interest as at
30 Sep 21
(%)
Net
lettable
area
(‘000 sqm)
Target
completion
date
Silom Edge – Bangkok CBD
59.3
21.0
4Q FY22
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ST Telemedia Global Data Centres, Bangkok, Thailand
REITS
The Group has two REITs,
with combined assets under
management of $2.3 billion.
Frasers Property Thailand Industrial
Freehold & Leasehold REIT – which
Frasers Property Thailand sponsors,
manages and holds a 26.6% stake
– had a portfolio value of about
THB44.8 billion ($1.8 billion) as at
30 September 2021. Golden
Ventures Leasehold REIT – which
Frasers Property Thailand sponsors
through its subsidiary, Golden Land
Property Development, manages
and holds a 23.5% stake –
had a portfolio value of about
THB11.0 billion ($0.4 billion) as at
30 September 2021.
OTHER INTERESTS
Frasers Property Thailand’s
investment, STT GDC Thailand
opened its 30,000 sqm hyper-scale
data centre, the first in Thailand,
in May 2021, achieving 50.0%
occupancy by year-end. Frasers
Property Thailand holds a 51.0%
stake in this joint venture with
ST Telemedia Global Data Centres.
Frasers Property Thailand also
holds a 51.0% stake in JustCo
(Thailand), one of the country’s
largest co-working operators, and
a 51.0% stake in PBA Robotics
Thailand, a joint venture with
PBA Group, a leading robotics
and automation solution service
provider in Southeast Asia.
In addition, Frasers Property owns
a 19.8% stake in One Bangkok,
a mixed-use development project
still under construction in central
Bangkok.
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VIETNAM
VIETNAM
Riding on favourable economic conditions in Vietnam, we
recorded milestones in our residential and commercial
projects and made our foray into the industrial sector this year.
Notwithstanding the ongoing
challenges of the COVID-19
pandemic, Vietnam continued
to record strong economic
performance on the back of healthy
exports and manufacturing output
and a robust recovery in domestic
demand. Asian Development Bank
projected a 3.8% growth for the
Vietnam economy in 2021. At Frasers
Property Vietnam, we focus on
building our multi-asset capabilities
and searching for strategic local
partnerships to capitalise on the
positive market dynamics and
structural shifts in demographics.
RESIDENTIAL
In FY21, we completed the non-
landed residential and retail
components of the mixed-use Q2
Thao Dien development in Ho Chi
Minh City. Completed on time, the
project allowed us to recognise
revenues of $125.0 million for the year,
following the handover of 86.0% of
apartments and 100% of retail units.
There was $41.0 million unrecognised
revenue, including $38.0 million from
the landed residential units and
$3.0 million from the remaining
apartments, as at 30 September 2021.
Construction for Q2 Thao Dien’s
landed residential units, comprising
12 townhouses and six villas,
progressed well with plans for
completion and handover in the
first quarter of FY22.
Q2 Thao Dien, Vietnam
Residential Projects
Projects
Ho Chi Minh City
Effective
interest
as at
30 Sep 21
(%)
No. of
units
launched
% Sold
as at
30 Sep 21
% Completion
as at
30 Sep 21
Avg. selling
Price
as at
30 Sep 21
($ psm)
Est.
saleable
area
('000 sqm)
Target
completion
date
Q2 Thao Dien – Apartment & Retail
Q2 Thao Dien – Landed
70.0
70.0
346
18
100.0
100.0
100.0
79.0
5,172
13,3101
30.9 Completed
1Q FY22
2.81
1 Land area is used instead of estimated saleable area
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INDUSTRIAL
FY21 marked Frasers Property
Vietnam’s entry into the
industrial segment, leveraging
Vietnam’s emergence as a choice
manufacturing destination.
Our first industrial project, Binh
Duong Industrial Park, is located in
Binh Duong province, one of the
key southern economic hubs of
Vietnam. Launched during the year,
the industrial park is well-placed
to attract foreign direct investment
and leading national enterprises.
With approximately 468,000 sqm
of industrial land, the industrial
park, managed on behalf of Frasers
Property Thailand, is ideal for
logistics and distribution, light and
supporting industries and high-tech
industries.
We plan to deliver ready-built
facilities and build-to-suit solutions
over the next five years to meet
diverse industrial needs. Phase 1,
comprising 40,360 sqm of
ready-built facilities with LEED
certification, will be completed by
the fourth quarter of FY22.
Artist’s Impression of Binh Duong Industrial Park, Vietnam
COMMERCIAL
In early 2021, we completed an
asset enhancement initiative for
Melinh Point, repositioning the
25-year-old building as a Grade A
boutique-styled office in Ho Chi Minh
City’s CBD. Equipped with modern
amenities and sustainable,
resource-efficient features, Melinh
Point became the first operating
and non-residential building in
Vietnam to achieve the Green
Mark Platinum certification
from Singapore’s Building and
Construction Authority.
During the year, we launched Worc@
Q2, a modern-styled serviced-office
tower within our Q2 Thao Dien
development, offering approximately
4,500 sqm of net leasable area.
Worc@Q2 is poised to captailise on
the trends for office decentralisation
and the setting-up of back-up
offices within Ho Chi Minh City.
Commercial Projects
Projects
Ho Chi Minh City
Melinh Point
Worc@Q2
Industrial Projects
Projects
Effective
interest
as at
30 Sep 21
(%)
Book value
as at
30 Sep 21
($’m)
Net
lettable
area
(sqm)
Occupancy
FY21 (%)
FY20 (%)
Target
completion
date
75.0
70.0
77.0
19.0
17,414
4,450
96.0
21.0
92.0
Completed
NA
Completed
Effective
share
(%)
Total area
(sqm)
Target
completion
date
Binh Duong Industrial Park
59.6
467,970
Several phases over FY22 – FY26
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UNITED KINGDOM
In the UK, we delivered a strong performance in FY21, with
a solid year of platform growth as we expanded our portfolio
and continued our proactive asset management approach.
Frasers Property UK has gross
assets under management of
£1.4 billion ($2.5 billion), including
a substantial portfolio of business
parks as well as ongoing residential
and commercial development
projects.
Even as the UK economy faced
significant disruption to business
activities from the impact of the
COVID-19 pandemic, we focused
on the safety of our occupiers,
residents and employees and in
engaging customers proactively to
identify areas of risk and key market
impacts. Despite the challenging
market conditions, we maintained
a resilient and defensive portfolio
that helped us deliver profit before
interest, fair value change, taxation
and exceptional items of £32.6
million ($59.9 million) in FY21.
Our UK portfolio roadmap sets out
a plan to maximise value from our
existing assets and complement
these with new strategic growth
opportunities. As demand for
industrial and logistics space
continues, our strength and growth
in this sector ensures that our UK
business is similarly well-placed to
capitalise on opportunities in this
asset class.
COMMERCIAL & INDUSTRIAL
and the industrial asset, Connexion,
which the REIT acquired in June
2021. Located in the heart of the
‘Golden Triangle’, a strategic area in
the Midlands regarded as a prime
location for distribution in the UK,
Blythe Valley Park has a lettable
area of 41,651 sqm across 16
buildings set within 1,040,042 sqm.
The acquisition also included
27,842 sqm of development land.
Our business parks portfolio, with a
total net lettable area of over
520,000 sqm, is home to approximately
500 companies. The assets are
generally located in key business
locations with a diversified mix of
occupiers and sectors, creating
a resilient portfolio. In FY21, our
portfolio achieved an average
occupancy rate of 90.6% and a
weighted average lease expiry of
6.0 years.
We achieved strong leasing
performance across our portfolio
in FY21, with 66 new lettings
amounting to 31,898 sqm and 70
lease renewals for 32,449 sqm
completed during the year. 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 and engaging
environments we deliver.
Our UK portfolio consists of seven
business park and industrial assets
- six in England and one in Glasgow,
Scotland - as well as a central
London office development project.
The commercial and industrial
assets include all Frasers Logistics
& Commercial Trust properties in
the UK, which Frasers Property
UK supports in the management
of. They include Blythe Valley Park
In September 2021, we completed
the refurbishment of Building 1180
at Winnersh Triangle, which involved
an extensive refurbishment of two
floors of office space along with the
creation of a café at the reception
area. The masterplan at Winnersh
Triangle also includes a sports hub
and exercise studio with all-weather
sports pitches for occupiers to use
along with an improved transport
interchange and new boulevards,
landscaping and pathways. In
addition, our co-working space,
The Exchange, was launched in
July 2021, offering occupiers and
visitors a collaborative workspace
and meeting rooms adjoining the
park’s café. These investments
enable us to further drive our
placemaking agenda, to enhance
engagement with our occupiers, tap
into the future of work trends and to
improve returns from our assets.
A recent initiative to unlock
embedded development value in
our business parks portfolio was
an industrial development scheme
at Hillington Park, our business
park in Glasgow. West 100+200 is a
12,000 sqm industrial development
offering 13 high specification units.
It is currently under construction
and due for completion in the third
quarter of FY22. This initiative will
enhance the future-readiness of
Hillington Park, which is a well-
known industrial location.
Our only central London office
development, The Rowe (previously
Central House), is located in
Whitechapel and is currently
under construction. Due for
completion in the fourth quarter
of FY22, the development will
deliver 15,000 sqm of office space
across 12 storeys with a strong
focus on the technology sector.
Built into the fabric of The Rowe
is a technological foundation that
will directly benefit occupiers,
such as sustainability features,
arrival experiences, amenities
and community services, and
cybersecurity. The project is a
holistic redevelopment of the site,
with occupants’ health and well-
being as key considerations. It will
feature high-quality contemporary
architecture and landscaping, as
well as superb connectivity and
transport links.
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Winnersh Triangle, United Kingdom
Business Parks
Property
Location
Chineham
Hillington
Lakeshore
Watchmoor1
Winnersh Triangle
Basingstoke
Glasgow
Bedfont Lakes
Camberley
Reading
1 Asset sold on 30 September 2021
Effective
interest
as at
30 Sep 21
(%)
100.0
100.0
100.0
-
100.0
Book value
as at
30 Sep 21
($m)
284.9
232.8
226.9
-
674.1
1,418.7
Commercial and Industrial Development Projects
Lettable
area Occupancy, based on NLA
FY20 (%)
FY21 (%)
('000 sq m)
75.1
185.3
25.7
-
123.0
409.1
87.6
95.8
100.0
-
82.7
84.5
94.1
100.0
82.9
77.1
Projects
West 100+200 (Hillington Park)
The Rowe (previously known as Central House)
1 Land cost psm is based on total gross floor area (GFA) on the planning approval
Effective
interest
as at
30 Sep 21
(%)
100.0
100.0
Est.
lettable
area
(sqm)
12,000
15,000
Land cost
(£ psm)1
Target
completion
date
NA
2,185
2Q FY22
4Q FY22
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enhanced our digital marketing
efforts to address some of the
challenges posed by the pandemic.
As a result, and despite the adverse
market conditions, we achieved
sales of 18 apartments and one
commercial unit at this completed
development project.
LOOKING AHEAD
In line with the Group’s environmental,
social and governance strategy,
we launched our sustainability
roadmap in the UK, setting out
our route to achieving three major
sustainability commitments. These
are to achieve net-zero carbon
across the whole portfolio by 2050,
to achieve net-zero carbon across
operational areas of control by
2030, and to be climate-resilient
and establish mitigation and
adaptation plans by 2022.
With the growing maturity of our
UK operations, we will continue to
increase our digital footprint and
enhance our data analytics, adding
capabilities to the deep expertise of
our people. We will also continue to
embed a design thinking mindset to
fuel innovation and collaboration.
Our robust operations and highly
skilled team allows us to drive
returns from our well-positioned
assets and support our customers
in their future-readiness. We will
remain invested in our people and
portfolio to further strengthen our
UK platform.
Artist’s impression of The Rowe, United Kingdom
RESIDENTIAL
During the year, Frasers Property UK
completed the sale and handover
of the final two private residential
apartments in Camberwell on the
Green. This brings our Camberwell
on the Green residential project
– comprising 92 freehold private
apartments, nine affordable
apartments and eight commercial
units – to a close.
Our other major residential
development is Riverside
Quarter. This landmark scheme
overlooks the Thames, with 751
units across 10 buildings set in
attractive landscaped gardens and
amenities including two pools,
two gymnasiums, two levels of
underground car parking and a
centralised renewable energy
centre. During the year, we refreshed
our marketing literature and
Residential Projects
Projects1
Five Riverside Quarter
Seven Riverside Quarter
Nine Riverside Quarter
Effective
interest
as at
30 Sep 21
(%)
100.0
100.0
100.0
% Sold
as at
30 Sep 21
Avg.
selling price
as at
30 Sep 21
(£ psm)
98.0
87.4
58.7
10,422
7,700
7,446
No of
units
149
87
172
Est.
saleable
area
(sqm)2
9,350
7,950
13,550
Land cost
(£ psm)3
Target
completion
date
1,618 Completed
1,292 Completed
462 Completed
1 All data includes affordable units
2 Excludes retail area
3 Land cost psm is based on total gross floor area on the planning approval
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CHINA
In China, we maximised
returns from our residential
development pipeline
through a counter-cyclical
investment strategy and a
focus on core city segments
with healthy demand.
China’s robust economic growth
continued in 2021, driven by
robust domestic consumption,
effective pandemic containment
and well-coordinated government
policies. A strong GDP growth
was recorded in the first three
quarters of 2021. Rapid diversified
economic transformation towards
high-technology and high-quality
domestic and external growth
drivers is expected to sustain
China’s long-term economic
growth and competitiveness.
Leveraging the positive macro-
economic landscape, Frasers
Property China handed over 199
residential units, 29 retail and
commercial units and 949 carpark
units, achieving attributable profit of
$53.4 million in FY21. As at
30 September 2021, our unrecognised
pre-sold development revenue in
China stood at RMB 939.2 million
($197.8 million).
NEW ACQUISITION
Riding on the successful launch
of Opus One and positioning
ourselves for further growth, we
replenished our residential pipeline
in November 2021 through a 15.0%
stake in a Shanghai residential
development project strategically
located at the core city centre
of Songjiang district. The project
comprises about 1,880 residential
apartments. The sales launch is
targeted for the first half of FY22.
1
Includes bookings
Suzhou Baitang One, China
ONGOING DEVELOPMENTS
In addition to the new acquisition,
we have four ongoing development
projects in China: one in Suzhou,
two in Shanghai and one in
Chengdu.
In Suzhou, we fully sold and handed
over all 4,006 apartments in the
Suzhou Baitang One residential
project. Within the development, the
10,486 sqm community retail space
maintained a stable occupancy
of 89.0%, with an improved
gross rental yield of 7.5%, up 1.5
percentage points from FY20. We
are closely monitoring the market
to position the remaining 32 villas
for sale. We are also evaluating the
feasibility of asset enhancement
initiatives at the retail space to
improve returns in the future.
In Shanghai, our Opus One project
was well-received, with 100%1 of
359 residential units fully sold and
construction nearing completion. We
expect to hand over the residential
units to buyers and recognise profits
in FY22. The project also has 126
long-term lease apartments and a
1,500 sqm high-end hypermarket
retail space.
Also in Shanghai, all 154 Phase
6J residential units1 of Gemdale
Megacity launched in FY21 were
sold. The project has another
201 long-term lease apartments,
which continued to maintain
92.0% occupancy, with gross yield
remaining constant at 4.6%.
At Chengdu Logistics Hub, we
achieved sales of five office units
and two retail units, totalling
3,382 sqm of space, as well as
five carpark units. In addition, we
leased out 47,850 sqm of ambient
warehouse space, bringing the
average occupancy rate of the office
and retail units to 77.6%.
We are constantly evaluating
options to maximise returns from
our portfolio of long-term lease
apartments as well as unsold
commercial, retail and warehouse
spaces, some of which are currently
leased. These options include asset
enhancement initiatives to increase
rental yield and repositioning the
properties for improved sales returns.
LOOKING AHEAD
Going forward, we will remain
committed, disciplined and agile
in building strategic partnerships
in China. We will continue to
target high-quality development
opportunities for future growth with
a focused strategy to maximise
returns from our unsold and pipeline
properties.
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99
Development Projects
Projects
Baitang One (Phase 3B), 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
Opus One3, Shanghai
Gemdale Megacity (Phase 6J)2,
Shanghai
Effective
interest
as at
30 Sep 21
(%)
%
Sold
as at
30 Sep 21
%
Completion
as at
30 Sep 21
No. of
units
Avg.
selling price
as at
30 Sep 21
(RMB psm)
Est.
saleable
area
('000 sqm)
Land cost1
(RMB psm)
Target
completion
date
100.0
380
91.6
100.0
35,570
58
2,285.0
Completed
80.0
163
89.0
100.0
5,426
161
313.0 Completed
80.0
163
100.0
100.0
8,469
61
272.0
Completed
80.0
358
93.0
100.0
8,796
164
330.0
Completed
45.2
45.2
45.2
45.2
45.2
22
21
71
3
11
81.7
33.3
81.8
54.5
100.0
20,246
100.0
100.0
56,714
100.0
35,991
4
1
8
1,440.6 Completed
1,414.7 Completed
1,414.7 Completed
100.0
62,442
0.2
1,918.0
Completed
100.0
50,908
45.2
320
100.0
100.0
40,521
45.2
8.8
199
359
100.0
98.6
100.0
85.0
40,951
99,214
45.2
154
90.9
82.3
59,793
1
36
22
39
25
1,920.3
Completed
1,920.3 Completed
1,920.3 Completed
1Q FY22
46,754.0
2,227.3
2Q FY22
1 Land cost includes land use tax and is calculated based on gross floor area
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
Industrial Portfolio
Properties
Chengdu Logistics Hub
(Phase 1 ambient warehouse), Chengdu
Landbank
Sites
Chengdu Logistics Hub (Phase 2A), Chengdu
Gemdale Megacity (Phase 4E)2, Shanghai
1 Land cost includes land use tax and is calculated based on gross floor area
2 Gemdale Megacity was accounted for as an associate
Effective
interest
as at
30 Sep 21
(%)
Book value
as at
30 Sep 21
($’m)
Net
lettable
area
(sqm)
Occupancy
FY21 (%)
FY20 (%)
80.0
30.2
47,145
100.0
73.3
Effective
interest
as at
30 Sep 21
(%)
80.0
45.2
Est no. of
units
179
101
Est.
saleable
area
('000 sqm)
Land cost1
(RMB psm)
81
15
303.0
968.0
100
FY21 Sustainability
Report
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Sustainability
Report
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Governance
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101
Contents
Glossary
Navigate the report by clicking on the section
headers below.
For ease of reading, this glossary provides definitions of
abbreviations that are frequently used throughout this report
104
Board Statement
105
The Year at A Glance
106 Delivering Positive Impact and
Sustainability Returns
108
Value Creation through
Integrated Thinking
109 Managing Sustainability
114
Acting Progressively
130 Consuming Responsibly
144
Focusing on People
164
About This Report
165
Independent Assurance Statement
168 GRI Contents Index
Abbreviations used in report
AS/NZS 4801 : Australia/New Zealand Standard for
BBP
BCA
BREEAM
Occupational Health & Safety
: Better Buildings Partnership
: Building and Construction Authority, Singapore
: Building Research Establishment Environmental
CCTV
DGNB
EDGE
EHS
EHSMS
ESG
FRx
GBCA
GHG
GRESB
GRI
HSE
HVAC
ISAAP
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 Organisation for Standardisation
ISO 45001
(Environmental Management System)
: International Organisation for Standardisation
(Occupational Health and Safety Management
System)
ISO 50001
: International Organisation for Standardisation
(Energy Management System)
LEED
LGBTQIA+
: Leadership in Energy and Environmental Design
: Lesbian, Gay, Bisexual, Transgender, Queer,
NABERS
: National Australian Built Environment Rating
Intersex and Asexual
System
NGOs
OHSAS 18001 : Occupational Health and Safety Assessment
: Non-governmental Organisations
PV
SBTi
SDG
SGBC
SSC
TAFEP
TCFD
UN
UNEP
UNFCCC
UNGC
UNWEP
UV
WELL
WSHC
Series 18001
: Photovoltaic
: Science Based Targets initiative
: Sustainable Development Goal
: Singapore Green Building Council
: Sustainability Steering Committee
: Tripartite Alliance for Fair and Progressive
Employment Practices
: Task Force on Climate-related Financial
Disclosures
: United Nations
: United Nations Environment Programme
: United Nations Framework Convention on
Climate Change
: United Nations Global Compact
: United Nations Women Empowerment Principles
: Ultraviolet
: WELL Building Standard
: Workplace Safety and Health Council, Singapore
102
ENVIRONMENTAL
IMPACT
CLEAN, SUSTAINABLE FUTURE
At The Horsley Park Estate, we have designed the Williams Sonoma
built-to-suit storage and distribution warehouse based on net-zero
carbon principles. Leveraging our certified carbon-neutral energy
provider Real Utilities’ expertise, the property relies on solar power
supplemented with battery storage and biodiesel back-up generation.
Another estate tenant, Nu Pure, also has a 1,500kW photovoltaic
system, the largest in our Australia Industrial portfolio to date.
Since the start of 2021, 100% green energy is now procured for our
landlord-controlled areas in the UK business parks and our Malmaison
and Hotel du Vin portfolio.
HIGH-FIVE TO GREEN
STEWARDSHIP
Five of our Singapore commercial
buildings clinched the inaugural
GreenDNA certification issued
by the Singapore Environment
Council. The developments
implemented best practices for
building management and reduced
carbon footprint. In addition,
all of our retail and commercial
properties in Singapore have put
in place Environment and Energy
Management Systems that are
certified to ISO14001 and ISO50001
standards, respectively.
BUILDING TOWARDS A
GREEN FUTURE
The PARQ, a joint development by
TCC Assets and Frasers Property
Holdings (Thailand), became
Thailand’s first mixed-use project
to achieve LEED Gold BD+C:
Core and Shell certification.
Sustainable design principles, such
as Thailand’s highest in-building
chiller plant efficiency and electric
vehicle chargers, are applied
throughout the project. This is part
of our target towards certifying all
new projects from 2021 onwards,
and 80% of our operating portfolio
by 2024.
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
103
OUR CONTRIBUTION
TO COLLECTIVE
LEARNING
This year, Burwood Brickworks
was awarded the Living Building
Challenge® Petal Certification,
the most advanced measure
of sustainability in the built
environment. As part of this
process, we launched the
Greensheet, Australia’s first open-
source database of sustainable
building materials and products.
Further, we implemented our
Group Responsible Sourcing
Policy across all business units,
embarking on stakeholder mapping
exercises and engaging closely
with our suppliers to influence their
sustainability practices.
SOCIAL
GOOD
BETTER DESIGNED SPACES FOR ACTIVE SENIORS
Singapore is one of the world’s fastest aging societies. By 2030, one
in four residents will be aged above 65. To support a more inclusive
quality of life for seniors in the built environment and to encourage
inter-generational dialogue, we brought together 100 young students
and 20 active seniors for Inclusive Spaces. The programme saw teams
co-creating and reimagining better spaces for Daily Living, Social Living
and Mental Well-being.
ENABLING BETTER
HEALTH AND
WELLBEING
Farnborough Business Park in the
UK became the first commercial site
in the world to receive a 3-star Fitwel
rating. Frasers Property UK also holds
the largest Fitwel-certified portfolio in
the world. This certification looks at
the design and operations of healthier
buildings. Across our multinational
business, we take steps to enhance
the health and well-being of our
employees, tenants and communities,
by incorporating wellness features in
our properties.
REMEMBERING
KINDNESS
To celebrate kindness, Frasers
Hospitality recognised over
200 everyday Kindness
Heroes who went beyond
the call of duty to help others
in need. Members of the
public from 16 countries
shared stories of individuals
in their communities who had
extended a helping hand. In
return, Kindness Heroes were
gifted complimentary stays at
our award-winning serviced
and hotel residences.
104
Board
Statement
Dear Fellow Stakeholders,
This year, the pandemic continued to take a toll on
communities globally, exposing stark socio-economic
imbalances such as unequal access to healthcare and
essential services. These impacts were exacerbated
by extreme weather events, which showed us that
the effects of global warming are being felt around
the world. As we pivot towards a new normal, there
has never been more demand from investors and the
public for companies to apply sustainable and resilient
operating practices in their businesses, nor a more
opportune time for businesses to take more ambitious
actions to address environmental and social challenges.
With a clear purpose guiding Frasers Property, the
Group’s strategic priorities to 2030 are now more
closely aligned with UN Sustainable Development
Goals. Our Board of Directors continues to carry out
its responsibilities in determining, monitoring and
managing the environmental, social and governance
factors that are material to the Group, providing strategic
direction, and overseeing the standards, management
processes and strategies needed to achieve these goals
at an accelerated pace.
The Board is supported by the Sustainability Steering
Committee, comprising senior management personnel,
and a cross-functional team who meet regularly to
provide a framework for effective action and drive
sustainability performance across the Group.
In FY21, we expanded the Board’s oversight over the
Group’s sustainability strategy by redefining the remit
of the Board Risk Management and Sustainability
Committee. We believe that this extended scope
elevates the importance of accelerating the adoption of
more sustainable operating practices across the Group.
We also formed a Purpose & Culture Steering
Committee, which is governed by the same senior
management personnel. They meet monthly with a
taskforce that reviews the goals and progress around
our purpose, culture, social impact, diversity, equity and
inclusion, and corporate wellness.
We made significant progress this year towards our
five Group-wide goals including our commitment to
attaining net-zero carbon across the entire value chain
by 2050. Across our global portfolio, our businesses are
on track to developing net-zero carbon roadmaps and
carbon reduction targets by 2022 using a science-based
approach to targets, strategies and priorities. We have
also begun a Group-wide assessment of climate risks
material to our business, in line with our goal to carry
out climate risk assessments and implement asset-
level adaptation and mitigation plans across our entire
business by 2024.
Our climate-related disclosures have been aligned to
the Task Force on Climate-related Financial Disclosures
(TCFD) recommendations, and we continue to make
progress to having 80% of our owned and asset-
managed properties green-certified by 2024. Other
examples of the pace of action can be seen in Frasers
Property securing nine new green and sustainability-
linked loans and two new sustainability bonds issued
across the Group this year. Approximately 38% of our
net borrowings are now linked to our ongoing social
and environmental performance. We equipped 85% of
our employees across the Group with training in the
application of sustainable operating practices and will
continue to strengthen our core capabilities through
tailored learning programmes.
Recognising that our supply chain makes up a
substantial proportion of our social and environmental
impact, and our position in the real estate value chain
gives us a unique responsibility and opportunity to
address this, we implemented a Group Responsible
Sourcing Policy and a Group Corporate Functions
Procurement Procedure in FY21. We believe that
adopting a partnership-based approach with our
suppliers will drive positive change, strengthening our
supply chain and the businesses within it, and that this
will be integral to the success of our net-zero carbon
goal and the resilience of our business in the long term.
We received recognition for our leadership in delivering
sustainable impact when the Group topped the Global
Real Estate Sustainability Benchmark (GRESB) 2021
rankings with five global and regional sector leadership
positions. Frasers Property Industrial was named
Overall Global Sector Leader and Global Sector Leader
in the Diversified – Office/Industrial for Development
Projects category, while achieving Overall Regional
Sector Leader and Regional Sector Leader in Industrial
for the Standing Investment category. Frasers Property
Singapore was recognised as the Regional Sector
Leader for the Diversified – Office/Retail category.
Frasers Property UK topped the local market’s Office/
Industrial category. In addition, Frasers Centrepoint
Trust, Frasers Property Australia, Frasers Logistics &
Commercial Trust, Frasers Property Industrial Australia
and Frasers Property Singapore received 5-star
ratings. This is the first year where all our entities
across markets, including listed and non-listed ones,
made individual submissions to GRESB to benchmark
themselves in their respective sectors.
Creating lasting shared value for stakeholders and
communities in a responsible manner will require
a sustained, collective effort from our leadership to
our employees, customers, suppliers and the many
partners we collaborate with and serve. We are
confident we have put in place the structures and
investments needed to succeed in this journey.
We invite you to read our seventh Sustainability Report,
for which we voluntarily sought external assurance to
ensure the reliability of our data disclosures. We look
forward to working with all our stakeholders to deliver a
sustainable impact.
Board of Directors
Frasers Property Limited
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
105
The Year at
A Glance
Climate risk
assessments
completed for our commercial,
retail and development projects
in Singapore, and business
parks in the UK, including
scenario analysis from
temperature rises (below 2OC
scenario: RCP 2.6 and below
4OC scenario: RCP 8.5)
Nine green and sustainability-
linked loans secured and
two sustainability bonds
issued, totalling about $1.8 billion.
Green and sustainable finance
now represents approximately
38%1 of our net borrowings
Net-zero carbon
roadmaps developed
using a science-based approach
for our commercial, retail and
development projects in Singapore,
and business parks in the UK
> 95% of Frasers Hospitality’s
managed properties phasing out
single-use plastics
Greensheet launched, as
Australia’s first full publicly shared
list of green building materials
> 5,000 staff volunteer
hours and
> $800,000 financial
(including in-kind) support to
local communities
Recordable injury rate of 0.9
and severity rate of
~55 per million manhours in
our operating properties
ACTING
PROGRESSIVELY
Green building certification for
37% of owned and asset-
managed operating properties and
83% of new development
projects
112 employee team
submissions from inaugural Group
Innovation Awards
CONSUMING
RESPONSIBLY
Group Responsible
Sourcing Policy
implemented to set environmental,
social and governance
expectations of our suppliers
FOCUSING ON
PEOPLE
Five global and regional
sector leader positions
achieved in GRESB 2021
benchmark
External assurance
for Sustainability Report to ensure
reliability of data disclosures and
management approach
> 600
employees trained
in Design Thinking
across Singapore,
Australia, Thailand,
Europe and the
UK since 2019
First SGX-listed real estate
company committing to reducing
Scopes 1, 2 and 3
greenhouse gas
emissions as part of our 2050
target to achieve net-zero carbon
Female representation of
50% in global workforce and
42% in senior management
79% employee participation
in Group-wide Culture Survey
Established Purpose &
Culture Steering
Committee which
comprises senior management
39 hours of
training received
per employee
85% of
employees
trained
in sustainability
1
Includes debt related to Frasers Tower, Northpoint City South Wing, Waterway Point and The Grove project, which are not included in the
consolidated financial statements. Total gross debt in the consolidated financial statements is $17.3 billion
106
Delivering Positive Impact and
Sustainability Returns
As the impact of climate change intensifies across the world, many governments are prioritising mitigation efforts
in their policies. At the same time, the COVID-19 pandemic has further accelerated the imperative for businesses
to be agile and resilient in order to stay relevant. Cognisant of this, we have leveraged the strong foundation and
sustainability core we have built over the years to deliver positive impact to our stakeholders. The three pillars of
our Sustainability Framework — Acting Progressively, Consuming Responsibly and Focusing on People — continue
to align us with our key priorities through to 2030. Branching off from the key pillars are 13 focus areas, spanning a
diverse range of interconnected environmental, social and governance topics, where we can make the biggest impact.
In each focus area, we have set ambitious targets including the five Group-wide sustainability goals established in
FY20:
GOAL
#1
To be a net-
zero carbon
corporation
by 2050
GOAL
#2
GOAL
#3
GOAL
#4
To be climate-
resilient and
establish adaptation
and mitigation plans
by 2024
To green-certify
80% of our owned
and asset-managed
properties by 2024
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
Our business units and listed trusts continuously review their practices, policies, performance and targets in relation
to these focus areas and goals.
ACTING
PROGRESSIVELY
PILLARS
CONSUMING
RESPONSIBLY
FOCUS AREAS
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
materials along the supply chain
Community Connectedness
Considering social value
principles for communities
Resilient Properties
Strengthening the resilience and
climate adaptive capacity
Biodiversity
Enhancing the environment and
ecosystem through our developments
Risk-based Management
Comprehensive assessment
to address environmental,
health and safety risks
Responsible Investment
Incorporating environmental,
social and governance criteria
in the evaluation process
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
Health & Well-being
Ensuring healthy and balanced work
and community environments
Diversity, Equity & 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 products and services
Contents
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Organisational
Business
Sustainability
Report
Corporate
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Financial &
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Information
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Since 2017, Frasers Property has been supporting the 2030 Agenda for Sustainable Development and the
17 Sustainable Development Goals (SDGs) adopted by UN member states in 2015. These SDGs establish a clear
pathway and framework for how our businesses can work towards creating a more positive future by 2030.
Our sustainability goals and framework are aligned to the eight SDGs where our business can make the most
significant impact.
Sustainable Development Goal
Frasers Property’s Contribution
3) Good Health and Well-being
We proactively promote health, well-being and the safety of our
stakeholders.
7) Affordable and Clean Energy
We focus on the use of energy-efficient solutions across the portfolio and
renewable energy wherever possible.
8) Decent Work and Economic Growth
9)
Industry, Innovation and
Infrastructure
10) Reduced Inequalities
We uphold fair employment practices and take steps to mitigate both
social and environmental risks along our supply chain. We promote
the social inclusion of all, irrespective of age, gender, disability, race,
ethnicity, origin, religion or status.
We foster an innovation mindset through design thinkers across the
business.
The progressive work we have done around diversity, equity and
inclusion ensures we are creating a diverse and inclusive workplace
where differences are valued.
11) Sustainable Cities and Communities
We create places that sustain communities and the environment through
design and investment decisions.
13) Climate Action
17) Partnerships for the Goals
We are acting to build, own and manage resilient properties across our
portfolio, and to achieve net-zero carbon emissions across our entire
value chain by 2050.
We foster community connectedness by developing strong partnerships
with a wide range of stakeholders from across the industry, government,
and public sectors.
While doing good helps to deliver positive social and environmental impact, we also reap the benefits from our
sustainability investments. Through assessing sustainability risks and opportunities, we can manage our resources
more efficiently and demonstrate the business case of being sustainable to our shareholders and the investment
community. We believe the business case can be broadly categorised in six areas:
Category
Our Investment
How We Look At Progress
Operational Efficiency Green technologies such as LED
Transitioning to Low
Carbon Emissions
Green Building
Ratings
lightings, efficient HVAC system, district
cooling system
Low embodied carbon products
and solutions used such as green or
recycled cement
Relevant third-party green building
certification such as BCA Green Mark,
Green Star, LEED, WELL, BREEAM
Operational and resource savings from reduction
in the use of energy and water, and lower waste
disposal
Reduction of cost of carbon emissions as carbon
pricing and tax mechanism set in
Higher building valuation and rental rates
achieved as green premium from green building
ratings. Buildings with high ratings will also
attract and retain good tenants
Sustainable and
Green Financing
Sustainable projects and developments
with green and sustainable building
certifications and GRESB ratings
Improved financing terms offered by our
lenders to incentivise green and sustainable
development
Climate Mitigation
and Adaptation
Climate risk assessment and asset
management plan to overcome risk of
asset obsolescence
Reduction in insurance premiums as a result of
lower climate value-at-risk (CVaR) of buildings
Intangible Factors
Branding and marketing plans
Improvement in corporate reputation and
increase in brand value, which help to attract and
retain customers
108
Value Creation through
Integrated Thinking
Sustainability, coupled with sound governance and a shared purpose, undergirds value creation at Frasers Property.
We operate within a wider global context and leverage various forms of capital, including our valued employees as
well as finite natural resources, to create unique and differentiated solutions and offerings for all our stakeholders.
We strive to integrate sustainability considerations throughout the lifecycle of our assets: from financing and
acquisition where we make responsible investment decisions based on a careful evaluation of risks and
opportunities, through to sales, where we deliver properties that benefit the urban environment and communities.
Key Inputs
Financial Capital
Investing in world-class projects
supported by our strong financial
foundation and diversified
funding sources to drive
sustainable business growth;
serving customers through
our operations; devoting to
a competent and committed
employee workforce
Human Capital
Creating a diverse, agile and
multinational workforce that
contributes to the success of
the business by staying relevant
and adaptable to changes and
opportunities; building meaningful
relationships with customers and
tenants
Natural Capital
Mitigating climate risk as a
responsible corporate citizen
and steward of our business
portfolios; managing the use of
natural resources in a
responsible manner through
both our operations and supply
chains
Intellectual Capital
Championing innovation,
technology and digitalisation
across our business; nurturing our
employees’ mindsets to create
value for our customers and
tenants while building, producing
and consuming responsibly
Social & Relationship Capital
Recognising our business as
relying on society to operate in
the long term through strong
trusting relationships, talent
attraction and co-creation of
both incremental and disruptive
solutions
Manufactured Capital
Providing community-centric
and future-ready services to the
community via our real assets
where we build sustainable
homes for our customers,
conserve resources and enhance
the natural environment via our
green portfolio
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 development
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
Key Outputs
Financial Capital
● Net profit of $833 million in
FY21
● 38% of net borrowings from
green and sustainability-linked
financing
● Climate risk assessment for our
portfolio in progress
Human Capital
● Hiring rate of 16% and turnover
rate of 19% in FY21
● 42% female representation in
senior management
● Culture survey carried out
in FY21 with 79% employee
participation rate
Natural Capital
● Reduction of Scope 2 carbon
emissions intensity by 6.5%
from FY20 levels
● Reduction of water intensity by
1.3% from FY20 levels
● Biodiversity initiatives across
various asset classes in
Australia, industrial properties
in Continental Europe, and
business parks in the UK
Intellectual Capital
● Average of 39 learning hours
per employee in FY21
● 85% of workforce trained in
sustainability in FY21
● > 600 employees trained in
design thinking since 2019
● > 15 projects executed via our
design thinking approach since
2019
Social & Relationship Capital
● > 5,000 employee volunteer
hours and > $800,000 via
100 community investment
activities in FY21
● Positive tenant and customer
survey results
● Serving the community via our
real estate services such as
WELL & Fitwel Certifications, FPA
Retailer Academy
Manufactured Capital
● > 200 green-certified buildings
in our portfolio
● 37% of our owned and asset-
managed operating properties
and 83% of new development
projects green-certified or
pursuing certification
● Burwood Brickworks
recognised as the world’s most
sustainable shopping centre
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
109
Managing
Sustainability
Integrating sustainability into every part of our business
and value chain requires an alignment of priorities at
the highest levels of corporate strategy. Sustainability
remains a key priority in strategic planning at Board and
management levels.
SUSTAINABILITY GOVERNANCE
Our Board of Directors continues to carry out its
responsibilities in determining, monitoring and managing
the environmental, social and governance factors
material to the Group, providing strategic direction, and
overseeing the standards, management processes and
strategies needed to achieve sustainability within the
business. In FY21, we expanded the Board’s oversight
over the Group’s sustainability strategy by redefining the
remit of the Board Risk Management and Sustainability
Committee. We believe that this extended scope better
reflects the Committee’s current function and efforts
towards integrating sustainability into our business
operations and long-term strategies.
The Board is supported by the Sustainability Steering
Committee, comprising senior management personnel
who meet six times a year to drive the sustainability
strategy, review sustainability performance and
approve action plans and policies to internalise the
sustainability practices. This committee is in turn
supported by the Group Sustainability Team and the
Project Management Office tasked to coordinate and
implement these strategies at the Group level. Given the
importance of our Net-Zero Carbon and Climate Risk
& Resilience Plans, we have established a dedicated
Advisory Group to support the Sustainability Steering
Committee. The Advisory Group is made up of senior
management representatives from various corporate
functions, such as Group Strategy and Planning, Group
Risk, Group Treasury, Group Sustainability, Group
Strategic Communications and Branding, as well
as representatives from various business units. The
Advisory Group provides oversight and advice on the
implementation plan to the Project Management Office.
The senior management in the Sustainability Steering
Committee also oversee Purpose & Culture, supported
by the Group Purpose & Culture Team. They meet
monthly to review and advise on goals, policies and
employee engagement around Purpose, Culture,
community investment, corporate wellness and
Diversity, Equity & Inclusion. As progress initiatives are
discussed, the committee provides a business lens to
the initiatives led by the Purpose & Culture Team.
Some business units have additionally implemented
governance structures with steering committees and
working committees to further entrench sustainability
priorities. Dedicated taskforces have also been set
up to advance Group focus areas such as diversity,
equity 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,
Continental Europe and the UK. Together, they form
one of the largest sustainability teams among our real
estate peers.
Risk Management &
Sustainability Committee
Board of Directors
Sustainability Steering
Committee
Group Sustainability Team
Group Purpose & Culture Team
Project Management Office
Global Sustainability
Taskforce
(Representatives from
all business units)
Business Unit Level
• Sustainability Steering Committee
• Sustainability Working Committee
• Full-time Sustainability Executives
Focus Area Taskforces
• Diversity, Equity & Inclusion
• Health & Well-being
• Skills & Leadership
• Community Investment
110
Managing
Sustainability
STAKEHOLDER ENGAGEMENT
Delivering value for our stakeholders starts with putting their diverse needs at the centre of our offerings. We constantly
engage our contractors, customers, employees, investors and other stakeholders through various channels to
understand what matters most and build the trust essential to implementing our sustainability strategy and achieving our
objectives. We seek, evaluate and act on all forms of feedback to enhance the solutions and experiences we provide.
Key
Stakeholders
Contractors,
Consultants
and
Suppliers
Key Topics of Concern Mode of Engagement
Frequency of Engagement and
FY21 Highlights
• Health, safety and
• Safety briefings, exercises and
• Daily, weekly and monthly
well-being
declarations
• Responsible sourcing
(including the Modern
Slavery Act in the UK
and Australia)
• Discussions and feedback
channels
• Whistle-blowing mechanism via
Responsible Sourcing Policy
Customers
• Customer satisfaction
• Quality of spaces,
• Customer service counters
• Customer care and rewards
facilities and services
programmes
• Health, safety and
well-being
• Digital concierge services
• Surveys and feedback channels
engagements in the form of safety
briefings, exercises and declarations
at our development sites
• Suppliers’ sustainability surveys
conducted in relation to our
Responsible Sourcing Policy
• ~900,000 customers engaged
through Frasers Experience loyalty
programme and ~2,000 touchpoints
across our retail malls in Singapore
• Surveys conducted for tenants,
hospitality guests and homebuyers.
Results on pages 157-158
Employees
• Career development
• Employee engagement
• Employee bonding
• Health, safety and
well-being
• Impact on the
environment and
society
• Training programmes, including
• Average of 39 hours of learning
interactive workshops
received per employee
• Surveys and feedback channels
• Team-building activities
• Physical, mental and social
wellness initiatives
• Environmental, health and safety
• 100% of employees with annual
appraisal reviews
• Culture Survey facilitated by
independent survey consultant;
culture workshops with leaders
awareness activities
• Employee Assistance
Programme offering professional
counselling services for
employees based in Australia,
Singapore and the UK
• Frasers Property Environment Month
and Health & Safety Month every
March and August, respectively
• Quarterly townhalls
• Communications platform via
Workplace by Facebook
• Pulse surveys to check on employee
sentiments
Investors
• Financial results
• Business performance
• Results briefings
• Annual General Meeting, investor
• Quarterly calls and half-yearly
briefings
and outlook
• Corporate governance
• Green and sustainable
finance
meetings and conferences
• Environmental, social and
governance surveys
• Discussions and sharing
sessions
• Annual General Meeting
• 102 meetings with institutional
investors and research analysts
• 2021 GRESB assessment
• Regular meetings with financial
institutions to secure green and
sustainability-linked financing
• Partnerships and thought
• 100 community development
Local
Communities
• Community
investments
• Business impact on
leadership programmes with
charities and social enterprises
the environment and
society
• Employee volunteering
• Community investment initiatives
Regulators
and Non-
Governmental
Organisations
(NGOs)
• Regulatory compliance
• Corporate governance
• Regulatory/industry
• Participation in NGOs as board
member, focus group and
committee member
trends and standards
• Surveys and focus groups
initiatives implemented
• > 5,000 employee-hours volunteered
• > $800,000 contributed to
community investment initiatives
• Participation in International Living
Future Institute, GRESB Benchmark
Committee, BCA Green Mark
Advisory Committee and Urban
Land Institute. For full details, please
refer to page 111
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
111
INDUSTRY PARTICIPATION AND ALIGNMENT
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’s Empowerment Principles (UNWEP)
• Global Real Estate Sustainability Benchmark (GRESB)
• Task Force on Climate-related Financial Disclosures (TCFD)
• 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)
• Singapore Built Environment Embodied Carbon Pledge by Singapore Green Building Council (SGBC)
We are also committed to engaging and sharing knowledge with stakeholders on environmental, social and
governance issues and believe in collaborating with industry bodies and like-minded stakeholders to promote and
influence sustainability outcomes in the property industry.
Industry Bodies
BCA Green-built Environment Advisory
Committee
Representatives and Positions Held
Pang Chin Hong, Committee Member
Better Buildings Partnership
Amira Hashemi, Committee Member
Green Building Council of Australia
GRESB
Rory Martin, Chair, Expert Reference Panel - Placemaking; Member,
Expert Reference Panel - Resilience
Andrew Thai, Member, Expert Reference Panel - Greenhouse Gas
Emissions; Member, Green Star Technical Advisory Group
Marine Calmettes, Member, Industry Working Group - Resilience Module;
Member, Australia Real Estate Benchmark Committee
Rory Martin, Member, Industry Working Group - Resilience Module
International Living Future Institute
Paolo Bevilacqua, Vice-Chair of Board
Livable Housing Australia
Simone Dyer, Advisory Board Member
National Affordable Housing Alliance,
Australia
Rod Fehring, Chairman
Property Council of Australia
Karen Woo, Social Sustainability Roundtable Member
Paolo Bevilacqua, Sustainability Roundtable Member
Anthony Boyd, Corporate Leaders Group and Male Champions of Change
Real Estate Developers’ Association
of Singapore
Lorraine Shiow, Committee Member
Real Estate Investment Trust Association
of Singapore
Low Chee Wah, Vice President & Chairman of Sub-Committee on
Professional Development
Urban Development Institute Australia
Joanna Russell, Councillor, New South Wales
Jill Lim, Secretary, Victoria Council
Scott Ullman, Member of the Board of Directors, Queensland
Urban Land Institute Singapore
Zheng Wanshi, Vice Chair, Executive Committee; and Co-chair, Women’s
Leadership Initiative
112
Managing
Sustainability
MATERIALITY ASSESSMENT
We regularly review and assess the relevance of the issues material to our business. From a survey carried out with
our stakeholders in FY19 to seek their views in relation to environment, social and governance topics important
to the Group and a detailed analysis on industry trends and peer review, we have affirmed that our focus areas
continue to be relevant, both to the material and emerging topics within the GRI framework, and to the UN
Sustainable Development Goals.
Sustainability
Pillars
Focus
Areas
What it Means to
Frasers Property
Risk-based
Management
To future-proof our business,
it is integral to comprehensively
assess environment, health
and safety and social risks
associated with our business.
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)
Boundaries
SDGs
Frasers
Property,
Contractors
Frasers
Property
Frasers
Property,
Customers
and Tenants
Frasers
Property,
Contractors,
Customers
and Tenants
Responsible
Investment
Acting
Progressively
Resilient
Properties
Innovation
We invest strategically, taking
into consideration financial
and 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.
• Economic
Performance
(GRI 201)
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
113
Sustainability
Pillars
Focus
Areas
What it Means to
Frasers Property
Material Topics &
GRI Indicators
Boundaries
SDGs
Consuming
Responsibly
Energy &
Carbon
Water
Waste
Materials &
Supply Chain
Biodiversity
Diversity,
Equity &
Inclusion
The built environment is
one of the largest sources
of energy use globally. We
recognise its importance
to building operations and
proactively manage our
energy consumption.
Water is a scarce resource.
We strive to conserve water
whenever possible to reduce
unnecessary usage and
wastage.
We want to reduce our
impact on the environment.
We encourage the efficient
use and management of
resources to curb waste
generation.
Our impacts extend beyond
our operations. We are aware
of our roles in influencing
our supply chain to create
value across our value chain.
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.
• Energy
(GRI 302)
• Emissions
(GRI 305)
Frasers
Property,
Customers
and Tenants
• Water and Effluents
(GRI 303)
• Emerging Topic:
Effluents and Waste
(GRI 306)
Frasers
Property,
Customers
and Tenants
Frasers
Property,
Customers
and Tenants
• Emerging Topic:
Materials
(GRI 301)
Frasers
Property and
Contractors
• Emerging Topic:
Biodiversity
(GRI 304)
Frasers
Property
Frasers
Property
• Labour/
Management
Relations
(GRI 402)
• Emerging Topic:
Diversity and Equal
Opportunity
(GRI 405)
Skills &
Leadership
A progressive leadership
team and a well-developed
workforce empowered to
innovate are central to our
success.
• Employment
(GRI 401)
• Training and
Education
(GRI 404)
Focusing on
People
Health &
Well-being
Community
Connectedness
• Occupational
Health and Safety
(GRI 403)
• Local Communities
(GRI 413)
We are mindful that our
business operations may
be vulnerable to health and
safety incidents. Ensuring
that our employees and
contractors have a safe
working environment is our
top priority.
Through our properties, we
have the potential to create
significant positive impacts in
the local communities where
we operate. We endeavour to
run a business that responds
to our communities’ needs.
Frasers
Property
Frasers
Property,
Contractors,
Customers
and Tenants
Frasers
Property,
NGOs
and Local
Communities
114
Acting
Progressively
We are firm believers that business ethics and integrity start from the top, and over the
years, we have built a framework of robust policies to govern our business conduct and
foster a positive corporate culture for our employees and stakeholders. We integrate
environmental, social and governance considerations into our decision-making processes
to holistically manage risk and add value as an agile and resilient business. We also make
strategic investments into innovation and digitalisation to elevate our shared purpose -
‘Inspiring experiences, creating places for good.’
OUR APPROACH
• Establish holistic overarching internal policies to govern and guide the management of the focus areas
• Adopt green building certification as a strategy to benchmark our sustainability offerings to tenants and
•
employees, and use third-party sustainability assessments to develop portfolios eligible for green financing
Implement environment 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
OUR PROGRESS
Focus Area
Our Goals
Our Progress in FY21
Risk-based
Management
• To establish holistically
overarching internal
policies to govern and
guide management of the
focus areas
• Group Responsible Sourcing Policy established
• Group Corporate Functions Procurement Procedure
revised
• Independent assurance sought for sustainability report
to ensure reliability of data disclosures and processes
Status
On track
Responsible
Investment
• To certify 80% of owned
• 37% of our owned and asset-managed operating
In progress
and asset-managed
properties with third-party
and relevant green
building schemes by 2024
• To certify all new
development projects
by 2021
properties and 83% of new development projects
green-building-certified by floor area
• Individual GRESB submissions this year for all listed
and non-listed business units, including five REITs, for
targeted sector benchmarking. Five global and regional
sector leader positions achieved
• To finance majority of
our sustainable asset
portfolios with green and
sustainable financing
by 2024
• Nine green or sustainability-linked loans secured and
two sustainability bonds issued, totaling about $1.9
billion in FY21
• Over $6 billion in green and sustainable financing raised
to date, representing approximately 38% of our net
borrowings
In progress
Resilient
Properties
• To carry out climate risk
assessments and
implement asset-level
adaptation and mitigation
plans aligned to the Task
Force on Climate-related
Disclosures framework
by 2024
• Climate risk assessments completed for our
On track
commercial, retail and development projects in
Singapore, and business parks in the UK, including
scenario analysis from temperature rises (below 2OC
scenario: RCP 2.6 and below 4OC scenario: RCP 8.5)
Innovation
• To cultivate a customer-
• Inaugural Group Innovation Awards garnering 112
On track
centric and collaborative
mindset
employee submissions
• > 600 employees in Singapore, Australia, Thailand,
Europe and the UK trained in design thinking since 2019
Notes:
On track: Target is either achieved or is on track to be achieved on time
In progress: Target is delayed but progress is still being made and could still be achievable on time
Not on track: Target is delayed to the point that it is unlikely that it will be achieved on time
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
115
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 establish policies and robust
internal processes with specific guidance areas to ensure compliance at the workplace.
This year, we added a few key corporate policies to drive greater governance in pursuing sustainability outcomes.
The new policies are the Group Responsible Sourcing Policy and the Group Procurement Policy. We have also
updated our Group Corporate Functions Procurement Procedures.
Here are the key policies that have been established to provide guidance and instil integrity across the Group:
Policies
Guidance Area
Anti-bribery Policy
Prevention and management of bribery and corruption.
Board Diversity Policy
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.
Code of Business Conduct
Company ethics and conduct in relation to compliance monitoring, record
keeping, information confidentiality, conflicts of interest, insider trading, and
dealings with key counterparties.
Competition Act Compliance
Manual
Compliance with the Competition Act to protect and promote healthy
competitive markets in Singapore.
Corporate Social Responsibility
Policy
Principles and practices for social and environmental sustainability, reflecting our
drive to deliver our commitments, underpinned by our principles and approach
towards sustainability.
Diversity & Inclusion Policy
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.
Group Procurement Policy and
Group Corporate Functions
Procurement Procedures
Group Responsible Sourcing
Policy
Approach to procurement based on the three main principles of knowing your
vendor, appropriate segregation of duties and fairness.
Guidelines for the sourcing and procurement decision-making processes with
the expectation of suppliers, contractors and vendors adhering to environmental,
social and governance best practices.
Modern Slavery Act 2015: Slavery &
Human Trafficking Statement (UK)
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.
Modern Slavery Act 2018: Modern
Slavery Statement (Australia)
Personal Data Protection Policy
Compliance with the Personal Data Protection Act relating to the handling and
processing of personal data, and complaint handling procedures.
Policy for Disclosure and Approval
of Purchase of Property Projects
Declaration and approval requirements for any interested persons, directors and
employees when purchasing property projects of Frasers Property
Whistle-blowing Policy
Channel for reporting concerns, including financial or professional misconduct,
irregularities or non-compliance with laws and regulations, and corruption or
bribery.
116
116
Acting
Progressively
Below are some key practices we uphold to identify, manage and respond to risks related to ethical business conduct.
Area
Practices
Corruption and Fraud
• Adhere to the Anti-Money Laundering and Countering the Financing of
Terrorism requirements in countries where we operate.
Environment, Health and Safety
Marketing Communications
• Implement ISO 14001 (Environment) across key business units and ISO 50001
(Energy) management systems in our commercial buildings and retail malls in
Singapore.
• Implement ISO 45001 occupational health and safety management systems
across key business units.
• 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).
Fair Tenancy for Retail Leasing
• Abide by the new fair tenancy framework set out in the Code of Conduct for
Leasing of Retail Premises in Singapore.
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 FY21, there were:
• Six whistle-blowing cases reported, two of which
were substantiated. Investigations were promptly
carried out, and all cases are now closed.
• No incident of non-compliance with regulations
and industry codes concerning marketing
communications.
• Two incidents of environment, health and safety
breaches at our development sites in Australia, and
no such incidents in Singapore, the UK, Continental
Europe, China and Vietnam. In our operating
properties, environment, health and safety breaches
were found at three retail malls and a serviced
apartment due to various reasons such as mosquito
breeding, COVID-19 non-compliance on standard
operating procedures and bacteriae count in
cooling towers exceeding the regulated limit.
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 continued to enhance our business
continuity management capability. The Group Crisis
Management Plan was updated to ensure we are well-
prepared for any business disruptions and interruptions,
and that our operations, assets and people are
protected. The business continuity management
programme is rolled out to the business units according
to the programme roadmap, overseen by our Business
Continuity Management Committee comprising the key
heads of departments and business units. Business
continuity exercises are carried out at least once a year
to prepare ourselves against unexpected crises.
The Group Risk and Group Sustainability teams have
also jointly engaged with all our business units and key
functional departments to ensure that sustainability
and environmental risks are being assessed in their
respective business operations. Identified risks are
being mapped into the Risk Register and monitored on
a quarterly basis.
To ensure the reliability of our data disclosure and
processes in the publication of this year’s sustainability
report, we have sought independent assurance of the
report for the first time. Our assurance is carried out by
Ere-S Pte Ltd with the engagement conducted under a
limited level of assurance according to the International
Standard on Assurance Engagements 3000 (ISAE 3000)
guidelines. Please refer to pages 165-167 for more
information on the results of the assurance.
RESPONSIBLE INVESTMENT
Responsible investment 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: integrating ESG aspects when investing
in and financing new properties and development
projects, and improving our existing asset portfolio’s
ESG practices and performance.
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
117
Bolstering our Sustainable Finance Position
Sustainable financing is an important tool for Frasers
Property to advance our sustainable development
objectives while diversifying the financing sources.
We have been active in pursuing sustainable finance for
our asset portfolio since 2018, with a goal to finance the
majority of our sustainable asset portfolios with green
and sustainable financing by 2024.
In FY21, we secured nine green and sustainability-linked
loans totalling approximately $1.4 billion, and issued two
sustainability bonds totalling $450 million. These included
maiden sustainable notes amounting to $150 million
issued by Frasers Logistics & Commercial Trust under a
newly established Sustainable Finance Framework. They
were the first-ever sustainability notes to be priced in the
Singapore-dollar bond market, receiving strong demand
from institutional investors with the final orderbook in
excess of $450 million. Frasers Logistics & Commercial
Trust’s Sustainable Finance Framework was established
to align our net-zero carbon target and sustainability
initiatives through the funding programme, and to provide
overarching criteria and guidelines to ensure that the
sustainable finance transactions meet the best market
practice. The framework is aligned with the Green
Bond Principles 2021, Sustainability Bond Guidelines
2021 and Sustainability Linked Bond Principles 2020
by the International Capital Market Association. It is
further aligned with the Green Loan Principles 2021 and
Sustainability Linked Loan Principles 2021 by the Loan
Market Association, Asia Pacific Loan Market Association
and Loan Syndications and Trading Association.
The framework’s alignment with these principles
has been reviewed and assured by an independent
assurance provider, and follows a similar framework that
Frasers Property Australia launched in 2020. Proceeds
raised under the framework can be used to finance or
re-finance a portfolio of sustainability projects that have
achieved at least a 4-star rating from GRESB.
To date, the Group, including subsidiaries and
associated entities, has secured 22 green or
sustainability-linked loans, and two sustainability bonds,
totalling about $6.0 billion, which is approximately 38%1
of our net borrowings. For one of our strategic business
units, Frasers Property Australia, the latest sustainable
bond issuance totalling $300 million has brought its
corporate funding in the form of green and sustainable
finance to 53%. In addition, Waterway Point, a retail mall
owned by Sapphire Star Trust of which our retail REIT
Frasers Centrepoint Trust has a 40% interest, secured
its maiden green loan of $589 million to re-finance
Waterway Point based on the Green Loan Principles.
The loan will enjoy a reduction in margin on its second
year if Waterway Point retains its current BCA Green
Mark GoldPLUS certification status. The proportion of
green loans in Frasers Centrepoint Trust’s portfolio is
now lifted to approximately 18%.
Green & Sustainable Financing in FY21
Green Loan
Sustainable Linked Loan
Sustainable Bond
$588 million
$791 million
$450 million
32%
43%
25%
Total Green & Sustainable Financing to Date ($’m)
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
450
1,430
639
3,574
4,161
3,112
1,081
FY18
FY19
FY20
FY21
Green Loan | Sustainable Linked Loan | Sustainable Bond
Green loan for Waterway Point, Singapore
1
Includes debt related to Frasers Tower, Northpoint City South Wing, Waterway Point and The Grove project, which are not included in the
consolidated financial statements. Total gross debt in the consolidated financial statements is $17.3 billion
118
Acting
Progressively
Growing our Green Portfolio
One of our strategies 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,
Continental Europe and the UK. Of these, 36 were
certified BCA Green Mark in Singapore, 27 were certified
BREEAM in the UK, and 132 were certified Green Star
in Australia. Our goal is to certify 80% of our owned and
asset-managed properties by 2024, and to certify all
new development projects by 2021. As at 30 September
2021, 37% of our owned and asset-managed operating
properties and 83% of new development projects by
floor area were either green-building-certified or are
pursuing certification.
Number of Green Star Certifications in Australia1,2
140
120
100
80
60
40
20
0
1
53
12
22
2
53
12
12
22
3
68
1
13
22
3
72
1
13
24
3
9.0
83
2
13
31
2017
2018
2019
2020
2021
Development | Office | Retail | Industrial | Corporate
Number of Green Mark Certifications in Singapore1
40
30
20
10
0
15
16
17
17
18
7
7
7
7
7
7
11
7
11
7
2017
2018
2019
2020
2021
Below are our green building certifications attained or
maintained as at 30 September 2021:
• Singapore Retail: 80% of our properties certified
with BCA Green Mark, with four properties certified
to the highest Green Mark Platinum level.
• Singapore Commercial: 67% of our properties
certified with BCA Green Mark, with two properties
certified to the highest Green Mark Platinum level.
• Australia Commercial & Retail: 63% of our properties
certified with 4-star Green Star Performance.
• Australia Industrial: 90% of our properties certified
with an average of 4-star Green Star Performance
ratings, the highest in the country.
• Continental Europe Industrial: Seven properties
certified with DGNB Gold (New Construction) in
Germany, and two properties certified with BREEAM
Very Good (New Construction) in the Netherlands.
• UK Business and Industrial Parks: 27 buildings within
various parks certified with BREEAM In-Use and
BREEAM Refurbishment and Fit Out certifications
• Thailand: 15 industrial and two commercial buildings
certified with LEED or EDGE.
• Vietnam: Melinh Point certified BCA Green Mark
Platinum after completing an asset enhancement
initiative.
As we continue our certification drive across our
businesses, some of our initiatives in FY21 include:
• Renewing our properties’ certifications upon expiry.
• Targeting BCA Green Mark certification for
The Centrepoint and Hougang Mall.
• Achieving BCA Green Mark GoldPLUS for Parc
Greenwich, our newest residential development in
Singapore.
• Achieving 6-star Green Star Design & As Built rating
for Ed.Square Town Centre Retail, and 5-star Green
Star Design and As-Built rating for the Ed.Square
residential buildings in Australia.
• Achieving 6-star and 5-star Green Star Design & As
Built rating for our Australian industrial properties at
17 Andretti Court and 2-8 Beyer Road respectively.
• Committing to develop new Australian industrial
properties for our ownership to a minimum 5-star
Green Star Design & As Built rating.
• Pursuing performance certification for 21 properties
representing 38% of the European industrial
portfolio by floor area in Germany and the
Netherlands with BREEAM In-Use.
• Achieving BREEAM Excellent for Frasers Property
Industrial’s first speculative development in
Roermond, the Netherlands. Targeting DGNB
Gold for our brownfield acquisition in Düsseldorf,
Germany; BREEAM Very Good and BREEAM
Excellent for our CityLog Campus Breda and Breda-
Hazeldonk projects respectively in the Netherlands.
Office (Non-REIT + REIT) | Retail (Non-REIT + REIT) | Residential
Includes assets that were sold and no longer owned by Frasers
1
2 To avoid double counting of certified assets, previously received Development certifications are replaced with Office, Retail or Industrial
certifications if the assets also received a Green Star Performance certification during the reporting period
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
119
• Achieving certification for 35% of Frasers Property
UK portfolio by floor area under BREEAM, and
achieving BREEAM Excellent (In-Use) for both
buildings in Maxis Business Park, an uplift from
BREEAM Very Good (New Construction).
• Committing to achieve a minimum BREEAM Very
Good rating for all new developments and major
refurbishments for the Frasers Property UK portfolio.
• Achieving BREEAM Excellent (In-Use) for Pinehurst
1 and 2 buildings in Farnborough Business Park.
• Achieving LEED® Gold pre-certification for the first
and largest hyperscale data centre in Thailand.
• Targeting Green Star Performance certification for
three hospitality properties in Australia, and an
additional two third-party-managed hotels owned by
Frasers Hospitality Trust.
Clockwise from top left:
Tiong Bahru Plaza, Singapore • Frasers Tower, Singapore • Ed.Square Town Centre, New South Wales, Australia • Sathorn Square, Bangkok, Thailand •
17A Andretti Court, Victoria, Australia • Maxis Business Park, United Kingdom • Breda Hazeldonk, The Netherlands • Melinh Point, Vietnam
120
Acting
Progressively
Beyond our green portfolio, we also push the boundaries
for sustainability in our developments where possible.
This is demonstrated by Burwood Brickworks, our
retail development in Australia, which is the only retail
property in the world to be awarded the Living Building
Challenge® Petal Certification, and The PARQ, which is
set to become Thailand’s first mixed-used development
to achieve both LEED and WELL certifications.
BURWOOD BRICKWORKS: THE WORLD’S
MOST SUSTAINABLE SHOPPING CENTRE
In April 2021, The International Living Future
Institute awarded Burwood Brickworks the Living
Building Challenge® Petal Certification, the
most advanced measure of sustainability in the
built environment. As the only retail property to
have attempted and achieved the certification,
Burwood Brickworks is now recognised as the
most sustainable shopping centre in the world.
This achievement is further validated by various
sustainability awards won during the year,
such as the Architecture and Design National
Sustainability Awards’ Commercial Architecture
(Large) category, Victorian Premiers Sustainability
Award in the Built Environment Category, and The
Urban Developer’s Excellence in Sustainability.
Burwood Brickworks has also received
6-star Green Star Design & As-Built rating
(Design Review), the highest possible rating
demonstrating world leadership.
[Read more]
THE PARQ: THAILAND’S FIRST MIXED-USE
PROJECT WITH LEED® V4 FOR DESIGN AND
CONSTRUCTION
In November 2021, The PARQ, which is
developed by TCC Assets and Frasers Property
Holdings (Thailand), became the first mixed-use
project in Thailand to achieve the Gold award
for LEED® v4 Building Design and Construction:
Core and Shell certification. This certification
accentuates The PARQ’s position as a smart,
integrated office, commercial and lifestyle
development with cutting-edge eco-friendly
technologies.
Sustainable design principles are applied
throughout the 130,000 sqm development using
the guidelines set by LEED®’s seven focus
areas. These are location and transportation;
sustainable sites; water efficiency; energy and
atmosphere; materials and resources; indoor
environmental quality; and innovation.
In particular, The PARQ is also Thailand’s first
commercial building with intelligent sensors
supported by internet-of-things integration in
office lighting, and waste management initiatives
for all waste streams. The property also boasts the
country’s highest in-building commercial chiller
plant efficiency and has the most electric vehicle
chargers for a commercial building.
Resulting from these efforts, The PARQ
clinched several awards, namely the Best Office
Development Award, Thailand’s Best Commercial
Green Development award at PropertyGuru Asia
Property Awards 2020; Best Office Development,
Best Office Architectural Design and Best
Green Development at the PropertyGuru
Thailand Property Awards 2020; and the Special
Recognition Award, Green Innovation award from
Dot Property Thailand Awards 2020.
With the LEED® certification, The PARQ is also
one step closer to becoming Thailand’s first
mixed-use development to achieve both LEED®
and WELL standards, paving the way towards
more sustainable green building developments in
Thailand that address resource use and improve
the quality of life for occupants.
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
121
Building and Serving Communities of the Future
As the world progresses, the benchmark for designed
places is advancing. The search for better opportunities
in cities is driving urbanisation, and rising population
density presents new challenges for urban planning
which affect climate change and social issues. New
developments are expected to have flexible, multi-
purpose spaces, as places where communities can live
in and thrive, and to make a positive contribution to
the environment. Recognising this, Frasers Property is
transforming the way we design large-scale masterplan
developments to shape cities for the 21st century.
In 2019, we unveiled our masterplan for One Bangkok,
Thailand’s largest ever private-sector property
development. Designed with people-centric principles,
One Bangkok is pushing the boundaries of design,
quality, connectivity and sustainability as a vibrant
global landmark destination, with a strong emphasis on
wellness, sustainability and smart technology and an
aim of improving efficiency, productivity, and occupant
and community well-being. It comprises office, retail,
residential and hospitality components, with well-being
as its target for the workplace and more.
Another example is Macquarie Exchange in Sydney,
Australia, which was designed to go beyond
compliance standards for sustainability and
environmental efficiency. It aims to be a pedestrian-
focused development that offers an activated retail
and amenity-rich destination for building occupants.
Similarly at The Rowe, our commercial development in
central London, UK, will offer extensive sustainability
and community features, aiming for WELL Platinum,
WiredScore Platinum, Smart Score Platinum and
BREEAM Excellent ratings.
Our focus on quality has won us more awards for
some of our completed developments. They include
the Mixed Use Development Thailand award at the
Asia Pacific Property Awards for Samyan Mitrtown and
the Excellence in Mixed Use Development Award by
the UDIA NSW Awards for Excellence for Wonderland
at Central Park. We continue to explore more means
to deliver value to our occupants and customers
at various projects, such as Eastern Creek Quarter
and Parc Greenwich which are retail and residential
developments in Australia and Singapore respectively.
EASTERN CREEK QUARTER: AWARD-WINNING SOCIAL AND RETAIL DESTINATION
FOR THE LOCAL COMMUNITY
Located along the Great Western Highway, Eastern Creek Quarter stands out in the western Sydney retail
landscape for its dining choices and entertainment focus, complementing the up-and-coming large-format
precinct with significant population growth in the main trade area.
Stage 1 of the development has successfully created a place for community interaction and cultural events
through ECQ Social, a unique revolving retail precinct featuring covered and alfresco seating, the integration
of revolving street food tenancies with permanent dining choices, an outdoor deck, a children’s play area
and a large outdoor digital screen. Stage 2, which is set for launch in 2022, will deliver additional retail and
parking spaces to serve the local community as a social and retail destination.
With a 1 MW rooftop solar photovoltaic system, use of efficient fittings and rainwater recycling, Eastern Creek
Quarter Stage 1 has achieved 6-star Green Star Design & As Built rating. Stage 2 is also targeting a 5-star Green
Star Design & As Built rating with the addition of a 400 kW solar photovoltaic system. The development has also
won the Excellence in Retail Development Award by the UDIA NSW Awards for Excellence.
[Read more]
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PARC GREENWICH: A WELLNESS-INSPIRED
EXECUTIVE CONDOMINIUM
Located in the vicinity of the Seletar Hills landed
enclave in Singapore, Parc Greenwich appeals
to young couples and families with children
who value wellness and active living. The
development features 52 wellness and lifestyle
facilities including themed gardens, a community
farm garden and a function room with a kitchen
and dining area.
Within the condominium’s facilities, walls can be
removed to combine rooms to create an office,
study area or entertainment room. Communal
areas are also designed to be adaptable so
residents can opt to work out of the multi-
purpose rooms, the pavilions that double as
social pods or any of the breakout spaces on
the grounds. To enhance the residents’ living
experience, all units within the development’s
nine residential towers are also equipped
with smart home systems for greater digital
convenience, with an option to add on more
internet-of-things features and smart appliances.
With many amenities such as shopping centres
and educational institutions located nearby,
Parc Greenwich is also easily accessible by
the Singapore transport network, being well-
connected to three expressways and a light
rail transit station. It is targeting BCA Green
Mark GoldPLUS certification with green features
such as solar photovoltaics to minimise energy
consumption in the communal areas.
Cultivating a Virtuous Responsible Investment Cycle
Our efforts in integrating sustainability in our
investments and everyday decision-making form part
of a virtuous cycle where our assets deliver value for
our tenants, customers and the communities we serve
while consuming our resources responsibly. These
quality assets lead to greater availability of both debt-
and equity-oriented ESG investment products in the
marketplace for investors who increasingly view ESG
investing as core to their investment strategy. The result
is an enhanced propagation of sustainability-minded
thinking within our organisation in meeting the needs of
our various stakeholders.
Along with green building certifications, such as
BCA Green Mark and Green Star, our GRESB scores
have served as key benchmarks for debt providers
to provide green and sustainable financing. More
information on green and sustainable financing can
be found in the section on Sustainable Finance. In
2021, Frasers Property Thailand was also included in
the Stock Exchange of Thailand (SET) list of Thailand
Sustainability Investment (THSI) for its excellent
performance in corporate governance, environmental
and social responsibility. The THSI list is used as a
criterion to select constituents of the SETTHSI Index
which aims to promote stocks that consider ESG
aspects in their businesses. Looking forward, we aim
to improve and consolidate our performance in these
benchmarks, where applicable, through our conduct of
sustainable business practices.
OUR 2021 GRESB RESULTS
For the first time, all our entities in Frasers
Property participated in GRESB, an investor-led
global ESG benchmark for real assets. This year,
we were awarded global and regional sector
leader position in five categories. The GRESB
Sector Leader Awards recognises real estate and
infrastructure companies, funds and assets that
have demonstrated outstanding leadership in
sustainability each year.
[Read more]
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We share TCFD’s views that better information will allow
companies to incorporate climate-related risks and
opportunities into their risk management and strategic
planning processes. Our climate-related disclosures
are aligned to TCFD recommendations, as summarised
in the table contained within this section. In May 2021
we publicly declared our support for the TCFD and its
recommendations, further demonstrating that we are
committed to building a more resilient business and
supporting a robust financial system through climate-
related disclosure. As part of our alignment, we have
started assessing climate risks material to our business
in a phased approach, in line with our goal of carrying
out climate risk assessments and establishing asset-
level adaptation and mitigation plans for the entire
business portfolio by 2024.
RESILIENT PROPERTIES
Climate science and the irrefutable evidence from
climate change-related events clearly underscore the
need for businesses to identify, understand and manage
climate risks within their operations. Furthermore,
more investors are incorporating ESG risks as part of
their investment decision-making processes. Without
conscious mitigative planning, climate risk can affect
business portfolio valuation and financial standing to an
ever-increasing degree in the long term.
The Financial Stability Board established the Task
Force on Climate-related Financial Disclosures (TCFD)
to develop recommendations for more effective
climate-related disclosures that could promote more
informed investment, credit and insurance underwriting
decisions. In turn, these would enable stakeholders to
better understand the concentrations of carbon-related
assets in the financial sector and the financial system’s
exposures to climate-related risks.
TCFD Core
Element
Recommended
Disclosure
Our Approach
& Progress
Priorities in
2021-2022
• Further integrate
climate change
in Board-level
strategic
decision-making
• Further align and
strengthen Board
governance and
decision-making
• Conduct Board-
level training
on climate-
related risks and
opportunities
• Train senior
management
level on climate-
related risks and
opportunities
Governance
Describe the
organisation’s
governance around
climate-related risks
and opportunities
• Our Board of Directors provides oversight on broader
sustainability trends, risks and opportunities to connect
sustainability with the corporate purpose and strategy
of the Group.
• This occurs via the inclusion of sustainability within
the Terms of Reference of the Board sub-committee
for Risk Management who meets a minimum of three
times a year. This Board-level committee, which has
been renamed Risk Management and Sustainability
Committee, retains oversight of climate change.
Describe the
management’s role
in assessing and
managing climate-
related risks and
opportunities
• The executive-level Sustainability Steering Committee,
reporting to the Risk Management and Sustainability
Committee, monitors the Group’s sustainability
performance, including climate-related objectives,
against key material metrics.
• A global Project Management Office, reporting to
the Steering Committee, supports business units in
their climate risk assessments and development of
resilience plans.
• An Advisory Group, reflective of both corporate and
core business activities, provides input and support to
the Project Management Office.
• Sustainability metrics, including climate-related
objectives, within ‘Key Responsibility Areas’ are linked
to executive remuneration via the balanced-scorecard
methodology.
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TCFD Core
Element
Recommended
Disclosure
Our Approach
& Progress
Strategy
Describe the
climate-related risks
and opportunities
the organisation has
identified over the
short, medium and
long term.
Describe the
impact of climate-
related risks and
opportunities on
the organisation’s
businesses, strategy,
and financial
planning
• We are currently assessing climate-related risks across
our portfolio and across 2030-, 2050- and 2070-time
horizons looking at both RCP 2.6 and RCP 8.5 scenarios.
• To date, the following risks and opportunities have
been identified across our various geographies and
activities:
Risks:
• Physical–Acute: Increase in frequency and intensity of
fires, floods, storm and hail; Physical–Chronic: Rising
sea levels, atmospheric temperature and droughts.
• Transitional: Implementation of carbon pricing
mechanisms by governments; mandates for minimum
energy efficiency; shifts in customer preferences
towards sustainable and climate-resilient spaces; brand
alignment; legacy impacts; shift towards climate-related
investing by financiers.
Opportunities:
• Improved resilience and energy efficiency of portfolio;
offering of sustainable and climate-resilient spaces to
environmentally conscious homebuyers and tenants;
retailing of renewable energy; sustainability engagement
to improve relationships with tenants; partnerships with
private and public institutions to develop solutions towards
a net-zero economy, increase in climate-related financing.
• The financial impact of climate-related risks of our
business include higher expenses in cooling, heating,
insurance, repair and maintenance and ventilation due
to extreme weather variations; higher expenses from
carbon-related legislation in various countries, whether
due to tax or more frequent replacement of equipment;
lower revenues from closure of operations due to
acute and chronic climate events; and lower portfolio
valuations with higher costs of capital due to assets
located in areas of high climate risk. We are also seeking
to identify location/business activity-specific ‘value-at-
risk’ impacts due to the impacts of climate change.
• We are investigating various forms and applications of
‘Internal Carbon Pricing’ mechanisms and how they, via
the investment process, may be applied to mitigate the
financial impacts of climate change.
• Meanwhile, the financial impact of leveraging climate-
related opportunities include the increase in revenue
from providing green spaces and homes for our
customers; decrease in utility expenses with an energy-
efficient portfolio; additional revenue streams from the
retailing of renewable energy to our customers; and
easier access to capital with climate-related financing.
• Some of the initiatives conducted to capture
opportunities include delivering 51 net-zero energy
demand homes at Ed.Square while refining the
innovations involved to elevate the energy performance
of Australian housing; and offering Climate Active-
certified carbon-neutral electricity for our residential
customers through Real Utilities, an authorised energy
retailer owned by Frasers Property Australia.
Priorities in
2021-2022
• Continue to
identify climate
risks and
opportunities at a
strategic level.
• Consolidate
localised risk
assessments
to understand
overall business
exposure and
risk profile across
multiple time and
carbon emissions
horizons.
• Further quantify
the potential
impact of climate-
related risks and
opportunities.
• Align our
Responsible
Investment
Strategy with
climate change
considerations.
• Further investigate
the role carbon
pricing can play
in informing
investment
decisions.
Describe the
resilience of the
organisation’s
strategy, taking
into consideration
different climate-
related scenarios,
including a 2°C or
lower scenario
• We are currently assessing the climate-related risks for
each business unit in our portfolio across 2030-, 2050-
and 2070-time horizons looking at both RCP 2.6 and
RCP 8.5 scenarios.
• This scenario analysis will further allow us to quantify
• Continue to refine
the financial
impact of climate-
related risks and
opportunities.
the impact of climate-related risks and opportunities to
our business.
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TCFD Core
Element
Recommended
Disclosure
Our Approach
& Progress
Risk
Management
Describe the
organisation’s
processes for
identifying and
assessing climate-
related risks
• We developed our Sustainability Framework in 2018
that sets out the Group’s 13 sustainability focus areas
through to 2030, of which ‘Resilient Properties’ is one of
the focus areas.
• We announced the Group’s five sustainability goals in
FY20 and set tangible metrics for each. This includes
the aspiration of sustainable financing of our asset
portfolio by FY24.
• We started a global process of identifying climate-
related risks and opportunities for our businesses
across all property portfolios at the asset level,
including identifying climate ‘value-at-risk’ for our
activities and their locations. We plan to use the
results to inform our business decision-making in the
coming year.
Describe the
organisation’s
processes for
managing climate-
related risks
• To improve our resource use efficiency, we began
certifying our properties with relevant, third-party green
building schemes such as BCA Green Mark, Green Star,
BREEAM, DGNB, LEED® and NABERS.
• We implemented an Environmental, Health & Safety
Policy and an Environmental, Health & Safety
Management System aligned to the ISO 14001 standard
in key operating regions.
• Climate-related risk is managed through the inclusion
of ‘Climate Adaptation Plans’ across all Australian
developing activities to help manage, mitigate and,
where appropriate, adapt to climate change and its
impacts.
Priorities in
2021-2022
• Scale up climate-
related risk
identification
and assessment
activities to other
parts of our
business.
• Engage with
internal and,
where appropriate,
external
stakeholders
further on
improving
climate-related
risk identification
and assessment
activities.
• Scale up climate-
related risk
management
activities to other
parts of our
business.
• Engage with
internal and,
where appropriate,
external
stakeholders
further on
improving
climate-related
risk management
activities.
• Measure and
monitor risk
reduction on an
ongoing basis
once current
climate-related
risk profiles are
identified.
Describe how
processes for
identifying,
assessing, and
managing climate-
related risks are
integrated into the
organisation’s overall
risk management
• We included climate-related issues in our
• Continue to
environmental risk identification and commenced
integrating our climate-related risk identification
activities within our existing Enterprise Risk
Management and associated risk register practices.
• Our business units have started identifying and
assessing climate-related risk at an asset level with all
Singapore and Australia assets assessed in FY21.
integrate climate-
related risks within
Enterprise Risk
Management
practices.
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TCFD Core
Element
Recommended
Disclosure
Our Approach
& Progress
Metrics and
Targets
• We have set climate-related targets as a Group to be
net-zero carbon by 2050, with all business units to have
completed their respective Net-Zero Carbon Roadmaps
and associated carbon inventories in FY22.
• All business units will complete climate risk
assessments and commence implementation of asset-
level climate risk adaptation and mitigation plans by
2024.
• Frasers Property UK was our first business unit to
publish their pathway to achieve net-zero carbon and
respective emissions reduction targets across scopes
1, 2 and 3.
• We are continuously increasing our carbon and
climate-related data coverage under Scopes 1, 2, and 3.
For example:
- We generated a total of 10.4 GWh of renewable
energy across our Singapore, Australia and
Hospitality portfolios in FY21, equivalent to 671
and 7,740 tCO₂e of avoided Scope 2 and Scope 3
emissions respectively. In Australia and the UK, we
also procured 38.4 GWh of renewable energy across
our commercial, retail, hospitality and business park
portfolios, equivalent to a reduction of 10,071 tCO₂e
in Scope 2 emissions.
- Since FY19, we started collecting embodied carbon
emissions data from material use in our Singapore
residential projects. In FY21, our Scope 3 embodied
carbon emissions from our Singapore development
projects amounted to 8,734 tCO2e.
• We aim to be climate-resilient and establish adaptation
and mitigation plans by 2024.
• We restructured our annual Sustainability Report to
better align with recommended TCFD disclosures.
Disclose the
metrics used by
the organisation
to assess climate-
related risks and
opportunities in line
with the strategy and
risk management
process
Disclose Scope 1,
Scope 2 and, if
appropriate,
Scope 3 greenhouse
gas (GHG) emissions
and the related risks
Describe the
targets used by
the organisation to
manage climate-
related risks and
opportunities and
performance against
targets
Priorities in
2021-2022
• Complete Net-
Zero Carbon
Roadmaps and
associated
trackers for all
business units
• Ensure metrics
and targets remain
aligned to overall
Group targets and
the Paris Climate
Agreement.
• Complete all
business units’
Net-Zero Carbon
roadmaps and
associated carbon
inventories for
future disclosure
of detailed metrics
and targets.
• Continue to
increase data
coverage of
scope 1, 2 and, in
particular, scope 3
emissions from
all business unit
activities.
• Quantify our
performance
against our
primary target
once establishing
our climate-related
risk baseline.
• Establish more
detailed targets
across multiple
timelines
and disclose
performance
against these
targets.
• Continue to
improve our
reporting in
line with TCFD
recommended
disclosures.
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INNOVATION
We have always approached challenges as opportunities
to provide better solutions for our stakeholders.
Matching our design and technological capabilities,
fostering a culture of innovation enables us to add value
to our stakeholders and stay relevant to their evolving
needs, testbed new business models, and differentiate
ourselves as an employer of choice.
Fostering a Culture of Innovation
With COVID-19 accelerating several trends, such as
digital adoption and changing consumer behaviours,
the need to innovate and identify new growth
opportunities has become even more urgent. At
Frasers Property, we recognise that innovation
should be purposeful to help strengthen our business
performance, enhance efficiency and heighten
customer experiences. Rapid innovation in technology
and new solutions can help us meet our net-zero
carbon goal, become more agile in problem-solving,
as well as incorporate features for more inclusive and
purposeful places that delight our customers.
To drive a spirit of innovation among our people, we
introduced our inaugural Frasers Property Innovation
Awards, which garnered 112 submissions from
employees across the Group.
Since 2019, over 600 employees from business units in
Singapore, Australia, Thailand, Continental Europe and
the UK have been introduced to design thinking tools
to spur innovation across the organisation. Across the
Group, we have executed more than 15 projects ranging
from customer experience and business strategies to
process efficiency using a design thinking approach.
Aligned with this approach, at Frasers Property
Australia, we introduced DASH in 2019. DASH is an
employee initiative to rapidly innovate by crowd-
sourcing ideas from our employees to tackle challenges
for our organisation and customers. Through DASH,
employees participate in innovation sprints to solve
problems such as how to encourage active involvement
in our communities and how we can best prepare our
workplaces for our return.
Committing to Climate Action
In FY21, we continued to make progress in our
commitment to climate action. We integrated climate
risk reporting within our existing Enterprise Risk
Management and associated risk register practices
and partnered with industry bodies and organisations
to better understand the relationship between climate-
related risks and opportunities and financial impacts.
These included preliminary investigations into areas
including an assessment of TCFD readiness; an internal
shadow price of carbon; the insurability, climate
‘value-at-risk’ and insurance benefits from managing
climate-related physical risks; and resilience valuation.
We also completed climate risk and climate ‘value-at-
risk’ portfolio level assessments for our commercial,
retail and development projects in Singapore, and our
business parks in the UK.
This year, Frasers Property UK launched a roadmap to
achieving net-zero carbon across the whole portfolio
by 2050, and across all landlord-controlled areas by
2030. With this roadmap, Frasers Property UK targets
to deliver a 61% reduction in Scope 1 and Scope 2
carbon emissions by 2030, and a 46% reduction in
Scope 3 carbon emissions by 2030. We are seeking to
validate these goals with the Science Based Targets
initiative next year. The roadmap includes actions such
as phasing out gas in new developments, installing
rooftop solar photovoltaics and greening the supply
chain, aligning with the UK Net Zero Carbon Framework
published by the Better Buildings Partnership. As one
of the 33 UK commercial real estate owner signatories
to the Better Buildings Partnership, we are committed
to completing climate-change risk assessments across
all assets by 2022 and to disclose the progress towards
our net-zero carbon roadmap annually.
In 2020, Frasers Property Australia was re-certified
as a carbon-neutral organisation under the Climate
Active Carbon Neutral Standard. We offset 7,143
tCO₂e of emissions from our corporate operations in
Australia, including office, vehicles, employee travel
and constructions operations. We decided to shift this
year’s Climate Active Certification to align with the
Group’s financial year, and will report our progress
in 2022. Frasers Property Industrial, Frasers Logistics
& Commercial Trust and Frasers Property Australia
completed climate risk assessments at an asset level
for all Australian-based assets. In addition, some of our
net-zero initiatives in Australia included one of the first
carbon-neutral industrial buildings certified under the
Climate Active Carbon Neutral Standard, and offering
Climate Active-certified carbon-neutral electricity for
our residential customers in Ed.Square via Real Utilities,
an authorised energy retailer owned by Frasers Property
Australia. Additional projects are also in the pipeline,
such as the delivery of net-zero energy demand homes
at Ed.Square and a carbon-neutral-certified warehouse
in The Horsley Park Estate in western Sydney for one of
our customers.
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Adding Value with Technology
We actively seek ways to stay ahead of the digitalisation
curve in order to maximise the value we deliver to our
customers. Currently, 80% of the logistics park we
manage in Thailand utilise the artificial-intelligence-
driven industrial and logistics platform. We have
partnered a cloud company, to enable us to fully
optimise the use of artificial intelligence and cloud
services in this initiative. The platform uses computer
vision, geofencing technology, drone inspection and
machine learning to optimise our processes and
protect our properties and customers. The platform’s
monitoring system gives us a high degree of visibility
over our energy consumption and carbon emissions,
helping us better manage our carbon footprint.
We further piloted an automated security clearance
process for more than 2,000 vehicles at Frasers
Property Logistics Park in Thailand. This year, we
also rolled out Wi-Fi 6, the newest WiFi generation
standard, at The PARQ, the first mixed-use building in
Thailand with Wi-Fi 6. Meanwhile, One Bangkok will
feature Thailand’s first double-deck elevators, with two
vertically stacked cabins, which occupy less building
core space while facilitating the same level of traffic.
Digitalisation has also enabled us to connect with our
customers and respond to their requests without the
need for physical interaction, hence improving our
service levels and quality. In Singapore, our property
services team launched Funnel, a new app for us to
connect and collaborate seamlessly with property
purchasers on key services such as home collection
appointments, defect reporting and management and
facilities management.
Our retail team also leveraged our existing digital retail
platform, the Frasers Experience (FRx) app, to deliver
added value to shoppers. Comprising a customer-facing
mobile app and a merchant-facing operating system
deployed to about 2,000 stores in our malls in Singapore,
FRx is a dynamic ecosystem. It offers our customers a
one-stop service for e-commerce via the Frasers eStore,
multiple payment e-wallet options via Frasers Pay, loyalty,
rewards, concierge services and more. FRx also features
Frasers Makan Master, Frasers Property Retail’s digital
F&B concierge service. Through Makan Master, we
extended complimentary delivery options for all orders
placed by customers when the Singapore government
implemented regulations on dining in public this year,
increasing overall sales growth by six times. For the
engaging retail experience it delivers, FRx was named
Best Loyalty Programme – Lifestyle (Bronze) and Best
Loyalty Programme – Relaunch (Bronze) at The Loyalty &
Engagement Awards 2020.
RATIO, world’s first robotic cafe and lounge
Last year, we introduced ICE, a centralised intelligent
building management platform, at Frasers Tower in
Singapore, the first of its kind in Asia. Among other
features, the platform allows our tenants to enter the
building hands-free, book amenities and events, raise
requests for concierge and maintenance services,
and receive building alerts and updates. It supports
a seamless process with our operations, providing
transparency and efficiency to tenants. Now in use by
our tenants at two-thirds of our commercial properties
in Singapore, ICE is expected to be completely
deployed to the remaining properties by end-2021.
In another innovation, we introduced the ACE portal to
enable our agents to access information regarding our
commercial properties in Singapore. ACE will become
the primary platform for supporting our partnerships
with our agents.
This year, we held workshops with tax employees in
Australia to understand how technology could be used
to streamline their workflows. From there, we developed
a range of digital assistants using artificial intelligence
software. Arya, the first of these digital assistants, ran
a monthly tax document preparation process in June
2021, improving productivity on an otherwise time-
consuming and repetitive task.
Following its successful pilot in Capri by Fraser China
Square Singapore last year, Lola, a digital concierge
chatbot, has now been introduced in five hospitality
properties in the UK, with a sixth in Australia by the end
of the year. Lola serves as a hotel services platform,
integrated with our workflow management system,
to ensure a more streamlined, automated customer
experience compared to traditional guest relations
processes. It also provides our guests with information
and tools for exploring places of interest.
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In Australia, we launched the FPA Sales app in 2020 to
provide a seamless experience for our sales team and
external sales partners, with real-time sales availability
and unrestricted access to marketing information. New
features included displaying virtual tours, bringing to life
the communities we build, and an enquiry dashboard
for our sales team to contact customers.
Partnering to Scale Up Innovations
In FY21, our strategic partner, JustCo, launched
Singapore’s first smart co-working centre at The
Centrepoint. JustCo is a premium flexible workspace
provider headquartered in Singapore. The new centre’s
technology-driven features include facial recognition
technology, card-free access with Bluetooth capability,
and turnstiles that detect whether members are
wearing face masks. Its in-house café and cocktail
bar, RATIO, is the world’s first robotic café and lounge.
This partnership also gave Frasers Property employees
based in Singapore the flexibility to utilise co-working
spaces across nine of our properties as we experiment
with the ‘Future of Work’.
In Thailand, we completed the development of a
regional distribution centre for ThaiBev’s beverage
products in a strategic partnership with Thai Beverage
Logistics. The project was planned to optimise storage
capacity, productivity and operations efficiency
for Thailand Beverage Logistics’ daily fast-turnover
requirements while realising cost and person-hour
savings. To promote efficiency and security, the centre
features a dedicated battery charging room for forklifts
separated from the operational areas. The loading bays
were designed to support side- or back-loading to
maximise speed and flexibility in shipments.
During the year, we also completed and opened the
first of two buildings in Thailand’s largest hyperscale
data centre in a joint venture with ST Telemedia Global
Data Centres (Thailand). The building was the first
data centre in Thailand to be awarded the TIA-942
Certification Rated-3, a globally recognised standard
for data centre infrastructure. The certification covers
telecommunications infrastructure and other aspects of
a mission-critical data centre, such as the site location,
architectural and physical structure of the building,
electrical and mechanical infrastructure, fire safety and
physical security.
Finally, we also completed and delivered a fully
automated flagship warehouse for F&N Dairies
(Thailand) Limited. This built-to-suit smart warehouse
– which features an Automated Storage and Retrieval
System, natural ventilation and a solar panel system
to supplement electricity supply – was designed to
optimise space, increase operational efficiency and
provide a safe and comfortable working environment.
SAMYAN MITRTOWN: DIGITAL AND
PERSONALISED CUSTOMER EXPERIENCES
Our Samyan Mitrtown mixed-use property
in Bangkok, Thailand, innovated to create
unique experiences to delight a diverse mix
of customers. We incorporated unique on-
site features, including a 24-hour free access
co-learning space and a food court featuring
traditional local fare that utilise cashless
payment. The Samyan Mitrtown experience also
includes a digital retail app with perks tailored
to customers’ unique preferences. We further
created a loyalty rewards system based on
gamification and a function that offers exclusive
experiences for loyal customers when they
visit the mall. Samyan Mitrtown was the first
shopping centre in Thailand to receive ‘The
Best CRM Strategy’ Award (Silver) from The
Loyalty & Engagement Awards 2020, hosted by
MARKETING magazine.
[Read more]
Accelerating Innovation over the COVID-19
Pandemic
The COVID-19 pandemic has given us an opportunity
to prototype new ways to keep our stakeholders
healthy and safe. Partnering PBA Group, we deployed
UV-disinfecting mobile robots across Singapore malls
as well as residential, industrial and commercial assets
in Thailand. In Singapore, we negotiated performance-
based cleaning contracts for several retail properties,
leveraging technology and internet-of-things to improve
cleaning operations and standards.
Frasers Hospitality hotels and serviced apartments
in Europe, the Middle East and Africa now use a
patented, chemical-free, child-friendly cleaning system
to sanitise their surfaces for the health and comfort
of our guests and staff. By employing only tap water,
electricity and oxygen, this technology is less water-
intensive and produces less chemical waste compared
to conventional cleaning methods. It also helps our
properties manage their carbon footprint by eliminating
the need to purchase, transport, distribute, store and
restock multiple cleaning and sanitising products.
At The PARQ, a commercial building managed by
Frasers Property in Bangkok, we adopted facial
recognition technology and contactless interactions to
mitigate health and safety risks.
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Consuming
Responsibly
We are cognisant that we operate in one of the world’s most resource-intensive sectors.
Buildings account for 40% of raw material used globally and will consume a projected 12%
of global fresh water supplies by 2030. Buildings also contribute to 39% of global energy-
related greenhouse gas emissions, of which embodied carbon makes up 11%. As the
world’s urban population continues to grow, global building stock is expected to double by
2060 – the equivalent of adding a city the size of New York City every month for the next 40
years – making the imperative to consume responsibly an even more urgent one.
Energy &
Carbon
Water
Waste
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 Our Goals
Our Progress in FY21
• To achieve net-zero carbon
• Developed net-zero carbon roadmaps using a
emissions by 2050
• To develop a net-zero carbon
roadmap and establish
carbon targets in line with a
science-based approach
by 2022
science-based approach for our commercial and retail
portfolios, and development projects in Singapore, and
business parks in the UK
• Reduced Scope 2 GHG intensity by 21.6% against a
FY19 baseline
• Generated 10.4 GWh of solar energy for consumption
in at our Singapore, Australia and global hospitality
properties equivalent to 671 and 7,740 tCO₂e of
avoided Scope 2 and Scope 3 emissions respectively
• Procured 38.4 GWh of green energy at our Australia, UK
and hospitality properties, equivalent to 10,071 tCO₂e of
avoided Scope 2 emissions
Status
On track
• To develop best-practice
water standards for all
business units
• To raise water consumption
data coverage for landlord-
and tenant-controlled areas in
operating assets
• Started to develop action plans and interim targets at
our business units, for reducing indoor water demand
by 15% compared to the standard practice for new
developments
• Increased water consumption data coverage for
landlord-and tenant-controlled areas in portfolios such
as our retail and commercial properties in Singapore
and industrial properties in Europe
In progress
• 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
• Started waste and recycling data collection for our
In progress
Frasers Hospitality portfolio with coverage by number
of properties at 78%
• Collected 5,788 tonnes of waste for recycling in our
Singapore, Australia, Hospitality, China, Vietnam and the
UK properties, amounting to a 15.4% recycling rate
• Embarked on phasing out single-use plastics at more
than 95% of Frasers Hospitality-managed assets
Materials
& Supply
Chain
• To implement a Group-wide
responsible sourcing policy
and workplan by 2021
• Implemented Group Responsible Sourcing Policy
• Launched Greensheet, Australia’s first full publicly
shared list of building materials, to accelerate positive
action in the construction materials supply chain
• Published first annual Modern Slavery Statement in
Australia and third in the UK
On track
Biodiversity • To develop a biodiversity
strategy in Australia, and aim
to leave every site ‘better than
before’ by 2030
• Implemented initiatives to increase biodiversity within
our properties and projects in the UK, Continental
Europe, Australia and Thailand including wildflower
seeding to attract bees and pollinating insects, green
wall cultivation and ecological improvements
In progress
Notes:
On track: Target is either achieved or is on track to be achieved on time
In progress: Target is delayed but progress is still being made and could still be achievable on time
Not on track: Target is delayed to the point that it is unlikely that it will be achieved on time
Contents
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Sustainability
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Governance
Financial &
Additional
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131
ENERGY AND CARBON
The science is clear on the need to bring global
energy-related carbon emissions to net-zero by 2050 to
avoid the worst impacts of climate change on our future
generations. As a responsible real estate company, we
aim to achieve our goal of net-zero carbon emissions
by 2050 through a combination of energy-efficient
assets, good energy management, and where required,
the use of renewable energy and carbon credits for
residual emissions.
In FY21, we embarked on our ambitious goal to achieve
net-zero carbon emissions across our value chain
(Scopes 1, 2 and 3) by 2050. Our business units have
started to develop net-zero carbon roadmaps, with the
commercial and retail portfolios, and development
projects in Singapore and business parks in the UK
completing their roadmaps this year.
Our FY21 Performance
The Group’s electricity consumption from our
properties decreased by 4.2% mainly due to having
fewer managed properties in our hospitality portfolio
and more efficient consumption in the Vietnam
portfolio outweighing the increased consumption from
the Australian retail properties, which operated a full
year in FY21. The Group’s energy intensity decreased
by 2.7% to 96 kWh/m2 during the year, and 16.7%
compared to FY19. In line with the reduction in energy
intensity and the increase in use of renewable energy
throughout the portfolio, our Scope 2 GHG emissions
intensity decreased by 6.5% to 44 kgCO₂e/m2 during
the year, and 21.6% compared to FY19.
Electricity Consumption (GWh)
Energy Intensity from Electricity Consumption
(kWh/m2)
350
300
250
200
150
100
50
0
3
2
25
191
14
68
28
3
1
21
148
12
87
27
2
1
20
136
13
87
26
200
160
120
80
40
0
115
99
96
FY19
FY20
FY21
FY19
FY20
FY21
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
Scope 2 GHG Emissions (‘000 tonnes of CO2e)
Scope 2 GHG Intensity (kgCO2e/m2)
200
150
100
0
3
1
1
119
10
29
12
212
1
1
90
8
35
11
2
1
78
7
35
11
120
100
80
60
40
20
0
57
48
44
FY19
FY20
FY21
FY19
FY20
FY21
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
132
Consuming
Responsibly
We also report energy use from sources beyond
the electricity consumption in our properties. Gas
consumption in our Australia commercial and retail and
UK business park portfolios amounted to 4.4 and 11.8
GWh respectively, equivalent to 816 and 2,165 tCO₂e of
Scope 1 emissions. Our corporate offices consumed
an estimated 1.3 GWh of electricity, equivalent to 874
tCO₂e of Scope 2 emissions during the year.
Within the Australia industrial portfolio, our tenants
consumed an estimated 77.1 GWh of electricity,
equivalent to 55,482 tCO₂e of Scope 3 emissions and
a Scope 3 emissions intensity of 29 kgCO₂e/m2. Gas
consumption amounted to 8.4 GWh in FY21, equivalent
to 1,561 tCO₂e of Scope 3 emissions.
Towards a Net-Zero Carbon Future
Energy Efficiency in our Properties
The Group’s portfolio consists of an array of green-
certified properties designed with energy-efficient
performance in mind. In Singapore, many of our
properties are designed or upgraded to achieve BCA
Green Mark certifications, a green building rating
system that evaluates a building’s environmental impact
and performance, including energy efficiency.
We have also certified 100% of our Singapore retail and
commercial properties with the ISO 14001 Environment
and ISO 50001 Energy Management Systems to further
improve our energy performance. Our retail and office
properties in Australia are also ISO 14001 certified,
with our retail properties also designed to achieve
a minimum of 20% base-building energy reduction
against current building codes. Most recently, our
Coorparoo Square Shopping Centre in Queensland
became our first retail asset in Australia to receive a
NABERS Energy certification under a new tool for small
shopping centres, scoring a 5-star energy rating. While
our industrial properties in Australia are certified to an
average of 4-star Green Star Performance ratings, the
highest in the country, we are targeting a minimum of
5-star Green Star Design & As Built ratings for all new
industrial projects.
Maplewood, Chineham Park, UK
In the UK, seven of our business parks are ISO 14001-
certified, while 19 buildings in the UK portfolio received
BREEAM In-Use certifications during the year.
To improve energy efficiency, many of our properties
utilise high-efficiency chiller plants; air distribution
systems; LED lighting; air source heat pumps; upgraded
building management systems; smart electricity and gas
meters; on-site solar panels; and zoned lighting with
light and motion sensors and time triggers.
In Singapore, Frasers Centrepoint Trust signed a
Letter of Intent with SP Group to affirm its interest
in the District Distributed Cooling network for two
of its properties, Century Square and Tampines 1.
The network is an interconnected cooling system
comprising centralised cooling plants that distribute
chilled water via an underground pipe network to
various buildings to provide air-conditioning. Through
economies of scale, this method will consume less
energy for the same amount of cooling, and reduces
the total amount of maintenance required, hence, will
result in 18% reduction of carbon emissions.
Letter of Intent signing ceremony for District Distributed Cooling
In the UK, we commenced a metering upgrade
programme in our business parks to improve the
accuracy of data and invoicing, saving time otherwise
spent on reading manual meters. To date, 18 landlord
meters have been upgraded to half-hourly automatic
meters, with another 57 upgrades underway.
Energy-efficient Homes for our Customers
In addition to our operating property portfolio, we
also aim to achieve better energy efficiency in our
residential developments, as they play a role in climate
action even after the properties’ sale to our customers.
In Singapore, we have been certifying our residential
developments with the BCA Green Mark scheme since
2005. Three of our most recent and ongoing residential
developments – Seaside Residences, Rivière and Parc
Greenwich – are designed to achieve BCA Green Mark
GoldPLUS certification.
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In view of the lack of insight on operational energy
consumption at common areas of residential
developments, we have started a research initiative
at Seaside Residences in Singapore to gather energy
usage data by installing an energy monitoring system.
We aim to build on the data profile to study potential
areas of operational energy savings, which will help to
enhance our future project designs.
In Australia, we announced a project to deliver
51 net-zero energy demand homes at Ed.Square,
our urban community development in Sydney. These
homes will produce more energy than they consume
via a suite of renewable energy, electrification and
energy-efficiency measures, including a 4 kW solar
photovoltaic system in each home, ground source heat
pump space conditioning, induction cooktops, electric-
boosted solar hot water, low-emissivity glazed windows,
LED lighting and roof insulation. The project aims to
expand the knowledge and understanding of renewable
energy technology so these innovations can be refined
and developed to elevate the energy performance of
Australian housing.
Additionally, we procured 38.4 GWh of green energy
for our commercial and retail properties in Australia,
and business parks and hospitality properties in the
UK, equivalent to 10,071 tCO₂e of avoided Scope 2
emissions.
In FY21, we continued to increase the use of renewable
energy in our properties across our business units.
In Australia, we installed a 1.5 MW rooftop solar plant
at one of the newly built commercial properties in
Sydney’s Horsley Park and a 100 kW solar panel system
for one of our tenants at the suburbs of Pemulwuy. In
the UK, we installed our first rooftop solar photovoltaic
panels on Buildings 1010, 1020 and 210 at Winnersh
Triangle, rated a capacity of 378 kW in total. A further
775 kW of solar photovoltaic capacity is planned across
the UK portfolio in FY22. We also began procuring
100% renewable electricity across all landlord-
controlled areas in the UK, including the multi-let
buildings. The electricity supplied to our Malmaison and
Hotel du Vin boutique hotels is fully renewable, and this
year, four more hospitality properties in the UK made
the switch to renewable electricity as we continued to
increase the renewable energy mix of our portfolio.
Net-zero homes at Ed.Square, New South Wales, Australia
1519 kW onsite solar PV capacity at Horsley Park,
New South Wales, Australia
Use of Renewable Energy
We also adopt power from renewable sources, with
on-site solar panels installed in some of our properties.
In FY21, an estimated 10.4 GWh of solar energy was
generated for consumption at the tenant-controlled
areas in our Australia industrial properties, and
landlord-controlled areas in our hospitality, Singapore
retail and commercial, and Australia commercial and
retail properties. This was equivalent to 671 and 7,740
tCO₂e of avoided Scope 2 and Scope 3 emissions,
respectively.
Solar panels at Winnersh Triangle, Reading, UK
134
Consuming
Responsibly
In Australia, we established Real Utilities in 2017
to provide cheaper, greener and simpler energy to
our customers. Besides being a licensed retailer of
electricity, gas, hot water and air conditioning, Real
Utilities owns, operates and/or provides energy
infrastructure and services, such as renting roof space
from building owners to install and operate solar panels,
batteries and biodiesel generators and selling the
generated energy. The business model is adopted at
some of our properties, such as Burwood Brickworks
Shopping Centre, Eastern Creek Quarter and Ed.Square
Town Centre. Real Utilities continued to upscale its
impact by planning to supply 100% renewable energy
to our customers through a Large-Scale Generation
Certificate agreement by 2023. It also became the first
embedded network retailer in Australia to be licensed
in Victoria, New South Wales and Queensland. In the
residential space, Real Utilities will deliver Climate
Active-certified carbon-neutral electricity for the next
10 years to our first residents moving into more than
200 new homes at Ed.Square. Another 117 more
homes will enjoy the benefit of certified carbon-neutral
electricity once the community is complete.
Tenant and Customer Partnerships
Our tenants and customers are important stakeholders
in our goal towards net-zero carbon as they are major
users of our spaces. Besides enhancing our properties,
we work with these stakeholder groups 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 Continental Europe, we
partnered with our tenants to share their facilities’ utility
consumption in exchange for planting 10 trees per
facility by the non-profit organisation PRIMAKLIMA e.V.
This work is instrumental in enabling us to understand
our Scope 3 carbon footprint and develop plans
towards our Group goals. Moving forward, we are keen
to develop these capabilities further, whether by the
number of tenants and customers reached or the types
of partnerships.
Employee Engagement
We also engage our employees on sustainability topics
to raise awareness of sustainability issues and build
discourse around embedding green practices within
their areas of expertise. At our Environment Month in
March 2021, we continued to build on last year’s theme
‘Build to Zero’, with a focus to reduce our employees’
personal carbon footprint by pledging for eco-friendly
choices and leading more sustainable lifestyles. During
the Month, a team of 16 employees also volunteered
in a tree planting session organised by National Parks
Board at the MacRitchie Reserve, as part of the nation’s
target of planting one million trees across the island
by 2030. Around the world, our properties participated
in the Earth Hour movement by switching off non-
essential lighting during their respective time zones.
FRASERS PROPERTY SINGAPORE:
CHAMPIONING ENVIRONMENTAL
STEWARDSHIP
In January 2021, five commercial buildings in
Singapore – Frasers Tower, Alexandra Technopark,
Cross Street Exchange, Valley Point and 51
Cuppage Road – received a total of eight
certifications, including the inaugural GreenDNA
certification for each building, from the Singapore
Environment Council. These certifications
recognised their strong efforts in implementing
building practices and initiatives to reduce
their carbon footprint and promote sustainable
consumption and production. Initiatives rolled out
included recycling partnerships, implementation
of various management systems, employee
education via asset-level communication,
appointment of eco-ambassadors, and
participation in the Group’s Environment Month.
[Read more]
Contents
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Business
Sustainability
Report
Corporate
Governance
Financial &
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135
WATER
The World Economic Forum listed water scarcity as one
of the leading challenges for sustainable development,
which is expected to intensify due to climate-change-
related impacts. Water is a key resource in various
aspects of our real estate operations for activities
such as cleaning our spaces and providing cooling
and sanitation to our tenants and customers. We have
identified more than 50% of assets within our portfolio
by floor area that reside in countries under water stress,
including Singapore and Australia. Through prudent
water management, we can contribute to the resilience
of the communities in which we share a common water
source coming from the municipalities.
also developed to support the business in minimising
water consumption for all new developments. Based on
these standards, we have been engaging our business
units to develop their interim targets and action plans.
Some commitments include a 20% reduction in water
intensity for our Singapore retail and commercial assets
from 2015 by 2030, and a reduction of potable water
demand by at least 55% using the Green Star benchmark
for all Australian industrial projects starting from FY21.
To further diversify into more renewable water sources,
we also draw NEWater, which is purified wastewater
from the Public Utilities Board in Singapore. In FY21,
we used 522,857 m3 of NEWater in our Singapore retail,
commercial and hospitality assets.
Water Consumption (megaliters)
Water Intensity (m3/m2)
4,000
3,000
2,000
1,000
0
19
85
86
2,212
129
888
305
FY19
16
94
51
1,740
108
1,153
156
FY20
18
68
63
1,501
119
1,153
206
FY21
3.0
2.0
1.0
0.0
1.31
1.07
1.05
FY19
FY20
FY21
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
Our FY21 Performance
The Group’s water consumption in our properties
decreased by 5.8% year-on-year due to having
fewer managed properties in our hospitality portfolio
outweighing the increased need for cleaning to
maintain sanitation and hygiene standards during
the COVID-19 pandemic. Water intensity decreased
by 1.3% to 1.05 m3/m2 during the year, and 19.3%
compared to FY19. Water consumption in our corporate
offices amounted to 8,487 m3 in FY21.
Within the Australia industrial portfolio, our tenants
consumed an estimated 307 megaliters of water in
FY21, with a water intensity of 0.16 m3/m2.
Managing our Water Footprint
Affirming our Water Commitment
We have set a target for our buildings to reduce their
indoor water demand by 15% compared to a standard
operational building, in compliance with each country’s
regulations. A minimum water efficiency standard was
Water Saving Initiatives
Concerted efforts have been made to incorporate
water-saving and water-recycling features at many
of our properties, including the installation of water-
efficient sanitary fittings and HVAC systems, sensor
taps, waterless mechanical cooling technology,
rainwater storage tanks, water reclamation systems,
sub-meters, water-efficient landscaping, drip irrigation
and irrigation control systems. Many of these features
were also implemented as part of our drive to certify
our buildings with the relevant certification schemes
such as BCA Green Mark, PUB Water Efficient Building,
Green Star and BREEAM.
Our environmental management systems also play
a key role in managing the water footprint in our
properties beyond the use of water-efficient features.
We have achieved ISO 14001 certification in all of
our malls and office properties in Singapore, all our
commercial and retail properties in Australia and seven
of our business parks in the UK.
136
Consuming
Responsibly
A SMART AND TOUCH-FREE BATHROOM
EXPERIENCE
PARTNERING WITH WATER EFFICIENCY
SPECIALISTS
Frasers Property Australia entered into an
agreement with Sydney Water for a first-of-its-
kind pilot project to understand how smart
bathroom fixtures can deliver real-time usage
insights and reduce water consumption in
existing commercial properties, while creating
healthier and safer work environments.
The Caroma Smart Command® ecosystem of
smart bathroom fixtures allows the monitoring
and control of water use in real time, enabling
building management to make smarter decisions
to improve water efficiency, reduce maintenance
and cleaning time, drive down costs and improve
hygiene.
[Read more]
In Europe, Frasers Property Industrial partnered
with Smartvatten, a water consumption
monitoring service, to install water leakage
detection systems in six of our industrial facilities
in the Netherlands, with the first system installed
at our Meppel facility in July 2021. These smart
water systems allow our team and customers to
track water consumption directly from the meter,
helping to identify any potential leaks and to
streamline online monitoring.
We are also planning to enlarge this project to
Germany, more facilities in the Netherlands and
our corporate office in 2022.
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WASTE
According to the World Bank, annual waste generation
from cities is expected to increase by an estimated
70% from 2016 to 2050. The increasing volume and
complexity of this waste pose serious threats to
ecosystems and human health.
The real estate industry creates significant amounts of
waste through both the construction and operational
phases. Waste generated during construction includes
the purchase of excess materials and the demolition
of old buildings. Operational building waste includes
general waste, organic waste and office waste from
our customers and tenants. We are also mindful of
legislative responses on waste management, such as
the mandatory segregation of food waste for treatment
in Singapore’s large retail and commercial properties
by 2024. We are hence committed to managing our
waste streams to protect our environment and prevent
pollution.
Reduce, Reuse, Recycle at Our Operating Properties
We encourage our employees, tenants and customers
to adopt the 3Rs – reduce, reuse and recycle – to divert
waste from landfills and incineration. For example,
in Singapore, our retail team collected pledges from
employees towards zero waste through the adoption
of reusables and upcycling. During our Environment
Month, our team in Vietnam also started a campaign
with tenants to adopt reusable lunch boxes for their
food packaging.
Besides placing recycling bins in many of our properties,
we regularly engage with tenants and customers through
events and communication on the importance of the
3Rs. Our employees have also taken the lead to reduce
their waste footprint during their work.
Waste Generated (‘000 tonnes)
Waste Intensity (kg/m2)
40
30
20
10
0
0.02
0.4
2.6
1.1
16.8
1.4
FY19
0.02
0.5
2.2
1.7
20.8
1.2
FY20
0.02
0.5
2.4
9.0
2.8
21.6
1.2
FY21
50
40
30
20
10
0
17.7
15.6
17.2
FY19
FY20
FY21
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 (excluding Hospitality)
Corporate Office Paper Use
In our corporate offices, employees are encouraged to
reduce paper by using e-signatures and configuring all
printers to double-sided printing by default. In FY21,
our corporate offices in Singapore, China, Vietnam and
Europe used 106,458 kg of paper, and these offices
recycled 3,219 kg of paper during the year.
Our FY21 Performance
In FY21, we generated a total of 37,551 tonnes of
non-hazardous waste from our Singapore, Australia,
Hospitality, China, Vietnam and the UK properties.
Waste intensity including the hospitality portfolio is
13.4 kg/m2 for FY21. Excluding our hospitality
properties which started reporting waste for the first
time, our waste intensity increased by 10.5% to
17.2 kg/m2 due to the expansion of the Australia retail
portfolio which carries a higher waste intensity, and
the recovery of activity in the Singapore retail portfolio
from the gradual easing of local COVID-19 restrictions.
We also collected a total of 5,788 tonnes of waste for
recycling in our Singapore, Australia, Hospitality, China,
Vietnam and the UK properties, amounting to a 15.4%
recycling rate. Our non-recyclable waste is generally
sent to waste-to-energy plants in Singapore and the
UK, and landfills in Australia, China and Vietnam.
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Consuming
Responsibly
In FY21, we expanded our successful Go-Paperless
initiative to hospitality properties in Singapore.
The initiative first began four years ago across our
hospitality properties in Australia, replacing traditional
processes with Paperless Check-in, Tokenisation and
EcoSign concepts and reducing the use of paper by
between 10% and 40% from the finance, front office
and reservation departments.
Phasing out Single-use Plastic
Single-use plastic has gained public attention in recent
times as evidence points to its impact on the sea,
marine life, and eventually human health. To address
this, we started phasing out single-use plastics in our
103 hospitality properties across North Asia, the UK,
Continental Europe, the Middle East, Africa and Asia
Pacific since FY19. Where there was considerable
consumption, we switched in favour of sustainable
alternatives such as biodegradable material, reduced
superfluous packaging and sourced for alternative
material. By FY21, all our owned and managed
hospitality assets had made substantial progress,
with more than 95% of our properties phasing out
single-use plastic in food and beverage operations
and guest room amenities. For bathroom amenities,
our properties partner reputable suppliers to ensure
that the containers they are stored in are not made
of single-use plastic. Moving forward, our hospitality
operations will look to improve other areas, such as
back-of-house operations and supplier packaging, and
leverage technology to monitor inventory supply lines
more accurately, reducing waste without compromising
on supply chain resilience. A large part of this effort
includes educating our employees on how to identify
and develop further opportunities to reduce, reuse,
recycle or repurpose plastics and other materials,
which otherwise end up being disposed.
Phasing out single-use plastic in our guestrooms
Recycling Organic Waste
Organic waste forms another significant portion of
our waste streams from our properties. The proper
segregation of organic waste for treatment recycles
nutrients for agriculture and reduces emissions
associated with its decomposition in landfills.
We embarked on several projects to divert organic
waste within several properties in Thailand, Australia
and the UK, where landfilling may occur. In Thailand,
we collected landscape waste from our industrial
properties to be repurposed into useful items, such as
composting into organic fertiliser and providing feed
to a cattle and buffalo farm. In Australia, we introduced
recycling of landscape waste from the gardens and
food waste from the three cafes in Rhodes Corporate
Park. As an Australia-first initiative, we also partnered
with Eco Guardians, a leading environmental solutions
company, to enable our residents at Burwood
Brickworks to turn their organic waste into soil additive
for the community’s gardens. The SoilFood™ system
processes our residents’ food waste, reducing its
volume by 80% after shredding, heating, dehydrating
and deodorising. In its first four months of operation,
more than 1.1 tonnes of food waste were processed,
creating more than 227 kilograms of SoilFood™ and 911
litres of water, and saving over 2.3 tonnes of greenhouse
gas emissions from the landfill. In the UK, we also
implemented a large organic composter for use by all
occupiers at Farnborough Business Park.
Collaborating with Recycling Partners
We partner with other organisations to recycle specific
materials such as electronic waste (e-waste), clothes,
used soap bars, glass, plastic bottles and shoes. Special
recycling facilities are placed at convenient locations
in our properties to encourage employees, tenants
and customers to divert these materials towards these
bins instead of general waste bins. These initiatives
enable the collection of high-quality specific materials,
separated from general recyclables, for special
recycling efforts.
In Singapore, new e-waste bins by ALBA were installed
in our properties under a regulated e-waste management
system, after the transition from a long-standing
partnership with our previous partner StarHub. Together,
we collected 20,016 kg of e-waste from both initiatives
in FY21. We also continued to partner with our sister
organisation, Fraser and Neave, to collect used plastic
bottles and aluminium cans, as well as non-governmental
organisations, such as Greensquare and Soles4Souls, to
collect textiles and shoes in our properties. These efforts
led to the collection of 140,126 bottles and cans and
more than 1,300 pairs of shoes in FY21.
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This year, our hospitality properties in Singapore also
joined their counterparts in China to partner with
Soap Cycling, the largest non-profit soap recycling
organisation in Asia. Used bar soaps and liquid soap
left behind by our guests at eight properties are
sanitised, re-made and sent to various beneficiaries,
such as villages in need of proper sanitation in China
and the migrant worker community in Singapore. More
than 100 kg of soap were donated to Soap Cycling’s
beneficiaries in FY21.
In Thailand, we ran a recycling campaign in all of
our commercial properties to raise environmental
awareness for our employees and tenants. Recyclable
waste materials – such as PET plastic bottles, glass
bottles and aluminium cans – were collected in their
respective sorting bins and sold to recycling factories,
with the project organisers making a matching donation
along with the sale proceeds towards the Green World
Foundation, an environmental protection organisation.
Thailand recycling campaign
We also designed our recently completed The PARQ
project in Thailand to accommodate sustainable waste
management. Features include a room to separate
waste for recycling, an on-site composter to transform
food waste into nutrient-rich fertilizers within 24 hours,
and a dust drum to compress waste into a smaller size.
A recycling campaign was also run to raise awareness
about waste sorting with proceeds going to the Forest In
our Hearts Foundation, another environmental protection
organisation.
At our business parks in the UK, we continued to divert
old fit-out materials from our tenants away from landfills.
Furniture and old fit-out materials resulting from tenants
moving out or refurbishing their spaces are often found
to be in good condition and can be reused. In FY21, we
donated leftover furniture following the refurbishment
of the reception area of Building 220 of Winnersh
Triangle to First Days, a local charity helping families in
need with everyday essentials. Winnersh Triangle also
donated 150 unused blankets to another local charity,
The Cowshed, to help families in personal crises.
Managing our Project Waste Streams
Globally, construction waste is expected to reach
2.2 billion tonnes by 2025. Construction and demolition
waste also contributes to 14% of Singapore’s waste
generation in 20201. Reducing construction and
demolition waste decreases the use of landfill and
protects soil and water from contaminant leakage.
In addition, recycling such waste reduces embodied
carbon emissions via the reduction of virgin material
use to produce construction materials for future
projects.
In Singapore, we employ Prefabricated Prefinished
Volumetric Construction in our development projects
to improve our resource use and reduce the amount
of construction and demolition waste generated.
In FY21, we generated 845 tonnes of construction
and demolition waste in Singapore, with disposal
conducted in accordance with local regulations. In
Australia, we set a target to divert from landfill at least
90% of construction and demolition waste on our
new buildings seeking Green Star Design & As Built
certification. More than 99% of waste was also diverted
from landfills during the construction of Burwood
Brickworks Shopping Centre as part of the Living
Building Challenge®. One Bangkok, one of Thailand’s
largest integrated developments, diverted 96% of its
construction waste from landfills, exceeding its target of
75%. In addition, the development has signed a Circular
Economy Memorandum of Understanding with SCG to
collaborate on sustainable construction management.
Building 220 at Winnersh Triangle, Reading, UK
1
https://www.nea.gov.sg/our-services/waste-management/waste-statistics-and-overall-recycling
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ONE BANGKOK: SETTING NEW STANDARDS IN SUSTAINABLE CONSTRUCTION
In July 2021, One Bangkok and SCG, also known
as the Siam Cement Group, signed a Memorandum
of Understanding for the implementation of
construction waste management practices
according to circular economy principles.
The partnership aims to set new standards of
sustainability in construction at One Bangkok
through the following:
• Recycling concrete waste by using concrete
crushing technology to obtain aggregate from
trimmed head pile for the production of precast
concrete panels, which will be used to clad the
development’s building façades and walls
• Minimising construction waste and dust
emissions via a sustainable waste management
plan that includes reducing waste generation,
recycling and reusing of various waste streams
• Monitoring segregated construction waste,
hazardous waste and food waste using a
real-time display system, allowing employees in
charge to track the volume of waste generated
each day
• Reducing the use of workforce, construction
waste to landfills, and dust generated by
construction
The collaboration between One Bangkok and SCG
addresses the issues of excess and low-value
resources resulting from the expansion of the local
construction industry and the management of
material waste from building works.
[Read more]
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MATERIALS AND SUPPLY CHAIN
We understand that our impact as a real estate
business extends beyond our operations to our supply
chain. We engage a diverse group of suppliers around
the world and acknowledge the responsibility and
opportunity to partner them in minimising negative
impacts along the value chain.
We also recognise that the services and capital
goods we procure make up a large part of our carbon
footprint. Prioritising the use of safe, healthy and
renewable materials with low carbon footprint is
therefore key to meeting our net-zero carbon and
broader sustainability goals.
Our Group Responsible Sourcing Policy sets out
our expectations of our contractors and suppliers
regarding four areas of sustainable procurement,
namely environmental management; human rights and
labour management; health, safety and well-being; and
business ethics and integrity.
Across our business, we have embarked on stakeholder
mapping exercises and are engaging closely with our
suppliers and contractors to gain deeper insight into
their policies and practices; for instance, by distributing
sustainability assessment surveys and analysing
responses in detail. Leveraging this data, we will
implement a roadmap for reducing the environmental
and social impacts in our supply chain through a
partnership-based approach.
Acting on Embodied Carbon
Embodied carbon from the built environment sector
accounts for 11% of global greenhouse gas emissions.
We are acting now to reduce our embodied carbon
emissions by making smarter design and procurement
decisions. This year, we became a signatory to the
Singapore Built Environment Embodied Carbon
Pledge, alongside over 75 government agencies and
businesses, to commit to unify and amplify industry
action on reducing embodied carbon in the built
environment. The pledge commits signatories to
take action by selecting building materials with lower
embodied carbon, minimising materials usage and
wastage through collaborative design and optimisation
and transforming construction site processes to utilise
electricity and renewable sources of energy.
In Singapore, we developed the carbon footprint
baseline for our property development which forms
the basis to reduce carbon emissions by 50% by 2035
and to net-zero by 2050. As part of good construction
practices, we adopted Prefabricated Prefinished
Volumetric Construction in our Rivière and Parc
Greenwich development projects to use our resources
more efficiently. For the construction of our Grade-A
office development Frasers Tower in Singapore, we
procured green cement, recycled concrete aggregates
and washed copper slag with lower embodied carbon
content than traditional materials.
For our industrial projects in Australia, we use steel
fibres within our concrete slabs to reduce concrete
use, and prioritise materials with embodied carbon
disclosures, with a goal of reducing embodied carbon
in new projects by 10% against our standard design.
In the development of Burwood Brickworks Shopping
Centre, we used more than 80 different salvaged
materials, such as doors, bricks, timber flooring, pallets,
access panels, basins, mirrors and shelving. Other key
materials used included hardwood, crushed concrete
and glass, all from recycled sources along with FSC-
certified timber. In the UK, we procured over 12,000
sqm of carbon-neutral carpets and ensured that all
timber were FSC-certified. In Thailand, our Circular
Economy Memorandum of Understanding with SCG
will allow us to collaborate on sustainable construction
management for One Bangkok. More information can
be found in the Waste section.
Besides improving our resource use, we offered our
residents at Minnippi Quarter in Queensland the
opportunity to offset the carbon emissions associated
with the materials and construction of their homes,
empowering them to take part in climate action with us.
As at 30 September 2021, 10 customers had purchased
the offsets for these homes.
We also measure the embodied carbon of materials
used in our Singapore projects. In FY21, we procured
a total of 2,950 tonnes of steel, 216 tonnes of
timber and 28,166 tonnes of concrete for all our
Singapore residential development projects and asset
enhancement works, amounting to a total Scope 3
embodied carbon content of 8,878 tCO₂e.
Ensuring a Safe and Ethical Supply Chain
Modern slavery is a significant and systemic human
rights issue. An estimated 40.3 million people – or
5.4 victims for every 1,000 people in the world – are
trapped in modern slavery globally. In Australia, we
published our first Modern Slavery Statement this year,
detailing the steps we have taken to identify, manage
and mitigate the specific risks of modern slavery in our
operations and supply chain. While this was our first
public disclosure in accordance with the requirements
of the Australian Commonwealth Modern Slavery Act
2018, we have been committed to improving the rights
and well-being of stakeholders across our business for
several years.
In our effort to combat modern slavery, we partnered
the Property Council of Australia, the technology
company Informed365 and other leading property
developers to develop the Modern Slavery Supplier
Assessment through the Property Council of Australia
Supplier Platform. Today, we have engaged close
to 70 key high-risk and high-spend suppliers on a
THE GREENSHEET: A VALUABLE INDUSTRY
RESOURCE
Working towards achieving Living Building
Challenge® Petal Certification, Burwood
Brickworks Shopping Centre was challenged
to create net positive impact by operating as
cleanly, beautifully and efficiently as nature’s
architect. Resulting from its efforts, the team
developed a Greensheet as an open-source
database of sustainable building materials
and products used in Burwood Brickworks.
To differentiate the truly sustainable building
materials from the over 6,000 products examined,
the database balanced a holistic range of
factors, including sourcing locations, ingredients,
embodied carbon impacts and the health and
environmental impacts throughout the materials’
full life cycles.
The Greensheet was developed through
working closely with a diverse group of tenants,
consultants and other stakeholders over several
years. It was officially launched as a fluid and
freely available contribution to the industry, and
a foundation for organisations embarking on
Living Building Challenge® projects in the future.
This project is aligned with the Healthy Materials
campaign led by the Living Future Institute of
Australia, the Australian arm of the International
Living Future Institute, which administers the
Living Building Challenge®.
[Read more]
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Consuming
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supply chain assessment questionnaire and achieved
a 91% completion rate. We have also begun to issue
Corrective Action Plans based on their responses. In
the UK, we published our third annual Modern Slavery
Statement this year. We also align with the Considerate
Constructors Scheme for large developments, which
encourages best practice in appearance, respect
for community, environmental protection, safety and
employee needs beyond statutory requirements.
Partnering Our Tenants to Drive Change
Recognising that we have both a responsibility and
an opportunity to influence our stakeholders, we
work closely with our tenants to make procurement
decisions that are better for the environment.
Our retail design guidelines for our shopping malls
in Singapore encourage the selection of eco-friendly
products such as water-efficient appliances and low-
volatile organic compound (VOC) paint, and materials
like composite timber, which have a lower carbon
footprint than conventional materials. The guidelines
include bite-sized content to help our tenants learn
more about sustainable store design.
Biophilic retail design at Causeway Point, Singapore
Prioritising Healthy and Renewable Building
Products
Every new development and retrofit project presents us
with an opportunity to choose building products that
are good for the planet and for people. In each of our
markets, we prioritise materials that have been certified
sustainable by credible, independent third parties.
For the construction of Burwood Brickworks
in Australia, we developed the Greensheet, a
comprehensive database of sustainable building
materials and products. Further, in upgrading the
building facades of our two commercial buildings
in Tamm, Germany, during 2020, we selected paints
that were solvent- and plasticiser-free. Green Mark
Platinum-certified Century Square in Singapore also
makes extensive use of products that are certified
sustainable by third parties.
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Several of our properties have also adopted features
to mimic natural ecosystems. At Frasers Logistics Park
in Tamm, Germany, we surrounded the borders with
native bushes and trees and designed nesting aids for
birds on the hall facades. The property’s green roof
is home to four colonies of bees, numbering 200,000,
that assist in pollinating the surrounding landscape.
Three of our UK business parks also participated in The
Royal Society for the Protection of Birds’ Big Garden
Birdwatch campaign during the year, which enhanced
our understanding of bird species within the parks. As
part of our biodiversity improvement plans, we also
installed beehives and bird feeders and planted 7,000
bulbs at Winnersh Triangle, along with bug hotels and
wildlife cameras to monitor deer at Chineham Park. At
Hillington Park, Glasgow, the wildflowers we seeded
continued to attract bees and pollinate insects during
the summer. In Thailand, we continued our project to
cultivate bananas across 400 metres of land at Frasers
Property Logistics Park (Bangna) in Chachoengsao
province, using organic fertiliser produced from weeds
and distributing the produce to our tenants and the
local community.
Finally, Frasers Property Australia also invested in the
International Living Future Institute’s Living Future
Habitat Exchange Program, which contributes funds for
the purchase and perpetual protection of 25,000 sqm of
land in Lonco Vaca, Argentina, as a biodiversity offset.
BIODIVERSITY
Biodiversity, or the totality and variety of life on Earth,
is humanity’s common heritage and life support. Yet
biodiversity is under threat from human activities.
According to WWF’s Living Planet Report 2020, the
population sizes of mammals, birds, amphibians,
reptiles and fish were reduced by 68% from 1970 to
2016, a sign that nature is declining more quickly than it
has in millions of years. Biodiversity remains one of our
key focus areas as we work towards achieving net-zero
carbon emissions by 2050. As a real estate developer,
we recognise that we can have a direct impact on
biodiversity throughout all the stages of our assets’
life cycles, such as through our selection of building
sites and building materials, our waste management
systems and the incorporation of natural landscapes
and features into our properties. We also recognise that
biodiversity loss and climate change have many drivers
and impacts in common that need to be addressed
holistically.
Working with Nature
We integrate nature-based design features into our
properties and projects wherever possible. In Sydney,
Australia, living walls comprising 250 species of native
flowers and plants grow vertically and horizontally
on the façade of our One Central Park mixed-use
development. Designed with biophilic principles, the
property also features a heliostat that captures and
redirects sunlight for year-round lighting. At Yatala
Central Industrial Estate in southeast Queensland,
Australia, we planted over 1,100 trees and 115,000
shrubs and installed 130 nest boxes which housed
19 different fauna species during the development
process. Meanwhile, Burwood Brickworks Shopping
Centre, which was a quarry and brickworks before
development, reinstated a habitat to be shared both
by humans and other species using WWF’s Reference
Habitat for Temperate Broadleaf and Mixed Forests. It
also features Australia’s first rooftop farm in a shopping
centre environment and 275 citrus trees across the
building’s northern façade.
Yatala Central Industrial Estate, Queensland, Australia
Insect and bug hotels at Chineham Park, UK
144
Focusing On
People
Our people are our most valuable asset. With the disruptions and challenges that have
come with the COVID-19 pandemic, core skills like agility, resilience and design thinking
have never been more relevant. We make continuous development a priority for our
employees and contractors, take tangible steps to create diverse workplaces and promote
a progressive, respectful culture. We are also 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
Our Goals
Our Progress in FY21
Diversity, Equity
& Inclusion
• To embed diversity, equity and
inclusion in our culture and through
employee engagement
• To provide training and education
to raise employee awareness
of diversity and inclusion and
associated benefits
• To enhance systems, processes
and policies to encourage greater
flexibility and diversity
• Developed a strategy and roadmap with
initial focus areas on gender and cultural
diversity
• Established a Diversity, Equity & Inclusion
Taskforce, governed by the Purpose &
Culture Steering Committee
• Developing a training programme for leaders,
people managers and all employees
• Balanced gender ratio of 50:50 male: female
of global workforce, with 42% female
representation in senior management levels
• Carried out a culture survey with 79%
employee-base participation
Status
On track
• To target an average 40 hours of
learning per employee in FY21
• 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
• Achieved an average 39 learning hours per
employee in FY21
• Trained 85% of employees in a sustainability
e-learning module in FY21
• Organised Learning Festival. Centred on
sustainability, customer-centricity and
strengthening core capabilities
In
progress
Skills &
Leadership
Health &
Well-being
• To transform our workplace by
building a wellness culture that
positively engages employees
• To create awareness and support
health management to foster a
connected workforce
• To create a safe working environment
and achieve zero injuries
• Held Frasers Property Health & Safety Month
On track
for the sixth year running
• Maintained Employee Assistance
Programme in Singapore, Australia and
the UK
• Conducted mental wellness initiatives
including Emotional First-Aid training for
managers
• Registered a recordable injury rate of 0.9 and
severity rate of 55 per million person-hours
in our properties and corporate offices
• Continued prioritising strategic initiatives
using our Community Investment Framework
that focuses on the environment, health
and education, with underlying themes of
innovation, diversity, equity and inclusion
• Contributed > $800,000 in financial support
(including in-kind) and contributed
> 5,000 employee volunteer hours to local
communities
In
progress
Community
Connectedness
• To facilitate community investment
initiatives that empower, engage and
inspire our employees, customers
and partners to make a difference in
the communities we serve.
• To seek meaningful long-term
relationships that respect local
cultures and create lasting benefits
• To identify measurements to quantify
positive contributions
Notes:
On track: Target is either achieved or is on track to be achieved on time
In progress: Target is delayed but progress is still being made and could still be achievable on time
Not on track: Target is delayed to the point that it is unlikely that it will be achieved on time
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DIVERSITY, EQUITY AND INCLUSION
Diversity, equity and inclusion form an integral part
of our culture and identity. We have enhanced how
we look at diversity and inclusion, with equity at the
centrestage. We are building a culture where differences
are valued and respected, knowing that such diversity
brings us closer to the communities we serve. Guided
by our Purpose, we are creating, inspiring and nurturing
an inclusive culture that unlocks the power of diverse
teams to drive Frasers Property forward. Our values
drive everything we do, which are core to creating safe
places where everyone belongs, is mutually respected
and feels empowered to be authentic at work. Working
collaboratively makes us progressively stronger and
better as an organisation, which helps our people
to thrive each day. We are committed to retaining,
developing and recruiting talented and motivated
people who are passionate in sharing our goals and
purpose. 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 multinational real estate company.
Samyan Mitrtown, Bangkok, Thailand
146
Focusing On
People
Committing to What We Believe
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, 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.
Equity describes our commitment to correct any
imbalances so that everyone has a level playing field,
regardless of ethnic background, country of origin, age,
physical ability or gender.
Since 2020, a Group-wide Diversity & Inclusion Policy
has outlined 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,
equity and inclusion in our culture through employee
engagement, training and education to raise employee
awareness. We are in the midst of developing a training
programme for our leaders, people managers and all
employees, which includes topics on unconscious
bias, cultural intelligence and inclusive leadership. This
will roll out over the next two years.
As a signatory to the UN Women’s Empowerment
Principles, we adopt best practices in promoting gender
equality and women’s empowerment in the workplace
and community. Our highest leadership has made
the commitment to advance the agenda through our
Diversity, Equity & Inclusion Framework we established in
FY21, and a taskforce to implement action plans.
During the International Women’s Day this year, we
organised various activities to reinforce our beliefs in
empowering women at the workplace. In Singapore,
we invited inspiring women leaders in the real estate
sector, including the Managing Director of PGIM
Singapore and the CEO of Edmund Tie & Company
for Southeast Asia, for a fireside chat on overcoming
gender challenges, and the importance of self and
gender empowerment to create the inclusive, equitable
world we desire. In the UK, we invited Sarah Winckless
MBE, an Olympic medallist and double world champion
rower, to share her motivational story covering themes
of inclusion, innovation and collaboration with our
employees.
In Australia, we have held the Employer of Choice for
Gender Equality citation from the Workplace Gender
Equality Agency for three years. This is a voluntary
leading-practice recognition programme designed
to encourage, recognise and promote organisations’
active commitment to achieving gender equality in
Australian workplaces. We are an accredited White
Ribbon Workplace in Australia, which recognises us as
a workplace that is taking active steps to stop violence
against women. Besides, Frasers Pride Australia, which
was launched in 2020 as a network to support our
LGBTQIA+ community, continues to make our employees
in Australia feel respected and safe to be themselves.
Separately in Thailand, one of our retail malls, Samyan
Mitrtown, celebrated Pride Month in June 2021 with a
campaign to show solidarity with, and celebrate, the
LGBTQIA+ community. Throughout the month, the path
connecting the nearest MRT station with the entrance
was decorated with rainbow motifs, and the building was
illuminated with rainbow colours every evening. We also
partnered our tenants to offer special deals to shoppers
and organised a festival bazaar showcasing gender
neutral products from LGBTQIA+ allies.
Fair and Progressive Employment Practices
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. We continue to practise an open
appraisal system across the Group and review each
employee’s performance annually. Employees receive
fair and equitable remuneration in line with their
scope of work and performance. Being a signatory
to the Tripartite Alliance for Fair and Progressive
Employment Practices in Singapore and a member of
the Singapore National Employers Federation, we have
consistently demonstrated our commitment to align our
employment practices with the Tripartite Guidelines on
Fair Employment Practices.
Our Employees
As at 30 September 2021, Frasers Property had a total
of 5,032 permanent employees, reflecting a decrease of
11% year-on-year. Our workforce was gender-balanced
at a ratio of 50:50, with 2,541 female employees and
2,491 male employees. Women representation in the
senior management team1 increased from 38% to 42%
and remained the same at 9% in the Board of Directors.
The Group’s hiring rate2 of 16% was lower than the
voluntary turnover rate3 of 19%. Compared to FY20,
our hiring rate and turnover rate remained stable, each
increasing just one percentage-point year-on-year.
In Singapore, the hiring and turnover rates were 2.1% and
3.0%, lower than the annualised national labour hiring
and turnover rates4. This year, hiring and turnover rates in
Singapore remained lower than pre-pandemic rates, with
employees less likely to leave during this period.
1 Senior management team comprises employees who report directly to the executive management
2 The hiring rate is based on the number of new hires against the total number of employees
3 The turnover rate is based on the number of employees that voluntarily left against the total number of employees
4 Labour Market Report, Second Quarter 2021, Ministry of Manpower Singapore
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Number of Employees, New Hires & Turnover by Region
6,000
5,664
5,032
5,000
4,000
3,000
2,000
1,000
0
866
820
1,024
946
FY20
FY21
FY20
FY21
Permanent Employees
New Hires
FY20
FY21
Voluntary Turnover
Rest of overseas | Australia | Thailand | Singapore
Employees by Gender (%)
Employees by Employment Type (%)
FY20
FY21
FY20
FY21
Female
Male
FY20
48%
52%
FY21
50%
50%
Executive
Non-Executive
FY20
40%
60%
FY21
45%
55%
Employees by Age Group (%)
Employees by Country (%)
FY20
FY21
FY20
FY21
< 30 Years Old
30 - 49 Years Old
≥ 50 Years Old
FY20
23%
62%
15%
FY21
20%
64%
16%
Singapore
Thailand
Australia
Rest of Overseas
FY20
16%
28%
8%
48%
FY21
17%
26%
10%
47%
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Focusing On
People
Employees by Gender and Employment Type (%)
Employees by Age Group and Employment Type (%)
100
50
0
31
29
19
21
21
24
29
26
100
50
0
9
32
19
6
30
4
9
31
15
7
33
4
Executive
Non-
Executive
Executive
Non-
Executive
Executive
Non-
Executive
Executive
Non-
Executive
FY20
FY21
FY20
FY21
Female | Male
< 30 Years Old | 30 - 49 Years Old | ≥ 50 Years Old
Culture Survey
During the year, we launched our inaugural Group-wide
culture survey to obtain insights on our current culture
and to establish a shared culture that we aspire to
create, as we continue building a more resilient, future-
ready business. Our culture will create the environment
for our people to work together towards our shared
purpose and support our business aspirations. To
ensure trust and 100% confidentiality, the survey was
carried out by an independent third-party provider.
We achieved a strong response rate of 79% of our
employee base. This culture survey will be conducted
every two years to track our progress and effectiveness
of the post-survey key actions as we continue to hear
and act on our employees’ feedback.
SKILLS AND LEADERSHIP
Learning and development form part of the Group’s
human capital and talent management strategy to
support business growth and long-term sustainability.
We invest in learning and development programmes
to equip our employees with the right skill sets and
capabilities that are required to scale as a global
company. These programmes support our efforts to
forge a consistent corporate identity and culture; build
organisational agility to navigate disruption through
change and innovation; respond to evolving customer
demands to remain competitive; and develop a robust
pipeline of future leaders and talent with growth and
change-ready mindsets.
Alignment of Learning to Business Strategy and
Priorities
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. Every year, we refresh our Learning
Plan to better align with the building blocks of our
business strategy. This alignment ensures we develop
and equip employees with knowledge and skills to
contribute to business objectives and performance
goals. A series of stakeholder consultations together
with internal communication platforms and
environmental scanning provide the basis for learning
needs forecast and direction.
Our Learning Plan is backed by six learning
themes: People & Culture, Sustainability, Innovation,
Technology & Digitalisation, Customer-centricity, and
Functional Excellence. These themes are supported
by carefully curated learning opportunities that seek
to address leadership, generic, functional and future
competencies. The programme details are publicised
in our monthly Undisrupted Learning digest. These
programmes are available mostly through virtual
instructor-led training, webinars and self-paced
e-learning to provide wider accessibility across
geographies.
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Functional Excellence
Build functional, regulatory and industry
competencies to strengthen our core
capabilities
Customer-centricity
Elevate service mindset and skill to
shape and enhance our customers’
experiences
Technology & Digitalisation
Embrace the changes of the new digital
world and develop digital savviness to
leverage technology and data for the
future of work
6
LEARNING
THEMES
People & Culture
Develop people capabilities for
greater engagement and organisation
effectiveness, anchored on our values to
thrive in a fast-changing environment
Sustainability
Create greater awareness of diversity,
equity and inclusion, citizenship and
transparency to support the Group’s
sustainability goals
Innovation
Develop innovative thinking skills to
ideate and implement progressive
practices to scale the organisation level
During the year, we allocated a budget of 2% of
our payroll cost to our employees’ learning and
development, consistent with commitments from other
companies of a similar size and scale.
Focus on Learning Outcomes
Every year, our Learning Academy carries out a learning
needs dialogue with functional departments and
business units to understand their requirements and
to craft learning solutions accordingly, to focus on
the learning priorities and outcomes. Managers and
employees jointly establish learning objectives under
the Individual Development Plan of employees as
part of the process to set key performance indicators.
Employees are to complete at least 40 hours of learning
each year to ensure that they upskill and reskill, keep
abreast with industry trends and fulfil compliance-
related training where relevant.
In FY21, our employees completed a total of 208,546
hours of learning, with each employee receiving an
average of 39 hours of learning. This figure was 2.5%
lower than the average of 40 hours that our employees
underwent in FY20 due to disruptions caused by the
COVID-19 pandemic. Our female and male employees
received an average of 41 and 36 hours of learning
respectively. Recognising this gap, we will take steps
to enable better gender balance in our learning and
development.
Starting from FY22, we intend to revise the goal for
each employee to complete an average of 30 hours
of learning during the year, with an increased focus
on creating more meaningful and targeted learning
experiences that are tailored to individual learning
pathways. The new goal was set having considered the
effect of business disruptions from the pandemic on
our learning programmes as well as feedback from our
employees and stakeholders over the past two years.
Learning Hours by Employment Type
Hours
300,000
200,000
100,000
0
Hours/Employee
45
45
37
35
40
39
5
7
8
5
6
,
5
6
7
6
8
,
1
3
6
8
0
1
,
1
8
7
1
2
1
,
6
4
5
8
0
2
,
6
0
5
4
7
1
,
FY20
FY21
Executive
FY21
FY20
Non-Executive
FY20
FY21
Total
50
25
0
Learning Hours by Gender
Hours
300,000
200,000
100,000
0
Hours/Employee
38
36
42
41
5
4
8
6
7
,
1
0
5
4
9
,
1
6
6
7
9
,
6
4
0
4
1
1
,
FY20
FY21
FY20
FY21
Male
Female
50
25
0
150
Focusing On
People
Developing In-house Sustainability Core Capabilities
Meeting our ambitious sustainability goals will require
knowledge and ownership from across our employee
base. This is why we have made it a key priority to
develop internal expertise on sustainability through
continuous learning programmes. Last year, we
introduced a key goal to equip all our employees
with sustainability knowledge by 2021. Following
this, we rolled out a global sustainability e-learning
module designed to facilitate the understanding of
sustainability across the business. The module outlines
how sustainability is integrated into our business
practices and decision-making process to progress
towards our goals. It also encourages employees to
adopt sustainability practices in daily work processes.
In FY21, 85% of our global workforce had completed
the e-learning module. We aim to leverage this
foundation to deliver improved learning experiences to
our employees and other stakeholders.
The Learning Academy also hosted a six-day global
Learning Festival for the second year to encourage
organisational learning and cross-sharing. This year’s
learning theme ‘Rising Above Uncertainty’ aligned the
topics relevant to skills and core capabilities required
during this period of heightened uncertainty. There
were 13 virtual live sessions presented over three
tracks – Scaling Core Capabilities, Customer-centricity
and Sustainability – by our leaders and experts. Further,
employees at Frasers Property Thailand organised
ESG Day, a virtual learning event featuring webinars
and interactive quizzes on corporate governance, risk
management and ways our employees can integrate
sustainability into daily life.
HEALTH & WELL-BEING
By designing buildings that are human-centric and
places that inspire people, we can directly create
positive health and well-being effects for users. We take
into consideration air quality, environmental quality,
thermal comfort, adequate lighting and safe materials
at the onset of the design of new buildings. At existing
operating properties, we proactively enhance the safety
protocol and processes by adopting occupational
health and safety management systems at our key
operations. We understand the most important aspect
of health and well-being is the people themselves,
which is why we go to lengths to enhance the well-
being of our employees through our human resource
policies, welfare benefits and wellness programmes with
enhanced emphasis on mental wellness. Additionally,
we engage regularly with stakeholders in our supply
chain, such as vendors and contractors, on the
importance of health and well-being in our premises.
Our Commitment to Occupational Health and Safety
Placing the utmost importance on the occupational
health and safety (OHS) of our employees, we
proactively take steps to address the needs in our
management systems. In Singapore, all our commercial
and retail properties have each put in place an OHS
management system that is ISO 45001-certified, with
73% of these properties also certified bizSAFE Star.
Our senior management conducts regular site walks at
the properties in addition to the safety risk assessments
that we carry out at regular intervals and when works are
conducted within our landlord and tenanted spaces.
We also ran both awareness and OHS Internal Audit
training courses on ISO 45001 for our operations team
during the year.
In Australia, our project development, construction
and property management activities are certified to
the ISO 45001 standard, which supersedes the AS/
NZS 4801 standard last year. We have implemented a
Health, Safety & Environment (HSE) Policy and manual,
and provide employees with access to resources
that empower them to take charge of safety in the
workplace.
Our safety commitment extends to our supply chain,
where we actively seek to influence our business
partners to prioritise safety in the workplace. One
aspect of our Group Responsible Sourcing Policy
touches on the need for suppliers and vendors to
manage health and safety risks and to ensure their
workers are safe and protected.
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In Singapore, we require our contractors working in
our retail and commercial properties to be certified
to at least bizSAFE Level 3 if their contracts exceed
a certain sum. We also indicate our preference for
our development projects’ contractors to be ISO
45001- and bizSAFE-certified. In Australia, we require
our principal contractors to have a health and safety
management system that is certified to ISO 45001
or equivalent. To ensure continual improvement, we
monitor the safety of our employees and contractors
working at our operating assets and development sites,
and raise any safety risks that may arise.
Our Performance in FY21
During the year, we recorded no work-related fatalities
among our employees and contractors’ employees.
However, we noted a work-related fatality by a
third-party vendor’s employee working for a tenant
that occurred in one of our retail malls in Singapore.
After the incident, we have taken appropriate follow-up
action and reviewed any potential areas of risk.
For the year, the recordable injury rate and severity
rate within our operating properties were 0.9 and 54.6,
respectively. In our development projects in Singapore
and Vietnam, we recorded no injuries and had a
severity rate of 0. In our Australia development projects,
we recorded an injury rate of 1.5 and a severity rate of
17.1. We also recorded an injury rate of 0.1 and severity
rate of 1.8 in our Thailand development projects. With
a combined recordable injury rate and severity rate of
0.1 and 2.0, respectively, for our development projects
in these regions, our safety performance remains strong
compared to the previous year.
Completed
Properties
No. of
Fatalities
No. of
recordable
injuries
No. of high-
consequence
injuries
Recordable
injury rate
High-
consequence
injury rate
No. of Lost
Days
FY19
FY20
FY21
FY19
FY20
FY21
FY19
FY20
FY21
FY19
FY20
FY21
FY19
FY20
FY21
FY19
FY20
FY21
Severity Rate
FY19
FY20
FY21
Corporate
Office1
Singapore2 Australia2 Hospitality3 Thailand2
UK2
Vietnam2
China2
Total
0
0
0
1
0
1
0
0
0
0.3
0.0
0.3
0.0
0.0
0.0
4
0
24
1.2
0.0
7.2
0
0
0
0
1
3
0
0
0
0.0
0.3
0.9
0.0
0.0
0.0
0
12
14
0.0
4.1
4.3
0
0
0
0
0
1
0
0
0
0.0
0.0
4.6
0.0
0.0
0.0
0
0
128
0.0
0.0
593.1
0
0
0
28
37
10
0
2
1
1.8
2.9
1.0
0.0
0.2
0.1
1,162
654
832
75.8
50.4
85.7
-
-
0
-
-
2
-
-
0
-
-
1.0
-
-
0.0
-
-
38
-
-
18.8
0
0
0
0
0
0
0
0
0
0.0
0.0
0.0
0.0
0.0
0.0
0
0
0
0.0
0.0
0.0
0
0
0
0
0
0
0
0
0
0.0
0.0
0.0
0.0
0.0
0.0
0
0
0
0.0
0.0
0.0
0
0
0
0
0
0
0
0
0
0.0
0.0
0.0
0.0
0.0
0.0
0
0
0
0.0
0.0
0.0
0
0
0
29
38
17
0
2
1
1.3
1.9
0.9
0.0
0.1
0.1
1,166
666
1,036
52.6
33.9
54.7
1 Corporate office located in Singapore, Australia, Thailand, Europe, Vietnam and China
2 Does not include hospitality operations
3 Frasers Hospitality managed properties in all countries, including Singapore, Australia, Thailand, the UK, Vietnam and China
152
Focusing On
People
Employees’ Well-being at the Heart of Our Culture
We seek to enhance our employees’ health and
well-being, which will lead to increased productivity
and work satisfaction as well as reduced workplace
injuries. Hence, we put the health and well-being of
our employees as our core priority. Besides tailoring
policies to promote health and well-being, we invest
in building a corporate culture surrounding healthier
workplaces and creating awareness programmes for
our employees.
Putting the Right Policies in Place
For eligible full-time and contract employees, we offer
a comprehensive range of welfare benefits, such as
maternity, paternity and parental leave, family care
leave, as well as insurance coverage. We also offer
our full-time and eligible contract employees a flexi-
benefit scheme which allows them to customise their
level of benefits with additional perks such as personal
insurance coverage, outpatient treatment, dental care
and health screening.
In Singapore, 17 male employees and 41 female
employees went on paternity and maternity leave
respectively in FY20. Of these, all the male employees
and 39 female employees returned to work after
completing their leave, and 12 male and 32 female
employees remained employed with us 12 months after
their return to work. In FY21, 20 male and 38 female
employees took parental leave, and all of them returned
to work after completing their leave.
To meet our employees’ individual responsibilities
and demands at different stages of their lives, we also
allow flexible work arrangements such as job sharing,
flexible hours, and working from home or at alternative
sites. We also designate the last Friday of every 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.
Our employees in Singapore, Australia and the UK also
have access to an Employee Assistance Programme to
seek help for 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 and department heads have
also been trained on Emotional First-Aid to recognise
and support mental wellness needs. A vaccination
sentiments pulse survey was also initiated to enable
the development of local strategies to encourage and
support employee vaccinations and COVID-19 testing,
aligned with local government policy. Our employees
are encouraged to be vaccinated, as we have a
responsibility for the communities we live and serve in.
We also comply with various social security policies
legislated in every country where our employees
work for a peaceful retirement. In Singapore, Australia,
Continental Europe and the UK, we make monthly
contributions to every employee’s Central Provident
Fund and pension fund accounts where applicable.
Creating Healthy Buildings for People
When we create green buildings, we also create
healthier buildings. Green building certification schemes
– such as BCA Green Mark, BREEAM and GBCA Green
Star – require buildings to enhance indoor air quality,
indoor environment quality, and occupant comfort and
to integrate harmonious elements such as landscapes,
waterscapes and biophilic features. In Singapore, our
corporate office in Alexandra Point received BCA
Green Mark Platinum certification, with works such as
new double-glazed laminated coated glass panels in
progress as part of the ongoing asset enhancement
to provide better thermal and sound insulation. New
openable windows will also be incorporated into parts
of the façade. In Australia, we have achieved WELL
re-certification for our Rhodes Office. In Europe, we
have moved into a BREEAM Excellent-rated building in
Amsterdam as part of our expansion in the region.
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Promoting Health & Well-being To Our Tenants
We also consider our tenants’ health and well-being
needs in the provision of our real estate services,
as they spend considerable amount of time in our
properties. In addition, we provide our tenants with
opportunities to join us on our journey towards better
health and well-being, where possible.
In Singapore, we benchmark ourselves against the BCA
Green Mark scheme in providing healthier spaces for
our customers and tenants. In Australia, our design
briefs, aligned with a minimum of 5-star Green Star,
mandate aspects of the building that affect indoor
environment quality, such as using low-VOC paints,
providing natural daylighting, increasing outdoor air
supply, reducing glare by installing blinds and ensuring
uniformed lighting. In the UK, we certified three
business parks with Fitwel1 during the year. The Fitwel
certification covers aspects such as a comprehensive
pedestrian network connecting all buildings and
outdoor areas and amenities, access to public transport
and active heat island mitigation practices. In our
remaining assets in the UK, we apply the Frasers
Property UK’s Health and Well-being Framework, which
covers key focus areas around maintaining high air-
quality standards, promoting active travel and transport,
providing access to healthy food, activating pedestrian
walkways and outdoor spaces, and hosting events that
support healthy outcomes.
Besides the design of our spaces, we conduct indoor
environment quality testing regularly across our
properties to monitor our tenants’ comfort levels. This is
done once every three years in our Singapore retail and
commercial portfolio to comply with BCA Green Mark
requirements, annually in our Australia commercial
properties with NABERS Indoor Environment Ratings,
annually in the office spaces of our Australia industrial
properties, and twice annually in our UK business parks.
In Singapore, Frasers Tower and Alexandra Technopark
continued to partner with the Singapore Health
Promotion Board on the Healthy Workplace Ecosystems
programme, aimed at integrating healthy living into the
daily work lives of our tenants and employees. The
programme included both on-site and virtual exercises,
as well as health education sessions.
RHODES OFFICE: FIRST WELL
RE-CERTIFICATION IN AUSTRALIA
In 2021, our Rhodes office workspace in Australia
was awarded a WELL Platinum re-certification
by the International WELL Building Institute,
the first in Australia and the highest-level
award attainable. This recognition supports
our continuing commitment and leadership in
managing the health and well-being of occupants
within the Rhodes office since the building’s first
WELL Gold certification in 2017.
The WELL Building Standard is a performance-
based certification system covering 10 categories
of building performance: air, water, nourishment,
light, movement, thermal comfort, sound,
materials, mind and community. Initiatives such
as the formalisation of a flexible working policy,
Reconciliation Action Plan, business continuity
strategy, Domestic Violence Policy and Modern
Slavery Statement contributed to the re-
certification. These were further complemented
by innovations to deliver enhanced comfort to
employees, such as a filtration system to create
superior indoor air quality and lighting aligned
with the body’s natural circadian rhythms.
[Read more]
Raising awareness through outreach activities
We organised our annual Health and Safety Month in
August 2021. Themed ‘Connecting Lives’, it encouraged
our people to continue support on mental wellness
and keeping connected with one another, particularly
in coping with the pandemic. Through a Group-wide
virtual fitness challenge, employees were encouraged
to stay active and healthy, and motivate one another
to walk, run or cycle. This was useful for those in
extensive lockdown. Virtual talks were also held to raise
awareness and empower our employees to take action
in areas such as positive thinking, eating right and
identifying mental health issues.
1 Fitwel is a commercial building rating system that provides guidelines on how to design and operate healthier buildings
154
Focusing On
People
FARNBOROUGH BUSINESS PARK – WORLD’S
FIRST 3-STAR FITWEL COMMERCIAL SITE
In 2021, Frasers Property UK achieved Fitwel
certification for three business parks: Chineham,
Winnersh Triangle and Farnborough Business
Park. Among the three business parks,
Farnborough Business Park became the first
commercial site in the world to receive a 3-star
rating, the highest possible in the scheme. The
other two business parks have each received
a 2-star rating. These certifications also meant
that Frasers Property UK has certified the largest
portfolio globally under Fitwel. Over 13,000
occupiers who work in the business parks
benefit from the comprehensive design and
management of the parks that promote well-
being, including connected pedestrian pathways,
clean air, access to green spaces and free health-
promoting events.
A Fitwel certification represents outstanding
practice in well-being excellence. The certification
process assessed the holistic health across the
business parks, including public realm access
and connectivity, proximity to open spaces
and community destinations, the provision of
healthy food, social resilience and emergency
preparedness.
[Read more]
Within the hospitality space where we serve food and
beverages to our guests, our properties reference
globally recognised Food Safety Management and
Hygiene standards, aligned with local food safety
regulations. All employees directly or indirectly involved
in receiving, preparation or service of food are trained
in accordance with these standards. Food safety and
hygiene-related risks are reviewed annually to ensure
they remain relevant and effective.
Adapting Towards an Endemic COVID-19
Environment
We continued to protect the health, well-being and
safety of our employees, tenants and communities
that used our properties over the pandemic around
the world. While our risk management practices
had prepared us for epidemics, we adhered to
requirements by local governments to restrict or
close certain activities in FY20. As vaccination rates in
many countries increased in FY21, which significantly
reduced the negative health implications from catching
COVID-19, we closely followed each local governments’
plans to adapt towards an endemic phase, including
a partial return to pre-pandemic normalcy. Facilitating
these changes was key to addressing our employees’
mental wellness needs, of being able to balance
physical interactions with others with personal time and
space for themselves.
Working Safely in the ‘New Normal’
Since the onset of COVID-19, we embraced remote
working across all our offices worldwide to minimise
the risk of infection to our employees. Large-scale
internal and external meetings and events were
either postponed, cancelled, or brought online as
we supported our employees’ use of telecommuting
technologies. International and domestic air travel
were largely suspended, in strict compliance with
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 the pandemic situation in each country remained
fluid throughout the year, we continued to update our
employees with the most relevant guidelines aligned
with each region’s regulatory responses via Workplace
and email. This included the tightening of measures for
our corporate offices whenever infection was on the
rise and allowing partial capacity for our employees
to meet and bond physically when the risk was lower.
Disinfection frequencies in our offices also increased
as our employees returned to work.
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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 COVID-Safe Worksite practices
mandated by the Building & Construction Authority.
These included appointing Safe Management Officers,
segregating teams, ensuring safe distancing, staggering
working hours and break times, and conducting contact
tracing, health checks and protocols. Most importantly,
we enforced the basic requirements rigorously to
ensure cleanliness and mask-wearing at worksites.
Assuring Customers of Safety and Hygiene
Our responsibility to ensure safe and hygienic spaces
also extended to our tenants, guests and customers as
they gradually returned to their pre-COVID-19 activities.
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, with some of our business
units also taking additional steps beyond minimum
regulatory compliance. For example, we introduced a
#FraserCares programme to raise the bar for hygiene,
safety and reservation flexibility across every Frasers
Hospitality property worldwide. These included
enhanced operational protocols and comprehensive
health and safety procedures for facilities such as
residents’ lounges, swimming pools, gymnasiums,
dining rooms and children’s play zones. We further
augmented our commitment through a partnership
with SGS – a world-leading inspection, verification,
testing, and certification company – to implement a
cleaning and disinfection verification programme in
line with the best international practices in hygiene
and safety. In addition, our hospitality properties in
Europe, the Middle East and Africa achieved the
ISAAP 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.
To comply with requirements in Singapore, we
implemented SafeEntry protocols, added social
distancing markers and signs and provided self-
disinfecting sprays and hand sanitisers at the main
entrances and lift lobbies of our properties. Two
hospitality properties and 13 retail properties in
Singapore were awarded the SG Clean quality mark,
recognising our efforts to safeguard public health and
maintain high hygiene standards at our premises.
We also augmented our cleaning efforts in 12 of
our Singapore retail and commercial properties by
utilising UV photo plasma technology in our new air
handling units to eradicate airborne bacteria and
germs. Four retail properties have been using UV-
disinfecting autonomous mobile robots since 2020, in
a collaboration with PBA Group. Through the emission
of powerful ultraviolet-C rays to eradicate viruses in the
air and on surfaces, these Sunburst UV-Bots disinfect
surfaces more effectively compared to manual cleaning
and the spraying of disinfectant solutions. The bots
were also rolled out to our commercial buildings in
Thailand.
UV-disinfecting autonomous robots at Northpoint City
We also considered additional implications on the
property design, which COVID-19 had made salient.
At our iconic One Bangkok project in Thailand, we
completed a design review for COVID-19 mitigation
in areas such as safe and comfortable urban living,
satisfactory outdoor and indoor air quality and hands-
free experiences. Enhancements were made in the
design of the buildings to improve the health and safety
of our future occupants and the operational resilience
of the asset during the current and future pandemics.
156
Focusing On
People
COMMUNITY CONNECTEDNESS
As a global real estate developer, we strive to create
healthy, vibrant spaces for our occupants and
the larger community. Last year, we launched our
Community Investment Framework to channel our
resources towards three areas we know we can make
the greatest transformative impact: health, education,
and the environment. Underpinning our framework
is our commitment to scaling up our impact through
innovation. In FY21, we contributed more than $800,000
in financial support (including in-kind) and over 5,000
employee volunteer hours to local communities.
We know that in order to maximise our impact, we
need to think out of the box, foster entrepreneurial and
commercial approaches and create new partnerships
between the community and businesses. Using a
data-driven approach to understand the unique
needs of each of our communities, we design and
implement every project in consultation with local
community representatives, forging strong partnerships
in the places we operate. This is how we are building
communities where diverse groups of stakeholders live,
work, play and thrive, grounded by shared values and a
strong sense of ownership.
Building Vibrant Communities
When approaching each project, we make a
conscious decision to create a thriving community
and provide programmes and activities that our
tenants and residents can be a part of. By engaging
closely with a wide variety of stakeholders from the
design stage through to construction and operation,
and incorporating their needs into the development
process, we have succeeded in creating unique and
diverse communities and neighbourhoods.
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. Additionally, The PARQ
in Bangkok 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.
Artist’s impression of One Bangkok
All our commercial properties’ tenants in Singapore
enjoy year-round engagement programmes organised
by dedicated community managers, while in Australia,
a community development team in each masterplan
development works with residents and tenants to foster
cohesion and make a positive impact on the wider
community. Key activities conducted this year included
community fundraisers, meet-your-neighbour nights,
festivals, workshops and competitions.
Community event at East Green, Greenwood, Western Australia
This year, Chineham Park and Farnborough Business
Park in the UK each won a Green Flag Award, an
international mark of quality to help raise the standard
of parks and green spaces. The award scheme
recognises and rewards well-managed parks and
green spaces, setting the benchmark standard for the
management of recreational outdoor spaces across the
UK and around the world.
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Ensuring Customer Satisfaction
To deliver better spaces and experiences to our wide
network of stakeholders, it is essential that we first
understand their satisfaction levels with our products
and services. The feedback and insights gained from
our annual surveys enable our teams to improve on our
performance and solve problems that arise.
In Singapore, our office tenants’ satisfaction level
achieved a high rating of 99% in FY21, against 97% in
FY20. The number of respondents who rated ‘Satisfied
to Very Satisfied’, however, decreased from 82% in FY20
to 78% in FY21. With the use of an online software that
has in-built statistical analysis tool this year, we saw a
50% increase in the response rate compared to FY20.
In Thailand, our industrial properties’ tenants
also provided positive responses on their overall
experience and the performance by our team in a
survey conducted by an independent consultant,
maintaining their levels between FY19 and FY21. The
ratings for overall satisfaction, ease of doing business
and likelihood of recommending Frasers Property have
improved among the tenants who responded to both
surveys carried out in FY19 and FY21.
Office Tenants’ Experience (%)
Industrial Space Tenants’ Experience (%)
100
80
60
40
20
0
67
78
72
82
78
29
19
26
15
21
100
80
60
40
20
0
76
78
77
77
FY17
FY18
FY19
FY20
FY21
FY19
FY21
Neutral | Satisfied to Very Satisfied
Overall Experience | Overall Performance by Team
Across our hospitality portfolio, we collected a total of about 70,000 guest reviews and ratings this year. As with last
year, the COVID-19 situation had mandated the temporary closure of some properties, which affected guest ratings.
Nonetheless, our properties achieved comparably positive reviews and performance scores1.
Serviced Residences Guests’ Experience (%)
MHdV Hotel Guests’ Experience (%)
100
80
60
40
20
0
90
88
91
88
90
90
89
88
84
88
100
80
60
40
20
0
73
85
73
86
74
87
76
86
75
85
FY17
FY18
FY19
FY20
FY21
FY17
FY18
FY19
FY20
FY21
Positive Reviews | Performance Score
Positive Reviews | Performance Score
1 We have dropped the popularity score compared to last year after migrating all properties to a new survey platform. The positive review and
performance score remain relevant across both platforms
158
Focusing On
People
In FY21, we captured our homebuyers’ experience
in Singapore using our new Funnel in-house digital
platform. Our homebuyers’ live-in experience averaged
70% in FY21, as compared to 71% a year ago. Our
home collection experience survey showed a strong
set of responses with a benchmark average score of
87% in FY21, while there was no home collection data
in FY20 for comparison. The surveys revealed 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 the maintenance of
common areas.
To understand our customer experience journey in
Australia, we use the Net Promoter Score that gauges
how willing our customers are to recommend our
products and services. It is scored between -100 and
+100, with a positive score indicating a willingness
to recommend our products and services. Since its
introduction in 2016, our Net Promoter Score has
increased from +22 to +45 in 2020, outperforming the
average of +33.8 in the Australia property industry. This
reflects the effort we have made to improve both the
quality and the relevance of our products, and the value
we create for our customers in terms of sustainability,
quality and amenity.
Annual Homebuyers Survey Results (%)
FPA Net Promoter Score
100
80
60
40
20
0
83
87
85
87
78
76
72
71
70
How was your home
collection experience?
How is your home
experience
FY17 | FY18 | FY19 | FY20 | FY21
50
40
30
20
10
0
22
27
25
32
45
2016
2017
2018
2019
2020
Fairwater, New South Wales, Australia
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At our Burwood Brickworks retail property in Victoria,
Australia, we installed iPads around the mall and
encouraged shoppers to complete a survey designed
to measure NPS+, an enhanced version of the Net
Promoter Score that measures real-time satisfaction
and sentiment. The mall received a score close to
10% above that of similar-sized malls in Australia, with
95% of customers saying that it was a distinct and
memorable place, and 87% saying that the centre was
not only functional, but also beautiful.
Upskilling Our Tenant Base
To deliver value to our stakeholders and the wider
community, we also seek to enhance the capabilities
of stakeholders beyond our immediate employee base.
In Australia, our Retailer Academy, launched in 2020,
is an education programme to upskill and develop our
retailers and to promote engagement and connect
our business in a meaningful way with them. Designed
to assist and support new retailers to realise their full
sales potential and set high standards for customer
service, the Retailer Academy is the first of its kind in
Australia to deliver training focused on best practices,
branding, communications, social media, finance
and business readiness. To complement the Retailer
Academy, we further launched Centre Hubs, as online
portals for our retailers to access contact information
for our centre teams and reference materials from the
Academy modules.
Leveraging Key Focus Areas to Scale Up Impact
Our Community Investment Framework articulates
the three areas we can make the most impact as an
organisation: health, education and the environment.
Health
We believe in facilitating a healthy work environment to
promote the well-being of the thousands of people we
employ directly or indirectly to work in our properties.
This extends beyond physical well-being to cover
emotional and mental well-being, as these issues have
started receiving increasing awareness and attention
among our stakeholders in recent years.
SUPPORTING MENTAL HEALTH AND WELL-BEING IN OUR INDUSTRIAL SUPPLY CHAIN
In FY21, Frasers Property Industrial in Australia
announced our partnership with the not-for-profit
charitable foundation, Healthy Heads in Trucks
& Sheds Foundation as a Foundational Sponsor.
Established to create and deliver Australia’s first
single national mental health strategy for the road
transport and logistics industries, the Foundation
aims to improve the mental health and well-
being of every worker across the broader road
transport, logistics and supply chain sectors.
As a key partner, Frasers Property Industrial
will join in the effort to tackle the mental health
and well-being issues faced by many within the
sector, sharing ideas and resources to promote
the growth and impact of the Foundation into
the future.
[Read more]
160
Focusing On
People
Our UK boutique hotel brands Malmaison and Hotel
du Vin, alongside Fraser Suites and Fraser Place
properties across the UK, partnered with The Burnt
Chef Project, a non-profit social enterprise that aims
to reduce the stigma of mental illness in the hospitality
industry. Our support included redesigning our menus
to allow guests to donate directly to The Burnt Chef
Project by ordering special items, as well as adding
a donate button to all our relevant websites and
supporting employee-led fundraisers. We are also
fostering mental health awareness among our UK
hospitality by providing mental health first-aid training
and by appointing well-being champions from senior
leadership in the business.
In Australia, we continued to partner the non-profit
organisation, Smiling Mind, to give students and
teachers tools to support student mental health and
well-being, as well as to improve classroom behaviour,
readiness to learn and student engagement. As a result
of this collaboration, 2,600 teachers and 55,800 school
children from 72 Australian schools have accessed
the programme, including Smiling Mind’s professional
development training for teachers at no cost. FY21 is
the final year of our multi-year collaboration with
Smiling Mind.
We continue to collaborate actively with the Red Cross
Societies across Singapore, Thailand and Vietnam.
Frasers Property received the inaugural United for
Humanity Award in FY21, as one of 40 organisations
recognised for their contributions to Singapore Red
Cross’ COVID-19 local and international response.
Frasers Property Thailand partnered the National Blood
Center and the Red Cross Society to run a blood
donation drive and organ donation awareness activity
every three months at the ground level zone of Samyan
Mitrtown. We invited the non-profit organisations, Tung
Song Hong Community Center and the Bangkok Post
Foundation, to set up educational booths during our
blood donation drive in March 2021, where they sold
handicrafts to raise funds for underprivileged children.
Partnering The Burnt Chef Project to support mental health
Across our malls in Singapore, we supported the
Health Promotion Board’s efforts to activate public
health campaigns by offering complimentary venue
spaces. These initiatives included exhibitions to
educate members of the public on the LumiHealth app,
co-designed by Health Promotion Board and Apple
to leverage gamification to help Singaporeans lead
healthier lives, as well as weekly workout sessions at
Tiong Bahru Plaza. At our commercial properties, we
organised a series of virtual sessions for tenants to pick
up practical tips on physical and mental wellness. We
also installed mirror decals in the female toilets in Cross
Street Exchange to raise awareness on breast cancer.
Quarterly blood donation drives at Samyan Mitrtown
In the UK, regular workout classes were conducted in
our business parks to encourage tenants to maintain an
active lifestyle. Classes in 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 could remain active while
at home.
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Education
With an aim to leverage our role as a major real estate
player and help to build inclusive communities in the
areas we serve, we launched a hackathon in Singapore
in 2019 which saw multiple stakeholders come together
to co-create design solutions for the malls of
Frasers Property. For the second iteration of Inclusive
Spaces this year, we collaborated with the social
enterprise, Design For Change, and challenged more
than 100 students across five schools to design
opportunities to build inter-generational spaces and
improve the built environment’s response to our
growing aging population.
INCLUSIVE SPACES: PROMOTING
INTERGENERATIONAL DIALOGUE AND
SENIOR-FRIENDLY BUILT ENVIRONMENT
More than 100 primary school students and
25 active seniors came together to explore better
spaces for senior citizens as well as promote
bonding between generations and active aging
in Singapore. Student teams were taught design
thinking techniques to help them empathise and
better connect with seniors. Ideas from the teams
spanned three broad areas: daily living, social
living, and mental well-being. To share learnings,
we developed a social impact microsite and
made the programme and the ideas publicly
available as a digital resource.
[Read more]
Our annual Frasers Property Study Award in
Singapore rewarded a total of 170 children for their
excellent academic achievements. This year, we also
commenced a study award sponsorship with Coodanup
College, a community college in Western Australia.
In China, we continued to support education among
children living in rural regions with our collaboration
with Stars Youth Development Center, a non-profit
educational organisation based in Guangzhou. In FY21,
Frasers Property China and Frasers Hospitality China
organised an annual book drive to redistribute books to
communities in need. We also participated in a virtual
charity drive with a technology company to encourage
members of the public to pledge their support by
performing acts of kindness. In Vietnam, an employee-
led campaign supported flood-affected children in the
central provinces by subsidising their return to school.
The Environment
One of the ways we are fostering community
connectedness is by leveraging common areas of
our properties to heighten public consciousness on
environmental issues. At our Malmaison and Hotel du
Vin properties in the UK, we launched the Eco Cleaning
initiative, which lets guests opt out of having their
rooms cleaned during a multi-night stay, in return for a
free drink or a donation on their behalf to the non-profit
social enterprise, The Burnt Chef Project. At Alexandra
Technopark and Valley Point in Singapore, we partnered
the social enterprise, GreenSquare, to set up textile
collection boxes for shoppers to drop off used textiles.
Based on their condition and composition, donated
textiles were sold for reuse or downcycled into
industrial cleaning cloths. We also placed donation
boxes around our office buildings – including Samyan
Mitrtown, Sathorn Square, Park Ventures, and FYI
Center – in Bangkok to encourage our tenants to
donate used items. Proceeds from the sale of these
products went to Yuvabadhana Foundation to provide
scholarships to disadvantaged students.
Our commercial and retail teams in Singapore
continued to partner the registered charity, The Food
Bank Singapore, to collect excess non-perishable food
items and redistribute them to the needy. This year, we
collected 9,580 kg of foodstuff across our malls and
offices. This included organising donation drives to
encourage shoppers across 13 of our malls to donate
non-perishable food items throughout the year.
162
Focusing On
People
Community
Frasers Property Australia and Frasers Property Industrial
concluded our first Reconciliation Action Plan (RAP),
which included 59 targets focused on paying our
respect, contributing to an inclusive and open-minded
workplace culture and fostering greater stakeholder
engagement. Since the launch of the RAP in 2018, we
have channelled over A$366,000 ($359,000) of spending
to indigenous-owned businesses and invested in and
built quality relationships with a number of aboriginal
and Torres Strait elders in the communities where we
build and operate across the country. We further rolled
out Cultural Awareness Training to our employees in
Australia, to learn from and about the world’s longest
continuous culture, and to ensure aboriginal and Torres
Strait Islander peoples, and their inclusive and diverse
communities, are reflected in the legacies we create.
This year, we launched our second RAP, a consolidation
piece that seeks to integrate our RAP targets into
our ‘business-as-usual’ operations. In the social
procurement space, our Mambourin team in Melbourne
joined Social Traders, Australia’s first national directory
of certified social enterprises, to connect with relevant
vendors from whom we can procure goods and services.
REMEMBERING KINDNESS: CELEBRATING
UNSUNG HEROES WHO GO ABOVE AND
BEYOND
In FY21, Frasers Hospitality launched a global
campaign, Remembering Kindness, that aims to
celebrate kindness by recognising individuals
who have made extraordinary strides to help
others in need. We invited people worldwide to
come forward and share stories of people in their
communities who had performed acts of kindness.
We received entries from 16 countries and awarded
free stays to more than 200 ‘kindness heroes’,
including Frasers Hospitality’s own employees,
at our Fraser Collection of serviced and hotel
residences or boutique hotels, around the world.
[Read more]
In partnership with the Australian Property Industry
Foundation (PIF) and the Lighthouse Foundation,
Frasers Property Australia sponsored and built a
six-bedroom home to house up to four disadvantaged
youths and two live-in carers. The PIF House Clayton
is part of the PIF House Program, which launched in
2017 with the aim to build 125 bedrooms for at-risk
and homeless youths in Victoria, New South Wales and
Queensland by mid-2021. Live-in carers and counsellors
in the homes provide support and mentoring with life
skills to help rebuild the lives of young people and help
them transition to independent living.
Frasers Property Australia sponsored and built the six-bedroom
PIF House Clayton
Our UK business parks implemented a social value
framework that articulates their strategy for creating
and capturing the social value generated through
park operations. The framework consists of tangible
goals, with specific timeframes, around engaging and
partnering with our occupiers, the local community and
other diverse stakeholders. Each business park further
selected a local charity to support for the year. As an
example, Chineham Park raised funds and donated toys
and food items to Sebastian’s Action Trust, a charity in
Crowthorne, England, that provides emotional, social
and practical care for life-limited and life-threatened
children and their families. Our Frasers Property UK
team also continued their partnership with FareShare,
the UK’s biggest charity fighting hunger and food waste,
raising a further £7,690 ($14,000) in FY21 to provide
over 30,000 meals to vulnerable people. The funding
was raised through a virtual team triathlon and a ‘Give
it Up in May’ campaign where employees gave up
something they enjoyed in return for sponsorship. This
follows their previous FY20 fundraising campaign, ‘Do
Something Good in May’ which raised over £20,000
($37,000) for the charity.
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In Singapore, our employees worked with the
Singapore Red Cross to prepare 5,000 care packs for
migrant workers, while our Singapore commercial team
partnered office tenants and the SG Yarn Bombing
community to sell handicrafts and raise funds for the
Children’s Aid Society.
CARING FOR OUR COMMUNITY AFFECTED
BY COVID-19
In response to a sharp rise in COVID infections
in Thailand, we rapidly converted three industrial
properties into two COVID community isolation
centres and a field hospital facility. In total, close
to 1,000 beds were made available to infected
residents in Rayong, Phra Nakhon Si Ayutthaya,
and Chonburi provinces. More than just medical
assistance, other critical support including
utilities, food and necessities were kitted out
in this temporary facility supported by related
government authorities and the private sector.
[Read more]
Addressing Community Needs Arising from Covid-19
Our teams at The PARQ and One Bangkok sponsored
20,000 surgical masks and 24 gallons of alcohol
spray for distribution across seven communities. Our
team at Samyan Mitrtown partnered the global food
rescue foundation, Scholars of Sustenance Thailand,
to redistribute food from nine partner restaurants in
the mall to communities affected by COVID-19. Our
Frasers Property Thailand employees also organised
a fundraising campaign, raising a total of THB 300,000
($12,000) to purchase formula milk for vulnerable
children during the pandemic in partnership with the
charitable organisations, Baan Nokkamin Foundation
and TaejaiDotcom.
Frasers Property Vietnam sponsored the procurement
of N95 masks for doctors battling the pandemic
in partnership with the Vietnam Young Physicians’
Association. Fraser Suites Hanoi also contributed funds
to the BIM Care Fund to provide food and oxygen to
people in need in south Vietnam.
Across nine of our Singapore malls, we offered
complimentary venue space for Singapore government
agencies to set up interactive booths for members
of the public to learn how to use TraceTogether,
Singapore’s digital contact tracing platform developed
in response to the COVID-19 pandemic. And as a
gesture of thanks to frontliners most affected by the
pandemic, our team at Frasers Property Australia
delivered 200 care packs to hospital workers as well
as gift vouchers to retail employees based at Eastern
Creek Quarter and Ed.Square Town Centre.
Sharing with the Industry
Throughout the year, the Group fielded representatives
and subject matter experts to industry speaking
engagements. They spoke about a range of topics
including real estate, sustainability and innovation.
Among the events that we participated in were the
2021 ULI Asia Pacific Summit, FuturePlace’s Smart
& Healthy Buildings Summit 2021, Carbon Market
Institute’s ‘Australasian Emissions Reduction Summit
2020’, the Property Council of Australia’s ‘The Challenge
for Affordable Housing’ virtual event, CBRE Symposium
Singapore, and International Built Environment Week.
164
About
This Report
This is Frasers Property’s seventh sustainability
report. This report provides the summary of the
sustainability practices and performance of Frasers
Property Limited and its subsidiaries for the period
from 1 October 2020 to 30 September 2021 (FY21).
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 included consideration of the GRI G4
Construction and Real Estate Sector Disclosures
in the preparation of this report. We have also
voluntarily disclosed our alignment to the Task
Force for Climate-related Financial Disclosures
(TCFD) framework by the Financial Stability Board.
Being a signatory of the United Nations Global
Compact since 2016, Frasers Property is required
to submit a Communication on Progress (COP)
report. This sustainability report will serve to meet
this objective.
REPORT SCOPE
This report discloses the activities and performance of our
key business units1 and listed trusts2. The report covers our
significant locations of operations which are Singapore,
Australia, Continental Europe, Thailand, Vietnam, the
UK and China. 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, Australia, Thailand and Vietnam.
An independent limited assurance has been performed on
our sustainability report by Ere-S Pte Ltd, an independent
third-party assurance provider. The assurance process is
applied to verify the reliability of the data and management
approach disclosed in the report. Details of the assurance
scope and findings can be found in the Independent
Assurance Statement on pages 165-167.
FEEDBACK
We welcome your feedback in our efforts to continuously
improve our sustainability practices and performance.
Please write to:
Dr Pang Chin Hong,
Senior Vice President, Group Sustainability
Frasers Property Limited
Email: sustainability@frasersproperty.com
For more information and latest news on our sustainability
initiatives, please visit our website:
https://www.frasersproperty.com/who-we-are/sustainability
1 Frasers Property Singapore, Frasers Property Australia, Frasers Property Industrial, Frasers Hospitality, Frasers Property Thailand, Frasers
Property Vietnam, Frasers Property China, Frasers Property UK
2 Frasers Centrepoint Trust, Frasers Logistics & Commercial Trust and Frasers Hospitality Trust
Contents
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Independent
Assurance Statement
To the management of Frasers Property Limited
Ere-S Pte Ltd (Ere-S) has undertaken an independent
limited assurance on the content of Frasers Property
Limited’s (FPL or the Group) Sustainability Report
FY2021 (the Report). The engagement took place
between September and December 2021.
SCOPE
The assurance encompassed the entire Report and
focused on all figures, statements and claims related to
sustainability during the reporting period October 2020
to September 2021. This included the environmental
and social management approach and performance
related to the corporate offices and portfolio of owned
and managed properties (over 1,100 in total) of the
following nine key subsidiaries and three listed
real-estate investment trusts:
Frasers Property Singapore, Frasers Property Australia,
Frasers Property Industrial, Frasers Hospitality,
Frasers Property Thailand, Frasers Property Holdings
(Thailand), Frasers Property Vietnam, Frasers Property
China, Frasers Property UK, Frasers Centrepoint Trust,
Frasers Logistics & Commercial Trust, and Frasers
Hospitality Trust.
The topics covered include the following as stated in
the GRI Content Index of the Report:
• Energy Management
• Water Management
• Materials
• Biodiversity
• Effluents and Waste
• Staff Retention and Development
• Health and Safety
• Diversity and Equal Opportunity
• Local Communities
Ere-S did not verify that all elements required by the
GRI Standards (what to report) on each disclosure
listed in the Report’s GRI Content Index had been fully
reported, or whether FPL’s material issues, approaches
and outcomes presented in the Report were specifically
aligned with any other frameworks mentioned in the
Report, such as the Task Force on Climate-related
Financial Disclosures (TCFD) and the Sustainability
Development Goals (SDGs).
Figures or statements unrelated to sustainability
were not covered in the assurance. These included
organisation profile and corporate structure, corporate
financial and economic performance, and, where
applicable, technical descriptions and figures of
construction, machineries, technologies, plants and
production processes. Also beyond the remit of the
assurance were historical performance data prior to
FY2021 and description of goals, forward looking and
planned initiatives and processes.
Assets under the management of Frasers Property
Thailand (over 800 properties), which are excluded from
the Report scope, were not covered in the assurance.
REPORTING CRITERIA
The information was verified against the principles of
Accuracy, Verifiability, Clarity, Completeness, Balance,
Comparability, Sustainability Context and Timeliness
as defined under the Global Reporting Initiative (GRI)
Standards.
TYPE OF ASSURANCE
This assurance engagement was carried out to a limited
level of assurance in accordance with the International
Standard on Assurance Engagements 3000 (ISAE
3000), Assurance Engagements Other than Audits or
Reviews of Historical Financial Information. A limited
level assurance relies on desktop-based assessment
and basic sampling that is sufficient to support the
plausibility of the information.
ASSURANCE METHODOLOGY
The assurance procedures and principles applied in
this engagement are compliant with ISAE 3000 and
are drawn from a methodology developed by Ere-S
comprising the following steps:
1
Identifying and classifying data sets according to the
relevant topics and the types of evidence required
for the verification process.
2 Carrying out virtual interviews and remote desktop-
based data verification with key data owners
including site managers and heads of unit from FPL’s
corporate and management offices in Singapore
and other relevant countries in which the Group
operates. A total of about 70 interviews, mainly
categorised by topic and subsidiary, were organised
over a period of three months with over 30 different
data owners. The verification consisted of the
following procedures:
• Enquiring about the quantitative and qualitative
aspects of the performance disclosures, related
statements and the underlying measurement
systems, data collection and quality control
mechanisms.
• Requesting evidence of data sources from the
data owner or key functional manager, as well as
explanations of data collection and calculation
methods (including conversion factors,
estimates, key assumptions and apportionment
methodologies) to substantiate the figures and
claims.
166
Independent
Assurance Statement
• Taking a broad sampling of quantitative data
to validate data sets, including lists of actions
and initiatives (e.g., community programmes),
and corresponding sources, as well as other
supporting information. Where applicable, this
was done via the sustainability data management
systems used by some subsidiaries. Specifically,
our assurance team was given access to
Frasers Property Australia’s data management
system to allow direct verification and sampling
of environmental data and sources from the
industrial and commercial properties in Australia.
• Challenging the claims made in the Report and
comparing the presented evidence (including
calculation methods, criteria and assumptions)
with data from other properties covered in
the wider assurance engagement and, where
applicable, with external sources.
3 Assessing the collected data against the reporting
criteria and providing recommendations for
correction of the Report’s content or for future
improvement of the data collection and reporting
procedures.
4 Validating the performance disclosures submitted in
the final version of the Report and, where applicable,
verifying that Ere-S recommendations have been
applied.
Ere-S assessment of statements concerning the number
(or absence) of complaints, incidents, and cases of
non-compliance to policies and regulations related
to environmental and social issues was founded on
confirmation by key data owners and, where available,
internal documents presented during the interviews.
Stakeholder groups or their representatives were not
interviewed during the assurance to assess the results
of engagement initiatives and the impact of actions
taken by the Group.
LIMITATIONS
A limited assurance provides a relatively lower level
of confidence in an organisation’s disclosures than
a reasonable level of assurance (as used in financial
auditing) would provide. The restricted extent,
timeline and precision of audit procedures in a limited
assurance can leave small misstatements undetected.
In addition, sustainability-related evidence being more
persuasive than conclusive, the assurance findings are
more constrained to the judgement of the assurance
practitioner.
To mitigate the associated risk of material misstatement
in the information being assessed during this
engagement, and to provide greater confidence in
the accuracy of the information, Ere-S sought further
confirmation of the presented evidence (including
application of the management approach, data
collection methods, criteria and assumptions) from
multiple data owners and against other documentation
from internal and external sources.
RESPONSIBILITY AND INDEPENDENCE
This statement represents the independent opinion
of Ere-S, whose responsibility was to provide the
assurance, to express conclusions according to the
agreed scope, and to prepare the assurance report and
this assurance statement for the management of FPL
alone and for no other purpose. The management of
FPL was responsible for the preparation of the Report,
including all statements and figures contained within
it, and for the selection and application of the methods
to collect and compile the performance data of its
operations and properties. Ere-S was not involved in
the development of the Report or any other aspects
or projects related to the sustainability framework of
FPL. The activities of Ere-S are independent of Frasers
Property Limited and its subsidiaries, and contain no
financial interest in their business operations.
FINDINGS AND OBSERVATIONS
Evidence showed that FPL’s sustainability framework
and strategy is supported by strong management
structures, policies, processes and goals, which were
applied throughout the Group’s global operations and
portfolios during the reporting period. This included
corporate governance, risk assessment, certifications
and management approaches covering environmental
and social issues. Efforts were particularly observable
for the implementation of the Group’s Net Zero Carbon
and Climate Risk & Resilience Roadmap, including
asset-level adaptation. Mitigation measures for other
key material topics were also substantiated during the
assurance process.
Processes to assess sustainability-related risks and
identify key concerns from stakeholders through
different engagement channels, such as surveys and
direct interactions, could be observed at Group and
subsidiary levels, although evidence of stakeholders’
participation in decision-making was comparatively
limited, particularly in the supply chain.
The Report’s content presents an overall good level of
completeness covering operations and priorities that
are relevant to the industry, such as reduction of energy
consumption, carbon emissions and waste generation,
green operations, buildings and materials, health and
safety, and for some operations, prevention of modern
slavery. In terms of coverage, completeness of the
Group’s performance figures could be improved, as
the current reporting boundaries omit a non-negligible
number of properties from Frasers Property Thailand.
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Similarly, though to a lesser extent, further improvement
can be made by including assets or activities that are
currently not accounted in the performance disclosures
due to low data quality, lack of on-site measurement,
or inaccessibility of data sources (e.g., from properties’
tenants). Examples include generated solar energy,
disposed waste, electricity consumed, and Scope
3 emissions from some tenants of the Australian
and European portfolios. Ere-S acknowledges the
justifications of these omissions, and the fact that
such gaps are inherent to a global sustainability
structure encompassing a large number of operations
and assets. In this regard, Ere S commends FPL’s
continuous efforts to improve, through education
and innovation, data coverage and the quality of
performance measurement and reporting.
Evidence provided to support the reported figures was
comprehensive and detailed, and interviewed data
owners from all business units demonstrated a high
level of preparedness and excellent knowledge of the
topics and processes on which they were questioned.
Overall, the accuracy and verifiability of the information
was relatively high, with a data structure and source
documents that could be effectively explored, sampled
and validated through the data management systems
and template files used to report and compile the
performance data at Group level.
In some cases, supporting evidence for reported
performance data (e.g., waste and embodied emissions
of one development project) could not be verified due
to unavailability of the relevant documents and time
constraints. However, as such cases were confined to
single assets and are low in number, they did however
not alter the overall findings or conclusion of the
assurance.
Standardisation of the data was found to be good
overall, despite differences in measurement units
and local definitions amongst the subsidiaries and
portfolios. Despite the complexity of the data structure,
Ere S did not find major issues in the calculation
methods, estimations and conversion factors used in
the data management systems and worksheets for the
Group-level data compilation. A few inconsistencies
in the reported figures, often resulting from incorrect
transcription of source records, were identified during
our verification and promptly addressed by the relevant
data owners or reporting team. FPL’s continued
efforts to complete the coverage of environmental
performance, particularly for data related to tenants
and contractors, such as Scope 3 emissions, will be
key in mitigating the aforementioned gaps.
CONCLUSION
On the basis of a limited assurance engagement
consistent with the above-listed criteria and findings,
nothing has come to Ere-S attention that causes us not
to believe that, in all material respects, Frasers Property
Limited’s Sustainability Report FY2021 provides
a credible and fair representation of the Group’s
sustainability profile and includes statements and
figures that achieve an adequate level of reliability and
accuracy.
A detailed assurance report containing the above
findings and additional recommendations for
improvement has been presented to the management
of Frasers Property Limited.
Reg no. 201003736W
www.ere-s.com
Singapore, 15 December 2021
Jean-Pierre Dalla Palma
Director and Lead Certified Sustainability Assurance
Practitioner
Minju Kim
Certified Sustainability Assurance Practitioner, Partner
Ere-S Pte Ltd is a consulting company specialising in
business sustainability and provides services in the
domains of sustainability reporting, sustainability report
assurance, stakeholder engagement and training. Our
assurance team is composed of assurance practitioners
with expertise in corporate sustainability and each
member is required to follow Ere-S’ assurance code
of conduct, which can be found at www.ere-s.com/
assurance-code-of-conduct. Ere-S is not responsible
for any actions taken by other parties as a result of the
findings presented in this assurance statement.
168
GRI Content
Index
GRI Standards Disclosure
Disclosure Title
Section and Page Reference / Notes
Number
Universal Standards
GRI 102:
General
Disclosures
Organisational Profile
102-1
102-2
102-3
102-4
102-5
Name of the organisation
Frasers Property Limited
Activities, brands, products, and
services
Corporate Profile, pg. 12
Our Businesses, pgs. 14-15
Our Multinational Presence, pg. 16
Location of headquarters
Corporate Information, inside back cover
Location of operations
Our Multinational Presence, pg. 16
Ownership and legal form
102-6
Markets served
102-7
Scale of the organisation
Corporate Profile, pg. 12
Group Structure, pg. 17
Corporate Profile, pg. 12
Our Businesses, pgs. 14-15
Business Review pgs. 50-99
Corporate Profile, pg. 12
Financial Highlights, pg. 19
Focusing on People – Diversity, Equity & Inclusion,
pgs. 147-148
102-8
Information on employees and other
workers
Focusing on People – Diversity, Equity & Inclusion,
pgs. 147-148, Health & Well-being, pg. 151
102-9
Supply chain
Managing Sustainability – Stakeholder Engagement,
pg. 110
Consuming Responsibly – Materials & Supply Chain,
pgs. 141-142
Focusing on people – Health & Well-being, pg. 151
102-10
Significant changes to organisation
and its supply chain
FY21 Key Milestones, pg. 18
About This Report – Report Scope, pg. 164
102-11
Precautionary Principle or approach
102-12
External initiatives
102-13
Membership of associations
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 Participation &
Alignment, pg. 111
Acting Progressively – Responsible Investment,
pgs. 118-122, Resilient Properties, pgs. 123-127
Managing Sustainability – Industry Participation &
Alignment, pg. 111
Strategy
102-14
Statement from senior decision-
maker
Board Statement, pg. 104
102-15
Key impacts, risks and opportunities
Board Statement, pg. 104
Acting Progressively – Resilient Properties,
pgs. 123-127
Enterprise-wide Risk Management, pgs. 47-49
Ethics and Integrity
102-16
102-17
Values, principles, standards, and
norms of behaviour
Acting Progressively – Risk-based Management,
pgs. 115-116
Mechanisms for advice and
concerns about ethics
Corporate Governance Report, pg. 206
Acting Progressively – Risk-based Management,
pgs. 115-116
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
169
GRI Standards Disclosure
Disclosure Title
Section and Page Reference / Notes
Number
Universal Standards
GRI 102:
General
Disclosures
Governance
102-18
Governance structure
102-19
Delegating authority
Group Structure, pg. 17
Board of Directors, pgs. 20-26
Group Management, pgs. 27-31
Managing Sustainability – Sustainability Governance,
pg. 109
Corporate Governance Report, pg. 176
Managing Sustainability – Sustainability Governance,
pg. 109
Managing Sustainability – Sustainability Governance,
pg. 109
Managing Sustainability – Sustainability Governance,
pg. 110
Corporate Governance Report, pg. 176
Board of Directors, pg. 20
Corporate Governance Report, pgs. 187-192
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
Corporate Governance Report, pg. 193
Role of highest governance body in
setting purpose, values, and strategy
Collective knowledge of highest
governance body
Evaluating the highest governance
body’s performance
Managing Sustainability – Sustainability Governance,
pg. 109
Corporate Governance Report, pgs. 177-178
Corporate Governance Report, pg. 187
Corporate Governance Report, pg. 193
Identifying and managing economic,
environmental, and social impacts
Managing Sustainability – Materiality Assessment,
pgs. 112-113
Effectiveness of risk management
processes
Managing Sustainability – Sustainability Governance,
pg. 109
Corporate Governance Report, pg. 204
Review of economic, environmental,
and social topics
Managing Sustainability – Sustainability Governance,
pg. 109
Highest governance body’s role in
sustainability reporting
Board Statement, pg. 104
Communicating critical concerns
Corporate Governance Report, pg. 206
Nature and total number of critical
concerns
Acting Progressively – Risk-based Management,
pg. 116
Remuneration policies
Corporate Governance Report, pgs. 194-199
Process for determining
remuneration
Stakeholders’ involvement in
remuneration
Corporate Governance Report, pg. 195
Corporate Governance Report, pg. 208
102-38
Annual total compensation ratio
We are unable to disclose the ratio due to our highly
competitive labour market.
102-39
Percentage increase in annual total
compensation ratio
We are unable to disclose the ratio due to our highly
competitive labour market.
102-20
102-21
102-22
102-23
102-24
102-25
102-26
102-27
102-28
102-29
102-30
102-31
102-32
102-33
102-34
102-35
102-36
102-37
170
GRI Content
Index
GRI Standards Disclosure
Disclosure Title
Section and Page Reference / Notes
Number
Universal Standards
GRI 102:
General
Disclosures
Stakeholder Engagement
102-40
List of stakeholder groups
102-41
Collective bargaining agreements
102-42
102-43
Identifying and selecting
stakeholders
Approach to stakeholder
engagement
102-44
Key topics and concerns raised
Reporting Practice
Managing Sustainability – Stakeholder Engagement,
pg. 110
There are no collective bargaining agreements in
place.
Managing Sustainability – Stakeholder Engagement,
pg. 110
Managing Sustainability – Stakeholder Engagement,
pg. 110
Managing Sustainability – Stakeholder Engagement,
pg. 110
Entities included in the consolidated
financial statements
Group Structure, pg. 17
Notes to Financial Statements, pgs. 346-348
102-45
102-46
Defining report content and topic
Boundaries
102-47
List of material topics
102-48
Restatements of information
102-49
Changes in reporting
Reporting Practice
About This Report – Report Scope, pg. 164
Our Sustainability Framework, pg. 106
Managing Sustainability – Stakeholder Engagement,
pg. 110, Materiality Assessment, pgs. 112-113
Managing Sustainability – Materiality Assessment,
pgs. 112-113
Acting Progressively – Responsible Investment, pg. 118
Consuming Responsibly – Energy & Carbon, pg. 131,
Water, pg. 135, Waste, pg. 137
Focusing on People – Health & Well-being, pg. 151
GRI Content Index, pg. 175
Acting Progressively – Responsible Investment,
pgs. 118-119, Resilient Properties, pgs. 123-126
102-50
102-51
102-52
102-53
102-54
102-55
102-56
Reporting period
About This Report, pg. 162
Date of most recent report
December 2020
Reporting cycle
Annual
Contact point for questions regarding
the report
Claims of reporting in accordance
with GRI Standards
About This Report – Feedback, pg. 164
About This Report, pg. 164
GRI content index
External assurance
GRI Content Index, pgs. 168-175
Independent Assurance Statement, pgs. 165-167
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
171
GRI Standards Disclosure
Disclosure Title
Section and Page Reference / Notes
Number
Management Approach
GRI 103:
Management
Approach
103-1
Explanation of the material topic and
its boundary
Managing Sustainability - Materiality Assessment,
pgs. 112-113
Topic-specific Standards
Economic Performance
GRI 103:
Management
Approach
GRI 201:
Economic
Performance
Anti-corruption
GRI 103:
Management
Approach
GRI 205: Anti-
corruption
103-2
103-3
201-1
201-2
201-3
201-4
103-2
103-3
205-1
205-2
205-3
Environmental Compliance
103-2
103-3
307-1
GRI 103:
Management
Approach
GRI 307:
Environmental
Compliance
Ethical Marketing
GRI 103:
Management
Approach
GRI 417:
Marketing and
Labelling
103-2
103-3
417-1
417-2
417-3
The management approach and its
components
Evaluation of the management
approach
Group Portfolio Approach, pg. 13
In Conversation with the Group CEO, pgs. 34-39
Direct economic value generated and
distributed
Financial Highlights, pg. 19
Consolidated Profit Statement, pg. 225
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 management approach and its
components
Evaluation of the management
approach
Acting Progressively – Resilient Properties, pgs. 123-126
Focusing on People – Health & Well-being, pg. 152
Notes to the Financial Statements, pg. 265
Acting Progressively – Risk-based Management,
pgs. 115-116
Corporate Governance Report, pgs. 206, 209-210
Operations assessed for risks related
to corruption
Acting Progressively – Risk-based Management,
pgs. 115-116
Communication and training
about anti-corruption policies and
procedures
Confirmed incidents of corruption
and actions taken
The management approach and its
components
Evaluation of the management
approach
Non-compliance with environmental
laws and regulations
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
Focusing on People – Skills & Leadership, pgs. 149-150
Corporate Governance, pg. 206
Acting Progressively – Risk-based Management, pg. 116
Acting Progressively – Risk-based Management,
pgs. 115-116
Acting Progressively – Risk-based Management, pg. 116
Acting Progressively – Risk-based Management,
pgs. 115-116
Not applicable due to the nature of our business.
Not applicable due to the nature of our business.
Acting Progressively – Risk-based Management, pg. 116
172
GRI Content
Index
GRI Standards Disclosure
Disclosure Title
Section and Page Reference / Notes
Number
Topic-specific Standards
Energy Management
GRI 103:
Management
Approach
GRI 302:
Energy
103-2
103-3
302-1
302-2
302-3
302-4
302-5
305-1
305-2
305-3
The management approach and its
components
Evaluation of the management
approach
Consuming Responsibly – Energy & Carbon,
pgs. 131-134
Energy consumption within the
organisation
Consuming Responsibly – Energy & Carbon,
pgs. 131-133
Energy consumption outside of the
organisation
Consuming Responsibly – Energy & Carbon, pg. 132
Energy intensity
Consuming Responsibly – Energy & Carbon, pg. 131
Reduction of energy consumption
Consuming Responsibly – Energy & Carbon, pg. 131
Reductions in energy requirements of
products and services
Not applicable due to the nature of our business.
Direct (Scope 1) GHG emissions
Consuming Responsibly – Energy & Carbon, pg. 132
Energy indirect (Scope 2) GHG
emissions
Consuming Responsibly – Energy & Carbon,
pgs. 131-132
Other indirect (Scope 3) GHG
emissions
Consuming Responsibly – Energy & Carbon, pg. 132
GRI 305:
Emissions
305-4
GHG emissions intensity
Consuming Responsibly – Energy & Carbon,
pgs. 131-132
305-5
305-6
305-7
Water Management
GRI 103:
Management
Approach
GRI 303: Water
and Effluents
103-2
103-3
303-1
303-2
303-3
303-4
303-5
Reduction of GHG emissions
Consuming Responsibly – Energy & Carbon, pg. 131
Emissions of ozone-depleting
substances (ODS)
Nitrogen oxides (NOx), sulfur oxides
(SOx), and other significant air
emissions
The management approach and its
components
Evaluation of the management
approach
Interactions with water as a shared
resource
Not significant due to the nature of our business.
Not significant due to the nature of our business.
Consuming Responsibly – Water, pgs. 135-136
Consuming Responsibly – Water, pg. 135
Management of water discharge-
related impacts
Consuming Responsibly – Water, pg. 135
Water discharge is generally managed by municipalities.
Water withdrawal
Water discharge
Consuming Responsibly – Water, pg. 135
Water discharge is generally managed by municipalities.
Water consumption
Consuming Responsibly – Water, pg. 135
Staff Retention and Development
GRI 103:
Management
Approach
GRI 401:
Employment
103-2
103-3
401-1
401-2
The management approach and its
components
Evaluation of the management
approach
Focusing on People – Diversity, Equity & Inclusion,
pgs. 145-148, Skills & Leadership, pgs. 148-150
New employee hires and employee
turnover
Focusing on People – Diversity, Equity & Inclusion,
pgs. 147-148
Benefits provided to full-time
employees that are not provided to
temporary or part-time employees
Focusing on People – Health & Well-being, pg. 152
401-3
Parental leave
Focusing on People – Health & Well-being, pg. 152
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
173
GRI Standards Disclosure
Disclosure Title
Section and Page Reference / Notes
Number
Topic-specific Standards
Staff Retention and Development
GRI 404:
Training and
Education
404-1
404-2
404-3
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
Labour/Management Relations
Focusing on People – Skills & Leadership, pg. 149
Focusing on People – Skills & Leadership, pgs. 148-150
Focusing on People – Diversity, Equity & Inclusion,
pg. 146
103-2
103-3
402-1
GRI 103:
Management
Approach
GRI 402:
Labour/
Management
Relations
Health and Safety
GRI 103:
Management
Approach
GRI 403:
Occupational
Health and
Safety
103-2
103-3
403-1
403-2
403-3
403-4
403-5
403-6
403-7
403-8
The management approach and its
components
Evaluation of the management
approach
Focusing on People – Diversity, Equity & Inclusion,
pgs. 145-148
Minimum notice periods regarding
operational changes
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
Occupational health and safety
management system
Hazard identification, risk assessment,
and incident investigation
Focusing on People – Health & Well-being, pgs. 150-155
Acting Progressively – Risk-based Management,
pgs. 115-116
Focusing on People – Health & Well-being, pgs. 150-151
Focusing on People – Health & Well-being, pg. 150
Occupational health services
Focusing on People – Health & Well-being, pgs. 150-155
Worker participation, consultation,
and communication on occupational
health and safety
Worker training on occupational
health and safety
Focusing on People – Health & Well-being, pgs. 150-151
Focusing on People – Health & Well-being, pg. 150
Promotion of worker health
Focusing on People – Health & Well-being, pgs. 152-153
Prevention and mitigation of
occupational health and safety
impacts directly linked by business
relationships
Workers covered by an occupational
health and safety management
system
Focusing on People – Health & Well-being, pgs. 150-151
Focusing on People – Health & Well-being, pgs. 150-151
403-9
Work-related injuries
Focusing on People – Health & Well-being, pg. 151
403-10
Work-related ill health
We are not aware of any cases during the year.
174
GRI Content
Index
GRI Standards Disclosure
Disclosure Title
Section and Page Reference / Notes
Number
Topic-specific Standards
Local Communities
GRI 103:
Management
Approach
GRI 413:
Local
Communities
103-2
103-3
413-1
413-2
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
Focusing on People – Community Connectedness,
pgs. 156-163
Focusing on People – Community Connectedness,
pgs. 156-163
We are not aware of any such actual and potential
negative impacts on local communities.
Emerging Topic – Anti-competitive Behaviour
103-2
103-3
206-1
GRI 103:
Management
Approach
GRI 206: Anti-
competitive
behaviour
The management approach and its
components
Evaluation of the management
approach
Legal actions for anti-competitive
behaviour, anti-trust, and monopoly
practices
Emerging Topics - Materials
GRI 103:
Management
Approach
103-2
103-3
The management approach and its
components
Evaluation of the management
approach
Acting Progressively – Risk-based Management,
pgs. 115-116
Acting Progressively – Risk-based Management, pg. 116
Consuming Responsibly – Materials & Supply Chain,
pgs. 141-142
301-1
Materials used by weight or volume
Consuming Responsibly – Materials & Supply Chain,
pg. 141
GRI 301:
Materials
301-2
301-3
Recycled input materials used
No recycled input materials were used during the year.
Reclaimed products and their
packaging materials
Not applicable due to the nature of our business.
Emerging Topic – Biodiversity
GRI 103:
Management
Approach
GRI 304:
Biodiversity
103-2
103-3
304-1
304-2
304-3
304-4
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
Consuming Responsibly – Biodiversity pg. 145
We do not manage assets which reside in or close to
areas of high biodiversity value.
Consuming Responsibly – Biodiversity pg. 143
Habitats protected or restored
Consuming Responsibly – Biodiversity pg. 143
IUCN Red List species and national
conservation list species with habitats
in areas affected by operations
We identified no relevant species in our operations.
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
175
GRI Standards Disclosure
Disclosure Title
Section and Page Reference / Notes
Number
Topic-specific Standards
Emerging Topic – Effluents and Waste
GRI 103:
Management
Approach
GRI 306:
Effluents and
Waste
103-2
103-3
306-1
306-2
306-3
306-4
306-5
The management approach and its
components
Evaluation of the management
approach
Water discharge by quality and
destination
Consuming Responsibly – Waste pgs. 137-140
Water discharge is generally managed by municipalities.
Waste by type and disposal method
Consuming Responsibly – Waste pg. 137
Significant spills
Not applicable due to the nature of our business.
Transport of hazardous waste
Not applicable due to the nature of our business.
Water bodies affected by water
discharges and/or runoff
Not applicable as water discharge from operations is
discharged to public sewage or treatment plants.
Emerging Topic – Diversity and Equal Opportunity
GRI 103:
Management
Approach
103-2
103-3
405-1
405-2
The management approach and its
components
Evaluation of the management
approach
Diversity of governance bodies and
employees
Focusing on People – Diversity, Equity & Inclusion,
pgs. 145-146
Corporate Governance Report, pgs. 189-191
Board of Directors, pgs. 20-26
Group Management, pgs. 27-31
Ratio of basic salary and
remuneration of women to men
Information is not disclosed due to the highly
competitive labour market.
Notes
Energy, Gas GHG, Water and Waste Reporting Scope
• Electricity consumption and GHG emissions reported are based on landlord consumption except for the Hospitality and Australia Industrial
portfolio which are based on whole area consumption. Electricity consumption and GHG emissions for the Australia Industrial portfolio
excludes three out of 106 tenants
• GHG emissions are calculated using the market-based method, which considers avoided emissions from use of purchased renewable energy
• Electricity and GHG data for the reported periods are restated to factor in replacement of previous estimates with actual data and changes in
portfolio composition compared to previous periods. In addition, GHG data for the reported periods are also restated to factor in the change to
market-based GHG reporting and updates in historical emissions factors
• Gas consumption and its associated reporting of GHG emissions are based on landlord consumption for the Australia Commercial and Retail
and the UK Business Park portfolio, and whole area consumption for the Australia Industrial portfolio
• Water consumption reported are based on landlord consumption except for the Australia Commercial & Retail, Australia Industrial and
Hospitality portfolio which are based on whole area consumption. Water data for the reported periods are restated to factor in replacement of
previous estimates with actual data and changes in portfolio composition compared to previous periods
• Waste generation reported are based on whole area except for UK Business Park portfolio which are based on landlord-controlled area.
Waste data for the Frasers Hospitality portfolio excludes 22 out of 99 properties. Waste data for the reported periods are restated to factor in
replacement of previous estimates with actual data and changes in portfolio composition compared to previous periods
• Energy, GHG, water and waste intensities exclude both newly completed properties in FY21 and properties divested at any point during the
reporting period
• The GHG emission factors are from Energy Market Authority – Singapore Energy Statistics 2021, Australia National Greenhouse Accounts
Factors 2021, UK Government GHG Reporting 2019, 2020, 2021, Entwicklung der spezifischen Kohlendioxid - Emissionen des deutschen
Strommix in den Jahren 1990 – 2020 by the umweltbundesamt (German Environment Agency), Climate Transparency (2019 Report) for India,
Indonesia, Japan, South Korea, Saudi Arabia and Turkey, Institute for Global Environmental Strategies – List of Grid Emission Factors 2021 for
China, Malaysia, Vietnam and Nigeria, Dubai Electricity & Water Authority Sustainability Report 2018, International Renewable Energy Agency for
Bahrain, Department of Energy, National Grid Emission Factor for Luzon-Visayas Grid 2015-2017 for the Philippines, Thai National LCI Database,
Association of Issuing Bodies for France, Hungary, Spain and Switzerland, International Energy and Environment Foundation – International
Journal of Energy And Environment Issue 4, 2013 for Oman and KAHRAMAA Sustainability Report 2016 for Qatar
• Scope of electricity and water reporting for corporate offices include Singapore, Australia, Germany, Thailand, Vietnam and China
Embodied Carbon Reporting Scope
• The GHG emissions factors are from 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
176
OUR GOVERNANCE FRAMEWORK
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 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
CHAIRMAN
Mr Charoen Sirivadhanabhakdi
–––––––––––––––––––––––––––––––––––––––––––
Key Objectives
Lead and ensure effectiveness of the Board,
including effective communication with
shareholders and other stakeholders
AUDIT COMMITTEE
Chairman: Mr Charles Mak Ming Ying
3 Independent Directors, 1 Non-independent Director
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
BOARD OF FRASERS PROPERTY LIMITED
11 Directors:
– 6 Independent Directors
(including Lead Independent Director)
– 5 Non-independent Directors
––––––––––––––––––––––––––––––––––––––––––––
Key Objectives
Provide oversight of business performance
and affairs of the Company for the long-term
success of the Company
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 objective performance
criteria and process for evaluation of, and assessing annually, the
effectiveness of, the Board as a whole, and that of each of its Board
Committees and individual Directors, and 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 procedure
for developing policies on executive remuneration, and fixing the
remuneration packages of individual Directors and Key Management
Personnel to ensure that the level and structure of their remuneration
are appropriate and proportionate to the sustained performance
and value creation of the Company, taking into account the strategic
objectives of the Company
RISK MANAGEMENT AND SUSTAINABILITY COMMITTEE
Chairman: Mr Chotiphat Bijananda
3 Independent Directors, 3 Non-independent Directors
Key Objectives
Assist the Board in carrying out its responsibility (i) 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, and (ii) in determining environmental,
social and governance factors (“ESG factors”) identified as material
to the business, monitoring and managing ESG factors and overseeing
standards, management processes and strategies to achieve sustainability
practices, and to report to the Board and provide appropriate updates
and recommendations on sustainability issues
Corporate Governance Report Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
177
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 manual of the SGX-ST (the “SGX-ST Listing Manual”), FPL complies with the principles of
the Code of Corporate Governance 2018 (the “Code”). The practices of the board of directors of the Company (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 of the Code, FPL will state explicitly the provision from
which it has varied, explain the reason for the variation and explain how its practices nevertheless are consistent with
the intent of the relevant principle of the Code. FPL is also guided by the Practice Guidance which accompanies the
Code and which sets out best practice standards for listed companies, as this will build investor and stakeholder
confidence in the Group. A summary of compliance with the express disclosure requirements under the provisions
of the Code is set out on pages 211 to 212 of this annual report.
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, which includes appropriate focus on value creation, innovation and sustainability.
The Board also determines the Group’s approach to corporate governance, including setting appropriate tone-from-
the-top and the desired organisational culture, values and ethical standards of conduct, and works with Management
on its implementation across all levels of the Group’s values, standards, policies and practices. 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 (“ERM Framework”), the Board establishes
and maintains a sound risk management framework to effectively monitor and manage risks, and to achieve an
appropriate balance between risks and company performance. The Board also puts in place policies, structures
and mechanisms to ensure compliance with legislative and regulatory requirements. The Board, which comprises
directors who, as fiduciaries, are expected to act objectively in the best interests of the Company, constructively
challenges Management and reviews its performance, and holds Management accountable for performance. It also
oversees Management to ensure transparency and accountability to key stakeholder groups.
In the financial year ended 30 September 2021 (“FY2021”), all the directors of the Company (the “Directors”)
attended a Board Strategy Meeting over two days which allowed 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 with Management to promote deeper understanding of the Group’s business environment and
operations, and refine its strategies.
Corporate Governance Report 178
During FY2021, the Board has continued to spend time monitoring the impact of the ongoing COVID-19 pandemic
and has been working closely with Management in reviewing the business opportunities and challenges posed by
the COVID-19 pandemic. The Board has tasked Management to prioritise health, well-being and safety of employees
and customers in all aspects of the Group’s operations. In addition, the Board has been paying close attention to the
level of financial discipline and portfolio management rigour across the Group’s businesses.
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, each carrying out their respective roles as Chairman of the Board and the Group CEO of the
Company, in alignment with the principle for a clear division of responsibilities and an appropriate balance of power
and authority.
The Chairman provides leadership to the Board. He sets the right ethical and behavioural tone and desired
organisational culture, and ensures the Board’s effectiveness by, among other things, promoting and maintaining
high standards of corporate governance and transparency, encouraging effective participation by all Directors and
facilitating constructive and appropriate relations among and between them and Management. The Chairman sets
the agenda for each Board meeting, taking into account strategic and other key issues pertinent to the business
and operations of the Group and promotes a culture of openness and debate at Board meetings. The Chairman
ensures effective communication with Shareholders on critical issues that could significantly affect the reputation
and standing of the Company.
In addition, the Chairman ensures that the Directors receive accurate, clear, complete and timely information to
facilitate their effective contributions and enable informed decisions to be made.
The Group CEO provides strategic leadership to, and management of, the Group to ensure that the mission, vision,
and core values of the Company are put into practice and executed in an effective, focused and sustainable manner,
and is also responsible for leading, promoting and conducting the affairs of the Group with the highest standards
of integrity, corporate governance and transparency. He leads Management, which includes the Chief Executive
Officers (the “CEOs”) of the strategic business units (the “SBUs”) and other business units within the Group, reviews
and implements the business direction, business plans and processes and the strategies for the Group as approved
by the Board, and works together with the Board to formulate such strategies, plans and processes. The Group
CEO seeks business opportunities, drives new initiatives and is responsible for the operational performance of
the Group as well as building and maintaining strong relationships with stakeholders of the Group. Key initiatives
led by the Group CEO include (i) leading the Group’s evolution, amid changes brought upon by external factors,
while navigating the transition to an endemic COVID-19 environment; (ii) building resilient and sustainable business
platforms and strengthening the Group’s structure; (iii) scaling up the platform 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 are set out in writing. Although the Chairman
and the Group CEO are related, as the Chairman is the father of the Group CEO, independence of decision making by
the Board is achieved through Independent Directors making up a majority of the Board, one of whom is appointed
as the Lead Independent Director, 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 CEOs of 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 on 1 October 2016. Mr Panote Sirivadhanabhakdi
is the son of the Chairman, 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.
Corporate Governance Report Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
179
Board Committees
The Board has formed committees of the Board (the “Board Committees”) to oversee specific areas for greater
efficiency, and has delegated authority and duties to such Board Committees based on written and clearly defined
terms of reference. The terms of reference of the Board Committees set out their compositions, authorities and
duties, including reporting back to the Board.
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 and Sustainability
Committee (“RMSC”).
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, 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
the Group’s core competencies. 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
such as capital investments, and acquisitions, investments and divestitures (other than those which are material to
the Company requiring Board approval) in accordance with the 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.
Membership
Key Objectives
Audit Committee
Mr Charles Mak Ming Ying, Chairman
Mr Philip Eng Heng Nee, Member
Mr Wee Joo Yeow, Member
Mr Sithichai Chaikriangkrai, Member
• Assist the Board in fulfilling its responsibility for
overseeing the quality and integrity of the accounting,
auditing, internal controls, risk management systems
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. All members of the AC, including the Chairman, are appropriately qualified and have recent and/or relevant
accounting or 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 external auditors, KPMG LLP, and none of the members of the AC
hold any financial interest in the Company’s external auditors, KPMG LLP.
Corporate Governance Report 180
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 consideration, inter alia, 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;
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 any announcements relating to the Company’s and the Group’s financial
performance 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 Systems: reviewing and reporting to the Board, 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 as may be required under the
SGX-ST Listing Manual and the general mandate for interested person transactions, 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 on; 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.
Where the external auditors raise any significant issues (where applicable) in their audit of the Company’s year-end
financial statements, the AC will consider whether the issues raised have a material impact on the interim financial
statements or business updates previously announced by the Company. If so, the AC will bring this to the Board’s
attention immediately so that the Board can consider whether an immediate announcement is required under the
SGX-ST Listing Manual. In such a situation, the AC will also advise the Board if changes are needed to improve the
quality of future interim financial statements or business updates – such changes (if any) will be disclosed in the
Company’s annual report.
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.
Corporate Governance Report Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
181
During FY2021, key activities of the AC included:
•
•
•
•
•
•
•
•
•
reviewing the half-year and full-year financial results, first-quarter and third-quarter interim business updates
and related SGXNet 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 half yearly and annual financial results, interim business
updates and related SGXNet 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;
assessing the impact of the COVID-19 pandemic and reviewing with Management the adequacy of cash flow
and liquidity in sustaining the Group's operations on an ongoing basis;
reviewing and approving the internal and external audit plans to ensure the adequacy of the audit scope,
including reviewing and approving adjustments to the annual internal audit plan to prioritise and address risks
and constraints arising during the COVID-19 pandemic;
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, effectiveness and independence 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
• Formulate the objective performance criteria and
process for evaluation of, and assessing annually,
the effectiveness of, the Board as a whole,
and that of each of its Board Committees and
individual Directors
• Review the Board and Directors’ 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 and Key Management Personnel, making recommendations to the Board on all appointments and
re-appointments of Directors (including alternate Directors, if any), 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 individual Directors, and ensures that proper disclosures
of such criteria and process are made. The NC is also responsible for reviewing and making recommendations to the
Board on training and professional development programmes for the Board and the Directors.
Corporate Governance Report 182
Further information on the main activities of the NC are outlined in the following sections:
•
•
•
•
“Training and development of Directors” on page 187
“Board Composition” on pages 188 to 190
“Directors’ Independence” on pages 191 to 192
“Board Evaluation Performance” on page 193
Membership
Key Objectives
Remuneration Committee
Mr Philip Eng Heng Nee, Chairman
Mr Charles Mak Ming Ying, Member
Mr Chan Heng Wing, Member
• Assist the Board in establishing a formal and transparent
procedure for developing policies on executive
remuneration
• Assist the Board in fixing the remuneration packages of
individual Directors and Key Management Personnel to
ensure that the level and structure of their remuneration
are appropriate and proportionate to the sustained
performance and value creation of the Company, taking
into account the strategic objectives of the Company
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.
Corporate Governance Report Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
183
Risk Management and Sustainability Committee
Membership
Key Objectives
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
• Assist the Board in carrying out its responsibility in
determining ESG factors identified as material to the
business, monitoring and managing ESG factors and
overseeing standards, management processes and
strategies to achieve sustainability practices
• Report to the Board and provide appropriate updates
and recommendations on sustainability issues
Save for Mr Panote Sirivadhanabhakdi, all members of the RMSC are non-executive Directors, and three of the members,
namely Mr Charles Mak Ming Ying, Mr Chan Heng Wing and Mr Weerawong Chittmittrapap, are Independent Directors.
In FY2021, the terms of reference of the Risk Management Committee were expanded to include oversight of sustainability
matters and, to reflect this, the Committee was renamed the “Risk Management and Sustainability Committee”.
The RMSC assists the Board to oversee the Group’s ERM Framework, determine the risk appetite and risk strategy,
assess the Group’s risk profile, material risks, practices and risk control measures, ensure the adequacy and
effectiveness of the Group’s risk management policies and procedures, as well as to oversee matters in relation to
personal data protection and sustainability practices.
The Board, through the RMSC, 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
RMSC 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 RMSC 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 RMSC also helps to ensure that Management
maintains a sound system of sustainability governance and an appropriate sustainability reporting framework which
links sustainability risks and opportunities with strategy, other organisational risks and goals and which also enhances
operational responses to sustainability risks and opportunities.
The meetings of the RMSC 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 RMSC can be found in the section “Governance of Risk and
Internal Controls” on pages 203 to 204.
Corporate Governance Report 184
In addition to the formalised Board Committees, the Company has established an Information Technology &
Cybersecurity Committee that comprises Board members and members of Management.
Information Technology & Cybersecurity Committee
Membership
Key Objectives
Mr Tan Pheng Hock, Chairman
Mr Wee Joo Yeow, Member
Mr Panote Sirivadhanabhakdi, Member
Mr Chia Khong Shoong, Member
• Review and monitor the on-going appropriateness and
relevance of the Company’s policy for the allocation
of resources required to deliver and execute its 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 (including data collection
and protection), 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 seeks to ensure their timely and efficient implementation, and also seeks to ensure that appropriate business
continuity arrangements relating to information technology are in place.
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,
which is approved by the Board, 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 order to facilitate 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 and these are clearly communicated to Management in writing. These include approval of
annual budgets, financial plans, business strategies and material transactions, such as major acquisitions, divestments,
funding and investment proposals.
The Board delegates authority for approval of transactions below certain limits to the EXCO and/or Management
and sub-committees formed at various levels of Management (the “Management Sub-Committees”) 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 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
185
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 FY2021:
Board
Executive
Committee
Board
Audit
Committee
Nominating
Committee
Remuneration
Committee
Risk
Management
and
Sustainability
Committee
General
Meetings
8
8(C)
8
8
8
8
8
8
8
8
8
8
1
1(C)
N.A.
1
N.A.
1
N.A.
1
N.A.
1
1
1
5
N.A.
N.A.
5(C)
N.A.
5
N.A.
5
N.A.
N.A.
N.A.
5
2
N.A.
N.A.
2
2
N.A.
N.A.
N.A.
2(C)
2
N.A.
N.A.
4
N.A.
N.A.
4
4
4(C)
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
4
N.A.
N.A.
4
4
N.A.
N.A.
N.A.
4
4(C)
4
4
1
1(C)
1
1
1
1
1
1
1
1
1
1
Meetings held in FY2021
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
Notes:
(C)
refers to Chairman of the Board or Board Committees.
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.
Management provides the Directors with Board papers setting out complete, adequate and relevant information on
the agenda items to be discussed at Board and Board Committee meetings approximately a week in advance of the
meeting (save in cases of urgency). This is to provide 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.
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.
Corporate Governance Report 186
Matters discussed by Board and Board Committees in FY2021
BOARD
• Strategy
• Business and Operations Update
• Financial Performance
• Governance
• Feedback from Board Committees
Board Executive
Committee
Audit
Committee
Nominating
Committee
Remuneration
Committee
Risk Management
and Sustainability
Committee
• Strategic
Development
Initiatives
• Direction for New
Investments and
Material Financial
and Non-Financial
Matters
• External and
Internal Audit
•
• Financial
Reporting
Internal Controls
and Risk
Management
Systems
Interested Person
Transactions
• Conflicts of
Interests
•
• Remuneration
Policies and
Framework
• Risk Management
Framework and
Policies
• Material Risk Issues
• Board
Composition and
Renewal
• Board, Board
Committees
and Director
Evaluations
• Training and
Development
• Succession
Planning
• Whistle-blowing
Investigations
•
Board Oversight
Management provides Directors with complete and accurate 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. In respect of budgets, any material variance between the projections and actual results will be
disclosed and explained in the relevant periodic report.
Directors have separate and independent access to Management, and are entitled to request for such additional
information as needed to make informed decisions , which additional information will then be provided by Management
in a timely manner. 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 a better understanding of the key business operations of
each division and to promote active engagement with Management.
Directors are provided with complete, adequate and timely information to enable them to prepare adequately for
Board and Board Committee meetings and make informed decisions, and Directors (including those who hold
multiple board representations and other principal commitments) 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.
The Company continued to closely monitor developments on the COVID-19 situation during FY2021, and the Board
was promptly informed on the impact of such developments on business operations, as well as the implementation
of business continuity plans and other mitigating measures to minimise any operational disruptions. Over the course
of FY2021, notable developments that impacted business operations included a series of tightening and relaxation of
COVID-19 related restrictions at varying points in time across the Group’s markets.
In addition, the Board was regularly updated on macro-economic conditions in the Group’s markets, and relevant
legal and regulatory requirements in light of the evolving COVID-19 situation. Notable updates over the course of
FY2021 included the government stimulus measures in Australia and the Rental Waiver Framework and Jobs Support
Scheme implemented in Singapore.
Corporate Governance Report Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
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The Company Secretary
The Board is supported by the Company Secretary, who is legally trained and familiar with company secretarial
practices, and responsible for administering and executing Board and Board Committee procedures, in compliance
with the Company’s Constitution and applicable law. The Company Secretary also provides advice and guidance on
relevant 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 SGX-ST Listing Manual, as well as corporate
governance practices and processes.
The Company Secretary attends all 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 Directors
have separate and independent access to the Company Secretary, whose responsibilities include supporting and
advising the Board on corporate and administrative matters.
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 understand the Group’s business and 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 roles, duties,
responsibilities and obligations, including his or her responsibilities as fiduciaries and on the policies relating
to conflicts of interest, as well as the expectations of the Company. 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, to foster rapport and facilitates
communication with Management. A new Director who has no prior experience as a director of an issuer listed on the
SGX-ST must also undergo mandatory training in his or her roles and responsibilities as prescribed by the SGX-ST,
unless the NC is of the view that training is not required because he or she has other relevant experience, in which
case the basis of its assessment will be disclosed.
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 SGX-ST Listing Manual
as well as developments in financial reporting standards, by way of briefings held by the Company’s lawyers and
auditors. During FY2021, the Directors attended a briefing on updates to the SGX-ST Listing Manual conducted by
the Company’s lawyers, and were updated on global macro and geopolitical developments, sustainability and ESG
matters, and cyber security landscape and trends by Management.
To ensure the Directors have the opportunities to develop their skills and knowledge 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
global mega-trends.
Corporate Governance Report 188
BOARD COMPOSITION
The following table shows the composition of the Board and the various Board Committees:
Audit
Committee
Nominating
Committee
Remuneration
Committee
Risk
Management
and
Sustainability
Committee
Board
Executive
Committee
ü
(Chairman)
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
ü
(Vice
Chairman)
ü
(Chairman)
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
ü
ü
Mr Chotiphat
Bijananda
Non-Executive and
Non-independent
Director
ü
(Vice
Chairman)
Mr Panote
Sirivadhanabhakdi
Mr Sithichai
Chaikriangkrai
Group Chief Executive
Officer Executive and
Non-independent
Director
Non-Executive and
Non-independent
Director
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
(Chairman)
ü
(Chairman)
ü
ü
ü
ü
ü
(Chairman)
ü
ü
Profiles of each of the Directors can be found on pages 20 to 26 of this annual report.
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.
No alternate Directors were appointed to the Board in FY2021. Alternate Directors will only be appointed in exceptional
circumstances.
Corporate Governance Report Contents
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Organisational
Business
Sustainability
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Financial &
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The NC reviews, on an annual basis, the structure, size and 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 competencies (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 such as gender and age 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 2021)
Age Group
Independence
Gender
9%
9%
36%
46%
Non-Executive and
Independent Directors
Non-Executive and
Non-Independent Directors
Executive and
Non-Independent Directors
55%
36%
9%
Female
Male
9%
91%
41-50
51-60
61-70
71-80
Tenure
Between 8-9 years
3
Between 6-7 years
7
5 years or less
1
0
2
4
6
8
Number of Directors
Corporate Governance Report 190
The Company’s Constitution provides that at least one-third (or the number nearest to but not less than one-third) of
its Directors shall retire from office by rotation at each annual general meeting of the Company (“AGM”). All Directors
are required to retire from office at least once every three years. All retiring Directors are eligible for re-election. New
Directors appointed by the Board during the year must also retire from office at the next AGM immediately following
their appointment, but will be eligible for re-election at that AGM.
Shareholders may vote on the appointment of Directors who are retiring from office and standing for re-election
at each AGM. Information on the Directors who are seeking re-election at the upcoming AGM can be found in the
section “Additional Information on Directors Seeking Re-Appointment” on pages 417 to 424.
In the event any Director steps down from the Board, a cessation announcement providing detailed reason(s) for the
cessation will be released on SGXNet in compliance with the requirements of the SGX-ST Listing Manual.
Selection, Appointment and Re-appointment of Directors
The NC reviews the nominations for appointments and re-appointments to the Board and Board Committees,
taking into account, among other things, the succession plans for Directors, whether Directors (including those who
hold multiple board representations and other principal commitments) are able to and have been contributing and
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.
Additionally, as part of the NC’s review of the composition, and performance evaluation, of the Board and Board
Committees (which are done at least annually), the NC will consider the competencies, commitment, contribution
and performance (e.g. attendance, preparedness, participation and candour) of the Directors (including Directors
who are to be recommended for re-appointment). In the case of a potential new Director, the NC will consider the
candidate’s experience, education, expertise, skillset, personal qualities and general and sector-specific knowledge
in relation to the needs of the Board and the Group’s business, as well as whether the candidates will add diversity
and technological expertise to the Board and whether they are likely to have adequate time to discharge their
duties, including attendance at all Board meetings. The NC will also take into consideration whether a candidate
had previously served on the board of companies with adverse track records or a history of irregularities, and assess
whether such past appointments would affect his/her ability to act as a Director of the Company.
The NC considers a range of different channels to source and screen both internal and external 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 sourcing,
assessing and selecting a broader range of potential internal and external candidates beyond the Board’s existing
networks of contacts. Suitable candidates are carefully evaluated by the NC so that recommendations made on
proposed candidates are objective and well supported. The NC submits its recommendations for nominations of
appointments and re-appointments 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 review and Board evaluation exercise, the Directors assess whether Board members have been
and are able to effectively manage his or her directorships and principal commitments and make the substantial time
commitment required to contribute to the Board, carry out their duties adequately and fulfil their responsibilities and
duties to the Company and its Shareholders.
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 assessment also takes into
consideration Directors’ commitment, conduct and contributions (such as meaningful participation, candour and
rigorous decision making) at Board meetings, as well as whether the Director’s engagement with Management is
adequate and effective. In respect of FY2021, the NC is of the view that each Director, including Directors who hold
multiple board representations, has been able to effectively discharge his duties as a Director of the Company.
Further details on the Board evaluation exercise are set out under the section “Board Performance Evaluation” on
page 193.
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Organisational
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Sustainability
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Board Diversity Policy
The Board has adopted a board diversity policy, and has charged the NC with the task of setting qualitative and
measurable quantitative objectives (where appropriate) for achieving board diversity, and reviewing the Company’s
progress towards achieving the objectives under the 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 and specific diversity targets, with a view to achieving an optimal Board composition,
and these objectives and specific diversity targets may be reviewed by the NC from time to time to ensure their
appropriateness. Although there were no Board composition changes during FY2021, the Company remains
committed to implementing the Board Diversity Policy and any progress made towards the implementation of such
policy will be disclosed in future Corporate Governance Reports, as appropriate. The current Board composition
reflects the Company’s commitment to Board diversity, especially in terms of geographical background and
experience (Singapore, Thailand and Hong Kong SAR) and diverse age range (between 40 to 80 years).
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. Furthermore, as the Group has multi-national
businesses across key markets including Singapore, China and Thailand, the Board’s diversity in its geographical
background and experience has provided the Company with significant insights and in-depth understanding of the
Group’s investments and businesses in such countries.
Directors’ Independence
The NC determines the independence of each Director annually and as and when circumstances require, based on
the rules, guidelines and/or circumstances on director independence as set out in the SGX-ST Listing Manual, 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, if any, which may affect their independence, as and when they arise, to the Board.
The Independent Directors complete a declaration of independence annually, which is then reviewed by the
NC. Based on the declarations of independence of these Directors, and having regard to the rules, guidelines
and/or circumstances set forth in Rule 210(5)(d) of the SGX-ST Listing Manual, Provision 2.1 of the Code and
the accompanying Practice Guidance, the NC and the Board have determined that for FY2021, 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, constituting a majority of the Board.
Based on their declarations, none of these six Independent Directors 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. In particular, the NC and the Board 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"); (ii) the non-executive chairman
of the approval committee of the Hospitality SBU, being one of the Management Sub-Committees; and (iii) a member
of the board of directors of Frasers Property Australia Pty Ltd (“FPA”), and were 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 and FPA is a wholly-owned subsidiary of the Company within the Frasers
Property Australia SBU. In relation to the other Independent Directors, notwithstanding that certain Independent
Directors may hold directorships in entities which have provided services to or received payment from the Company
or any of its subsidiaries in FY2021 or the previous financial year in excess of $200,000 in any financial year, the
NC and the Board were satisfied that such Independent Directors have demonstrated the ability to exercise strong
objective judgement and act in the best interest of the Company and have remained independent in conduct and
character, in particular in expressing their respective views and participating in the deliberations and decision making
of the Board and the Board Committees.
Corporate Governance Report
192
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 2021, none of the Independent Directors have served 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 Rule 210(5)(d)(iii) of the SGX-ST Listing Manual which will take effect from 1 January 2022.
Under Rule 210(5)(d)(iii) of the SGX-ST Listing Manual, a director is not independent if he or she has been a director for
an aggregate period of more than nine years (whether before or after listing) and his or her continued appointment as
an independent director has not been sought and approved in separate resolutions by (A) all shareholders; and (B) all
shareholders, excluding the directors and the chief executive officer of the company, and associates of such directors
and chief executive officer (the separate resolutions in (A) and (B) hereinafter referred to as the “Two-Tier Approvals”).
Mr Charles Mak Ming Ying, Mr Chan Heng Wing, Mr Philip Eng Heng Nee and Mr Weerawong Chittmittrapap (collectively,
the “Prospective Nine-Year IDs”), all of whom joined the Board on 25 October 2013, are Independent Directors
who will each have served an aggregate of more than nine years on the Board by 25 October 2022, and will each be
deemed non-independent from 25 October 2022 under Rule 210(5)(d)(iii), unless Two-Tier Approvals for their continued
appointments as Independent Directors are sought and obtained for each of them before then.
Following a review by the NC and the Board, it has been determined that new Independent Directors, including a new
Lead Independent Director, be appointed to replace the Prospective Nine-Year IDs as part of succession planning and
Board renewal. Accordingly, the continued appointment of the Prospective Nine-Year IDs as Independent Directors
will not be submitted for the Two-Tier Approvals at the upcoming AGM. The Company is in the process of selecting
and reviewing candidates for appointment as new Independent Directors.
To facilitate an orderly and smooth transition and continuity of knowledge, experience and good governance during
the current and future Board renewal exercises, the NC and the Board have recommended that appointment of new
Independent Directors be on a staggered basis, with certain Prospective Nine-Year IDs remaining on the Board for a
transitional period.
The Company will provide updates on the appointment of the new Independent Directors, and the retirement of the
Prospective Nine-Year IDs, via SGXNet in due course.
Lead Independent Director
Mr Charles Mak Ming Ying, an Independent Director, 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, works with the Chairman in leading the Board 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 Board and/or Chairman as appropriate. In addition,
the Lead Independent Director may also help the NC conduct annual performance evaluation and develop succession
plans for the Chairman and the Group CEO.
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Conflict of Interest
The Board has in place clear procedures for dealing with conflicts of interest. 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 recuse themselves from meetings and 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.
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 2021, 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 objective performance criteria for
evaluation of the performance of the Board as a whole, the Board Committees and the individual Directors.
The Board, with the recommendation of the NC, has approved the objective performance criteria and implemented a
formal process for assessing the effectiveness of the Board as a whole and its Board Committees separately, and the
contribution by the Chairman and each individual Director to the effectiveness of the Board, on an annual basis. The
objective performance criteria are not typically changed from year to year. In relation to FY2020, the outcome of the
evaluation was 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 FY2021, an independent external consultant, Aon Solutions Singapore Pte. Ltd. (“Aon”), has been 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.
Each Director is required to complete a Board evaluation questionnaire, a Board Committee evaluation questionnaire
and an individual Director self-evaluation questionnaire (the“Questionnaires”). The Questionnaires have been
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. The external consultant will facilitate the sending of the Questionnaires to all Directors,
and one-to-one interviews are conducted selectively on a rotational basis to obtain Directors’ feedback.
The objective performance criteria covered in the Board evaluation exercise relate to the following key segments:
(1) Board composition (balance of skills, experience, independence, knowledge of the company, and diversity);
(2) management of information flow; (3) Board processes (including Board practices and conduct); (4) Board’s
consideration of Environmental, Social and Governance aspects; (5) Board strategy and priorities; (6) Board’s
value add to, and management of the performance of, the Company; (7) development and succession planning of
executives; (8) development and training of Directors; (9) oversight of risk management and internal controls; and
(10) the effectiveness of the Board Committees. The individual Director self-evaluation questionnaire aims to assess
whether each Director is willing and able to constructively challenge and contribute effectively to the Board, and
demonstrate commitment to his or her roles on the Board and Board Committees (if any).
The responses to the Questionnaires and interview(s) are summarised by the external consultant and its report
submitted to the NC. To provide a greater level of objectivity in the evaluation process, the report also includes peer
comparisons and third-party benchmarking of the results to the evaluation. 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. The Chairman will, where necessary, provide feedback to the
Directors with a view to improving Board performance and, where appropriate, propose changes to the composition
of the Board.
Corporate Governance Report 194
REMUNERATION MATTERS
With the recommendations of the RC, the Board has put in place a formal and transparent process for developing
the framework and policies on Director and executive remuneration and for fixing the remuneration packages of
individual Directors and Key Management Personnel.
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 FY2021, Aon 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,
benefits in kind, termination terms and payments, grant of share awards and incentives for the Key Management
Personnel and fees for the Independent Directors and other non-executive Directors, and the RC considers all such
aspects of remuneration to ensure they are fair and avoids rewarding poor performance.
The remuneration framework is tailored to the specific role and circumstances of each Director and Key Management
Personnel, to ensure an appropriate remuneration level and mix that recognises the performance, potential and
responsibilities of these individuals.
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 and value
creation 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
A significant and 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.
The performance targets are measurable, appropriate and meaningful so that they incentivise the right behaviour
in a manner consistent with the Group’s core values. For individuals in control functions, performance targets are
principally based on the achievement of the objectives of their functions.
(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 Culture & People, Sustainability, Organisation Effectiveness,
Digital/Data, Customer/Branding 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
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(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
subsequently adopted by Shareholders 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. Such performance conditions are generally performance indicators that are key
drivers of business performance, Shareholders’ value creation and aligned to the Group’s business objectives.
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 aggregate number
of Shares allotted and issued and/or to be allotted and issued, when aggregated with existing Shares (including
shares held in treasury) delivered and/or to be delivered pursuant to the RSP and the PSP shall not exceed ten
percent (10%) of the total number of issued Shares of the Company (excluding treasury shares and subsidiary
holdings) over the 10-year duration of the RSP and the PSP.
The RC has absolute discretion to decide on the Final Awards, taking into consideration any other relevant
circumstances.
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Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
197
Approach to Remuneration of Key Management Personnel
The Company advocates a performance-based remuneration system that is highly flexible and responsive to the
market, and is structured so as to link a significant and appropriate proportion of remuneration to the Company’s
performance and that of the individual.
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 level and mix of remuneration
are aligned with the interests of the Shareholders and other stakeholders and promote the long-term success of the
Company, and appropriate to attract, retain and motivate Key Management Personnel to successfully manage the
Company for the long term.
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 SBUs’ 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 FY2021, the pre-determined target performance levels under the LTI Plans 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 remuneration packages and service terms for the
Group CEO and the other Key Management Personnel for approval by the Board, which is ultimately accountable for
all remuneration decisions relating to the Group CEO and the Key Management Personnel.
No Director or Key Management Personnel is involved in deciding his/her remuneration.
The Group CEO does not receive any Directors’ fee for serving on the Board and Board Committees. As he is also
an associate of a controlling 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 as those for 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.
In solidarity with its stakeholders in overcoming the challenges posed by the COVID-19 pandemic, senior Management
took a reduction in their base salary of between 10% to 25% from 1 October 2020 to 31 July 2021.
Corporate Governance Report 198
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, to attract, retain and motivate the Directors to provide good stewardship of the Company to
successfully manage the Company for the long term.
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. The following fee structure was presented
to and reviewed by the RC, and upon recommendation by the RC, was endorsed by the Board for FY2021:
Attendance Fee
(for physical
attendance in
Singapore or
home country of
Director)
($)
Attendance Fee
(for physical
attendance
outside Singapore
(excluding
home country of
Director))
($)
Attendance Fee
(for attendance
via tele / video
conference)
($)
Basic Fee
($)
200,000
120,000
100,000
60,000
30,000
50,000
25,000
40,000
20,000
3,000
1,500
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
3,000
1,500
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
0
Board
– Chairman
– Lead Independent Director
– Member
Audit Committee and Board
Executive Committee
– Chairman
– Member
Remuneration Committee
– Chairman
– Member
Nominating Committee and
Risk Management and
Sustainability Committee
– Chairman
– Member
Information Technology &
Cybersecurity Committee(1)
– Chairman
– Member
Note:
–
–
3,000
1,500
4,500 per trip
4,500 per trip
(1) The Information Technology & Cybersecurity Committee comprises Board members and members of Management, For FY2021, 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, who are respectively the Chairman and a member of this committee.
Corporate Governance Report Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
199
Shareholders' approval was obtained at the AGM held on 22 January 2021 for the payment of Directors' fees of up to
$2,000,000 for FY2021. Shareholders' approval will be sought at the upcoming AGM to be held on 21 January 2022
for the proposed payment of Directors' fees of up to $2,500,000 for the financial year ending 30 September 2022.
The increase of $500,000 over the sum approved for last year is to accommodate, amongst others, any fee increases
due to the appointment of new Directors and/or additional unscheduled Board or Board Committee meetings, as
well as the inclusion of a basic fee for serving as Chairman or member of the Information Technology & Cybersecurity
Committee upon its conversion to a formalised Board Committee, which is anticipated to take place in the financial
year ending 30 September 2022. Apart from the inclusion of the basic fees for the Information Technology &
Cybersecurity Committee, there are no other anticipated changes to the Directors’ fee structure for the current
financial year ending 30 September 2022.
Disclosure of Remuneration of Directors and Top Key Management Personnel
Information on the remuneration of the Directors for FY2021 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
Notes:
Total Remuneration
(in the form of Directors’ Fees)
$(1)
–(2)
–(2)
277,083
179,250
227,000(3)
111,667
171,167
161,667
190,167
–(4)
184,000
(1) The Board had approved a waiver of 10% of the non-executive Directors' basic fees for the period from 1 October 2020 to 31 July 2021, which
were reinstated with effect from 1 August 2021, and this is reflected in the amount of remuneration disclosed above.
(2) Mr Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi waived payment of Directors' fees due to them.
(3) Excludes $49,304 and $120,000, being payment of director’s fees from FPL's subsidiaries, Frasers Property Australia Pty Ltd and Frasers Hospitality
International Pte Ltd, respectively.
(4) Mr Panote Sirivadhanabhakdi, the Group CEO, is not paid Directors’ fees.
Corporate Governance Report 200
Information on the remuneration of the Group CEO, and the total remuneration paid to the top five Key Management
Personnel of the Group (excluding the Group CEO) in aggregate, for FY2021, is set out below:
Salary inclusive of
employer’s CPF
Bonus and other
benefits inclusive of
employer’s CPF
Long Term
Incentives /
Share awards(1)
Total(2)
$771,750
25%
$1,553,171
51%
$750,145(5)
24%
$3,075,066
100%
$3,405,240
40%
$3,052,651
36%
$2,092,397
24%
$8,550,288
100%
Group CEO
Mr Panote Sirivadhanabhakdi(3)(4)
Top five Key Management
Personnel
Mr Chia Khong Shoong
Mr Loo Choo Leong
Mr Reini Otter
Mr Anthony Boyd
Mr Uten Lohachitpitaks
Notes:
(1) The value of long term incentives was calculated based on the initial awards at target level and on the closing share price of $1.15 on 23 June 2021.
(2) Certain Key Management Personnel have taken a reduction in their remuneration for the period from 1 October 2020 to 31 July 2021, which was
reinstated with effect from 1 August 2021, and this has been reflected in the amount of total remuneration disclosed above.
(3) Mr Panote Sirivadhanabhakdi, the Group CEO, is not paid Director’s fees.
(4) The total remuneration paid to the Group CEO for FY2020 was $3,067,342 instead of $3,837,674 as previously disclosed in the Company’s annual
report for FY2020. The remuneration paid comprised (i) salary inclusive of employer’s CPF (28%), (ii) bonus and other benefits inclusive of
employer’s CPF (42%) and (iii) long-term incentives (30%).
(5) 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 as those for the RSP and the PSP.
Save as disclosed above, for FY2021, there were no termination, retirement and post-employment benefits granted
to the Directors, the Group CEO and the top five Key Management Personnel.
The Company has decided not to disclose the remuneration of each of the top five Key Management Personnel
(excluding the Group CEO) in bands of $250,000, and it has disclosed the aggregate remuneration of all of the top five
Key Management Personnel for the following reasons:
(i)
(ii)
(iii)
given the competitive business environment which the Company operates in, there is significant competition
for talent, and the Company has not disclosed the remuneration of the top five Key Management Personnel in
bands of $250,000 so as to minimise potential staff movement and undue disruption to its management team
which would be prejudicial to the interests of Shareholders;
the composition of the current management team has been stable and to ensure the continuity of business
and operations of the Company, it is important that the Company continues to retain its team of competent and
committed staff;
it is important for the Company to ensure stability and continuity of its business by retaining a competent and
experienced management team and being able to attract talented staff, and disclosure of the remuneration in
bands of $250,000 of each Key Management Personnel could make it difficult to retain and attract talented staff
on a long-term basis; and
(iv)
due to the confidentiality and sensitivity of staff remuneration matters, the Company is of the view that such
disclosure could be prejudicial to the interests of Shareholders.
While full compliance with Provision 8.1(b) of the Code would require disclosure of the remuneration of each of the
top five Key Management Personnel (who are not Directors or the Group CEO) in bands no wider than $250,000,
taking into account the reasons why such disclosure would be prejudicial to the interests of Shareholders and the
fact that the Company has disclosed the aggregate remuneration of all of the top five Key Management Personnel
(excluding the Group CEO), the remuneration policies, the composition of remuneration, the appraisal process and
the performance metrics which go towards determination of the performance bonus of the Group CEO and the top
five Key Management Personnel, the Board has determined that despite the partial deviation from Provision 8.1(b) of
the Code, there is sufficient transparency on the Company’s remuneration policies, level and mix of remuneration,
the procedure for setting remuneration and the relationships between remuneration, performance and value creation
consistent with the intent of Principle 8 of the Code.
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As at 30 September 2021, 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, the Group CEO or substantial Shareholder, and whose
remuneration (from the Company and its subsidiaries) exceeds $100,000 during the year. As disclosed above, Mr
Panote Sirivadhanabhakdi, the Group CEO, is the son of the Chairman, 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.
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 or trade 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.
The Company announces its financial statements on a half-yearly basis and provides business updates to Shareholders
for the first quarter and the nine-month performance of the Company and the Group. The financial results and business
updates contain information on the impact of the COVID-19 situation on the Company’s business operations and
financial performance. The Board also provides Shareholders with business updates, other price or trade sensitive
information and material corporate developments through announcements on SGXNet 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, re-appointment or
removal to the Board. The assessment is based on factors such as the performance and quality of its audit and the
independence of the auditors. The AC also makes recommendations to the Board on the remuneration and terms of
engagement of the external auditors.
In the AGM held on 22 January 2021, KPMG LLP was re-appointed by Shareholders as the external auditors of the
Company until the conclusion of the next AGM. 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 KPMG LLP
audit partner has been in charge of the audit of the Company since FY2021.
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 FY2021 are set out in the table below:
Fees Relating to External Auditors for FY2021
For audit and audit-related services
For non-audit services
Total
$ (Million)
6.8
1.9
8.7
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 SGX-ST Listing Manual which requires, amongst others, that a
suitable auditing firm should be appointed by the Company to meet its audit obligations. The Company has also
complied with Rule 715 of the SGX-ST Listing Manual which requires that the same auditing firm of the Company
based in Singapore audits its Singapore-incorporated subsidiaries and significant joint ventures and associates, and
that a suitable auditing firm be engaged for its significant foreign-incorporated subsidiaries and associates.
Corporate Governance Report
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In the review of the financial statements for FY2021, 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 2021.
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 2021.
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 queried
Management on its basis and its strategy to sell the unsold units.
The AC 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 2021.
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 2021 in relation to the
Group’s portfolio of hotel properties.
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Organisational
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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 RMSC, 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 RMSC,
the Board determines the Company’s risk appetite, assesses the Group’s risk profile, material risks, practices and
risk control measures, 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 Board, with the
assistance of the RMSC and the AC, reviews, at least annually, the adequacy and effectiveness of the Company’s risk
management systems.
The Company has adopted an ERM Framework to enhance its risk management capabilities. The Board is assisted
by the RMSC 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 47 to 49 of this annual report.
Periodic updates are provided to the RMSC 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
RMSC 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
RMSC. The tolerance statements and risk thresholds are revised at least annually to ensure they are aligned with the
Group’s business strategies.
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, at least annually, 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 information technology and sustainability 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.
Corporate Governance Report 204
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 2021, the financial records of the Group have been
properly maintained and the financial statements for FY2021 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 2021 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 SBUs that the system of internal controls in place for their respective SBUs is adequate
and effective as at 30 September 2021 to address financial, operational, compliance and information technology
risks for their respective SBUs which the Group considers relevant and material to its operations; and
Risk Management System
(d)
(e)
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 2021 to address risks which the Group considers
relevant and material to its operations; and
the CEOs of each of the SBUs that the risk management system in place for their respective SBUs is adequate
and effective as at 30 September 2021 to address risks for their respective SBUs which the Group considers
relevant and material to its operations.
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 CEOs of the SBUs, the Board is of the view that
the Group’s internal controls were adequate and effective as at 30 September 2021 to address financial, operational,
compliance and information technology risks, which the Group considers relevant and material to its operations.
Based on the ERM 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 CEOs of the SBUs,
the Board is of the view that the Group’s risk management system was adequate and effective as at 30 September
2021 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 2021, 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.
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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 FPL Group IA reports directly to the AC and administratively, to the Group CCO.
The appointment and removal of the Head of FPL Group IA requires the approval of the AC.
The AC ensures that FPL Group IA complies with the standards set by nationally or internationally recognised
professional bodies. In this regard, 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.
The AC is also responsible for ensuring that the internal audit function is adequately resourced and staffed with
persons with the relevant qualifications and experience. As at 30 September 2021, FPL Group IA comprised 22
professional staff members. 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 employs suitably qualified audit professionals with the requisite skills and experience. FPL Group
IA staff members are given relevant training and development opportunities to update their technical knowledge
and auditing skills. This includes attending technical workshops and 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. FPL Group IA function adopts a risk-based audit methodology to develop its audit plans, and its
activities are aligned to key strategies 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 extent and the frequencies of the reviews to
be performed. Higher risk areas are subject to more extensive and frequent reviews. FPL Group IA conducts its
reviews based on the internal audit plan approved by the AC. FPL Group IA has unfettered access to all the Group
companies’ documents, records, properties and personnel, and the AC members, and has appropriate standing
within the Company. 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 submits reports to the AC on the status of completion of the audit plans, audit findings noted
from reviews performed, and status of Management’s action plans to address such findings, including implementation
of the audit recommendations. The AC is satisfied that FPL Group IA is independent, effective, adequately resourced,
and has appropriate standing within the Group to perform its functions effectively. Quality assurance reviews on FPL
Group IA function are periodically carried out by qualified professionals from an external organisation. The last review
was performed in the financial year ended 30 September 2018. Where required, the AC will make recommendations
to the Board to ensure that FPL Group IA remains an adequate, effective and independent internal audit function.
Interested Person Transactions
Pursuant to Rule 920 of the SGX-ST Listing Manual, the Company has in place a general mandate approved by
Shareholders (“Shareholders’ Mandate”) enabling it to enter into certain types of interested person transactions with
the interested persons covered by the Shareholders’ Mandate. The Shareholders’ Mandate, which must be approved
by independent Shareholders at a general meeting, is subject to annual renewal.
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 Persons1 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 Group2 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.
1
2
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” means (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 206
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
SGX-ST 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,
misconduct or wrongdoing relating to FPL and its officers 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 and the Company
has designated Group IA, an independent function, to investigate all whistle-blowing reports made in good faith. FPL
is committed to ensuring that whistle-blowers will be treated fairly, and protected from reprisals, victimisation or any
otherwise detrimental or unfair treatment for whistle-blowing in good faith. FPL will treat all information received
confidentially and protect the identity of all whistle-blowers.
The improprieties, misconduct or wrongdoing 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 and explained in detail during
staff training, including the procedures for raising concerns. 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, which is responsible for oversight and monitoring of whistle-blowing,
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. Shareholders are
also given a balanced and understandable assessment of the Company’s performance, position and prospects.
The Company communicates regularly with its Shareholders and facilitates the participation of Shareholders during
general meetings and other dialogues to allow Shareholders to communicate their views on various matters affecting
the Company.
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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 or are likely to influence persons who commonly invest in securities in deciding whether or not to
subscribe for, or buy or sell 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. The IR policy also sets out the mechanism through which Shareholders may
contact the Company with questions and through which the Company may respond to such questions.
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 through announcements on SGXNet, and quarterly
briefings for results and business updates. In the interim business updates for the first and third quarters of each
financial year, the Company provides, inter alia, a discussion of the significant factors that affected the Company’s
interim performance as well as relevant market trends, including the risks and opportunities that may have a material
impact on the Company’s prospects. Such information provides Shareholders a better understanding of the Company’s
performance in the context of the current business environment.
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 also
makes available on its corporate website at https://www.frasersproperty.com, 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
SGXNet announcements.
Further details on the various activities organised by IR during the year can be found in the IR section on pages 40 to 41.
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 on pages 40 to 41.
An electronic copy of this annual report has been uploaded on the Company's website. Shareholders can access this
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 57th Annual General Meeting (“2021 AGM”) was convened and held by way
of electronic means on 22 January 2021, 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”). The alternative arrangements put in place for the conduct of the 2021
AGM included attendance at the AGM via electronic means where shareholders could observe and/or listen to the
AGM proceedings via live audio-visual webcast or live audio–only stream, submission of questions to the Chairman
of the Meeting in advance of the AGM, addressing of substantial and relevant questions prior to the AGM and voting
by appointing the Chairman of the Meeting as proxy. All the Directors attended the 2021 AGM either in-person or via
electronic means.
In view of the ongoing COVID-19 situation in Singapore, the forthcoming 58th Annual General Meeting (“2022 AGM”)
will again be convened and held by way of electronic means on 21 January 2022, pursuant to the COVID-19 Temporary
Measures Order. The alternative arrangements put in place for the AGM last year will likewise be put in place this year
except, Shareholders will additionally be able submit questions to the Chairman of the Meeting “live” at the AGM. The
description below sets out the Company’s usual practice for Shareholders’ meetings prior to the 2021 AGM when
there were no pandemic risks and the COVID-19 Temporary Measures Order was not in operation.
Corporate Governance Report 208
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 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 generally provides Shareholders with longer than the minimum notice period required for general
meetings. The Company tries its best not to schedule its AGMs during peak periods when these might coincide with
the AGMs of other listed companies.
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, such as nominee
companies which provide custodial services for securities, to appoint more than two proxies to attend, speak and
vote on their behalf in Shareholders’ meetings.
At general meetings, the Company sets out separate resolutions on each substantially separate matter unless the matters
are interdependent and linked so as to form one significant proposal. In the event where resolutions are bundled,
the Company will explain the reasons and material implications in the relevant notice of meeting. 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 via SGXNet 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.
Provision 11.4 of the Code provides for a company’s constitution to allow for absentia voting at general meetings of
shareholders. FPL’s Constitution currently does not, however, permit Shareholders to vote at general meetings in absentia
(such as via mail, email or fax). In line with Principle 11 of the Code, Shareholders nevertheless have the opportunity
to appoint proxies to vote on his behalf at the meeting through proxy forms sent in advance. 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, email or fax.
At the AGM, a presentation by Management 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, and for the entire duration of, 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 Chairman of the meeting is tasked with facilitating constructive dialogue between the Shareholders and the
Board, Management and the external auditors. Where appropriate, the Chairman allows specific Directors, such as
the respective Board Committee chairmen or the Lead Independent Director, to answer queries on matters pertaining
to their Committees.
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.
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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).
In keeping with the Group's efforts to maintain financial flexibility in light of the ongoing COVID-19 pandemic, for
FY2021, the Board has proposed a final dividend of 2.0 Singapore cents per Share (approximately 20% of APBFE
before distribution to perpetual securities holders) to be approved at the forthcoming 2022 AGM to be held on
21 January 2022.
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. Stakeholders are
parties who may be affected by the Company’s activities or whose actions can affect the ability of the Company to
conduct its activities.
Sustainability
In order to review and assess the material topics relevant to the Company’s business activities, the Company from
time to time proactively identifies and 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, which can be found on pages 100 to 175 and 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 sustainability strategy and key areas of focus in
relation to the management of stakeholder relationships during FY2021.
Code of Business Conduct
The Company’s business practices are 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 covers key aspects such as avoiding conflicts of interest, working with external
stakeholders (including customers, suppliers, business 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 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 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 Group’s confidential information and
intellectual property and reiterates the 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.
Corporate Governance Report 210
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 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 has 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 references 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 recovering from adverse business disruptions and unforeseen catastrophic events. Management
has 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 of the Company. 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 abovementioned plans. The Company’s Crisis Management Team and staff are trained
periodically, and the plans under the BCM are updated regularly. The BCM programme ensures the Company stays
resilient in the face of a crisis. It is a holistic approach to minimise adverse business impact and to safeguard the
Company’s reputation and business operations.
The Code of Business Conduct, together with the other policies mentioned above, are accessible to all employees
on the FPL Group intranet.
POLICY ON DEALINGS IN SECURITIES
The Company has established a procedure regarding dealings in the securities of the Company. In compliance with
Rule 1207(19) of the SGX-ST Listing Manual on best practices on dealing in securities, the Group issues reminders to
its Directors, officers and employees on the restrictions in dealings in listed securities of the Group during the period
commencing one month before the announcement of the half-year and full-year results, and ending on the date of
such announcements. Similar reminders are also sent to Directors, officers and employees on the restrictions in
dealing in listed securities of the Group during the period commencing two weeks before the announcement of the
Group’s interim business updates for the first and third quarters of the financial year, 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 or trade 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.
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SUMMARY OF COMPLIANCE WITH EXPRESS DISCLOSURE REQUIREMENTS UNDER THE PROVISIONS OF
THE CODE
The following table benchmarks the disclosures in this Corporate Governance Report and this annual report against
the express disclosure requirements under the provisions of the Code.
Provisions of the Code – Express Disclosure Requirements
THE BOARD’S CONDUCT OF AFFAIRS
Page Reference
of Annual
Report
Provision 1.2
Induction, training and development provided to new and existing Directors
Page 187
Provision 1.3
Matters requiring Board approval
Provision 1.4
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
Provision 1.5
Number of Board and Board Committee meetings held in the year and each
individual Directors’ attendance at such meetings
Page 184
Pages 179
to 184
Page 185
BOARD COMPOSITION AND GUIDANCE
Provision 2.4
The Board diversity policy and progress made towards implementation of the
policy, including objectives
Page 191
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 190
Pages 191
to 192
Page 190
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
Page 193
PROCEDURES FOR DEVELOPING REMUNERATION POLICIES
Provision 6.4
Engagement of any remuneration consultants and their independence
Pages 193
to 194
Corporate Governance Report 212
SUMMARY OF COMPLIANCE WITH EXPRESS DISCLOSURE REQUIREMENTS UNDER THE PROVISIONS OF
THE CODE (CONT'D)
Provisions of the Code – Express Disclosure Requirements
DISCLOSURE ON REMUNERATION
Page Reference
of Annual
Report
Provision 8.1
Policy and criteria for setting remuneration, as well as names, amounts and
breakdown of remuneration of:
Pages 197
to 200
(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
*The Company has decided not to disclose the remuneration of each of the
top five Key Management Personnel (excluding the Group CEO) in bands of
$250,000 (it has disclosed the aggregate remuneration of all of the top five
Key Management Personnel (excluding the Group CEO)). The provision of the
Code from which the Company has varied (i.e., Provision 8.1(b)), the reason for
the variation, and an explanation as to how the practices it had adopted are
consistent with the intent of the relevant principle (i.e., Principle 8), are stated
on page 200 of this annual report.
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 of the Company, 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 Shareholder
should also be clearly stated
Page 201
Provision 8.2
Provision 8.3
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, and details of employee share schemes
Pages 199
to 200
RISK MANAGEMENT AND INTERNAL CONTROLS
Provision 9.2
Board’s assurance from:
Page 204
(a)
(b)
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
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
AUDIT COMMITTEE
Provision 10.1(f)
The existence of a whistle-blowing policy and procedures for raising such
concerns
Page 206
SHAREHOLDER RIGHTS AND CONDUCT OF GENERAL MEETINGS
Provision 11.3
Directors’ attendance at general meetings of Shareholders held during the
financial year
Provision 11.6
The Company’s dividend policy
ENGAGEMENT WITH SHAREHOLDERS
Page 185
Page 209
Provision 12.1
Steps taken by the Company to solicit and understand the views of
Shareholders
Pages 206
to 208
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
Pages 209
to 210
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Financial Statements Contents
Navigate the report by clicking on the section headers below.
214 Directors’ Statement
219
Independent Auditors’ Report
225 Consolidated Profit Statement
226 Consolidated Statement of Comprehensive Income
227 Statements of Financial Position
228 Consolidated Statement of Changes in Equity
232 Consolidated Statement of Cash Flows
235 Notes to the Financial Statements
214
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 2021.
1.
OPINION OF THE DIRECTORS
In the opinion of the Directors,
(i)
the consolidated financial statements of the Group set out in pages 225 to 350 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
2021 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)
(Vice Chairman)
Mr Charoen Sirivadhanabhakdi
Khunying Wanna Sirivadhanabhakdi
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.
Directors’ Statement
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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
– 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
– Fraser and Neave, Limited
• Ordinary Shares
– Fraser & Neave Holdings Bhd
• Ordinary Shares
– TCC Assets Limited
• Ordinary Shares
Chotiphat Bijananda
– Frasers Property Limited
• Ordinary Shares
Panote Sirivadhanabhakdi
– Frasers Property Limited
• Ordinary Shares
Direct Interest
Deemed Interest
As at
1 October
2020
As at
30 September
2021
As at
1 October
2020
As at
30 September
2021
–
–
–
–
–
–
2,541,007,768 (1) 3,411,180,640 (1)
1,270,503,884 (2) 1,270,503,884 (2)
203,470,910 (3)
203,470,910 (3)
25,000
25,000
–
–
–
–
–
– 2,541,007,768 (1) 3,411,180,640 (1)
– 1,270,503,884 (2) 1,270,503,884 (2)
–
203,470,910 (3)
203,470,910 (3)
25,000
25,000
–
–
–
–
–
–
–
70,000,000 (4)
–
70,000,000 (4)
(1) As of 30 September 2021, Charoen Sirivadhanabhakdi and his spouse, Khunying Wanna Sirivadhanabhakdi are deemed to be interested
in an aggregate of 3,411,180,640 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 2,281,139,368 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 1,130,041,272 shares in the Company in which IBIL has an interest.
Directors’ Statement
216
4.
DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (CONT’D)
(2) As at 30 September 2021:
– 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.
(3) As at 30 September 2021, 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.
(4) As of 30 September 2021, TCC Group Investments Limited (“TCCGI”) (which is equally held by Atinant Bijananda, Thapana Sirivadhanabhakdi,
Wallapa Traisorat, Thapanee Techajareonvikul and Panote Sirivadhanabhakdi) held 70,000,000 shares in the Company through a nominee
account.
Atinant Bijananda, through her 20.0% shareholding in TCCGI, is deemed to be interested in all the shares in the Company in which TCCGI
has an interest (“TCCGI Shares”). As Atinant Bijananda is the spouse of Chotiphat Bijananda, he is deemed to be interested in the TCCGI
Shares.
Panote Sirivadhanabhakdi, through his 20.0% shareholding in TCCGI, is also deemed to be interested in the TCCGI Shares.
(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 2021, 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 the FPL Performance Share Plan (“PSP”, and together with the RSP, the
“Share Plans”).
The RSP and the 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
Directors’ Statement
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5.
SHARE OPTIONS AND SHARE PLANS (CONT’D)
(c)
Share Grants under RSP and PSP
Under the RSP and the 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 the 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 the PSP Awards (as the case may be, the “Final Award”). The achievement factor
ranges from 0% to 150% for the RSP and from 0% to 200% for the 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 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 the PSP.
No awards have been granted to directors of the Company.
No employee has received 5% or more of the total number of shares available/delivered for the financial year
ended 30 September 2021.
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;
Directors’ Statement 218
6.
AUDIT COMMITTEE (CONT’D)
(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
23 November 2021
Panote Sirivadhanabhakdi
Director and Group Chief Executive Officer
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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 2021, 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 225 to 350.
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 2021 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 4a and 12 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. These properties are located mainly in Australia, Germany, the Netherlands, Singapore, Thailand, Vietnam and
the United Kingdom (“UK”). Investment properties represent the largest category of assets on the balance sheet, at
$24.6 billion (2020: $21.9 billion) as at 30 September 2021.
These investment properties are stated at their fair values based on independent external valuations. The valuation
process involves significant judgement both 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,
including future cash flows, capitalisation rates, discount rates and terminal yield rates. A change in the assumptions
could have a significant impact on the valuation.
Certain valuers have included material uncertainty clauses in the valuation reports, highlighting that, as a result of the
Coronavirus Disease (“COVID-19”) pandemic, less certainty and a higher degree of caution should be attached to the
valuations than would normally be the case. Due to the unknown future impact that the COVID-19 pandemic might
have on the real estate market, the values might change more rapidly and significantly than during standard market
conditions. Consequently, the valuers have recommended to keep the valuation of the properties under frequent review.
Independent Auditors’ReportMembers of the Company Frasers Property Limited 220
During the year, the non-REIT Industrial segment (“FPI”) changed its business model to hold and manage industrial
properties for long term capital appreciation rather than to develop and sell. As a result of this change in use, FPI’s
completed and uncompleted industrial properties that have not been developed for third-party sale (the “FPI properties”)
were transferred from inventories held at cost to investment properties held at fair value. These properties were
measured at their fair values on the date of change in use, with the resulting difference between the fair values on the
date of change in use and the previous carrying amounts recognised in profit or loss.
Our response:
We held discussions with the valuers to understand the valuation methods used and the assumptions applied. We
considered the valuation methodologies used against those applied by valuers for similar property types. We also
compared the projected cash flows used in the valuations to historical data, supporting leases and other documents. We
evaluated the reasonableness of the discount rates, capitalisation rates and terminal yield rates used in the valuations
by comparing these against industry data used for similar properties, 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.
For investment properties under construction, we also evaluated the estimated costs to complete by comparing the
costs incurred to date against management budgets and construction contracts. We tested significant cost components
to source documents.
In respect of the change in use of industrial properties within FPI from inventories to investment properties, we assessed
the basis for the change in use and tested the fair values as of the date of change in use.
Our findings:
The valuation methodologies used at the reporting date and in respect of FPI properties, at the date of change in use,
are in line with generally accepted market practices and the key assumptions applied are within the range of comparable
market data. For investment properties under construction, we found the estimated costs to complete to be supported.
Valuation of development properties held for sale
(Refer to Note 20 to the financial statements)
Risk:
The Group holds significant residential, industrial and commercial properties held for sale located primarily in Australia,
China, Singapore, Thailand and the UK. These properties have a carrying value of $4.2 billion as at 30 September 2021
(2020: $5.9 billion). Development properties held for sale are stated at the lower of their cost and their net realisable
values. In arriving at estimates of net realisable values, the Group considered recent selling prices, selling prices of
comparable properties as well as estimated costs of completion and the estimated costs necessary to make the
sale. 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 capital management considerations.
Our response:
We compared the Group’s forecast selling prices to recently transacted prices and prices of comparable properties
located in the same vicinity of the respective development project. We focused our work on projects with slower-
than-expected sales or with low or negative margins. For projects with units that are expected to sell below costs, we
checked the computations of the foreseeable losses.
Our findings:
We found the estimates of net realisable values and any consequential allowance for foreseeable losses to be within
the range of reasonable outcomes.
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Valuation of property, plant and equipment
(Refer to Note 13 to the financial statements)
Risk:
As at 30 September 2021, the Group’s property, plant and equipment, which are mainly composed of hotel properties,
amount to approximately $2.5 billion (2020: $2.4 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. If any such indicators exist, the asset’s
recoverable amount is estimated.
The recoverable amount of a hotel property is the higher of its fair value less cost to sell and value in use. Estimating the
recoverable amount of a hotel property involves significant judgement, in determining the appropriate valuation model
and the underlying assumptions to be applied. The recoverable amount is sensitive to the inputs and assumptions
used. The key inputs and assumptions include expectations of future cash flows, projected growth rates, discount
rates and terminal yield rates.
Where the recoverable amount of the hotel property is based on independent external valuations, certain valuers have
included material uncertainty clauses in the valuation reports, highlighting that, as a result of the COVID-19 pandemic,
less certainty and a higher degree of caution should be attached to the valuations than would normally be the case.
Due to the unknown future impact that the COVID-19 pandemic might have on the real estate market, the values
might change more rapidly and significantly than during standard market conditions. Consequently, the valuers have
recommended to keep the valuation of the properties under frequent review.
Our response:
For properties with indicators of impairment, we considered the valuation methods used to estimate recoverable
amounts. 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, to available industry data,
taking into consideration comparability and market factors.
Where external valuations were obtained, we also discussed with the external valuers the methodology applied and
the basis for the assumptions used.
Our findings:
The Group has a structured process in place to periodically identify indicators of impairment of the hotels. We found
the methodology used in estimating recoverable amounts, and the key assumptions to be supported by historical
operating statistics and relevant market data.
Valuation of intangible assets
(Refer to Note 17 to the financial statements)
Risk:
Included in the Group’s balance sheet as at 30 September 2021 are goodwill and intangible assets relating to, management
contracts with an aggregate carrying value of $629.8 million (2020: $633.6 million). These assets are impaired if the
carrying value of the cash generating unit (“CGU”) of which the goodwill or intangible asset is allocated to, exceeds
the respective recoverable amount. The recoverable amount of the CGU is the higher of the fair value less costs to
sell and its value in use. Estimating the recoverable amount involves significant judgement both in determining the
appropriate model and the underlying assumptions to be applied. The recoverable amount is sensitive to inputs and
assumptions underlying the models used. The key inputs and assumptions relate to expectations of future cash flows,
projected growth rates and discount rates.
Independent Auditors’ReportMembers of the Company Frasers Property Limited 222
Our response:
We evaluated the Group’s identification of CGU and estimation of the recoverable amounts. We evaluated the cash flows
used in the valuation model against historical data, budgets and our understanding of business plans for reasonableness.
We challenged the appropriateness of the discount rate and growth rate by comparing these to externally available
market data. We also assessed if the assumptions showed any evidence of management bias with a particular focus
on the risk that the inputs and assumptions may not support the carrying value of the intangible assets.
Our findings:
The methodology used by the Group is supported by generally accepted market practices. We found the key inputs
and assumptions used in the determination of the recoverable amounts to be supported by historical operating
statistics and 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, Group Portfolio Approach, Our Businesses, Our Multinational Presence, 2021
Key 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,
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 other sections of the annual report 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 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.
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.
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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.
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.
Independent Auditors’ReportMembers of the Company Frasers Property Limited 224
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 Leong Kok Keong.
KPMG LLP
Public Accountants and Chartered Accountants
Singapore
23 November 2021
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Corporate
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Financial &
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Information
225
Consolidated Profit
Statement
For the year ended 30 September 2021
REVENUE
Cost of sales
Gain on change in use of properties held for sale
Total cost of sales
Gross Profit
Other income/(losses)
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 and gain on disposal of investment properties
PROFIT BEFORE TAXATION AND EXCEPTIONAL ITEMS
Exceptional items
PROFIT BEFORE TAXATION
Taxation
PROFIT FOR THE YEAR
Attributable to:
Owners of the Company
Holders of perpetual securities
Non-controlling interests
PROFIT FOR THE YEAR
Attributable profit:
– Before fair value change and exceptional items
– Fair value change
– Exceptional items
Non-controlling interests before distributions to perpetual securities’ holders(1)
PROFIT FOR THE YEAR
EARNINGS PER SHARE
Basic earnings per share
Diluted earnings per share
Group
2021
$'000
2020
$'000
Note
3
4a
4a
4b
4c
4
15
5
6
7
8
9
3,763,751
3,597,007
(2,553,847)
355,679
(2,220,677)
–
(2,198,168)
(2,220,677)
1,565,583
84,169
(392,834)
1,376,330
59,797
(411,172)
1,256,918
167,743
1,024,955
220,646
1,424,661
1,245,601
60,413
(437,040)
72,195
(514,445)
(376,627)
(442,250)
1,048,034
944,890
803,351
161,910
1,992,924
34,498
965,261
(160,338)
2,027,422
(460,792)
804,923
(286,131)
1,566,630
518,792
775,099
61,295
730,236
111,647
79,794
327,351
1,566,630
518,792
399,518
392,632
40,943
833,093
733,537
229,232
96,698
(137,805)
188,125
330,667
1,566,630
518,792
10
22.6¢
22.4¢
3.8¢
3.7¢
(1) Non-controlling interests’ share of distributions to perpetual securities holders was $3,301,000 for the year ended 30 September 2021
(30 September 2020: $3,316,000).
The accompanying notes form an integral part of the financial statements.
226
Consolidated Statement of
Comprehensive Income
For the year ended 30 September 2021
PROFIT FOR THE YEAR
OTHER COMPREHENSIVE INCOME
Items that may be reclassified subsequently to profit statement:
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
Items that will not be reclassified subsequently to profit statement:
Change in fair value of equity investments at fair value through
other comprehensive income
Total other comprehensive income for the year, net of tax
Group
2021
$'000
2020
$'000
1,566,630
518,792
123,684
(100,415)
24,011
(9,696)
(100,181)
307,107
(15,887)
62,996
37,584
254,035
(8,946)
28,713
28,638
282,748
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
1,595,268
801,540
Attributable to:
Owners of the Company
Holders of perpetual securities
Non-controlling interests
849,225
61,295
684,748
301,736
79,794
420,010
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
1,595,268
801,540
The accompanying notes form an integral part of the financial statements.
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227
Statements of
Financial Position
As at 30 September 2021
Group
Company
Note
2021
$'000
2020
$'000
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
The accompanying notes form an integral part of the financial statements.
12
13
14
15
15
16
17
18
19
22
20
21
16
18
22
23
23
24
25
21
22
26
27
24
25
22
19
26
27
28
29
31
2021
$'000
2,220
19
1,155,750
500
–
29,174
–
4,790,737
–
5,930
5,984,330
–
–
–
171,604
3,794
–
1,000,735
–
1,176,133
2020
$'000
2,150
22
1,146,750
500
–
34,833
–
4,148,259
–
22,568
5,355,082
–
–
9
272,770
–
–
8,566
–
281,345
24,613,811
2,451,285
21,947,848
2,423,793
–
1,339,695
1,325,889
51,065
629,769
815,706
122,047
115,685
31,464,952
4,153,131
87,762
77,258
494,567
3,457
2,676
3,776,700
196,428
8,791,979
–
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
40,256,931
38,748,120
7,160,463
5,636,427
1,790,290
21,653
52,171
502,199
36,679
4,849,333
21,922
7,274,247
1,300,026
75,760
26,453
512,327
20,803
4,126,393
–
6,061,762
504,978
–
3,794
1,627
–
–
–
510,399
226,130
–
–
1,380
–
–
–
227,510
1,517,732
32,982,684
4,470,204
32,686,358
665,734
6,650,064
53,835
5,408,917
232,122
131,342
964,000
890,897
12,433,808
14,652,169
624,998
344,262
716,759
823,814
15,061,241
17,571,074
354,988
5,930
–
–
–
360,918
320,759
22,568
–
–
–
343,327
18,330,515
15,115,284
6,289,146
5,065,590
2,974,980
6,713,710
(144,540)
9,544,150
1,804,951
6,017,905
(262,705)
7,560,151
2,974,980
3,177,708
136,458
6,289,146
1,804,951
3,155,721
104,918
5,065,590
1,244,172
10,788,322
1,342,720
8,902,871
–
6,289,146
–
5,065,590
7,542,193
18,330,515
6,212,413
15,115,284
–
6,289,146
–
5,065,590
228
Consolidated Statement of
Changes in Equity
For the year ended 30 September 2021
Group
2021
At 1 October 2020
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, net of costs (Note 28)
Employee share-based expense
Dividend paid (Note 32)
Dividend proposed (Note 32)
Transfer to other reserves
Total contributions by and
distributions to owners
Changes in ownership interests
in subsidiaries
Units/shares issued to 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
capacity as owners
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
Share
Capital
(Note 28)
$'000
Retained
Earnings
$'000
Other
Reserves
(Note 29)
$'000
Equity
Attributable
to Owners
of the
Company
$'000
Non-
Controlling
Interests –
Perpetual
Securities
(Note 31)
$'000
Non-
Controlling
Interests –
Others
$'000
Total
$'000
Total
Equity
$'000
1,804,951 6,017,905
(262,705) 7,560,151
1,342,720
8,902,871
6,212,413 15,115,284
–
–
–
–
–
–
–
–
775,099
–
775,099
61,295
836,394
730,236
1,566,630
–
–
–
–
102,044
(33,613)
102,044
(33,613)
22,935
22,935
(9,696)
(9,696)
–
–
–
–
102,044
(33,613)
21,640
(66,802)
123,684
(100,415)
22,935
1,076
24,011
(9,696)
–
(9,696)
–
–
775,099
(7,544)
74,126
74,126
(7,544)
74,126
849,225
–
–
61,295
(7,544)
74,126
910,520
(1,402)
(45,488)
684,748
(8,946)
28,638
1,595,268
1,170,029
–
–
–
–
–
–
(113)
(78,322)
(8,531)
(11,257) 1,158,772
14,106
14,106
(43,998)
(43,885)
–
78,322
–
8,531
1,170,029
(86,966)
45,817
1,128,880
–
–
–
–
–
–
–
10,748
(2,701)
(1,778)
–
8,970
(2,701)
8,047
(1,778)
6,269
–
–
–
–
–
–
–
–
–
–
1,158,772
14,106
(43,998)
–
–
–
–
(363,398)
–
–
1,158,772
14,106
(407,396)
–
–
1,128,880
(363,398)
765,482
–
1,028,242
1,028,242
8,970
(2,701)
(12,354)
(6,381)
(3,384)
(9,082)
6,269
1,009,507
1,015,776
1,170,029
(78,919)
44,039
1,135,149
–
1,135,149
646,109
1,781,258
–
–
–
(375)
–
(375)
–
–
–
(375)
–
(98,548)
(61,295)
(98,923)
(61,295)
(1,077)
–
(100,000)
(61,295)
(375)
(159,843)
(160,218)
(1,077)
(161,295)
At 30 September 2021
2,974,980 6,713,710
(144,540) 9,544,150
1,244,172 10,788,322 7,542,193 18,330,515
The accompanying notes form an integral part of the financial statements.
Contents
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229
Consolidated Statement of
Changes in Equity
For the year ended 30 September 2021 (cont'd)
Share
Capital
(Note 28)
Retained
Earnings
Other
Reserves
(Note 29)
Equity
Attributable
to Owners
of the
Company
Non-
Controlling
Interests –
Perpetual
Securities
(Note 31)
$'000
$'000
$'000
$'000
$'000
Non-
Controlling
Interests –
Others
$'000
Total
$'000
Total
Equity
$'000
1,795,241
5,959,748
(405,848) 7,349,141
2,038,840
9,387,981
6,650,143 16,038,124
–
–
–
–
–
–
–
–
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
–
–
–
–
(87,674)
199,816
(12,507)
107,291
(100,181)
307,107
(15,401)
(486)
(15,887)
62,996
–
62,996
–
–
111,647
30,352
190,089
190,089
30,352
190,089
301,736
–
–
79,794
30,352
190,089
381,530
(1,639)
92,659
420,010
28,713
282,748
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)
9,710
(53,490)
(46,946)
(90,726)
–
–
–
–
–
–
–
–
–
–
–
–
–
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) (1,443,659) (1,445,431)
(93)
(24)
(69)
(1,796)
(555,777)
(557,573)
(90,726)
(857,740)
(948,466)
–
–
–
–
–
–
–
–
–
–
–
–
(696,120)
(79,794)
(696,120)
(79,794)
(775,914)
(775,914)
–
–
–
(696,120)
(79,794)
(775,914)
Group
2020
At 1 October 2019
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 28)
Employee share-based expense
Dividend paid (Note 32)
Dividend proposed (Note 32)
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
capacity as owners
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
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.
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, net of
costs (Note 28)
Employee share-based expense
Dividend paid (Note 32)
Dividend proposed (Note 32)
Total contributions by and
distributions to owners
230
Consolidated Statement of
Changes in Equity
For the year ended 30 September 2021 (cont'd)
Share
Capital
(Note 28)
$'000
Retained
Earnings
$'000
Other
Reserves
(Note 29)
$'000
Fair Value
Reserve
$'000
Share-based
Compensation
Reserve
$'000
Dividend
Reserve
$'000
Total
Equity
$'000
Company
2021
At 1 October 2020
1,804,951
3,155,721
104,918
32,685
28,348
43,885
5,065,590
Profit for the year
–
100,422
–
–
–
–
–
–
–
(5,659)
(5,659)
(5,659)
(5,659)
100,422
(5,659)
(5,659)
–
–
–
–
–
–
–
–
100,422
(5,659)
(5,659)
94,763
1,170,029
–
–
–
–
–
(113)
(78,322)
(11,257)
14,019
(43,885)
78,322
1,170,029
(78,435)
37,199
–
–
–
–
–
(11,257)
14,019
–
–
–
–
(43,885)
78,322
1,158,772
14,019
(43,998)
–
2,762
34,437
1,128,793
At 30 September 2021
2,974,980
3,177,708
136,458
27,026
31,110
78,322
6,289,146
The accompanying notes form an integral part of the financial statements.
Contents
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Governance
Financial &
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Information
231
Consolidated Statement of
Changes in Equity
For the year ended 30 September 2021 (cont'd)
Share
Capital
(Note 28)
$'000
Retained
Earnings
$'000
Other
Reserves
(Note 29)
$'000
Fair Value
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 28)
Employee share-based expense
Dividend paid (Note 32)
Dividend proposed (Note 32)
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.
232
Consolidated Statement
of Cash Flows
For the year ended 30 September 2021
Cash Flow from Operating Activities
Profit after taxation
Adjustments for:
Depreciation of property, plant and equipment and right-of-use assets
Fair value change and gain on disposal of investment properties
Gain on change in use of properties held for sale
Share of results of joint ventures and associates, net of tax
Amortisation of intangible assets
Write-off of intangible assets
Impairment of property, plant and equipment
Loss on disposal of property, plant and equipment
Net allowance for impairment on trade receivables
Bad debts written off
Write-down to net realisable value of properties held for sale
Employee share-based expense
Net (gain)/loss on acquisitions and disposals of subsidiaries,
joint ventures and associates
Gain on sale and leaseback transactions
Net fair value change on derivative financial instruments
Impairment of investment in an associate
Interest income
Interest expense
Taxation
Exchange difference
Operating profit before working capital changes
Change in trade and other receivables
Change in contract costs
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
Proceeds from sale and leaseback transactions
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 (Note A)
Acquisitions of non-controlling interests
Disposals of subsidiaries, net of cash disposed of (Note B)
Proceeds from dilution of interest in an associate
Uplift of structured deposits
Net cash used in Investing Activities
The accompanying notes form an integral part of the financial statements.
Group
2021
$'000
2020
$'000
Note
13a
15
17
17
13
4b
4a
4a
4a
4c
8
4b
4b
8
5
6
9
17
1,566,630
518,792
87,086
(944,890)
(355,679)
(167,743)
6,283
5,335
3,841
157
7,116
1,151
111,343
20,230
(82,834)
(10,085)
2,034
11,976
(60,413)
437,040
460,792
(36,403)
1,062,967
8,549
(6,190)
65,249
(53,569)
358,777
299
88,381
1,524,463
(168,013)
1,356,450
87,040
(161,910)
–
(220,646)
5,117
–
136,622
565
7,234
238
61,195
20,235
15,849
–
44,129
–
(72,195)
514,445
286,131
7,891
1,250,732
59,161
(2,497)
45,871
(253,107)
(952,261)
218
78,810
226,927
(226,316)
611
(1,004,009)
(29,933)
688,879
611
18,965
(643,046)
133,222
90,519
(140)
(307)
(6,220)
70,808
(33,851)
(3,384)
323,265
2,712
245,300
(146,609)
(313,458)
(33,435)
243,690
1,980
–
(407,235)
21,820
244,556
(836)
(30,656)
(6,368)
65,871
(252,451)
(1,445,431)
(53,251)
40,999
248,316
(1,675,889)
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233
Consolidated Statement
of Cash Flows
For the year ended 30 September 2021 (cont'd)
Group
2021
$'000
2020
$'000
Note
Cash Flow from Financing Activities
Contributions from non-controlling interests of subsidiaries without change in control
Dividends paid to non-controlling interests
Dividends paid to shareholders
Payment of lease liabilities
Proceeds from bank borrowings, net of costs
Repayments of bank borrowings
Proceeds from issue of bonds/debentures, net of costs
Repayments of bonds/debentures
Distributions to perpetual securities holders
Redemption of perpetual securities
Proceeds from issue of new shares, net of costs
Interest paid
Issuance costs
Net cash (used in)/generated from Financing Activities
27
27
27
27
27
1,028,242
(363,398)
(43,998)
(47,101)
7,804,182
(8,927,964)
9,725,627
(10,312,769)
(61,295)
(100,000)
1,158,772
(408,540)
(9,082)
(557,324)
890,561
(301,963)
(105,324)
(47,397)
8,576,329
(5,760,209)
877,780
(1,265,203)
(79,794)
(696,120)
–
(488,257)
(93)
1,600,310
652,517
3,083,818
39,529
3,775,864
(74,968)
3,104,105
54,681
3,083,818
825,368
2,951,332
3,776,700
(836)
3,775,864
833,335
2,251,775
3,085,110
(1,292)
3,083,818
23
27
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
The accompanying notes form an integral part of the financial statements.
234
Consolidated Statement
of Cash Flows
For the year ended 30 September 2021 (cont'd)
Group
2021
$'000
2020
$'000
Note
Note A, Analysis of Acquisitions of Subsidiaries
Net assets acquired:
Investment properties
Property, plant and equipment
Investments in joint ventures and associates
Intangible assets
Non-current assets
Properties held for sale
Trade and other receivables
Trade and other payables
Lease liabilities
Provision for tax
Loans and borrowings
Deferred tax liabilities
Non-current liabilities
Cash and cash equivalents
Fair value of net assets
Add: Non-controlling interests on consolidation
Less: Amounts previously accounted for as investments in joint ventures
Loss/(gain) on acquisitions of subsidiaries
Gain on disposal of a joint venture
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 40
Note B, Analysis of Disposals of Subsidiaries
Net assets of subsidiaries disposed of:
Investment properties
Property, plant and equipment
Intangible assets
Deferred tax assets
Trade and other receivables
Trade and other payables
Derivative financial liabilities
Loans and borrowings
Deferred tax liabilities
Cash and cash equivalents
Fair value of net assets/(liabilities)
Less: Non-controlling interests disposed
Realisation of reserves on disposals of subsidiaries
Gain/(loss) on disposals of subsidiaries
Exchange difference
Sales consideration
Less: Cash and cash equivalents of subsidiaries disposed
Less: Deferred sales consideration to be received
Cash flow on disposals of subsidiaries, net of cash and cash equivalents disposed of 40
104,272
4
–
36
4
–
221
(20,120)
(41,970)
(9)
–
(1,725)
(38)
840
41,515
–
(7,641)
1,412
(548)
(47)
34,691
(840)
33,851
496,355
–
–
–
3,735
(3,972)
–
(91,494)
(69,795)
837
335,666
–
(9,696)
83,969
(704)
409,235
(837)
(85,133)
323,265
273,468
–
404
–
–
7,669
–
(8,369)
–
–
(19,007)
(83)
–
268
254,350
3,243
–
(4,984)
–
110
252,719
(268)
252,451
1,100,000
49
54
13,272
2,225
(389,170)
(39,156)
(780,673)
–
53,251
(40,148)
633
62,996
(23,481)
–
–
(53,251)
–
(53,251)
The accompanying notes form an integral part of the financial statements.
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These notes form an integral part of the financial statements.
The financial statements for the financial year ended 30 September 2021 were authorised for issue in accordance
with a resolution of the Directors on 23 November 2021.
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 41.
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
2021 are prepared in accordance with Singapore Financial Reporting Standards (International) (“SFRS(I)”).
SFRS(I) are issued by the Accounting Standards Council. All references to SFRS(I) 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$”), the functional currency of the
Company. 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 42.
The accounting policies have been applied consistently by Group entities.
Change in presentation of costs by function
The Group changed its presentation for direct operating expenses from hotel properties. Such direct operating
expenses, which were previously classified under “administrative expenses”, are now classified under “cost
of sales” in the profit statement. This change is intended to provide a more accurate reflection of the Group’s
gross margin and does not impact the profit for the year.
Notes to theFinancial StatementsFor the year ended 30 September 2021
236
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.1 Basis of Preparation (cont’d)
Change in presentation of costs by function (cont’d)
The change in presentation was applied retrospectively and the effects on the Group’s consolidated statement
of comprehensive income for the financial year ended 30 September 2020 are as follows:
Cost of sales
Gross profit
Administrative expenses
Profit for the year
Consolidated Statement of Comprehensive Income for
the financial year ended 30 September 2020
As previously
reported
$'000
(2,138,741)
1,458,266
(493,108)
518,792
Reclassification
$'000
As restated
$'000
(81,936)
(81,936)
81,936
–
(2,220,677)
1,376,330
(411,172)
518,792
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 13(c))
Intangible assets (Note 17)
Determination of fair value of investment properties (Note 36(c)(iv))
Notes to theFinancial StatementsFor the year ended 30 September 2021
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.2
Significant Accounting Judgements and Estimates (cont’d)
(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.
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. The fair value of
completed investment properties is determined using one or a combination of the market comparison
method, discounted cash flow method, capitalisation method and investment yield method. The independent
valuers have considered available information as at 30 September 2021 relating to COVID-19 and have
made necessary adjustments to the valuation. Certain valuation reports 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.
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 12.
The Group’s valuation policies and procedures are disclosed in Notes 12 and 36.
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 one or 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 12 and 36.
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 20.
Notes to theFinancial StatementsFor the year ended 30 September 2021
238
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 17.
The valuations of the goodwill arising from business combinations, brands and management contracts
are disclosed in Notes 17 and 40.
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 to sell 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 projection of future expected cash flows and determining terminal value. 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 13.
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 theFinancial StatementsFor the year ended 30 September 2021
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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. 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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
240
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, the Group assesses whether the set of assets and activities
acquired includes, at a minimum, an input and substantive process and whether the acquired set has
the ability to produce outputs. For example, the Group assessed the acquisitions of the subsidiaries as
disclosed in Note 40(a)(i) as purchases of businesses because of the strategic management function and
associated processes purchased along with the investment and development properties.
The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether
an acquired set of activities and assets is not a business. The optional concentration test is met if
substantially all of the gross assets acquired is concentrated in a single identifiable asset or group of
similar identifiable assets.
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 41.
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 theFinancial StatementsFor the year ended 30 September 2021
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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.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
242
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.3 Basis of Consolidation and Business Combinations (cont’d)
(b)
Business Combinations (cont’d)
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.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.5
Joint Arrangements and Associates (cont’d)
(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.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.5
Joint Arrangements and Associates (cont’d)
(b)
Joint Ventures and Associates (cont’d)
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.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
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.
(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.
Where there is a transfer from properties held for sale to investment property that will be carried at fair
value, arising from a change in use, any difference between the fair value of the property at that date and
its previous carrying amount shall be recognised in profit or loss.
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 theFinancial StatementsFor the year ended 30 September 2021
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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 land 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 land (less than 100 years)
Leasehold buildings
Buildings
Equipment, furniture and fittings
Others(1)
Lease term
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.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.11
Intangible Assets (cont’d)
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.
(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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
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 once 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.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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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)
Subsequent Measurement (cont’d)
(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;
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(a) Non-Derivative Financial Assets (cont’d)
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.
(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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(c)
Non-Derivative Financial Liabilities (cont’d)
Interest rate benchmark reform
When the basis for determining the contractual cash flows of a financial asset or financial liability measured
at amortised cost changed as a result of interest rate benchmark reform, the Group updated the effective
interest rate of the financial asset or financial liability to reflect the change that is required by the reform.
A change in the basis for determining the contractual cash flows is required by interest rate benchmark
reform if the following conditions are met:
–
–
the change is necessary as a direct consequence of the reform; and
the new basis for determining the contractual cash flows is economically equivalent to the previous
basis – i.e. the basis immediately before the change.
When changes were made to a financial asset or financial liability in addition to changes to the basis
for determining the contractual cash flows required by interest rate benchmark reform, the Group first
updated the effective interest rate of the financial asset or financial liability to reflect the change that is
required by interest rate benchmark reform. After that, the Group applied the policies on accounting for
modifications to the additional changes.
(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. Transferred assets are not derecognised
when the Group enters into transactions whereby it transfers assets recognised in its statement of financial
position, but retains either all or substantially all of the risks and rewards of the transferred assets.
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled
or expired. The Group also derecognises a financial liability when its terms are modified and the cash
flows of the modified liability are substantially different, in which case a new financial liability based on
the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and
the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised
in profit or loss.
(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 theFinancial StatementsFor the year ended 30 September 2021
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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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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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)
Hedges Directly Affected by Interest Rate Benchmark Reform
The Group has early adopted the Phase 2 amendments and retrospectively applied them from 1 October
2020 (see Note 42).
When the basis for determining the contractual cash flows of the hedged item or hedging instrument changes
as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the
cash flows of the hedged item or the hedging instrument, the Group amends the hedge documentation
of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. For this
purpose, the hedge designation is amended only to make one or more of the following changes:
–
–
–
designating an alternative benchmark rate as the hedged risk;
updating the description of the hedged item, including the description of the designated portion
of the cash flows or fair value being hedged; or
updating the description of the hedging instrument.
The Group amends the description of the hedging instrument only if the following conditions are met:
–
it makes a change required by interest rate benchmark reform by changing the basis for determining
the contractual cash flows of the hedging instrument or using another approach that is economically
equivalent to changing the basis for determining the contractual cash flows of the original hedging
instrument; and
–
the original hedging instrument is not derecognised.
The Group amends the formal hedge documentation by the end of the reporting period during which a
change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging
instrument. These amendments in the formal hedge documentation do not constitute the discontinuation
of the hedging relationship or the designation of a new hedging relationship.
If changes are made in addition to those changes required by interest rate benchmark reform described
above, then the Group first considers whether those additional changes result in the discontinuation of
the hedge accounting relationship. If the additional changes do not result in the discontinuation of the
hedge accounting relationship, then the Group amends the formal hedge documentation for changes
required by interest rate benchmark reform as mentioned above.
When the interest rate benchmark on which the hedged future cash flows had been based is changed as
required by interest rate benchmark reform, for the purpose of determining whether the hedged future
cash flows are expected to occur, the Group deems that the hedging reserve recognised in OCI for that
hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows
will be based.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(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.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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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)
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.
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 theFinancial StatementsFor the year ended 30 September 2021
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.15 Leases
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.
(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 right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment
losses, except for right-of-use assets that meet the definition of investment property are carried at fair
value in accordance with Note 12.
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. Generally, the Group uses the lessee’s
incremental borrowing rate as the discount rate.
The Group determines the lessee’s incremental borrowing rate by obtaining interest rates from various
external financing sources and makes certain adjustments to reflect the terms of the lease and type of
the asset leased.
Lease payments included in the measurement of the lease liability comprise the following:
–
–
–
–
fixed payments, including in-substance fixed payments;
variable lease payments that depend on an index or a rate, initially measured using the index or
rate as at the commencement date;
amounts expected to be payable under a residual value guarantee; and
the exercise price under a purchase option that the Group is reasonably certain to exercise, lease
payments in an optional renewal period if the Group is reasonably certain to exercise an extension
option, and penalties for early termination of a lease unless the Group is reasonably certain not
to terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a
change in the Group’s estimate of the amount expected to be payable under a residual value guarantee,
if the Group changes its assessment of whether it will exercise a purchase, extension or termination
option or if there is a revised in-substance fixed lease payment.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.15 Leases (cont’d)
(i)
As a lessee (cont’d)
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use
asset has been reduced to zero.
The Group presents right-of-use assets that do not meet the definition of investment property in ‘property,
plant and equipment’ and ‘properties held for sale’, and lease liabilities in ‘loans and borrowings’ in the
statements of financial position.
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.
(ii)
As a lessor
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease
or an operating lease.
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.
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 of
disposal. 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 CGUs. 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 CGUs that are expected to benefit from the synergies of
the combination.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.16 Impairment of Non-Financial Assets (cont’d)
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.
An impairment loss in respect of an associate or joint venture is measured by comparing the recoverable amount
of the investment with its carrying amount in accordance with the requirements for non-financial assets. An
impairment loss is recognised in profit or loss. An impairment loss is reversed if there has been a favourable
change in the estimates used to determine the recoverable amount and only to the extent that the recoverable
amount increases.
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.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.17
Income Taxes (cont’d)
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.
Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the
amount of taxable temporary differences is insufficient to recognise a deferred tax asset in full, then future
taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business
plans for individual subsidiaries in the Group. 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.
Unrecognised deferred tax assets are reassessed at each reporting date and recognised to the extent that it
has become probable that future taxable profits will be available against which they can be used.
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.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.19 Revenue Recognition (cont’d)
(a)
Properties Held for Sale (cont’d)
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.
(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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
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.
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 equity securities designated as 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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
262
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
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.
(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.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
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 2020 and earlier application is permitted; however, the Group has not early adopted
the new or amended standards and interpretations in preparing these financial statements.
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.
–
–
–
–
–
–
–
–
SFRS(I) 17 Insurance Contracts
Classification of Liabilities as Current or Non-current (Amendments to SFRS(I) 1-1)
Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to SFRS(I) 16)
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to
SFRS(I) 10 and SFRS(I) 1-28)
Reference to the Conceptual Framework (Amendments to SFRS(I) 3)
Property, Plant and Equipment – Proceeds before Intended Use (Amendments to SFRS(I) 16)
Onerous Contracts – Costs of Fulfilling a Contract (Amendments to SFRS(I) 1-37)
Annual Improvements to SFRS(I)s 2018 – 2020
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
2021
$'000
2020
$'000
1,698,282
239,308
1,937,590
1,690,428
44,009
1,734,437
1,442,621
275,527
108,013
3,763,751
1,428,923
349,575
84,072
3,597,007
As at 30 September 2021, the Group has property development income of $208,118,000 (2020: $94,308,000)
which is expected to be recognised over the next 2 years (2020: 3 years) as construction of the development
properties progresses.
(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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
264
3.
REVENUE (CONT’D)
(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.
Year ended 30 September 2021
Operating Segment
Major products
and service lines
Properties held
for sale
Rent and related
income
Hotel income
Fee income
and others
Singapore Australia Industrial Hospitality
$'000
$'000
$'000
$'000
Thailand
&
Corporate
&
Vietnam Others(1)
$'000
$'000
Others Eliminations
$'000
$'000
Total
$'000
239,308
920,077
119,634
–
613,987
44,584
446,715
–
48,837
–
625,680
–
111,948
268,566
100,936
6,961
115,820
–
–
–
–
– 1,937,590
(7,315) 1,442,621
275,527
–
28,395
714,418
24,585
993,499
2,550
747,864
13,557
394,071
48,394
770,278
4,941
165,345
32,538
32,538
108,013
(46,947)
(54,262) 3,763,751
Timing of revenue
recognition
Products transferred
at a point in time
Products and
services transferred
over time
–
920,077
119,634
–
613,987
44,584
–
– 1,698,282
714,418
714,418
73,422
993,499
628,230
747,864
394,071
394,071
156,291
770,278
120,761
165,345
32,538
32,538
(54,262) 2,065,469
(54,262) 3,763,751
Year ended 30 September 2020
Operating Segment
Singapore Australia Industrial Hospitality
$'000
$'000
$'000
$'000
Vietnam Others(1)
$'000
$'000
Others Eliminations
$'000
$'000
Total
$'000
Thailand
&
Corporate
&
Major products
and service lines
Properties held
for sale
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
44,009
575,563
36,949
–
647,384
430,532
554,651
–
43,181
–
462,651
–
138,138
334,938
111,650
14,637
125,524
–
–
–
–
– 1,734,437
(6,872) 1,428,923
349,575
–
19,082
617,742
1,721
620,465
457
500,057
15,832
488,908
49,497
823,168
1,455
557,511
32,942
32,942
(36,914)
84,072
(43,786) 3,597,007
–
575,563
36,949
–
647,384
430,532
–
– 1,690,428
617,742
617,742
44,902
620,465
463,108
500,057
488,908
488,908
175,784
823,168
126,979
557,511
32,942
32,942
(43,786) 1,906,579
(43,786) 3,597,007
(1) Others include revenue contribution from China and the UK
Notes to theFinancial StatementsFor the year ended 30 September 2021
Contents
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Business
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Financial &
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Information
265
4.
TRADING PROFIT
Trading profit includes the following:
(a)
Cost of Sales includes:
Cost of properties held for sale
Gain on change in use 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 impairment on trade receivables
Write-back of allowance for impairment on trade receivables
Bad debts written off
(b)
Other Income/(Losses) includes:
Net fair value change on derivative financial instruments
Foreign exchange gain
Loss on disposal of property, plant and equipment
Government grant income
Government grant expense
Gain on sale and leaseback transactions
Compensation from contractor arising from delay in handover
Others
Government grant income
Group
2021
$'000
2020
$'000
Note
20
20
13
18
18
(1,576,232)
355,679
(111,343)
(1,193,985)
–
(61,195)
(305,025)
(135,098)
(333,551)
(148,806)
(65,335)
(215,214)
(18,492)
(10,666)
3,550
(1,151)
(63,911)
(288,419)
(19,608)
(10,590)
3,356
(238)
(2,034)
5,333
(157)
60,112
(7,071)
10,085
5,810
12,091
84,169
(44,129)
42,929
(565)
105,588
(52,862)
–
–
8,836
59,797
Various government grants were received to help business deal with the impact from COVID-19:
–
–
government grant income of $49,289,000 (2020: $47,048,000) related to various support schemes
granted by various governments to help businesses deal with the impact from COVID-19; and
government grant income of $10,823,000 (2020: $58,540,000) related to property tax rebates and
cash grants received from the Singapore Government that were transferred to tenants in the form
of rental rebates and rental waivers during the financial year. The Group is obliged to waive up to
two months of rental to eligible tenants.
Government grant expense
Government grant expense of $7,071,000 (2020: $52,862,000) 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 theFinancial StatementsFor the year ended 30 September 2021 266
4.
TRADING PROFIT (CONT'D)
(c) Administrative Expenses includes:
Depreciation of property, plant and equipment
and right-of-use assets
Amortisation of intangible assets
Write-off 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
– Remuneration of members of Board Committees
Key executive officers:
– Remuneration
– Provident fund contribution
– Employee share-based expense
Staff costs
Defined contribution plans
Employee share-based expense
5.
INTEREST INCOME
Interest income:
– Fixed deposits and bank balances
– Interest rate swaps
– Finance lease receivables
– Related parties
Group
2021
$'000
2020
$'000
Note
13
17
17
(21,751)
(6,283)
(5,335)
(23,129)
(5,117)
–
(1,946)
(4,805)
(818)
(1,100)
(981)
(690)
(1,822)
(4,219)
(813)
(881)
(1,050)
(707)
(8,681)
(102)
(2,200)
(165,104)
(11,576)
(18,030)
(10,659)
(111)
(2,999)
(172,272)
(12,556)
(17,236)
Group
2021
$'000
2020
$'000
43,660
3,738
2,580
10,435
60,413
65,931
625
1,133
4,506
72,195
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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267
6.
INTEREST EXPENSE
Interest expense:
– Loans and borrowings
– Lease liabilities
– Interest rate swaps
– Related parties
7.
FAIR VALUE CHANGE AND GAIN ON DISPOSAL OF INVESTMENT PROPERTIES
Net fair value change on investment properties
Gain/(loss) on disposal of investment properties
Group
2021
$'000
2020
$'000
(386,119)
(32,994)
(2,506)
(15,421)
(437,040)
(462,620)
(30,049)
(1,096)
(20,680)
(514,445)
Group
2021
$'000
913,332
31,558
944,890
2020
$'000
163,295
(1,385)
161,910
Included in net fair value change on investment properties is net fair value change on assets held for sale of
$40,469,000 (2020: $(406,000)).
8.
EXCEPTIONAL ITEMS
Net transaction costs on acquisitions and
disposals of subsidiaries, joint ventures and associates
Net gain/(loss) on acquisitions and disposals
of subsidiaries, joint ventures and associates
Impairment of property, plant and equipment
Impairment of investment in an associate
Note
13
15
Group
2021
$'000
2020
$'000
(32,519)
(7,867)
82,834
(3,841)
(11,976)
34,498
(15,849)
(136,622)
–
(160,338)
Notes to theFinancial StatementsFor the year ended 30 September 2021 268
9.
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 provision in prior years:
– Current taxation
– Deferred taxation
(b)
Tax Recognised in OCI
Group
2021
$'000
2020
$'000
(130,117)
(3,078)
(356,530)
(489,725)
(229,328)
(6,727)
(58,266)
(294,321)
13,863
15,070
28,933
(460,792)
7,986
204
8,190
(286,131)
Before
tax
$'000
2021
Tax
expense
$'000
Net
of tax
$'000
Before
tax
$'000
2020
Tax
expense
$'000
Net
of tax
$'000
Group
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
Change in fair value of equity
investments at fair value
through OCI
123,684
(100,415)
24,011
(9,696)
(8,946)
28,638
–
–
–
–
–
–
123,684
(100,415)
(100,181)
307,107
24,011
(15,887)
(9,696)
62,996
(8,946)
28,638
28,713
282,748
–
–
–
–
–
–
(100,181)
307,107
(15,887)
62,996
28,713
282,748
Notes to theFinancial StatementsFor the year ended 30 September 2021
Contents
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Financial &
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269
9.
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
2021
$'000
2020
$'000
2,027,422
(167,743)
804,923
(220,646)
1,859,679
584,277
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
2021
%
2020
%
17.0
7.3
(1.8)
1.8
0.8
(0.1)
(0.9)
0.6
(0.4)
0.3
(0.5)
0.1
–
0.6
24.8
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
Notes to theFinancial StatementsFor the year ended 30 September 2021
270
10.
EARNINGS PER SHARE
Earnings per share ("EPS") is computed by dividing the Group’s attributable profit (after adjusting for distributions
to perpetual securities holders of $57,994,000 (2020: $76,478,000), net of distributions of $3,301,000 (2020:
$3,316,000) 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 ordinary 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
(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
2021
$'000
2020
$'000
341,524
775,099
152,754
111,647
No. of Shares
2021
'000
2020
'000
3,432,010
28,098
2,968,406
28,799
3,460,108
2,997,205
10.0¢
22.6¢
9.9¢
22.4¢
5.2¢
3.8¢
5.1¢
3.7¢
The comparative EPS has been adjusted for the bonus element arising from the Rights Issue.
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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Organisational
Business
Sustainability
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Corporate
Governance
Financial &
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271
11.
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.
The Group’s reportable operating segments comprise four SBUs:
(i)
(ii)
(iii)
Singapore, which encompasses the development, ownership, management and operation of residential,
retail and commercial properties held by FCT 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 FLCT 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 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.
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 theFinancial StatementsFor the year ended 30 September 2021
272
11.
SEGMENT INFORMATION (CONT'D)
Year ended 30 September 2021
The following table presents financial information regarding operating segments:
Singapore
$'000
Australia
$'000
Industrial Hospitality
$'000
$'000
Thailand &
Vietnam
$'000
Corporate
Others(2)
$'000
& Others Eliminations
$'000
$'000
Group
$'000
Revenue – external
Revenue – inter-segment
702,283
12,135
990,026
3,473
745,998
1,866
392,762
1,309
770,278
–
160,520
4,825
1,884
30,654
–
(54,262)
3,763,751
–
Trading profit
Share of results of joint ventures
and associates, net of tax
PBIT
Interest income
Interest expense
Profit before fair value
change, taxation and
exceptional items
Fair value change and
gain on disposal of
investment properties
Profit before taxation
and exceptional items
Exceptional items
Profit before taxation
Taxation
Profit for the year
Investments in joint ventures
and associates
Other segment assets
Reportable segment assets
Tax assets
Bank deposits
Cash and cash equivalents
Total assets
Reportable segment liabilities
Loans and borrowings
Tax liabilities
Total liabilities
Other segment information
Additions to investment
properties and property,
plant and equipment
Additions to intangible assets
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
Attributable profit before
fair value change and
exceptional items(1)
Fair value change
Exceptional items
Attributable profit
229,360
47,287
790,277
4,417
159,474
65,556
(39,453)
41,315
270,675
13,525
60,812
39,251
829,528
–
4,417
37,263
196,737
51,401
116,957
(15,012)
(54,465)
(35,203)
6,628
921,632
40,859
15,748
(4,844)
(37,618)
–
(5,940)
75,221
(1,138)
3,973
70
–
913,249
9,047,111
9,960,360
54,719
206,392
2,623,542 11,255,265
2,678,261 11,461,657
6
4,602,160
4,602,166
1,120,019
3,681,189
4,801,208
279,034
2,317,954
2,596,988
92,165
162,703
254,868
372,424
281,252
583,960
732,296
506,178
467,634
233,332
26,018
543
31,617
1,915
802,846
669
104,539
250
234,613
1,418
32,804
277
400
1,185
(186)
(627)
(6,290)
(1,599)
(5,207)
(70)
(58,910)
(501)
(12,350)
(1,224)
(1,339)
(202)
(2,804)
(2,060)
(100,000)
(401)
–
–
(499)
(10,443)
–
(41,927)
(26,177)
(8,638)
(76,742)
31,843
4,640
–
36,483
324,309
369,047
(5,765)
687,591
(82,743)
31,099
53,254
1,610
58,660
18,797
(2,587)
74,870
64,738
(4,844)
4,679
64,573
44,638
70
–
44,708
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,256,918
167,743
1,424,661
60,413
(437,040)
1,048,034
944,890
1,992,924
34,498
2,027,422
(460,792)
1,566,630
2,665,584
33,689,924
36,355,508
122,047
2,676
3,776,700
40,256,931
3,177,076
17,283,141
1,466,199
21,926,416
1,232,837
6,257
(87,086)
(6,283)
(111,343)
399,518
392,632
40,943
833,093
Notes to theFinancial StatementsFor the year ended 30 September 2021
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
273
11.
SEGMENT INFORMATION (CONT'D)
Year ended 30 September 2021 (cont'd)
The following table presents financial information regarding geographical segments:
Revenue – external
PBIT
Investments in joint ventures and associates
Other segment assets
Reportable segment assets
Tax assets
Bank deposits
Cash and cash equivalents
Total assets
Reportable segment liabilities
Loans and borrowings
Tax liabilities
Total liabilities
Other segment information
Additions to investment
properties and property,
plant and equipment
Additions to intangible assets
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
Singapore
$'000
Australia
$'000
855,911
258,120
1,513,752
644,025
Europe(3)
$'000
557,053
280,509
924,405
11,875,869
12,800,274
261,111
9,144,463
9,405,574
–
7,797,500
7,797,500
China
$'000
27,565
53,395
279,034
594,112
873,146
Thailand
$'000
634,790
149,258
1,120,020
3,441,381
4,561,401
Others(4)
$'000
174,680
39,354
81,014
836,599
917,613
712,270
701,243
817,473
408,705
440,850
96,535
Group
$'000
3,763,751
1,424,661
2,665,584
33,689,924
36,355,508
122,047
2,676
3,776,700
40,256,931
3,177,076
17,283,141
1,466,199
21,926,416
40,862
1,978
240,715
1,915
710,818
941
231
5
153,108
1,418
87,103
–
1,232,837
6,257
(12,585)
(2,908)
(22,680)
(1,710)
(100,000)
(34,187)
(401)
–
(34,900)
(315)
(10,443)
(1,967)
(433)
(117)
–
75,943
(12,104)
(1,224)
(499)
(1,138)
(4,384)
(9)
–
(4,153)
(87,086)
(6,283)
(111,343)
34,498
(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 external revenue, PBIT, attributable profit, investments in
joint ventures and associates, other segment assets and reportable segment liabilities amounts to $13,732,000, $57,093,000, $53,359,000,
$279,034,000, $486,503,000 and $403,687,000, respectively.
Europe includes the UK and continental Europe.
(3)
(4) Others in geographical segment includes Vietnam, Japan, New Zealand, Indonesia and Malaysia.
Notes to theFinancial StatementsFor the year ended 30 September 2021
274
11.
SEGMENT INFORMATION (CONT'D)
Year ended 30 September 2020
The following table presents financial information regarding operating segments:
Singapore
$'000
Australia
$'000
Industrial Hospitality
$'000
$'000
Thailand &
Vietnam
$'000
Corporate
Others(2)
$'000
& Others Eliminations
$'000
$'000
Group
$'000
Revenue – external
Revenue – inter-segment
609,453
8,289
619,459
1,006
499,571
486
488,745
163
823,157
11
556,414
1,097
208
32,734
–
(43,786)
3,597,007
–
Trading profit
Share of results of joint ventures
and associates, net of tax
PBIT
Interest income
Interest expense
Profit before fair value
change, taxation and
exceptional items
Fair value change and
gain on disposal of
investment properties
Profit before taxation and
exceptional items
Exceptional items
Profit before taxation
Taxation
Profit for the year
268,801
20,590
341,489
19,514
162,709
264,792
(52,940)
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)
138,989
912
159,909
(126,200)
52,040
(63,740)
–
(29,284)
–
(750)
(129,657)
1,903
(2,492)
(58)
Investments in joint ventures
and associates
Other segment assets
Reportable segment assets
Tax assets
Bank deposits
Cash and cash equivalents
Total assets
Reportable segment 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
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
properties held for sale
Attributable profit before
fair value change and
exceptional items(1)
Fair value change
Exceptional items
Attributable profit
789,143
9,909,409
10,698,552
59,458
2,791,498
2,850,956
74,799
9,343,150
9,417,949
66
4,918,077
4,918,143
1,049,665
3,947,178
4,996,843
214,815
1,889,263
2,104,078
95,345
220,715
316,060
393,923
366,516
513,746
661,495
524,991
481,473
273,972
(2,102,901)
4,407
2,765,529
106,718
105,031
(163,577)
1,506
(62,124)
–
62,624
–
1,501
1
4,366
(601)
(573)
(7,442)
–
(4,352)
(907)
(57,109)
(489)
(12,853)
(1,263)
(1,343)
(262)
(3,340)
(1,623)
(60,000)
–
–
–
(1,195)
–
–
(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
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,024,955
220,646
1,245,601
72,195
(514,445)
803,351
161,910
965,261
(160,338)
804,923
(286,131)
518,792
2,283,291
33,019,290
35,302,581
123,543
236,886
3,085,110
38,748,120
3,216,116
19,187,634
1,229,086
23,632,836
716,713
6,368
(87,040)
(5,117)
(61,195)
229,232
96,698
(137,805)
188,125
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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Financial &
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275
11.
SEGMENT INFORMATION (CONT'D)
Year ended 30 September 2020 (cont'd)
The following table presents financial information regarding geographical segments:
Revenue – external
PBIT
Investments in joint ventures and associates
Other segment assets
Reportable segment assets
Tax assets
Bank deposits
Cash and cash equivalents
Total assets
Reportable segment 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
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 properties held for sale
Exceptional items
Singapore
Australia
$'000
$'000
702,623
256,388
1,039,091
273,666
Europe(3)
$'000
607,238
186,560
786,032
12,792,162
13,578,194
134,257
8,231,135
8,365,392
–
6,797,502
6,797,502
China
$'000
349,324
254,528
214,815
623,254
838,069
Thailand
$'000
813,199
264,048
1,049,664
3,744,848
4,794,512
Others(4)
$'000
Group
$'000
85,532
10,411
3,597,007
1,245,601
98,523
830,389
928,912
810,780
709,787
734,571
405,264
427,162
128,552
2,283,291
33,019,290
35,302,581
123,543
236,886
3,085,110
38,748,120
3,216,116
19,187,634
1,229,086
23,632,836
66,666
64,527
475,665
4,842
–
24
(13,371)
(2,411)
(60,000)
(29,340)
(22,475)
(106)
–
(21,275)
(33,870)
(1,211)
–
(94,753)
200
1
(414)
(116)
–
–
98,830
10,825
716,713
1,501
–
6,368
(12,610)
(1,250)
(1,195)
1,903
(4,300)
(23)
(87,040)
(5,117)
–
(16,873)
(61,195)
(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 external revenue, PBIT, attributable profit, investments
in joint ventures and associates, other segment assets and reportable segment liabilities amounts to $332,460,000, $252,173,000,
$134,703,000, $214,815,000, $152,067,000 and $396,163,000, respectively.
Europe includes the UK and continental Europe.
(3)
(4) Others in geographical segment includes Vietnam, Japan, New Zealand, Indonesia and Malaysia.
Notes to theFinancial StatementsFor the year ended 30 September 2021 276
12.
INVESTMENT PROPERTIES
Group
At 1 October 2019
Currency re-alignment
Reclassification to assets held for sale
Transfer upon completion
Additions
Disposals
Fair value change
Acquisitions of subsidiaries
Disposals of subsidiaries
At 30 September 2020 and 1 October 2020
Currency re-alignment
Reclassification from properties held for sale
Reclassification to assets held for sale
Transfer upon completion
Additions
Disposals
Fair value change
Acquisitions of subsidiaries (Note 40)
Disposals of subsidiaries (Note 40)
At 30 September 2021
Completed
Investment
Properties
$'000
Investment
Properties
Under
Construction
$'000
22,419,313
384,182
(527,862)
75,165
290,187
(162,235)
190,238
273,468
(1,100,000)
21,842,456
(110,717)
1,423,415
(231,544)
167,162
645,095
(468,430)
829,866
15,097
(71,964)
24,040,436
137,362
(2,339)
–
(75,165)
75,475
–
(29,941)
–
–
105,392
(4,487)
151,284
–
(167,162)
368,883
(966)
31,256
89,175
–
573,375
Company
At 1 October 2019, 30 September 2020 and 1 October 2020
Fair value change
At 30 September 2021
Total
Investment
Properties
$'000
22,556,675
381,843
(527,862)
–
365,662
(162,235)
160,297
273,468
(1,100,000)
21,947,848
(115,204)
1,574,699
(231,544)
–
1,013,978
(469,396)
861,122
104,272
(71,964)
24,613,811
Completed
Investment
Properties
$'000
2,150
70
2,220
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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277
12.
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 34). Completed investment
properties are stated at fair value which has been determined based on independent professional or
internal valuations.
Investment properties amounting to approximately $4,038,812,000 (2020: $5,569,664,000) 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
$17,137,000 (2020: $17,387,000) 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 $62,453,000 (2020: $54,600,000) have been mortgaged to certain
financial institutions as securities for credit facilities.
During the financial year, net interest expense of $6,296,000 (2020: $3,470,000) arising from borrowings
obtained specifically for the projects was capitalised as cost of IPUC.
(c) Operating Lease Commitments – as Lessor
The Group leases out its properties, consisting of its owned properties and leased properties, for use
by tenants under operating leases. Future minimum rental receivables under non-cancellable operating
leases at the end of the reporting period are as follows:
Less than one year
One year to two years
Two years to three years
Three years to four years
Four years to five years
More than five years
Group
2021
$'000
2020
$'000
1,116,340
866,267
651,752
472,109
353,393
1,370,826
4,830,687
1,039,008
829,742
622,771
475,301
388,199
1,372,310
4,727,331
Rental income recognised in the Group’s Profit Statement 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 36.
Notes to theFinancial StatementsFor the year ended 30 September 2021
278
13.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment owned
Right-of-use assets classified within
property, plant and equipment
Group
Cost
At 1 October 2019
Currency re-alignment
Disposals of subsidiaries
Additions
Disposals/write-offs
Reclassification
At 30 September 2020 and 1 October 2020
Currency re-alignment
Acquisitions of subsidiaries (Note 40)
Additions
Disposals/write-offs
Reclassification to intangible assets (Note 17)
At 30 September 2021
Accumulated Depreciation
and Accumulated Impairment
At 1 October 2019
Currency re-alignment
Disposals of subsidiaries
Depreciation charge
Impairment loss (Note 8)
Disposals/write-offs
Reclassification
At 30 September 2020 and 1 October 2020
Currency re-alignment
Acquisitions of subsidiaries (Note 40)
Depreciation charge
Impairment loss (Note 8)
Disposals/write-offs
Reclassification to intangible assets (Note 17)
At 30 September 2021
Net Book Value
At 30 September 2021
At 30 September 2020
Group
Company
2021
$'000
2020
$'000
2021
$'000
2020
$'000
1,989,910
2,033,546
461,375
2,451,285
390,247
2,423,793
Land and
Buildings
$'000
Equipment,
Furniture
and Fittings
$'000
19
–
19
22
–
22
Others
$'000
Total
$'000
2,615,194
63,660
–
44,745
(1,736)
7,157
2,729,020
14,583
–
84,367
(47)
–
2,827,923
299,059
4,772
–
47,796
136,622
(161)
5,734
493,822
3,549
–
48,373
3,841
(8)
–
549,577
263,361
4,715
(82)
26,154
(5,043)
(7,173)
281,932
891
13
21,919
(7,712)
(13,363)
283,680
135,445
2,941
(33)
28,693
–
(4,085)
(5,743)
157,218
(28)
9
26,899
–
(7,134)
(6,632)
170,332
84,786
657
–
6,684
(306)
16
91,837
(3,663)
–
8,288
(868)
–
95,594
18,392
(523)
–
10,341
–
(263)
9
27,956
(3,148)
–
11,697
–
(502)
–
36,003
2,963,341
69,032
(82)
77,583
(7,085)
–
3,102,789
11,811
13
114,574
(8,627)
(13,363)
3,207,197
452,896
7,190
(33)
86,830
136,622
(4,509)
–
678,996
373
9
86,969
3,841
(7,644)
(6,632)
755,912
2,278,346
2,235,198
113,348
124,714
59,591
63,881
2,451,285
2,423,793
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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279
13.
PROPERTY, PLANT AND EQUIPMENT (CONT'D)
Company
Cost
At 1 October 2019, 30 September 2020, 1 October 2020 and 30 September 2021
Accumulated Depreciation
At 1 October 2019
Depreciation charge
At 30 September 2020 and 1 October 2020
Depreciation charge
At 30 September 2021
Net Book Value
At 30 September 2021
At 30 September 2020
Equipment,
Furniture
and Fittings
$'000
27
3
2
5
3
8
19
22
(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
Group
2021
$'000
2020
$'000
Company
2021
$'000
2020
$'000
86,969
117
87,086
86,830
210
87,040
3
–
3
2
–
2
(b)
(c)
Included in property, plant and equipment are certain hotel properties of the Group with carrying amount
of $159,295,000 (2020: $172,244,000) 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 Group’s Profit Statement during the financial year is
$3,841,000 (2020: $136,622,000). 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 theFinancial StatementsFor the year ended 30 September 2021 280
13.
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
cash flow
method
Discount rate
2021
2020
8.0%
7.0% to 8.0% 10.0%
–
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
2021
2020
6.3%
–
5.8% to 6.0% –
14.
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
2021
$'000
2020
$'000
Note
1,208,387
(52,637)
1,155,750
1,199,387
(52,637)
1,146,750
4,148,604
812,613
4,961,217
3,718,453
699,458
4,417,911
(607,675)
(525,721)
4,353,542
3,892,190
170,480
4,790,737
4,961,217
269,652
4,148,259
4,417,911
(252,687)
(354,988)
(607,675)
(204,962)
(320,759)
(525,721)
4,353,542
3,892,190
18
18
25
25
Notes to theFinancial StatementsFor the year ended 30 September 2021
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281
14.
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 0.3% to 3.0% (2020: 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 41.
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, FLCT and FHT (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 Logistics & Commercial Asset Management Ltd. (“FLCAM”) and Frasers Hospitality Asset
Management Pte. Ltd. (“FHAM”), 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)
The following subsidiaries of the Group have material NCI:
Name of entity
Principal place of
business
Ownership
interest held by NCI
2020
%
2021
%
FCT
FLCT
FHT
Frasers Property (Thailand) Public Company Limited ("FPT")
Singapore
Singapore
Singapore
Thailand
58.9
78.7
74.2
40.4
63.4
77.7
74.3
40.4
(i)
FCT
During the financial year, the Group received units in FCT in return for management services
provided to FCT. FCT also issued additional units pursuant to a private placement, of which the
Group subscribed more than its proportionate share. Arising therefrom, the Group’s interest in
FCT increased from 36.6% to 41.1%.
(ii)
FLCT
During the financial year, the Group received units in FLCT in return for management services
provided to FLCT. FLCT also issued additional units pursuant to a private placement, of which
the Group did not subscribe to. Arising therefrom, the Group’s interest in FLCT decreased from
22.3% to 21.3%.
(iii) FHT
During the financial year, the Group received units in FHT in return for management services
provided to FHT, increasing the Group’s interest in FHT from 25.7% to 25.8%.
Notes to theFinancial StatementsFor the year ended 30 September 2021
282
14.
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.
FCT
$'000
FHT
$'000
FLCT
$'000
FPT
$'000
2021
Revenue
Profit for the year
Total comprehensive income
339,180
174,166
179,782
86,794
(9,512)
1,524
465,373
726,508
729,037
617,949
103,834
(35,128)
Other
Subsidiaries
with
Individually
Immaterial
NCI
$'000
Total
$'000
Attributable to NCI
– Profit for the year(2)
– Total comprehensive
income
Current assets
Non-current assets
Current liabilities
Non-current liabilities
102,619
(7,055)
572,052
41,914
20,706
730,236
105,928
1,131
574,043
(14,179)
17,825
684,748
50,165
5,844,910
(322,215)
(1,657,792)
91,456
2,011,471
(223,612)
(854,955)
181,719
7,499,154
(355,827)
(2,810,110)
1,344,437
3,128,922
(873,259)
(1,575,230)
Net assets
3,915,068
1,024,360
4,514,936
2,024,870
Net assets attributable to NCI
2,304,621
788,150
3,552,665
818,703
78,054
7,542,193
Cash flows from/(used in):
– Operating activities
– Investing activities
– Financing activities(1)
Net increase/(decrease) in
cash and cash equivalents
198,445
(470,548)
285,754
39,219
(8,851)
(43,585)
299,367
(325,364)
(2,338)
169,711
(78,899)
(155,705)
13,651
(13,217)
(28,335)
(64,893)
Includes dividends paid to NCI
(1)
(2) Net of distributions to perpetual securities holders borne by NCI amounting to $3,301,000.
227,294
17,829
90,692
26,782
Notes to theFinancial StatementsFor the year ended 30 September 2021
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283
14.
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
163,271
152,438
80,799
28,269
86,234
(75,281)
333,832
219,209
794,921
169,507
146,789
15,455
(54,803)
378,270
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 year(2)
– 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
37,187
3,834,366
(317,043)
(1,028,022)
94,747
–
348,459 1,595,028
– 2,042,332 6,388,515 3,128,091
–
(714,015)
(792,582)
(918,462) (2,233,483) (1,887,175)
–
(67,285)
Net assets
2,526,488
– 1,151,332 3,710,909 2,121,929
Net assets attributable
to NCI
1,601,190
Cash flows from/(used in):
– Operating activities
– Investing activities
– Financing activities(1)
78,130
(163,802)
101,152
Net increase/(decrease) in
cash and cash equivalents
15,480
–
–
–
–
–
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.
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES
Investments in joint ventures
Investments in associates
Group
Company
2021
$'000
2020
$'000
1,339,695
1,325,889
2,665,584
1,063,859
1,219,432
2,283,291
2021
$'000
500
–
500
2020
$'000
500
–
500
Notes to theFinancial StatementsFor the year ended 30 September 2021
284
15.
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:
– Non-current
– Current
Loan from an associate:
– Non-current
– Current
Amounts due to associates:
– Current
Group
2021
$'000
2020
$'000
Note
18
18
25
25
18
18
25
25
184,865
161
300,958
135,076
10,824
22,733
(30,314)
(18,421)
(34,823)
(22,899)
(19,384)
(120,788)
6,943
(32,913)
(87,156)
280,976
70,880
25,729
4,392
4,283
–
102
–
(328,028)
(312,746)
–
(1,995)
(250,468)
(5,721)
(292,636)
Excluding a loan to a joint venture of $12,365,000 (2020: $12,648,000) which is interest-free, loans to joint ventures
bear interest at 3.5% to 4.5% (2020: 0.9% to 4.5%) per annum and are unsecured and repayable in cash. On 24
May 2021, a loan to a joint venture of $113,810,000 was converted to redeemable preference units.
Excluding loans from joint ventures of $46,314,000 (2020: $48,415,000) which are interest-free, loans from joint
ventures bear interest at 0.5% (2020: 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 to a joint venture of $19,384,000 (2020: $32,913,000) 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 $14,401,000 (2020: $14,526,000) which is interest-free, loans to associates
bear interest at 3.6% to 4.3% (2020: 4.0% to 5.0%) per annum, are unsecured and repayable in cash and have
no fixed repayment terms.
Loan from an associate bears interest at 4.8% (2020: 4.8%) per annum and is unsecured and repayable in cash
by May 2022.
Excluding an amount due from an associate of $4,392,000 (2020: Nil) which bears interest at 4.5% (2020: Nil)
per annum and is repayable by December 2027 and an amount due from an associate of $725,000 (2020: Nil)
which bears interest at 4.5% (2020: Nil) per annum and is repayable within the next 12 months, amounts due
from and to associates are interest-free, unsecured and repayable in cash on demand.
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT'D)
The Group’s receivables from joint ventures and associates are subject to impairment at the reporting date and
the movements of the allowance account used to record the impairment are as follows:
At 1 October
Currency re-alignment
Allowance for the year
Write-back of allowance
At 30 September
Individually impaired
2021
$'000
1,794
(134)
2,313
(1,909)
2,064
2020
$'000
1,751
(73)
116
–
1,794
(a)
Acquisition of Additional Interest in an Associate
In January 2021, FPT and its wholly-owned subsidiary, Frasers Property Thailand (International) Pte. Ltd.
(“FPTI”), subscribed for 192,108,299 units in Frasers Property Thailand Industrial Freehold & Leasehold
REIT (“FTREIT”) at a consideration of THB2,247,670,000 ($90,806,000), increasing the Group’s deemed
interest in FTREIT to 26.8%.
In June 2021 and September 2021, FPTI disposed of 5,000,000 units in FTREIT for a consideration of
THB67,500,000 ($2,727,000). Following the above, the Group’s deemed interest in FTREIT decreased to
26.6%. The excess of the consideration received over the carrying amount disposed of THB6,333,000
($271,000) 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 8).
(b)
Step-up Acquisition of a Joint Venture to a Subsidiary
On 30 March 2021, the Group, through its subsidiary, Frasers Property Industrial (Thailand) Company
Limited, which the Group has an effective interest of 59.6% in, acquired 49.0% equity interest in Wangnoi
Logistics Park Company Limited (“Wangnoi”). The Group’s deemed interest in Wangnoi increased from
51.0% to 100.0%. With effect from 30 March 2021, Wangnoi was consolidated as a subsidiary (Note 40).
(c)
Impairment of Investment in an Associate
During the financial year, the Group, through FCT, recognised an impairment loss of $11,976,000 (2020:
Nil) on investment in an associate, Hektar Real Estate Investment Trust (“H-REIT”).
H-REIT is a real estate investment trust constituted in Malaysia by a trust deed dated 5 October 2006.
H-REIT units are listed on the Main Board of Bursa Malaysia Securities Berhad. The principal investment
objective of H-REIT is to invest in income-producing real estate in Malaysia used primarily for retail
purposes.
The Group assesses at each reporting date whether there is any objective evidence that its investment in
H-REIT is impaired. Where there is objective evidence of impairment, the recoverable amount is estimated
based on the higher of its value in use and its fair value less costs to sell.
(d) 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 2021 is $408,497,000 (2020:
$388,151,000).
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
286
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT'D)
(d) Material Joint Ventures and Associates (cont'd)
Immaterial
Joint
Ventures
$'000
AST
$'000
Total
$'000
2021
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
69,697
47,088
24,489
71,577
–
71,577
25,172
1,996,062
(16,653)
(1,119,941)
884,640
–
884,640
Group's interest in net assets at beginning of the year
418,082
645,777
1,063,859
Group's share:
– Profit after taxation
– OCI
Total comprehensive income
Currency re-alignment
Additions
Carrying amount of interest in a joint venture acquired
as a subsidiary (Note 40)
Dividends received
Others
Group’s interest in net assets at end of the year
23,544
12,244
35,788
–
–
–
(11,550)
–
442,320
70,672
1,824
94,216
14,068
72,496
(6,035)
243,392
(7,641)
(51,355)
741
897,375
108,284
(6,035)
243,392
(7,641)
(62,905)
741
1,339,695
Notes to theFinancial StatementsFor the year ended 30 September 2021
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15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT'D)
(d) Material Joint Ventures and Associates (cont'd)
Immaterial
Joint
Ventures
$'000
AST
$'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
512,922
945,613
Group's share of:
– Profit after taxation
– OCI
Total comprehensive income
Currency re-alignment
Additions
Dividends received
Group’s interest in net assets at end of the year
7,296
(15,133)
47,210
(754)
54,506
(15,887)
(7,837)
–
378
(7,150)
418,082
46,456
(487)
135,203
(48,317)
645,777
38,619
(487)
135,581
(55,467)
1,063,859
Notes to theFinancial StatementsFor the year ended 30 September 2021
288
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT'D)
(d) Material 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
Immaterial
FTREIT Associates
$'000
$'000
Total
$'000
2021
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
231,356
146,219
113,692
23,813
137,505
92,109
–
92,109
4,985
132,520
–
92,109
1,085,240
58,200
(628,862)
–
514,578
51,800
1,809,267
(41,947)
(489,519)
1,329,601
19,387
495,191
–
1,329,601
Group's interest in net assets at beginning of the year
171,294
288,161
759,977
1,219,432
Group's share:
– Profit/(loss) after taxation
– OCI
51,570
10,743
22,819
–
(862)
(800)
73,527
9,943
Total comprehensive income
Currency re-alignment
Additions
Return of capital
Disposals
Impairment loss (Note 8)
Dividends received
Reclassification from other non-current assets (Note 16)
Others
Group’s interest in net assets at end of the year
62,313
–
–
–
–
–
–
–
–
233,607
22,819
(19,954)
90,806
–
(2,983)
–
(20,996)
–
6,275
364,128
(1,662)
(40,061)
25,983
(275)
–
(11,976)
(6,618)
2,786
–
728,154
83,470
(60,015)
116,789
(275)
(2,983)
(11,976)
(27,614)
2,786
6,275
1,325,889
Notes to theFinancial StatementsFor the year ended 30 September 2021
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15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT'D)
(d) Material Joint Ventures and Associates (cont'd)
SAI group
$'000
Immaterial
FTREIT Associates
$'000
$'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
62,999
11,781
91,360
166,140
Total comprehensive income
Currency re-alignment
Additions
Disposals
Acquisitions of subsidiaries
Dividends received
Reclassification from other non-current assets (Note 16)
Group’s interest in net assets at end of the year
62,999
9,805
–
–
–
(162,003)
–
171,294
11,781
(12,397)
49,336
(36,831)
–
(18,394)
–
288,161
91,360
(19,797)
89,536
–
404
(8,692)
86,410
759,977
166,140
(22,389)
138,872
(36,831)
404
(189,089)
86,410
1,219,432
Notes to theFinancial StatementsFor the year ended 30 September 2021
290
16. OTHER NON-CURRENT/CURRENT ASSETS
Other non-current assets
Equity investments at FVOCI
Prepayments
Other current assets
Other prepayments
Inventory
Contract costs
Group
2021
$'000
2020
$'000
Company
2021
$'000
2020
$'000
50,652
413
51,065
62,066
4,715
66,781
49,384
4,254
23,620
77,258
128,323
51,775
4,553
17,905
74,233
141,014
29,174
–
29,174
–
–
–
–
29,174
34,833
–
34,833
9
–
–
9
34,842
(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
Currency re-alignment
Additions
Change in fair value recognised in OCI
Reclassification to Level 2 fair value hierarchy
Reclassification to investments in associates
(Note 15)
At 30 September
Group
Company
2021
$'000
27,233
(19)
338
(3,288)
–
(2,786)
21,478
2020
$'000
90,688
(1,581)
30,656
28,713
(34,833)
(86,410)
27,233
2021
$'000
–
–
–
–
–
–
–
2020
$'000
2,148
–
–
32,685
(34,833)
–
–
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 financial year, $28,105,000 (2020: $3,611,000) of commission
fees paid were capitalised as contract costs.
Capitalised commission fees are amortised when the related revenue is recognised. During the financial
year, $22,432,000 (2020: $1,651,000) was amortised. There was no impairment loss in relation to such
costs capitalised.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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17.
INTANGIBLE ASSETS
Goodwill
$'000
Brands
$'000
Favourable
Leases
$'000
Management
Contracts
$'000
Software
and
Others
$'000
Total
$'000
Group
Cost
At 1 October 2019
Currency re-alignment
Additions
Disposal of subsidiaries
Write-offs
566,094
24,043
–
–
(48,914)
128,064
–
–
–
(128,064)
36,695
–
–
–
(36,695)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
3,600
–
–
–
(3,600)
–
–
–
–
–
–
–
72,585
(2,903)
–
–
–
69,682
(4,517)
–
–
–
–
65,165
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
34,469
(81)
6,368
(78)
(5,018)
837,907
21,059
6,368
(78)
(218,691)
35,660
(552)
6,220
37
(6,904)
646,565
(5,586)
6,220
37
(6,904)
13,363
47,824
13,363
653,695
12,993
(82)
5,117
(24)
(5,018)
12,986
(407)
6,283
1
(1,569)
16,593
(82)
5,117
(24)
(8,618)
12,986
(407)
6,283
1
(1,569)
6,632
23,926
6,632
23,926
–
–
–
210,073
(210,073)
–
65,165
69,682
23,898
22,674
629,769
633,579
48,914
(48,914)
128,064
(128,064)
33,095
(33,095)
–
540,706
541,223
–
–
–
–
–
–
At 30 September 2020 and
1 October 2020
Currency re-alignment
Additions
Acquisitions of subsidiaries
Write-offs
Reclassification from property,
plant and equipment (Note 13)
At 30 September 2021
541,223
(517)
–
–
–
–
540,706
–
–
–
–
–
–
–
–
–
–
–
–
Accumulated Amortisation
At 1 October 2019
Currency re-alignment
Amortisation (Note 4(c))
Disposal of subsidiaries
Write-offs
At 30 September 2020 and
1 October 2020
Currency re-alignment
Amortisation (Note 4(c))
Acquisitions of subsidiaries
Write-offs
Reclassification from property,
plant and equipment (Note 13)
At 30 September 2021
Accumulated Impairment
At 1 October 2019
Write-offs
At 30 September 2020, 1 October
2020 and 30 September 2021
Net Book Value
At 30 September 2021
At 30 September 2020
Notes to theFinancial StatementsFor the year ended 30 September 2021 292
17.
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.
Carrying value of capitalised goodwill in the following operating segments:
– Australia
– Industrial
(i)
Australia
2021
$'000
2020
$'000
310,511
230,195
540,706
309,403
231,820
541,223
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 rate applied to the projections is 11.7% (2020: 10.6%) and the
terminal growth rate used beyond the five-year period is 2.0% (2020: 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 is required.
As at 30 September 2021, the carrying value of goodwill is A$316,396,000 ($310,511,000) (2020:
A$316,396,000 ($309,403,000)).
(ii)
Industrial
(a)
The Group recorded the goodwill upon the acquisition of FCOT and Frasers Commercial
Asset Manager ("FCOAM"). 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% (2020: 12.0%) and the
forecast growth rate used beyond the 10-year period is 2.0% (2020: 2.0%). Based on the
recoverable amount, no impairment is necessary.
As at 30 September 2021, the carrying value of goodwill is $62,601,000 (2020: $62,601,000).
Notes to theFinancial StatementsFor the year ended 30 September 2021
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17.
INTANGIBLE ASSETS (CONT'D)
(a)
Goodwill (cont'd)
(ii)
Industrial (cont'd)
(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% (2020: 4.0%) and the terminal growth rate used beyond the 10-year period is 0.7%
(2020: 0.1%). Based on the recoverable amount, no impairment is necessary.
As at 30 September 2021, the carrying value of goodwill is EUR65,978,000 ($103,803,000)
(2020: EUR65,978,000 ($105,655,000)).
(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 rate applied to the projections is 11.5% (2020:
10.6%) and the terminal growth rate used beyond the five-year period is 2.0% (2020: 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 2021, the carrying value of goodwill is A$65,000,000 ($63,791,000) (2020:
A$65,000,000 ($63,564,000)).
(b) 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 ($65,165,000) (2020: THB1,613,000,000 ($69,682,000)) 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 projected using the estimated terminal growth rate of 2.9% (2020: 3.0%).
The pre-tax discount rate applied to the projections is 11.2% (2020: 11.0%). Based on the recoverable
amount, no impairment is necessary.
Notes to theFinancial StatementsFor the year ended 30 September 2021
294
18.
TRADE AND OTHER RECEIVABLES
Other receivables (non-current)
Amounts due from subsidiaries
Amounts due from associates
Amounts due from a joint venture partner
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
Recoverable development costs
Considerations receivable from
disposals of subsidiaries
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)
(a)
Trade Receivables
Note
14
15
15
15
40(b)
14
15
15
15
Group
2021
$'000
2020
$'000
Company
2021
$'000
2020
$'000
–
4,392
343,780
184,865
70,880
49,347
–
–
–
300,958
25,729
42,867
4,790,737
–
–
–
–
–
4,148,259
–
–
–
–
–
108,325
114,837
–
–
17,692
27,275
4,083
5,067
815,706
15,205
30,866
8,737
22,645
561,844
–
–
–
–
4,790,737
–
–
–
–
4,148,259
137,195
102,889
–
–
56,807
4,231
728
29,724
1,034
1,714
68,920
2,597
85,133
–
591
4,283
10,824
161
90,625
357,372
46,509
14,626
2,575
62,644
878
1,161
47,276
1,475
–
–
223
102
22,733
135,076
110,471
445,749
1,061
62
–
–
–
–
–
–
–
170,480
–
–
1
–
–
171,604
2,845
–
–
–
–
–
–
–
–
269,652
–
–
–
–
273
272,770
494,567
548,638
171,604
272,770
1,310,273
1,110,482
4,962,341
4,421,029
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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18.
TRADE AND OTHER RECEIVABLES (CONT'D)
(b)
Amounts due from a Joint Venture Partner
Amounts due from a joint venture partner are interest-free, have no fixed terms of repayment and relate
to certain land tenders in China.
(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 is 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% (2020:
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 subject to impairment
The Group’s trade receivables that are subject to impairment 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
Movements in allowance account:
At 1 October
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
Lifetime ECL
Individually Impaired
Group
2021
$'000
2020
$'000
152,916
(15,721)
137,195
112,380
(9,491)
102,889
9,491
(141)
6,557
(170)
(16)
–
15,721
3,202
94
6,673
(458)
(18)
(2)
9,491
2021
$'000
5,644
(5,644)
–
4,989
70
4,109
(3,380)
(144)
–
5,644
2020
$'000
4,989
(4,989)
–
4,189
60
3,917
(2,898)
(279)
–
4,989
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
35(a).
Notes to theFinancial StatementsFor the year ended 30 September 2021
296
19. 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 changes
Provisions and accruals
Employee benefits
Unabsorbed losses and capital
allowances
Others
Gross deferred tax assets
Deferred tax liabilities
Fair value changes
Provisions and accruals
Differences in depreciation
Others
Gross deferred tax liabilities
Group
Balance Sheet
2021
$'000
2020
$'000
Credited/(charged)
to Profit Statement
2020
2021
$'000
$'000
2,098
110,842
14,784
4,707
5,621
138,052
11,690
135,199
14,903
55,724
14,938
232,454
(1,239)
3,002
71
4,012
115
5,961
(751,694)
(86,863)
(109,572)
(31,876)
(980,005)
(532,464)
(92,719)
(155,223)
(45,264)
(825,670)
(295,405)
(22,668)
(47,612)
18,264
(347,421)
483
7,435
(311)
19,707
3,647
30,961
(77,344)
4,688
(15,124)
(1,243)
(89,023)
(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
2021
$'000
2020
$'000
122,047
(964,000)
(841,953)
123,543
(716,759)
(593,216)
(c)
As at 30 September 2021, certain subsidiaries have unutilised tax losses of approximately $304,841,000
(2020: $291,284,000) and unabsorbed capital allowances of $59,341,000 (2020: $52,709,000) available for
set off against future taxable profits. Deferred tax assets of $78,214,000 (2020: $73,219,000) 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 and capital allowances amounting to $77,778,000 (2020: $63,385,000)
can be carried forward up to a certain prescribed period, while the remaining tax losses and capital
allowances have no expiry dates.
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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20.
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 (Note 4(a))
Utilised 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 (Note 4(a))
Utilised during the year
Transferred from development properties held for sale
At 30 September
Group
2021
$'000
2020
$'000
915,997
(199,000)
716,997
1,069,187
(99,000)
970,187
3,147,727
(108,716)
3,039,011
3,756,008
4,533,309
(107,375)
4,425,934
5,396,121
479,930
(82,807)
397,123
561,041
(70,959)
490,082
4,153,131
5,886,203
Group
2021
$'000
2020
$'000
(206,375)
(774)
(101,483)
–
916
(307,716)
(161,096)
(5,364)
(60,627)
12,834
7,878
(206,375)
(70,959)
(1,584)
(9,860)
512
(916)
(82,807)
(59,806)
(2,716)
(568)
9
(7,878)
(70,959)
(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.
Notes to theFinancial StatementsFor the year ended 30 September 2021 298
20.
PROPERTIES HELD FOR SALE (CONT'D)
(c)
On 1 October 2019, the Group formed a new strategic business unit – Industrial. On 1 February 2021,
as part of the Group's strategic initiatives to grow its industrial and logistics asset base, a portfolio of
industrial properties in Australia and Europe amounting to $1,574,699,000, has been transferred from
properties held for sale to investment properties. The portfolio previously held at cost and not developed
for third party sale is now held at fair value, following the change in use.
The Group no longer develops the properties with a view to sell. Instead, the Group plans to hold these
properties out in the long term for capital appreciation, and these properties have been leased to third
parties for rental income. Following the change in accounting classification, the Group recorded a gain
of $355,679,000 on the change in use of properties held for sale, in the Profit Statement.
During the financial year, net interest expense of $62,560,000 (2020: $39,519,000) arising from borrowings
obtained specifically for the projects was capitalised as cost of development properties held for sale.
During the financial year, staff costs of $29,501,000 (2020: $26,389,000) was capitalised as cost of
development properties held for sale.
Included in development properties held for sale are projects of approximately $335,167,000 (2020:
$273,395,000) 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
$1,212,049,000 (2020: $1,384,232,000) to financial institutions as securities for credit facilities.
(d)
(e)
(f)
(g)
21.
CONTRACT ASSETS/LIABILITIES
Contract assets
Contract liabilities
Group
2021
$'000
2020
$'000
87,762
21,653
153,549
75,760
Contract assets relate primarily to the Group’s rights 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 receivables 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.
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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21.
CONTRACT ASSETS/LIABILITIES (CONT'D)
Significant changes in the contract assets and the contract liabilities balances during the financial year are as
follows:
Contract assets reclassified to trade receivables
Changes in measurement of
development 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
22. 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
Contract Assets
2021
$'000
2020
$'000
Contract Liabilities
2020
2021
$'000
$'000
(301,633)
(44,848)
239,304
2,511
–
–
–
–
–
–
–
–
(75,760)
(298,809)
89,472
45,702
Group
Company
2021
$'000
2020
$'000
2021
$'000
2020
$'000
50,397
67,530
1,215
119,142
92,597
85,800
330
178,727
3,457
115,685
119,142
3,252
175,475
178,727
49,121
133,899
493
183,513
95,148
269,679
5,888
370,715
52,171
131,342
183,513
26,453
344,262
370,715
3,900
5,824
–
9,724
3,794
5,930
9,724
3,900
5,824
–
9,724
3,794
5,930
9,724
9,930
12,638
–
22,568
–
22,568
22,568
9,930
12,638
–
22,568
–
22,568
22,568
Notes to theFinancial StatementsFor the year ended 30 September 2021 300
22. DERIVATIVE FINANCIAL INSTRUMENTS (CONT'D)
(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
2021
$'000
2020
$'000
Company
2021
$'000
2020
$'000
1,048,451
1,194,746
2,396,590
4,639,787
834,324
1,391,102
2,124,203
4,349,629
73,174
–
600,000
673,174
–
73,807
342,265
416,072
The Group’s cross currency swaps at net carrying liability value of $37,215,000 (2020: $42,413,000) 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.
The Group’s cross currency swaps and cross currency interest rate swaps at net carrying asset value of
$39,761,000 (2020: $34,910,000) 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.
(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
2021
$'000
2020
$'000
Company
2021
$'000
2020
$'000
1,640,989
6,815,185
1,807,737
10,263,911
567,416
5,504,297
2,795,351
8,867,064
255,000
459,540
–
714,540
–
706,704
–
706,704
As at 30 September 2021, the fixed interest rates of the outstanding interest rate swap contracts ranged
between 0.1% to 2.6% (2020: 0.1% to 2.6%) per annum.
The Group’s interest rate swaps at net carrying liability value of $65,178,000 (2020: $180,795,000) 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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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22. DERIVATIVE FINANCIAL INSTRUMENTS (CONT'D)
(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:
Notional amounts
Within one year
Group
2021
$'000
2020
$'000
Company
2021
$'000
2020
$'000
88,799
411,079
–
–
The Group’s foreign currency forward contracts at net carrying asset value of $200,000 (2020: net liability
of $3,751,000) 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.
23.
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"
– Cash in banks
Group
Company
2020
$'000
2021
$'000
2020
$'000
233,160
3,726
236,886
–
–
–
–
–
–
2021
$'000
–
2,676
2,676
825,368
2,908,763
833,335
2,244,388
–
1,000,735
–
8,566
42,569
7,387
–
–
Total cash and cash equivalents
3,776,700
3,085,110
1,000,735
8,566
Total bank deposits and cash and
cash equivalents
3,779,376
3,321,996
1,000,735
8,566
(a)
Bank deposits comprise deposits pledged with banks in relation to bankers’ guarantees issued for
development contracts, credit card and rent and utilities guarantees.
As at 30 September 2021, the interest rates of the deposits pledged with banks ranged between 1.0% to
2.0% (2020: 1.6% to 3.0%) per annum.
(b)
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.
(c)
The withdrawals from amounts held under “Project Account Rules – 1997 Ed” are restricted to payments
for development expenditure incurred on properties developed for sale.
Notes to theFinancial StatementsFor the year ended 30 September 2021
302
23.
BANK DEPOSITS AND CASH AND CASH EQUIVALENTS (CONT'D)
(d)
For the purpose of the Consolidated Statement of Cash Flows, 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
24. ASSETS/LIABILITIES HELD FOR SALE
Investment properties
Cash and cash equivalents
Trade and other receivables
Assets held for sale
Lease liabilities
Deferred tax liabilities
Trade and other payables
Liabilities held for sale
Group
2021
$'000
2020
$'000
Note
3,776,700
(836)
3,085,110
(1,292)
27
3,775,864
3,083,818
2021
$'000
186,268
10,070
90
196,428
15,616
5,189
1,117
21,922
Group
2020
$'000
544,095
–
–
544,095
–
–
–
–
(a)
(b)
On 27 September 2021, FPE Investments RE 11 B.V. and FPE Investments RE 12 B.V., wholly-owned
subsidiaries of the Group, signed a conditional agreement with an unrelated third party for the sale of
three entities, Frasers Property Holding GmbH, Vienna Logistics S.a.r.l., and AI Gewerbepark Simmering
GmbH. Pursuant to the planned divestment, all assets and liabilities held by the entities are reclassified
to assets held for sale and liabilities held for sale, respectively, as at 30 September 2021. The properties
held by these companies are stated at fair value based on independent professional valuation.
As at 30 September 2020, pursuant to the planned divestment of 26-44 Cambridge Street, Rocklea,
Queensland (“Cambridge Street”), the property was classified as assets held for sale. Cambridge Street
consisted of a building lot and a vacant lot. On 5 February 2021, Australand Industrial No. 145 Pty Limited,
trustee for Australand Cambridge Street Unit Trust, a wholly-owned trust of the Group, entered into two
contracts of sale for the building lot and vacant lot, respectively. The divestment of the building lot was
completed on 24 March 2021. The sale of the vacant lot is expected to be completed within the next
financial year.
(c) 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.
(d) 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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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24. ASSETS/LIABILITIES HELD FOR SALE (CONT'D)
(e)
On 21 September 2020, Excellent Esteem Limited, a wholly-owned subsidiary of the Group, entered
into a letter of intent for the divestment of a wholly-owned subsidiary, Beijing Fraser Suites Real Estate
Management Co., Ltd. (“FSBJ”). The property held by FSBJ was stated at fair value based on independent
professional valuation and reclassified to assets held for sale as at 30 September 2020. The sale and
purchase agreement was signed on 21 January 2021, and the divestment was completed on 26 May
2021. The effects of divestment are disclosed in Note 40(b).
25.
TRADE AND OTHER PAYABLES
Group
2021
$'000
2020
$'000
Company
2021
$'000
2020
$'000
Note
Trade payables
543,322
508,379
Other payables (current)
Amounts due to non-controlling interests
Interest payables
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 joint ventures
Amounts due to associates
Loans from joint ventures
Loan from an associate
Provision in relation to loan obligations
of a subsidiary
373
63,163
480,798
128,609
32,794
63,153
8,542
–
304
120,788
1,995
18,421
328,028
–
1,246,968
–
67,657
493,933
713
41,055
59,408
12,615
–
490
87,156
5,721
22,899
–
–
791,647
14
15
15
15
15
60
–
–
21,231
–
–
–
–
252,687
–
–
–
–
–
231,000
504,918
1
–
–
21,167
–
–
–
–
204,962
–
–
–
–
–
–
226,129
Total trade and other payables (current)
1,790,290
1,300,026
504,978
226,130
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
Loan from an associate
31,560
–
844
105,249
–
44,771
19,384
30,314
–
232,122
26,633
56,147
1,471
112,678
–
47,587
32,913
34,823
312,746
624,998
–
–
–
–
354,988
–
–
–
–
354,988
–
–
–
–
320,759
–
–
–
–
320,759
14
15
15
15
Total trade and other payables
(current and non-current)
2,022,412
1,925,024
859,966
546,889
Notes to theFinancial StatementsFor the year ended 30 September 2021
304
25.
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 $23,027,000 (2020: $23,983,000) which bears interest at 6.5%
(2020: 6.5%) per annum and has no fixed repayment date.
A non-trade and unsecured loan of $21,744,000 (2020: $23,604,000) which bears interest at 1.4%
(2020: 1.9%) 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.
As at 30 September 2021, land vendor liabilities are unsecured. As at 30 September 2020, excluding
amounts owing to land vendors of $713,000 that are secured over the properties until the amounts owing
are paid, land vendor liabilities are unsecured.
26.
LEASE LIABILITIES
Repayable within one year
Repayable after one year
Group
2021
$'000
2020
$'000
36,679
890,897
927,576
20,803
823,814
844,617
Included in lease liabilities are balances relating to contracts with associates, joint ventures and related parties
amounting to $2,931,000 (2020: $5,096,000), $15,024,000 (2020: $18,020,000) and $1,391,000 (2020: $1,330,000),
respectively.
Notes to theFinancial StatementsFor the year ended 30 September 2021
Contents
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Financial &
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305
27.
LOANS AND BORROWINGS
Repayable within one year:
Unsecured
Bank loans
Medium Term Notes
Debentures
Other bonds
Bills of exchange
Bank overdrafts
Secured
Bank loans
Repayable after one year:
Unsecured
Bank loans
Medium Term Notes
Debentures
Other bonds
Secured
Bank loans
Other bonds
Total loans and borrowings
Weighted Average
Effective
Interest Rate
2021
%
2020
%
Group
2021
$'000
2020
$'000
1.1
3.4
3.4
3.7
1.0
–
2.3
1.5
3.6
2.8
–
1.6
4.9
1.6
3.0
2.7
–
2.1
–
2.1
2.1
3.5
3.1
3.5
2.3
4.9
2,945,023
351,174
635,627
499,760
60,229
836
2,760,030
432,350
447,538
–
21,541
1,292
356,684
4,849,333
463,642
4,126,393
6,903,252
1,634,837
1,384,636
–
7,740,433
1,538,012
1,823,587
529,943
2,480,494
30,589
12,433,808
3,398,007
31,259
15,061,241
17,283,141
19,187,634
(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 12,
13 and 20.
(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
2021
$'000
2020
$'000
3,210,034
7,905,529
1,318,245
12,433,808
4,103,865
9,621,669
1,335,707
15,061,241
(c)
As at 30 September 2021, 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 22 and 36.
Notes to theFinancial StatementsFor the year ended 30 September 2021 306
27.
LOANS AND BORROWINGS (CONT'D)
(d) Notes and debentures
The Group’s notes and debentures are mainly issued by FP Treasury, FCT, FLCT, FHT, FPA, Frasers
Property Holdings (Thailand) Co., Ltd. (“FPHT”) and FPT under their respective issuance programmes.
These notes and debentures are denominated mainly in Singapore Dollars and Thai Baht. The notes and
debentures issued are unsecured.
(e)
Bills of exchange
Bills of exchange of $60,229,000 (THB1.5 billion) (2020: $21,541,000 (THB0.5 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 and Malaysian Ringgit ("MYR").
As at 30 September 2021, the secured bond amounting to $30,589,000 (MYR94,733,000) (2020: $31,259,000
(MYR94,637,000)) 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 27)
$'000
Interest
payables
(Note 25)
$'000
Lease
liabilities
(Note 26)
$'000
At 1 October 2020
19,187,634
67,657
844,617
Changes from financing cash flows
Proceeds from bank borrowings, net of costs
Repayments of bank borrowings
Proceeds from issue of bonds/debentures,
net of costs
Repayments of bonds/debentures
Payment of lease liabilities
Interest paid
Total changes from financing cash flows
New leases
Acquisitions of subsidiaries (Note 40)
Reclassification to liabilities held for sale
Effect of changes in foreign exchange rates
Interest expense (Note 6)
Disposals
Others
At 30 September 2021
7,804,182
(8,927,964)
9,725,627
(10,312,769)
–
–
(1,710,924)
–
–
(91,494)
(101,619)
–
–
(456)
17,283,141
–
–
–
–
–
(408,540)
(408,540)
–
–
–
–
404,046
–
–
63,163
–
–
–
–
(47,101)
–
(47,101)
100,165
41,970
(36,243)
2,712
32,994
(12,640)
1,102
927,576
Notes to theFinancial StatementsFor the year ended 30 September 2021
Contents
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Financial &
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Information
307
27.
LOANS AND BORROWINGS (CONT'D)
(g) Reconciliation of movements of liabilities to cash flows arising from financing activities is as follows
(cont'd):
Loans and
borrowings
(Note 27)
$'000
Interest
payable
(Note 25)
$'000
Lease
liabilities
(Note 26)
$'000
At 1 October 2019
17,395,899
71,518
742,463
Changes from financing cash flows
Proceeds from bank borrowings, net of costs
Repayments of bank borrowings
Repayments of bonds/debentures, net of costs
Payment of lease liabilities
Interest paid
Total changes from financing cash flows
New leases
Acquisitions of subsidiaries
Disposals of subsidiaries
Effect of changes in foreign exchange rates
Interest expense (Note 6)
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)
96,352
–
–
23,061
30,049
(31)
120
844,617
28.
SHARE CAPITAL
Group and Company
2021
2020
No. of Shares
$'000 No. of Shares
$'000
Issued and fully paid:
Ordinary Shares
At 1 October
Issued during the year:
– pursuant to rights issue in April 2021
– pursuant to the vesting of shares
awarded under the share plans
At 30 September
2,925,660,894
1,804,951 2,919,487,919
1,795,241
982,866,444
1,158,772
–
–
7,558,334
3,916,085,672
11,257
6,172,975
2,974,980 2,925,660,894
9,710
1,804,951
During the financial year, the Company issued 982,866,444 (2020: Nil) new shares pursuant to the rights issue,
raising capital of $1,158,772,000, net of costs.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021 308
29. OTHER RESERVES
Hedging reserve
Foreign currency translation reserve
Share-based compensation reserve
Dividend reserve
Fair value reserve
Other reserves
(a)
Hedging Reserve
Group
2021
$'000
2020
$'000
(50,457)
(308,992)
35,320
78,322
22,808
78,459
(144,540)
(165,109)
(274,287)
32,471
43,885
30,352
69,983
(262,705)
Company
2021
$'000
–
–
31,110
78,322
27,026
–
136,458
2020
$'000
–
–
28,348
43,885
32,685
–
104,918
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 30).
(d) Dividend Reserve
Dividend reserve relates to proposed first and final dividend of 2.0 cents (2020: first and final dividend
of 1.5 cents) per share (Note 32).
(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 theFinancial StatementsFor the year ended 30 September 2021
Contents
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Financial &
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309
30.
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 one-year period, the final number
of RSP awards could range between 0% to 150% of the initial grant of the RSP awards.
1/3 of the final RSP awards will vest at the end of the one-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 $17,407,000 (2020: $17,783,000).
The estimated fair value of each RSP award granted during the financial year ranges from $1.11 to $1.14
(2020: $1.52 to $1.62). The fair value is determined using Monte Carlo Valuation Model, which involves
projection of future outcomes using statistical distributions of key random variables including share price
and volatility of returns. The inputs to the model used are as follows:
Dividend yield (%)
Expected volatility (%)
Risk-free interest rate (%)
Expected life (years)
Share price at date of grant ($)
2021
2020
1.30
25.96
0.36 to 0.54
0.52 to 2.52
1.15
3.39
17.54
1.43 to 1.46
1.03 to 3.03
1.68
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 $453,000 (2020: $343,000).
Notes to theFinancial StatementsFor the year ended 30 September 2021
310
30.
EQUITY COMPENSATION PLANS (CONT'D)
(b)
FPL Performance Share Plan (“PSP”) (cont'd)
The estimated fair value of each PSP award granted during the financial year is $1.03 (2020: $0.77). The
fair value is determined using Monte Carlo Valuation Model, which involves projection of future outcomes
using statistical distributions of key random variables including share price and volatility of returns. The
inputs to the model used are as follows:
Dividend yield (%)
Expected volatility (%)
Cost of equity (%)
Risk-free interest rate (%)
Expected life (years)
Share price at date of grant ($)
RSP and PSP Awards Granted
2021
1.30
25.96
4.80
0.54
2.52
1.15
2020
3.39
17.54
7.40
1.45
3.03
1.68
The eighth grant of RSP and PSP awards (“Year 8”) was made on 23 June 2021. 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 2021 are as follows:
RSP
Awards
Year 4
Year 5
Year 6
Year 7
Year 8
FPL Share
FPL RSP
Grant Date
21 December 2016
22 December 2017
19 December 2018
20 December 2019
23 June 2021
29 September 2020
29 September 2020
At 1 October
2020
or Grant Date
if later
Achievement
At 30 September 2021
Cancelled
Factor
Vested
Total
Equity-settled
Cash-settled
2,405,225
3,124,850
9,730,000
11,313,100
17,837,800
797,152
300,619
45,508,746
(28,425)
(75,800)
(307,100)
(200,036)
(207,200)
–
–
(818,561)
–
–
(2,667,000)
(5,428,900)
–
–
(180,419)
(8,276,319)
(2,376,800)
(1,574,475)
(3,503,650)
(1,948,341)
–
(368,651)
(46,649)
–
1,474,575
3,252,250
3,735,823
17,630,600
428,501
73,551
(9,818,566) 26,595,300
–
992,075
2,355,350
3,027,605
12,548,300
428,501
73,551
19,425,382
–
482,500
896,900
708,218
5,082,300
–
–
7,169,918
PSP
Awards
Year 5
Year 6
Year 7
Year 8
Grant Date
22 December 2017
19 December 2018
20 December 2019
23 June 2021
At 1 October
2020
or Grant Date
if later
245,800
405,100
476,800
675,000
1,802,700
Achievement
At 30 September 2021
Cancelled
Factor
Vested
Total
Equity-settled
Cash-settled
–
–
–
–
–
(137,600)
(21,600)
–
–
(159,200)
(108,200)
(32,400)
–
–
(140,600)
–
351,100
476,800
675,000
1,502,900
–
351,100
476,800
675,000
1,502,900
–
–
–
–
–
Notes to theFinancial StatementsFor the year ended 30 September 2021
Contents
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Financial &
Additional
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311
30.
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 2020 are as follows:
RSP
Awards
Grant Date
22 December 2015
Year 3
21 December 2016
Year 4
22 December 2017
Year 5
19 December 2018
Year 6
Year 7
20 December 2019
FPL Share 29 September 2020
29 September 2020
FPL RSP
At 1 October
2019
or Grant Date
if later
Conversion
of
FCOAM
RUP Cancelled
Achievement
Factor
Vested
Total Equity-settled Cash-settled
At 30 September 2020
2,525,125
5,499,950
7,102,924
11,157,500
12,141,800
–
–
38,427,299
(41,100)
–
(398,900)
–
–
(523,650)
– (1,427,500)
(828,700)
–
–
797,152
–
300,619
1,097,771 (3,219,850)
– (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
–
82,976 (8,717,250) 27,670,946
–
–
–
–
–
1,708,625
2,023,800
6,272,100
8,031,300
797,152
300,619
19,133,596
–
696,600
1,101,050
3,457,900
3,281,800
–
–
8,537,350
PSP
Awards
Year 4
Year 5
Year 6
Year 7
At 1 October
2019
or Grant Date
Grant Date
if later Cancelled
Achievement
Factor
Vested
Total
Equity-settled
Cash-settled
At 30 September 2020
21 December 2016
22 December 2017
19 December 2018
20 December 2019
219,540
292,000
462,800
542,000
1,516,340
–
(46,200)
(57,700)
(65,200)
(169,100)
(19,840)
–
–
–
(19,840)
(199,700)
–
–
–
–
245,800
405,100
476,800
(199,700) 1,127,700
–
245,800
405,100
476,800
1,127,700
–
–
–
–
–
(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 one-year period, the final number
of RUPs and RSSP awards could range between 0% and 150% of the initial grant of the RUPs and
RSSP awards.
1/3 of the final RUPs and RSSP awards will vest at the end of the one-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 $2,370,000 (2020: $2,109,000).
Notes to theFinancial StatementsFor the year ended 30 September 2021
312
31.
PERPETUAL SECURITIES
The Group’s perpetual securities comprise perpetual securities issued by its subsidiary, FP Treasury (the “Issuer”).
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
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 12 May 2021, FHT redeemed and cancelled the $100,000,000 4.45% subordinated perpetual securities, with
Issue Date of 12 May 2016, which was included in the carrying amount as at 30 September 2020.
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 Issuer 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 Issuer, the Issuer is 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 Issuer
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 Issuer. The securities may be redeemed at the
option of the Issuer on any distribution payment date as specified in the Conditions and otherwise upon the
occurrence of certain redemption events as specified in the Conditions.
As at 30 September 2021, transaction costs of $6,882,000 (2020: $8,334,000) were recognised in equity as
deductions from proceeds.
32. DIVIDENDS
Dividends on Ordinary Shares:
First and final proposed
2.0 cents (2020: 1.5 cents) per share, tax exempt
Company
2021
$'000
2020
$'000
78,322
43,885
The first and final dividend is proposed by the Directors after the reporting date and is subject to the approval
of shareholders at the next annual general meeting of the Company.
Notes to theFinancial StatementsFor the year ended 30 September 2021
Contents
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Financial &
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313
33.
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
Group
2021
$'000
2020
$'000
(4,118)
1,836
(2,100)
5,299
(4,043)
2,781
(2,053)
5,541
(7,459)
5,992
(61,633)
2,587
(90,519)
(150,895)
(10,435)
15,421
(6,327)
(407)
(2,210)
5,167
(61,724)
2,155
(244,556)
(126,312)
(4,506)
20,680
(3,939)
(398)
Notes to theFinancial StatementsFor the year ended 30 September 2021 314
34.
LEASES
(a)
Leases as lessee
The Group leases land and buildings, equipment, offices and motor vehicles.
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 13) and properties held for sale (Note 20).
Property, plant and equipment
Land
and
Buildings
$'000
Equipment,
Furniture
and Fittings
$'000
Others
$'000
Properties
held for sale
$'000
117
1,217
1,213
15,124
79,860
410,463
210
–
14,250
39,272
18,921
335,804
Group
30 September 2021
Depreciation charge
Additions
Carrying amount at
30 September 2021
30 September 2020
Depreciation charge
Additions
Carrying amount at
30 September 2020
(ii)
Amounts recognised in the Profit Statement
Interest on lease liabilities (Note 6)
Expenses relating to short-term leases
Expenses relating to leases of low-value assets,
excluding short-term leases of low-value assets
Gain on sale and leaseback transactions (Note 4(b))
Amounts recognised in Consolidated Statement of Cash Flows
Total cash outflow for leases
22
–
13
232
–
225
2021
$'000
32,994
1,553
1,266
10,085
11,270
8,089
50,899
9,902
6,513
54,218
2020
$'000
30,049
5,147
999
–
Group
Group
2021
$'000
2020
$'000
47,101
47,397
Notes to theFinancial StatementsFor the year ended 30 September 2021
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34.
LEASES (CONT'D)
(a)
Leases as lessee (cont'd)
(iii) Extension options
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.
(b)
Leases as lessor
The Group leases out investment properties consisting of its owned properties as well as leased properties
(Note 12). All leases are classified as operating leases from a lessor perspective with the exception of
some 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.
During the year, the Group recognised interest income on lease receivables of $2,580,000 (2020:
$1,133,000) (Note 5).
The following table sets out a maturity analysis of lease receivables, showing the undiscounted
lease payments to be received after the reporting date.
Less than one year
One year to two years
Two years to three years
Three years to four years
Four years to five years
More than five years
Total undiscounted lease receivable
Unearned finance income
Net investment in the leases (Note 18)
(ii) Operating lease
Group
2020
$'000
4,107
6,054
6,075
6,075
5,993
39,127
67,431
2021
$'000
5,205
4,414
4,300
4,343
4,361
44,192
66,815
(19,100)
(19,321)
47,715
48,110
The Group leases out its properties, consisting of its owned properties and leased properties. 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 recognised in the Group's Profit Statement 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 12.
Notes to theFinancial StatementsFor the year ended 30 September 2021
316
35.
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 and Sustainability Committee (“RMSC”)
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. Except for the provision in relation to loan obligations of a subsidiary of $231,000,000
(2020: Nil), the Company has assessed that the subsidiaries have strong financial capacity to meet the
contractual cash flow obligations in the near future and hence, does not expect any significant credit losses.
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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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35.
FINANCIAL RISK MANAGEMENT (CONT'D)
(a)
Credit Risk (cont'd)
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 values 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.
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 2021, 100% (2020: 100%) of the Company’s receivables are due from subsidiaries.
These balances are amounts lent to subsidiaries for funding requirements. Impairment on these balances
has been measured on the 12-month expected loss basis. 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
2021
$'000
2020
$'000
(10,666)
(10,590)
Notes to theFinancial StatementsFor the year ended 30 September 2021
318
35.
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 and Vietnam
Others(1)
Corporate and Others
2021
$'000
37,819
3,989
29,051
20,187
9,443
21,751
14,955
137,195
Group
2020
$'000
14,786
15,861
14,533
22,657
10,925
17,925
6,202
102,889
Company
2021
$'000
2020
$'000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(1) Others include contribution from China of $1,651,000 (2020: $953,000) and the UK of $20,100,000 (2020: $16,972,000)
(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 theFinancial StatementsFor the year ended 30 September 2021
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35.
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
31 to 60
days
Current past due past due
$'000
$'000
$'000
61 to 90 More than
90 days
past due
$'000
days
past due
$'000
Total
$'000
30 September 2021
Expected loss rate
Gross carrying amount
Loss allowance provision
30 September 2020
Expected loss rate
Gross carrying amount
Loss allowance provision
4.1%
93,929
3,813
6.9%
31,417
2,169
6.1%
63,224
3,839
4.4%
24,641
1,088
12.6%
7,873
994
17.2%
8,693
1,498
22.0%
1,604
353
59.1%
23,737
14,036
13.5%
158,560
21,365
1.1%
2,718
31
44.3%
18,093
8,024
12.3%
117,369
14,480
(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 financial
year are disclosed in Note 18.
Impairment losses recognised are included in Trading Profit.
There is no impairment loss on contract assets.
Notes to theFinancial StatementsFor the year ended 30 September 2021
320
35.
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:
Carrying
amount
$'000
Contractual undiscounted cash flows
Total
$'000
1 year
or less
$'000
1 to 5
years
$'000
Over 5
years
$'000
Group
30 September 2021
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)
Foreign currency forward contracts
(gross-settled)
– outflow
– inflow
Cross currency swaps/cross currency
interest rate swaps (gross-settled)
– outflow
– inflow
#
Excludes provisions and deferred income.
(17,283,141) (18,213,534)
(1,952,339)
(1,780,054)
(20,123,217) (21,945,927)
(1,912,500)
(927,576)
(5,148,489) (11,689,834)
(176,266)
(1,712,465)
(229,723)
(70,286)
(6,931,240) (12,095,823)
(1,375,211)
(63,608)
(1,480,045)
(2,918,864)
(66,369)
(66,647)
(63,749)
(2,898)
(73,096)
73,837
(73,096)
73,837
–
–
722
1,276
–
–
–
(4,038,323)
4,038,137
(66,092)
(20,187,588) (22,012,019)
(64,371)
(1,105,494)
1,083,306
(85,196)
(2,606,871)
2,632,294
22,525
(7,016,436) (12,073,298)
(325,958)
322,537
(3,421)
(2,922,285)
Notes to theFinancial StatementsFor the year ended 30 September 2021
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35.
FINANCIAL RISK MANAGEMENT (CONT'D)
(b)
Liquidity Risk (cont'd)
Carrying
amount
$'000
Contractual undiscounted cash flows
Total
$'000
1 year
or less
$'000
1 to 5
years
$'000
Over 5
years
$'000
(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)
(411,131)
405,643
(411,131)
405,643
–
–
–
–
(5,558)
(2,551)
(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)
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)
Foreign currency forward contracts
(gross-settled)
– outflow
– inflow
Cross currency swaps/cross currency
interest rate swaps (gross-settled)
– outflow
– inflow
#
Excludes provisions and deferred income.
Notes to theFinancial StatementsFor the year ended 30 September 2021
322
35.
FINANCIAL RISK MANAGEMENT (CONT'D)
(b)
Liquidity Risk (cont'd)
Carrying
amount
$'000
Contractual undiscounted cash flows
Total
$'000
1 year
or less
$'000
1 to 5
years
$'000
Over 5
years
$'000
(21,291)
(607,675)
(628,966)
(21,291)
(607,675)
(628,966)
(21,291)
(252,687)
(273,978)
–
(354,988)
(354,988)
–
–
–
–
–
–
(628,966)
(812,037)
812,037
–
(628,966)
(86,239)
86,239
–
(273,978)
(77,303)
77,303
–
(354,988)
(648,495)
648,495
–
–
(21,168)
(525,721)
(546,889)
(21,168)
(525,721)
(546,889)
(21,168)
(204,962)
(226,130)
–
(320,759)
(320,759)
–
–
–
(546,889)
(430,217)
430,217
–
(546,889)
(4,007)
4,007
–
(226,130)
(426,210)
426,210
–
(320,759)
–
–
–
–
–
–
–
Company
30 September 2021
Financial liabilities, at amortised cost
Trade and other payables#
Amounts due to subsidiaries
Derivative financial assets/
(liabilities), at fair value
Cross currency swaps (gross-settled)
– outflow
– inflow
30 September 2020
Financial liabilities, at amortised cost
Trade and other payables
Amounts due to subsidiaries
Derivative financial assets/
(liabilities), at fair value
Cross currency swaps (gross-settled)
– outflow
– inflow
#
Excludes provisions.
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 into on behalf of subsidiaries and joint ventures
and are back-to-back in nature, hence contractual cash inflows are offset with contractual cash outflows.
The Company has provided corporate guarantees to its subsidiaries (Note 39). At the reporting date, the
Company does not consider that it is probable that a claim will be made against the Company under the
financial guarantee contracts. Accordingly, the Company does not expect any net cash outflows resulting
from the financial guarantee contracts.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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35.
FINANCIAL RISK MANAGEMENT (CONT'D)
(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.
Managing interest rate benchmark reform and associated risks
A fundamental reform of major interest rate benchmarks is being undertaken globally, including the
replacement of some interbank offered rates ("IBORs") with alternative nearly risk-free rates (referred to
as "IBOR reform"). The Group has exposures to IBORs on its financial instruments that will be replaced or
reformed as part of these market-wide initiatives. The Group’s main IBOR exposures at the reporting date
are Sterling Pound ("GBP") LIBOR, US Dollar ("US$") LIBOR and S$ Singapore swap offer rate (“SOR”).
The alternative reference rates are the Sterling Overnight Index Average ("SONIA"), Secured Overnight
Financing Rate ("SOFR") and Singapore Overnight Rate Average ("SORA"), respectively.
The Group anticipates that IBOR reform will impact its risk management processes and hedge accounting.
The main risks to which the Group is exposed as a result of IBOR reform are operational. For example,
renegotiating borrowing contracts through bilateral negotiation with counterparties, implementing new
fallback clauses with its derivative counterparties, updating contractual terms and revising operational
controls related to the reform. Financial risk is predominantly limited to interest rate risk.
The Group monitors and manages the transition to alternative rates. The Group evaluates the extent to
which contracts reference IBOR cash flows, whether such contracts will need to be amended as a result
of IBOR reform and how to manage communication about IBOR reform with counterparties.
The Group monitors the progress of transition from IBORs to new benchmark rates by reviewing the total
amounts of non-derivative financial liability contracts and derivative contracts that have yet to transition
to an alternative benchmark rate and the amounts of such contracts that include an appropriate fallback
clause. The Group considers that a contract is not yet transitioned to an alternative benchmark rate
when interest under the contract is indexed to a benchmark rate that is still subject to IBOR reform,
even if it includes a fallback clause that deals with the cessation of the existing IBOR (referred to as an
"unreformed contract").
Notes to theFinancial StatementsFor the year ended 30 September 2021
324
35.
FINANCIAL RISK MANAGEMENT (CONT'D)
(c)
Interest Rate Risk (cont'd)
Non-Derivative Financial Liabilities
The Group has floating-rate liabilities indexed to GBP LIBOR, US$ LIBOR and S$ SOR. There has been
a modification to the financial liabilities amounting to $611,756,000 (2020: Nil) during the year ended 30
September 2021 as a result of IBOR reform. The Group is in discussions with the counterparties of the
financial liabilities to amend the contractual terms in response to IBOR reform.
The following table shows the total amounts of the unreformed non-derivative financial liabilities and
amounts that include appropriate fallback language at 1 October 2020 and at 30 September 2021. The
amounts shown in the table are the carrying amounts.
GBP LIBOR
US$ LIBOR
S$ SOR
Total
amount of
unreformed
contracts
$'000
Amount
with
appropriate
fallback
clause
$'000
Total
amount of
unreformed
contracts
$'000
Amount
with
appropriate
fallback
clause
$'000
Total
amount of
unreformed
contracts
$'000
Amount
with
appropriate
fallback
clause
$'000
Group
30 September 2021
Loans and borrowings
1 October 2020
Loans and borrowings
Derivatives
885,143
885,143
686,717
686,717
4,287,100
4,287,100
1,626,167
1,626,167
1,075,086
1,075,086
5,247,742
5,247,742
The Group holds interest rate swaps, cross currency swaps and cross currency interest rate swaps for
risk management purposes which are designated in hedging relationships. The interest rate swaps have
floating legs that are indexed to GBP LIBOR and S$ SOR. The cross currency swaps and cross currency
interest rate swaps have floating legs that are indexed to GBP LIBOR, US$ LIBOR and S$ SOR. 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.
ISDA has reviewed its definitions in light of IBOR reform and issued an IBOR fallbacks supplement on
23 October 2020, which became effective on 25 January 2021. This sets out how the amendments to new
alternative benchmark rates (e.g. SOFR, SONIA) in the 2006 ISDA definitions will be accomplished. The
effect of the supplement is to create fallback provisions in derivatives that describe what floating rates will
apply on the permanent discontinuation of certain key IBORs or on ISDA declaring a non-representative
determination of an IBOR. The Group has adhered to the protocol to implement the fallbacks to derivative
contracts that were entered into before the effective date of the supplement. If derivative counterparties
also adhere to the protocol, then new fallbacks will be automatically implemented in existing derivative
contracts when the supplement became effective – i.e. on 25 January 2021. From that date, all new
derivatives that reference the ISDA definitions will also include the fallbacks. Consequently, the Group
is monitoring whether its counterparties will also adhere to the protocol and, if there are counterparties
that will not, then the Group plans to negotiate with them bilaterally.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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35.
FINANCIAL RISK MANAGEMENT (CONT'D)
(c)
Interest Rate Risk (cont'd)
Derivatives (cont'd)
The following table shows the amounts of unreformed derivative instruments and amounts that include
appropriate fallback language at 1 October 2020 and at 30 September 2021. For cross-currency swaps,
the Group used the notional amount of the receive leg of the swap. The Group expects both legs of
cross-currency swaps to be reformed simultaneously.
GBP LIBOR
US$ LIBOR
S$ SOR
Total
amount of
unreformed
contracts
$'000
Amount
with
appropriate
fallback
clause
$'000
Total
amount of
unreformed
contracts
$'000
Amount
with
appropriate
fallback
clause
$'000
Total
amount of
unreformed
contracts
$'000
Amount
with
appropriate
fallback
clause
$'000
Group
30 September 2021
Interest rate swaps
Cross-currency swaps
1 October 2020
Interest rate swaps
Cross-currency swaps
Hedge Accounting
1,639,232
136,200
1,639,232
136,200
–
656,098
–
656,098
3,594,500
1,340,002
3,594,500
1,340,002
943,847
136,200
943,847
136,200
–
1,033,412
–
1,033,412
3,299,300
1,338,551
3,299,300
1,338,551
The Group has evaluated the extent to which its hedging relationships are subject to uncertainty driven
by IBOR reform as at 30 September 2021. The Group’s hedged items and hedging instruments continue
to be indexed to IBOR benchmark rate which is GBP LIBOR, US$ LIBOR and S$ SOR.
The Group’s GBP LIBOR, US$ LIBOR and S$ SOR hedging relationships extend beyond the anticipated
cessation date for IBOR. The Group applies the amendments to SFRS(I) 9 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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
326
35.
FINANCIAL RISK MANAGEMENT (CONT'D)
(c)
Interest Rate Risk (cont'd)
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 2021
Variable rate instruments not hedged
Interest rate swaps/cross currency
swaps/cross currency interest rate swaps
Cash flow sensitivity (net)
30 September 2020
Variable rate instruments not hedged
Interest rate swaps/cross currency
swaps/cross currency interest rate swaps
Cash flow sensitivity (net)
(d)
Foreign Currency Risk
Profit before tax
100 bp
Decrease
$'000
100 bp
Increase
$'000
Equity
100 bp
Increase
$'000
100 bp
Decrease
$'000
(42,525)
42,525
–
–
617
(41,908)
(622)
41,903
145,526
145,526
(148,017)
(148,017)
(73,400)
73,400
–
–
475
(72,925)
(562)
72,838
147,173
147,173
(151,329)
(151,329)
The Group operates internationally and is exposed to various currencies, mainly Singapore Dollar,
Australian Dollar, Sterling Pound , US Dollar and the Euro ("EUR"). 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 the Company use 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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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327
35.
FINANCIAL RISK MANAGEMENT (CONT'D)
(d)
Foreign Currency Risk (cont'd)
The Group’s exposure to foreign currencies as at 30 September 2021 and 30 September 2020, 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 2021
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
contracts/cross currency swaps
Borrowings designated for net
investment hedges
Net currency exposure
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
contracts/cross currency swaps
Borrowings designated for net
investment hedges
Net currency exposure
1,561
193,056
227
15,805
998,567
120,469
25,914
35,028
51,745
3,101
(199)
(233,000)
(16,073)
(1,442,978)
(208)
(694,171)
(3,418)
(703,313)
(938)
(106,918)
(38,582)
(1,443,019)
424,657
(645,789)
(53,010)
44,324
1,232,958
(496,561)
656,098
–
–
5,742
210,020
(41)
82,415
10,511
–
10,309
55,031
2,021
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)
(339,522)
1,228,561
–
1,306,492
–
–
39,576
326,716
19,862
47,633
(12,367)
–
50,220
95,378
8,301
Notes to theFinancial StatementsFor the year ended 30 September 2021
328
35.
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
Group
2021
$'000
2020
$'000
15,702
5,489
9,905
31,096
50,851
–
30,406
81,257
The Company’s exposure to foreign currencies as at 30 September 2021 and 30 September 2020, after
taking into account foreign currency forward contracts, is as follows:
Australian
Dollar
$'000
Sterling
Pound
$'000
United
States
Dollar
$'000
Euro
$'000
Japanese
Yen
$'000
Company
30 September 2021
Financial Assets
Trade and other receivables
Cash and cash equivalents
Currency exposure
30 September 2020
Financial Assets
Trade and other receivables
Cash and cash equivalents
Currency exposure
45,535
96
45,631
385
–
385
115,056
9,685
124,741
3,850
–
3,850
62,866
–
62,866
44,801
96
44,897
334
–
334
115,331
66
115,397
3,919
–
3,919
–
–
–
Notes to theFinancial StatementsFor the year ended 30 September 2021
Contents
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Financial &
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329
35.
FINANCIAL RISK MANAGEMENT (CONT'D)
(d)
Foreign Currency Risk (cont'd)
Sensitivity Analysis for Foreign Currency Risk
The following table demonstrates the sensitivity analysis of the Group’s exposure to foreign currency risk
on its financial assets and liabilities as at the end of the financial year by a reasonably possible change
in the S$, A$, GBP, US$, EUR and Japanese Yen ("JPY") against the respective functional currencies of
the Group entities, with all other variables held constant:
Group
Company
Profit
before
Taxation
$'000
Equity
$'000
30 September 2021
S$
– Strengthened 1%
– Weakened 1%
A$
GBP
US$
EUR
JPY
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
30 September 2020
S$
– Strengthened 1%
– Weakened 1%
A$
GBP
US$
EUR
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
* Denotes less than $1,000
Profit
before
Taxation
$'000
57
(57)
–*
–*
105
(105)
103
(103)
20
(20)
–*
–*
(6)
6
199
(199)
(124)
124
55
(55)
83
(83)
Equity
$'000
–
–
(507)
497
(1,257)
1,232
–
–
2,120
(2,120)
4
(4)
–
–
1,247
(1,247)
(508)
498
–
–
402
(402)
(1,028)
1,007
(3,703)
3,609
447
(447)
(5,784)
5,663
39
(39)
629
(629)
–
–
449
(449)
3
(3)
1,154
(1,154)
39
(39)
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Notes to theFinancial StatementsFor the year ended 30 September 2021
330
36.
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
Fair
value
through
profit or
loss
$'000
Derivatives
used for
hedging
$'000
FVOCI
$'000
Amortised
cost
$'000
Total
$'000
Level 1
$'000
Level 2
$'000
Level 3
$'000
Total
$'000
Group
30 September 2021
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
#
Excludes tax recoverable
–
–
50,652
–
50,652
–
29,174
21,478
50,652
50,397
19,805
–
47,725
–
–
200
70,402
1,015
48,740
–
50,652
–
–
–
–
50,397
67,530
1,215
169,794
–
–
–
–
50,397
67,530
–
–
50,397
67,530
1,215
148,316
–
21,478
1,215
169,794
–
–
–
–
–
–
–
–
–
1,249,383 1,249,383
3,779,376 3,779,376
5,028,759 5,028,759
Notes to theFinancial StatementsFor the year ended 30 September 2021
Contents
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Financial &
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331
36.
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 2021
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
(current)
Loans and borrowings
(non-current)
Non-financial assets
Investment properties
47,852
84,983
1,269
48,916
–
132,835
493
50,678
–
–
–
–
–
–
–
–
49,121
133,899
493
183,513
–
–
–
–
49,121
133,899
493
183,513
–
–
–
–
49,121
133,899
493
183,513
–
–
–
–
–
–
–
–
–
–
– 1,912,500 1,912,500
– 4,849,333 4,849,333
– 12,433,808 12,433,808
– 19,195,641 19,195,641
2,778,876 9,960,169
2,778,876 9,960,169
– 12,739,045
– 12,739,045
–
–
–
–
– 24,613,811 24,613,811
* Excludes provisions and deferred income
Notes to theFinancial StatementsFor the year ended 30 September 2021
332
36.
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 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
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
(current)
Loans and borrowings
(non-current)
Non-financial assets
Investment properties
–
–
62,066
–
62,066
–
34,833
27,233
62,066
87,645
85,800
–
173,445
4,952
–
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
–
–
–
–
–
–
95,148
266,595
3,751
365,494
–
3,084
2,137
5,221
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,055,236 1,055,236
3,321,996 3,321,996
4,377,232 4,377,232
–
–
–
–
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
4,126,393 4,126,393
– 15,061,241 15,061,241
– 21,026,357 21,026,357
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 tax recoverable
* Excludes provisions and deferred income
Notes to theFinancial StatementsFor the year ended 30 September 2021
Contents
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Business
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Governance
Financial &
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333
36.
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 2021
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
Financial liabilities not
measured at fair value
Trade and other payables*
Non-financial assets
Investment properties
# Excludes tax recoverable
* Excludes provisions
–
–
–
–
–
–
–
–
–
–
–
–
–
29,174
3,900
5,824
9,724
–
–
29,174
–
–
–
–
29,174
3,900
5,824
38,898
–
–
–
3,900
5,824
9,724
–
–
–
–
–
–
–
–
–
–
4,961,280 4,961,280
1,000,735 1,000,735
5,962,015 5,962,015
–
–
–
3,900
5,824
9,724
628,966
628,966
–
–
–
–
–
–
–
–
–
–
29,174
3,900
5,824
38,898
3,900
5,824
9,724
–
–
–
–
–
–
–
29,174
3,900
5,824
38,898
3,900
5,824
9,724
–
2,220
2,220
Notes to theFinancial StatementsFor the year ended 30 September 2021
334
36.
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
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
8,566
4,426,750 4,426,750
–
–
–
9,930
12,638
22,568
546,889
546,889
–
–
–
–
–
–
–
–
–
–
34,833
9,930
12,638
57,401
–
–
–
–
34,833
9,930
12,638
57,401
9,930
12,638
22,568
–
–
–
9,930
12,638
22,568
–
2,150
2,150
Notes to theFinancial StatementsFor the year ended 30 September 2021
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Governance
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335
36.
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 DCF method.
The DCF 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 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 payable 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
The Group’s investment property portfolio is valued by external and independent valuers annually.
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 DCF 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 qualifications 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,
DCF 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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
336
36.
FAIR VALUE OF ASSETS AND LIABILITIES (CONT'D)
(c)
Determination of Fair Value (cont'd)
(iv)
Investment Properties (cont'd)
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 DCF 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.
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.
Given the unknown future impact that the COVID-19 pandemic may have on the real estate market
for certain properties, certain valuers have included material uncertainty clauses in the valuation
reports. The Group will keep the valuation of the properties under frequent review.
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 independent
valuers or based on agreed contractual selling price on a willing buyer seller basis. For investment
properties held for sale valued by independent valuers, the valuers consider 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 valuers use 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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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36.
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 tables show 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
Operating Segments
Valuation
methods
Key
unobservable
inputs
Singapore
Australia
Industrial
Hospitality
Thailand &
Vietnam
Others
Capitalisation Capitalisation rate
method
2021
2020
3.4% to 6.8% 4.3% to 6.5% 3.6% to 14.2% 3.3% to 7.8% 7.5% to 9.0% 4.0% to 15.0% value varies
3.5% to 7.0% 5.2% to 6.8% 3.5% to 16.2% 3.5% to 7.8% 9.0%
Inter-relationship
between key
unobservable
inputs and
fair value
measurement
The estimated fair
5.5% to 15.0% inversely against
the capitalisation
rate, gross initial
yield and net
initial yield
–
–
Gross initial yield
–
2021
–
2020
Net initial yield
2021
2020
–
–
–
–
–
–
3.8% to 10.3% –
4.0% to 9.1% –
3.4% to 8.9% –
3.7% to 7.9% –
–
–
–
–
Discounted
cash flow
method
Discount rate
2021
2020
6.3% to 7.5% 6.0% to 7.0% 3.8% to 9.0% 3.5% to 9.5% 7.8% to 30.0% –
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% –
Terminal yield rate
2021
2020
3.7% to 5.3% 4.0% to 6.8% 3.5% to 67.0% 3.3% to 7.5% 6.8% to 9.3% –
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% –
Transacted price of comparable properties(1)
2021
Market
comparison
method
2020
$10,014 psm to –
$39,984 psm
$7,879 psm to
$40,750 psm
–
$748 psm to
$802 psm
–
$10,452 psm to $6 psm to
$215,102 psm $5,050 psm
$12,835 psm to $3 psm to
$216,992 psm $181 psm
Residual land
value method 2021
Total gross development value
$76,000,000 to
$280,000,000
$80,000,000 to
$251,400,000
2020
$207,000,000
–
$94,772,000 to
$100,205,000
–
Total estimated construction cost to completion
2021
$155,751,000
2020
$35,921,000 to
$80,146,000
$36,284,000 to
$82,346,000
–
$72,468,000 to
$83,139,000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(1) Adjustments are made for any difference in the location, tenure, size and condition of the specific property.
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 increases
with higher gross
development
value
The estimated fair
value decreases
with higher cost
to completion
Notes to theFinancial StatementsFor the year ended 30 September 2021
338
36.
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)
Recurring Fair Value Measurements (cont'd)
Fair Value
as at
30 September
2021
$'000
50,652
(2020: 62,066)
Description
Unquoted equity
investments
FVOCI
Valuation
Techniques
Key Unobservable
Inputs
Inter-relationship
Between Key
Unobservable
Inputs and Fair Value
Measurement
– Discounted
cash flow
method
– Discount rate:
10.6%
(2020: 10.4%)
The estimated fair value
varies inversely against
the discount rate and
terminal yield rate
– Terminal yield rate:
2.3%
(2020: 2.8%)
– 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.
Notes to theFinancial StatementsFor the year ended 30 September 2021
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36.
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 12 and 16.
(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. The fair values of investment properties are determined by independent
professional valuers annually.
The independent professional valuers (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 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 theFinancial StatementsFor the year ended 30 September 2021
340
37.
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 financial years ended 30 September
2021 and 30 September 2020.
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
Net borrowings over total equity ratio
Group
2021
$'000
2020
$'000
2,676
3,776,700
236,886
3,085,110
(17,283,141) (19,187,634)
(13,503,765) (15,865,638)
18,330,515
15,115,284
0.74
1.05
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 financial year.
38.
COMMITMENTS
Commitments in respect of contracts placed for:
– development expenditure for properties held for sale
– capital expenditure for investment properties
– share of joint ventures' capital and development expenditure
– equity investments in joint ventures, associates and investee companies
– shareholders' loans committed to associates
– others
Group
2021
$'000
2020
$'000
1,233,378
300,983
125,861
–
113,057
75,924
1,849,203
525,738
46,821
77,509
3,144
177,694
8,957
839,863
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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39. GUARANTEE CONTRACTS
(i)
(ii)
(iii)
As at 30 September 2021, the Company has provided unconditional and irrevocable corporate guarantees
for up to $18,298,748,000 (2020: $16,601,567,000) for loans and borrowings, perpetual securities, bankers’
guarantees and insurance bonds facilities of certain subsidiaries. As at 30 September 2021, the total
amount of utilised borrowing facilities is $8,795,030,000 (2020: $9,955,844,000).
As at 30 September 2021, the Company has provided bankers’ guarantees of $52,800,000 (2020:
$85,557,000) 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 2021, the Company has provided interest shortfall undertakings on a proportionate and
several basis, in respect of outstanding term loan and revolving loan facilities amounting to $929,033,000
(2020: $946,431,000) granted to certain subsidiaries.
(iv) Certain subsidiaries of the Group have provided bankers’ guarantees of A$85,808,000 ($84,212,000)
(2020: A$90,597,000 ($88,595,000)) to unrelated parties in Australia in respect of performance contracts
and A$78,820,000 ($77,354,000) (2020: A$46,605,000 ($45,575,000)) of insurance bonds representing
undertakings given to unrelated parties by insurance companies on behalf of the subsidiaries. No liability
is expected to arise.
(v)
A wholly-owned subsidiary of the Group has provided RMB4,370,000 ($920,000) (2020: RMB34,567,000
($6,948,000)) 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.
(vi) Certain subsidiaries of the Group have provided bankers’ guarantees of THB3,400,940,000 ($137,398,000)
(2020: THB3,172,700,000 ($137,061,000)) to unrelated parties in respect of performance contracts. No
liability is expected to arise.
40. 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.
(i)
Business Combinations
The following acquisition of the Group has been accounted for as a business combination:
On 30 March 2021, Frasers Property Industrial (Thailand) Company Limited, a subsidiary which the
Group has an effective interest of 59.6% in, completed the acquisition of 49.0% equity interest in
Wangnoi, a company incorporated in Thailand, for a consideration of THB194,000,000 ($7,839,000)
(the “Acquisition”).
Following the Acquisition, the Group’s deemed stake in Wangnoi increased from 51.0% to 100.0%,
and with effect from 30 March 2021, Wangnoi was consolidated as a subsidiary.
The Group engaged an independent firm to perform a purchase price allocation (“PPA”) for
Wangnoi. Based on the finalised PPA, the consideration paid over the fair value of identifiable net
assets, amounting to THB1,520,000 ($65,000), was included in net gain/(loss) on acquisitions and
disposals of subsidiaries, joint ventures and associates under “Exceptional Items” in the Group’s
Profit Statement. The PPA was finalised during the current financial year.
Notes to theFinancial StatementsFor the year ended 30 September 2021
342
40. ACQUISITIONS/DISPOSALS OF SUBSIDIARIES (CONT'D)
(a)
Acquisitions of Subsidiaries (cont'd)
(i)
Business Combinations (cont'd)
Impact of the acquisition on the Profit Statement
From the acquisition date, Wangnoi has contributed profit for the year of THB28,706,000 ($1,228,000)
to the Group. If the business combination had taken place at the beginning of the financial year,
contribution of Wangnoi to the Group’s profit for the year would have been THB28,586,000 ($1,223,000).
The fair value of the identifiable assets and liabilities as at the acquisition were:
Investment property
Intangible assets
Deferred tax assets
Cash and cash equivalents
Trade and other payables
Total identifiable net assets at fair value
Less: Initial interest as a joint venture (Note 15)
Loss on acquisition of a subsidiary
Exchange difference
Consideration paid in cash
Less: Cash and cash equivalents of a subsidiary acquired
Cash outflow on acquisition, net of cash and cash equivalents acquired
Fair Value
Recognised on
Acquisition
$'000
15,097
16
143
182
15,438
(21)
15,417
(7,641)
65
(2)
7,839
(182)
7,657
Notes to theFinancial StatementsFor the year ended 30 September 2021
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40. ACQUISITIONS/DISPOSALS OF SUBSIDIARIES (CONT'D)
(a)
Acquisitions of Subsidiaries (cont'd)
(ii) Acquisitions of a Group of Assets and Liabilities
The list of acquisitions of subsidiaries accounted for as acquisitions of a group of assets and
liabilities is as follows:
Name of Subsidiary
Date Acquired
Interest Acquired
Univentures REIT Management Co., Ltd
Silom Corporation Co., Ltd.
1 December 2020
26 April 2021
100.0%
100.0%
The cash flows and net assets of subsidiaries acquired are as follows:
Investment properties
Property, plant and equipment
Intangible assets
Deferred tax assets
Other non-current assets
Trade and other receivables
Cash and cash equivalents
Lease liabilities
Deferred tax liabilities
Other non-current liabilities
Provision for taxation
Trade and other payables
Total identifiable net assets at fair value
Loss on acquisitions of subsidiaries
Exchange difference
Consideration paid in cash
Less: Cash and cash equivalents of subsidiaries acquired
Cash outflow on acquisition, net of cash and cash equivalents acquired
Fair Value
Recognised on
Acquisition
$'000
89,175
4
20
8
4
221
658
90,090
(41,970)
(1,876)
(38)
(9)
(20,099)
26,098
799
(45)
26,852
(658)
26,194
Notes to theFinancial StatementsFor the year ended 30 September 2021
344
40. ACQUISITIONS/DISPOSALS OF SUBSIDIARIES (CONT'D)
(b) Disposal of Subsidiaries
(i)
On 26 May 2021, the divestment of FSBJ, which was previously classified as asset held for sale,
was completed for a consideration of RMB1,605,857,100 ($332,412,000). The gain on disposal of
FSBJ of $79,996,000 was included in net gain/(loss) on acquisitions and disposals of subsidiaries,
joint ventures and associates under “Exceptional Items” in the Group’s Profit Statement.
Effects of Disposal
The cash flows and net assets as at the disposal are as follows:
Investment properties
Trade and other receivables
Cash and cash equivalents
Borrowings
Deferred tax liabilities
Trade and other payables
Total identifiable net assets at fair value
Realisation of reserves on disposal of a subsidiary
Gain on disposal of a subsidiary
Exchange difference
Sales consideration
Deferred sales consideration to be received
Less: Cash and cash equivalents of a subsidiary disposed
Cash inflow on disposal, net of cash and cash equivalents disposed of
Net Assets
Derecognised
on Disposal
$'000
424,391
6
259
424,656
(91,494)
(69,795)
(176)
263,191
(10,088)
79,996
(687)
332,412
(8,310)
(259)
323,843
Notes to theFinancial StatementsFor the year ended 30 September 2021
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40. ACQUISITIONS/DISPOSALS OF SUBSIDIARIES (CONT'D)
(b) Disposal of Subsidiaries (cont'd)
(ii)
On 30 September 2021, the Group divested 100.0% of the equity interest in its wholly-owned
subsidiary, Watchmoor S.a.r.l, (“Watchmoor”) for a consideration of GBP41,991,000 ($76,823,000).
The gain on disposal of Watchmoor of $3,973,000 was included in net gain/(loss) on acquisitions
and disposals of subsidiaries, joint ventures and associates under “Exceptional Items” in the
Group’s Profit Statement.
Effects of Disposal
The cash flows and net assets as at the disposal are as follows:
Investment properties
Trade and other receivables
Cash and cash equivalents
Trade and other payables
Total identifiable net assets at fair value
Realisation of reserves on disposal of a subsidiary
Gain on disposal of a subsidiary
Exchange difference
Sales consideration
Deferred sales consideration to be received
Less: Cash and cash equivalents of a subsidiary disposed
Cash outflow on disposal, net of cash and cash equivalents disposed of
Net Assets
Derecognised
on Disposal
$'000
71,964
3,729
578
76,271
(3,796)
72,475
392
3,973
(17)
76,823
(76,823)
(578)
(578)
Notes to theFinancial StatementsFor the year ended 30 September 2021
346
41.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
Principal Activities
Effective
Interest
2021
%
2020
%
Subsidiaries of the Company
Country of Incorporation and Place of Business: Singapore
Frasers Property Treasury Pte. Ltd.
Financial services
100.0
100.0
FCL (China) Pte. Ltd.
FCL Lodge Pte. Ltd.
Investment holding
100.0
100.0
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 Changi
Investments Pte. Ltd.
(a)
Frasers Hospitality Dalian
Holding Pte. Ltd.
(a)
Frasers Hospitality Holdings
(Europe) Pte. Ltd.
Investment holding
100.0
100.0
Investment holding
100.0
100.0
Investment holding
100.0
100.0
(a)
(a)
Frasers Hospitality Holdings Pte. Ltd.
Investment holding
100.0
100.0
Frasers Hospitality Investments
China Square Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Hospitality Investments
Investment holding
100.0
100.0
Melbourne Pte. Ltd.
(a)
(a)
(a)
(a)
Frasers Hospitality ML Pte. Ltd.
Investment holding
100.0
100.0
Frasers Land Pte. Ltd.
Investment holding
100.0
100.0
Frasers Property (Singapore) Pte. Ltd.
Investment holding
100.0
100.0
Frasers Property Development
(China) Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Property Hospitality Trust
Investment holding
100.0
100.0
Holdings Pte. Ltd.
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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41.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES (CONT'D)
Principal Activities
Effective
Interest
2021
%
2020
%
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.
(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
Holdings Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Hospitality Pte. Ltd.
(a)
River Valley Properties Pte. Ltd.
Investment holding and
management services
100.0
100.0
Investment holding and
property development
100.0
100.0
(a)
Frasers Logistics & Commercial Asset
Management Pte. Ltd.
Management and
consultancy services
100.0
100.0
(a)
Frasers Centrepoint Asset
Management Ltd.
(a)
Frasers Hospitality Asset
Management Pte. Ltd.
Management services
100.0
100.0
Management services
100.0
100.0
(a)
Frasers Hospitality International
Management services
100.0
100.0
Pte. Ltd.
(a)
Frasers Property Corporate
Services Pte. Ltd.
Management services
100.0
100.0
(a)
Frasers Property Management
Management services
100.0
100.0
Services Pte. Ltd.
(a)
Riverside Property Pte. Ltd.
Property investment
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 theFinancial StatementsFor the year ended 30 September 2021 348
41.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES (CONT'D)
Principal Activities
Effective
Interest
2021
%
2020
%
Subsidiaries of the Group (cont'd)
Country of Incorporation and Place of Business: Singapore
(a)
(a)
(a)
Frasers Centrepoint Trust
Real estate investment trust
41.1
36.6
Frasers Logistics & Commercial Trust
Real estate investment trust
21.3
22.3
Frasers Hospitality Trust
Stapled trust
25.8
25.7
Country of Incorporation and Place of Business: Thailand
(a)
Frasers Property (Thailand) Public Company Limited Investment holding
59.6
59.6
Associates of the Group
Country of Incorporation and Place of Business: British Virgin Islands
(b)
Supreme Asia Investments Limited
Investment holding
43.3
43.3
Country of Incorporation and Place of Business: China
(c)
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
& Leasehold Real Estate Investment Trust
Real estate investment trust
15.9
13.3
(a)
Golden Ventures Leasehold Real Estate
Real estate investment trust
13.9
13.4
Investment Trust
Country of Incorporation and Place of Business: Malaysia
(c)
Hektar Real Estate Investment Trust
Real estate investment trust
12.8
11.4
Joint Arrangements of the Group
Country of Incorporation and Place of Business: Singapore
Aquamarine Star Trust
Investment holding
50.0
50.0
North Gem Trust
Investment holding
50.0
50.0
Audited by KPMG in the respective countries.
Not required to be audited under laws of the country of incorporation.
Audited by other firms.
(a)
(a)
(a)
(b)
(c)
Notes to theFinancial StatementsFor the year ended 30 September 2021
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42. 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 2020:
Amendments to References to Conceptual Framework in SFRS(I) Standards
Amendments to SFRS(I) 3
Amendments to SFRS(I) 1-1 and 1-8
Amendments to SFRS(I) 16
Amendments to SFRS(I) 9, SFRS(I) 1-39, SFRS(I) 7, SFRS(I) 4
Definition of a Business
Definition of Material
COVID-19-related Rent Concessions
and SFRS(I) 16
Interest Rate Benchmark Reform Phase 2
The Group’s adoption of the new standards and amendments did not have a material effect on its financial
statements.
The Group has early adopted Interest Rate Benchmark Reform Phase 2 – Amendments to SFRS(I) 9 Financial
Instruments, SFRS(I) 1-39 Financial Instruments: Recognition and Measurement, SFRS(I) 7 Financial Instruments:
Disclosures, SFRS(I) 4 Insurance Contracts, and SFRS(I) 16 Leases in relation to phase 2 of the project on interest
rate benchmark reform. The Group applied the Phase 2 amendments retrospectively. However, in accordance
with the exceptions permitted in the Phase 2 amendments, the Group has elected not to restate the prior period
to reflect the application of these amendments, including not providing additional disclosures for 2020. There
is no impact on opening equity balances as a result of retrospective application.
Specific policies applicable from 1 October 2020 for interest rate benchmark reform
The Phase 2 amendments provide practical relief from certain requirements in SFRS(I). These reliefs relate to
modifications of financial instruments or hedging relationships triggered by a replacement of a benchmark
interest rate in a contract with a new alternative benchmark rate.
If the basis for determining the contractual cash flows of a financial asset or financial liability measured at
amortised cost changes as a result of interest rate benchmark reform, then the Group updates the effective
interest rate of the financial asset or financial liability to reflect the change that is required by the reform. A
change in the basis for determining the contractual cash flows is required by interest rate benchmark reform
if the following conditions are met:
–
–
the change is necessary as a direct consequence of the reform; and
the new basis for determining the contractual cash flows is economically equivalent to the previous
basis – i.e. the basis immediately before the change.
If changes are made to a financial asset or financial liability in addition to changes to the basis for determining
the contractual cash flows required by interest rate benchmark reform, then the Group first updates the
effective interest rate of the financial asset or financial liability to reflect the change that is required by interest
rate benchmark reform. Subsequently, the Group applies the policies on accounting for modifications set out
above to the additional changes.
Finally, the Phase 2 amendments provide a series of temporary exceptions from certain hedge accounting
requirements when a change required by interest rate benchmark reform occurs to a hedged item and/or
hedging instrument that permit the hedge relationship to be continued without interruption. The Group applies
the following reliefs as and when 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 hedged item
or hedging instrument:
–
–
the Group amends the designation of a hedging relationship to reflect changes that are required by the
reform without discontinuing the hedging relationship; and
when a hedged item in a hedge relationship is amended to reflect the changes that are required by
the reform, the amount accumulated in the hedge reserve is deemed to be based on the alternative
benchmark rate on which the hedged future cash flows are determined.
While uncertainty persists in the timing or amount of the interest rate benchmark-based cash flows of the hedged
item or hedging instrument, the Group continues to apply the existing accounting policies.
Notes to theFinancial StatementsFor the year ended 30 September 2021
350
43.
SUBSEQUENT EVENTS
(a)
On 11 October 2021, the Company announced that $200,000,000 3.95% notes (the “Notes”) issued by
its wholly-owned subsidiary, Frasers Property Treasury Pte. Ltd., under the $3,000,000,000 multicurrency
debt issuance programme unconditionally and irrevocably guaranteed by the Company, matured on
7 October 2021 and it had on 7 October 2021 made payment in full of all outstanding Notes in an aggregate
principal amount of $200,000,000 at 100% of its principal amount. Accordingly, all outstanding Notes had
been redeemed and the redeemed notes had been cancelled and delisted from the SGX-ST.
(b) On 29 October 2021, the Company announced that it had, (a) through its indirect wholly-owned subsidiary,
Frasers Sydney Wentworth Pty Ltd (the “Reversionary Interest Seller”), entered into a put and call option
agreement (the “PCOA”)(1) with the Trust Company (PTAL) Limited, acting as trustee of FHT Sydney Trust
3 (“FHT-ST”), a wholly-owned sub-trust of Frasers Hospitality Real Estate Investment Trust, for the sale
(the “Reversionary Interest Divestment”) of the freehold reversionary interest of the property known as
Sofitel Sydney Wentworth (the “Property”) for a consideration of A$10.55 million (approximately S$10.4
million(2)); and (b) through its indirect wholly-owned subsidiary, Frasers Hospitality Australia Pty Ltd,
entered into a share sale agreement with an unrelated third-party (the “Ananke Acquirer”) for the sale
of Ananke Holdings Pty Ltd (“Ananke Holdings”) (the “Ananke Sale”)(3). The consideration for the Ananke
Sale is based on the net asset value of Ananke Holdings, which is estimated to be approximately A$5.0
million (approximately S$4.9 million(2)) and is subject to further post-completion adjustments.
Further to the Ananke Sale, the Company will also be entering into a deed of termination and release
with FHT-ST under which the parties agree to terminate the corporate guarantee dated 11 May 2015
granted by the Company to FHT-ST to guarantee the obligations of Ananke Holdings as master lessee
of the Property.
Upon the completion of the Reversionary Interest Divestment, the Reversionary Interest will be amalgamated
with the leasehold interest in the Property currently held by FHT-ST for the purpose of the sale of the
amalgamated freehold interest of the Property by FHT-ST to an unrelated third-party, which is owned by
the same group of partners as the Ananke Acquirer.
(c)
On 10 November 2021, the Company has, through its indirect wholly-owned subsidiary, Suzhou Sing Rui
Xiang Management Consultancy Co., Ltd., completed the subscription for an equity interest of 30.6% in
Taicang Xin Bai Lan Business Consultancy Co., Ltd. (the “Target Company”) at a subscription amount of
RMB601.3 million (approximately S$126.8 million(4)). The Target Company is incorporated under the laws
of the People’s Republic of China and holds a 49.0% stake in Taicang Zhu Yi Business Advisory Co.,
Ltd., which in turn holds the entire shareholding interest in a project company developing a residential
project of approximately 1,880 units in Zhongshan Community, Song Jiang District, Shanghai, China.
(1) The PCOA grants the Reversionary Interest Seller an option to require FHT–ST to purchase the Reversionary Interest from it (the “Put Option”),
and the FHT-ST an option to require the Reversionary Interest Seller to sell the Reversionary Interest to it (the “Call Option”, and together with
the Put Option, the “Options”), on the terms set out in a sale and purchase agreement the form of which is attached to the PCOA.
(2) Based on the exchange rate of S$1 to A$1.019 as at 30 September 2021.
(3) Ananke Holdings is the master lessee and operating company of the Property.
(4) Based on the exchange rate of RMB1 to S$0.2109 as at 31 October 2021.
Notes to theFinancial StatementsFor the year ended 30 September 2021 Contents
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Sustainability
Report
Corporate
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Financial &
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351
COMPLETED INVESTMENT PROPERTIES
Singapore
Book Value
$'000
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
The Centrepoint
Robertson Walk & Fraser
Place Robertson Walk
Valley Point
Bedok Point
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 – 33,017
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
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
17,014 sqm
21,029 sqm
A 5-storey retail mall (including 1 basement level) and 1 basement carpark
on leasehold land (lease expires year 2077) of approximately 4,137 sqm
at Lots 4710W, 4711V, 10529L and 10530N Mukim 27 at 799 New Upper
Changi Road, for the proposed redevelopment into a 17-storey residential
apartment building and commercial units of approximately 15,553 sqm of
gross floor area for sale.
Centrepoint Apartments
5 apartment units at The Centrepoint, 176A Orchard Road.
Leasehold (lease expires year 2078), lettable area – 426 sqm
Capri by Fraser,
Changi City
313 units of hotel residences at 3 Changi Business Park Central 1.
Leasehold (lease expires year 2069), gross floor area – 19,500 sqm
Capri by Fraser,
China Square
304 units of hotel residences at 181 South Bridge Road.
Leasehold (lease expires year 2096), gross floor area – 15,354 sqm
288,000
416,000
593,000
314,800
340,000
108,000
11,690
177,400
246,000
Particulars of Group PropertiesAs at 30 September 2021
352
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
A 3-storey retail podium at No. 67 Jalan Taman Ibu Kota, Taman Danau
Kota, Setapak, Kuala Lumpur.
Leasehold (lease expires year 2096), lettable area – 47,623 sqm
105,008
Malaysia
Setapak Central
Australia
Fraser Place Melbourne
112 serviced apartment units in 2 blocks of high rise buildings at 19
Exploration Lane, Melbourne, Victoria.
Freehold, gross floor area – 3,801 sqm
Capri by Fraser, Brisbane
239 units of hotel residences at 80 Albert Street, Brisbane, Queensland.
Freehold, gross floor area – 16,970 sqm
Frasers Property Australia
Group's Completed
Investment Properties
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
24,829
72,624
11,384
A property comprising office accommodation at 1F Homebush Bay Drive,
Rhodes Corporate Park, Rhodes, New South Wales.
Freehold, lettable area – 17,498 sqm
124,638
An 8-storey office building at 20 Lee Street, Henry Deane Building, Railway
Square, Sydney, New South Wales.
Leasehold, lettable area – 9,112 sqm
112,861
An 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
158,005
A 6-level office accommodation and a café at 1B Homebush Bay Drive,
Rhodes Corporate Park, Rhodes, New South Wales.
Freehold, lettable area – 12,897 sqm
82,438
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
144,266
A shopping centre located at 300 Old Cleveland Road, Coorparoo,
Queensland.
Freehold, lettable area – 6,780 sqm
43,476
Particulars of Group PropertiesAs at 30 September 2021 Contents
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353
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Australia (cont'd)
Frasers Property Industrial
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 a warehouse and a 2-storey office component at
227 Walters Road, Arndell Park, New South Wales.
Freehold, lettable area – 17,733 sqm
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 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
A property comprising of a warehouse at 4 Burilda Close, Wetherill Park,
New South Wales.
Leasehold, lettable area – 18,872 sqm
A property comprising of a warehouse at 6 Burilda Close, Wetherill Park,
New South Wales.
Leasehold, lettable area – 26,249 sqm
A property comprising a warehouse at 4 Johnston Crescent, Horsley Park,
New South Wales.
Freehold, lettable area – 20,734 sqm
A property comprising a warehouse at 22 Hanson Place, Eastern Creek,
New South Wales.
Freehold, lettable area – 26,690 sqm
18,647
27,970
35,821
56,431
61,828
35,330
74,586
45,381
65,320
73,114
75,470
A property comprising a warehouse at 15-19 Muir Road, Chullora, New
South Wales.
Freehold, lettable area – 22,208 sqm
126,012
Particulars of Group PropertiesAs at 30 September 2021 354
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Australia (cont'd)
Frasers Property Industrial
Australia Group's
Completed Investment
Properties (cont'd)
A property comprising a warehouse at 56 Canterbury Road & 1-3 Beyer
Road Braeside, Victoria.
Freehold, lettable area – 28,416 sqm
A property comprising a warehouse at 11-27 Doriemus Drive, Truganina,
Victoria.
Freehold, lettable area – 43,214 sqm
52,014
65,754
A property comprising a warehouse at 8 Archer Road, Truganina, Victoria.
Freehold, lettable area – 37,610 sqm
58,197
A property comprising a warehouse at 24 Archer Road, Truganina, Victoria.
Freehold, lettable area – 37,353 sqm
62,319
A property comprising a warehouse at 33 & 15 Archer Road, Truganina,
Victoria.
Freehold, lettable area – 30,157 sqm
A property comprising a warehouse at 17 Andretti Court & 61 Sunline Drive,
Truganina, Victoria.
Freehold, lettable area – 35,770 sqm
A property comprising a warehouse at 2-8 Beyer Road, Braeside, Victoria.
Freehold, lettable area – 20,003 sqm
A property comprising a warehouse at 30 Oldham Road, Epping, Victoria.
Freehold, lettable area – 37,628 sqm
A property comprising a warehouse at 39 Naxos Way, Keysborough
Freehold, lettable area – 20,472 sqm
A property comprising a warehouse at 58-76 Naxos Way & 68 Atlantic Drive,
Keysborough, Victoria.
Freehold, lettable area – 28,605 sqm
A property comprising a warehouse at 171-199 Wayne Goss Drive, Berrinba,
Queensland.
Freehold, lettable area – 22,733 sqm
A property comprising a warehouse at 1 Arthur Dixon Court, Yatala,
Queensland.
Freehold, lettable area – 13,643 sqm
A property comprising a warehouse at 70-88 Australand Drive, Berrinba,
Queensland.
Freehold, lettable area – 20,980 sqm
44,163
59,669
35,821
72,133
38,029
53,879
48,579
27,479
41,955
Particulars of Group PropertiesAs at 30 September 2021 Contents
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355
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Australia (cont'd)
Frasers Property Industrial
Australia Group's
Completed Investment
Properties (cont'd)
A property comprising a warehouse at 25-39 Australand Drive, Berrinba,
Queensland.
Freehold, lettable area – 12,377 sqm
A property comprising an industrial, high-tech warehouse with office at 2
Johnston Crescent, Horsley Park, New South Wales.
Freehold, lettable area – 19,026 sqm
A property comprising an industrial warehouse and 2-level office at 25-51
Fox Drive, Dandenong South, Victoria.
Freehold, lettable area – 35,643 sqm
A property comprising an industrial logistics warehouse and office at 2A
Johnston Crescent, Horsley Park, New South Wales.
Freehold, lettable area – 17,548 sqm
19,432
55,351
66,245
46,224
Vacant land for the development of 6 warehouses with approximately
212,778 sqm of lettable area at 169-181, 155-167, 183-197, 199, 235-251
Aldington Road, New South Wales.
Freehold, total area – 343,897 sqm
144,070
Vacant land for the development of 6 warehouses with approximately
136,641 sqm of lettable area at The Horsley Drive, Horsley Park, New South
Wales.
Freehold, total area – 256,565 sqm
Vacant land for the development of a warehouse with approximately 26,350
sqm of lettable area at 281 Pearson Rd, Yatala, Queensland.
Freehold, total area – 47,794 sqm
Vacant land for the development of a warehouse with approximately 22,048
sqm of lettable area at 454 Wembley Rd, Berrinba, Queensland.
Freehold, total area – 41,737 sqm
Vacant land for the development of 2 warehouses with approximately
29,955 sqm of lettable area at 296 Beatty Road, Archerfield, Queensland.
Freehold, total area – 56,305 sqm
Vacant land for the development of 11 warehouses with approximately
211,316 sqm of lettable area at 60 Stapylton – Jacobs Well Road, Queensland.
Freehold, total area – 484,506 sqm
Vacant land for the development of a warehouse with approximately 22,620
sqm of lettable area at Taylors Road, Dandenong South, Victoria.
Freehold, total area – 39,049 sqm
Vacant land for the development of 3 warehouses with approximately
86,783 sqm of lettable area at Taylors Road, Dandenong South, Victoria.
Freehold, total area – 147,898 sqm
68,067
9,937
9,225
17,665
45,832
13,285
44,428
Particulars of Group PropertiesAs at 30 September 2021 356
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Australia (cont'd)
Frasers Property Industrial
Australia Group's
Completed Investment
Properties (cont'd)
Vacant land for the development of 2 warehouses with approximately
39,005 sqm of lettable area at Taylors Road, Dandenong South, Victoria.
Freehold, total area – 70,090 sqm
Vacant land for the development of a warehouse with approximately 37,112
sqm of lettable area at 410 Cooper Street, Epping, Victoria.
Freehold, total area – 63,807 sqm
Vacant land for the development of 4 warehouses with approximately
87,793 sqm of lettable area at 410 Cooper Street, Epping, Victoria.
Freehold, total area – 212,367 sqm
Vacant land for the development of 3 warehouses with approximately
81,361 sqm of lettable area at 917 Boundary Road, Tarneit, Victoria.
Freehold, total area – 134,556 sqm
29,052
8,656
31,281
30,864
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
196,214
Capri by Fraser, Barcelona
97 serviced apartments at Sancho de Avila, 32-34 Barcelona, Spain.
Freehold, gross floor area – 7,213 sqm
Capri by Fraser, Frankfurt
153 serviced apartments at 42 Europa-allee, 60327, Frankfurt am Maine,
Germany.
Freehold, gross floor area – 9,698 sqm
Capri by Fraser, Berlin
143 serviced apartments at Scharrenstraße 22, 10178 Berlin, Germany.
Freehold, gross floor area – 8,749 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, gross floor area – 15,156 sqm
30,031
55,817
45,754
2,067
92,766
Capri by Fraser, Leipzig
A 20-year lease (lease expires year 2040) of an apart-hotel situated at Bruhl,
76, 78, Goethestrasse 8, 9, Ritterstrasse 28, Germany.
42,492
Winnersh Triangle
A mixed-use park comprising 55 buildings of predominantly office and
industrial accomodation located in Winnersh Triangle, Reading, Berkshire,
England.
Freehold, lettable area – 130,068 sqm
674,130
Particulars of Group PropertiesAs at 30 September 2021 Contents
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357
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Europe (cont'd)
Chineham Park
Hillington Park
A mixed-use park comprising nine districts providing office and industrial
accomodation located in Basingstoke, Hampshire, England.
Freehold, lettable area – 75,295 sqm
284,903
A mixed-use park comprising office and industrial accomodation located
in Glasgow, Scotland.
Freehold, lettable area – 184,902 sqm
232,848
Lakeshore Business Park
An office park comprising three buildings located at 9-11 New Square,
Bedfont Lakes, Feltham, Middlesex, England.
Freehold, lettable area – 25,664 sqm
226,858
Frasers Property Europe
Group's Completed
Investment Properties
A business park at Mellinghofer Straße 55 (Technopark), Mülheim an der
Ruhr, Germany.
Freehold, lettable area – 125,351 sqm
114,793
Solar panels at Industriepark 309, Gottmadingen, Germany.
A cross-dock facility located at Billbrookdeich 167-171, Hamburg, Germany.
Leasehold, lettable area – 11,545 sqm
A logistics facility located at Werner von Siemens-Straße 44, Saarwellingen,
Germany.
Freehold, lettable area – 9,298 sqm
553
99,684
11,792
A logistics facility located at Thomas-Dachser-Straße 3, Überherrn, Germany.
Freehold, lettable area – 21,765 sqm
31,760
A logistics facility located at Werner von Siemens-Straße 35, Saarwellingen,
Germany.
Freehold, lettable area – 6,413 sqm
6,934
A logistics facility located at Oskar-von-Miller-Straße 2, Kirchheim, Germany.
Freehold, lettable area – 28,125 sqm
59,747
A logistics facility located at Leverkuser Straße 65, Remscheid, Germany.
Freehold, lettable area – 29,418 sqm
A logistics facility located at An der Trift 75, Dreieich, Germany.
Freehold, lettable area – 19,937 sqm
A logistics facility located at HutwiesenStraße 13, Magstadt, Germany.
Freehold, lettable area – 17,081 sqm
A warehouse facility located at MoselStraße 70, Hanau, Germany.
Freehold, lettable area – 5,551 sqm
20,912
22,327
13,207
5,424
Particulars of Group PropertiesAs at 30 September 2021 358
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Europe (cont'd)
Frasers Property Europe
Group's Completed
Investment Properties
(cont'd)
Thailand
Amata City Chonburi
Industrial Estate
Laemchabang Industrial
Estate
A logistics facility located at Rheindeichstraße 155, Duisburg, Germany.
Freehold, lettable area – 46,580 sqm
104,872
A logistics facility located at FuggerStraße 13, Bielefeld, Germany.
Freehold, lettable area – 23,115 sqm
A logistics facility located at FuggerStraße 15, Bielefeld, Germany.
Freehold, lettable area – 31,087 sqm
A logistics facility located at Hazeldonk 6308, Breda, the Netherlands.
Freehold, lettable area – 8,303 sqm
46,697
35,691
10,440
A light industrial facility located at Alois Mengele Str. 1, Gunzburg, Germany.
Freehold, lettable area – 24,283 sqm
23,650
A light industrial facility located in Kleinkötz, at Industriestraße/Bahnhofstr.
40, Germany.
Freehold, lettable area – 42,028 sqm
A logistics facility located at Rheindeichstraße 165, Duisburg, Germany.
Freehold, lettable area – 34,189 sqm
A logistics facility located at Hans-Fleißner-Straße 46-48, Egelsbach,
Germany.
Freehold, lettable area – 29,815 sqm
51,841
76,885
80,345
A logistics facility located at Adolf-Dambach-Straße 5, Gaggenau, Germany.
Freehold, lettable area – 31,697 sqm
30,503
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.
33,655 sqm
Freehold, lettable area:
24,250 sqm
Land
57,905 sqm
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
49,227
44,836
Particulars of Group PropertiesAs at 30 September 2021
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COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Thailand (cont'd)
Hi-Tech Industrial Estate
Amata City Rayong
Industrial Estate
4 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
10,075 sqm
11,700 sqm
21,775 sqm
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
15 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
55,800 sqm
10,900 sqm
66,700 sqm
Pinthong Industrial Estate 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
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:
Land
5,525 sqm
5,000 sqm
10,525 sqm
12,594
15,615
1,119
73,783
26,943
5,305
Particulars of Group PropertiesAs at 30 September 2021
360
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Thailand (cont'd)
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
Asia Industrial Estate
Suvarnabhumi
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
Rojana Industrial Park
(Prachinburi)
Frasers Property Logistics
Park (Bangna)
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:
Leasehold (lease expires year 2044), lettable area:
Land
29,650 sqm
31,392 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)
2 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 – 19,225 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
20,538
47,888
43,792
135,846
2,060
15,510
25,767
15,958
Particulars of Group PropertiesAs at 30 September 2021
Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
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Financial &
Additional
Information
361
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Thailand (cont'd)
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
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 Pluak Daeng – Sapansi Road (Highway No. 3080)
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
17,683
13,574
7,074
135,879
65,848
8,411
31,055
35,322
Particulars of Group PropertiesAs at 30 September 2021 362
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Thailand (cont'd)
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
31,540
Frasers Property Logistics
Park (Khonkaen)
14 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 – 18,938 sqm
26,454
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
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.
Freehold, lettable area – 52,680 sqm
7,866
9,256
29,856
6,985
53,239
24,846
65,464
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
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Business
Sustainability
Report
Corporate
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363
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Thailand (cont'd)
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
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)
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 – 92,488 sqm
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
18,386
84,093
16,520
4,763
6,432
7,272
Frasers Property Logistics
Center (Bangplee 6)
2 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (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
109,464
Particulars of Group PropertiesAs at 30 September 2021 364
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Thailand (cont'd)
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.
Leasehold (lease expires year 2049), total area – 55,497 sqm
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
Vacant Land located in the Wang Noi 3 Project, Phahon Yothin Road
(Highway No. 1), Phayom Sub-District, Wang Noi District, Phra Nakhon Si
Aytthaya Province.
Freehold, total area – 249,904 sqm
6,935
43,996
16,561
FYI Center
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
217,221
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
11,712
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
Goldenland Building
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 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
7,595
1,232
881
1,046
739
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
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365
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
Vietnam
Melinh Point
Worc@Q2
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
A 31-storey office building with a basement at 23 Vo Truong Toan, Thu Duc
City, Ho Chi Minh City.
Leasehold (lease expires year 2067), lettable area – 4,450 sqm
Binh Duong Industrial Park Vacant plots of industrial land located on Nguyen Van Linh Street, N16
Street, D2 Street, D3 Street and D6 Street within Phu Tan Industrial Park,
Binh Duong Province.
Leasehold (lease expires year 2056), total area – 104,567 sqm
76,977
19,125
18,634
China
Fraser Suites Dalian
Indonesia
Fraser Residence
Sudirman, Jakarta
Japan
Capri by Fraser, Ginza
259 serviced apartment units in the Europark mixed-use development at
No. 30 Gang Long Road, Zhongshan District, Dalian.
Leasehold (lease expires year 2048), gross floor area – 25,759 sqm
68,445
A 33-storey building of 108 serviced apartment units in Fraser Tower of
Fraser Residence Sudirman Jakarta at Jalan Setiabudi Raya No. 9, Setiabudi
District, Sudirman, Jakarta.
Freehold, gross floor area – 11,285 sqm
29,646
Carpark land lots located at Shimbashi, Minato-ku, Tokyo, to be redeveloped
into a 14-storey apart-hotel with 244 apartment units.
Freehold, total area – 851 sqm
174,892
HELD THROUGH FRASERS CENTREPOINT TRUST
Singapore
Causeway Point
A 7-storey retail mall (including 1 basement level) and a 7-storey carpark
(B2, B3 and 2nd-6th levels) at 1 Woodlands Square.
Leasehold (lease expires year 2094), lettable area – 38,985 sqm
1,312,000
Northpoint City North Wing A 6-storey retail mall (including 2 basement levels) and a 3-storey carpark
771,500
at 930 Yishun Avenue 2.
Leasehold (lease expires year 2089), lettable area – 21,356 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 – 19,361 sqm
325,000
Particulars of Group PropertiesAs at 30 September 2021 366
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
HELD THROUGH FRASERS CENTREPOINT TRUST (CONT'D)
Singapore (cont'd)
Yishun 10 Retail Podium
10 strata-titled retail units at 51 Yishun Central 1.
Leasehold (lease expires year 2089), lettable area – 961 sqm
Central Plaza
Tiong Bahru Plaza
Century Square
Hougang Mall
White Sands
Tampines 1
33,000
215,000
A 20-storey office building with a shared 3-storey basement carpark at 298
Tiong Bahru Road.
Leasehold (lease expires year 2091), lettable area – 16,036 sqm
A 6-storey suburban retail mall with a shared 3-storey basement carpark at
302 Tiong Bahru Road.
Leasehold (lease expires year 2090), lettable area – 19,947 sqm
654,000
A 6-storey retail mall (including 1 basement level) with a 2-storey basement
carpark at 2 Tampines Central 5.
Leasehold (lease expires year 2091), lettable area – 19,629 sqm
574,000
A 6-storey retail mall (including 1 basement level) with a basement carpark
at 90 Hougang Avenue 10.
Leasehold (lease expires year 2092), lettable area – 15,386 sqm
432,000
A 6-storey retail mall (including 1 basement level) with a 2-storey basement
carpark at 1 Pasir Ris Central Street 3.
Leasehold (lease expires year 2092), lettable area – 13,970 sqm
428,000
A 6-storey retail mall (including 1 basement level) with a basement carpark
at 10 Tampines Central 1.
Leasehold (lease expires year 2089), lettable area – 24,945 sqm
762,000
HELD THROUGH FRASERS HOSPITALITY TRUST
Singapore
Fraser Suites Singapore(1)
Australia
Fraser Suites Sydney(1)
Europe
A 20-storey building of 255 serviced apartment units at 491A River Valley
Road, Singapore.
Leasehold (lease expires year 2876), gross floor area – 27,018 sqm
351,000
A 32-storey building of 201 serviced apartment units and 8 commercial
office suites at 488 Kent Street, Sydney, New South Wales.
Freehold, gross floor area – 12,110 sqm
147,118
Fraser Place Canary Wharf,
London(1)
2 buildings of 108 residential apartments at 80 Boardwalk Place, London,
England, the United Kingdom.
Freehold, gross floor area – 5,659 sqm
78,120
Particulars of Group PropertiesAs at 30 September 2021 Contents
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Sustainability
Report
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Governance
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Information
367
COMPLETED INVESTMENT PROPERTIES (CONT'D)
Book Value
$'000
HELD THROUGH FRASERS HOSPITALITY TRUST (CONT'D)
Europe (cont'd)
Fraser Suites Glasgow(1)
A 4-storey building of 98 serviced apartments at 1-19 Albion Street,
Glasgow, Scotland, the United Kingdom.
Freehold, gross floor area – 7,386 sqm
Fraser Suites Edinburgh(1)
An 8-storey building of 75 residential apartments at 12-26 St Giles' Street,
Edinburgh, Scotland, the United Kingdom.
Freehold, gross floor area – 3,952 sqm
18,661
30,004
Fraser Suites Queens Gate,
London(1)
105 residential apartments at 39B Queens Gate Gardens, South Kensington,
London, England, the United Kingdom.
Freehold, gross floor area – 6,416 sqm
107,941
Maritim Hotel Dresden
328 hotel rooms at Ostra-Ufer 2, Dresden, Germany.
Freehold, gross floor area – 25,916 sqm
93,237
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST
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
632,000
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 – 96,086 sqm
731,000
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
36,901
46,469
8,878
38,767
Particulars of Group PropertiesAs at 30 September 2021 368
COMPLETED INVESTMENT PROPERTIES (CONT'D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT'D)
Australia (cont'd)
Book Value
$'000
2 warehouses and distribution
accommodation, located at 17-23 Jets Court, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 9,869 sqm
facilities with associated office
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 warehouses 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
14,635
19,208
15,598
49,227
40,526
35,821
31,896
18,892
47,598
31,405
50,542
26,989
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
369
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 offices 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
50,051
45,144
45,635
25,026
62,123
48,579
124,638
88,326
60,749
44,163
54,713
61,338
26,100
Particulars of Group PropertiesAs at 30 September 2021 370
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
32,730
19,039
28,755
51,524
2 separate standalone distribution facilities, located at 4-8 Kangaroo
Avenue, Eastern Creek, New South Wales.
Freehold, lettable area – 40,543 sqm
106,973
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
18,892
23,112
55,940
35,576
27,774
49,070
69,679
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Sustainability
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371
COMPLETED INVESTMENT PROPERTIES (CONT'D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT'D)
Australia (cont'd)
Book Value
$'000
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
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
21,100
11,188
49,953
48,579
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
117,877
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 29 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
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 – 21,270 sqm
43,964
26,645
34,840
43,869
18,401
51,818
44,163
Particulars of Group PropertiesAs at 30 September 2021 372
COMPLETED INVESTMENT PROPERTIES (CONT'D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT'D)
Australia (cont'd)
Book Value
$'000
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 – 66,032 sqm
Caroline Chisholm Centre
A 5-storey office complex at 57 Athllon Drive, Greenway, Tuggeranong,
Canberra.
Leasehold (lease expires year 2101), lettable area – 40,244 sqm
62,230
37,293
49,561
83,615
31,699
26,498
328,769
242,406
357 Collins Street
Europe
A 24-storey office and retail building with a basement carpark at 357 Collins
Street, Melbourne.
Freehold, lettable area – 31,962 sqm
316,992
A logistics facility at Elbestraße 1-3, Marl, Germany.
Freehold, lettable area – 16,831 sqm
A light industrial facility at Am Krainhop 10, Isenbüttel, Germany.
Freehold, lettable area – 20,679 sqm
A logistics facility at Otto-Hahn-Straße 10, Vaihingen an der Enz, Germany.
Freehold, lettable area – 43,756 sqm
A logistics facility at Eiselauer Weg 2, Ulm, Germany.
Freehold, lettable area – 24,525 sqm
24,591
29,559
91,508
71,775
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Sustainability
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373
COMPLETED INVESTMENT PROPERTIES (CONT'D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT'D)
Europe (cont'd)
Book Value
$'000
A light industrial facility at Industriepark 309, Gottmadingen, Germany.
Freehold, lettable area – 55,007 sqm
A light industrial facility at Industriepark 1, Mamming, Germany.
Freehold, lettable area – 14,193 sqm
A logistics facility at Am Exer 9, Leipzig, Germany.
Freehold, lettable area – 11,537 sqm
A logistics facility at Johann-Esche-Straße 2, Chemnitz, Germany.
Freehold, lettable area – 18,053 sqm
A light industrial facility at Jubatus-Allee 3, Ebermannsdorf, Germany.
Freehold, lettable area – 9,389 sqm
A logistics facility at Brede Steeg 1, s-Heerenberg, The Netherlands.
Freehold, lettable area – 84,806 sqm
A logistics facility at KoperStraße 10, Nürnberg, Germany.
Freehold, lettable area – 44,221 sqm
A logistics facility at Ambros-Nehren-Straße 1, Achern, Germany.
Freehold, lettable area – 12,304 sqm
A logistics facility at Saalhoffer Straße 211, Rheinberg, Germany.
Freehold, lettable area – 31,957 sqm
A light industrial facility at Gustav-Stresemann-Weg 1, Münster, Germany.
Freehold, lettable area – 12,960 sqm
A light industrial facility at Keffelker Straße 66, Brilon, Germany.
Freehold, lettable area – 13,352 sqm
A light industrial facility at Am Autobahnkreuz 14, Rastede, Germany.
Freehold, lettable area – 11,491 sqm
A logistics facility at Belle van Zuylenstraat 5 en Marga Klompéweg 7,
Tilburg, The Netherlands.
Freehold, lettable area – 18,121 sqm
A logistics facility at Handelsweg 26, Zeewolde, The Netherlands.
Freehold, lettable area – 51,703 sqm
A logistics warehouse with office space at Heierhoevenweg 17, Venlo, The
Netherlands.
Freehold, lettable area – 32,642 sqm
80,816
24,857
23,270
26,729
13,522
107,860
111,330
24,213
53,458
24,056
18,553
29,088
28,663
76,414
47,012
Particulars of Group PropertiesAs at 30 September 2021 374
COMPLETED INVESTMENT PROPERTIES (CONT'D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT'D)
Europe (cont'd)
Book Value
$'000
A logistics facility at Oberes Feld 2, Moosthenning, Germany.
Freehold, lettable area – 72,558 sqm
A logistics facility at Murrer Straße 1, Freiberg am Neckar, Germany.
Freehold, lettable area – 21,071 sqm
A logistics warehouse with office space located at Mandeveld 12, Meppel,
The Netherlands.
Freehold, lettable area – 31,013 sqm
116,507
60,219
45,329
A cross-dock facility located in Graben-Hermessrasse, Augsburg, Germany.
Freehold, lettable area – 11,534 sqm
66,666
A logistics facility located at Buhlfeldstraße 2-8, Herbrechtingen, Baden-
Württemberg, Germany.
Freehold, lettable area – 44,501 sqm
A logistics facility located at An den Dieken 94, Ratingen, Germany.
Freehold, lettable area – 43,105 sqm
A logistics facility located at Walter-Gropius-Straße 19, Bergheim, Erft,
Germany.
Freehold, lettable area – 19,404 sqm
67,452
93,552
36,006
A logistics facility located at Obertshausen-Im Birkengrund 5-7, Germany.
Freehold, lettable area – 23,154 sqm
58,175
A logistics facility located at Tamm-Bietigheimer Straße 50-52, Germany.
Freehold, lettable area – 38,932 sqm
126,256
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 – 13,142 sqm
A logistics facility located in Bielefeld, at FuggerStraße 17, Germany.
Freehold, lettable area – 22,336 sqm
54,087
68,395
49,370
A cross-dock facility located in Bad Rappenau-Buchäckerring 18, Germany.
Freehold, lettable area – 13,125 sqm
64,936
A cross-dock facility located in Mainz-Genfer Allee 6, Germany.
Freehold, lettable area – 13,148 sqm
A logistics facility located in Griftweg 5, De Klomp, Ede, the Netherlands.
Freehold, lettable area – 15,588 sqm
A logistics facility located in Frankenthal, at Am Römig 8, Germany.
Freehold, lettable area – 20,579 sqm
86,791
33,804
47,641
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375
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 comprising 14 buildings located at Farnborough,
314,659
Hampshire, England, the United Kingdom.
Freehold, lettable area – 51,015 sqm
Maxis Business Park
An office park comprising two 5-storey buildings located at 34 Western
Road, Bracknell, England, the United Kingdom.
Freehold, lettable area – 17,859 sqm
121,625
Blythe Valley Business Park 16 mixed-use buildings in a premier office business park located at Blythe
236,051
Valley Park, Solihull, West Midlands, the United Kingdom.
Freehold, lettable area – 41,651 sqm
Connexion
A logistics and industrial property located at Connexion at Blythe Valley
Park, Solihull, West Midlands, the United Kingdom.
Freehold, lettable area – 19,534 sqm
78,028
TOTAL COMPLETED INVESTMENT PROPERTIES
24,040,436
INVESTMENT PROPERTIES UNDER CONSTRUCTION
Book Value
$'000
Singapore
Fraser Residence
Promenade
Australia
A commercial development at Jiak Kim Street, Singapore, comprising 1
block of serviced apartment units and commercial space within existing
conservation warehouse buildings, which are to be restored.
Leasehold (lease expires year 2117), gross floor area – 4,786 sqm
53,150
A property comprising an industrial production and distribution warehouse
at 410 Cooper Street, Epping, Victoria.
Freehold, lettable area – 37,742 sqm
A property comprising an industrial warehouse and office at 26-34 Beyer
Road, Braeside, Victoria.
Freehold, lettable area – 30,823 sqm
Brunswick & Co
A property at 210 Brunswick Street, Fortitude Valley, Queensland for the
development of 366 residential apartment units with retail space for rent.
Freehold, gross floor area – 23,597 sqm
31,833
40,045
25,605
Particulars of Group PropertiesAs at 30 September 2021 376
INVESTMENT PROPERTIES UNDER CONSTRUCTION (CONT'D)
Europe
Book Value
$'000
A development project comprising 2 warehouse units with office space
located at Ringweg 19-21, Roermond, the Netherlands.
Freehold, lettable area – 32,784 sqm
A development project comprising a warehouse and office space located
at Hazeldonk 6801, Breda, the Netherlands.
Freehold, lettable area – 12,114 sqm
A development project comprising two warehouse units with office space
located at Veilingweg 16, Huissen, the Netherlands.
Freehold, gross floor area – 63,489 sqm
Vacant land for the proposed development of two warehouses with office
space with a total gross floor area of 48,396 sqm located at Lageweg 15,
Teteringen, Breda, the Netherlands.
Freehold, total area – 98,758 sqm
42,377
13,796
16,823
22,484
A development project comprising a logistics component and a business
park located at Reisholzer Bahnstraße 37 and Henkelstraße, Düsseldorf,
Germany.
Freehold, lettable area – 72,498 sqm
118,928
Thailand
Amata City Chonburi
Industrial Estate
Hi-Tech 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
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
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
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
2,064
2,956
3,737
4,618
567
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
10,276
Particulars of Group PropertiesAs at 30 September 2021 Contents
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Sustainability
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377
INVESTMENT PROPERTIES UNDER CONSTRUCTION (CONT'D)
Book Value
$'000
Thailand (cont'd)
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
Center (Bangplee 7)
3 warehouses located in the Frasers Property Logistics Center (Bangplee
7) project within Bang Pla Sub-District, Bang Phli District, Samut Prakan
Province.
Leasehold (lease expires year 2049), lettable area – 44,329 sqm
River II
Silom Edge
Vietnam
14 warehouses located in the River II project on Pu Chao Saming Phrai
Road, within Bang Hua Suea Sub-District, Phra Samut Chedi District, Samut
Prakan Province.
Freehold, total area:
Leasehold (lease expires year 2048), total area:
21,027 sqm
50,424 sqm
71,451 sqm
A 22-storey mixed development building with 2 basement levels located
on the corner of Silom Road and Rama IV Road, adjacent to Metropolitan
Rapid Transit Silom Station and Sala Daeng Intersection, within Suriyawong
Sub-District, Bang Rak District, Bangkok Metropolis.
Leasehold (lease expires year 2047), gross floor area – 49,602 sqm
729
9,379
12,592
96,609
Binh Duong Industrial Park Vacant plots of industrial land located on Nguyen Van Linh Street, N16
Street, D2 Street, D3 Street and D6 Street within Phu Tan Industrial Park,
Binh Duong Province.
Leasehold (lease expires year 2056), total area – 363,403 sqm
64,807
TOTAL INVESTMENT PROPERTIES UNDER CONSTRUCTION
TOTAL PROPERTIES (CLASSIFIED AS INVESTMENT PROPERTIES)
573,375
24,613,811
(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 2021
378
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 – 18,692 sqm
83,960
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
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
12,602
25,458
11,652
19,798
25,265
22,421
19,311
22,319
Particulars of Group PropertiesAs at 30 September 2021 Contents
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Report
Corporate
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379
PROPERTY, PLANT AND EQUIPMENT (CONT'D)
Book Value
$'000
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 at One
Devonshire Gardens
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-on-
Thames
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
13,432
14,473
14,877
20,963
15,272
8,957
8,435
4,754
6,909
Particulars of Group PropertiesAs at 30 September 2021 380
PROPERTY, PLANT AND EQUIPMENT (CONT'D)
Book Value
$'000
United Kingdom (cont'd)
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
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
Hotel du Vin Wimbledon
A boutique hotel situated at Cannizaro House, West Side Common, London,
SW19 4UE, 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
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
Hotel du Vin Stratford
upon Avon
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
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
Avon Gorge by Hotel du Vin 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
11,061
10,094
22,144
6,616
10,045
10,105
11,629
34,474
12,491
Hotel du Vin Aberdeen
An unoccupied building to be redeveloped at Clarke Building, Schoolhill,
Aberdeen, AB10 1JQ, Scotland.
3,659
Particulars of Group PropertiesAs at 30 September 2021 Contents
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381
PROPERTY, PLANT AND EQUIPMENT (CONT'D)
Book Value
$'000
United Kingdom (cont'd)
Malmaison Oxford
A 35-year lease (lease expires year 2040) of a boutique hotel situated on 3
Oxford Castle, New Road, Oxford, OX1 1AY, England.
18,047
Malmaison Aberdeen
A 35-year lease (lease expires year 2046) of a boutique hotel situated on
49-53 Queens Road, Aberdeen, AB15 4YP, Scotland.
33,988
Malmaison Birmingham
A 35-year lease (lease expires year 2046) of a boutique hotel situated on 1
Wharfside Street, Birmingham, B1 1RD, England.
45,675
Malmaison Manchester
A 35-year lease (lease expires year 2046) of a boutique hotel situated on
1-3 Piccadilly, Manchester, M1 3AQ, England.
46,291
Malmaison Newcastle
A 35-year lease (lease expires year 2046) of a boutique hotel situated on
104 Quayside, Newcastle, NE1 3DX, England.
34,093
Malmaison London
A 70-year lease (lease expires year 2081) of a boutique hotel situated on
18-21 Charterhouse Square, London, EC1M 6AH, England.
56,023
Malmaison Dundee
A 35-year lease (lease expires year 2049) of a boutique hotel situated on
44 Whitehall Crescent, Dundee, DD1 4AY, Scotland.
21,866
Malmaison Brighton
A 35-year lease (lease expires year 2050) of a boutique hotel situated on
The Waterfront, Brighton Marina, Brighton, BN2 5WA, England.
18,969
Malmaison Edinburgh
(City)
A 35-year lease (lease expires year 2054) of a boutique hotel situated on
Buchan House, 22 St Andrew Square, year Edinburgh, EH2 1AY, Scotland.
38,496
Malmaison York
A 35-year lease (lease expires year 2056) of a boutique hotel situated on 2
Rougier St, York YO90 1UU, England.
79,099
Thailand
Frasers Property Logistics
Park (Bangna)
Sale office and storage 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.
1,074
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.
385
485
75
Particulars of Group PropertiesAs at 30 September 2021 382
PROPERTY, PLANT AND EQUIPMENT (CONT'D)
Book Value
$'000
Thailand (cont'd)
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.
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 (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.
339
337
404
42
9
129
310
River II
Modena by Fraser,
Bangkok
Sale office located in the River II project on Pu Chao Saming Phrai Road
within Bang Hua Suea Sub-District, Phra Samut Chedi District, Samut
Prakan Province.
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
26,098
Mayfair Marriott Executive
Apartment
A 16-year lease (lease expires year 2023) of a 164-room, 25-storey serviced
apartment building at 60 Soi Langsuan, Lumpini, Pathumwan, Bangkok
Metropolis.
2,736
The Ascott Sathorn,
Bangkok
A contemporary serviced apartment building at 7 South Sathorn Road,
Yannawa, Sathon, Bangkok Metropolis. This 35-story building that houses
177 serviced apartment units, managed by the Ascott Group Limited.
75,818
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
383
PROPERTY, PLANT AND EQUIPMENT (CONT'D)
HELD THROUGH FRASERS HOSPITALITY TRUST
Singapore
Book Value
$'000
InterContinental
Singapore(2)
406 hotel rooms at 80 Middle Road, Singapore.
Leasehold (lease expires year 2089), gross floor area – 49,987 sqm
462,878
Malaysia
The Westin Kuala
Lumpur(2)
443 hotel rooms at 199 Jalan Bukit Bintang, Kuala Lumpur.
Freehold, gross floor area – 79,593 sqm
Japan
ANA Crown Plaza Kobe(2)
593 hotel rooms at 1-Chome, Kitano-Cho, Chuo-Ku, Kobe.
Freehold, gross floor area – 136,657 sqm
Australia
119,097
143,741
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
87,722
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)
84 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
172,273
215,065
62,368
31,238
2,278,346
172,939
2,451,285
(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 2021 384
COMPLETED PROPERTIES HELD FOR SALE
Australia
Queens Riverside
Lumiere
Cova
China
Chengdu Logistics Hub
Baitang One
United Kingdom
Wandsworth Riverside
Quarter
Vietnam
Q2 Thao Dien
Thailand
Sky Villas
The Grand – Alpina
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 64 units to go.
A mixed development of 1 retail podium, residential units, serviced
apartments, retail untis 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.
Effective
Interest
%
100.0
100.0
A residential development of land, MD housing and marina berths with
net saleable area of 22,889 sqm situated at Hope Island, Queensland,
comprising 4 lots to go.
100.0
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 19 warehouses and 487 car park lots to go.
Phase 2 has a gross floor area of 154,049 sqm and consists of 59 car park
lots to go. Phase 4 has a gross floor area of 163,527 sqm and consists of
1 office unit, 16 retail units and 144 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.
80.0
100.0
A mixed development of residential and commercial units and office and
retail space of a total of approximately 52,000 sqm of gross floor area on
freehold land of approximately 40,000 sqm situated at south bank of River
Thames, London, comprising 96 units to go.
100.0
A mixed-use development on leasehold land of approximately 7,956 sqm
located in Thu Duc City, Ho Chi Minh City, comprising a high-rise apartment
building with 5 units to go.
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
143,680 sqm situated on Boromarajajonani Road, within Sala Thammasop
Sub-District, Thawi Watthana District, Bangkok Metropolis, comprising 16
units to go.
70.0
35.6
59.3
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
385
COMPLETED PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
The Grand
– The Island
(Courtyard)
The Grand
– De Pine
Golden Prestige
Watcharapol
– Sukhaphiban 5
Grandio Bangkae
A residential development on freehold subdivided land of approximately
76,704 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.
A residential development on freehold subdivided land of approximately
156,624 sqm situated on Boromarajajonani Road, within Sala Thammasop
Sub-District, Thawi Watthana District, Bangkok Metropolis, comprising 2
units to go.
A residential development on freehold subdivided land of approximately
72,720 sqm situated on public road off Sukhapiban 5 Road, within O
Ngoen Sub-District, Sai Mai District, Bangkok Metropolis, comprising 3
units to go.
A residential development on freehold subdivided land of approximately
113,600 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 Vibhavadi
– Rangsit
A residential development on freehold subdivided land of approximately
118,298 sqm situated on Soi Khlong Luang 10, Phaholyothin Road within
Khlong Nueng Sub-District, Khlong Luang District, Pathum Thani Province,
comprising 4 units to go.
Grandio Petchkasem 81
A residential development on freehold subdivided land of approximately
51,520 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 7 units to go.
Grandio Ramintra –
Wongwaen
A residential development on freehold subdivided land of approximately
136,048 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.
Grandio Suksawat
– Rama 3
A residential development on freehold subdivided land of approximately
46,202 sqm situated on Soi Suksawat 30, Bang Pakok Sub-District, Rat
Burana District, Bangkok Metropolis, comprising 1 unit to go.
Golden Neo 2 Bangna
– Kingkaew
A residential development on freehold subdivided land of approximately
124,480 sqm situated on Kingkaeo Road, within Racha Thewa Sub-District,
Bang Phli District, Samut Prakan Province, comprising 11 units to go.
Golden Neo
Chaengwattana
– Muang Thong
A residential development on freehold subdivided land of approximately
50,720 sqm situated on Tiwanon Road, within Ban Mai Sub-District, Pak
Kret District, Nonthaburi Province, 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
59.3
Particulars of Group PropertiesAs at 30 September 2021 386
COMPLETED PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Neo Korat
– Terminal
A residential development on freehold subdivided land of approximately
98,256 sqm situated on Si Phet Road within Nong Krathum Muen Wai Sub-
District, Mueang District, Nakhon Ratchasima Province, comprising 23
units to go.
Golden Neo Sathorn
A residential development on freehold subdivided land of approximately
69,220 sqm situated on Kanlapaphruek Road, within Bang Wa Sub-District,
Phasi Charoen District, Bangkok Metropolis, comprising 1 unit to go.
Golden Neo 2 Bangkae
A residential development on 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, comprising 10 units to go.
Golden Neo
Ngamwongwan
– Prachachuen
A residential development on freehold subdivided land of approximately
41,546 sqm situated on Soi Samakkee 63, within Bang Talat Sub-District,
Pak Kret District, Nonthaburi Province, comprising 19 units to go.
Golden Neo Sukhumvit
– Lasalle
A residential development on freehold subdivided land of approximately
42,876 sqm situated on Samrong Nua Sub-District, Muang Samut Prakarn
District, Samut Prakan Province, comprising 23 units to go.
Golden Neo Bangna
– Suanluang
A residential development on freehold subdivided land of approximately
43,264 sqm situated on Dokmai Sub-District, Phra Khanong District,
Bangkok Metropolis, comprising 17 units to go.
Golden Neo Suksawat
– Rama 3
A residential development on freehold subdivided land of approximately
63,458 sqm situated on Soi Suk Sawat 30 Yeak 10 off Suk Sawat Road
within Rat Burana Sub-District, Rat Burana District, Bangkok Metropolis,
comprising 21 units to go.
Golden Neo 3 Rama 2
A residential development on freehold subdivided land of approximately
59,360 sqm situated on Phan Tay Norasing – Jedsadwithi Road off Rama
2 Road, within Phan Tay Norasing Sub-District, Mueang District, Samut
Sakhon Province, comprising 5 units to go.
Golden Neo 2 Ramintra
– Wongwaen
A residential development on freehold subdivided land of approximately
48,512 sqm situated on Saphan Sung Sub-District, Saphan Sung District,
Bangkok Metropolis, comprising 10 units to go.
Golden Neo Rama 9
– Krungthepkreetha
A residential development on freehold subdivided land of approximately
49,568 sqm situated on Saphan Sung Sub-District, Saphan Sung District,
Bangkok Metropolis, comprising 14 units to go.
Golden Neo Khonkaen
– Bueng Kaennakhon
A residential development on freehold subdivided land of approximately
45,929 sqm situated on Tambon Mueang Phon, Amphoe Phon, Khon Kaen
Province, comprising 3 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
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
387
COMPLETED PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Neo Siriraj
– Ratchapruek
A residential development on 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, comprising 8 units to go.
Golden City
Chaengwattana
– Muang Thong
A residential development on freehold subdivided land of approximately
33,120 sqm situated on Tiwanon Road, within Ban Mai Sub-District, Pak
Kret District, Nonthaburi Province, comprising 45 units to go.
Golden City Sathorn
A residential development on freehold subdivided land of approximately
23,200 sqm situated on private road off Kanlapaphruek Road, within Bang
Wa Sub-District, Phasi Charoen District, Bangkok Metropolis, comprising
6 units to go.
Golden Town
Chaiyaphruek
– Wongwaen
A residential development on freehold subdivided land of approximately
59,360 sqm situated on Bang Kruai – Sai Noi Road, within Sai Noi Sub-
District, Sai Noi District, Nonthaburi Province, comprising 3 units to go.
Golden Town 3 Suksawat
– Phuttha Bucha
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 1 unit to go.
Golden Town Vibhavadi
– Chaengwattana
A residential development on freehold subdivided land of approximately
53,440 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 14 units to go.
Golden Town
Wongsawang
– Khae Rai
A residential development on freehold subdivided land of approximately
46,240 sqm situated on Nonthaburi 1 Road, within Suan Yai Sub-District,
Mueang District, Nonthaburi Province, comprising 2 units to go.
Golden Town Ramintra
– Wongwaen
A residential development on freehold subdivided land of approximately
73,120 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 39 units to go.
Ramintra
– Wongwaen
A residential development on freehold subdivided land of approximately
9,155 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.
Golden Town Srinakarin
– Sukhumvit
A residential development on freehold subdivided land of approximately
60,800 sqm situated on Soi Sap Phatthana off Phraekkasa Road, within
Phraekkasa Sub-District, Mueang District, Samut Prakan Province,
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
Particulars of Group PropertiesAs at 30 September 2021 388
COMPLETED PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Town
Phaholyothin
– Saphanmai
A residential development on freehold subdivided land of approximately
82,224 sqm situated on Soi Phahon Yothin 54/1 off Phahon Yothin
Road within Sai Mai Sub-District, Sai Mai District, Bangkok Metropolis,
comprising 16 units to go.
Golden Town Chiangrai
– Big C Airport
A residential development on freehold subdivided land of approximately
52,944 sqm situated on Phahon Yothin Road within Ban Du Sub-District,
Mueang District, Chiang Rai Province, comprising 41 units to go.
Golden Town Sukhumvit
– Bearing Station
A residential development on freehold subdivided land of approximately
39,040 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 1 unit to go.
Golden Town
Rattanathibet
– Westgate
Golden Town
Charoenmuang
– Superhighway
A residential development on freehold subdivided land of approximately
43,200 sqm situated on Chan Thong Iam Road within Bang Rak Phatthana
Sub-District, Bang Bua Thong District, Nonthaburi Province, comprising
22 units to go.
A residential development on freehold subdivided land of approximately
17,728 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 34 units to go.
Golden Town 3 Rama 2
A residential development on freehold subdivided land of approximately
56,672 sqm situated on Phan Tay Norasing – Jedsadwithi Road off Rama
2 Road, within Phan Tay Norasing Sub-District, Mueang District, Samut
Sakhon Province, comprising 32 units to go.
Golden Town 3 Bangna
– Suanluang
A residential development on freehold subdivided land of approximately
70,688 sqm situated on parallel road off Kanchanaphisek Road (Highway
No. 9 – Eastern Outer Ring Road) within Dokmai Sub-District, Prawet
District, Bangkok Metropolis, comprising 18 units to go.
Golden Town Sathorn
A residential development on freehold subdivided land of approximately
60,960 sqm situated on Kanlapaphruek Road, within Bang Wa Sub-District,
Phasi Charoen District, Bangkok Metropolis, comprising 75 units to go.
Golden Town
Phaholyothin
– Lumlukka
A residential development on freehold subdivided land of approximately
47,984 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
47 units to go.
Golden Town Rangsit
– Klong 3
A residential development on freehold subdivided land of approximately
69,136 sqm situated on Liap Khlong Sam Road, within Khlong Sam Sub-
District, Khlong Luang District, Pathum Thani Province, comprising 60
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 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
389
COMPLETED PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Town Petchkasem
– Phutthamonthon Sai 3
A residential development on freehold subdivided land of approximately
41,120 sqm situated on Phuttha Monthon Sai 3 Road within Nong Khang
Phlu Sub-District, Nong Khaem District, Bangkok Metropolis, comprising
2 units to go.
Golden Town Tiwanon
– Chaengwattana
A residential development on freehold subdivided land of approximately
50,448 sqm situated on Liap Khlong Prapa Road within Ban Mai Sub-
District, Mueang District, Pathum Thani Province, comprising 46 units to
go.
Golden Town Sriracha
– Assumption
A residential development on freehold subdivided land of approximately
85,600 sqm situated on Kao Kilo Road, within Surasak Sub-District,
Sriracha District, Chonburi Province, comprising 86 units to go.
Golden Town Ayutthaya
A residential development on freehold subdivided land of approximately
68,000 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 26 units to go.
Golden Town Pattaya Tai
– Sukhumvit
A residential development on freehold subdivided land of approximately
40,000 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
40 units to go.
Golden Neo
Chachoengsao
– Ban Pho
A residential development on freehold subdivided land of approximately
71,520 sqm situated on Watphanitaram – Watbangphra Road (Highway No.
3315) around km. station 0+650 off Siri Sothon Road (Highway No. 314)
within Bang Krod Sub-District, Ban Pho District, Chachoengsao Province,
comprising 43 units to go.
Golden Town 2
Ngamwongwan
– Prachachuen
A residential development on freehold subdivided land of approximately
22,560 sqm situated on Soi Ngamwongwan 6 Yaek 21 within Bang Khen
Sub-District, Mueang District, Nonthaburi Province, comprising 12 units
to go.
Golden Town Vibhavadi
– Rangsit
A residential development on freehold subdivided land of approximately
48,624 sqm situated on Khlong Nueng, Klong Luang District, Pathum Thani
Province, comprising 54 units to go.
Golden Town 2 Srinakarin
– Sukhumvit
A residential development on freehold subdivided land of approximately
74,229 sqm situated on Bang Mueang Sub-District, Mueang Samut Prakan
District, Samut Prakan Province, comprising 41 units to go.
Golden Town 2 Bangkae
A residential development on freehold subdivided land of approximately
53,024 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 46 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 2021 390
COMPLETED PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Town
Petchkasem 81
A residential development on freehold subdivided land of approximately
51,525 sqm situated on Soi Phet Kasem 81 (Soi Ma Charoen) Phet Kasem
Road, within Nong Khang Phlu Sub-District, Nong Khaem District, Bangkok
Metropolis, comprising 23 units to go.
Golden Town 2 Ramintra
– Wongwaen
A residential development on freehold subdivided land of approximately
40,000 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 27 units to go.
Golden Town Suksawat
– Rama 3
A residential development on freehold subdivided land of approximately
65,746 sqm situated on Rat Burana Sub-District, Rat Burana District,
Bangkok Metropolis, comprising 55 units to go.
Golden Town Sukhumvit
– Lasalle
A residential development on freehold subdivided land of approximately
42,883 sqm situated on Samrong Nua Sub-District, Muang Samut Prakarn
District, Samut Prakan Province, comprising 22 units to go.
Golden Town Ratchapruk
– Rama 5
A residential development on freehold subdivided land of approximately
35,260 sqm situated on Bang Bua Thong District, Nonthaburi Province,
comprising 5 units to go.
Golden Town Angsila
– Sukhumvit
A residential development on freehold subdivided land of approximately
74,474 sqm situated on Samet District, Muang Chonburi District, Chonburi
Province, comprising 2 units to go.
Golden Village Chiang Rai
– Big C Airport
A residential development on freehold subdivided land of approximately
29,600 sqm situated on Sanam Bin Road, within Ban Du Sub-District,
Mueang District, Chiang Rai Province, comprising 12 units to go.
Bangna
– Kingkaew
A residential development on freehold subdivided land of approximately
4,876 sqm situated on King Kaeo Road, within Racha Thewa Sub-District,
Bang Phli District, Samut Prakan Province.
The Grand Lux Bangna
– Suanluang
A residential development on freehold subdivided land of approximately
58,240 sqm situated on parallel road off Kanchanaphisek Road (Highway
No. 9 – Eastern Outer Ring Road) within Dokmai Sub-District, Prawet
District, Bangkok Metropolis, comprising 3 units to go.
Golden Town
Ngamwongwan
– Khae Rai
A residential development on freehold subdivided land of approximately
48,000 sqm situated on Soi Tiwanon 45, Tiwanon Road, within Tha Sai
Sub-District, Mueang District, Nonthaburi Province, comprising 52 units
to go.
Golden Town Chiang Mai
– Kad Ruamchok
A residential development on freehold subdivided land of approximately
59,600 sqm situated on Somphot Chiangmai 700 Pi Road (The Middle Ring
Road) within Fa Ham Sub-District, Mueang District, Chiang Mai Province,
comprising 28 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
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
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Business
Sustainability
Report
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Information
391
DEVELOPMENT PROPERTIES HELD FOR SALE
Singapore
Rivière
Parc Greenwich
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 49,535 sqm of
gross floor area for sale.
Estimated Date of
Completion
Effective
Interest
%
1st Quarter 2023
100.0
2nd Quarter 2024
80.0
Fairwater, New South
Wales
A residential development comprising 141 MD
housing lots to go.
4th Quarter 2023
100.0
Botanica, New South
Wales
A residential development comprising 22 apartment
and MD housing lots to go.
4th Quarter 2024
100.0
Midtown, New South
Wales
residential development comprising 2,373
A
apartment, MD housing, house and land lots to go.
2nd Quarter 2030
100.0
Ed Square, New South
Wales
A mixed development comprising 1,425 apartment,
MD housing and 2 retail lots to go.
1st Quarter 2029
100.0
The Waterfront, New
South Wales
A residential development comprising 839 MD
housing, house and land lots to go.
4th Quarter 2026
50.0
Telopea, New South Wales A
residential development comprising 3,997
3rd Quarter 2039
100.0
apartment, MD housing and terraces to go.
Hamilton Reach,
Queensland
A
residential development comprising
apartment, MD housing, house and land lots to go.
307
1st Quarter 2027
100.0
Brookhaven, Queensland A residential development comprising 1,010 land
4th Quarter 2026
100.0
lots to go.
Flourish, Queensland
A residential development comprising 926 land lots
to go.
2nd Quarter 2031
100.0
Keperra, Queensland
A residential development comprising 500 MD
housing and land lots to go.
4th Quarter 2026
100.0
Minnippi Quarter,
Queensland
A residential development comprising 119 MD
housing and land lots to go.
3rd Quarter 2022
100.0
Particulars of Group PropertiesAs at 30 September 2021 392
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Estimated Date of
Completion
Effective
Interest
%
Australia (cont'd)
Cockburn, Western
Australia
A residential development comprising 346 apartment
and land lots to go.
2nd Quarter 2034
100.0
Port Coogee, Western
Australia
residential development comprising
A
apartment, MD housing and land lots to go.
455
4th Quarter 2029
100.0
Baldivis Grove, Western
Australia
A residential development comprising 279 land lots
to go.
4th Quarter 2026
100.0
Frasers Landing, Western
Australia
A residential development comprising 388 land lots
to go.
4th Quarter 2029
100.0
Baldivis Parks, Western
Australia
A residential development comprising 690 MD
housing and land lots to go.
4th Quarter 2030
50.0
Burwood Brickworks,
Victoria
A residential development comprising 391 MD
housing, land and apartment and 2 retail lots to go.
4th Quarter 2023
100.0
Mambourin, Victoria
A residential development comprising 871 land lots
and 4 retail lots to go.
4th Quarter 2026
100.0
Berwick Waters, Victoria
A residential development comprising 903 land lots
to go.
1st Quarter 2027
45.0
Wallara Waters, Victoria
A residential development comprising 1,266 land
lots to go.
2nd Quarter 2033
50.0
Valley Park,
Westmeadows, Victoria
A residential development comprising 1 MD housing
to go.
1st Quarter 2022
100.0
Hardy's Road, Victoria
A residential development comprising 1,608 land
lots to go.
2nd Quarter 2031
100.0
Carlton, Victoria
A residential development comprising 115 apartment
to go.
4th Quarter 2024
65.0
Burwood Brickworks,
Victoria
Retail type of estate with an estimated total saleable
area of 12,853 sqm.
Eastern Creek Quarter,
New South Wales
Retail type of estate with an estimated total saleable
area of 10,025 sqm.
Ed Square, New South
Wales
Retail type of estate with an estimated total saleable
area of 24,670 sqm.
–
100.0
–
100.0
–
100.0
Macquarie Park, New
South Wales
Office type of estate with an estimated total saleable
area of 5,870 sqm.
1st Quarter 2029
50.0
Yatala Lot 44, Queensland Industrial type of estate with an estimated total
2nd Quarter 2022
100.0
saleable area of 39,669 sqm.
Particulars of Group PropertiesAs at 30 September 2021 Contents
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Business
Sustainability
Report
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Governance
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393
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Estimated Date of
Completion
Effective
Interest
%
Australia (cont'd)
Jacobs Well Road,
Stapylton, Queensland
Industrial type of estate with an estimated total
saleable area of 58,847 sqm.
1st Quarter 2025
100.0
Braeside, Victoria
Industrial type of estate with an estimated total
saleable area of 2,491 sqm.
1st Quarter 2022
100.0
Epping – Stage 2, Victoria Industrial type of estate with an estimated total
4th Quarter 2022
100.0
saleable area of 47,148 sqm.
Tarneit, Victoria
Industrial type of estate with an estimated total
saleable area of 180,806 sqm.
4th Quarter 2022
100.0
Dandenong South
– Stage N4, Victoria
Industrial type of estate with an estimated total
saleable area of 46,782 sqm.
4th Quarter 2022
100.0
Richlands, Queensland
Industrial type of estate with an estimated total
saleable area of 22,222 sqm.
4th Quarter 2022
100.0
China
Chengdu Logistics Hub
United Kingdom
The Rowe (formerly
Central House)
Vietnam
Q2 Thao Dien
Thailand
The Grand – Alpina
land
Leasehold
(lease expires year 2057) of
approximately 195,846 sqm situated at Chengdu
industrial/commercial development of
for an
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 have been completed except Phase
2A. Development for Phase 2A has yet to commence.
–
80.0
Freehold land of approximately 9,012 sqm situated
in Aldgate for a commercial development of with an
estimated saleable area of 15,000 sqm.
4th Quarter 2022
100.0
A mixed-use development on leasehold land of
approximately 7,956 sqm located in Thu Duc City,
Ho Chi Minh City, comprising 6 villas with gross floor
area of 260 to 324 sqm each and 12 townhouses
with gross floor area of 541 sqm to 628 sqm each.
1st Quarter 2022
70.0
Freehold subdivided land of approximately 143,680
sqm situated on Boromarajajonani Road, within Sala
Thammasop Sub-District, Thawi Watthana District,
Bangkok Metropolis for a proposed residential
total of
development of 32 residential units
approximately 20,260 sqm gross area for sale.
4th Quarter 2022
59.3
Particulars of Group PropertiesAs at 30 September 2021 394
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Town 6 Rama 2
The Grand Rama 2 P.5
The Grand Rama 2 P.8
The Grand Rama 2 P.14
The Grand Lux Bangna
– Suanluang
Two Grande
Monaco Bangna
– Wongwaen
Grandio 2 Rama 2
Grandio Bangkae
Freehold subdivided land of approximately 53,440
sqm situated on Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province for a
proposed residential development of 372 residential
units total of approximately 26,720 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.
Freehold subdivided land of approximately 58,240
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 42 residential units total of approximately 21,237
sqm gross area for sale.
Freehold subdivided land of approximately 70,160
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 18 residential units total of approximately 7,983
sqm gross area for sale.
Freehold subdivided land of approximately 86,720
sqm situated on Rama 2 Road, within Phan Tay
Norasing Sub-District, Mueang District, Samut
residential
Sakhon Province
development of 276 residential units total of
approximately 52,032 sqm gross area for sale.
for a proposed
Freehold subdivided land of approximately 113,600
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 105 residential units total of approximately 24,416
sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest
%
2nd Quarter 2028
59.3
3rd Quarter 2023
59.3
2nd Quarter 2027
59.3
4th Quarter 2027
59.3
1st Quarter 2023
59.3
1st Quarter 2022
59.3
3rd Quarter 2025
59.3
1st Quarter 2024
59.3
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
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Sustainability
Report
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Financial &
Additional
Information
395
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Grandio Petchkasem 81
Grandio Ramintra
– Wongwaen
Grandio Vibhavadi
– Rangsit
Grandio Rattanathibet
– Ratchapruek
Golden Neo 5 Rama 2
Golden Village Chiang Rai
– Big C Airport
Golden Village 2 Chiang
Rai – Big C Airport
Freehold subdivided land of approximately 51,520
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 35
residential units total of approximately 7,514 sqm
gross area for sale.
Freehold subdivided land of approximately 136,048
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 187 residential
units total of approximately 45,911 sqm gross area
for sale.
Freehold subdivided land of approximately 118,298
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 127 residential units total
of approximately 39,914 sqm gross area for sale.
Freehold subdivided land of approximately 49,253
sqm situated on Bang Kruai – Sai Noi Road within
Bang Rak Phatthana Sub-District, Bang Bua Thong
District, Nonthaburi Province
for a proposed
residential development of 146 residential units total
of approximately 37,699 sqm gross area for sale.
Freehold subdivided land of approximately 58,176
sqm situated on Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province for a
proposed residential development of 411 residential
units total of approximately 29,088 sqm gross area
for sale.
Freehold subdivided land of approximately 29,600
sqm situated on Sanam Bin Road, within Ban Du Sub-
District, Mueang District, Chiang Rai Province for a
proposed residential development of 35 residential
units total of approximately 5,730 sqm gross area for
sale.
Freehold subdivided land of approximately 29,584
sqm situated on Sanam Bin Road, within Ban Du Sub-
District, Mueang District, Chiang Rai Province for a
proposed residential development of 53 residential
units total of approximately 17,394 sqm gross area
for sale.
Estimated Date of
Completion
Effective
Interest
%
1st Quarter 2023
59.3
2nd Quarter 2025
59.3
1st Quarter 2024
59.3
3rd Quarter 2024
59.3
4th Quarter 2027
59.3
1st Quarter 2023
59.3
4th Quarter 2024
59.3
Particulars of Group PropertiesAs at 30 September 2021 396
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Neo
Ngamwongwan
– Prachachuen
Golden Neo 2 Bangkae
Golden Neo Rama 9
– Krungthepkreetha
Golden Neo Sukhumvit
– Lasalle
Golden Town 3 Bangkae
Golden Town Sukhumvit
– Lasalle
Golden Neo 2 Bangna
– Kingkaew
Freehold subdivided land of approximately 41,546
sqm situated on Soi Samakkee 63, within Bang Talat
Sub-District, Pak Kret District, Nonthaburi Province
for a proposed residential development of 80
residential units total of approximately 12,883 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 for a proposed residential development
of 76 residential units total of approximately 12,107
sqm gross area for sale.
Freehold subdivided land of approximately 49,568
sqm situated on Saphan Sung Sub-District, Saphan
Sung District, Bangkok Metropolis for a proposed
residential development of 113 residential units total
of approximately 17,611 sqm gross area for sale.
Freehold subdivided land of approximately 42,876
sqm situated on Samrong Nua Sub-District, Muang
Samut Prakarn District, Samut Prakan Province for a
proposed residential development of 108 residential
units total of approximately 17,803 sqm gross area
for sale.
Freehold subdivided land of approximately 18,645
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 55 residential units total of approximately 8,204
sqm gross area for sale.
Freehold subdivided land of approximately 42,883
sqm situated on Samrong Nua Sub-District, Muang
Samut Prakarn District, Samut Prakan Province for a
proposed residential development of 119 residential
units total of approximately 8,591 sqm gross area for
sale.
Freehold subdivided land of approximately 124,480
sqm situated on Kingkaeo Road, within Racha
Thewa Sub-District, Bang Phli District, Samut Prakan
Province for a proposed residential development of
239 residential units total of approximately 37,594
sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest
%
3rd Quarter 2024
59.3
4th Quarter 2022
59.3
3rd Quarter 2024
59.3
3rd Quarter 2024
59.3
2nd Quarter 2023
59.3
4th Quarter 2023
59.3
1st Quarter 2026
59.3
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
397
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Neo
Bangna Km.5
Golden Neo
Chaengwattana
– Muang Thong
Golden Neo Korat
– Terminal
Golden Neo Siriraj
– Ratchapruek
Grandio Sathorn
Golden Neo 2 Ramintra
– Wongwaen
Grandio Suksawat
– Rama 3
Freehold subdivided land of approximately 79,524
sqm situated on Buanakarin Road, within Bang
Kaeo Sub-District, Bang Phli District, Samut Prakan
Province for a proposed residential development of
274 residential units total of approximately 45,329
sqm gross area for sale.
Freehold subdivided land of approximately 50,720
sqm situated on Tiwanon Road, within Ban Mai Sub-
District, Pak Kret District, Nonthaburi Province for a
proposed residential development of 54 residential
units total of approximately 8,254 sqm gross area for
sale.
Freehold subdivided land of approximately 98,256
sqm situated on Si Phet Road within Nong Krathum
Muen Wai Sub-District, Mueang District, Nakhon
Ratchasima Province for a proposed residential
development of 185 residential units total of
approximately 14,383 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 223 residential units total of approximately 36,372
sqm gross area for sale.
Freehold subdivided land of approximately 87,840
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 179
residential units total of approximately 45,377 sqm
gross area for sale.
Freehold subdivided land of approximately 48,512
sqm situated on Saphan Sung Sub-District, Saphan
Sung District, Bangkok Metropolis for a proposed
residential development of 101 residential units total
of approximately 15,197 sqm gross area for sale.
Freehold subdivided land 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 85 residential
units total of approximately 21,244 sqm gross area
for sale.
Estimated Date of
Completion
Effective
Interest
%
3rd Quarter 2024
59.3
2nd Quarter 2023
59.3
2nd Quarter 2023
59.3
4th Quarter 2023
59.3
1st Quarter 2024
59.3
2nd Quarter 2024
59.3
4th Quarter 2025
59.3
Particulars of Group PropertiesAs at 30 September 2021 398
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Prestige
– Prestige Rama 2
Golden Neo Bangna
– Suanluang
Golden Neo
Charansanitwong
– Rama 5
Golden Town 2 Future
– Rangsit
Golden Town 3 Future
– Rangsit
Grandio Future
– Rangsit
Golden Town 4 Future
– Rangsit
Freehold subdivided land of approximately 57,136
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
162 residential units total of approximately 28,568
sqm gross area for sale.
Freehold subdivided land of approximately 43,264
sqm situated on Dokmai Sub-District, Phra Khanong
District, Bangkok Metropolis
for a proposed
residential development of 68 residential units total
of approximately 10,352 sqm gross area for sale.
Freehold subdivided land of approximately 54,521
sqm situated on Bang Bua Thong District, Nonthaburi
Province for a proposed residential development of
150 residential units total of approximately 30,290
sqm gross area for sale.
Freehold subdivided land of approximately 59,472
sqm situated on Khlong Nueng Sub-District, Khlong
Luang District, Pathum Thani Province for a proposed
residential development of 442 residential units total
of approximately 31,536 sqm gross area for sale.
Freehold subdivided land of approximately 42,400
sqm situated on Khlong Nueng Sub-District, Khlong
Luang District, Pathum Thani Province for a proposed
residential development of 315 residential units total
of approximately 22,472 sqm gross area for sale.
Freehold subdivided land of approximately 68,672
sqm situated on Khlong Nueng Sub-District, Khlong
Luang District, Pathum Thani Province for a proposed
residential development of 183 residential units total
of approximately 39,143 sqm gross area for sale.
Freehold subdivided land of approximately 34,464
sqm situated on Khlong Nueng Sub-District, Khlong
Luang District, Pathum Thani Province for a proposed
residential development of 256 residential units total
of approximately 18,266 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest
%
1st Quarter 2025
59.3
3rd Quarter 2023
59.3
4th Quarter 2025
59.3
1st Quarter 2026
59.3
4th Quarter 2026
59.3
2nd Quarter 2027
59.3
3rd Quarter 2028
59.3
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
399
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Town 2 Sathorn
Golden Town 3 Sathorn
Golden Neo Khonkaen
– Bueng Kaennakhon
Golden City 2 Ladphrao
– Kasetnawamin
Golden City
Chaengwattana
– Muang Thong
Golden City Sathorn
Golden Neo 2 Sathorn
Freehold subdivided land of approximately 27,120
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 182
residential units total of approximately 13,560 sqm
gross area for sale.
Freehold subdivided land of approximately 7,024
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 108
residential units total of approximately 3,512 sqm
gross area for sale.
Freehold subdivided land of approximately 45,929
sqm situated on Tambon Mueang Phon, Amphoe
for a proposed
Phon, Khon Kaen Province
residential development of 194 residential units total
of approximately 16,237 sqm gross area for sale.
Freehold subdivided land of approximately 69,600
sqm situated on private road off Soi Nawamin 42
(Soi Suwan Prasit) Nawamin Road within Khlong
Kum Sub-District, Bueng Kum District, Bangkok
Metropolis for a proposed residential development
of 435 residential units total of approximately 34,800
sqm gross area for sale.
Freehold subdivided land of approximately 33,120
sqm situated on Tiwanon Road, within Ban Mai Sub-
District, Pak Kret District, Nonthaburi Province for a
proposed residential development of 22 residential
units total of approximately 1,978 sqm gross area for
sale.
Freehold subdivided land of approximately 23,200
sqm situated on private road off Kanlapaphruek
Road, within Bang Wa Sub-District, Phasi Charoen
District, Bangkok Metropolis
for a proposed
residential development of 51 residential units total
of approximately 4,376 sqm gross area for sale.
Freehold subdivided land of approximately 80,000
sqm situated on private road off Kanlapaphruek
Road, within Bang Wa Sub-District, Phasi Charoen
District, Bangkok Metropolis
for a proposed
residential development of 237 residential units total
of approximately 37,600 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest
%
4th Quarter 2023
59.3
2nd Quarter 2024
59.3
4th Quarter 2023
59.3
4th Quarter 2026
59.3
2nd Quarter 2022
59.3
3rd Quarter 2022
59.3
1st Quarter 2025
59.3
Particulars of Group PropertiesAs at 30 September 2021 400
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Town Ramintra
– Wongwaen
Golden Town Bangna
Km.5
Golden Town
Phaholyothin
– Saphanmai
Golden Town Chiangrai
– Big C Airport
Golden Town
Petchkasem 81
Golden Town 2 Ramintra
– Wongwaen
Freehold subdivided land of approximately 73,120
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 109 residential units total of approximately 8,833
sqm gross area for sale.
Freehold subdivided land of approximately 63,196
sqm situated on Buanakarin Road, within Bang
Kaeo Sub-District, Bang Phli District, Samut Prakan
Province for a proposed residential development of
484 residential units total of approximately 34,349
sqm gross area for sale.
Freehold subdivided land of approximately 82,224
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 249 residential units total
of approximately 18,343 sqm gross area for sale.
Freehold subdivided land of approximately 52,944
sqm situated on Phahon Yothin Road within Ban Du
Sub-District, Mueang District, Chiang Rai Province
for a proposed residential development of 178
residential units total of approximately 12,279 sqm
gross area for sale.
Freehold subdivided land of approximately 51,525
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 196
residential units total of approximately 14,388 sqm
gross area for sale.
Freehold subdivided land of approximately 40,000
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 219 residential
units total of approximately 15,642 sqm gross area
for sale.
Estimated Date of
Completion
Effective
Interest
%
2nd Quarter 2023
59.3
2nd Quarter 2026
59.3
4th Quarter 2023
59.3
2nd Quarter 2024
59.3
4th Quarter 2023
59.3
4th Quarter 2024
59.3
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
401
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Town
Rattanathibet
– Westgate
Golden Town 3 Rama 2
Golden Town
Charoenmuang
– Superhighway
Golden Neo Rattanathibet
– Ratchapruek
Golden Town 2 Chiang Rai
– Big C Airport
Golden Town Suksawat
– Rama 3
Golden Town Sathorn
Freehold subdivided land of approximately 43,200
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 148 residential units total
of approximately 10,400 sqm gross area for sale.
Freehold subdivided land of approximately 56,672
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
221 residential units total of approximately 15,247
sqm gross area for sale.
Freehold subdivided land of approximately 17,728
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 28 residential
units total of approximately 2,272 sqm gross area for
sale.
Freehold subdivided land of approximately 59,903
sqm situated on Bang Bua Thong District, Nonthaburi
Province for a proposed residential development of
146 residential units total of approximately 31,528
sqm gross area for sale.
Freehold subdivided land of approximately 38,474
sqm situated on Sanam Bin Road, within Ban Du
Sub-District, Mueang District, Chiang Rai Province
for a proposed residential development of 307
residential units total of approximately 22,632 sqm
gross area for sale.
Freehold subdivided land of approximately 65,746
sqm situated on Rat Burana Sub-District, Rat
Burana District, Bangkok Metropolis for a proposed
residential development of 356 residential units total
of approximately 25,826 sqm gross area for sale.
Freehold subdivided land of approximately 60,960
sqm situated on Kanlapaphruek Road, within Bang
Wa Sub-District, Phasi Charoen District, Bangkok
Metropolis for a proposed residential development
of 33 residential units total of approximately 2,351
sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest
%
3rd Quarter 2023
59.3
1st Quarter 2024
59.3
1st Quarter 2023
59.3
1st Quarter 2024
59.3
2nd Quarter 2027
59.3
1st Quarter 2025
59.3
4th Quarter 2022
59.3
Particulars of Group PropertiesAs at 30 September 2021 402
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Town 2 Bangkae
Golden Town
Ngamwongwan
– Khae Rai
Freehold subdivided land of approximately 53,024
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 100 residential units total of approximately 7,152
sqm gross area for sale.
Freehold subdivided land of approximately 48,000
sqm situated on Soi Tiwanon 45, Tiwanon Road, within
Tha Sai Sub-District, Mueang District, Nonthaburi
Province for a proposed residential development
of 131 residential units total of approximately 9,550
sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest
%
4th Quarter 2022
59.3
1st Quarter 2023
59.3
Golden Prestige
– Grandio 2 Vibhavadi
– Rangsit
Freehold subdivided land of approximately 44,488
sqm situated on Khlong Nueng, Klong Luang District,
Pathum Thani Province for a proposed residential
development of 112 residential units total of
approximately 26,222 sqm gross area for sale.
2nd Quarter 2023
59.3
Golden Town 4 Rama 2
Golden Town
Rattanathibet –
Ratchapruek
Golden Town Chiang Mai
– Kad Ruamchok
Golden Town Siriraj
– Ratchapruek
Freehold subdivided land of approximately 47,025
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
360 residential units total of approximately 25,185
sqm gross area for sale.
Freehold subdivided land of approximately 55,687
sqm situated on Bang Bua Thong District, Nonthaburi
Province for a proposed residential development of
328 residential units total of approximately 42,744
sqm gross area for sale.
Freehold subdivided land of approximately 59,600
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 244 residential units total
of approximately 17,135 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.
1st Quarter 2026
59.3
4th Quarter 2024
59.3
2nd Quarter 2024
59.3
1st Quarter 2023
59.3
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
403
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Town Petchkasem
– Liap Khlong Thawi
Watthana
Golden Town Future
– Rangsit
Golden Town Rangsit
– Klong 3
Golden Town Tiwanon
– Chaengwattana
Golden Town 2 Rangsit
– Klong 3
Golden Town Sriracha
– Assumption
Golden Town Ayutthaya
Freehold subdivided land of approximately 45,520
sqm situated on Lak Song, Bang Khae Nuea Sub-
District, Bang Khae District, Bangkok Metropolis
for a proposed residential development of 338
residential units total of approximately 23,771 sqm
gross area for sale.
Freehold subdivided land of approximately 37,488
sqm situated on Khlong Nueng Sub-District, Khlong
Luang District, Pathum Thani Province for a proposed
residential development of 265 residential units total
of approximately 18,901 sqm gross area for sale.
Freehold subdivided land of approximately 69,136
sqm situated on Liap Khlong Sam Road, within
Khlong Sam Sub-District, Khlong Luang District,
Pathum Thani Province for a proposed residential
development of 350 residential units total of
approximately 24,685 sqm gross area for sale.
Freehold subdivided land of approximately 50,448
sqm situated on Liap Khlong Prapa Road within Ban
Mai Sub-District, Mueang District, Pathum Thani
Province for a proposed residential development of
167 residential units total of approximately 11,728
sqm gross area for sale.
Freehold subdivided land of approximately 71,840
sqm situated on Liap Khlong Sam Road, within
Khlong Sam Sub-District, Khlong Luang District,
Pathum Thani Province for a proposed residential
development of 487 residential units total of
approximately 34,505 sqm gross area for sale.
Freehold subdivided land of approximately 85,600
sqm situated on Kao Kilo Road, within Surasak Sub-
District, Sriracha District, Chonburi Province for a
proposed residential development of 37 residential
units total of approximately 2,506 sqm gross area for
sale.
Freehold subdivided land of approximately 68,000
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 128 residential
units total of approximately 8,917 sqm gross area for
sale.
Estimated Date of
Completion
Effective
Interest
%
3rd Quarter 2024
59.3
1st Quarter 2024
59.3
1st Quarter 2026
59.3
1st Quarter 2024
59.3
2nd Quarter 2029
59.3
4th Quarter 2022
59.3
3rd Quarter 2023
59.3
Particulars of Group PropertiesAs at 30 September 2021 404
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Neo
Chachoengsao
– Ban Pho
Golden Neo Suksawat
– Rama 3
Golden Neo 4 Rama 2
Grandio Chaengwattana
– Muang Thong
Golden Neo 2
Chaengwattana
– Muang Thong
Golden Town Vibhavadi
– Rangsit
Golden Town 2
Rattanathibet –
Ratchapruek
Freehold subdivided land of approximately 71,520
sqm situated on Watphanitaram – Watbangphra
Road (Highway No. 3315) around km. station 0+650
off Siri Sothon Road (Highway No. 314) within Bang
Krod Sub-District, Ban Pho District, Chachoengsao
Province for a proposed residential development of
238 residential units total of approximately 19,936
sqm gross area for sale.
Freehold subdivided land of approximately 63,458
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 181 residential units total
of approximately 27,958 sqm gross area for sale.
Freehold subdivided land of approximately 59,360
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 29,680
sqm gross area for sale.
Freehold subdivided land of approximately 64,408
sqm situated on Tiwanon Road, within Ban Mai Sub-
District, Pak Kret District, Nonthaburi Province for a
proposed residential development of 132 residential
units total of approximately 38,645 sqm gross area
for sale.
Freehold subdivided land of approximately 11,103
sqm situated on Tiwanon Road, within Ban Mai Sub-
District, Pak Kret District, Nonthaburi Province for a
proposed residential development of 40 residential
units total of approximately 6,107 sqm gross area for
sale.
Freehold subdivided land of approximately 48,624
sqm situated on Khlong Nueng, Klong Luang District,
Pathum Thani Province for a proposed residential
development of 248 residential units total of
approximately 17,717 sqm gross area for sale.
Freehold subdivided land of approximately 70,930
sqm situated on Bang Bua Thong District, Nonthaburi
Province for a proposed residential development of
372 residential units total of approximately 58,429
sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest
%
3rd Quarter 2026
59.3
1st Quarter 2025
59.3
4th Quarter 2027
59.3
3rd Quarter 2024
59.3
4th Quarter 2023
59.3
1st Quarter 2024
59.3
2nd Quarter 2029
59.3
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
405
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Town Rama 9
– Krungthepkreetha
Golden Town 2 Srinakarin
– Sukhumvit
Golden Town Ratchapruk
– Rama 5
The Grand Vibhavadi 60
Golden Town Angsila
– Sukhumvit
Golden Biz Future
– Rangsit
Freehold subdivided land of approximately 49,568
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 Sub-District, Mueang
Samut Prakan District, Samut Prakan Province for a
proposed residential development of 286 residential
units total of approximately 21,048 sqm gross area
for sale.
Freehold subdivided land of approximately 35,260
sqm situated on Bang Bua Thong District, Nonthaburi
Province for a proposed residential development of
165 residential units total of approximately 13,555
sqm gross area for sale.
Freehold subdivided land of approximately 24,000
sqm situated on Soi Vibhavadi 60 off Vibhavadi
Road, within Talat Bang Khen Sub-District, Don
Mueang District, Bangkok Metropolis for a proposed
residential development of 38 residential units total
of approximately 12,000 sqm gross area for sale.
Freehold subdivided land of approximately 65,178
sqm situated on Samet District, Muang Chonburi
District, Chonburi Province
for a proposed
residential development of 441 residential units total
of approximately 33,080 sqm gross area for sale.
Freehold subdivided land of approximately 16,768
sqm situated on Khlong Nueng Sub-District, Klong
Luang District, Pathum Thani Province for a proposed
residential development of 113 residential units total
of approximately 9,147 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest
%
4th Quarter 2024
59.3
2nd Quarter 2024
59.3
2nd Quarter 2024
59.3
1st Quarter 2024
59.3
4th Quarter 2025
59.3
3rd Quarter 2025
59.3
Golden Condo Chiangrai
Freehold subdivided land of approximately 7,200
sqm situated on Phahon Yothin Road within Ban Du
Sub-District, Mueang District, Chiang Rai Province.
2nd Quarter 2029
59.3
Golden Condo
Sathorn
Freehold subdivided land of approximately 4,780
sqm situated on Kanlapaphruek Road, within Bang
Wa Sub-District, Phasi Charoen District, Bangkok
Metropolis for a proposed residential development
of 427 residential units total of approximately 2,629
sqm gross area for sale.
2nd Quarter 2029
59.3
Particulars of Group PropertiesAs at 30 September 2021 406
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT'D)
Thailand (cont'd)
Golden Town
Extra Sathorn
The Grand
– Alpina Rama 2
Golden Neo 3 Rama 2
Golden Neo Angsila
– Sukhumvit
Golden Neo
– Prestige Future
– Rangsit
Golden Town
Phaholyothin
– Lumlukka
Golden Town
Chaengwattana
– Muang Thong
Freehold subdivided land of approximately 18,162
sqm situated on Kanlapaphruek Road, within Bang
Wa Sub-District, Phasi Charoen District, Bangkok
Metropolis for a proposed residential development
of 82 residential units total of approximately 9,444
sqm gross area for sale.
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 94 residential
units total of approximately 52,070 sqm gross area
for sale.
Freehold subdivided land of approximately 59,360
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
135 residential units total of approximately 21,071
sqm gross area for sale.
Freehold subdivided land of approximately 56,240
sqm situated on Samet District, Muang Chonburi
District, Chonburi Province
for a proposed
residential development of 181 residential units total
of approximately 30,241 sqm gross area for sale.
Freehold subdivided land of approximately 110,944
sqm situated on Khlong Nueng Sub-District, Khlong
Luang District, Pathum Thani Province for a proposed
residential development of 354 residential units total
of approximately 63,582 sqm gross area for sale.
Freehold subdivided land of approximately 47,984
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 192 residential units total
of approximately 13,595 sqm gross area for sale.
Freehold subdivided land of approximately 30,614
sqm situated on Tiwanon Road, within Ban Mai
Sub-District, Pak Kret District, Nonthaburi Province
for a proposed residential development of 182
residential units total of approximately 14,714 sqm
gross area for sale.
Estimated Date of
Completion
Effective
Interest
%
2nd Quarter 2024
59.3
1st Quarter 2026
59.3
1st Quarter 2025
59.3
3rd Quarter 2024
59.3
3rd Quarter 2029
59.3
1st Quarter 2024
59.3
4th Quarter 2023
59.3
Ngamwongwan
– Prachachuen
Freehold subdivided land of approximately 5,311
sqm situated on Soi Samakkee 63, within Bang Talat
Sub-District, Pak Kret District, Nonthaburi Province.
3rd Quarter 2026
59.3
Particulars of Group PropertiesAs at 30 September 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
407
Interested
Person Transactions
Particulars of interested person transactions (“IPTs”) for the period from 1 October 2020 to 30 September 2021 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
97
–
–
97
13,371
200
117
13,688
Name of interested person
Nature of relationship
TCC Group of Companies(1)
Associate of the
– Purchase of products and
obtaining of services
Company’s Controlling
Shareholder
– Lease of retail/ office/
hotel space/ motor
vehicles
Frasers Hospitality Trust
– Provision of services
Note:
Associate of the
Company’s director
and Group Chief
Executive Officer
(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.
408
DISTRIBUTION OF SHAREHOLDERS BY SIZE OF SHAREHOLDINGS
Size of Holdings
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
587
5,136
3,217
31
9,051
0.88
6.49
56.75
35.54
0.34
100.00
2,551
377,683
26,526,550
172,687,855
3,716,491,033
3,916,085,672
%
0.00
0.01
0.68
4.40
94.91
100.00
TWENTY LARGEST SHAREHOLDERS
(AS SHOWN IN THE REGISTER OF MEMBERS AND DEPOSITORY REGISTER)
No.
Shareholder's Name
No. of Shares Held
%*
INTERBEV INVESTMENT LIMITED
DBS NOMINEES PTE LTD
UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED
RAFFLES NOMINEES (PTE) LIMITED
CITIBANK NOMINEES SINGAPORE PTE LTD
DBS VICKERS SECURITIES (SINGAPORE) PTE LTD
UOB KAY HIAN PTE LTD
HSBC (SINGAPORE) NOMINEES PTE LTD
PHILLIP SECURITIES PTE LTD
1
2
3
4
5
6
7
8
9
10 LIM EE SENG
11 OCBC SECURITIES PRIVATE LTD
12 WONG GHAN OR WONG SHI HAO
13
IFAST FINANCIAL PTE LTD
14 OCBC NOMINEES SINGAPORE PTE LTD
15 DBSN SERVICES PTE LTD
16 HENG SIEW ENG
17 THE TITULAR ROMAN CATHOLIC ARCHBISHOP OF KUALA LUMPUR
18 MAYBANK KIM ENG SECURITIES PTE LTD
19 CHOE PENG SUM
20 CHOO MEILEEN
TOTAL
1,130,041,272
1,031,844,039
993,851,115
375,773,755
93,803,947
22,581,290
11,765,257
8,147,205
4,613,517
4,573,329
3,985,556
3,972,604
2,593,350
2,432,409
2,378,871
2,189,700
2,013,440
1,977,311
1,879,209
1,812,130
3,702,229,306
Note
* Percentage is based on 3,916,085,672 shares as at 29 November 2021. There are no Treasury Shares as at 29 November 2021.
28.86
26.35
25.38
9.60
2.40
0.58
0.30
0.21
0.12
0.12
0.10
0.10
0.07
0.06
0.06
0.06
0.05
0.05
0.05
0.05
94.54
Shareholding StatisticsAs at 29 November 2021 Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
409
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
%*
2,281,139,368
1,130,041,272
58.25
28.86
1,130,041,272
1,130,041,272
1,130,041,272
1,130,041,272
1,130,041,272
1,130,041,272
1,130,041,272
3,411,180,640
3,411,180,640
28.86
28.86
28.86
28.86
28.86
28.86
28.86
87.11
87.11
To the best of the Company’s knowledge and based on records of the Company as at 29 November 2021, approximately
11%* 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:
* Percentage is based on 3,916,085,672 shares as at 29 November 2021. There are no Treasury Shares as at 29 November 2021.
(1)
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.
(2) 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.
(3) 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 29 November 2021
410
FRASERS PROPERTY LIMITED
(Incorporated in Singapore)
(Company Registration No. 196300440G)
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the 58th Annual General Meeting of FRASERS PROPERTY LIMITED (the “Company”)
will be convened and held by way of electronic means on Friday, 21 January 2022 at 10.00 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 2021 and the auditors’ report thereon.
To approve a final tax-exempt (one-tier) dividend of 2.0 cents per share in respect of the year ended
30 September 2021.
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 Chan Heng Wing, 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 Chan, who is considered an independent Director, will be re-appointed
as a member of the Nominating Committee, a member of the Remuneration Committee and a member
of the Risk Management and Sustainability Committee.
(b)
“That Mr Philip Eng Heng Nee, 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 Eng, who is considered an independent Director, will be re-appointed
as the Chairman of the Remuneration Committee, a member of the Board Executive Committee and a
member of the Audit Committee.
(c)
“That Mr Chotiphat Bijananda, 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 Bijananda will be re-appointed as the Chairman of the Risk
Management and Sustainability Committee, the Vice Chairman of the Board Executive Committee and
a member of the Nominating Committee.
(d)
“That Mr Panote 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 Sirivadhanabhakdi will be re-appointed as a member of the Board
Executive Committee and a member of the Risk Management and Sustainability Committee.
(4)
To approve Directors’ fees of up to S$2,500,000 payable by the Company for the year ending 30 September 2022
(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.
Notice ofAnnual General Meeting
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Organisational
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Financial &
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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)
(3)
(4)
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;
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
(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,
Notice ofAnnual General Meeting 412
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 2021 (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,
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;
Notice ofAnnual General Meeting Contents
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(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 2021
NOTES:
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. 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.
2.
Alternative arrangements relating to:
(a)
(b)
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, or “live” at, the Annual General
Meeting, and addressing of substantial and relevant questions in advance of, or “live” at, the Annual
General Meeting; and
(c)
voting by appointing the Chairman of the Meeting as proxy at the Annual General Meeting,
Notice ofAnnual General Meeting
414
3.
4.
5.
6.
7.
are set out in the accompanying Company’s announcement dated 23 December 2021. 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.
As a precautionary measure 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. A member may also appoint the Chairman of the Meeting as proxy
via the online process through the pre-registration website which is accessible from the URL https://www.
frasersproperty.com.
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 11 January 2022.
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 with the Company’s Share Registrar, 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:
(i)
(ii)
via email to the Company’s Share Registrar at sg.is.FPLproxy@sgtricorglobal.com; or
via the online process through the pre-registration website which is accessible from the URL
https://www.frasersproperty.com,
in each 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. A member may also
appoint the Chairman of the Meeting as proxy via the online process through the pre-registration website
which is accessible from the URL https://www.frasersproperty.com.
Due to the current COVID-19 situation in Singapore, members are strongly encouraged to submit
completed proxy forms electronically via email or appoint the Chairman of the Meeting as proxy via
the online process through the pre-registration website which is accessible from the URL https://www.
frasersproperty.com.
Notice ofAnnual General Meeting
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Sustainability
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Financial &
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8.
The 2021 Annual Report and the Letter to Shareholders dated 23 December 2021 (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 2021 Annual Report may be accessed at the URL https://investor.frasersproperty.com/newsroom/
FPL_Annual_Report_2021.pdf; and
the Letter to Shareholders dated 23 December 2021 may be accessed at the URL https://investor.
frasersproperty.com/newsroom/FPL-Letter-to-Shareholders-2021.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 and the proxy form sent by post
to members.
EXPLANATORY NOTES:
(a)
(b)
(c)
(d)
(e)
Detailed information on the Directors who are proposed to be re-appointed can be found under “Board of
Directors”, “Corporate Governance” (see, in particular, the section on "Directors' Independence" on the plans for
Board refreshment and renewal as regards those Directors who will reach nine years of service by 25 October
2022) and “Additional Information on Directors Seeking Re-appointment” in the Company’s 2021 Annual Report.
The Ordinary Resolution proposed in item (4) above is to approve the payment of an aggregate sum of
up to S$2,500,000 as Directors’ fees for the non-executive Directors for the current financial year ending
30 September 2022 (last year: up to S$2,000,000). The increase of S$500,000 over the sum approved for last year is
to accommodate, amongst others, any fee increases due to the appointment of new Directors and/or additional
unscheduled Board or Board Committee meetings, as well as the inclusion of a basic fee for serving as Chairman
or member of the Information Technology & Cybersecurity Committee upon its conversion to a formalised
Board Committee which is expected to take place in the current financial year. Apart from the inclusion of the
basic fees for the Information Technology & Cybersecurity Committee, there are no other anticipated changes
to the Directors’ fee structure for the current financial year. Detailed information on the remuneration of the
non-executive Directors can be found in the section on “Disclosure of Remuneration of Directors and Top Key
Management Personnel” under "Corporate Governance" in the Company’s 2021 Annual Report.
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 2021 (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 2021 (the
“Letter”). Please refer to the Letter for more details.
Notice ofAnnual General Meeting 416
(f)
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.
Purely for illustrative purposes only, the financial effects of an assumed purchase or acquisition of (i) 39,160,856
ordinary shares on the Latest Practicable Date, representing 1% of the issued ordinary shares as at that date,
and (ii) 78,321,713 ordinary shares on the Latest Practicable Date, representing 2% of the issued ordinary shares
as at that date, at the maximum price of S$1.21 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 2021 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.
Notice ofAnnual General Meeting
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Sustainability
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Corporate
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Financial &
Additional
Information
417
The following additional information on Mr Chan Heng Wing, Mr Philip Eng Heng Nee, Mr Chotiphat Bijananda and Mr Panote Sirivadhanabhakdi, all of
whom are seeking re-appointment as Directors at the 58th Annual General Meeting, is to be read in conjunction with their respective biographies on
pages 20 to 26 of this annual report.
Mr Panote
Sirivadhanabhakdi
Executive and
Non-Independent Director
After reviewing the
recommendation
of the Nominating
Committee and Mr Panote
Sirivadhanabhakdi’s
qualifications and
experience (as set
out below and in his
biography on page 22),
the Board has approved
Mr Sirivadhanabhakdi’s
re-election as a Director of
the Board.
The Board is satisfied that
Mr Sirivadhanabhakdi will
continue to contribute
relevant knowledge, skills
and experience to the
Board.
Mr Sirivadhanabhakdi will,
upon re-election, continue
to serve as a member of the
Board Executive Committee
and a member of the
Risk Management and
Sustainability Committee.
–
–
1 October 2016 to
Present
Group Chief Executive
Officer, Frasers
Property Limited
July 2007 to
September 2016
Chief Executive
Officer, Univentures
Public Company
Limited
The Board’s comments
on this re-appointment
(including rationale,
selection criteria, and the
search and nomination
process)
Mr Chan Heng Wing
Non-Executive and
Independent Director
Mr Philip Eng Heng Nee
Non-Executive and
Independent Director
Mr Chotiphat Bijananda
Non-Executive and
Non-Independent Director
After reviewing the
recommendation of the
Nominating Committee
and Mr Chan Heng
Wing’s qualifications and
experience (as set out
below and in his biography
on page 23), the Board
has approved Mr Chan’s
re-election as a Director of
the Board.
After reviewing the
recommendation of the
Nominating Committee
and Mr Philip Eng Heng
Nee’s qualifications and
experience (as set out
below and in his biography
on page 24), the Board
has approved Mr Eng’s
re-election as a Director of
the Board.
After reviewing the
recommendation of the
Nominating Committee
and Mr Chotiphat
Bijananda’s qualifications
and experience (as set out
below and in his biography
on page 26), the Board has
approved Mr Bijananda’s
re-election as a Director of
the Board.
The Board is satisfied that
Mr Chan will continue
to contribute relevant
knowledge, skills and
experience to the Board.
The Board is satisfied
that Mr Eng will continue
to contribute relevant
knowledge, skills and
experience to the Board.
The Board is satisfied that
Mr Bijananda will continue
to contribute relevant
knowledge, skills and
experience to the Board.
Mr Chan will, upon
re-election, continue to
serve as a member of the
Nominating Committee,
a member of the
Remuneration Committee
and a member of the
Risk Management and
Sustainability Committee.
Mr Eng will, upon
re-election, continue to
serve as the Chairman
of the Remuneration
Committee, a member
of the Board Executive
Committee and a member
of the Audit Committee.
Not Applicable
Not Applicable
Working experience and
occupation(s) during the
past 10 years
Mr Bijananda will, upon
re-election, continue to
serve as the Chairman of
the Risk Management and
Sustainability Committee,
the Vice Chairman of
the Board Executive
Committee and a member
of the Nominating
Committee.
–
–
–
–
–
2021 to Present
Chief Executive
Officer, Thai Group
Holdings Public
Company Limited
2019 to Present
Chairman of Executive
Board, Thai Group
Holdings Public
Company Limited
2007 to 1 December
2021
Chairman of Executive
Board, Southeast
Capital Co., Ltd.
2007 to 1 December
2021
Chairman of Executive
Board, Southeast
Insurance Public
Company Limited
2007 to 1 December
2021
Chairman of Executive
Board, Southeast
Life Insurance Public
Company Limited
Additional Information on Directors Seeking Re-Appointment 418
Mr Chan Heng Wing
Non-Executive and
Independent Director
Mr Philip Eng Heng Nee
Non-Executive and
Independent Director
Mr Chotiphat Bijananda
Non-Executive and
Non-Independent Director
Shareholding interest in
FPL and its subsidiaries
Nil
Nil
TCC Group Investments
Limited (“TCCGI”) has
a direct interest in
70,000,000 shares in the
Company (“Shares”).
Ms Atinant Bijananda
holds 20% of the issued
share capital of TCCGI,
and is therefore deemed
to be interested in the
70,000,000 Shares in
which TCCGI has a
direct interest. As Ms
Atinant Bijananda is the
spouse of Mr Chotiphat
Bijananda, Mr Chotiphat
Bijananda is also deemed
to be interested in the
70,000,000 Shares in
which TCCGI has a direct
interest.
Conflict of interest
(including any competing
business)
Nil
Nil
Nil
Mr Panote
Sirivadhanabhakdi
Executive and
Non-Independent Director
TCCGI has a direct interest
in 70,000,000 Shares. Mr
Panote Sirivadhanabhakdi
holds 20% of the issued
share capital of TCCGI, and
is therefore deemed to be
interested in the 70,000,000
Shares in which TCCGI has
a direct interest.
Mr Panote
Sirivadhanabhakdi is
currently a non-executive
director of Univentures
Public Company Limited,
which is listed on the Stock
Exchange of Thailand and is
involved in real estate and
property development in
Thailand.
Undertaking (in the format
set out in Appendix 7.7)
under Rule 720(1) has
been submitted to FPL
Yes
Yes
Yes
Yes
Other Principal Commitments (as defined in the Code of Corporate Governance 2018) including Directorships
Present Directorship(s) (as
at 2 December 2021)
Listed Companies
– Fraser and Neave,
Limited
Listed REITs/Trusts
– EC World Asset
Management Pte.
Ltd., manager of EC
World REIT
Others
– One Bangkok
Listed Companies
– PT Adira Dinamika
Multi Finance Tbk
(Commissioner)
Listed REITs/Trusts
– Hektar Asset
Management Sdn
Bhd, manager of
Hektar Real Estate
Investment Trust
Holdings Company
Limited
Others
– ALPS Pte. Ltd.
– Precious Quay Pte.
Ltd.
– Precious Treasure
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.
Listed Companies
– Fraser and Neave,
Limited
– Frasers Property
(Thailand) Public
Company Limited
Listed Companies
– Frasers Property
(Thailand) Public
Company Limited
– Thai Beverage Public
Company Limited
– Sermsuk Public
– Univentures Public
Company Limited
– Thai Group Holdings
Public Company
Limited
– Siam Food Product
Public Company
Limited
Others
– Asiatic House Co., Ltd.
– Charm Corp Circle
Co., Ltd.
– Concept Land 5 Co.,
Ltd.
– Dhamma Land
Property Company
Limited
– DL Engineering
Solutions Company
Limited
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
Additional Information on Directors Seeking Re-Appointment Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
419
Mr Panote
Sirivadhanabhakdi
Executive and
Non-Independent Director
Others
– Golden Land
Property
Development Public
Company Limited
(Chairman)
– BeerThip Brewery
(1991) Co., Ltd.
– Blairmhor Distillers
Limited
– Blairmhor Limited
– Frasers Property
–
–
Australia Pty Limited
lnterBev (Singapore)
Limited
International
Beverage Holdings
(China) Limited
International
Beverage Holdings
Limited
International
Beverage Holdings
(UK) Limited
– Sura Bangyikhan
–
–
Group of Companies
Mr Chan Heng Wing
Non-Executive and
Independent Director
Mr Philip Eng Heng Nee
Non-Executive and
Independent Director
Mr Chotiphat Bijananda
Non-Executive and
Non-Independent Director
Others (cont'd)
– Frasers Property
Australia Pty Limited
– OHCHO Company
Limited
– Pattana Bovornkij 4
Company Limited
– Permsub Siri 3
Company Limited
– Permsub Siri 5
Company Limited
– Pholmankhong
Business Co., Ltd.
– S Sofin Co., Ltd.
– Pro Garage Company
Limited (Formerly
known as Sinn
Bualang Leasing Co.,
Ltd.)
– Southeast Academic
Center Company
Limited
– Southeast Advisory
Company Limited
– Southeast Capital
Co., Ltd. (Chairman of
Executive Board)
– Southeast Insurance
Public Company
Limited (Chairman of
Executive Board)
– Southeast Joint
Venture Co., Ltd.
– Southeast Life
Insurance Public
Company Limited
(Chairman of
Executive Board)
– Southeast Money
Company Limited
– Southeast Money
Retail Company
Limited
– 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.
Present Principal
Commitments (other than
Directorships) (as at
2 December 2021)
– Ministry of Foreign
Affairs: Non-resident
Ambassador to
Austria
– Milken Institute
Asia Center (Senior
Advisor)
– Singapore China
Cultural Centre
(Executive Board
Member)
– Ministry of Foreign
Affairs: Singapore’s
Non-Resident High
Commissioner to
Canada
– Corporate
Governance Advisory
Committee, Monetary
Authority of
Singapore (Member)
Nil
– Singapore
Management
University (Director/
Board of Trustees)
– National Gallery
Singapore (Board
Member)
Additional Information on Directors Seeking Re-Appointment 420
Past Directorship(s) (for
the last five (5) years) (from
2 December 2016 to
2 December 2021)
Past Principal
Commitments (for the last
five (5) years) (from
2 December 2016 to
2 December 2021)
Mr Chan Heng Wing
Non-Executive and
Independent Director
Mr Philip Eng Heng Nee
Non-Executive and
Independent Director
Mr Chotiphat Bijananda
Non-Executive and
Non-Independent Director
Mr Panote
Sirivadhanabhakdi
Executive and
Non-Independent Director
– Banyan Tree
– The Hour Glass
– Big C Services Co.,
– Berli Jucker Public
Holdings Limited
Limited
Ltd
Company Limited
– Ezra Holdings
Limited
– Frasers Centrepoint
Asset Management
Ltd., manager of
Frasers Centrepoint
Trust
– Golden Land
Property
Development Public
Company Limited
– Sinn Bualang Capital
Co., Ltd
– Singapore Non-
Nil
Nil
Resident High
Commissioner to the
People’s Republic of
Bangladesh
– Univentures Public
Company Limited
(Chief Executive
Officer)
– Real Estate
Developers’
Association of
Singapore (REDAS)
(Management
Committee)
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
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?
(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?
Additional Information on Directors Seeking Re-Appointment Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
421
Mr Chan Heng Wing
Non-Executive and
Independent Director
Mr Philip Eng Heng Nee
Non-Executive and
Independent Director
Mr Chotiphat Bijananda
Non-Executive and
Non-Independent Director
Mr Panote
Sirivadhanabhakdi
Executive and
Non-Independent Director
(c) Whether there is any
unsatisfied judgment
against him?
No
(d) Whether he has ever
No
No
No
No
No
No
No
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?
(e) Whether he has ever
No
No
No
No
No
No
No
No
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 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?
Additional Information on Directors Seeking Re-Appointment 422
Mr Chan Heng Wing
Non-Executive and
Independent Director
Mr Philip Eng Heng Nee
Non-Executive and
Independent Director
Mr Chotiphat Bijananda
Non-Executive and
Non-Independent Director
Mr Panote
Sirivadhanabhakdi
Executive and
Non-Independent Director
(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?
(h) Whether he has ever
No
No
No
No
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?
Additional Information on Directors Seeking Re-Appointment Contents
Overview
Organisational
Business
Sustainability
Report
Corporate
Governance
Financial &
Additional
Information
423
Mr Chan Heng Wing
Non-Executive and
Independent Director
Mr Philip Eng Heng Nee
Non-Executive and
Independent Director
Mr Chotiphat Bijananda
Non-Executive and
Non-Independent Director
Mr Panote
Sirivadhanabhakdi
Executive and
Non-Independent Director
No
No
No
No
(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
(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
(iii) any business trust
which has been
investigated for
a breach of any
law or regulatory
requirement
governing
business trusts
in Singapore or
elsewhere; or
No
No
No
No
(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?
Additional Information on Directors Seeking Re-Appointment
424
Mr Chan Heng Wing
Non-Executive and
Independent Director
Mr Philip Eng Heng Nee
Non-Executive and
Independent Director
Mr Chotiphat Bijananda
Non-Executive and
Non-Independent Director
Mr Panote
Sirivadhanabhakdi
Executive and
Non-Independent Director
(k) Whether he has
No
No
No
No
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?
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 2021 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:
(a) 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);
(b) submission of questions to the Chairman of the Meeting in advance of, or “live” at, the Annual General Meeting, and addressing of substantial and
relevant questions in advance of, or “live” at, the Annual General Meeting; and
(c) 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 2021. 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.
3. As a precautionary measure 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 11 January 2022.
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 2021.
PROXY FORM
ANNUAL GENERAL MEETING
(Name)
(NRIC/Passport/Co Reg Number)
I/We
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 10.00 a.m. (Singapore time) on Friday, 21 January 2022 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.
For*
Against* Abstain*
NO.
1.
2.
3.
4.
5.
6.
7.
8.
9.
RESOLUTIONS RELATING TO:
ROUTINE BUSINESS
To receive and adopt the Directors’ statement and audited financial statements for the
year ended 30 September 2021 and the auditors’ report thereon.
To approve a final tax-exempt (one-tier) dividend of 2.0 cents per share in respect of the
year ended 30 September 2021.
(a) To re-appoint Director: Mr Chan Heng Wing
(b) To re-appoint Director: Mr Philip Eng Heng Nee
(c) To re-appoint Director: Mr Chotiphat Bijananda
(d) To re-appoint Director: Mr Panote Sirivadhanabhakdi
To approve Directors’ fees of up to S$2,500,000 payable by the Company for the year
ending 30 September 2022 (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.
* Voting will be conducted by poll. If you wish the Chairman of the Meeting as your proxy to vote all your shares “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
2021/2022+.
+ Delete whichever is inapplicable.
Total Number of Shares Held (Note 1)
Signature/Common Seal of Member(s)
IMPORTANT: PLEASE READ NOTES OVERLEAF
.
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NOTES TO PROXY FORM:
Glue all sides firmly. Do not staple or spot seal.
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 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.
2. As a precautionary measure 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. 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. A member may also appoint
the Chairman of the Meeting as proxy via the online process through the pre-registration website which is accessible from the URL https://www.frasersproperty.
com. 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.
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
submit their votes by 5.00 p.m. on 11 January 2022.
4. The Chairman of the Meeting, as proxy, need not be a member of the Company.
5. 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 with the Company’s Share Registrar, 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:
(i) via email to the Company’s Share Registrar at sg.is.FPLproxy@sgtricorglobal.com; or
fold and seal here
(ii) via the online process through the pre-registration website which is accessible from the URL https://www.frasersproperty.com,
NOTES TO PROXY FORM:
in each case, not less than 72 hours before the time appointed for holding the Annual General Meeting.
1.
2.
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.
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. A member may also appoint the Chairman of the Meeting
as proxy via the online process through the pre-registration website which is accessible from the URL https://www.frasersproperty.com.
(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
specified in the form of proxy.
Due to the current COVID-19 situation in Singapore, members are strongly encouraged to submit completed proxy forms electronically via email or
appoint the Chairman of the Meeting as proxy via the online process through the pre-registration website which is accessible from the URL
https://www.frasersproperty.com.
(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.
6. The instrument appointing the Chairman of the Meeting as proxy must, if submitted by post or electronically via email, be signed under the hand of the
appointor or of his/her attorney duly authorised in writing or, if submitted electronically via the online process through the pre-registration website which is
accessible from the URL https://www.frasersproperty.com, be authorised by the appointor via the online process through the website. Where the instrument
appointing the Chairman of the Meeting as proxy is executed by a corporation, it must, if submitted by post or electronically via email, be executed either under
its common seal or under the hand of its attorney or a duly authorised officer or, if submitted electronically via the online process through the pre-registration
website which is accessible from the URL https://www.frasersproperty.com, be authorised via the online process through the website.
“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.
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.
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.
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.
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/her/its 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.
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.
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.
1st Fold here
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.
Postage will
be paid by
addressee.
For posting in
Singapore only.
Postage will
be paid by
addressee.
For posting
in Singapore
only.
fold here
fold here
BUSINESS REPLY SERVICE
BUSINESS REPLY SERVICE
BUSINESS REPLY SERVICE PERMIT
PERMIT NO. 09560
PERMIT NO. 09560
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
80 Robinson Road #11-02
#11-02
Singapore 068898
Singapore 068898
BUSINESS REPLY SERVICE
PERMIT NO. 09560
SINGAPORE
2nd Fold here
Glue all sides firmly. Do not staple or spot seal.
ProxyXForm_v3.indd 424
17/12/19 3:41 PM
Fact Sheet
As at 30 September 2021
OVERVIEW
Frasers Property Limited (“Frasers Property” and together with its subsidiaries, the “Frasers Property
Group” or the “Group”), is a multinational 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$40.3 billion as at 30 September 2021.
Frasers Property’s multinational businesses operate across five asset classes, namely, residential,
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 and 20 countries
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 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.
The Group is committed to inspiring experiences and creating places for good for its stakeholders.
By acting progressively, producing and consuming responsibly, and focusing on its people, Frasers
Property aspires to raise sustainability ideals across its value chain, and build a more resilient
business. It is committed to be a net-zero carbon corporation by 2050. Building on its heritage as
well as leveraging its knowledge and capabilities, the Group aims to create lasting shared value
for its people, the businesses and communities it serves. Frasers Property believes in the diversity
of its people and is invested in promoting a progressive, collaborative and respectful culture.
FRASERS PROPERTY AT A GLANCE
• One of the region’s leading diversified property groups,
listed on the SGX-ST (TQ5)
• Active in five real estate asset classes in more than
20 countries
• S$3,763.8 million revenue in FY21
• S$1,424.7 million PBIT1 in FY21
• S$833.1 million attributable profit
~ 5,600
residential units settled
in FY21
S$10.0 billion
commercial & business
parks assets under
management2
S$12.7 billion
industrial & logistics
assets under
management2
S$10.3 billion
retail assets under
management2
S$4.9 billion
hospitality assets under
management2
~19,5003 hospitality units
5 REITs /
Stapled Trust
FCT, FLCT, FHT, FTREIT,
and GVREIT
GROUP STRUCTURE AND BUSINESSES
Frasers Property Limited
Singapore
Australia
Industrial
Residential
Over 22,000 homes built
Retail & Commercial
Has interests in 13 retail
malls4 and seven office
and business space
properties5 in Singapore
REIT
Holds a 41.1% stake in
FCT, which owns nine
properties6 in Singapore,
and a 31.2% stake in
Hektar REIT
Fee Income
Asset management,
development
management and
property management
fees
Development
~14,000 residential
development units in the
pipeline7,8
S$1.3 billion
unrecognised residential
revenue9 across 28 active
projects
Investment – Non-REIT
S$1.9 billion10 investment
portfolio, with a weighted
average lease expiry of
4.6 years and occupancy
at 79.5%
Development, Asset
and Investment
Management
154 properties across
Singapore, Australia,
Austria, Germany, the UK
and the Netherlands
REIT
Holds a 21.3% stake
in FLCT, which owns
103 quality logistics &
industrial and commercial
assets strategically
located in major
developed countries
Fee Income
Asset management,
development
management and
property management
fees
Fee Income
Asset management and
property management
fees
Hospitality
Management Business
Owns and/or operates
more than 19,5003
serviced apartments /
hotel rooms across 70
cities and 21 countries
Thailand & Vietnam
Thailand
Stakes in FPT, FTREIT,
GVREIT and One
Bangkok, Thailand’s
largest integrated
development
REIT
Holds a 25.8% stake
in FHT, which owns 15
quality hotel and serviced
residence assets in prime
locations across Asia,
Australia, and Europe
Fee Income
Asset management and
property management
fees
Vietnam
Stakes in Melinh Point,
Q2 Thao Dien and Binh
Duong Industrial Park
project
Fee Income
Asset management,
development
management and
property management
fees
Others
China
Four projects under
development and land
bank of 2,160 units11
UK
S$2.1 billion12 of business
park assets under
management
Property assets13 breakdown by geographical segment as at 30 Sep 21
Property assets13 breakdown by asset class as at 30 Sep 21
China,
S$0.5b, 1%
Thailand,
S$4.3b, 13%
Europe,
S$7.4b, 22%
Others14,
S$0.8b, 2%
Singapore,
S$12.3b, 36%
Commercial &
business parks,
S$7.3b, 21%
Hospitality,
S$4.6b, 14%
Total
property assets13:
S$34.0 billion
Total
property assets13:
S$34.0 billion
Industrial & logistics,
S$10.5b, 31%
Australia,
S$8.7b, 26%
Retail,
S$7.5b, 22%
Residential,
S$4.1b, 12%
Profit before interest, fair value change, taxation and exceptional items
1
2 Comprises property assets in which the Group has an interest, including assets held
Includes the Group's effective interest of JO, JV and PDAs
9
10 Comprises commercial and retail assets in Australia in which the Group has an
by its REITs, joint ventures (“JVs”) and associates
Including both owned and managed properties; and units pending opening
3
4 Comprises retail assets in Singapore in which the Group has an interest, including
assets held by FCT and excluding Eastpoint Mall
11
interest, including assets held by FLCT
Includes 1,880 units at Zhongshan Community, Songjiang, Shanghai, which was
acquired in November 2021
12 Comprises seven business parks in the UK in which the Group has an interest,
5 Comprises commercial assets in Singapore in which the Group has an interest,
including assets held by FLCT
6
7
including assets held by FCT and FLCT
Retail portfolio refers to FCT’s portfolio of suburban malls including Waterway Point,
excluding the office property Central Plaza
Includes 100% of joint arrangements – joint operation (“JO”) and JV – and project
development agreements (“PDAs”)
8 Comprises unsold units and land bank; Includes The Grove, which is conditional
and exchanged contracts under deferred payment terms
13 Property assets comprise investment properties, property, plant and equipment,
investments in JVs and associates, shareholder loans to JVs and associates,
properties held for sale and assets held for sale
Including Vietnam, Malaysia, Japan and Indonesia
14
GROWTH STRATEGIES
Achieve sustainable growth and deliver long-term shareholder value
Balanced portfolio
Grow asset portfolio in a balanced manner across asset classes and geographies
•
•
•
•
88% of the Group’s property assets13 are in recurring asset classes
84% of the Group’s property assets13 are in key markets of Singapore, Australia and Europe
68% of the Group’s PBIT1,15 in FY21 was recurring income
83% of the Group’s PBIT1,15 in FY21 was generated from key markets of Singapore, Australia and Europe
Sustainable earnings growth
Optimised capital productivity
• Achieve sustainable earnings growth through significant development
• Capital recycling via the Group’s REITs, capital partnerships, and sales
pipeline, investment properties and fee income
to third parties
• Pre-sold revenue16 of S$1.8 billion across Singapore, Australia, China
and Thailand provides earnings visibility over the next two to three
financial years
Unrecognised revenue16 from key markets
S$billion
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
3.4
0.3
2.2
3.1
0.5
1.9
0.7
0.9
2.2
0.3
1.5
0.4
FY16
FY17
FY18
1.6
0.4
1.0
1.4
0.1
0.1
1.1
1.8
0.1
0.2
1.3
0.2
FY19
0.1
FY20
0.2
FY21
Singapore
Australia
China
Thailand
Asset
Value
S$million
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Capital recycling initiatives
2,152
452
1,700
1,096
93
70
933
240
240
808
655
153
447
223
22420
3,010
101
550
124
301
2,735
567
983
114
638
433
1,93421
921
539
152
230
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FCT17
FLCT17
FHT17
FTREIT17
Capital partnerships18
Sales to third parties19
FINANCIAL HIGHLIGHTS
Selected Financials (S$ million)
Revenue
PBIT1
Attributable profit before fair value change
and exceptional items
Fair value (“FV”) change (net)
Exceptional items (“EI”)
Attributable profit (“AP”)
Key Ratios
PBIT1 by Business Segments (S$ million)
FY21
3,763.8
1,424.7
399.5
392.6
41.0
833.1
FY20
3,597.0
1,245.6
229.2
96.7
(137.8)
188.1
Singapore
Australia
Industrial
Hospitality
Thailand & Vietnam
Others25
Corporate and others
TOTAL
Dividends
Net asset value per share22
As at 30 Sep 21 As at 30 Sep 20
S$2.58
S$2.44
Interim dividend (Singapore cents)
FY21
FY20
22.6 cents
4X
3.8 cents
3X
First and final dividend (Singapore cents)
Total dividend (Singapore cents)
Dividend yield
Payout ratio (based on Attributable Profit)28
Payout ratio (based on Core Earnings)29
FY21
270.7
60.8
829.5
4.4
196.7
117.0
FY20
312.7
38.3
351.1
19.6
265.4
319.5
(54.4)
(61.0)
1,424.7
1,245.6
FY21
Temporarily
suspended
FY20
Temporarily
suspended
2.0
2.0
1.7%26
~ 10%
~ 20%
1.5
1.5
1.3%27
~ 39%
~ 19%
Earnings per share (“EPS”) after
FV change and EI23
Net interest cover24
CAPITAL MANAGEMENT
Net debt / Total equity30
Net debt / Property assets13
Fixed rate debt31
Average weighted debt maturity
Average cost of debt on portfolio basis
As at 30 Sep 21
73.7%
39.7%
75.4%
2.4 years
2.3% p.a.
As at 30 Sep 20
105.0%
47.8%
61.8%
2.6 years
2.3% p.a.
Change
(31.3 pp)
(8.1 pp)
13.6 pp
(0.2 years)
-
15 Excluding the Group’s share of FV change and EI of JVs and associates
Includes the Group's effective interest of JO, JVs, PDAs and associates
16
Includes total value of assets; call-option properties based on date of signed
17
agreement
Includes proportionate value of assets divested
Includes divestment of investment properties, assets held for sale and property,
plant and equipment. Excludes divestment of properties held for sale and
divestment of assets or properties by REITs
20 Previously held by Frasers Commercial Trust
21 The sale of 63.1% stake in ARF to FCT was approved in September 2020 and
18
19
completed in October 2020
22 Presented based on number of ordinary shares on issue as at the end of the year
23 Calculated by dividing attributable profit (after distributions to perpetual securities
holders) over weighted average number of ordinary shares on issue. The comparative
EPS has been adjusted for the bonus element arising from the Rights Issue
24 Net interest excludes mark to market adjustments on interest rate derivatives and
capitalised interest
25 Consists of China and the UK
26 Based on FPL closing share price of S$1.17 on 11 November 2021
27 Based on FPL closing share price of S$1.14 on 10 November 2020
28 After distributions to perpetual securities holders
29 Before distributions to perpetual securities holders
30
31
Includes non-controlling interests and perpetual securities
Includes debt that is hedged
NOTE: Unless otherwise stated, all figures in this document are as at 30 September 2021, the end of Frasers Property Limited’s latest reported financial year.
Corporate
Information
BOARD OF DIRECTORS
Mr Charoen Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Khunying Wanna Sirivadhanabhakdi
Non-Executive and
Non-Independent Vice Chairman
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
RISK MANAGEMENT AND
SUSTAINABILITY COMMITTEE
Mr Chotiphat Bijananda
(Chairman)
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
Mr Weerawong Chittmittrapap
Mr Panote Sirivadhanabhakdi
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
Mr Anthony Boyd
Chief Executive Officer
Frasers Property Australia
Mr Reini Otter
Chief Executive Officer
Frasers Property Industrial
Mr Low Chee Wah
Chief Executive Officer
Frasers Property Retail
(A unit of Frasers Property Singapore)
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 Leong Kok Keong
(Engagement Partner since financial year
ended 30 September 2021)
16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
Tel: (65) 6213 3388
Fax: (65) 6225 0984
PRINCIPAL BANKERS
Australia and New Zealand Banking
Group Limited
Bangkok Bank Public Company Limited
Bank of China Limited
DBS Bank Ltd
Industrial and Commercial Bank of China
Malayan Banking Berhad
Mizuho Bank, Limited
Oversea-Chinese Banking Corporation
Limited
Sumitomo Mitsui Banking Corporation
United Overseas Bank Limited
1 Management boards of Frasers Property Industrial and Frasers Property United Kingdom
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