LEADING
WITH
PURPOSE
Annual Report 2022
CO N T E N TS
G LO S S A R Y
OV E RV I E W
10
12
13
14
16
17
18
19
Key Highlights
Corporate Profile
Group Portfolio Approach
Our Businesses
Our Multinational Presence
Group Structure
FY22 Key Milestones
Financial Highlights
O RGA N I S AT I O N A L
20
28
34
36
42
44
46
49
Board of Directors
Group Management
Chairman’s Statement
In Conversation with the Group CEO
Investor Relations
Treasury Highlights
Enterprise-Wide Risk Management
Awards and Accolades
B U S I N ES S
52
Business Review
• Singapore
• Australia
• Industrial
• Hospitality
• Thailand & Vietnam
• Others
SUS TA I NABILIT Y H IG HLIGH TS
102 FY22 Sustainability Highlights
CO R P O R AT E G OV E R N A N CE
106 Corporate Governance Report
F I N A N CI A L &
A D D I T I O N A L I N FO R M AT I O N
145 Financial Statements
281 Particulars of Group Properties
338
Interested Person Transactions
339 Use of Proceeds
341 Shareholding Statistics
343 Additional Information on Directors
Seeking Re-Appointment
FPL Fact Sheet
Corporate Information
APPENDIX A
Board of Directors
Additional Information on Directors Seeking
Re-Appointment
APPENDIX B
Notice of Annual General Meeting
Proxy Form
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
DDC
DPU
EMTN
ERM
ESG
FY
GDP
GDV
GFA
GLA
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
: Distributed district cooling
: Distribution per unit
: Euro medium-term notes
: Enterprise-wide risk management
: Environmental, Social and Governance
: Financial year
: Gross domestic product
: Gross development value
: Gross floor area
: Gross lettable area
: 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
LEADING
WITH
PURPOSE
At Frasers Property, people are at the centre of everything we do. We help
connect and strengthen businesses and communities. We consider our
impact on people and the planet. Our Purpose – Inspiring experiences,
creating places for good. – requires us to maintain a long-term view to
business, creating lasting shared value for our stakeholders. We want to
collaborate with like-minded partners, taking a science-based approach
for outcomes that are equitable, people-focused and climate-positive.
By being purpose-led, we challenge ourselves to constantly innovate
and evolve as we strive to help build a more sustainable, inclusive and
healthy world for all. As we aspire to be a leading multinational real estate
company of choice, we believe we will build further on the progress made
thus far in ensuring a more resilient, future-ready business.
The PARQ
Bangkok, Thailand
2
Farnborough Business Park,
Hampshire, United Kingdom
FRASERS PROPERTY LIMITED 3
I N S P I R I N G
E X P E R I E N CES
We strive to create places for good that consider harmony,
connectedness, inclusiveness, quality of life and health within
their design. When done right, we get places where people and
communities truly want to be – and deliver experiences that inspire.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 4
Samyan Mitrtown (FPT Office),
Bangkok, Thailand
FRASERS PROPERTY LIMITED 5
ENABLING THE
FUTURE OF WORK
Leveraging our multi-asset class capabilities and portfolio, we see
the opportunity to reimagine real-estate-as-a-service beyond just
the provision of physical space. Apart from co-working offerings
in our commercial buildings and retail malls, we are offering value-
creating space solutions, including core and flex commercial
spaces to accommodate and support evolving workspace needs.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 6
E L E VAT I N G
C U S TO M E R - CE N T R I CI T Y
W I T H I N N O VAT I O N
Embracing data-driven insights, we heighten customer experiences
through customer-focused innovation, including solutions that
improve accessibility, connectivity and services for our tenants,
customers and the communities we serve.
FRASERS PROPERTY LIMITED 7
Northpoint City,
Singapore
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 8
CO M M I T T I N G TO A
N E T - Z E RO FU T U R E
TO G E T H E R
We are making progressive steps in executing our plans towards
realising our 2050 net-zero carbon commitment, including engaging
our stakeholders across the value chain. Each business is taking a
science-based approach to set its carbon reduction target.
FRASERS PROPERTY LIMITED 9
Braeside Industrial Estate,
Victoria, Australia
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 10
K E Y H I G H L I G H TS
GREEN FINANCING FOR A
GREENER FUTURE
We remain on track to our 2024 goal of having a
majority of our relevant portfolio backed by green
and sustainability-related financing, with a total of
over $9 billion secured to date. This includes
securing our first green loan for a commercial
development project in the UK – The Rowe, a
fourth green sustainable financing for our Australia
portfolio, and the successful launch of Singapore’s
first corporate green retail notes.
LAUNCHING PREMIUM ESTATES
WITH FUTURE-READY INFRASTRUCTURE
Frasers Property Industrial launched its innovative,
industry-first Premium Estates for all new industrial
and logistics developments. The market-leading
initiative will ensure healthy, sustainable and
high-performing work environments are created
across its Australian portfolio.
Our Premium Estates extend to the creation of green
open spaces, outdoor fitness areas and amenities for
employees and the wider community to enjoy.
WORLD-CLASS DESIGN FOR USABILITY
AND ACCESSIBILITY
Our developments earned top international
accolades for excellence in customer-centric design
and functionality, as well as for their positive impact
on the community and environment. Northpoint City
and North Park Residences earned top honours
at the prestigious Fédération Internationale des
Administrateurs de Bien-Conselis Immobiliers
(FIABCI) Awards for their usability and accessibility-
enabled design, which integrates public facilities
such as a public library, a town plaza and a
community club – the first community club to be
located in a mall in Singapore.
FRASERS PROPERTY LIMITED
11
EMPLOYER OF CHOICE
ACROSS MARKETS
With people at the heart of our operations, we made
progress as an Employer of Choice, embraced
diversity, equity and inclusion and invested in doing
good all around. Our businesses were recognised
by Equileap for gender equality, Workplace Gender
Equality Agency (Australia), HR Asia Best Companies
to Work for in Asia 2022 (Vietnam), Straits Times
Employer Ranking (Singapore), and as a ‘Champion
of Good’ by Singapore’s National Volunteer &
Philanthropy Centre.
PROGRESSING WITH GLOBAL
AND REGIONAL EXCELLENCE IN
SUSTAINABILITY
Our net-zero carbon journey remains affirmed
by the recognition from esteemed institutions
such as GRESB, a global ESG benchmark. Four
business units retained their GRESB Real Estate
Assessment 5-Star rating this year, with Frasers
Property Industrial retaining its title as Global
Sector Leader for Diversified Office/Industrial.
FUTURE OF WORK: ADVANCING
REAL ESTATE AS A SERVICE
Macro trends have precipitated calls for flexible
use of spaces in real estate and for agility in the
rapid conversion of spaces to meet evolving
workplace demands.
We continue to explore and advance real estate
as a service across developments such as at the
Worc@Q2 in Vietnam, providing flexible spaces
for work and recreation.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
1212
FRASERS PROPERTY LIMITED
CO R P O R AT E P RO F I L E
Frasers Property Limited (“Frasers Property” and
together with its subsidiaries, the “Frasers Property
Group” or the “Group”), is a multinational investor-
developer-manager 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 $40.2 billion as
at 30 September 2022.
Frasers Property’s multinational businesses operate
across five asset classes, namely, 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 more than 70 cities across Asia,
Australia, Europe, the Middle East and Africa.
Frasers Property is also the sponsor of two real estate
investment trusts (REITs) and one stapled trust listed
on the SGX-ST. Frasers Centrepoint Trust 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
Samyan Mitrtown, Bangkok, Thailand
Leasehold Real Estate Investment Trust, 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.
Total Assets ($’m)
PBIT ($’m)
.
1
2
6
5
2
3
,
.
9
2
3
6
7
3
,
.
1
8
4
7
8
3
,
.
9
6
5
2
0
4
,
.
1
5
6
1
0
4
,
.
2
3
3
3
1
,
.
6
2
9
2
1
,
.
6
5
4
2
1
,
.
7
4
2
4
1
,
.
2
9
4
2
1
,
20181
2019
2020
2021
2022
20181
2019
2020
2021
2022
FRASERS PROPERTY LIMITED 13
ACHIEVE
SUSTAINABLE
GROWTH
AND DELIVER
LONG-TERM
SHAREHOLDER
VALUE
G RO U P P O RT FO L I O A P P ROACH
SUSTAINABLE GROWTH
Resilient earnings growth by
managing the portfolio and
mitigating risk to earnings from
external disruptions e.g. climate
change, digitalisation.
TARGETING A RESILIENT
AND GROWING PORTFOLIO
Portfolio allocation that builds
on the strength of the Group’s
platforms.
OPTIMISE CAPITAL
PRODUCTIVITY
Capital partnerships, active asset
management initiatives and
through the REITs platform.
Attributable Profit ($’m)
.
6
9
4
7
.
3
0
6
5
.
1
8
8
1
.
1
3
3
8
.
3
8
2
9
20181
2019
2020
2021
2022
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)).
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 14
O U R B U S I N ES S ES
The CentrePoint, Singapore
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 2022, it has
$8.4 billion1 retail assets under
management, comprising 12 retail
malls, and $4.2 billion2 commercial
assets under management,
comprising six commercial
properties. These include assets
held under Frasers Centrepoint Trust
and Frasers Logistics & Commercial
Trust. Its retail-focused business
unit, Frasers Property Retail,
oversees all retail development,
asset management and property
management activities in Singapore,
as one of the country’s largest
retail mall owners and operators. 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 about $6.2 billion3.
Its portfolio comprises nine retail
malls – with about 210,700 sqm of
net lettable area and over 1,400
leases – and an office building
located in populous suburban
residential regions, and at key
transportation nodes in Singapore.
Frasers Centrepoint Trust is a
constituent of the FTSE EPRA Nareit
Global Real Estate Index Series,
FTSE ST Real Estate Investment
Trusts Index, MSCI Singapore
Small Cap Index and the SGX
iEdge S-REIT Index. The REIT is
managed by Frasers Centrepoint
Asset Management, a wholly owned
subsidiary of Frasers Property.
AUSTRALIA
Frasers Property Australia is one
of Australia’s largest diversified
property companies with nearly
100 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. It also designs,
builds, and manages energy
infrastructure to provide renewable
energy for select properties and
communities it creates, through
its in-house licensed energy
retailer, Real Utilities. Committed
to carbon reduction and a cleaner
future, Frasers Property Australia
has delivered over 7.2 million
sqm of Green Star-rated space
and is certified by the Australian
government’s Climate Active
initiative. As at 30 September 2022,
Frasers Property Australia has a
residential pipeline of approximately
13,200 units and investment
properties under management
totalling $1.9 billion, including assets
held under Frasers Logistics &
Commercial Trust.
Artist‘s Impression of Brunswick & Co.,
Queensland, Australia
INDUSTRIAL
Frasers Property Industrial has
capabilities in development, asset
and investment management of
industry-leading industrial and
logistics properties in strategic
locations across Australia, Germany
and the Netherlands. Its multinational
team offers full-service solutions
that create world-class facilities
with a progressive approach to
sustainability, ensuring assets are
future-proof, innovative and cost-
effective. This is brought to life
through places that not only improve
business efficiencies but also focus
on people and their well-being, using
architectural and design concepts
that allow for open spaces, natural
light and premium amenities. Frasers
Property Industrial’s business has
continued to deliver premium
industrial and logistics space, and
has strengthened its development
pipeline with 15 committed projects
with a GDV of approximately $1.3
billion. As at 30 September 2022, it
has assets under management of
$11.2 billion and a 2.7 million sqm
land bank.
Frasers Logistics &
Commercial Trust
Frasers Logistics & Commercial
Trust is an SGX-ST listed REIT with
a portfolio comprising 105 industrial
and commercial properties worth
approximately $6.7 billion4 and
diversified across the five major
developed markets of Australia,
Germany, Singapore, the UK and
1 Comprises retail assets in Singapore in which the Group has an interest, including assets held by Frasers Centrepoint Trust and excluding Eastpoint Mall.
2 Comprises commercial assets in Singapore in which the Group has an interest, including assets held by Frasers Centrepoint Trust and Frasers
Logistics & Commercial Trust.
3 Total assets of FCT’s investment portfolio (including Central Plaza) as at 30 September 2022, including its 40% stake in Waterway Point's total assets.
Includes a 50% effective interest in Central Park, Perth, Australia. Book value as at 30 September 2022, excluding the property at 2-46 Douglas
4
Street, Port Melbourne, Australia, which was divested on 24 October 2022, the three properties under development in the UK and right-of-use assets.
15
VIETNAM
Frasers Property Vietnam focuses
on the development of industrial,
commercial and residential projects.
Its projects include Q2 Thao Dien,
a mixed-use development with
approximately 5,000 sqm of
commercial space, residential units
and a retail podium, and Melinh
Point, a 17,414 sqm office building
located in Ho Chi Minh City. It is also
developing Binh Duong Industrial
Park, its first industrial development
in Vietnam, 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
2022, it owns and/or manages seven
business parks totalling 527,183 sqm
of net lettable area and over 450
tenants. Frasers Property UK has
developed more than 1,165 homes
over the years and is delivering
The Rowe, a 15,000 sqm office
development in central London.
Frasers Property UK also supports in
the management of Frasers Logistics
& Commercial Trust’s UK properties,
comprising three business parks
and four logistics assets. Including
development projects and Frasers
Logistics & Commercial Trust’s
UK properties, its assets under
management total $2.3 billion.
CHINA
Frasers Property China focuses
on the residential, commercial
and logistics and business park
segments in core Chinese cities.
As at 30 September 2022, it has
five development projects with
686 units in the land bank. These
include investments in three prime
residential development projects
in Shanghai totalling 3,689 units, of
which 406 units remain in the land
bank. In addition, Frasers Property
China is developing 101 retail units
at Gemdale Megacity in Shanghai
and has about 81,000 sqm of
development land bank at
Chengdu Logistics Hub.
Frasers Hospitality Trust
Frasers Hospitality Trust is a global
hotel and serviced-residence trust
that is listed on the SGX-ST.
It invests globally (excluding
Thailand) on a long-term basis in
income-producing real estate assets
used predominantly for hospitality
purposes. The portfolio comprises
eight hotels and six serviced
residences in prime locations in
nine gateway cities in Asia, Australia
and Europe, with 3,477 keys and
a combined appraised value of
approximately $1.9 billion, as at
30 September 2022.
Frasers Hospitality Trust is a
stapled group comprising Frasers
Hospitality REIT, managed by Frasers
Hospitality Asset Management, and
Frasers Hospitality Business Trust,
of which Frasers Hospitality Trust
Management 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 2022,
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 $2.2 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 2022. Golden
Ventures Leasehold REIT, in which
Frasers Property Thailand has a
23.5% stake, is a commercial REIT
with a portfolio value of $412.7
million. 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.
Club Tree, Shanghai, China
the Netherlands. Its strategy is to
invest in a diversified portfolio
of income-producing properties
used predominantly for logistics
and industrial purposes globally,
as well as business park and
commercial purposes located
in the Asia Pacific, Continental
Europe and the UK. Business parks
comprise primarily non-CBD office
or research and development
space, while commercial properties
cover primarily CBD office space.
Frasers Logistics & Commercial
Trust is a constituent of the FTSE
EPRA Nareit Global Real Estate
Index Series, 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 owns and
manages award-winning serviced
residences, hotel residences, and
lifestyle boutique hotels in over 70
cities across Asia, Australia, Europe,
the Middle East and Africa. Its
stable of brands comprise the gold-
standard Fraser Suites, Fraser Place,
Fraser Residence, the mid-scale
Modena by Fraser and the upscale
design-led Capri by Fraser. Frasers
Hospitality also manages 36 upscale
boutique hotels in key cities in the
UK, operating under the Malmaison
and Hotel du Vin brands. It has
over 16,300 units in operation and
approximately 3,200 units in
the pipeline.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 16
16
FRASERS PROPERTY LIMITED
O U R M U LT I N AT I O N A L P R ES E N CE
FRASERS PROPERTY IS A MULTINATIONAL REAL ESTATE GROUP WITH A WELL-DIVERSIFIED
PORTFOLIO ACROSS ASSET CLASSES, GEOGRAPHIES AND CUSTOMER SEGMENTS.
O v e r 2 0 c o u n t r i e s a n d m o r e t h a n 7 0 c i t i e s
HOTEL
Retail
Commercial &
Business Parks
Industrial &
Logistics
Residential
Hospitality
CORE MARKETS
Singapore
Australia
Thailand
United Kingdom
Continental Europe
China
Vietnam
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
ADDITIONAL MARKETS
Comprise hospitality-focused markets of Bahrain, Cambodia, Indonesia, Japan, Malaysia, Nigeria, Oman,
Qatar, Saudi Arabia, South Korea, Turkey and United Arab Emirates
NB: All references to geographies refer to the Group’s core markets for the asset class.
FRASERS PROPERTY LIMITED
G RO U P S T RU CT U R E
17
Commercial & Business Parks
Residential
Retail
Industrial &
Logistics
Hospitality
Industrial &
Logistics
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
$9.9 billion2
Retail
$9.3 billion2
Commercial & Business Parks
~4,000
Residential Units Settled in FY22
$43.6 billion2
Assets Under
Management
across five
asset classes
$13.1 billion2
Industrial & Logistics
$4.5 billion2
Hospitality; ~20,6003 Hospitality Units
5 REITs / Stapled Trust
1 Comprises China and the UK.
2 Comprises property assets in which the Group has an interest, including assets held by its REITs, stapled trust, joint ventures and associates.
3
Including both owned and managed properties; and units pending opening.
SingaporeAustraliaThailand & VietnamOthers1Industrial HospitalityContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
18
FY 22 K E Y M I L ES TO N ES
2021
O CTO B E R
Announced mixed-use development, Silom Edge –
repurposed from a traditional office building to
core and flex commercial spaces in Bangkok
2021
N OV E M B E R
1
3
25
Three UK business parks maintained
Fitwel accreditation supporting
well-being and healthy communities
Premium Estates unveiled for
next-generation industrial and
logistics properties in Australia
Passive House Plus
certification achieved at Life,
Point Cook in Australia
2022
F E B RUA RY
Announced our entry into Phnom Penh,
Cambodia, on the back of five new hospitality
openings across Asia Pacific in FY22
2022
M A RCH
2022
A P R I L
2022
J U N E
28
31
Announced the establishment of a network
of EV charging points islandwide across malls
in Singapore
First green loan for UK commercial development
secured for The Rowe
Century Square and Tampines 1 selected to
be injection nodes as part of the Tampines
Distributed District Cooling network in Singapore
13
24
Industrial footprint expanded in Indonesia,
catering to growing demand for high-quality
distribution centres
Frasers Property named by Equileap as one of
top three most gender-equitable companies
listed in Singapore
2022
AU G U S T
Frasers Property Capital formed, as a new group
corporate function to drive mutually beneficial
capital partnerships
2022
S E P T E M B E R
1
5
7
8
Frasers Property
named a Champion of
Good in Singapore
Multi-market corporate
purpose-led campaign
anchored on
decarbonisation
Launched Sky Eden@Bedok in
Singapore, the first residential
development in Bedok Town
Centre in a decade
Singapore’s first
corporate green
retail notes
launched
2022
O CTO B E R
7
18
Most Transparent Company Award (Runner-Up)
received at Securities Investors Association
(Singapore) Investors’ Choice Awards 2022
Strong performance in 2022 GRESB Real
Estate Assessment
FRASERS PROPERTY LIMITED 19
F I N A N CI A L H I G H L I G H TS
20181
2019
2020
2021
2022
Revenue ($’m)
4,320.9
3,791.9
3,597.0
3,763.8
3,877.0
Profit before interest, fair value change on investment
properties, taxation and exceptional items ($’m)
1,333.2
1,292.6
1,245.6
1,424.7
1,249.2
Profit before taxation ($’m)
Before fair value change on investment properties and
exceptional items
1,033.5
923.6
803.3
1,048.0
918.9
After fair value change on investment properties and
exceptional items
1,527.0
1,353.1
804.9
2,027.4
2,129.5
Attributable profit ($’m)
Before fair value change on investment properties and
exceptional items
482.8
350.1
229.2
399.5
398.8
After fair value change on investment properties and
exceptional items
749.6
560.3
188.1
833.1
928.3
Earnings per share (cents)2
Attributable profit before fair value change on
investment properties and exceptional items
13.9
8.7
Attributable profit after fair value change on investment
properties and exceptional items
23.0
15.9
Dividend per ordinary share (cents)
8.6
6.0
5.2
3.8
1.5
10.0
8.7
22.6
22.2
2.0
3.0
Net asset value (shareholders’ equity) ($’m)
7,469.0
7,404.4
7,560.2
9,544.2 10,345.9
Net asset value per share ($)
2.56
2.54
2.58
2.44
2.64
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
5.5
9.1
3.4
6.3
2.0
1.5
4.0
9.1
3.4
8.8
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 2018, 2019, 2020, 2021 and 2022, the weighted average number of shares
was 2,910,558,000, 2,917,873,000, 2,968,406,000, 3,432,010,000 and 3,923,832,000, respectively. The weighted average number of ordinary
shares in issue in 2020 and 2021 have been adjusted for the bonus element arising from the rights issue.
3 After distributions to perpetual securities holders over average shareholders’ equity.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
20
B OA R D O F D I R E CTO RS
As at 30 September 2022
Charoen
Sirivadhanabhakdi, 78
Non-Executive and
Non-Independent Chairman
Date of appointment as a director
25 Oct 2013
Length of service as director
8 years 11 months (as at 30 Sep 2022)
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
• Honorary Doctorate Degree in Business
Administration, Sasin Graduate
Institute of Business Administration of
Chulalongkorn University, Thailand
Present directorships in other
companies (as at 30 Sep 2022)
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
• Cristalla Co., Ltd. (Chairman)
• International Beverage Holdings Limited
(Chairman)
• Plantheon Co., Ltd. (Chairman)
• Siriwana Co., Ltd. (Chairman)
• Sura Bangyikhan Group of Companies
(Chairman)
• Honorary Doctoral Degree in Hospitality
• TCC Asset World Corporation Limited
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
(Chairman)
• TCC Assets (Thailand) Company Limited
• TCC Corporation Limited (Chairman)
• TCC Group of Companies
• TCC Land Co., Ltd. (Chairman)
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2019 to 30 Sep 2022)
Nil
Past major appointments
• Beer Thai (1991) Public Company
Limited (Chairman)
• North Park Golf and Sports Club Co., Ltd.
(Chairman)
• Red Bull Distillery Group of Companies
(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
FRASERS PROPERTY LIMITED 21
Date of appointment as a director
07 Jan 2014
Listed REITs/Trusts
Nil
Others
• 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 Assets (Thailand) Company Limited
• TCC Asset World Corporation Limited
(Vice Chairman)
• TCC Corporation Limited
(Vice Chairman)
• TCC Group of Companies
• TCC Land Co., Ltd. (Vice Chairman)
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2019 to 30 Sep 2022)
Nil
Past major appointments
• Beer Thip Brewery (1991) Co., Ltd.
(Chairman)
• 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
Length of service as director
8 years 8 months (as at 30 Sep 2022)
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 2022)
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)
Khunying Wanna
Sirivadhanabhakdi, 79
Non-Executive and
Non-Independent Vice Chairman
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 2222
FRASERS PROPERTY LIMITED
B OA R D O F D I R E CTO RS
As at 30 September 2022
Panote
Sirivadhanabhakdi, 44
Group Chief Executive Officer
Executive and Non-Independent
Director
Date of appointment as a director
08 Mar 2013
Length of service as director
9 years 6 months (as at 30 Sep 2022)
Board committees served on
• Board Executive Committee
• Sustainability and 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 2022)
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
• Adelfos Company Limited
• Athimart Company Limited
(Vice Chairman)
• Beer Thip Brewery (1991) Co., Ltd.
• Blairmhor Distillers Limited
• Blairmhor Limited
• Chiva-Som International Health Resorts
Company Limited
• Cristalla Co., Ltd.
• F and B International Company Limited
• Frasers Assets Company Limited
• Frasers Property Australia Pty Limited
• Frasers Property Corporate Services
(Thailand) Company Limited
• Frasers Property Holdings (Thailand)
Company Limited
• Golden Land Property Development
Public Company Limited (Chairman)
• International Beverage Holdings (China)
Limited
• International Beverage Holdings (UK)
Limited
• International Beverage Holdings Limited
• Kankwan Company Limited
• Kasem Subsiri Company Limited
• Kasemsubbhakdi Company Limited
• Lakeview Golf and Yacht Club Company
Limited
• lnterBev (Singapore) Limited
• Must Be Company Limited
• N.C.C. Exhibition Organizer Company
Limited
• N.C.C. Image Company Limited
• N.C.C. Management and Development
Company Limited
• Norm Company Limited
• One Bangkok Company Limited
• Quantum Capital Development Company
Limited
• S.S. Karnsura Company Limited
(Vice Chairman)
• Siribhakditham Company Limited
• Sirivadhanabhakdi Company Limited
• SMJC Development Company Limited
• Sura Bangyikhan Group of Companies
• TCC Assets (Thailand) Company Limited
• TCC Exhibition and Convention Centre
Company Limited
• TCC Technology Company Limited
• Terragro Fertilizer Company Limited
• The Cha-Am Yacht Club Hotel Company
Limited
• Theparunothai Company Limited
• Vadhanabhakdi Company Limited
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 2019 to 30 Sep 2022)
Nil
Past major appointments
• Chief Executive Officer of Univentures
Public Company Limited
• Real Estate Developers’ Association
of Singapore (REDAS) (Management
Committee)
Others
Nil
FRASERS PROPERTY LIMITED 23
Date of appointment as a director
25 Oct 2013
Length of service as director
8 years 11 months (as at 30 Sep 2022)
Board committees served on
• Audit Committee (Chairman)
• Board Executive Committee
(Vice Chairman)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2019 to 30 Sep 2022)
Nil
Past major appointments
• Senior Advisor to Morgan Stanley Asia’s
Investment Banking Division
• Morgan Stanley Asia Pacific
(Vice Chairman)
• Remuneration Committee
• Nominating Committee
• Sustainability and Risk Management
• Morgan Stanley International Wealth
Management (President)
• Chairman and Director of Bank Morgan
Committee
Stanley AG
• 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
Academic & professional qualifications
• Master of Business Administration,
Pace University, USA
• Bachelor of Business Administration,
Pace University, USA
Present directorships in other
companies (as at 30 Sep 2022)
Listed companies
• Fraser and Neave, Limited
Listed REITs/Trusts
Nil
Others
• BeerCo Limited
Major appointments
(other than directorships)
• Pace University, USA (Board of Trustees)
Date of appointment as a director
25 Oct 2013
Major appointments
(other than directorships)
• Ministry of Foreign Affairs:
Length of service as director
8 years 11 months (as at 30 Sep 2022)
Non-resident Ambassador to Austria
• Milken Institute Asia Center
Board committees served on
• Nominating Committee
• Sustainability and Risk Management
Committee
• Remuneration Committee
Academic & professional qualifications
• Master of Science, Columbia Graduate
School of Journalism, USA
• Master of Arts, University of Singapore
• Bachelor of Arts (Honours),
University of Singapore
Present directorships in other
companies (as at 30 Sep 2022)
Listed companies
• Fraser and Neave, Limited
Listed REITs/Trusts
• EC World Asset Management Pte Ltd,
Manager of EC World REIT
Others
• One Bangkok Company Limited
(Senior Advisor)
• Singapore China Cultural Centre
(Executive Board Member)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2019 to 30 Sep 2022)
• Banyan Tree Holdings Limited
Past major appointments
• Singapore Non-Resident High
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, 70
Non-Executive and
Lead Independent Director
Chan Heng Wing, 75
Non-Executive and
Independent Director
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 24
B OA R D O F D I R E CTO RS
As at 30 September 2022
Chin Yoke Choong, 70
Non-Executive and
Independent Director
Philip Eng Heng Nee, 76
Non-Executive and
Independent Director
Date of appointment as a director
19 Sep 2022
Length of service as director
Less than one month (as at 30 Sep 2022)
Board committees served on
• Audit Committee
• Nominating Committee
• Remuneration Committee
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2019 to 30 Sep 2022)
• Frasers Commercial Asset Management
Ltd., Manager of Frasers Commercial
Trust
• Frasers Logistics & Commercial Asset
Management Pte. Ltd., Manager of
Frasers Logistics & Commercial Trust
• Yeo Hiap Seng Limited
Academic & professional qualifications
• Bachelor of Accountancy,
University of Singapore
Past major appointments
• Chairman, NTUC Fairprice Co-operative
Limited
• Associate Member, Institute of Chartered
• Deputy Chairman, NTUC Enterprise Co-
Accountants in England and Wales
operative Limited
Present directorships in other companies
(as at 30 Sep 2022)
Listed companies
• AVJennings Limited
• Ho Bee Land Limited
Listed REITs/Trusts
Nil
• Director of Frasers Centrepoint Asset
Management Ltd., Manager of Frasers
Centrepoint Trust
• Member of Council of Presidential
Advisers
• Managing Partner of KPMG Singapore
• Chairman of Urban Redevelopment
Authority
• Chairman of Singapore Totalisator
Board
Others
• Temasek Holdings (Private) Limited
• Chairman of MediShield Life Review
Committee
Others
Nil
Major appointments
(other than directorships)
• Senior Advisor, NTUC Fairprice
Co-operative Limited
• Chairman, Corporate Governance
Advisory Committee
• Chairman, Housing and Development
Board
• Director, Singapore Labour Foundation
Date of appointment as a director
25 Oct 2013
Length of service as director
8 years 11 months (as at 30 Sep 2022)
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 2022)
Listed companies
• PT Adira Dinamika Multi Finance Tbk
(Commissioner)
Listed REITs/Trusts
• Hektar Asset Management Sdn
Bhd, Manager of Hektar Real Estate
Investment Trust
Others
• ALPS Pte. Ltd.
• Frasers Hospitality International Pte. Ltd.
• Frasers Property Australia Pty Limited
• Must Be Company Limited
• TSI Tech Pte. Ltd. (formerly known as
Transmex Systems International Pte. Ltd.)
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2019 to 30 Sep 2022)
• Frasers Centrepoint Asset Management
Ltd., Manager of Frasers Centrepoint
Trust
Past major appointments
• Group Managing Director, Jardine Cycle
and Carriage Group
• Ministry of Foreign Affairs: Singapore’s
Non-Resident High Commissioner to
Canada
• Corporate Governance Advisory
Committee, Monetary Authority of
Singapore (Member)
Others
Nil
FRASERS PROPERTY LIMITED 25
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2019 to 30 Sep 2022)
Nil
Past major appointments
• Advisor of Accuracy Singapore
• President & CEO of Singapore
Technologies Engineering Ltd
• Group President of Singapore
Technologies Engineering Ltd
• Group President of Corporate Affairs,
Singapore Technologies Engineering Ltd
• 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
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2019 to 30 Sep 2022)
• 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
20 Mar 2017
Length of service as director
5 years 6 months (as at 30 Sep 2022)
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 2022)
Listed companies
Nil
Tan Pheng Hock, 65
Non-Executive and
Independent Director
Listed REITs/Trusts
Nil
Others
Nil
Major appointments
(other than directorships)
• Design Education Review Committee
(Chairman)
• National Neuroscience Institute (NNI)
Fund Committee, SingHealth Fund
(Member)
• The Civil Aviation Authority of Singapore
(Board Member)
Date of appointment as a director
10 Mar 2014
Length of service as director
8 years 6 months (as at 30 Sep 2022)
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 2022)
Listed companies
• Great Eastern Holdings Limited
• Oversea-Chinese Banking
Corporation Limited
• Thai Beverage Public Company Limited
Listed REITs/Trusts
Nil
Others
• WJY Holdings Pte Ltd
• WTT Investments Pte Ltd
Wee Joo Yeow, 75
Non-Executive and
Independent Director
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 26
B OA R D O F D I R E CTO RS
As at 30 September 2022
Weerawong
Chittmittrapap, 64
Non-Executive and
Independent Director
Chotiphat
Bijananda, 58
Non-Executive and
Non-Independent Director
Date of appointment as a director
25 Oct 2013
Listed REITs/Trusts
Nil
Length of service as director
8 years 11 months (as at 30 Sep 2022)
Others
• Big C Supercenter Public Company
Board committees served on
• Nominating Committee (Chairman)
• Sustainability and Risk Management
Committee
Academic & professional qualifications
• Thai Barrister-at-Law and the first
Thai lawyer admitted to the New York
State Bar
• Master of Law, University of
Pennsylvania, USA
• Bachelor of Law, Chulalongkorn
University, Thailand
Limited
• Card X Company Limited
Major appointments
(other than directorships)
• Weerawong, Chinnavat & Partners Ltd.
(Senior Partner)
• Chulalongkorn University (Special
Lecturer)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2019 to 30 Sep 2022)
Nil
Present directorships in other
companies (as at 30 Sep 2022)
Listed companies
• Asset World Corp Public Company
Limited
Past major appointments
• Weerawong, Chinnavat & Peangpanor
Company Limited (Chairman)
• King Prajadhipok’s Institute
(Special Lecturer)
• Bangkok Dusit Medical Services Public
• Thammasat University (Special Lecturer)
Company Limited
• Berli Jucker Public Company Limited
• SCB X Public Company Limited
Others
Nil
Date of appointment as a director
08 Mar 2013
Length of service as director
9 years 6 months (as at 30 Sep 2022)
Board committees served on
• Sustainability and 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 2022)
Listed companies
• Fraser and Neave, Limited
• Frasers Property (Thailand) Public
Company Limited
• Sermsuk Public Company Limited
(2nd Vice Chairman)
• 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
• ME Innovation Service Company Limited
(formerly known as Big C Services
Company Limited)
• OHCHO Company Limited
• Pattana Bovornkij 4 Company Limited
• Permsub Siri 3 Company Limited
• Permsub Siri 5 Company Limited
• Pholmankhong Business Co., Ltd.
• Pro Garage Company Limited (formerly
known Sinn Bualang Leasing Co., Ltd.)
• Rod Dee Det Auto Company Limited
• S Sofin Co., Ltd.
• Sentrics Consulting Company Limited
• Siam Food (2513) 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
• Southeast Property Co., Ltd.
• Suansilp Pattana 1 Co., Ltd.
• TCC Assets (Thailand) Company Limited
• TCC Group of Companies
• TCC Holdings (2519) Company Limited
• TCC Privilege Card Company Limited
• Tep Nimitr Thanakorn (2001) Co., Ltd.
• Thai Wellness Living Company Limited
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2019 to 30 Sep 2022)
Nil
Past major appointments
Nil
Others
Nil
FRASERS PROPERTY LIMITED 27
Date of appointment as a director
07 Aug 2013
Length of service as director
9 years 1 month (as at 30 Sep 2022)
Board committees served on
• Board Executive Committee
• Audit Committee
• Sustainability and 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 2022)
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
• Sermsuk Public Company Limited
• Siam Food Products Public
Company Limited
• Thai Beverage Public Company Limited
• Thai Group Holdings Public
Company Limited
• Univentures Public Company Limited
Listed REITs/Trusts
• Frasers Property Commercial Asset
Management (Thailand) Co., Ltd.,
Manager of Golden Ventures REIT
Others
• Asia Breweries Limited
• BeerCo Limited
• Chang Beer Company Limited
• Eastern Seaboard Industrial Estate
(Rayong) Company Limited
• Food and Beverage Holding 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 and
Chief Investment Officer)
Past directorships in listed companies
held over the preceding 3 years
(from 01 Oct 2019 to 30 Sep 2022)
• Golden Land Property Development
Public Company Limited
Past major appointments
Nil
Others
Nil
Sithichai
Chaikriangkrai, 68
Non-Executive and
Non-Independent Director
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 28
G RO U P M A N AG E M E N T
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 $40.2 billion, as at 30 September 2022.
In evolving Frasers Property as a purpose-led company, Panote has placed sustainability
at the core of its business guided by its Purpose – 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.
Panote
Sirivadhanabhakdi
Group Chief Executive Officer
Frasers Property Limited
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 will be Thailand’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 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 and Corporate Administration 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. He currently oversees Frasers
Property Capital.
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 in 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.
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.
Chia Khong Shoong
Group Chief Corporate Officer
Frasers Property Limited
FRASERS PROPERTY LIMITED 29
Choo Leong has Group responsibility over the Finance, Accounting, Treasury, Taxation,
Investments, 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 Limited, and Group Head of
Global Shared Services and Head of Regional Finance Office with the Sime Darby Group.
He holds 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.
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 oversees the Group’s portfolio &
investment management, research, communications & branding, and strategic innovation
functions. In addition, Wanshi co-leads the Group’s governing committees for sustainability,
purpose & culture and innovation.
Prior to joining the Group, Wanshi worked across different geographies and 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 the College of Arts and Sciences with a Bachelor of Arts in Economics.
Wanshi also serves the broader community as a Member of the Investment Committee at
The National Kidney Foundation Singapore and as the Executive Committee Vice Chairman
of the Urban Land Institute in Singapore.
Samuel is responsible for the development of Frasers Property’s digital vision and strategy.
This includes accelerating the Group’s digital transformation journey using data and new
emerging 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.
Samuel has more than 25 years of experiences in leading digital and technology for
financial services, real estate, energy and manufacturing industry in multiple countries
including USA, Japan, United Arab Emirates and Singapore.
He holds a Bachelor of Engineering from the Nanyang Technological University in Singapore.
Loo Choo Leong
Group Chief Financial Officer
Frasers Property Limited
Zheng Wanshi
Group Chief Strategy &
Planning Officer
Frasers Property Limited
Samuel Tan
Group Chief Digital Officer
Frasers Property Limited
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 30
G RO U P M A N AG E M E N T
Vicki Ng
Group Head of People
Frasers Property Limited
Rod Vaughan Fehring
Executive Chairman
Frasers Property Australia
Frasers Property Industrial1
Frasers Property United Kingdom1
Vicki leads the development of Frasers Property’s people strategy and oversees all aspects
of Frasers Property’s human capital, including global recruitment and retention of a diverse
workforce, total rewards and organisation effectiveness.
With over two decades of in-house and consulting practice experience leading HR teams
of business partners and specialists across multi geographies and cultures, Vicki brings
with her broad sector experience spanning multinational corporations in real estate, REITs,
financial institutions, and oil & gas.
Vicki holds a Master of Business Administration from the University of Western Australia
and a Bachelor of Business Administration from the National University of Singapore.
Rod 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 is a member of the Corporate
Management Committee and sub-committees overseeing ESG and FPL’s Purpose &
Culture committee.
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, stepping down from the role in October 2020.
Rod is also the Chairman of Cladding Safety Victoria, an Independent Director of the
Lendlease Retirement Living (LLRL) Joint Operating Committee and a member of the NSW
Housing Strategy 2041 Expert Panel.
Prior to joining the Group, Rod held leadership roles including Managing Director and
Chief Executive Officer of Lend Lease Primelife and Chief Executive Officer of Delfin Lend
Lease. 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 and
was a trustee for the MGG Trust Melbourne (1998-2007).
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.
FRASERS PROPERTY LIMITED 31
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, Champions of Change
Coalition, and is also on the Board for the Property Industry Foundation.
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 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.
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 24 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 is committed to delivering future-ready industrial
and logistics facilities that support customers’ growth, as well as generating value across
the multinational network.
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.
Anthony Boyd
Chief Executive Officer
Frasers Property Australia
Reini Otter
Chief Executive Officer
Frasers Property Industrial
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
32
G RO U P M A N AG E M E N T
Soon Su Lin
Chief Executive Officer
Frasers Property Singapore
Thanapol Sirithanachai
Country Chief Executive Officer
Frasers Property Thailand
As the Chief Executive Officer of Frasers Property Singapore, Su Lin oversees the strategic
direction, investments, operations and development management of the retail, commercial,
residential and related mixed-use businesses in Singapore.
Su Lin was formerly the CEO, Development, Frasers Property Holdings (Thailand) Co., Ltd.
(FPHT), a wholly owned subsidiary of Frasers Property, where she led a development
management team responsible for the full spectrum of property development from master
planning and concept development to design, construction, project branding, marketing,
leasing and sales strategies and investment matters. These included The PARQ, an
award-winning, sustainable mixed-use development; and One Bangkok, a fully integrated
mixed-use lifestyle district, and the largest private sector property development currently
under construction in Bangkok CBD with a total GFA of over 20 million square feet.
Su Lin has over 30 years of experience in the real estate industry, covering consultancy,
investment sales, leasing and property development. Before joining the Group in 2017,
she was the CEO for Orchard Turn Developments, which developed and operated the ION
Orchard retail mall and The Orchard Residences in the heart of Singapore’s Orchard Road.
She was previously Executive Director of international property consultancy firm CBRE.
Su Lin holds an Honours degree in Estate Management and a Master’s degree in Business
Administration, specialising in Marketing and International Business from the National
University of Singapore. She is a member of the Integrated Development Council with the
Urban Land Institute in Singapore.
As Country Chief Executive Officer, Thanapol plays an integral role in leading and building a
growth path for Frasers Property Thailand, driving its investment strategies, and overseeing
the Group’s residential, commercial, retail, hospitality, industrial and logistics businesses
in Thailand. He also holds the position of Chief Executive Officer, Frasers Property
Commercial (Thailand), taking care of commercial developments such as Samyan Mitrtown
and the renovation of Queen Sirikit National Convention Center (QSNCC).
A knowledgeable real estate veteran, Thanapol has over 30 years of experience and a
strong track record in real estate industry. Before joining Frasers Property, he was the
President of Golden Land Property Development (Goldenland), which is now part of Frasers
Property Thailand. Under his leadership, Frasers Property Thailand has become one of the
top five real estate corporations in 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 at Austin, USA. He also completed the Advanced Management Program at Harvard
University, USA and received a diploma from the National Defence College of Thailand.
FRASERS PROPERTY LIMITED 33
As Chief Executive Officer of Frasers Property Vietnam, Hua Tiong oversees the Group’s
residential, commercial, and industrial & logistic businesses in Vietnam. He has 20 years
of market knowledge in Vietnam’s real estate industry, primarily in township, industrial
development and mixed-use development. He is also the Chief Executive Officer of One
Bangkok, with Frasers Property as a co-developer of this project. One Bangkok is a fully
integrated mixed-use lifestyle district under construction in Bangkok CBD with a total GFA
of over 20 million square feet.
Prior to joining the Group, 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 over 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
Development, Frasers Property
Management Services (Thailand) Co., Ltd
Chief Executive
Ilaria Del Beato
Chief Executive Officer
Frasers Property United Kingdom
Lorraine Shiow
Chief Executive Officer
Frasers Property China
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 C H A I R M A N ’ S
S TAT E M E N T
Dear Shareholders
The past financial year has once
again demonstrated just how
volatile the global environment can
be. Macroeconomic and political
developments now threaten to
derail economic recovery.
This is a timely reminder that
in business, challenges will be
ever-present, and changes are
to be expected. The mark of an
organisation that can stand the test
of time lies, importantly, in its ability
to chart a path through obstacles
and uncover opportunities along
the way. Therefore, the Board
of Directors (Board) at Frasers
Property made it a priority since its
listing in 2014 to closely direct the
Group’s evolution into a purposeful,
future-ready organisation that has
the agility and resilience to stay
relevant in a rapidly changing world.
EVOLVING INTO A
RELIABLE REAL ESTATE
VALUE CREATOR FOR
GENERATIONS
Frasers Property has undertaken
several significant initiatives over
the years. Of note is the Group’s
added focus towards industrial
and logistics, commercial and
business parks, and suburban retail.
These are asset classes where the
Board and management see robust
long-term fundamental demand.
The Group’s strategic business
platforms and organisational
backbone have been strengthened
as well over the years, with a focus
on ensuring that our people are
equipped with the right discipline,
rigour and future-ready capabilities.
I am heartened that, as a result
of these efforts, Frasers Property
has been able to create and
capture opportunities from sectoral
structural trends despite volatilities
in the macro environment. The
Group’s ability to offer real estate
solutions that meet customers’
shifting expectations for their live,
work and play spaces attests to
our team’s focus on our customers
and how we create places relevant
for the market. Frasers Property’s
purpose-led focus on people-
centric solutions will continue to
guide its approach towards creating
real estate value.
35
DELIVERING
SHAREHOLDER VALUE
WHILE MAINTAINING
FINANCIAL DISCIPLINE
In FY22, Frasers Property delivered
$928.3 million in attributable profit,
up 11.4% from $833.1 million in
the last financial year. Taking into
consideration the Group’s financial
performance, and in keeping with
the Group’s efforts to maintain
financial flexibility amid the current
macro environment, the Board has
decided to propose a first and final
dividend of 3.0 cents per share for
FY22, up from 2.0 cents per share
declared for FY21.
Rising interest rates, volatility
of foreign currency and an
inflationary environment are key
areas of concern for businesses,
particularly capital-intensive
sectors like real estate. Frasers
Property’s management must stay
focused on managing the Group’s
property portfolio to achieve
earnings resilience while being
ever mindful of the importance of
capital management. The team’s
active efforts to effectively manage
gearing and our funding costs,
expand the Group’s green and
sustainable financing portfolio and
explore capital partnerships with
like-minded partners, have been
commendable.
MAKING A POSITIVE
CONTRIBUTION TO
SOCIETY
The importance of environmental,
social and governance (ESG) will
only continue to rise. As the market
moves ahead to enhance risk
analysis and disclosure standards
and methods, the scope of our
Board’s oversight of these areas will
keep on increasing. The Board views
sustainability as an integral and
existential part of our company’s
business strategy and sees the
opportunities it offers.
The recognition that Frasers
Property has received for its
ongoing ESG efforts has been very
encouraging. Frasers Property
must be a responsible investor,
developer, manager and operator
across the real estate lifecycle.
The Board is fully behind Frasers
Property’s commitment to integrate
environmentally-friendly practices,
social responsibility and high
standards of governance across
its value chain. This requires
strong collaboration across the
ecosystem, including private-public
partnerships, and is an approach
aligned with Frasers Property’s
purpose and core values.
The Board’s Sustainability and
Risk Management Committee
made good headway last year.
Frasers Property’s progress
towards achieving the Group’s key
sustainability goals, as well as its
net-zero roadmap, is reported in
this year’s Integrated ESG Report,
which was prepared in accordance
with international standards, as it
has been in the past. In line with the
Group’s sustainability focus, Frasers
Property’s Integrated ESG Report is
only available online.
PURPOSE AND CULTURE
Central to ensuring long-term
delivery against the strategy is
developing a culture which rewards
high performance but also seeks to
build on our Purpose and the
values of the company, which
guide our actions and behaviours.
This has led to an improvement in
employee satisfaction in a culture
pulse survey conducted this year,
which demonstrates employees’
support on this.
The Group values and respects the
diversity of nationalities, cultures
and other aspects across the
Group. We celebrate diversity as
our strength and promote it as part
of our broader diversity, equity and
inclusion principles. It is important
for Frasers Property to have a strong
shared culture for its resilience
as a company, and the Board
has encouraged management to
promote embedding its shared
Purpose and core values across
the Group. Being led by purpose,
enables our people to do the right
thing for our customers, our people,
our shareholders, our communities
and the environment, allowing us to
continue with the Group’s progress
in the years ahead.
BOARD CHANGES
Board refreshment and renewal
have been a focus for Frasers
Property this year. We would like to
express our appreciation for
Mr Charles Mak Ming Ying,
Mr Chan Heng Wing, Mr Philip
Eng Heng Nee, Mr Weerawong
Chittmittrapap and Mr Chotiphat
Bijananda for their service, after
having served for an aggregate
period of more than nine years.
During the year, we welcomed
Mr Chin Yoke Choong, Mr Pramoad
Phornprapha and Mrs Siripen
Sitasuwan as Independent Directors
to the Board. We also welcome
Mr Thapana Sirivadhanabhakdi
as Non-Executive and Non-
Independent Director. The
collective knowledge and deep
experience of the Board members
will continue to be fully leveraged
towards value creation for all
Frasers Property stakeholders.
ACKNOWLEDGEMENTS
Frasers Property will not be where
it is today without the support of
its many stakeholders. To all our
people, I would like to express
my gratitude for your dedication
and hard work. 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, and
fellow shareholders, who have
firmly stood by Frasers Property.
We deeply value your unwavering
support and faith in us. On behalf
of Frasers Property’s Board, as
the sponsor, I thank the boards of
Frasers Centrepoint Trust, Frasers
Hospitality Trust, Frasers Logistics
& Commercial Trust, Frasers
Property Thailand, Frasers Property
Thailand Industrial Freehold &
Leasehold REIT and Golden
Ventures Leasehold REIT, for their
stewardship.
Charoen Sirivadhanabhakdi
Chairman
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
I N C O N V E R S AT I O N
W I T H T H E
G R O U P C E O
Q 2022 HAS BEEN
ANOTHER WHIRLWIND
YEAR. RELIEF FOLLOWING
A GRADUAL TRANSITION
TO AN ENDEMIC COVID-19
ENVIRONMENT IN MANY
COUNTRIES HAS QUICKLY
BEEN OVERTAKEN
BY CONCERNS OVER
INFLATIONARY PRESSURES,
INTEREST RATE HIKES AND
RECESSIONARY RISKS
ACROSS MAJOR ECONOMIES.
AGAINST THIS BACKDROP,
WHAT DOES THE THEME
FOR THIS YEAR’S ANNUAL
REPORT, ‘LEADING WITH
PURPOSE’ MEAN TO YOU?
For Frasers Property to thrive,
we have to evolve and remain
relevant in a rapidly changing
world. Therefore, we have been
focused on laying the foundation.
This means putting in place the
capabilities that support how we
play to win in asset value creation,
capital management and customer-
centricity, and continually building
upon our shared culture and
core values.
However, it is also important the
work we do serves a meaningful
purpose. My purpose is to try to
improve the overall quality of life
for people around me and then to
use the platform I have to make a
positive difference in society.
This stems from a reflection on
what work is, as work is a big part
of our lives. It’s vital when we lead
companies that we recognise this –
and that we connect our people’s
individual purpose with the purpose
of the company.
Real estate is a people business.
It has a pivotal role in society in
shaping the experiences of people
and communities. Our Purpose
– Inspiring experiences, creating
places for good. – bears a lot of
meaning and relevance as we focus
on creating lasting shared impact
for our stakeholders – our people,
customers, business partners,
shareholders and the communities
in which we operate.
37
• Understanding the needs of
evolving customer segments
amid urbanisation and shifting
demographics so that we can
create places of the future that
are inclusive
• Ensuring the Group’s portfolio
and investments can ride
through cycles and disruptions
amid greater economic
uncertainty and enhancing
our ‘real-estate-as-a-service’
capabilities to complement our
physical space offerings
• Leveraging our multiple asset
class and placemaking expertise
amid convergence across real
estate classes towards value-
creating space solutions that
allow for flexible, multiple uses
as well as the building of vibrant
communities within and around
our spaces
• Embracing data-driven
insights amid acceleration of
digitalisation and technology to
strengthen the Group’s revenue,
enhance productivity and
heighten customer experiences
through customer-focused and
data-driven technologies in
the properties we develop and
manage, and across our systems
and processes
• Embedding ESG into our
decision-making and
operational processes
amid society’s increased
awareness and expectations
on sustainability, wellness
and resilience, catering to
our customers’ priorities and
contributing positively to our
communities and the planet
The acceleration of the changes
in the way people want to live,
work and play in this endemic
environment has validated our
active efforts over the years to
position ourselves in relation to
these trends.
Leveraging our multi-asset class
capabilities and portfolio, we saw
the opportunity to reimagine real
estate as a service beyond just the
provision of physical space. While
we have co-working offerings in
our commercial buildings and retail
malls, our recently opened Silom
Edge in Bangkok was repurposed
from a traditional office building
to a complete offering of core
and flex commercial spaces.
This demonstrates how we can
create a new lease of life for an
existing building.
On the industrial and logistics
front, our focus on people-centric
solutions can be seen across
our Premium Estates launched in
November 2021. As an industry-first
approach, these new industrial and
logistics estates will be developed
to industry-leading building design
standards and guidelines that
prioritise efficiency, sustainability,
health and well-being. Our
Premium Estates have garnered
much interest as companies
rethink workspaces and prioritise
sustainability.
I am excited by how our
developments have helped evolve
communities, especially with mixed-
use developments. Central Park
Sydney, which was fully completed
in 2019, has become a stunning
city landmark. Once a former
brewery site, it is now a thriving
residential, entertainment and
retail hub. We are looking forward
to our next-generation, mixed-
used development with Central
Place Sydney, which received
development approval in October
2022. Upon completion, this
A$3 billion downtown centrepiece of
the New South Wales Government’s
Tech Central precinct will transform
into a workplace of the future.
These projects bear testimony
to the collective capabilities and
experience within the Group built
over the years, which have enabled
us to innovate and better serve the
needs of our customers and the
community.
Whether it is in delivering quality
customer experiences, becoming
a net-zero carbon corporation, or
building connected and healthy
communities where everyone feels
a sense of belonging – at the core
of our Purpose, is creating places.
As we strive to do all that, we will
build a more resilient future-ready
business. Being purpose-led
challenges us to innovate and
constantly evolve ourselves as
we aspire to help build a more
sustainable, inclusive and healthy
world for all.
Going forward, rising interest
rates, inflation and volatile foreign
currency movements will continue
to weigh on the Group’s businesses.
In addition, the looming spectre
of global stagflation or recession
coupled with prevailing geopolitical
tensions will test organisational
discipline, agility and resilience.
Despite these challenges,
opportunities from structural shifts
exist, particularly from evolving
expectations for integrated live,
work and play spaces. We believe
that our purpose-led mindset and
our future-ready posture will enable
us to be ready for opportunities and
challenges that will come our way.
We take a long-term view on the
built environment. While we will
maintain our focus on delivering
value and returns to shareholders,
we will persist to strengthen the
foundation of Frasers Property and
evolve as a reliable real estate value
creator for generations.
Q YOU MENTIONED
STRUCTURAL SHIFTS.
WHAT ARE SOME OF THESE
STRUCTURAL SHIFTS AND
HOW IS FRASERS PROPERTY
POSITIONED VIS-À-VIS
THESE TRENDS?
In our FY20 annual report, we had
highlighted Frasers Property’s
responses to five key trends
affecting the real estate sector,
namely:
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 3838
FRASERS PROPERTY LIMITED
I N CO N V E RS AT I O N W I T H T H E G RO U P CE O
FOCUSED AND SCALABLE PLATFORMS SUPPORT PORTFOLIO RESILIENCE
Well-diversified across asset class and geography
$43.6 billion AUM1 across five asset classes
Industrial &
Logistics
Commercial &
Business Parks
Retail
Hospitality
Residential
Synergistic end-to-
end business space
solutions provider
across geographies
Synergistic end-to-
end business space
solutions provider
across geographies
Suburban malls at
transportation nodes
catering to essentials
Long-stay and
leisure lodging at
key locations
Delivering quality
homes across
geographies
Locations
Australia,
Continental Europe,
Thailand, UK, Vietnam
Locations
Australia, Singapore,
Thailand, UK
Locations
Australia, Singapore,
Thailand
Locations
Multi-geography
Locations
Australia, China,
Singapore, Thailand
AUM1
$13.1 b
GFA
~7.2 m sqm
Land bank
~8.2 m sqm
AUM1
$9.3 b
NLA
~1.2 m sqm
Tenants
~1,000
Renewals and
new leases
~1,230,000 sqm
Facilities
completed
~423,000 sqm
Renewals and
new leases
~244,000 sqm
Facilities
completed
~12,000 sqm
AUM1
$9.9 b
NLA
~396,000 sqm
Catchment2
~2.6 m
IN FY 2022
Renewals and
new leases
~103,000 sqm
Tenants’ sales
y-o-y growth3
10.6%
AUM1
$4.5 b
Cities
72
Countries
22
Units in
operation4
~17,400
Units in the
pipeline4
~3,200
AUM1
$6.8 b
Active projects5
~110
Pipeline units
~15,000
Homes
settled
~4,000
Unrecognised
revenue6
$2.6 b
FLCT, FTREIT, GVREIT
FCT
FHT
NB: All references to geographies refer to the Group’s core markets for the asset class.
1 Comprises property assets in which the Group has an interest, including assets held by its REITs, stapled trust, joint ventures and associates.
2 Source: Cistri; refers only to population catchment of Singapore portfolio.
3 Refers only to Singapore portfolio.
4
5
6
Including properties under management.
Includes launched residential projects under development or with unsold units.
Includes the Group’s effective interest of joint operations, joint ventures, project development agreements and associates.
FRASERS PROPERTY LIMITED 39
change in use, representing the
difference between the fair value at
the date of transfer and its previous
carrying amount, was recognised.
Excluding the impact of that one-
time unrealised valuation gain on
the change in use in FY21, PBIT for
FY22 would have increased 16.9%
year-on-year from $1,069.0 million2
in FY21 to $1,249.2 million in FY22,
while attributable profit would have
increased 59.6% year-on-year from
$581.6 million2 in FY21 to $928.3
million in FY22.
Higher contributions from the
Group’s Singapore and Australia
residential businesses were key
drivers of earnings in FY22. The
Group’s hospitality business
contributed to the improved
earnings as it benefitted from the
gradual return of business travel
and tourism. Earnings were further
boosted by higher fair value gains,
primarily from industrial and
logistics properties. This is a result
of the Group’s strategy over the
years to increase its exposure to
investment properties.
Real estate is a capital-intensive
industry where we see financial
strength and agility as critical
success factors. To support our
strategic initiatives and business
operations, we proactively
manage our capital structure while
maintaining financial discipline and
prudence. Notably, we launched
Singapore’s first corporate green
retail notes in September 2022.
I would like to thank all noteholders
for their support. On the back of
strong response, we upsized the
offer size of the five-year green retail
notes from an initial offering size of
$420 million to $500 million. This
issuance is in line with our Group’s
goal of financing the majority of our
new sustainable property assets with
green and sustainable financing by
2024. Since FY18, we have raised
over $9 billion from green and
sustainable financing.
provided support for office and
business park occupancies. The
Singapore suburban retail portfolio
has demonstrated resilience over
the course of the pandemic; the
location of our malls at transport
nodes has allowed us to benefit
from the hybrid work-from-office
and/or home trend which we
believe is here to stay.
In FY22, the Group completed
approximately 454,000 sqm of
industrial and logistics, commercial
and business parks, and retail
development projects. Across
our non-residential development
pipeline, primarily in Australia,
Thailand and Vietnam, we expect to
deliver approximately 697,000 sqm
in FY23. We pursued investments
in development land banks in
key markets where we have a
competitive presence, this gives
us a development pipeline that
provides future income visibility.
This includes the buoyant industrial
and logistics sector, to which we
have deployed proceeds from the
Group’s rights issue in 2021.
Q FRASERS PROPERTY
RECORDED PBIT OF
$1,249.2 MILLION AND
ATTRIBUTABLE PROFIT OF
$928.3 MILLION IN FY22.
WHAT WERE THE FACTORS
BEHIND ITS FINANCIAL
PERFORMANCE? HOW WILL
YOU CONTINUE TO FUND
THE GROUP’S INITIATIVES
AND OPERATIONS AMID
THE HIGH INTEREST RATE
ENVIRONMENT?
In FY21, 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 was
transferred from properties held
for sale to investment properties.
Arising from this transfer, an
unrealised valuation gain on the
Q HOW HAS FRASERS
PROPERTY BEEN
ABLE TO MAINTAIN
HEALTHY METRICS FOR ITS
INVESTMENT PROPERTY
PORTFOLIO DESPITE
CHALLENGES CAUSED BY
THE PANDEMIC?
Our core capabilities in asset
management and investment are
key to our ability to consistently
drive returns from our investment
property portfolio, which has grown
and evolved over time. Through a
series of strategic initiatives, our
exposure to industrial and logistics,
commercial and business parks
and retail, specifically, Singapore
suburban retail, grew at a CAGR1
of 12% over the past five years.
These asset classes now comprise
74% of our $43.6 billion of assets
under management. These are
asset classes where we see long-
term fundamental demand driven
by sectoral structural trends, and
where we have built strategic
business platforms.
We concurrently diversified our
geographic exposure to a calibrated
mix of developed and emerging
markets. No single market accounts
for more than one-third of our total
property assets. To help mitigate
the effects of foreign currency
movements on our balance sheet,
where possible, we fund foreign
currency assets with debt in the
same currency for a natural hedge.
In FY22, we achieved close to
1.6 million sqm of renewals and
new leases across our portfolio
of industrial and logistics,
commercial and business parks,
and retail properties. Consistently
delivering high-quality, sustainable
and well-located industrial and
logistics spaces allowed us to
continually capture demand from
quality tenants. Meanwhile, asset
enhancements and repositioning to
meet new workplace requirements
1 Compounded annual growth rate.
2 Excluding the impact of the unrealised valuation gain on the change in use arising from the transfer of a portfolio of industrial properties in
Australia and Europe from properties held for sale to investment properties.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 40
I N CO N V E RS AT I O N W I T H T H E G RO U P CE O
As a result of the proactive steps
taken to manage gearing, we ended
FY22 with lower net debt over total
equity of 64.8%, whilst 74.5% of the
Group’s debts were on fixed rate or
hedged as at 30 September 2022.
Consequently, average cost of debt
on a portfolio basis was 2.7% per
annum as at 30 September 2022,
slightly higher than the 2.3% per
annum as at 30 September 2021. As
the Group refinances debt moving
forward, higher interest rates may
have a larger impact on average
cost of debt on a portfolio basis.
This year, we also set up Frasers
Property Capital, a corporate unit
focused on capital partnerships.
This is in line with our capital
management strategy of diversifying
our capital sources, allowing us to
pursue market opportunities with
more agility. Over the years, we
have worked with capital partners
including institutional investors
and developers who recognise
the strong capabilities we have
built across our platforms. Our
most recent partnership is with
Mitsui Fudosan Australia for the
development of MAC Residences
at Macquarie Park in New South
Wales. We aim to systematically
pursue mutually beneficial
partnerships with like-minded
capital partners as we believe our
platforms across the Group have
much to offer.
Q FRASERS PROPERTY’S
RESIDENTIAL
DEVELOPMENT AND
HOSPITALITY BUSINESSES
CONTRIBUTED POSITIVELY
TO THE GROUP’S FY22
EARNINGS. WHAT IS YOUR
APPROACH TOWARDS
DELIVERING RETURNS
FROM THESE TWO ASSET
CLASSES?
Artist’s Impression of MAC Residences, New South Wales, Australia
well-received launches, we ended
the financial year with $2.6 billion
yet to be recognised residential
revenue, supporting our earnings
visibility.
While we are mindful of the
inherent lumpiness of earnings
from residential development, we
continue to see opportunities and
supportive fundamentals in the
focused market segments. Our
ability to develop in a range of asset
classes allows us to deliver complex,
larger-scale or master-planned
projects. These projects tend to be
mixed-use in nature with residences
as an integral component.
launches in tandem with market
conditions. Restocking residential
land banks will carry on, in markets
where underlying demand is deep
and robust and where we can get
attractive risk-adjusted returns.
On the hospitality front, the pause
in global travel during the pandemic
gave us the opportunity to focus on
initiatives that drive long-term value
for the portfolio and economies
of scale. Through geographical
clustering, improved cost structures
and investments in digitalisation,
our hospitality business is now even
more responsive to changing
market dynamics.
We never cease to deliver quality
residential developments designed
with our customers’ evolving needs
in mind, including catering for the
increasing demand for live-play-
work lifestyle. On the back of our
We will maintain our prudent
approach towards residential
developments across all markets. In
view of the inflationary environment,
we will keep a close eye on
settlements and construction
costs while calibrating the level of
The hospitality sector is seeing a
gradual albeit uneven recovery.
While strong headwinds remain, we
are cautiously optimistic about the
long-term growth potential of the
hospitality sector. Productivity and
optimisation measures still guide
FRASERS PROPERTY LIMITED 41
operations and we are seeing green
shoots in our hospitality portfolio
performance in many markets. To
capture returning travel demand,
we will progress to gradually add
properties in strategic gateway cities.
Q REAL ESTATE
CONTRIBUTES 40% 1
OF CARBON EMISSIONS
GLOBALLY. ESG IS
CLEARLY A CORE FOCUS,
WITH GROUP-WIDE
SUSTAINABILITY GOALS
PUBLISHED IN FRASERS
PROPERTY’S FY20 ANNUAL
REPORT. DOES THE GROUP
HAVE A SCIENCE-BASED
ROADMAP TO ACHIEVE ITS
NET-ZERO CARBON GOAL?
The Group is fully committed to
achieving net-zero carbon across
its entire value chain by 2050,
encompassing Scopes 1, 2 and 3
emissions. This means that not only
will we monitor, directly reduce
and offset carbon emissions from
owned or controlled sources, but
we are also examining emissions
generated indirectly as a result
of business. To achieve this
requires strong collaboration and
participation across our partner
ecosystem.
2022 marks an important milestone
in our sustainability journey with
all business units on track towards
establishing their net-zero carbon
roadmaps. Each business unit is
taking a science-based approach
to set its carbon reduction target.
Having individualised roadmaps
enables each business unit to
develop a localised programme
based on its business profile and
market development.
In the 2022 GRESB Real Estate
Assessment results, the Group
posted stronger performance with
over half of relevant entities in the
respective categories recording
improved scores. Our performance
in the GRESB rankings is a further
affirmation of our comprehensive
Group-wide sustainability efforts.
Our net-zero roadmap and
progress towards achieving our key
sustainability goals are detailed in
our Integrated ESG Report, which is
available online.
We have also been taking
progressive action on climate
change in our course of business,
which has been communicated
since 2014 through our annual
sustainability reports. From
2020, we began aligning our
climate risk assessment and
reporting according to the TCFD2
recommendations.
Achieving carbon neutrality is a
long-term commitment, particularly
for the built environment. We
appreciate that impactful climate
action requires the participation
of every individual and business
across our value chain. That is why
we hope our decarbonisation efforts
will inspire more to step forward –
by collaborating with us, not only in
making a better future, but creating
value for the benefit of all.
While environmental is core to our
ESG focus, we have been receiving
accolades for our efforts in the
governance and social aspects
as well. Most recently, Frasers
Property was runner-up for the
Most Transparent Company Award
2022 in the real estate category at
the SIAS Investors’ Choice Awards
2022. We are also proud to be
recognised as one of Singapore’s
best employers in 2022 according
to The Straits Times and Statista,
and Equileap’s top three most
gender-equitable companies listed
in Singapore and amongst the
world’s top 12%.
Q WHAT ARE YOUR
NEAR-TERM BUSINESS
PRIORITIES AS THE GROUP
FOCUSES ON NAVIGATING
BUSINESS CYCLES TO
DELIVER SUSTAINABLE
PORTFOLIO RETURNS AND
GENERATE VALUE OVER TIME?
We have a three-pronged portfolio
management approach for earnings
resilience:
i. Sustainable earnings
through how we manage
our development pipeline,
investment properties and
management fee income
ii. Balanced portfolio across
geographies and property
segments
iii. Optimised capital productivity
through REIT platforms and
capital partnerships
Our business priorities over the
next six to 24 months are aligned
with this approach. Amid the volatile
operating environment, we remain
disciplined and rigorous in our
approach towards investment, asset
management and development
execution. Digital transformation is
also part of Frasers Property’s core
priorities, to help us better address
customer requirements, enhance
workforce effectiveness, and better
enable data-driven decision-making
that will improve our operational
excellence and investments
performance. Capital management
is key to our industry, and we look
forward to expanding our outreach
to like-minded capital partners who
would like to invest alongside us.
Challenges and opportunities are
constants in business. Though
headwinds will likely persist in the
near future, Frasers Property is
well-positioned to maintain our
focused and disciplined drive
towards value creation.
1 Global Alliance for Buildings and Construction, International Energy Agency and the United Nations Environment Programme (2019): 2019 global
status report for buildings and construction.
2 Task Force on Climate-Related Financial Disclosures.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 42
I N V ES TO R R E LAT I O N S
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.
We have received a number of IR as
well as corporate governance related
awards since Frasers Property’s
listing in 2014. These include
multiple wins at the Singapore
Corporate Awards, the Investors’
Choice Awards organised by the
Securities Investors Association
(Singapore) (SIAS) as well as the
IR Magazine Awards – South East
Asia. This year, Frasers Property
continued to receive recognition,
having been awarded Runner-Up
for the Most Transparent Company
Award in the real estate category at
the SIAS Investors’ Choice Awards
2022. 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 each time. 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
hybrid 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 FY20 and FY21, we hosted virtual
briefings of our half-year and full-
year results in accordance with
pandemic restrictions. In FY22,
we hosted a virtual briefing of our
half-year results, and following
Singapore’s transition to an
endemic environment, we reverted
to hosting a hybrid briefing of our
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 to facilitate understanding
of our developments and growth
plans. 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
(NDRs), and investor conferences.
Over the course of the financial
year, we hosted over 190 research
analysts, institutional investors
and members of the media, in
addition to representatives from our
principal bankers, at our organised
events. In addition, we attended
over 70 meetings with research
analysts and institutional investors
at externally organised meetings,
NDRs and investor conferences.
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 media
releases issued by our businesses.
An archive of all the materials
related to Frasers Property’s
quarterly announcements, Frasers
Property’s factsheets, webcasts of
our half-year and full-year results
presentations, and annual reports
are available as well via Frasers
Property’s corporate website.
For enquiries on Frasers Property,
please contact:
Gerry Wong
Head, Group Investor Relations
Tel: (65) 6276 4882
Email: ir@frasersproperty.com
FRASERS PROPERTY LIMITED FRASERS PROPERTY’S CLOSING PRICE AND TRADING VOLUME IN FY22
43
FPL SP Equity - Last Price
High on 15/10/21, 12/11/21,
15/11/22, 16/11/21, 24/11/21,
25/11/21
Average
Low on 30/09/22
0.98
1.18
1.10
0.98
FPL SP Equity - Last Volume
High on 16/09/22
Average
Low on 21/06/22
146.1K
1,168.1K
148.5K
3.3K
1.2
1.1
1.0
0.9
0.8
1,200,000
900,000
600,000
300,000
0
Oct 21 Nov 21 Dec 21
Jan 22
Feb 22 Mar 22
Apr 22 May 22
Jun 22
Jul 22
Aug 22
Sep 22
BROKERAGES COVERING FRASERS PROPERTY
(As at 30 September 2022)
CGS-CIMB Research • CLSA • Credit Suisse • DBS Bank • JP Morgan
FY22 INVESTOR RELATIONS CALENDAR
November 2021
June 2022
12 Full-year FY21 virtual results briefing
13 Media and analyst briefing following
Post-results investor meetings held virtually
announcement of FHT’s proposed privatisation
18 Frasers Day Bangkok
July 2022
26 Frasers Property Group Dialogue
20 NDR with credit investors
January 2022
21 Annual General Meeting
February 2022
10 1Q FY22 business updates virtual briefing
May 2022
12 1H FY22 virtual results briefing
Post-results investor meetings held virtually
August 2022
10 9M FY22 business updates briefing
11 Post-business updates investor meetings
held virtually
25 CITI-REITAS conference
September 2022
5 NDR with equity investors
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
44
T R E A S U RY H I G H L I G H TS
The Group manages our finances
prudently to ensure that we will be
able to access adequate financing
and capital at favourable terms.
Our multinational businesses
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 – and 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
number of banks globally.
As at 30 September 2022, our net
debt-to-equity ratio had decreased
from 73.7% to 64.8%, mainly due
to enlarged equity from profits and
divestment gains from our stake in
Cross Street Exchange by Frasers
Logistics & Commercial Trust and
divestment gains from Sofitel
Sydney Wentworth by Frasers
Hospitality Trust.
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 2022,
the Group had over $4 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 FY22, we secured 11 green and
sustainability-linked loans totalling
approximately $2.5 billion. This
includes the Group’s first five-year
UK sustainability-linked bilateral
loan of £110 million for a business
park and first five-year UK green
loan of £100 million loan for a
commercial development project in
the UK.
In September 2022, we launched
the Group’s first and Singapore’s
first corporate green retail notes
which was 1.64 times subscribed.
The offer size was increased from
an initial offering size of $420 million
to $500 million on the back of
strong demand.
To date, the Group, including
its subsidiaries and associated
entities, has secured 33 green and
sustainability-linked loans, issued
two sustainability bonds and one
green retail note totalling over
$9 billion.
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: $280.0 million) and a
$5.0 billion Euro medium-term note
(EMTN) programme (issued:
$2.25 billion).
Frasers Property AHL has a A$2.0
billion EMTN programme (issued:
$300.0 million).
Amongst our Thailand subsidiaries,
Frasers Property Holdings (Thailand)
Co. Ltd. has a THB 25.0 billion
debenture programme (issued:
THB 9.2 billion); Frasers Property
Thailand has a THB 50.0 billion
debenture programme (issued:
THB 28.0 billion), and Golden
Land Property Development Plc
has a THB 13.0 billion debenture
programme (issued: THB 6.5 billion).
In FY22, Frasers Property Thailand
tapped the bond market in Thailand
with the issuance of THB 7.0 billion
debentures with tenors ranging from
three years to five years.
Frasers Property Holdings (Thailand)
Co. Ltd issued THB 0.5 billion
and THB 2.0 billion debentures of
three years and five years tenor
respectively in FY22.
Our sponsored REITs and our
stapled trust have their respective
MTN programmes. Frasers
Centrepoint Trust has a $1.0 billion
MTN (issued: $70.0 million) and
$3.0 billion EMTN (issued: $200.0
million); Frasers Commercial Trust
has a $1.0 billion MTN (issued:
$19.3 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: $120.0 million).
FRASERS PROPERTY LIMITED
45
Debt Maturity Profile $’m
7
2
8
3
,
3
0
1
3
,
5
8
0
3
,
1
7
8
1
,
0
8
9
2
,
0
3
6
1
,
6
9
7
1
,
4
9
9
6
8
2
3
,
4
9
9
2
,
6
1
9
8
5
7
FY 2023
FY 2024
FY 2025
FY 2026
FY 2027
>FY 2027
Including REITs / Stapled Trust
Total: $15,889m
Excluding REITs / Stapled Trust
Total: $11,350m
Our total interest rate derivatives
and the mark-to-market values as at
30 September 2022 are disclosed in
the financial statements in Note 22.
(such as cross-currency swaps) to
manage these foreign exchange
risks.
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, 74.5% of the
Group’s borrowings are fixed rates
(including floating rate borrowings
that have been fixed with interest
rate swaps). The average weighted
debt maturity is 2.8 years and
average cost of debt is 2.7% per
annum as at 30 September 2022. 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 flows
generated from our business
operations, holding period of
long-term investments and any
acquisition and divestment plans.
GEARING AND INTEREST
COVER RATIOS
We target to keep our net debt-
to-equity ratio between 80.0%
and 100.0%. As at 30 September
2022, this ratio was lower, at 64.8%.
Net interest expenses for the
year amounted to $330.3 million,
excluding $48.9 million that was
capitalised as cost of development
properties held for sale and $5.5
million that was capitalised as cost
of investment properties under
construction. The net interest1
cover2 ratio was at four times as at
30 September 2022.
FOREIGN EXCHANGE
RISKS AND DERIVATIVES
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.
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 currency derivatives
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
2022 are disclosed in the financial
statements in Note 22.
1 Net interest in the profit statement excluding mark-to-market adjustments on interest rate derivatives and capitalised interest.
2 Net interest cover: Profit before interest, fair value change, taxation and exceptional items, over net interest expense.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 46
E N T E R P R I S E - W I D E R I S K M A N AG E M E N T
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 Sustainability and Risk
Management Committee (SRMC)
to oversee our ERM framework,
determine the risk appetite and
risk strategy, assess our risk profile,
material risks, practices and risk
control measures, ensure the
adequacy and effectiveness of
our risk management policies and
procedures, as well as oversee
matters in relation to personal
data protection and sustainability
practices. The SRMC comprises
members of the Board who meet at
least quarterly to review material risk
issues and the mitigating strategies
for such risks, including personal
data protection and sustainability
practices. All material issues are
reported to the SRMC for review.
The SRMC, on behalf of the Board,
approves Frasers Property’s risk
tolerance statements, which set
out the nature and extent of the
significant risks that we are willing
to take in achieving our business
objectives. The risk tolerance
statements are supported by the
risk thresholds which have been
developed by the management.
These thresholds set the risk
boundaries in various strategic,
tactical 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 SRMC.
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 business
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 and/or mitigation, 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. 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, which are 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 SRMC at
least quarterly.
We proactively manage risks at
the operational level. Control
self-assessment, which promotes
accountability and risk ownership,
is implemented for key business
processes by the management.
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 the
management level annually where
heads of business units and
departments deliberate on key risks
and the corresponding mitigating
strategies for their business units
and departments in response
to existing and emerging risks
and opportunities. They provide
assurance to the Group Chief
Executive Officer and other key
management personnel that the
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 2022 were
reported and presented to the
SRMC and the Board.
We enhance our risk management
culture through various 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, 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 operational
disruptions and to ensure the well-
being of our stakeholders.
FRASERS PROPERTY LIMITED 47
We seek to improve our risk
management processes on an
ongoing basis. Our risk management
system is benchmarked against
market practice. Risk Management
E-learning modules are rolled out
to enhance risk awareness and
capability for new and existing
employees. The business continuity
management (BCM) framework
implemented at the Group is adapted
from the International Organisation
for Standardisation under (ISO)
22301 BCM. The BCM programme is
overseen by our Business Continuity
Management Committee comprising
key heads of departments and
business units. For this financial
year, as part of the BCM roadmap,
we have enhanced our business
continuity management capability
through rolling out a corporate BCM
programme for Frasers Property
Vietnam and Frasers Logistics &
Commercial Asset Management.
We will continue to roll out the BCM
programme to other business units
in the coming years.
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, respond through
established crisis management
and business continuity plans,
and 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 (economic, political
and regulatory risks)
With diversified international
operations and investments, we
are exposed to developments in
major economies and key financial
and property markets. The risk
of adverse changes in the global
economy such as inflationary
pressures, geopolitical tension can
reduce profits, result in revaluation
losses, affect our ability to sell
residential development stock and
exit from business operations and
investments.
Inconsistent and frequent changes
in regulatory policies, political
shifts 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 stepping up
the crisis preparedness of Frasers
Property’s properties. Emphasis
is also placed on regulatory
compliance in each country in
which we have operations.
Financial risk
With global operations, we are
therefore exposed to financial risks
such as foreign exchange risk,
interest rate risk and liquidity risk.
We use natural hedges, 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
our cash flows 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.
Our financial risk management
is discussed in more detail in
Treasury Highlights on pages 44 to
45 and the Notes to the Financial
Statements on pages 167 to 280.
Investment and divestment risk
We deploy capital into investment
opportunities and identify suitable
divestment opportunities. These
opportunities are subject to
a disciplined and rigorous
appraisal process. All potential
opportunities are evaluated based
on a comprehensive set of criteria
including alignment with the Group’s
hurdle rates (and weighted average
cost of capital) based on relevant
risk-adjusted input parameters and
future growth potential, with due
regard to strategic considerations,
market conditions and outlook.
Human capital risk
We view our human capital as a key
factor for driving growth. As such,
talent management, employee
engagement, retention of key
personnel and maintenance of a
conducive work environment are
important to the Group. In view of
these considerations, the human
resources team has developed
and implemented effective reward
schemes, talent management,
succession planning, corporate
wellness programmes and staff
development programmes. Details
on the various programmes and
initiatives can be found in the
digital Integrated ESG Report,
at https://frasersproperty.com/
Integrated-ESG-Report.
Fraud and corruption risk
We do not condone any acts of
fraud, corruption or bribery by
employees in the course of our
business activities. We have put
in place various policies and
guidelines, including a Code of
Business Conduct and an Anti-
bribery Policy to guide employees
on business practices, standards
and conduct expected while in their
employment with us. A Whistle-
blowing Policy has also been
put in place to provide a clearly
defined process and independent
feedback channel for employees to
report any suspected improprieties
in confidence and in good faith,
without fear of reprisal. The Audit
Committee reviews and ensures
that independent investigations and
appropriate follow-up actions are
carried out. More details can be
found in the Corporate Governance
Report on pages 106 to 144.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 48
E N T E R P R I S E - W I D E R I S K M A N AG E M E N T
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, as
well as cost competitiveness. To
safeguard against technology
risks, 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 (IT) systems.
The Group has invested in and
implemented cybersecurity
technology solutions to manage risk
exposures such as cyber-attacks,
phishing and malicious software
such as ransomware. Cybersecurity
Incident Management Procedures
and Disaster Recovery Plans have
been established in response, to
ensure our IT systems’ recovery
from any breach of IT cybersecurity.
IT cybersecurity training
programmes are put in place to
institute employees’ awareness
on the evolving threats landscape.
External security services providers
are also periodically engaged to
conduct threat and cybersecurity
penetration testing, and vulnerability
assessment and consulted
on proactive technology risk
management.
Recognising that data protection
and privacy risks are often
inextricably bound with technology
risks, and also taking into account
the increasing proliferation of data
protection and privacy regulations
in relevant markets, the Group has
appointed a Group Data Protection
Officer and taken steps to enhance
its Data Protection Management
Programme. Group policies,
procedures and key controls
addressing relevant data protection
and privacy requirements are
regularly reviewed to keep abreast
of the changing landscape.
Environmental, Health and
Safety (EHS) risks
With the increase in economic
activities due to recovery from the
COVID-19 pandemic, EHS risk is
heightened. At Frasers Property, we
remain vigilant on potential safety
lapses and constantly strive to create
a safe and healthy built environment
for people to work, live and play. We
have put in place an Environmental
Health and Safety (EHS) Policy and
Corporate Social Responsibility
Policy, as well as EHS management
systems in key operation areas to
manage such risks.
Frasers Property is certified with
robust occupational health and
safety management systems
across our key operations. These
include being certified with ISO
45001 (Occupational Health and
Safety), ISO 14001 (Environment)
management systems for design,
development, construction and
property management activities in
Australia, as well as for retail and
commercial property management
in Singapore. Most of our retail and
commercial properties in Singapore
are certified with bizSAFE STAR.
Our hospitality assets in Singapore
have also obtained bizSAFE
certification. Globally, our hospitality
teams at asset level have set up
Health & Safety Committees to
oversee and review health and
safety matters on a regular basis.
To ensure continual improvement,
we monitor the safety of our
employees and contractors
working at our operating assets and
development sites, and regularly
highlight and address potential
safety risks that may arise to our
employees and contractors. All
principal contractors engaged
in Australia are required to have
an ISO 45001-certified health
management system or equivalent.
In Singapore, all contractors that we
engage are required to be certified
with at least a bizSAFE Level 3 if
contracts exceed a certain sum. For
development projects, contractors
certified with ISO 45001 and
bizSAFE are preferred.
Learn more about our health
and safety performances in the
digital Integrated ESG Report
at https://frasersproperty.com/
Integrated-ESG-Report.
Climate risks
With the acceleration of climate
change worldwide, we have taken
active steps in monitoring and
managing environmental and climate-
related risk impact on our operations.
Our various business units and
REITs have completed their
climate risk assessments based
on RCP2.6 and RCP8.5 climate
scenarios (commonly referred
to as the “below 2OC” and “4OC”
scenarios), and are establishing
mitigation plans to address climate
risks that aligned to the Task
Force on Climate-related Financial
Disclosures (TCFD) framework.
Based on the assessments,
transition risks (such as carbon
pricing) are prominent in the
RCP2.6 scenario, while physical
risks (such as floods and higher
temperatures) are prominent
in the RCP8.5 scenario. We are
also assessing the financial risk
exposure in our key portfolios
based on these scenarios across
2030-, 2050- and 2070-time
horizons. Our key business units
have respectively established
action plans and targets in reducing
greenhouse gas emission, energy
usage and water consumption
within their asset portfolios. We
have (with the support of our banks
and debt capital markets) tapped
on green and sustainable financing
as an extension of our sustainability
journey, which complement our
efforts in achieving our sustainable
development objectives and
managing climate risks.
All business units and key
functional departments are also
required to identify relevant
sustainability and environmental
risks in their respective business
operations and ensure that the risks
are being assessed and, where
needed, addressed and regularly
reported to the management’s
Sustainability Steering Committee
and Board’s Sustainability and Risk
Management Committee.
More details can be found in the
digital Integrated ESG Report
at https://frasersproperty.com/
Integrated-ESG-Report.
FRASERS PROPERTY LIMITED 49
Minister for Home Affairs National Day
Award (Home Team Partner) – Merit
Northpoint City
National Fire and Emergency Preparedness
Council – Fire Safety Excellence Award
Frasers Tower
National Safety & Security Watch Group
Award 2022 (Individual Award)
Northpoint City
Occupation Health & Safety Management
System ISO 45001: 2018 – Provision of
Centre and Associated Facility Management
Services
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• Bedok Point
• Causeway Point
• Century Square
• Changi City Point
• Eastpoint Mall
• Frasers Property Retail Management
• Frasers Tower
• Hougang Mall
• Northpoint City
• Robertson Walk
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza & Central Plaza
• Valley Point
• Waterway Point
• White Sands
PropertyGuru Asia Property Awards 2021
– Best Smart Building Development & Best
Green Office Development
Frasers Tower
PUB Water Efficient Building
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• Frasers Tower
• Valley Point
Singapore Environment Council
Eco Office – Champion
• Alexandra Technopark
• Causeway Point
• Eastpoint Mall
• Northpoint City
• Waterway Point
Singapore Environment Council
Eco Office – Elite
• 51 Cuppage Road
• Alexandra Point
• Changi City Point
• Frasers Tower
• Hougang Mall
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza & Central Plaza
• Valley Point
• White Sands
Singapore Environment Council GreenDNA
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• Frasers Tower
• Valley Point
AWA R D S A N D ACCO LA D ES
FRASERS PROPERTY LIMITED
SIAS Investors’ Choice Awards 2022: Most
Transparent Company Award (Runner-Up)
Frasers Property Limited
National Volunteer & Philanthropy Centre
Champions of Good
Frasers Property Limited
Building & Construction Authority Awards –
Green Mark Platinum
• Alexandra Point
• Century Square
• Causeway Point
• Eastpoint Mall
• Frasers Tower
• Tiong Bahru Plaza & Central Plaza
• White Sands
Equileap Best-performing Listed Companies
in Singapore for Gender Equality at Work –
Top 3
Frasers Property Limited
FRASERS PROPERTY SINGAPORE
Building & Construction Authority Awards
2021 – Integrated Digital Delivery GoldPLUS
Frasers Property Singapore
(Rivière and Fraser Residence Promenade)
GRESB Real Estate Assessment 2022 –
4 Star Rating
Asia – Diversified – Office / Retail
Frasers Property Singapore
Residential
Building & Construction Authority
Green Mark GoldPLUS Award 2022
Sky Eden@Bedok
Building & Construction Authority
Quality Mark 2022 – For Good Workmanship
Excellent Rating
Seaside Residences
EdgeProp Singapore Excellence
Awards 2022 –
Top Development
Design Excellence
Sustainability Excellence
Seaside Residences
FIABCI Singapore
Singapore Property Awards 2022 –
Residential High Rise Category
Seaside Residences
FIABCI World Prix d’Excellence Awards 2022
– Residential Mid Rise Category
World Gold Winner
North Park Residences
Retail and Commercial
Marketing Interactive Magazine
Loyalty & Engagement Awards 2022:
Best COVID-19 Response in a Loyalty
Campaign (Bronze)
Frasers Property Retail
Marketing Interactive Magazine
Loyalty & Engagement Awards 2022:
Best Loyalty Programme – Lifestyle (Silver)
Frasers Property Retail
Building & Construction Authority Awards –
Green Mark Gold
• 51 Cuppage Road
• Bedok Point
• Northpoint City North Wing
• Valley Point
Building & Construction Authority Awards –
Green Mark GoldPLUS
• Alexandra Technopark (Block A)
• Changi City Point
• Northpoint City South Wing
• Tampines 1
• The Centrepoint
• Waterway Point
BizSAFE Level Star Certification by
Workplace Safety and Health Council
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• Bedok Point
• Causeway Point
• Changi City Point
• Eastpoint Mall
• Frasers Property Retail Management
• Frasers Tower
• Northpoint City
• Robertson Walk
• The Centrepoint
• Valley Point
• Waterway Point
BizSAFE Partner Award by Workplace
Safety and Health Council
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• Valley Point
Energy Management System ISO 50001:
2018 – Provision of Building and Associated
Facilities Management Services
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• Causeway Point
• Century Square
• Changi City Point
• Eastpoint Mall
• Frasers Tower
• Hougang Mall
• Northpoint City
• Robertson Walk
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza & Central Plaza
• Valley Point
• Waterway Point
• White Sands
Environmental Management System ISO
14001: 2015 – Provision of Building and
Associated Facilities Management Services
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• Causeway Point
• Century Square
• Changi City Point
• Eastpoint Mall
• Frasers Tower
• Hougang Mall
• Northpoint City
• Robertson Walk
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza & Central Plaza
• Valley Point
• Waterway Point
• White Sands
FIABCI World Prix d’Excellence Awards
2022 – Retail Category, World Silver Winner
Northpoint City
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 50
AWA R D S A N D ACCO LA D ES
SG Clean Award
• Bedok Point
• Causeway Point
• Century Square
• Changi City Point
• Eastpoint Mall
• Hougang Mall
• Northpoint City
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza
• Waterway Point
• White Sands
FRASERS PROPERTY AUSTRALIA &
FRASERS PROPERTY INDUSTRIAL
Human Synergistics Australia Culture
Awards 2021 – Culture Sustainability
Workplace Gender Equality Agency –
Employer of Choice for Gender Equality
UDIA NSW Leadership Awards 2022 –
Diversity & Inclusion Award
FRASERS PROPERTY AUSTRALIA
Financial Review Most Innovative
Companies 2021 – #8 Property,
Construction & Transport
Frasers Property Australia
Retail
A-Design Award & Competition 2022 –
Cultural Heritage and Culture Industry
Design Award
Burwood Brickworks Shopping Centre
iF Design Awards 2022 –
Interior Architecture
Burwood Brickworks Shopping Centre
UDIA NSW Awards for Excellence 2022 –
Retail Development
Ed.Square Town Centre
Sydney Design Awards 2022 –
Interior Design, Public or Institutional, Gold
Ed.Square Town Centre Playground
New York Design Awards 2021 –
Interior Design, International Public or
Institutional, Silver
Ed.Square Town Centre Playground
Property Council of Australia Innovation &
Excellence Awards 2021 –
Australian Development of the Year
Burwood Brickworks Shopping Centre
Property Council of Australia Innovation &
Excellence Awards 2021 – Best Shopping
Centre Development
Burwood Brickworks Shopping Centre
Australian Financial Review –
Sustainability Leaders 2022, Overall Winner
Frasers Property Australia – Living Building
Challenge®
Property Council of Australia Innovation &
Excellence Awards 2021 – Best Sustainable
Developments, New Buildings
Burwood Brickworks Shopping Centre
Australian Financial Review –
Sustainability Leaders 2022, Property &
Construction Category Winner
Frasers Property Australia – Living Building
Challenge®
GRESB Real Estate Assessment 2022 –
5 Star Rating – Development Activities
(Diversified Non-listed) and Standing
Investments (Diversified Office/Retail
Non-listed) in Australia
Frasers Property Australia
Residential
Property Council of Australia Innovation
& Excellence Awards 2021 – Best Master
Planned Community
Fairwater
UDIA NSW Awards for Excellence 2022 –
Design Excellence
Nautilus at The Waterfront, Shell Cove
UDIA NSW Awards for Excellence 2022 –
NSW Regional Development
The Waterfront, Shell Cove
UDIA NSW Awards for Excellence 2022 –
Residential Development
Putney Hill
UDIA NSW Awards for Excellence 2021 –
Residential Subdivision
Putney Hill
UDIA NSW Awards for Excellence 2021 –
Design Excellence
Nautilus at The Waterfront, Shell Cove
Urban Taskforce Development Excellence
Awards 2021 – Master Planned Communities
Development
Fairwater
Property Council of Australia Innovation &
Excellence Awards 2021 – People’s Choice
Award
Burwood Brickworks Shopping Centre
FRASERS PROPERTY INDUSTRIAL
GRESB Real Estate Assessment 2022 –
Overall Global Sector Leader for Diversified
Office/Industrial
Frasers Property Industrial (Australia)
GRESB Real Estate Assessment 2022 –
Overall Regional Sector Leader in Industrial
Frasers Property Industrial (Australia)
International WELL Building Institute
2021 WELL Community Award
Frasers Property Industrial
SGS ISO 9001:2015 – Quality Management
System Standard
Frasers Property Industrial
Property Council RLB Innovation &
Excellence Awards – Best Business or
Industrial Park 2022
Jaycar, Eastern Creek Business Park
UDIA NSW Awards for Excellence 2021 –
Industrial Development
Jaycar, Eastern Creek Business Park
Urban Developers Award –
Development of the Year, Industrial 2022
Williams Sonoma, The Horsley Park Estate
WiredScore Platinum Certification –
Outstanding Digital Connectivity
MQX4 at Macquarie Exchange, Macquarie Park
FRASERS HOSPITALITY
17th China Hotel Starlight Awards – Annual
Outstanding Luxury Serviced Apartment
Operator
Frasers Hospitality
Metropolitan Hotel Awards 2021 – Best
Luxurious Serviced Apartment Operator
Frasers Hospitality
Travel Trade Gazette –
Best Serviced Residence Operator
Frasers Hospitality
Weekend Hotel SHANG Hotel Awards –
Best Serviced Apartment Operator
Frasers Hospitality
World Travel Awards –
Middle East’s Leading Serviced Apartment
Brand 2022
South Korea’s Leading Serviced Apartment
Brand 2022
Frasers Hospitality
17th China Hotel Starlight Awards – Annual
Outstanding Hotel-serviced Apartment
Fraser Suites Dalian
17th China Hotel Starlight Awards – Annual
Hotel-serviced Apartment
Modena by Fraser Nanjing
Department of Environmental Quality
Promotion Green Hotel Award – Gold Level
Modena by Fraser Buriram
Luxury Living Awards by Shanghai Family,
Parents & Kids – Outstanding Hospitality
Serviced Apartment and Outstanding
Family Friendly Serviced Apartment
Fraser Suites Top Glory, Shanghai
Metropolitan Hotel Awards 2021 –
Best New Serviced Apartment
Modena by Fraser Nanjing
Metropolitan Hotel Awards 2021 –
Best Serviced Apartment
Modena by Fraser Putuo Shanghai
Platinum Award 2022 –
Best Serviced Apartments of China
Modena by Fraser Zhuankou Wuhan
Platinum Traveller – Serviced Apartment of
the Year (Greater China)
Modena by Fraser Zhuankou Wuhan
Premium Travel Award – Premium Selected
New Opening Hotel Residence of the Year
Modena by Fraser Nanjing
Southcn.com Premium Selected Business
and Leisure Travel Hotel of the Year
Modena by Fraser Putuo Shanghai
Tourism Accommodation Australia (TAA)
Awards – Apartment/Suite Hotel of the Year
(Highly Commended)
Fraser Suites Sydney
Trip.com Group Family Favourite Hotel
Fraser Suites Dalian
FRASERS PROPERTY LIMITED
51
FRASERS PROPERTY VIETNAM
Asia Pacific Enterprise Awards 2021
Vietnam – Inspirational Brand
Frasers Property Vietnam
HR Asia – Best Companies to Work for in
Asia 2022 Awards
Frasers Property Vietnam
Nhip Cau Dau Tu – Corporate Sustainability
Awards 2022
Frasers Property Vietnam
Industrial
PropertyGuru Vietnam Property Awards
2021 – Best Industrial Development
Binh Duong Industrial Park
FRASERS PROPERTY UK
2-Star Fitwel Accreditation
• Chineham Business Park
• Winnersh Triangle
3-Star Fitwel Accreditation
Farnborough Business Park
BALI National Landscape Award 2022
Winnersh Triangle
Green Flag Award
• Chineham Business Park
• Farnborough Business Park
Sports and Play Construction Association
Awards 2022 – Project of the Year
Winnersh Triangle
FRASERS PROPERTY CHINA
Residential
1-Star (Gold) China Green Building Label
• Galaxy Nanmen
• Opus One
• Upview Malu
2-Star (Gold Plus) China Green Building
Label
Club Tree
UK BREEAM 4-Star (Excellent) – Design
Stage Category
Galaxy Nanmen
Tripadvisor Travellers’ Choice
Best of the Best 2022
• Fraser Place Robertson Walk
• Fraser Suites Diplomatic Area, Bahrain
• Fraser Suites Hanoi
• Fraser Suites Singapore
Tripadvisor Travellers’ Choice 2022
• Capri by Fraser, Barcelona
• Capri by Fraser, Brisbane
• Capri by Fraser, Bukit Bintang
• Capri by Fraser, Changi City
• Capri by Fraser, China Square
• Capri by Fraser, Frankfurt
• Capri by Fraser, Johor Bahru
• Capri by Fraser, Leipzig
• Fraser Place Antasya, Istanbul
• Fraser Place Anthill, Instanbul
• Fraser Place Central, Seoul
• Fraser Place Puteri Harbour, Johor Bahru
• Fraser Place Setiabudi, Jakarta
• Fraser Residence Menteng, Jakarta
• Fraser Residence Hanoi
• Fraser Residence Nankai, Osaka
• Fraser Residence Sudirman, Jakarta
• Fraser Suites Abuja
• Fraser Suites Dalian
• Fraser Suites Doha
• Fraser Suites Dubai
• Fraser Suites Edinburgh
• Fraser Suites Geneva
• Fraser Suites Hamburg
• Fraser Suites Harmonie Paris La Défense
• Fraser Suites Muscat
• Fraser Suites Queens Gate, London
• Fraser Suites Riyadh
• Fraser Suites Seef, Bahrain
• Fraser Suites Sukhumvit
• Fraser Suites Sydney
• Hotel du Vin Birmingham
• Hotel du Vin Brighton
• Hotel du Vin Bristol
• Hotel du Vin Cambridge
• Hotel du Vin Edinburgh
• Hotel du Vin Glasgow
• Hotel du Vin Newcastle
• Hotel du Vin St Andrews
• Hotel du Vin Wimbledon
• Hotel du Vin York
• Malmaison Aberdeen
• Malmaison Birmingham
• Malmaison Belfast
• Malmaison Edinburgh City
• Malmaison Leeds
• Malmaison Liverpool
• Malmaison London
• Malmaison Newcastle
• Malmaison Oxford Castle
• Malmaison Reading
• Modena by Fraser Buriram
• Modena by Fraser Changsha
• Modena by Fraser Zhuankou Wuhan
• Park International Hotel, London
Voyage Best Serviced Apartment
Fraser Suites Top Glory, Shanghai
Weekend Hotel SHANG Hotel Awards – Best
Serviced Apartment Award
• Fraser Suites Dalian
• Modena by Fraser Putuo Shanghai
Weekend Hotel SHANG Hotel Awards – Best
Serviced Residence Award
• Fraser Suites Top Glory, Shanghai
• Modena by Fraser Nanjing
World Travel Awards – Bahrain’s Leading
Serviced Apartments 2022
Fraser Suites Diplomatic Area, Bahrain
World Travel Awards – China’s Leading
Serviced Apartments 2022
Fraser Suites Guangzhou
World Travel Awards – Indonesia’s Leading
Serviced Apartments 2022
Fraser Place Setiabudi, Jakarta
World Travel Awards – Japan’s Leading
Serviced Apartments 2022
Fraser Residence Nankai, Osaka
World Travel Awards – Malaysia’s Leading
Hotel Residences 2022
Capri by Fraser, Bukit Bintang
World Travel Awards – Nigeria’s Leading
Serviced Apartments 2022
Fraser Suites Abuja
World Travel Awards – Oceania’s Leading
Serviced Apartments 2022
Fraser Suites Sydney, Australia
World Travel Awards – Oman’s Leading
Serviced Apartments 2022
Fraser Suites Muscat
World Travel Awards – Qatar’s Leading
Serviced Apartments 2022
Fraser Suites Doha
World Travel Awards – South Korea’s
Leading Serviced Apartments 2022
Fraser Place Central, Seoul
FRASERS PROPERTY THAILAND
GRESB Real Estate Assessment 2022 –
‘A’ Rating for Public Disclosure
Frasers Property Thailand
Thai Institute of Directors 2021 – 5-Star
‘Excellent’ Rating
Frasers Property Thailand
Thailand Digital Excellence Awards 2021 –
Thai Digital Champion for Rapid
Business Digitisation
Frasers Property Thailand
The Thailand Sustainability Investment
(THSI) 2021
Frasers Property Thailand
Green Star for Standing Investments and
Development Projects
Frasers Property Thailand
Industrial
Real Estate Asia Awards 2022 – Industrial
Development of the Year
Frasers Property Industrial Thailand
Frost & Sullivan for the Best Practice
Awards - Sustainable Warehouse
Development
Frasers Property Industrial Thailand
Commercial
2021 MEA Energy Awards by the
Metropolitan Electricity Authority (MEA)
Shopping Mall Category
Samyan Mitrtown
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
52
B U S I N ES S R E V I E W
S I N G A P O R E
Waterway Point,
Singapore
FRASERS PROPERTY LIMITED 53
THIS YEAR, OUR RETAIL AND COMMERCIAL
PORTFOLIOS WERE WELL-POSITIONED TO BENEFIT
FROM SINGAPORE’S DECISIVE MOVE TOWARDS
ENDEMIC LIVING, WHILE OUR RESIDENTIAL
DEVELOPMENTS CONTINUED TO ACHIEVE STEADY
PROGRESS.
Frasers Property Singapore has expertise in the development,
asset management and operations of residential, commercial,
retail and integrated developments. Our retail-focused platform,
Frasers Property Retail, also oversees Frasers Centrepoint Trust,
which is listed on the SGX-ST.
The Singapore government eased various COVID-19 safe
management measures at the end of April 2022, a pivotal
move that transitioned the nation to endemic state. Following
the transition, there was progressive resumption of economic
activities and the re-opening of borders.
While facing headwinds from rising interest rates, inflation and an
uncertain geopolitical environment, we will continue to adopt a
disciplined capital management approach. We remain focused on
executing our strategy to generate value, as Singapore remains a
key market for the Group.
FINANCIAL PERFORMANCE
The financial performance of Frasers Property Singapore in FY22
was boosted by the re-opening and gradual recovery of the
economy, following the easing of COVID-19 restrictions, as well
as the reversal of provision for a residential project provided in
the previous year. For the year under review, Frasers Property
Singapore delivered revenue of $1.1 billion and profit before
interest, fair value change, taxation and exceptional items (PBIT) of
$536.4 million, which were 54.9% and 98.2% higher, respectively,
than the previous year.
The improved revenue was mainly attributable to higher sales rate
and revenue recognition from higher percentage of completion
for residential development, as well as the absence of the
Tenant Assistance Package. In FY21, Frasers Property Singapore
announced a Tenant Assistance Package ahead of the Singapore
government’s mandated Rental Waiver Framework, which
saw tenant rebates rolled out across its retail and commercial
businesses in a targeted manner to support its tenants in
overcoming the business impact from COVID-19.
The higher PBIT was mainly due to higher selling prices and
percentage of completion achieved for residential projects,
reversal of provision for a residential project provided in the
previous year and share of higher fair value gain of Frasers Tower.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 54
B U S I N ES S R E V I E W – S I N GA P O R E
RETAIL
Frasers Property Retail is a leading
suburban retail mall owner and
operator in Singapore, with a
dominant presence in the north,
northeast and east regions and
total assets under management of
$8.4 billion1 as at 30 September
2022. Our suburban retail portfolio
demonstrated sector resilience
during the pandemic due to its
proximity to densely populated
residential areas, focus on providing
essential trades and strong
loyalty programme. It is also well-
positioned to benefit from the
trends of hybrid work arrangements
and evolving consumer preferences
towards click-and-collect services.
We registered a higher portfolio net
property income in this financial
year. Improvements in operating
performance were broad-based
with double-digit year-on-year rise in
shopper traffic and tenants’ sales and
positive rental reversion. Our retail
portfolio’s committed occupancy
remained strong at 95.8%.
Operations
We continued to rejuvenate and
refresh our retail offerings with
new retailers and new-to-market
concepts, reconfigure retail spaces
through asset enhancements,
improve our customer loyalty
programmes and provide quality
retail management services to
our malls.
While tenants faced headwinds
and adopted a cautious approach
towards business expansion,
our portfolio of malls observed
healthy leasing traction. Tenants
that commenced trading this year
included Don Don Donki, Tiong
Bahru Bakery, Scoop Wholefoods,
Malaysia Boleh!, Kiehl’s and
L’Occitane, among others.
In the past year, we completed
asset enhancements at basement
one of The Centrepoint and part
of basement one to level two at
Northpoint City South Wing. These
spaces were reconfigured to
enhance shopper circulation as well
as to optimise shopfront visibility
and space efficiency.
As part of our commitment to be
net-zero by 2050, we continuously
enhance our business processes
and operations, and form strategic
partnerships with like-minded
corporations to support and ensure
a sustainable built environment.
Century Square and Tampines 1
signed supply agreements in April
2022 with SP Group to form a
distributed district cooling (DDC)
network at Tampines Town Centre.
This Tampines DDC network,
when ready in 2025, will see our
two malls forming two out of three
key injection nodes to supply
chilled water to the buildings in the
precinct, transforming Tampines into
an Eco Town.
FRASERS CENTREPOINT
TRUST
In FY22, Frasers Centrepoint Trust
delivered gross revenue of $356.9
million and net property income of
$258.6 million, representing year-
on-year increases of 4.6% and
4.9% respectively. The financial
performance was lifted by full
contribution from the AsiaRetail
Fund acquisition and partially offset
by the absence of contributions
from properties divested in FY21.
The total distribution per unit for the
year ended 30 September 2022 was
12.227 cents, up 1.2% year-on-year.
Retail
Properties
Northpoint City South Wing3
The Centrepoint
Robertson Walk
Malaysia
Setapak Central
Total Retail
Effective
interest
as at
30 Sep 22
(%)
50.0
100.0
100.0
100.0
Book value
as at
30 Sep 22
($’m)
Net
lettable
area
(’000 sqm)1
Occupancy
FY22 (%)2
FY21 (%)2
1,105.0
593.0
138.0
102.24
1,938.2
28.0
33.1
8.9
47.7
117.7
99.3
89.7
69.9
96.0
88.8
73.3
98.3
94.7
1 Net lettable area includes area currently used as Community Sports Facilities Scheme (CSFS) space.
2 Committed occupancy excluding CSFS as at 30 September 2022 and 30 September 2021 respectively.
3 Figures are on a 100.0% basis; Frasers Property Retail owns 50.0% of Northpoint City South Wing through North Gem Trust.
4 Based on exchange rate of 1 SGD = 3.23 Malaysian Ringgit.
1 Comprises retail assets in Singapore in which the Group has an interest, including assets held by Frasers Centrepoint Trust and excluding
Eastpoint Mall.
FRASERS PROPERTY LIMITED
55
Tampines 1, Singapore
The retail portfolio registered
improved committed occupancy
of 97.5%, up 0.2 percentage-point
from the previous year. The rental
portfolio achieved better average
rental reversion of 1.5% on an
incoming versus outgoing basis,
compared with the previous year’s
-0.6%. The easing of the COVID-19
safe management measures since
April 2022 helped lift shopper traffic
and tenants’ sales of the retail
portfolio in FY22 by 12.4% and
11.3% year-on-year, respectively.
As at 30 September 2022, Frasers
Centrepoint Trust’s financial
position remained healthy with an
aggregate leverage at 33.0% and
interest coverage ratio at 5.19 times.
The proportion of fixed interest
rate borrowings stood at 70.5%
and all-in average cost of debt for
the year was 2.5%. The aggregate
appraised value of the investment
portfolio remained relatively stable,
at approximately $5.5 billion, with
no change in valuation cap rates
used by independent valuers.
Net asset value per unit as at
30 September 2022 rose 1.3% to
$2.33 from $2.30 a year ago.
Frasers Centrepoint Trust
Properties
Causeway Point
Central Plaza (Office Building)
Century Square
Changi City Point
Hougang Mall
Northpoint City North Wing3
Tampines 1
Tiong Bahru Plaza
Waterway Point4
White Sands
Total
Effective
interest
as at
30 Sep 22
(%)
Book value
as at
30 Sep 22
($’m)
Net
lettable
area
(’000 sqm)1
Occupancy
FY22 (%)2
FY21 (%)2
41.2
41.2
41.2
41.2
41.2
41.2
41.2
41.2
16.5
41.2
1,323.0
216.0
559.0
325.0
433.0
812.0
764.0
655.0
1,312.5
429.0
6,828.5
39.0
16.0
19.6
19.4
15.4
22.3
24.9
20.0
36.2
14.0
226.8
100.0
88.9
86.8
93.7
98.4
100.0
99.1
99.0
99.0
96.4
98.6
91.8
91.8
94.7
97.8
100.0
97.1
98.3
98.4
95.4
1 Net lettable area includes area currently used as Community Sports Facilities Scheme (CSFS) space.
2 Committed occupancy excluding CSFS as at 30 September 2022 and 30 September 2021 respectively.
3
4 Figures are on a 100.0% basis; Frasers Centrepoint Trust owns 40.0% of Waterway Point through Sapphire Star Trust. Valuation is based on the
agreed property value in the proposed acquisition of an additional 10.00% interest in Waterway Point as announced on 12 September 2022.
Includes Yishun 10 Retail Podium.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
56
B U S I N ES S R E V I E W – S I N GA P O R E
Frasers Tower, Singapore
COMMERCIAL
Frasers Property Singapore
manages a portfolio of six
commercial properties in Singapore,
with a combined value of $4.2 billion1
as at 30 September 2022. These
include Central Plaza owned by
Frasers Centrepoint Trust and
Alexandra Technopark owned by
Frasers Logistics & Commercial
Trust.
Driven by limited new office supply,
the return to workplaces and
the flight-to-quality strategy, our
Singapore office portfolio continued
to maintain healthy occupancy and
rental rates. Portfolio occupancy
remained resilient, improving to
92.7% as at 30 September 2022,
compared to 92.3% a year ago.
Operations
Our Singapore office portfolio
experienced healthy demand
as the vast majority of our office
tenants renewed their existing
leases and maintained their space
requirements. To encourage
tenants to return to our office
buildings, we ramped up our
tenant and community engagement
initiatives and activities during
the year. Several wellness interest
groups including a staircase
climbing group, run-to-eat club
and crocheting community
commenced regular gatherings,
fostering a lively and purposeful
community at our properties. We
also organised events to promote
interactions among and with our
tenants to welcome them back,
and collaborated with our office
community to volunteer, support
and give back to the society.
The COVID-19 pandemic presented
an opportunity and impetus for
us to reimagine our spaces and
transform the way the community
uses our properties. We have
rolled out our intelligent building
management platform across
majority of the commercial portfolio,
integrating property management
systems and self-service workflows
to enable more integrated and
efficient management of each
building’s operations. Featuring a
comprehensive suite of features, the
platform serves as a seamless one-
stop service portal for stakeholders
and provides a pleasant experience
for both tenants and property
management teams.
1 Comprises commercial assets in Singapore in which the Group has an interest, including assets held by Frasers Centrepoint Trust and
Frasers Logistics & Commercial Trust.
FRASERS PROPERTY LIMITED 57
Artist’s Impression of Post-AEI Alexandra Point, Singapore
The $45 million asset enhancement
initiative (AEI) at Alexandra Point,
which started in February 2021,
progressed with more than 60.0%
of the works completed. When
completed in the third quarter of
2023, tenants can look forward
to a refreshed look and inspiring
working environment with more
community activities. Upon
completion, Alexandra Point will
incorporate more community-
friendly spaces, green features
and technological solutions,
thereby boosting user experience,
improving the well-being of
tenants and increasing operational
efficiency. The building is expected
to be more energy efficient overall
with the installation of higher-
specification façade glass and
roof-top photovoltaic panels,
among other features. Tenants and
visitors will also have the choice
of shared meeting rooms and
facilities that support core and flex
workplace arrangements.
Commercial
Properties
51 Cuppage Road
Alexandra Point3
Frasers Tower4
Valley Point Office Tower & Shopping Centre
Total Commercial
Effective
interest
as at
30 Sep 22
(%)
100.0
100.0
50.0
100.0
Book value
as at
30 Sep 22
($’m)
Net
lettable
area
(’000 sqm)1
423.0
319.0
2,123.0
343.5
3,208.5
25.3
17.9
63.6
21.0
127.8
Occupancy
FY22 (%)2
FY21 (%)2
84.6
93.9
98.9
81.5
84.2
93.9
99.3
72.1
1 Net lettable area includes area currently used as Community Sports Facilities Scheme (CSFS) space.
2 Committed occupancy excluding CSFS as at 30 September 2022 and 30 September 2021 respectively.
3 Net lettable area and occupancy for Alexandra Point exclude non-leasable area affected by the ongoing asset enhancement initiative.
4 Figures are on a 100.0% basis; Frasers Property Singapore owns 50.0% of Frasers Tower through Aquamarine Star Trust.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 58
B U S I N ES S R E V I E W – S I N GA P O R E
RESIDENTIAL
We have three active projects that
have been launched for sale as
at 30 September 2022. Despite
the property cooling measures
imposed in December 2021, our
multi-pronged marketing strategies
for our residential projects delivered
good results with Parc Greenwich
fully sold1 within nine months from
launch and 75%1 of Sky Eden@
Bedok residential units sold on the
day of sales launch. Construction of
all our developments are on track
for completion as planned.
On 7 September 2022, we launched
our 158-unit Sky Eden@Bedok,
which received strong demand with
about 75%1 residential units sold on
launch day at an average price of
about $2,100 per square foot, a new
benchmark for residential prices in
Bedok Town. All two-bedroom units
were fully sold. As at 30 September
2022, 75.9%1 of the residential units
were sold. The 99-year leasehold
mixed-use development, which
will have 12 retail units on the
ground floor, is built on the site of
the former Bedok Point that was
acquired from Frasers Centrepoint
Trust in November 2020. Just a few
minutes’ walk from Bedok MRT
station and bus interchange,
Sky Eden@Bedok is the first
residential launch in mature,
amenity-rich Bedok Town Centre
in 10 years. With a signature sky
garden on every level and next
to each home, the development
offers homebuyers an urban oasis
concept focusing on biophilic
design and green features for
greater connectivity to nature,
while thoughtfully curated facilities
promote wellness, community
bonding and collaboration.
Sky Eden@Bedok is expected to
obtain its temporary occupation
permit in the first quarter of FY26.
Rivière, our 455-unit, 99-year
leasehold luxurious residential
development, achieved strong sales
momentum and emerged as one of
the best-selling projects for several
months in the Rest of Central
Region this financial year as we
continue to push on with a targeted
sales and marketing approach to
reinforce its premium positioning.
As at 30 September 2022, Rivière
was 79.8%1 sold, a 43.5 percentage-
point increase in sales over FY21.
Located on a rare residential
site along the iconic Singapore
River, this development boasts
twin 36-storey residential towers
set among a cluster of waterfront
developments. It is targeted for
completion in the second quarter
of FY23.
Parc Greenwich – a 496-unit,
99-year leasehold executive
condominium at Fernvale Lane
– was the best-selling executive
condominium launch in 2021.
Artist’s Impression of
Sky Eden@Bedok, Singapore
Fully sold1 within nine months
of its launch in September 2021
at a benchmark-setting price for
executive condominiums in 2021,
Parc Greenwich offers homebuyers
an extensive suite of wellness-
inspired facilities and high-quality
attributes and fittings more
commonly found in top-end private
condominiums. The development
is slated to obtain its temporary
occupation permit in the third
quarter of FY24.
Residential Projects Under Development
Project
Parc Greenwich
Rivière2
Sky Eden@Bedok
Effective
interest
as at
30 Sep 22
(%)
80.0
100.0
100.0
No. of
units
% Sold
as at
30 Sep 221
%
Completion
as at
30 Sep 22
Avg. selling
prices
as at
30 Sep 221
($ psm)
Est.
saleable
area
(’000 sqm)
Land cost
($ psm)
Target
completion
date
496
455
99.8
74.9
1583
13.33
32.6
88.1
-
13,218
29,633
22,6583
49.5
46.9
13.53
5,974
3Q FY24
19,159
2Q FY23
9,545
1Q FY26
1 Based on sales and purchase agreements signed and excluded options issued as at 30 September 2022.
2 Excluded the 72 serviced apartment units.
3 Excluded the 12 retail units.
1
Including options signed.
FRASERS PROPERTY LIMITED
59
LOOKING AHEAD
Our retail assets have traded
through the pandemic. We continue
to see essential services and non-
discretionary spending underpinning
the stable performance of suburban
retail. Interest from retailers seeking
to expand their retail footprint
remains, even as they maintain
cautious optimism about Singapore’s
economic growth and the return of
tourist spending. We will continue
to rejuvenate our retail offerings,
engage our communities and
explore all viable initiatives as part
of our active asset and portfolio
management to further strengthen
our retail business.
In the commercial sector, we expect
to see healthy demand for office
space. Given Singapore’s stable
economic outlook, back-to-office
momentum and limited new office
supply in the pipeline, the growth
prospect of the sector is expected
to remain positive. At the same time,
companies are looking for good
quality workplace environments with
strong emphasis on sustainability,
health and wellness. We see
opportunities to offer customers
more flexible space solutions
and our ‘real-estate-as-a-service’
capabilities to complement our
physical space offerings.
The outlook for Singapore’s
residential market also remains
positive, driven by healthy
fundamentals with genuine demand
from home buyers, long-term
resilience of the residential sector
and Singapore’s reputation as a safe
haven for investments coupled with
dwindling unsold inventory levels.
The re-opening of borders may
further enhance foreign demand
for Singapore residential units.
While macro headwinds, global
expectations of recession and the
new cooling measures announced
in September 2022 may cause some
homebuyers to exercise some
caution going forward, projects with
attractive attributes will continue to
interest buyers.
Artist’s Impression of Parc Greenwich, Singapore
Artist’s Impression of Rivière, Singapore
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 60
B U S I N ES S R E V I E W
A U S T R A L I A
Rhodes Corporate Park,
New South Wales, Australia
FRASERS PROPERTY LIMITED 61
DRIVEN BY OUR AMBITION TO CREATE STRONGER,
SMARTER AND HAPPIER COMMUNITIES,
WHICH ALIGNS WITH OUR SHARED PURPOSE,
WE DEMONSTRATED THE RESILIENCE OF
OUR BUSINESS IN ADDRESSING NUMEROUS
CHALLENGES AND OPPORTUNITIES THIS YEAR.
Since the initial optimism from a change in federal government
in May 2022, rising interest rates, high inflation and cost of living
pressure have emerged as significant concerns for the Australian
economy. The Reserve Bank forecasts inflation to decline in 2023
and 20241, which should support the stabilisation of interest rates
and deliver greater certainty to consumers and businesses.
In response to these challenging market conditions in FY22,
we kept a positive outlook focusing on what we could control:
upholding our quality standards, strengthening our brand
proposition and focusing on our culture of diversity and inclusion.
FINANCIAL PERFORMANCE
In FY22, Frasers Property Australia reported revenue of A$610.3
million ($594.0 million) and profit before interest, fair value
change, taxation and exceptional items (PBIT) of A$83.0 million
($80.8 million). The increase in PBIT was driven by contributions
from higher-margin projects and a gain on disposal of
development rights. This was partially offset by the lower number
of units completed and settled in FY22 at 1,377 units, compared
to 2,327 units in FY21. The level of completions and settlements
is a function of the timing of construction, delivery and settlement
programmes.
Our performance demonstrates the effectiveness of our strategy
to deliver quality to our customers, enabling us to evolve and
grow while remaining anchored by our ambition to create
stronger, smarter and happier communities.
As at 30 September 2022, we had 13,200 residential development
units in the pipeline and secured 2,519 of residential pre-sale
contracts on hand, valued at A$1.3 billion ($1.2 billion). At year-
end, we also held a strong commercial and retail development
pipeline and an investment property portfolio amounting to
A$2.1 billion ($1.9 billion) assets under management in Australia.
1 https://www.rba.gov.au/media-releases/2022/mr-22-21.html
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 62
B U S I N ES S R E V I E W – AU S T R A L I A
RESIDENTIAL
DEVELOPMENTS
Although the residential
development market faced
challenges, the diversity of our
portfolio and the embedded
quality standards in our business
contributed to our strong
performance. Our development
business remained largely
unaffected despite the easing1 of
residential prices in FY22 after the
unprecedented boom in 2020 and
2021. Across our portfolio, enquiry
levels remained strong, allowing us
to achieve high levels of pre-sales
to underpin future earnings.
We made improvements in
customer satisfaction, which
contributed to lifting our Net
Promoter Score further in FY22. To
raise service levels and shape our
future offerings, we invested in the
Qualtrics experience management
platform to access real-time
feedback from customers. Our Care
and Rewards loyalty programme
further helped us attract repeat
and referral customers, with repeat
customers accounting for about
14% of our residential sales in FY22.
While enjoying strong customer
support for our projects, we
continued to maintain high
standards of due diligence when
working with contractors in the
construction industry, which were
facing pressures from skilled worker
shortages, supply chain issues and
rising material costs resulting from
global events. This year, several
high-profile building companies
collapsed and affected two of our
active projects. The resilience of
our business was demonstrated
through our focus on continuity
during this time, to expedite new
contractor appointments and
mitigate negative impact. Some
project deliveries, however, were
The Waterfront Shell Cove, New South Wales, Australia
delayed due to inclement weather
in 2022, in Sydney and Queensland
particularly.
In FY22, our development business
made several new acquisitions,
launched a number of projects
and marked important milestones
across our communities in Australia.
Pipeline growth
In Melbourne, we finalised the
acquisition of a 26-hectare site
in Yarraville in a joint venture
with Irongate Group. The site has
a development plan in place to
accommodate more than 1,000 new
homes, a neighbourhood shopping
centre, parks and open spaces in a
well-connected area.
We also acquired a 251.7-hectare
site in New Beith, approximately
34 kilometres south of Brisbane
in the Greater Flagstone Priority
Development Area, which settled
in early October 2022. The site
provides an opportunity to apply
our expertise in large-scale, mixed-
use developments with over 2,000
land lots, medium-density homes,
a neighbourhood retail centre, a
school, a sports park and open
spaces.
Also in Queensland, we divested
our land holding at Deebing Heights
during the year for A$40.5 million
($39.5 million), a premium to its
book value.
1 https://www.corelogic.com.au/news-research/news/2022/home-value-index-shows-housing-downturn-accelerates-as-more-markets-follow-
sydney-and-melbourne-into-a-downswing
FRASERS PROPERTY LIMITED 63
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
Carina (Minnippi Quarter) - MD/L3, QLD
Hope Island (Cova) - MD, QLD
Westmeadows (Valley Park) - MD, VIC
Burwood East (Burwood Brickworks,
Ardent Collection Apt) - HD, VIC
Burwood East (Burwood Brickworks,
The Terrace Apt) - HD, VIC
Carlton (Carlton, Encompass Apt) - HD, VIC
Shell Cove (The Waterfront, Shell Cove,
Nautilus Apt) - HD, NSW
Macquarie Park (Midtown, Mac 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
Edmondson Park (Ed.Square, The Clifton Apt) -
HD, NSW
Macquarie Park (Midtown, Affordable Apt) -
HD, NSW
Macquarie Park (Midtown, Soul Apt) - HD, NSW
Lidcombe (The Gallery) - H/MD, NSW
East Perth (Queens Riverside, Lily Retail) - R, WA
East Perth (Queens Riverside, QIII Retail) - R, WA
Shell Cove (The Waterfront, Shell Cove, Vela Apt) -
HD, NSW
Macquarie Park (Midtown, Treehouse Apt) -
HD, NSW
Burwood East (Burwood Brickworks) -
MD/L3, VIC
Tarneit (The Grove) - L3, VIC
Baldivis (Baldivis Grove) - L3, WA
Clyde North (Berwick Waters) - L3, VIC
Wyndham Vale (Mambourin) - L3, VIC
Hamilton (Hamilton Reach) - MD, QLD
Bahrs Scrub (Brookhaven) - L3, QLD
Shell Cove (The Waterfront, Shell Cove) -
MD/L3, NSW
Edmondson Park (Ed.Square) - MD, NSW
Baldivis (Baldivis Parks) - L3, WA
Mandurah (Frasers Landing) - L3, WA
Clyde North (Five Farms) - L3, VIC
North Coogee (Port Coogee) - L3, WA
Wallan (Wallara Waters) - L3, VIC
Effective
interest
as at
30 Sep 22
(%)
Est. total
no. of
units2
% Sold
as at
30 Sep 22
Avg. selling
price
as at
30 Sep 22
($’m)
Est. total
saleable
area
(’000 sqm)
Total
GDV
($’m)
Target
completion
date
100.0
100.0
100.0
100.0
100.0
PDA
100.0
100.0
65.0
PDA
50.0
PDA
100.0
100.0
100.0
PDA
PDA
100.0
100.0
100.0
PDA
PDA
100.0
50.0
100.0
PDA
100.0
100.0
100.0
PDA
100.0
50.0
100.0
PDA
100.0
50.0
70
125
91
193
499
210
94
135
115
116
269
64
827
73
45
130
107
115
5
6
52
162
259
1,773
384
1,978
1,344
299
1,990
2,666
646
1,015
608
1,608
627
1,969
100.0
91.2
98.9
99.5
100.0
100.0
94.7
94.1
77.4
100.0
92.6
100.0
96.6
100.0
80.0
100.0
61.7
82.6
60.0
33.3
25.0
14.6
100.0
67.8
49.2
69.7
54.8
9.4
58.3
91.8
51.9
42.7
44.6
18.9
31.9
42.9
0.5
0.5
0.6
0.6
0.4
0.4
0.5
0.6
0.5
1.1
0.8
1.2
0.7
0.6
0.6
0.5
0.8
0.9
0.6
0.8
2.2
1.1
1.1
0.3
0.2
0.4
0.3
0.9
0.2
0.5
0.8
0.2
0.2
0.4
0.8
0.2
4.7
12.4
38.0
61.0
Completed
Completed
8.2
NA
NA
NA
5.3
6.1
7.5
10.9
17.9
5.9
NA
6.5
4.1
8.8
7.5
NA
0.6
0.9
51.0
Completed
112.2
196.6
89.5
1Q FY23
1Q FY23
1Q FY23
51.5
3Q FY23
75.9
63.1
126.5
214.0
76.6
591.2
3Q FY23
4Q FY23
4Q FY23
1Q FY24
1Q FY24
2Q FY24
44.0
2Q FY24
28.7
2Q FY24
70.6
90.0
98.3
3.1
4.6
2Q FY24
2Q FY24
3Q FY24
4Q FY24
4Q FY24
6.3
114.7
4Q FY24
12.0
170.3
1Q FY25
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
295.6
588.5
71.3
746.8
382.2
271.6
490.2
1,216.5
546.2
172.7
103.3
624.4
497.9
491.2
4Q FY25
4Q FY25
4Q FY26
4Q FY26
4Q FY26
1Q FY27
4Q FY27
4Q FY27
1Q FY29
2Q FY29
4Q FY29
2Q FY31
4Q FY31
2Q 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.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
64
B U S I N ES S R E V I E W – AU S T R A L I A
Community highlights
The award-winning The Waterfront,
Shell Cove, our joint venture
with Shellharbour City Council,
celebrated multiple milestones
during the year. The new boat
harbour and marina, around which
the A$2.3 billion ($2.1 billion) mixed-
use development is framed, was
officially opened, complemented
by further retail, recreational and
community amenities.
Our A$2.5 billion ($2.3 billion)
Midtown MacPark mixed-tenure
community in Sydney, which we
are creating in partnership with
the New South Wales government,
progressed on schedule with the
architecturally-unique Treehouse
development launched to the
market in July 2022. Comprising
162 apartments in a mix of
configurations to suit a broad range
of buyers, the development also
includes ‘Treehouse rooms’ as
communal spaces with landscaped
gardens providing connections to
nature not replicated anywhere else
in the Sydney market.
Ed.Square Town Centre, the heart
of the A$1.9 billion ($1.7 billion)
mixed-use community in southwest
Sydney, welcomed a Service
NSW Centre this year. The New
South Wales Premier officiated
at the opening of this important
Residential / Mixed-use Land Bank
government services tenancy,
underlining the local and regional
significance of Ed.Square.
In Brisbane, we commenced
construction of our first build-
to-rent project, Brunswick & Co.,
during the year. This development
is well-timed in offering an elevated
lifestyle opportunity as prevailing
low rental vacancy rates are
expected to support future rental
growth.
In Victoria, we achieved strong sales
across our communities at Berwick
Waters, Wallara Waters, Mambourin
and The Grove. At Five Farms, we
held the groundbreaking for the
community’s new school,
St Josephine Bakhita Catholic
Primary School, which will
accommodate about 700 students
when completed in 2024.
We also broke ground to begin
construction of our Encompass
project at Carlton in Melbourne.
This joint venture with Citta Property
Group will feature 115 apartments
over eight floors, with a mix of
one-, two- and three-bedroom
apartments catering to a wide
range of purchasers, from first-
home buyers and young families to
downsizers and investors. Over
77% of the project has already
been sold.
Artist’s Impression of Brunswick & Co., Queensland, Australia
Site1
Macquarie Park (Midtown) - HD, NSW
Yarraville (Bradmill Yarraville) - HD/MD/R, VIC
Edmondson Park (Ed.Square) - HD, NSW
Parkville (Parkside Parkville) - HD, VIC
Keperra - L/MD, QLD
Shell Cove (The Waterfront, Shell Cove) - HD, NSW
Cockburn Central (Cockburn Living) - H/MD, WA
Newstead (Chester Street) - HD, QLD
Wolli Creek (Discovery Point) - HD, NSW
Effective
interest
as at
30 Sep 22
(%)
PDA
50.0
100.0
50.0
100.0
PDA
100.0
100.0
100.0
Est. total
no. of
units2
Est. total
saleable area
(’000 sqm)
Total
GDV
($’m)
1,726
1,082
812
548
495
357
346
144
26
131.7
170.6
44.1
26.4
NA
23.1
34.4
18.6
4.3
1,764.0
1,281.5
583.8
262.1
323.2
561.3
141.3
176.1
NA
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.
FRASERS PROPERTY LIMITED
65
by increasing interest rates. There
is heightened concern around the
cost of living, which elevates the
importance of a carefully curated,
non-discretionary retail tenant mix.
Our retail centres are positioned as
neighbourhood centres anchored
by major supermarket tenants
with a strong mix of convenience
retail, community services, food
and beverage, and entertainment
uses. This mix underpins the
future performance of our centres
including those integrated with
residential uses, such as our
Burwood Brickworks and Ed.Square
mixed-use communities.
Similar to the retail sector, the
commercial office sector began the
year with prevailing uncertainty in
office demand drivers, as COVID-19
fears lingered and working from
home became more entrenched.
For many organisations, this
uncertainty eventually settled into
a broader acceptance of hybrid
work encompassing working from
home and the office, leading to a
noticeable rebound in conditions in
the second half of FY22.
As at 30 September 2022, Frasers
Property manages 215,473 sqm of
assets under management, including
commercial assets for Frasers
Logistics & Commercial Trust in
Australia. Demand for office space
nationally was strong and growing,
though the increase in new supply
is keeping vacancy relatively steady
and raising competition for tenants.
Ed.Square, New South Wales, Australia
INVESTMENT PROPERTIES
Rising interest rates and stifled wage
growth relative to the Consumer
Price Index continued to affect the
retail and commercial office sectors
in FY22. However, these headwinds
were balanced against record low
unemployment.
Frasers Property Australia has
prioritised working with tenants to
reposition our investment assets to
meet the current and future needs
of businesses and customers.
This focus on future-proofing our
portfolio has been important,
particularly in the second half
of FY22 when we experienced
improvements in performance from
both our retail and commercial
assets on the back of a more open
post-pandemic economy.
As at 30 September 2022, Frasers
Property Australia’s retail portfolio
encompassed 65,614 sqm across
five retail centres in Australia.
Average portfolio occupancy
increased to 93.7%, with a weighted
average lease expiry of 7.1 years.
In retail, there has been a broader
improvement in trading conditions
following the lockdowns of 2020
and 2021, including growth in
customer visitation and portofolio
occupancy, as Australia continues
to move towards a ‘COVID-normal’
way of life, including the abolition
of self-isolation rules announced
by the federal government in
October 2022. In fact, increased
retail expenditure has been one of
the factors contributing to rising
inflation, to which the Reserve Bank
has responded in recent months
Commercial Properties
Properties
State
Effective
interest
as at
30 Sep 22
(%)
Book value
as at
30 Sep 22
($’m)
Net
lettable
area
(‘000 sqm)
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
NSW
NSW
NSW
NSW
NSW
NSW
100.0
100.0
100.0
100.0
100.0
100.0
105.7
148.8
11.7
87.7
121.3
136.0
611.2
9.1
12.6
1.3
12.4
17.5
17.1
70.0
Occupancy
FY22 (%)
FY21 (%)
0.0
17.3
72.6
46.6
74.1
100.0
100.0
72.6
37.1
64.6
100.0
100.0
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
66
B U S I N ES S R E V I E W – AU S T R A L I A
MAJOR MILESTONES
Central Place Sydney, a A$3 billion
($2.8 billion) major urban renewal
project, received its Development
Application approval in October
2022. A joint venture between
Frasers Property Australia and
Dexus, the project will form a
significant part of the complete
transformation of Sydney’s southern
CBD, introducing 133,000 sqm
of commercial space across two
towers of 35 and 37 levels of
commercial offices, and an eight-
storey building. It will include a
revitalised public realm, activated
rooftop spaces, improved
pedestrian amenity and connectivity
to Central Station, retail and
dining options, public art, several
green spaces and an Integrated
Distribution Facility to unlock future
over-station development.
Subject to Central Place Sydney
securing the relevant New South
Wales government final-stage
approvals, construction is targeted
to commence in 2023, with the first
stage of the project expected to be
delivered in 2027.
Another development in Sydney,
the award-winning Eastern Creek
Quarter shopping centre, marked
a major milestone during the year.
Stage 2 of the centre, the new large
format and showroom precinct
called ECQ XL, opened in June
2022 with 14 large-format tenants
occupying over 11,000 sqm of
retail space.
At Midtown MacPark, also in
Sydney, we established a new
capital partnership with Mitsui
Fudosan Australia, part of the
international diversified Mitsui
Fudosan Group, in December
2021 to deliver the landmark MAC
Residences development within
the masterplanned community.
By 30 September 2022, we
sold approximately 93% of the
apartments in MAC Residences
and are on track to complete the
building in 2023. In total, we have
sold about 70% of all homes at
Midtown MacPark, which include
units under Soul Residences
and the Treehouse, since the
development’s launch in
October 2020.
The strategic repositioning of
our Rhodes Corporate Park
suburban office asset in Sydney
leverages our placemaking and
community development expertise
to curate a more compelling offer
for tenants and to build a more
diversified economy within the
asset. In FY22, we struck new
lease deals with several tenants
totalling approximately 5,500
sqm, strengthening the asset’s
positioning as Sydney’s premier
suburban office address.
Retail Completed Properties
Site
Effective
interest
as at
30 Sep 22
(%)
Est. total
saleable
area
(’000 sqm)
Occupancy
FY22 (%)
FY21 (%)
Ed.Square (Retail), 52 Soldiers Pde, Edmondson Park, NSW
Burwood Brickworks (Retail), 78 Middleborough Rd, Burwood, VIC
Eastern Creek Quarter (Retail), 159 Rooty Hill Rd, Eastern Creek, NSW
Eastern Creek Quarter XL (Retail), 159 Rooty Hill Rd, Eastern Creek, NSW
Coorparoo Square (Retail), 300 Old Cleveland Rd, Coorparoo, QLD
100.0
100.0
100.0
100.0
100.0
24.7
12.9
10.0
11.3
6.8
92.1
94.4
94.3
93.9
95.7
67.6
94.4
82.0
-
93.3
Retail Land Bank
Site
Wyndham Vale (Mambourin, Stage 1), VIC
Edmondson Park (Ed.Square, Stage 2), NSW
Effective
interest
as at
30 Sep 22
(%)
Est. total
saleable
area
(’000 sqm)
100.0
100.0
7.2
12.2
FRASERS PROPERTY LIMITED 67
Eastern Creek Quarter, New South Wales, Australia
LOOKING AHEAD
With our recent acquisitions adding
to our established pipeline, we
have new opportunities to apply
our cross-sector expertise and
experience in complex and large-
scale masterplanned developments
in FY23 and beyond.
Strong pre-sales provide clarity
around our future earnings and
demonstrate the resilience and
positioning of our portfolio to
capitalise on improving conditions.
We plan to maintain our focus on
quality, customer experience
and culture.
Our residential development
business is focused on progressing
recent acquisitions to launch
and delivering the projects in
our current pipeline. Across our
investment portfolio, we will
continue to reposition our assets
and leverage the enhancements
we have made in FY22 as retail and
office conditions improve.
Through innovation, pipeline growth,
optimising assets, re-investing
capital and strategic partnerships,
we will remain resilient. Our focus on
being a global sustainability leader
will continue, as we provide our
people with a safe and supportive
work environment underpinned
by equality, while promoting
diversity and inclusion both as an
Employer of Choice and through
our supply chains.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 68
B U S I N ES S R E V I E W
I N D U S T R I A L
I N D U S T R I A L
Waterway Point,
21 Kangaroo Avenue, Eastern Creek,
New South Wales, Australia
Singapore
FRASERS PROPERTY LIMITED 69
WE LEVERAGED FAVOURABLE MARKET CONDITIONS
AND A STRATEGIC APPROACH TO CAPITAL
DEPLOYMENT TO EXPAND THE SCALE OF OUR
INDUSTRIAL AND LOGISTICS BUSINESS AND
DELIVER A STRONG SET OF RESULTS.
The industrial and logistics sectors in Australia and Europe
continued to outperform the broader market in FY22. This
was underpinned by ongoing supply chain reconfigurations,
e-commerce proliferation, increasing urbanisation and population
growth, and a shortage of zoned land. As a result, industrial
supply continued to tighten, with vacancies at historic lows amid
strong demand for new and existing space, driving a healthy
rental growth and raising industrial valuations.
Leveraging the Group’s collective asset development and
management capabilities, as well as Frasers Property Thailand’s
established industrial and logistics platform in Southeast Asia,
Frasers Property Industrial is positioned to offer and create
sector-leading and sustainable real estate facilities in industrial,
logistics, warehousing and distribution in Australia, Germany,
the Netherlands and the UK.
FINANCIAL PERFORMANCE
In FY22, Frasers Property Industrial achieved a profit before
interest, fair value change, taxation and exceptional items of
$460.4 million. As at 30 September 2022, our total industrial and
logistics assets under management was $11.2 billion, with a
$1.3 billion development pipeline and land bank of 2.7 million sqm.
The portfolio consists of 161 properties, with net lettable area of
4.2 million sqm.
Our business model is resilient, with the majority of our capital
invested in income-producing investment property assets
supplemented by a significant development pipeline. Our pipeline
has a combination of pre-leased and speculative developments,
with the latter supported by strong rental growth arising from
record low vacancy levels in our core markets.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 70
B U S I N ES S R E V I E W – I N D U S T R I A L
AUSTRALIA
In FY22, to further meet strong
demand for industrial spaces in
strategic locations, we acquired
516,000 sqm of land, ending the
year with a total of 2.2 million sqm
in our industrial, logistics and
commercial land bank in Australia.
New acquisitions included 311,000
sqm in western Sydney, New
South Wales, and 205,000 sqm in
Cobblebank, Victoria.
Throughout the year, we delivered
185,000 sqm of facilities across
four locations in Victoria and one
in Queensland. As at 30 September
2022, our industrial and logistics
portfolio in Australia comprised 92
properties with 100% occupancy
and weighted average lease expiry
of 4.8 years on the back of robust
leasing activity and rental growth,
with many renewals conducted with
long-term repeat customers.
We strengthened our development
pipeline with 14 warehouses
totalling 404,000 sqm. This includes
the 21,000 sqm facility for National
Tyre and Wheel at Berrinba Logistics
Park, which is now fully leased. We
also completed four facilities across
Victoria, including IVE Group’s
31,000 sqm built-to-suit warehouse
at Braeside Industrial Estate.
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 Park
2A Johnston Crescent, Horsley Park
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
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, Truganina
30 Oldham Road, Epping
25-51 Fox Drive, Dandenong South
17 Droomer Way & 12 Hurst Drive,Tarneit2
2-14 Chadderton Blv & 20 Oldham Rd, Epping2
26-34 Beyer Road, Braeside1
Commercial
Freshwater Place, Public Car Park, Southbank
Total
Includes right-of-use assets as at 30 September 2022.
1
2 New asset.
Effective
interest
as at
30 Sep 22
(%)
Book value
as at
30 Sep 22
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy
FY22 (%)
FY21 (%)
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
42.6
128.2
75.3
77.6
66.6
69.4
56.2
52.6
57.0
46.41
65.31
18.0
43.0
46.4
27.0
36.7
55.8
31.7
41.6
58.2
62.8
65.2
46.4
37.4
64.1
64.2
76.3
70.5
52.4
69.8
67.3
17.7
22.2
91.7
26.7
29.1
20.7
19.0
17.6
25.7
18.9
26.3
12.4
21.0
22.7
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
28.1
38.1
31.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
-
-
-
State
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
QLD
QLD
QLD
QLD
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
100.0
15.4
1,787.4
11.8
892.4
-
-
FRASERS PROPERTY LIMITED
71
This marked the fifth facility that we
had built for IVE Group and our first
warehouse to incorporate the new
cutting-edge building design under
our Premium Estates approach.
We launched this approach this
year as an innovative industry-first
design concept to ensure healthy,
sustainable and high-performing
work environments across our
Australian portfolio.
At 4Ten Epping we finished the
speculative facility comprising
three state-of-the-art warehouses
for Crusader Caravans, Intel
Engineering and Kitchen Warehouse.
In FY22, we secured 14 pre-
committed leases totalling 273,000
sqm around Australia. At Vantage
Yatala in Queensland, Goodyear
signed the estate’s first lease for
a 25,520 sqm facility, while Silk
Contract Logistics’ committed to
a 12,726 sqm facility at Canvas
West in Tarneit. One of the busiest
estates for leasing transactions
was Rubix Connect in Dandenong,
Victoria. Leases were signed with
Décor Group, textile company
Nolan Group Australia and Zenexus,
one of Australia’s largest hardware
suppliers, among others.
Development Projects (Australia)
Site
Effective
interest
as at
30 Sep 22
(%)
Est. total
area
(‘000 sqm)
State
Developments for internal pipeline
The YARDS, Kemps Creek West, Altis JV (TTI)
The YARDS, Kemps Creek West, Altis JV (Prelease21)
The YARDS, Kemps Creek West, Altis JV (Prelease31)
The YARDS, Kemps Creek West, Altis JV (Prelease41)
The YARDS, Kemps Creek West, Altis JV (Prelease51)
Rubix Connect, Dandenong South (Zenexus and Nolan Group) VIC
VIC
Rubix Connect, Dandenong South (Décor & Spec)
QLD
Yatala Central, Yatala, (GMK Logistics)
QLD
Vantage Yatala, Stapylton (Goodyear)
QLD
Vantage Yatata, Stapylton (National Tiles & Spec)
Vantage Yatala, Stapylton (Prelease11)
QLD
QLD
Berrinba Logistics Park, Berrinba (National Tyre & Wheel)
NSW
NSW
NSW
NSW
NSW
Developments for third party sale
Macquarie Exchange – MQX4, Macquarie Park (Ascendas REIT) NSW
QLD
Richlands (EG Funds)
1 Lease has been signed, confidential.
Industrial & Commercial Land Bank (Australia)
49.9
49.9
49.9
49.9
49.9
100.0
100.0
100.0
100.0
100.0
100.0
100.0
50.0
100.0
74.1
26.3
29.2
17.9
27.2
23.0
41.7
22.6
25.5
26.8
36.6
21.0
19.5
12.2
Site
Industrial
Kemps Creek East
Horsley Park
Epping
Stapylton
Kemps Creek West
Cobblebank
Dandenong South
Tarneit
Archerfield
Kemps Creek
Commercial
Macquarie Park
Mulgrave
1 Developable land area.
State
NSW
NSW
VIC
QLD
NSW
VIC
VIC
VIC
QLD
NSW
NSW
VIC
To go
(%)
66.0
100.0
100.0
100.0
100.0
36.0
89.0
87.0
100.0
100.0
100.0
64.0
Target
completion
date
4Q FY23
4Q FY23
4Q FY23
4Q FY23
1Q FY24
1Q FY23
3Q FY23
2Q FY23
3Q FY23
4Q FY23
3Q FY23
2Q FY23
22.0
36.0
1Q FY23
2Q FY23
Effective
interest
as at
30 Sep 22
(%)
Est. total
saleable
area1
(‘000 sqm)
100.0
100.0
100.0
100.0
49.9
100.0
100.0
100.0
100.0
100.0
50.0
50.0
572.0
317.5
281.5
253.5
188.6
204.6
152.8
101.8
58.2
40.2
58.6
32.0
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
72
B U S I N ES S R E V I E W – I N D U S T R I A L
EUROPE
We continued to strengthen and
grow our European portfolio in
the core markets of Germany
and the Netherlands. As at 30
September 2022, our industrial
and logistics portfolio in Europe
comprised 60 properties with 97.8%
occupancy and a weighted average
lease expiry of 5.9 years.
Construction commenced at KAN
Logistics Park, an 11-hectare estate
in Bemmel, Netherlands. Located
at Knooppunt Arnhem Nijmegen,
the estate will feature two extensive
distribution centres split into four
units, totalling 63,000 sqm including
office and mezzanine space.
In Dusseldorf, Germany, we
began the redevelopment of The
Tube, a 74,000 sqm sustainable
industrial and commercial park.
Demolition works are being
conducted according to a detailed
resource-saving concept to
minimise construction waste
and save recyclable materials for
reprocessing. The Tube is aiming
for a gold certification from the
DGNB German Sustainable Building
Council for the demolition process
of the 120-year-old factory.
This certification will be an
industry-first, demonstrating
our commitment to high quality
sustainability outcomes.
In the Netherlands, we built two
speculative developments. We
completed our first brownfield
development, the 12,000 sqm DC
Hazeldonk warehouse, strategically
located between two of Europe’s
largest ports in West Brabant. In
the industrial area of Roerstreek-
Noord, we delivered Frasers Park
Roermond, a 33,000 sqm state-of-
the-art warehouse.
Industrial Properties (Europe)
Properties
Location
Effective
interest
as at
30 Sep 22
(%)
Book value
as at
30 Sep 22
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy
FY22 (%)
FY21 (%)
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
Austria1
Styriastraße 15
Cargo Nord, Objekt 3
Cargo Nord, Objekt 10-12
Schemmerlstraße 72
The Netherlands
Hazeldonk 6308
Ringweg 19-21
Hazeldonk 6801
Total
Bielefeld
Bielefeld
Dreieich
Duisburg
Duisburg
Egelsbach
Gaggenau
Günzburg
Hamburg
Hanau
Kirchheim
Kleinkötz
Magstadt
Mülheim
Remscheid
Saarwellingen
Saarwellingen
Überherrn
Graz
Vienna
Vienna
Vienna
Breda
Roermond
Breda
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
100.0
100.0
43.2
32.8
21.3
95.1
70.1
71.4
27.2
20.6
93.7
4.7
54.9
45.7
12.7
90.6
18.2
5.6
9.3
29.4
40.8
41.72
24.92
49.3
10.1
47.7
22.3
983.3
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
26.6
10.4
9.3
24.8
8.3
33.4
11.5
661.6
100.0
100.0
81.8
100.0
100.0
100.0
97.8
99.3
100.0
97.4
100.0
100.0
100.0
85.2
81.4
100.0
100.0
100.0
99.2
100.0
43.6
100.0
100.0
100.0
100.0
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
-
-
1 Held for sale.
2
Includes right-of-use assets as at 30 September 2022.
FRASERS PROPERTY LIMITED 73
The European portfolio achieved
strong leasing activity throughout
the year, securing 336,000 sqm of
renewals and new leases. Notable
transactions included the leasing
commitment with logistics service
provider Neele-Vat at DC Hazeldonk,
and the lease secured with global
shipping and logistics company
UPS at Frasers Park Roermond for
the 33,000 sqm tenancy.
Frasers Park Roermond, The Netherlands
Braeside Industrial Estate, Victoria, Australia
Development Projects (Europe)
Properties
The Netherlands
KAN Logistics Park, Veilingweg 16
Location
Bemmel
Land Bank (Europe)
Properties
Location
Germany
Reisholzer Henkelstraße 37 and
Henkelstraße 209
Alois Mengele Str. 12
Adolf-Dambach-Straße 52
The Netherlands
KAN Logistics Park, Veilingweg 16
Lageweg 15
Düsseldorf
Günzburg
Gaggenau
Bemmel
Breda - De Posthoren
1 Developable land area.
2 Operating assets ear-marked for future re-development.
Effective
interest
as at
30 Sep 22
(%)
Est.
lettable
area
(‘000 sqm)
To go
(%)
Target
completion
date
100.0
33.3
75.5
4Q FY23
Effective
interest
as at
30 Sep 22
(%)
Est.
total
saleable
area
(‘000 sqm)1
100.0
140.9
94.9
100.0
97.0
78.8
100.0
98.8
53.0
98.8
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 74
B U S I N ES S R E V I E W – I N D U S T R I A L
FRASERS LOGISTICS &
COMMERCIAL TRUST
Building on strong portfolio
fundamentals, Frasers Logistics &
Commercial Trust (FLCT), ensured
its 105 high-quality industrial and
commercial properties, worth
approximately $6.7 billion1 as at
30 September 2022, remained
competitively positioned and well-
occupied in FY22. Occupancy
stood at 100.0% for the industrial
and logistics portfolio, and 91.2%
for the commercial and business
parks portfolio for the year. The
weighted average lease expiry for
the entire portfolio was 4.5 years,
as at 30 September 2022.
FLCT was able to leverage the
strength of its high-quality portfolio
to deliver a credible financial
performance amid a volatile year
marked by uncertainties in the macro
environment including rising inflation
and interest rates. Distribution
per unit dipped by 0.8%, from
7.68 cents to 7.62 cents in FY22.
Distributable income was up 4.3%
on a full-year basis from $270.1
million to $281.8 million in FY22
due to a higher capital distribution of
$15.0 million in FY22, compared to
$3.3 million the year before.
2 Hanson Place, Eastern Creek, New South Wales, Australia
During the year, Frasers Logistics
& Commercial Trust rebalanced its
portfolio by acquiring approximately
$342.0 million2 of assets comprising
predominantly industrial and
logistics properties in the UK and
Australia, as well as a prime high-
quality suburban office building
in Australia. It also divested Cross
Street Exchange in Singapore on
31 March 2022 for $810.8 million,
representing a 28.3% premium to
its book value of $632.0 million as
at 30 September 2021.
Subsequent to the year end in
October 2022, Frasers Logistics
& Commercial Trust completed
the sale of a leasehold logistics
property at 2-46 Douglas Street
in Port Melbourne, Australia, for
approximately A$41.5 million
($38.2 million3), at a significant
premium to its book value of
A$21.8 million ($20.0 million4)
as at 30 September 2022.
Frasers Logistics & Commercial Trust – Industrial Properties (Australia)
Properties
8 Stanton Road
Lot 1, 2 Burilda Close
4-8 Kangaroo Avenue
17 Kangaroo Avenue
21 Kangaroo Avenue
7 Eucalyptus Place
6 Reconciliation Rise
8-8A Reconciliation Rise
3 Burilda Close
Lot 104 & 105 Springhill Road
8 Distribution Place
Effective
interest
as at
30 Sep 22
(%)
Book value
as at
30 Sep 22
($’m)
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
30.8
47.31
113.0
64.3
92.1
47.8
60.6
67.1
67.41
23.41
34.9
Lettable
area
(sqm)
10,708
14,333
40,543
23,112
41,401
16,074
19,218
22,511
20,078
90,661
12,319
Occupancy
FY22 (%)
FY21 (%)
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
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
1
Includes right-of-use assets as at 30 September 2022.
1
Includes a 50% effective interest in Central Park, Perth, Australia. Book value as at 30 September 2022, excluding the property at 2-46 Douglas Street,
Port Melbourne, Australia, which was divested on 24 October 2022, the three properties under development in the UK and right-of-use assets.
2 Based on the values reported by Frasers Logistics & Commercial Trust in the respective acquisition announcements.
3 Based on exchange rate of A$1: $0.9205.
4 Based on exchange rate of A$1: $0.9188.
FRASERS PROPERTY LIMITED
75
Frasers Logistics & Commercial Trust – Industrial Properties (Australia) (Cont’d)
Properties
10 Stanton Road
99 Station Road
1 Burilda Close
11 Gibbon Road
2 Hanson Place
55-59 Boundary Road
57-71 Platinum Street
166 Pearson Road
51 Stradbroke Street
30 Flint Street
143 Pearson Road
286 Queensport Road
350 Earnshaw Road
103-131 Wayne Goss Drive
99 Shettleston Street
10 Siltstone Place
29-51 Wayne Drive
18-34 Aylesbury Drive
16-32 South Park Drive
29 Indian Drive
17 Hudson Court
21-33 South Park Drive
43 Efficient Drive
22-26 Bam Wine Court
89-103 South Park Drive
98-126 South Park Drive
1-13 and 15-27 Sunline Drive
468 Boundary Road
2-22 Efficient Drive
49-75 Pacific Drive
17 Pacific Drive & 170-172 Atlantic Drive
78 & 88 Atlantic Drive
150-168 Atlantic Drive
77 Atlantic Drive
111 Indian Drive
1 Doriemus Drive
211A Wellington Road
25-29 Jets Court
17-23 Jets Court
28-32 Sky Road East
38-52 Sky Road East
96-106 Link Road
115-121 South Centre Road
42 Sunline Drive
8-28 Hudson Court
1 Magnesium Place
11 Magnesium Place
17 Magnesium Place
75-79 Canterbury Road
60 Paltridge Road
State
NSW
NSW
NSW
NSW
NSW
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
QLD
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
WA
1
Includes right-of-use assets as at 30 September 2022.
Effective
interest
as at
30 Sep 22
(%)
Book value
as at
30 Sep 22
($’m)
Lettable
area
(sqm)
Occupancy
FY22 (%)
FY21 (%)
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
21.6
20.0
30.5
118.01
50.4
91.4
22.0
56.0
52.6
34.9
26.8
49.4
48.0
68.9
37.7
19.8
19.7
30.2
35.8
24.3
45.0
45.0
36.8
35.8
30.6
20.7
51.5
48.2
47.8
65.9
48.5
51.5
28.0
51.5
32.2
50.1
121.3
48.2
18.41
13.21
13.61
46.81
36.21
8.41
26.6
46.4
22.2
15.9
17.9
27.6
10.1
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
15,186
9,797
15,456
21,493
12,729
21,854
21,271
22,106
23,088
17,606
10,425
28,062
26,153
24,732
38,335
25,163
30,004
13,495
27,272
15,095
21,660
74,546
7,175
15,544
9,869
12,086
46,231
18,599
3,085
14,636
25,762
9,489
7,314
8,286
14,263
20,143
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
-
-
-
100.0
100.0
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
7676
B U S I N ES S R E V I E W – I N D U S T R I A L
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
Saalhoffer Straße 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
1
Includes right-of-use assets as at 30 September 2022.
Effective
interest
as at
30 Sep 22
(%)
Book value
as at
30 Sep 22
($’m)
Lettable
area
(sqm)
Occupancy
FY22 (%)
FY21 (%)
20.5
20.5
20.3
20.5
19.5
20.5
20.5
20.5
20.5
20.3
20.3
20.5
20.5
20.5
20.5
20.5
20.5
20.3
20.5
20.5
20.3
20.5
20.3
20.3
20.3
20.1
20.5
20.5
20.3
21.6
21.6
21.6
21.6
21.6
21.6
21.6
23.6
28.4
88.2
75.2
77.8
24.6
22.1
27.0
15.9
113.21
24.5
50.2
22.0
27.4
16.6
124.0
57.9
34.8
67.3
64.3
55.0
63.8
60.2
94.4
123.0
49.7
83.3
63.9
47.2
123.7
28.2
80.2
49.1
49.8
37.9
16,831
20,679
43,756
24,525
55,007
14,193
11,537
17,795
9,389
44,221
12,304
31,957
12,960
11,491
13,352
72,558
21,104
19,404
13,142
11,534
13,014
44,501
23,291
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
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
70.6
4,712.0
19,534
2,277,663
100.0
100.0
FRASERS PROPERTY LIMITED
7777
LOOKING AHEAD
Frasers Property Industrial will
continue to drive long-term
value creation as an integrated,
focused, and resilient business
prioritising customer-centricity
and sustainability. In order for
us to move closer towards our
sustainability targets, we have
enhanced both our data
capabilities and collaboration
with our customers.
The business remains well-
positioned to leverage further
opportunities from increased
customer demand for high-quality
spaces in our markets. Our end
to end capabilities and customer-
focused approach mean we are
uniquely positioned to capitalise
on these opportunitities as they
emerge, whilst continuing to deliver
high sustainability outcomes.
4Ten Epping, Victoria, Australia
Frasers Logistics & Commercial Trust – Commercial Properties
Properties
City/State
Effective
interest
as at
30 Sep 22
(%)
Book value
as at
30 Sep 22
($’m)
Australia
357 Collins Street
Caroline Chisholm Centre
545 Blackburn Road
Central Park1
Singapore
Alexandra Technopark
United Kingdom
Farnborough Business Park
Maxis Business Park
Blythe Valley Business Park
Total
Melbourne, VIC
Canberra, ACT
Melbourne, VIC
Perth, WA
21.6
21.6
21.6
10.8
315.1
225.1
55.4
307.8
Lettable
area
(sqm)
31,822
40,244
7,311
66,047
Occupancy
FY22 (%)
FY21 (%)
94.4
100.0
100.0
94.5
95.7
100.0
-
84.4
Singapore
21.6
662.0
96,088
93.4
96.5
Farnborough
Bracknell
Birmingham
21.6
21.6
21.6
266.5
91.0
206.2
2,129.1
50,743
17,859
42,190
352,304
75.6
100.0
81.9
85.2
100.0
90.5
1 Book value is based on Frasers Logistics & Commercial Trust’s 50% effective interest in the property.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
78
B U S I N ES S R E V I E W
H O S P I TA L I T Y
Capri by Fraser, Bukit Bintang,
Malaysia
FRASERS PROPERTY LIMITED 79
FRASERS HOSPITALITY’S RESILIENCE AND AGILITY
IN RIDING THE CHALLENGES OF THE PANDEMIC
ENABLED OUR PROPERTIES TO PIVOT AND PICK
UP PACE AS BORDER RESTRICTIONS EASED AND
GLOBAL TRAVEL RETURNED.
As countries transitioned to an endemic COVID-19 phase,
Frasers Hospitality stepped up our marketing activities to
capitalise on the returning appetite for travel. To tackle global
manpower shortages, we leveraged technology to meet guests’
evolving needs and adapted our service offering to customers
whose expectations have also shifted to contactless options. A
new website, rolled out in November 2021, further delivered a
more intuitive brand-direct user experience, faster load times and
a seamless interface.
With our enhanced geographical clustering and improved cost
structures, cluster-led teams focused on staying highly committed
to Fraser Cares, our programme built around cleanliness,
sustainability and reservation flexibility. This allowed us to
optimise room revenue and occupancies to boost portfolio
performance as our properties started to receive a surge in
enquiries, particularly for business travel.
FINANCIAL PERFORMANCE
The opening of international borders in many countries
accounted for the profit before interest, fair value change,
taxation and exceptional items (PBIT) of $28.0 million in the first
half of FY22 as compared to the loss before interest, fair value
change, taxation and exceptional items of $38.0 million for the
corresponding period in FY21.
As the pace of domestic and international travel continued to
pick up, we achieved PBIT of $72.9 million in the second half of
FY22 against $42.4 million for the corresponding period in FY21.
This resulted in our full-year PBIT increasing to $100.9 million in
FY22 from $4.4 million in FY21.
In April 2022, we successfully divested the freehold reversionary
interest of Sofitel Sydney Wentworth to Frasers Hospitality Trust,
which then amalgamated the land title to on-sell the hotel for
approximately $310.3 million. The Group recognised a divestment
gain of approximately $132.9 million from this transaction.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 80
B U S I N ES S R E V I E W – H O S P I TA L I T Y
EUROPE, MIDDLE EAST
AND AFRICA
As general pandemic-related
restrictions lifted in the UK, demand
for our properties in London and
the regional cities increased
significantly from March 2022.
Our Malmaison and Hotel du
Vin properties, with their strong
branding and strategic locations,
were especially popular among
both domestic and international
travellers. Despite re-opening
challenges as we brought our
properties back to our high
operating standards amid staff
shortages, our properties registered
better occupancy levels than the
previous year.
Continental Europe went back into
lockdown with the onset of the
Omicron strain, resulting in mass
cancellations of major events and
affecting our properties which had
partially opened from October 2021.
As restrictions eased, we eventually
saw all properties across Europe
fully re-open from May 2022.
Our properties in the Middle East
continued to perform well, with
Fraser Suites Riyadh registering
the best performance, exceeding
its pre-COVID occupancy levels.
Operational preparations, as well as
cross-selling efforts, are underway
for World Cup 2022, taking place
from mid-November to December
2022 in Doha, Qatar.
Fraser Suites Riyadh, Saudi Arabia
ASIA PACIFIC
In Singapore, all three serviced
residences and two hotel
residences, Capri by Fraser
Changi City and Capri by Fraser
China Square, catered to large
volumes of corporate travellers
once business travel resumed. All
properties surpassed pre-COVID
occupancy levels, with Capri by
Fraser Changi City capping its 10th
anniversary in September 2022
with the best performance since
its opening. Digital initiatives, like
the installation of self check-in
kiosks at Capri by Fraser Changi
City and Capri by Fraser China
Square, complemented operational
demands as we operated at
full capacity.
Similarly, the easing of border
restrictions in Malaysia, Vietnam,
Thailand and Indonesia saw
occupancy growth and uplifts in
average room rates across all our
properties as we shifted our focus
from domestic staycations to
regional and international corporate
travel. In Vietnam, we opened our
second property, Fraser Residence
Hanoi, and added another 96
studios and one-bedroom units
at Fraser Suites Hanoi with the
opening of a new wing in May 2022.
Occupancies in our Australian
properties also rebounded when
international borders re-opened
in February 2022. Capri by Fraser
Brisbane was also the first property
in our portfolio to replace check-in
counters with check-in kiosks as
part of Frasers Hospitality’s digital
transformation journey.
We marked our entry into Cambodia
this year with management
agreements signed for three
properties in Phnom Penh. The first
property, Capri by Fraser Phnom
Penh, is slated to open in the first
quarter of 2023.
FRASERS PROPERTY LIMITED
81
Modena by Fraser Hong Kong, China
NORTH ASIA
Occupancies in China continued
to be affected by COVID-19
control measures, particularly
between March and May 2022 when
Shanghai was in heavy lockdown.
However, long-stay demand in
first-tier cities, such as Shanghai
and Shenzhen, remained strong
with properties achieving high
occupancies of 80.0% to 90.0%
despite the control measures.
Domestic stays recovered strongly
in the summer months of July and
August 2022, especially at Fraser
Suites Dalian, Fraser Residence
Chengdu and Modena by Fraser
Changsha.
We also opened Modena by
Fraser Hong Kong at the vibrant
Tsim Sha Tsui this year and made
preparations for the opening of
Fraser Residence Tianjin, Fraser
Suites Pazhou, Guangzhou, Fraser
Residence Nanjing and Fraser Place
Chengdu, which were delayed due
to city-level lockdowns.
In South Korea, Fraser Place
Namdaemun remained closed for
the year, while Fraser Place Central
Seoul’s long-stay base continued
to attract steady occupancies. In
Japan, Fraser Residence Osaka
continued to be supported by
demand generated from domestic
campaigns while preparing for the
resumption of international travel.
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 22
(%)
100.0
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
FY22 (%)
FY21 (%)
Average daily rate
FY22
FY21
Book value
as at
30 Sep 22
(‘m)
236
112
239
259
108
69
97
313
164
304
153
143
154
2,351
76.2
90.7
58.5
56.9
78.4
84.7
87.5
90.6
87.6
73.8
52.6
73.3
52.6
80.1
74.3
33.9
58.7
A$206.7
A$40.9
A$196.3
RMB 423.0
A$174.8
A$49.6
A$150.5
RMB 416.1
A$85.0
A$27.5
A$81.5
RMB 325.0
59.9
US$93.8
US$90.5
US$22.1
61.0
58.1
97.5
75.5
100.0
28.1
32.8
23.3
£281.4
€118.8
£259.5
€64.6
£107.6
€20.8
$164.1
$81.8
$175.0
$283.8
$240.4
$190.0
$146.7
€127.2
€112.0
€203.5
$65.0
€89.3
€68.5
€167.5
$261.0
€35.5
€31.0
€63.6
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 82
B U S I N ES S R E V I E W – H O S P I TA L I T Y
Managed Properties
Country
Property
Bahrain
China
France
Germany
Indonesia
Japan
UK
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
Modena by Fraser Nanjing
Modena by Fraser Hong Kong
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 Place Puteri Harbour
Capri by Fraser, Johor Bahru
Capri by Fraser, Bukit Bintang
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
Fraser Residence Hanoi
Total no. of rooms (under management)
No. of
units
Occupancy
FY22 (%)
FY21 (%)
91
114
187
370
332
120
172
192
224
262
211
185
220
36
134
135
151
128
151
114
224
19
26
12
14
22
297
316
321
126
120
226
95
115
271
252
67
185
239
101
152
116
80
268
280
175
216
7,864
72.0
65.3
92.0
68.6
66.4
63.3
59.7
59.2
66.7
51.4
85.3
62.6
28.5
89.5
71.3
74.6
46.9
71.4
76.7
43.7
25.1
79.6
38.9
20.8
14.1
55.5
44.7
42.2
38.2
61.4
65.3
73.9
86.4
88.0
86.4
-
68.8
75.1
20.6
47.0
45.9
88.0
95.6
77.4
78.0
46.1
18.3
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
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
-
FRASERS PROPERTY LIMITED Fraser Residence Nankai Osaka, Japan
83
LOOKING AHEAD
While it would appear the worst
is over and our properties are
benefitting from the returning
demand from business and leisure
travellers, we continue to grapple
with the lingering pandemic impact,
particularly with China remaining
firm on its zero-COVID stance.
We anticipate headwinds as well
from the political turmoil in Europe
and global inflationary pressures.
Cost-efficient management of our
properties and cluster synergies
will still guide our operations as
we apply best practices and focus
on brand-direct goals in sales
and marketing and the corporate
extended stay space.
To address manpower shortages,
we are prioritising talent acquisition
and staff retention even as we
progressively embed technology
into systems and operations to
meet evolving consumer needs
and mitigate potential service gaps,
without compromise to the genuine
care Frasers Hospitality has come
to be known for.
To capture returning travel demand
with borders re-opening, we will
move ahead to gradually add
properties in strategic gateway cities.
Hotel du Vin Wimbledon, United Kingdom
Property Under Development
Country
Property
Effective
interest
as at
30 Sep 22
(%)
Est. no.
of units
Book value
as at
30 Sep 22
(’m)
Target
Opening
Japan
Capri by Fraser, Ginza
100.0
244
¥14,800
2024
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 84
B U S I N ES S R E V I E W – H O S P I TA L I T Y
Malmaison and Hotel du Vin Group of Hotels
Property
United Kingdom
Effective
interest
as at
30 Sep 22
(%)
No. of
units
Occupancy
Average daily rate
FY22 (%)
FY21 (%)
FY22 (£)
FY21 (£)
Book value
as at
30 Sep 221
(£ ‘m)
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 Avon Gorge Bristol
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
79.0
76.1
72.8
70.3
70.4
75.2
71.5
70.5
65.2
70.2
77.7
75.8
66.2
85.2
77.0
78.3
75.6
75.7
82.7
80.5
76.5
76.7
79.0
82.0
73.1
74.1
75.8
78.7
81.1
77.9
80.0
78.7
74.2
78.6
78.2
77.6
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
106.0
135.1
126.9
95.9
141.3
136.0
114.8
121.5
197.4
114.6
121.4
212.0
114.6
158.3
133.9
179.1
146.8
142.3
188.6
160.0
178.6
137.6
211.3
193.5
141.7
165.8
125.8
154.8
214.9
153.1
183.1
178.9
139.6
160.0
138.4
132.5
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
0.6
7.5
0.7
0.3
14.2
7.1
11.5
13.4
2.5
0.9
0.5
0.8
12.3
3.9
7.6
-
-
10.1
13.1
6.9
8.0
7.5
11.3
8.8
5.9
6.6
2.7
3.8
6.2
5.3
11.8
3.7
6.2
19.0
7.2
6.2
1 Excludes right-of-use (ROU) assets recognised under SFRS(I) 16 Leases. Including ROU assets, the book value as at 30 September 2022 is
£454.4 million.
FRASERS PROPERTY LIMITED 85
As at 30 September 2022, Frasers
Hospitality Trust’s gearing stood at
36.4%, and interest coverage ratio
for FY22 was 2.6 times.
Frasers Hospitality Trust convened a
scheme meeting on 12 September
2022 to seek the approval for
its privatisation by way of a trust
scheme of arrangement by the
stapled securityholders. The
resolution of stapled securityholders
to approve the trust scheme was
not passed at this scheme meeting.
Frasers Hospitality Trust remains
listed on the SGX-ST and will
continue to execute its existing
strategy to create and deliver
long-term value to its stapled
securityholders.
Novotel Melbourne on Collins, Victoria, Australia
FRASERS HOSPITALITY
TRUST
Frasers Hospitality Trust’s portfolio
comprises 14 quality assets in prime
locations across nine gateway cities
in Asia, Australia and Europe with
a combined appraised value of
approximately $1.9 billion, as at 30
September 2022. The eight hotels
and six serviced residences in the
portfolio offer a total of 3,477 keys.
In FY22, Frasers Hospitality Trust
delivered gross revenue of $95.9
million and net property income of
$69.6 million, marking year-on-year
increments of 12.1% and 20.7%,
respectively. The improved financial
performance reflected a gradual
recovery from the pandemic,
partially offset by the loss of
contribution from the divestment
of Sofitel Sydney Wentworth
during the year.
Income available for distribution
for FY22 rose year-on-year by
66.3% from $21.0 million to $35.0
million. Accordingly, the distribution
per stapled security increased by
66.4%, from 0.98 cents in FY21 to
1.64 cents in FY22.
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
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
Germany
Total no. of rooms owned and managed
Effective
interest
as at
30 Sep 22
(%)
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 22
(‘m)
$509.0
$294.0
RM380.0
¥16,200.0
A$133.0
A$109.0
A$235.0
£9.6
£16.3
£57.8
£19.8
£41.1
£37.8
€59.0
No. of
units
406
255
443
593
201
230
380
98
75
105
84
171
108
328
3,477
1 Excludes right-of-use (ROU) assets recognised under SFRS(I) 16 Leases. Including ROU assets, the book value as at 30 September 2022 is
A$112.3 million.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 86
B U S I N ES S R E V I E W
T H A I L A N D &
V I E T N A M
Samyan Mitrtown,
Bangkok, Thailand
FRASERS PROPERTY LIMITED 87
T H A I L A N D
WE CONTINUED TO DRIVE SYNERGIES AND
STRENGTHEN THE RESILIENCE OF OUR INTEGRATED
AND DIVERSIFIED REAL ESTATE PORTFOLIO IN
THAILAND, SPANNING RESIDENTIAL, INDUSTRIAL
AND COMMERCIAL PROPERTIES.
Frasers Property holds an 81.8%1 deemed interest in Frasers
Property Thailand, one of the largest real estate developers in the
country by asset size across all asset classes.
Thailand’s economy recovered strongly over the course of FY22,
driven by rebounding tourism and improving private consumption
after the lifting of COVID-19 restrictions. Gross domestic product
growth is forecasted at 3.3% for 2022 and expected to grow at
3.8% in 2023.
Nonetheless, the global macroeconomic trends remain threats to
Thailand’s full recovery. The Bank of Thailand raised the policy
rate by 0.5% to 1.0% as at September 2022 and may consider
further hikes. This, together with rising commodity prices and
costs, will impact real estate. Frasers Property Thailand has put
in place measures to defend revenue and control expenses to
ensure operational resilience.
As at 30 September 2022, we had 75 active residential projects,
owned and managed approximately 240,000 sqm of commercial
and retail net lettable area, managed around 3.3 million sqm
gross floor area of factories and warehouses in Thailand and
Indonesia, and about 1,100 keys of hotel and serviced apartments
in Thailand.
RESIDENTIAL
In FY22, revenue from residential sales was stable year-on-year
at THB 11,420 million ($455.6 million). Despite revenue remaining
largely unchanged, our gross profit margin2 rose significantly from
25.0% in FY21 to 32.0% in FY22 on the back of our new strategy
to develop single-detached houses projects with innovative
amenities to tap the middle-to-upper homebuyers’ segment.
In the townhouse market, we evolved home designs to better
meet the live, play and work needs and sustainability aspirations
of customers. This diversified our housing portfolio and added
resilience to our business.
To enhance our engagement with homebuyers, we added a
loyalty and rewards programme to our Home+ smart application.
This application, which we launched last year, has been well-
received with more than 10,000 downloads.
Throughout FY22, we launched a total of 18 projects, ending the
financial year with 75 active projects. As at 30 September 2022,
unrecognised revenue stood at approximately THB 1,701 million
($67.9 million).
1 As at 30 September 2022, 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.
2 Profit margin is based on TFRS.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 88
B U S I N ES S R E V I E W – T H A I LA N D
Residential Projects Completed or Under Development
Project
Active project2
De Pine
Golden Prestige Watcharapol-Sukhaphiban 5
Golden Town 2 Ngamwongwan-Prachachuen
Golden Town 2 Bangkae
Golden Town 3 Bangna-Suanluang
Golden Town Pattaya Tai-Sukhumvit
Golden Town Petchkasem-Phutthamonthon Sai 3
Golden Town Srinakarin-Sukhumvit
Golden Town Vibhavadi-Chaengwattana
The Island (Courtyard)
Golden Neo 2 Bangkae
Golden City Sathorn
Golden Neo Chaengwattana-Muang Thong
Golden Neo Korat-Terminal
Golden Town Ramintra-Wongwaen
Golden Town Sathorn
Grandio Petchkasem 81
Golden City Chaengwattana-Muang Thong
Golden Neo Khonkaen-Bueng Kaennakhon
Golden Town 4 Ladphrao-Kasetnawamin
Golden Town Ayutthaya
Golden Town Charoenmuang-Superhighway
Golden Town Sriracha-Assumption
Golden Village Chiang Rai-BigC Airport
Golden Neo Siriraj-Ratchapruek
Golden Town 3 Rama 2
Grandio Rattanathibet-Ratchapruek
Golden Neo Suksawat-Rama 3
Golden Town 2 Srinakarin-Sukhumvit
Golden Town Future-Rangsit
Golden Town Siriraj-Ratchapruek
Grandio Vibhavadi-Rangsit
Prestige Rama 2
The Grand Lux Bangna-Suanluang
Golden Neo 3 Rama 2
Golden Town Petchkasem 81
Golden Town Tiwanon-Chaengwattana
Neo Home Rattanathibet-Ratchapruek
The Grand Vibhavadi 60
Golden Town Phaholyothin-Saphanmai
Golden Town Ratchapruk-Rama 5
Grandio Bangna Km.5
Grandio Sathorn
Neo Home Udon-Prachasanti
Golden Neo Sukhumvit-Lasalle
Golden Town Ngamwongwan-Khae Rai
Golden Town Rattanathibet-Westgate
Prestige Future-Rangsit
Golden Town Phaholyothin-Lumlukka
Prestige Rama 9-Krungthepkreetha
Effective
interest
as at
30 Sep 22
(%)
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
59.3
59.3
59.3
213
153
139
312
379
249
291
405
330
89
172
119
156
491
478
392
107
167
261
128
455
131
476
99
193
424
146
292
491
269
254
237
169
61
212
314
361
124
38
495
193
225
184
147
154
321
290
367
378
114
99.1
98.0
98.6
68.9
98.4
95.2
99.3
99.8
97.3
98.9
87.8
70.6
75.6
76.2
80.8
78.3
72.0
68.9
50.2
-
75.8
61.8
80.7
68.7
13.0
55.4
-
11.0
49.5
16.4
29.9
54.9
1.8
57.4
46.7
42.4
51.0
14.5
21.1
58.0
30.1
2.7
23.9
6.1
27.9
51.4
46.6
12.3
46.3
26.3
1,061
1,327
2,047
1,933
1,857
1,364
1,554
1,213
1,630
1,137
1,668
2,653
1,933
1,099
1,668
2,274
1,478
2,085
1,289
2,085
1,251
1,327
1,137
1,061
2,501
1,327
1,819
1,895
1,516
1,402
2,312
1,554
1,478
2,160
1,289
1,781
1,402
1,706
4,775
1,706
1,819
1,857
2,539
985
2,236
1,819
1,630
1,327
1,478
2,388
99.1
38.3
10.4
22.8
27.9
19.8
20.7
30.6
25.4
46.4
26.7
10.6
24.3
46.3
36.7
29.6
23.5
14.1
22.7
10.7
33.5
10.0
38.9
17.4
37.5
30.0
38.1
32.2
36.5
20.5
20.5
68.0
32.7
32.2
33.0
23.3
26.1
20.0
7.9
36.4
15.9
46.3
46.7
25.6
25.4
23.9
20.9
66.6
27.2
23.2
104.3
50.6
21.4
44.3
51.4
26.8
32.4
37.5
41.7
52.3
45.0
28.2
47.1
50.0
60.8
66.9
34.7
29.7
29.5
22.4
42.1
13.3
43.8
18.3
94.3
40.1
69.5
61.5
55.9
29.0
47.0
106.3
48.6
69.9
42.6
41.2
36.3
34.1
37.8
62.0
28.9
86.0
118.0
25.7
56.6
43.4
33.9
89.4
40.7
55.6
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
1Q FY23
3Q FY23
3Q FY23
3Q FY23
3Q FY23
4Q FY23
4Q FY23
1Q FY24
1Q FY24
1Q FY24
1Q FY24
1Q FY24
1Q FY24
1Q FY24
3Q FY24
3Q FY24
3Q FY24
4Q FY24
4Q FY24
4Q FY24
4Q FY24
4Q FY24
4Q FY24
4Q FY24
1Q FY25
1Q FY25
1Q FY25
1Q FY25
1Q FY25
3Q FY25
3Q FY25
3Q FY25
3Q FY25
3Q FY25
4Q FY25
4Q FY25
4Q FY25
4Q FY25
1Q FY26
1Q FY26
FRASERS PROPERTY LIMITED 89
The Grand Vibhavadi, Bangkok, Thailand
Prestige Rama 2, Samutsakorn, Thailand
Project
Active project (cont’d)2
Golden Neo Chachoengsao-Ban Pho
Golden Neo Ngamwongwan-Prachachuen
Golden Town Angsila-Sukhumvit
Golden Town Chiangrai-BigC Airport
Golden Neo Bangna-Suanluang
Golden Town Sukhumvit-Lasalle
Golden Neo 2 Ramintra-Wongwaen
Grandio 2 Vibhavadi-Rangsit
Grandio Bangkae
Grandio Suksawat-Rama 3
Neo Home 2 Korat-Terminal
Alpina
Golden Town Bangna Km.5
Golden Town Petchkasem-Liap Khlong Thawi
Watthana
Golden Town Rama 9-Krungthepkreetha
Neo Home Angsila-Sukhumvit
Golden Town 4 Rama 2
Golden Town 2 Ramintra-Wongwaen
Grandio Ramintra-Wongwaen
Golden Town Chiang Mai-Kad Ruamchok
Golden Town Vibhavadi-Rangsit
Golden Neo 2 Bangna-Kingkaew
Grandio 2 Rama 2
Golden Town Rangsit–Klong 3
Golden Town Suksawat-Rama 3
Effective
interest
as at
30 Sep 22
(%)
Total no.
of units
% of units
sold
Avg.
selling
price
($ psm)
Est.
saleable
area
(’000 sqm)
Total
GDV
($’m)
Target
completion
date1
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
409
118
492
353
146
239
167
112
257
96
244
131
470
312
303
183
352
289
259
398
398
372
276
495
433
42.8
22.0
23.6
39.1
76.7
71.5
54.5
18.8
70.8
40.6
10.7
74.8
3.8
4.8
3.3
15.8
-
21.1
35.5
36.2
35.2
35.8
4.3
19.4
8.8
1,099
2,047
1,364
1,213
1,592
2,160
1,592
1,857
1,781
2,312
1,061
1,857
1,743
1,857
2,009
1,289
1,516
1,819
1,706
1,630
1,478
1,668
1,895
1,327
2,009
36.1
19.1
37.2
25.4
23.4
17.4
25.3
26.2
62.3
24.3
40.1
87.3
35.5
22.7
23.1
30.2
25.7
20.7
65.2
28.9
28.8
58.8
71.3
35.4
32.0
39.3
38.9
51.1
31.0
36.9
37.7
40.7
49.0
110.1
55.8
42.4
161.6
62.2
41.7
46.1
39.5
38.8
37.4
110.1
47.3
42.7
98.2
134.6
47.2
63.9
3Q FY26
3Q FY26
3Q FY26
1Q FY27
2Q FY23
2Q FY23
2Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY25
2Q FY25
2Q FY25
2Q FY25
2Q FY25
2Q FY26
2Q FY27
2Q FY27
4Q FY26
4Q FY26
2Q FY29
4Q FY32
3Q FY33
4Q FY38
1 Target completion date is the target date for the completion of the last unit.
2 Refers to projects that are partially completed and launched for pre-sales.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
90
B U S I N ES S R E V I E W – T H A I LA N D
Grandio Rattanathibet-Ratchaphruek, Nonthaburi, Thailand
Residential Land Bank
Site
Bangna
Rama 2
Chiangrai
Ramintra-Wongwaen
Rangsit
Sukhumvit
Ladphrao-Kasetnawamin
Sathorn
Condo-Sathorn
Suk Sawat
Rayong
Condo-Ratchada
Kasetnawamin
Effective
interest
as at
30 Sep 22
(%)
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
59.3
Est. total
no. of
units
Est. total saleable
area
(’000 sqm)
1
847
371
2
842
533
89
112
427
1
1
122
358
5.2
87.0
70.1
9.2
151.8
69.2
26.4
9.6
2.6
7.0
120.3
0.4
49.9
Total
GDV
($’m)
1.4
104.0
26.2
2.9
92.6
134.2
41.7
21.4
39.9
2.0
10.3
16.9
104.6
FRASERS PROPERTY LIMITED 91
INDUSTRIAL
Frasers Property Thailand has
established itself as a major
developer and manager of industrial
and logistics properties with over 900
strategically located assets. As part
of active capital management, we
recycled over 78,000 sqm of quality
industrial assets in FY22, valued at
approximately $68.5 million, to Frasers
Property Thailand Industrial Freehold
& Leasehold REIT.
During the year, to provide a
springboard for future growth, we
increased our stake in PT SLP Surya
TICON Internusa and PT Surya
Internusa Timur, which operate a
logistics and industrial warehouse
portfolio of approximately 150,000
sqm in Indonesia in the Karawang,
Banjarmasin and Makassar areas.
We will continue to focus on build-
to-suit facilities that integrate
digitalisation, technology and
innovation, including robotics, flexible
automation and the internet-of-things,
to improve our level of service and to
meet our customers’ needs.
Industrial & Logistics Completed Properties
Amata City Industrial Estate, Rayong, Thailand
Site Cluster
Thailand
Northern Bangkok
Central Region
Eastern Region
Outer Region
Indonesia
Karawang
Makassar
Banjarmasin
Effective
interest
as at
30 Sep 22
(%)
Book value1
as at
30 Sep 22
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy2
FY22 (%)
FY21 (%)
59.6
59.6
59.6
59.6
44.7
59.6
59.6
279.9
581.7
335.6
178.0
95.4
8.2
8.3
222.0
427.2
248.5
73.8
128.6
11.4
9.7
81.0
87.0
79.0
76.0
64.6
100.0
100.0
71.0
87.0
89.0
83.0
-
-
-
1 Inclusive of vacant land.
2 Includes occupanices for asset under management.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
92
B U S I N ES S R E V I E W – T H A I LA N D
FYI Center, Bangkok, Thailand
Industrial & Logistics Development Projects
Site
Frasers Property Logistics Center, Bangplee 2 Samutprakarn
Frasers Property Logistics Park, Wangnoi 2 Ayutthaya
Frasers Property Logistics Center, Bangplee 7 Samutprakarn
Bangkok Logistics Park, Puchaosamingprai Samutprakarn
Industrial & Logistics Land Bank1,2
Site Cluster
Industrial
Northern Bangkok
Central Region
Eastern Region
Outer Region
Logistics
Northern Bangkok
Central Region
Eastern Region
Outer Region
1 Development projects and land bank are subject to planning approvals.
2 Excludes non-core bank.
Effective
interest
as at
30 Sep 22
(%)
59.6
59.6
59.6
44.7
Total
area
(’000 sqm)
Target
completion
date
28.1
18.4
19.9
30.8
1Q FY23
2Q FY23
3Q FY23
3Q FY23
Effective
interest
as at
30 Sep 22
(%)
59.6
59.6
59.6
59.6
59.6
59.6
59.6
59.6
Land area
(‘000 sqm)
195
35
234
723
732
893
1,476
716
FRASERS PROPERTY LIMITED 93
COMMERCIAL
Thailand’s commercial segment
consists of commercial office
spaces, retail malls and hospitality
properties. Throughout FY22, our
office and retail spaces continued
to enjoy healthy demand, while our
hospitality portfolio benefitted from
rising tourist arrivals.
As at 30 September 2022, we
recorded an average occupancy
rate of 90.3% for our commercial
portfolio under management,
comprising five properties. Two
of the properties, Park Venture
Ecoplex and Sathorn Square,
are held under Golden Ventures
Leasehold REIT. In September
2022, we completed mixed-used
Silom Edge in the heart of Bangkok
CBD. Silom Edge, which consists of
23,000 sqm office space and
26,000 sqm retail space, has
become a new sandbox community
for start-ups, digital entrepreneurs
and technology firms.
Our hospitality portfolio, comprising
five properties including Modena
by Fraser Bangkok, experienced
a significant rebound as Thailand
fully re-opened its borders in July
2022. The average occupancy rate
improved from 21.7% to 46.7% in
FY22, with September’s occupancy
rate exceeding 66.6%, on the back
of the re-opening of Queen Sirikit
National Convention Center located
across the road. During the year,
we completed the full acquisition
of Mayfair Marriott Executive
Apartment from our sponsored
property fund, Gold Property Fund1.
Frasers Property Thailand also holds
a 51.0% stake in JustCo (Thailand),
one of the country’s largest co-
working operators, offering flexible
and secure workspace in the
city and tapping into the trend of
‘real-estate-as-a-service’.
REITS
The Group has two REITs,
with combined assets under
management of $2.2 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 THB
46.3 billion ($1.8 billion). Golden
Ventures Leasehold REIT – which
Frasers Property Thailand sponsors,
manages and holds a 23.5% stake –
had a portfolio value of about THB
10.9 billion ($0.4 billion).
OTHER INTERESTS
Frasers Property Thailand holds a
51.0% stake in STT GDC Thailand,
a joint venture with ST Telemedia
Global Data Centres. STT GDC
Thailand’s 30,000 sqm hyper-
scale data centre, Thailand’s first,
completed its construction in FY22
and achieved 61.0% occupancy in
its first phase.
In addition, Frasers Property owns
a 19.8% stake in One Bangkok, a
mixed-use development project
under construction in central
Bangkok.
LOOKING AHEAD
We will further diversify our
residential business into single-
detached house and launch
smaller-sized residential projects
to ensure revenue and margin
resilience. Our industrial property
business is expected to leverage
post-pandemic pent-up industrial
demand, with opportunities to
increase rent. In our commercial
business, we will continue to
defend our high retail and office
occupancies, seeking early renewal
of key tenancies to mitigate the risk
of new supply entering the market.
Commercial & Retail Completed Properties
Properties
FYI Center
Silom Edge
Effective
interest
as at
30 Sep 22
(%)
59.3
59.3
Book value
as at
30 Sep 22
($’m)
206.8
110.0
Net
lettable
area
(‘000 sqm)
50.5
20.5
Occupancy
FY22 (%)
FY21 (%)
91.0
55.0
95.0
-
1 Delisted from SET in October 2021.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
94
B U S I N ES S R E V I E W
V I E T N A M
IN VIETNAM, WE ARE STRENGTHENING OUR COMMERCIAL
AND INDUSTRIAL CAPABILITIES, WITH A FOCUS ON
SUSTAINABILITY, INNOVATION AND CUSTOMER-CENTRICITY,
TO CAPITALISE ON VIETNAM’S ECONOMIC UPTURN FOR
FURTHER GROWTH.
Vietnam’s economy is back on track
as its economic recovery gained
momentum, with positive indicators
in foreign direct investments,
domestic consumption and exports
following the re-opening of borders.
According to the latest report from
the government office, Vietnam’s
gross domestic product climbed
13.6% year-on-year in the third
quarter of 2022, hitting 8.8% growth
for the first nine months of the
year, the highest since 2011. Newly
registered capital from foreign
direct investments rose by 11.8%
over the same period last year.
a Grade A office building in Ho Chi
Minh City CBD, and Q2 Thao Dien,
a mixed-use development in Ho
Chi Minh City with office, retail and
residential components.
INDUSTRIAL
In FY22, we added about 120,000
sqm additional land bank to BDIP,
bringing the total site area to
588,443 sqm. BDIP has an estimated
total development value of about
$180 million with over 220,000 sqm
of facilities expected to be delivered
by FY25.
Frasers Property Vietnam’s portfolio
comprises industrial, commercial
and residential businesses. They
include Binh Duong Industrial Park
(BDIP), an industrial project under
development, Melinh Point,
Over the course of the financial
year, we completed the first phase
of the infrastructure upgrade works
at BDIP. Construction for the first
phase, comprising 40,360 sqm
of ready-built facilities, was fully
completed in May 2022 as well.
We achieved 68.4% pre-leasing
rate for these completed ready-
built facilities.
The next phase of construction
of about 100,000 sqm of factories
and warehouses is targeted for
completion in FY23.
BDIP is one of the first few
development projects in Vietnam to
be awarded LEED Gold Certification,
which requires the incorporation
of key design features to improve
productivity, operational efficiency
and the well-being of occupants.
BDIP took home the ‘Best
Industrial Development’ award at
PropertyGuru’s Vietnam Property
Awards 2021 ceremony. This
certification has equal emphasis
on both built and orientation for an
industrial excellence development.
Tapping on our global industrial and
logistics expertise, we will pursue
developing smart, modern and
sustainable industrial parks
in Vietnam.
Industrial & Logistics Properties
Sites
Binh Duong Province
Binh Duong Industrial Park
1 Gross land area is used.
Commercial Completed Properties
Properties
Ho Chi Minh City
Melinh Point
Worc@Q2
Effective
share
(%)
Book value
as at
30 Sep 22
($’m)
Total area
(sqm)
Net
lettable area
(sqm)
Target
completion
date
59.6
126.7
588,4431
220,518
FY23 -FY25
Effective
interest
as at
30 Sep 22
(%)
Book value
as at
30 Sep 22
($’m)
Net
lettable
area
(sqm)
Occupancy
FY22 (%)
FY21 (%)
75.0
70.0
85.0
20.0
17,414
4,994
91.6
71.5
96.2
20.9
FRASERS PROPERTY LIMITED 95
RESIDENTIAL
As at 30 September 2022, we
handed over all sold residential
units, including 332 apartments, 13
shop lots and 18 landed houses at
Q2 Thao Dien. To create a ‘Live-
Work-Enjoy’ concept, we curated
and lined-up lifestyle and retail
offerings at Q2Terrace, the retail
podium with lettable space of
2,810 sqm, to engage the residents,
tenants and community. Q2Terrace
achieved occupancy of 82.3% as at
30 September 2022.
LOOKING AHEAD
We are committed to continuously
improve our offerings. During the
year, we implemented an innovation
and enhancement initiative to
improve our range of products to
better meet customer needs at
new and existing developments.
We also announced a series of
sustainability-related business
initiatives in Vietnam. These include
our goals to achieve Green Building
certification for our projects and
assets under investment such as
BDIP, Melinh Point and Worc@Q2.
We will carry on leveraging our
core capabilities in real estate
development, investment as well as
capital and property management
to support our efforts to build an
integrated platform with a resilient
portfolio.
Binh Duong Industrial Park, Binh Duong Province, Vietnam
COMMERCIAL
As at 30 September 2022, the
total net lettable commercial space
across Melinh Point and Worc@Q2
stands at about 22,500 sqm.
Melinh Point kept a healthy
occupancy at over 90.0%, as at
30 September 2022. With our
ongoing focus to enhance tenant
experiences, tenant retention rate
rose to 80.0% with strong positive
rental reversion.
Worc@Q2 offers flexible office
spaces integrated with thoughtfully
planned amenities and community
spaces that allow tenants and
visitors to connect and collaborate
to create a dynamic and modern
workplace. The property also offers
limited duplex office spaces, the
first of its kind in Vietnam, which
were highly favoured by tenants
who wanted more in terms of the
design for their renovations and
fit-out. The service office tower
secured 71.5% occupancy, as
at 30 September 2022, despite
pandemic-related challenges.
Residential Completed Projects
Projects
Ho Chi Minh City
Q2 Thao Dien – Apartment & Retail
Q2 Thao Dien – Landed
Effective
interest
as at
30 Sep 22
(%)
70.0
70.0
No. of
units
346
18
% Sold
as at
30 Sep 22
Avg. selling
price
($ psm)
Est.
saleable
area
(’000 sqm)
100.0
100.0
5,788
13,487
30.9
2.81
1 Land area is used instead of estimated saleable area.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
96
B U S I N ES S R E V I E W
O T H E R S
Winnersh Triangle (Building 210),
Reading, United Kingdom
FRASERS PROPERTY LIMITED 97
U N I T E D K I N G D O M
IN THE UK, WE DELIVERED A HEALTHY
PERFORMANCE IN FY22 THROUGH THE EXECUTION
OF STRATEGIC ASSET MANAGEMENT INITIATIVES
AND FOCUS ON OUR BUSINESS OBJECTIVES.
Frasers Property UK has a substantial portfolio of business park
assets under management, on top of ongoing industrial and
logistics, residential and commercial development projects, with
combined assets under management of $2.3 billion as at
30 September 2022.
Over FY22, we created value from existing commercial assets
through proactive asset management strategies. We adapted
our portfolio to target growth sectors and delivered against our
business objectives focused on our sustainability credentials,
digitalisation efforts and our people priorities. This has
strengthened and added further resilience to our portfolio.
MACROECONOMIC OUTLOOK
The UK economic outlook continues to reflect overall global
trends, particularly in relation to market volatility, high inflation and
increasing energy costs. The UK government and central bank
are seeking to deploy strategies to offset the issues from overall
global macroeconomic trends, to encourage growth and to take
advantage of Brexit and the deregulation from Europe.
COMMERCIAL
Our UK commercial portfolio consists of seven business parks –
with six in England and one in Glasgow, Scotland – as well as a
central London office development project. The business parks
portfolio includes three Frasers Logistics & Commercial Trust
properties where Frasers Property UK provides management
support.
Our business parks portfolio, with a total net lettable area of
over 520,000 sqm, is home to approximately 450 companies,
providing significant diversity and therefore resilience. The parks
are located in key strategic business locations with easy access
to power, road and rail infrastructure. The size of the individual
parks and our predominant ownership enables us to provide
amenities and placemaking to support business life on the parks
and attract new occupiers. This includes capitalising on demand
from the television and film industry and establishing innovative
technology clusters. In addition, we manage these assets
proactively, completing 93 projects this year, ranging from minor
refurbishments to full-scale asset enhancements focused on
ensuring we deliver high-quality spaces meeting our customers’
requirements.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
98
B U S I N ES S R E V I E W – U N I T E D K I N G D O M
As at 30 September 2022, our
business parks portfolio recorded
an average occupancy rate of
88.1% and weighted average lease
expiry of 5.9 years. We achieved
strong leasing performance across
our portfolio, with 51 new lettings
totalling 35,191 sqm and 47 lease
renewals for 22,351 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
we deliver.
In May 2022, we completed the
refurbishment of 110 Pinehurst
Square at Farnborough Business
Park, which involved an extensive
refurbishment of a 3,348 sqm
four-storey office building. At the
90-acre business park Winnersh
Triangle, leases on 11,148 sqm of
commercial space and ground
leases on five acres of land were
agreed with Stage Fifty, a film and
television production specialist.
Working in partnership with Stage
Fifty, major new sound stages,
workshops and office space were
provided to support the UK’s fast-
growing film and television industry.
Stage Fifty generated immediate
Commercial Investment Assets
Winnersh Triangle, Reading, United Kingdom
demand from Sony Pictures and
MGM. Two stages were built within
five months for two films to begin
production in April 2022.
The West 100+200, a 12,000 sqm
industrial development offering 13
high-specification units at Hillington
Park in Glasgow, completed in
March 2022. It achieved 33.0%
occupancy in less than six months.
The scheme continues the
implementation of the masterplan
and the modernisation of the park.
Our prime office development,
The Rowe, located in Whitechapel
in central London, completed in
December 2022, featuring 15,000
sqm of office space across 12
storeys. Sustainability, wellness
and smart principles were built into
the modernist office development,
which will directly benefit
occupiers. The Rowe is targeting
the prestigious Building Research
Establishment Environmental
Assessment Method (BREEAM)
‘Excellent’ New Construction
certification, which recognises
high-performing, sustainable
building design. Financed by the
Group’s first green development
Property
Location
Chineham
Hillington
Lakeshore
Winnersh Triangle
Basingstoke
Glasgow
Bedfont Lakes
Reading
Effective
interest
as at
30 Sep 22
(%)
100.0
100.0
100.0
100.0
Book value
as at
30 Sep 22
($’m)
253.3
241.9
174.6
611.0
1,280.8
Lettable
area Occupancy, based on NLA
FY21 (%)
FY22 (%)
(’000 sqm)
75.0
192.8
25.7
122.9
416.4
88.1
92.5
100.0
81.6
87.6
95.8
100.0
82.7
Commercial and Industrial Development Projects
Projects1
Effective
interest
as at
30 Sep 22
(%)
Est.
lettable
area
(sqm)2
Land cost
(£ psm)3
Target
completion
date
The Rowe (previously known as Central House)
100.0
15,000
2,185
1Q FY23
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.
FRASERS PROPERTY LIMITED
99
LOOKING AHEAD
The post-COVID impact on
working trends has resulted in
a reassessment of commercial
workplace needs. There is a clear
preference for high-quality space
combining progressive technology,
enhanced sustainability and
well-being standards and flexible,
adaptable working space although
in some cases, this is leading to the
requirements to downsize.
In the UK, our portfolio is well-
placed to benefit from these
trends. Through proactive and
strategic asset enhancement and
redevelopment, we are delivering
fit-for-purpose workspaces. We
have maintained a FY22 GRESB
Real Estate Assessment score at
4 star and are first among our
peers, through active investments in
carbon reduction and energy-saving
enhancements.
We have embraced digitalisation
across the UK to drive efficiency
and productivity and to focus on
our customers’ experiences. In
addition, we have built an agile,
high-functioning team and culture,
as reflected in improved scores
in our year-end employee pulse
survey.
As we look forward to FY23, we
will maintain our focus on our
strategic priorities to navigate future
headwinds and drive our business
objectives even further forward.
The Rowe, London, United Kingdom
loan in the UK, the building is also
pursuing WELL Gold and will be
supplied fully by renewable energy.
As a further benefit to tenants and
occupiers, The Rowe is situated
in the highest Public Transport
Accessibility Level (PTAL) location
in London.
The capital is facing an acute
shortage of available prime office
space with demonstrable and
high environmental, social and
governance credentials. This makes
The Rowe an attractive proposition,
particularly for those businesses
that have an immediate ambition to
reduce their energy consumption.
In addition, in FY22, Frasers Property
UK facilitated forward-funding
acquisitions by Frasers Logistics &
Commercial Trust of two well-located
high-specification logistics pre-let
development assets. These were
a prime freehold development in
Cheshire, northwest England, pre-
let to Peugeot Motor Company on
a 15-year lease and Worcester Six,
a warehouse development located
in the West Midlands and pre-let to
a flooring distributor on a 15-year
lease.
RESIDENTIAL
Riverside Quarter is a landmark
scheme overlooking 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.
Sales momentum remains steady,
with 15 units settled over the year.
Residential Projects
Projects1
Nine Riverside Quarter
Seven Riverside Quarter
Effective
interest
as at
30 Sep 22
(%)
100.0
100.0
% Sold
as at
30 Sep 22
Avg.
selling price
as at
30 Sep 22
(£ psm)
64.0
90.8
7,446
7,664
No of
units
172
87
Est.
saleable
area
(sqm)2
13,550
7,950
Land cost
(£ psm)3
Target
completion
date
462 Completed
1,292 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.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 100
B U S I N ES S R E V I E W
C H I N A
WE LEVERAGED OUR CORE CAPABILITIES TO ACHIEVE
STRONG SALES AND SELECTIVELY REPLENISH OUR
RESIDENTIAL DEVELOPMENT PIPELINE IN CHINA, FOCUSING
ON CORE TIER 1 AND TIER 2 CITIES WITH RESILIENT
DEMAND AND STRONG ECONOMIC FOUNDATIONS.
Economic growth in China has
slowed down in 2022 due to
COVID-19 lockdowns and the
deleveraging property market.
Despite this, the Group’s key
market in Shanghai, as well as other
Tier 1 and core Tier 2 cities, has
remained resilient due to limited
housing supply and strong demand
fundamentals.
FINANCIAL PERFORMANCE
In FY22, Frasers Property China
increased revenue by 25.9% to
$17.3 million and achieved profit
before interest, fair value change,
taxation and exceptional items of
$31.0 million, largely from the share
of results (profit after taxation) of
an associate and a joint venture,
Gemdale Megacity and Opus One.
We sold 3,126 residential and
commercial units, handed over 506
residential units, eight retail and
commercial units and 580 carpark
units, including units from Opus One
acquired in 2019. Our unrecognised
pre-sold development revenue
increased by 153.4% to RMB 2,380.2
million ($479.8 million), adding to
earnings visibility.
RESIDENTIAL
Notwithstanding the challenging
COVID-19 lockdowns in China, we
replenished our residential pipeline,
achieved strong residential sales
performance above 90.0% for all
launches and successfully handed
over projects to buyers on schedule
this year.
We invested in three Shanghai
residential projects – Club Tree in
the Songjiang district, and Galaxy
Nanmen and Upview Malu in the
Jiading district – which added a
healthy development pipeline of
3,689 prime units.
At Club Tree, 91.4% of the 1,826
launched units were sold at an
average selling price of RMB 54,209
($10,928) per sqm. Galaxy Nanmen,
which received overwhelming
response, sold all 796 units on two
separate launch days at an average
price of RMB 45,195 ($9,111) per
sqm. Upview Malu, with 1,013 units,
similarly achieved 100% sales on
its launch day in September 2022
at an average selling price of
RMB 48,989 ($9,876) per sqm for its
661 launched units. The remaining
units at Upview Malu and Club Tree
are scheduled for launch in FY23
and FY24, respectively.
We handed over 355 units of Opus
One and 151 units of Gemdale
Megacity Phase 6J in Shanghai to
buyers on schedule. Another 126
long-term lease apartments and a
1,500 sqm high-end hypermarket
retail space will be available for
leasing at Opus One by early FY23.
COMMERCIAL &
INDUSTRIAL
We sold 1,622 of 1,683 available
carpark lots at Suzhou Baitang in
FY22 at RMB 150,000 ($30,240)
per lot, a 25.0% price increase
from previous sales. Planning
for the asset enhancement of
the development’s 10,486 sqm
community retail space that
incorporates green features, a
community library, a community
club and more communal areas for
events and activities has started,
with works expected to commence
in the first half of FY23.
Artist’s Impression of Galaxy Nanmen,
Shanghai, China
At Chengdu Logistics Hub, we
signed a sales and purchase
agreement for the Plot 1 ambient
warehouse, comprising 18
warehouse units, a canteen and 487
carpark lots, for RMB 328.8 million
($66.3 million), with completion
targeted for FY23. The buyer
plans to transform the space into
the largest secondary car mart in
Chengdu. Separately, six retail units
covering 4,155 sqm and 45 carpark
units were sold. In addition, we
leased out 2,471.6 sqm of the Plot
3A retail space, bringing the average
occupancy rate of the retail units to
46.5% at the end of FY22.
Gemdale Megacity’s 201 long-term
lease apartments continued to
perform, with 95.1% occupancy.
Phase 4E, which provides new
lifestyle amenities and retail
options, is under construction for
completion in FY24.
LOOKING AHEAD
We will continue to leverage our
core capabilities and strategic
partnerships with financially sound
partners to selectively replenish our
residential development pipeline
in core Tier 1 and 2 cities. We
will also strive to achieve optimal
portfolio performance and to further
unlock value through active asset
management of the long-term
lease apartments as well as unsold
commercial, retail and warehouse
spaces.
FRASERS PROPERTY LIMITED 101
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),
Songjiang, Shanghai – retail4
Gemdale Megacity (Phase 3B),
Songjiang, Shanghai – retail4
Gemdale Megacity (Phase 3C),
Songjiang, Shanghai – retail4
Gemdale Megacity (Phase 4F),
Songjiang, Shanghai – retail4
Gemdale Megacity (Phase 4D),
Songjiang, Shanghai – retail4
Gemdale Megacity (Phase 6J),
Songjiang, Shanghai4
Opus One, Xuhui, Shanghai5,6
Club Tree, Songjiang, Shanghai5
Galaxy Nanmen, Jiading, Shanghai5
Upview Malu, Jiading, Shanghai5
Effective
interest
as at
30 Sep 22
(%)
%
Sold
as at
30 Sep 222
%
Completion
as at
30 Sep 22
No. of
units1
Avg.
selling price
as at
30 Sep 22
(RMB psm)
Est.
saleable
area
(’000 sqm)
Land cost3
(RMB psm)
Target
completion
date
100.0
380
91.6
100.0
35,570
58
2,285.0 Completed
80.0
164
100.0
100.0
4,600
162
313.0 Completed
80.0
163
100.0
100.0
8,469
61
272.0 Completed
80.0
358
96.6
100.0
8,972
164
330.0 Completed
45.2
45.2
45.2
45.2
45.2
45.2
8.8
15.0
12.0
12.0
22
21
71
3
11
54.5
100.0
20,246
100.0
100.0
56,714
81.7
100.0
35,991
4
1
8
1,440.6 Completed
1,414.7 Completed
1,414.7 Completed
33.3
100.0
62,442
0.2
1,918.0 Completed
90.9
100.0
49,268
1
1,920.3 Completed
154
359
1,826
796
661
100.0
99.7
88.7
100.0
99.8
100.0
100.0
52.0
39.0
26.0
60,000
99,200
54,209
45,195
48,989
25
39
201
88
71
2,227.3 Completed
46,351.0 Completed
1Q FY24
29,538.0
2Q FY24
20,825.0
2Q FY25
23,053.0
1 All references to units exclude carparks. Including 100% of joint venture projects.
2 Based on sales & purchase agreements signed.
3 Land cost includes land use tax and is calculated based on gross floor area.
4 Gemdale Megacity was accounted for as an associate.
5 Accounted for as a joint venture.
6 The development scheme excludes 126 long-term lease apartments.
Industrial Portfolio
Properties
Chengdu Logistics Hub
(Phase 1 ambient warehouse), Chengdu
Land Bank
Sites
Chengdu Logistics Hub (Phase 2A), Chengdu
Gemdale Megacity (Phase 4E), Songjiang, Shanghai2
Club Tree, Songjiang, Shanghai
Upview Malu, Jiading, 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 22
(%)
Book value
as at
30 Sep 22
($’m)
Net
lettable
area
(sqm)
Occupancy
FY22 (%)
FY21 (%)
80.0
28.9
47,145
76.6
100.0
Effective
interest
as at
30 Sep 22
(%)
80.0
45.2
15.0
12.0
Est. no. of
units
Est.
saleable
area
(’000 sqm)
179
101
54
352
81
13
5
34
Land cost1
(RMB psm)
303.0
968.0
29,538.0
23,053.0
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
102
S U S TA I N A B I L I T Y H I G H L I G H TS
ACCELERATING ACTION TO
FOSTER BIODIVERSITY
We strive to promote nature-based
solutions that allow ecological
communities to thrive within
our properties. We integrate
conservation and biodiversity
aspects in the design of
Sky Eden@Bedok, Singapore
with a nature-positive approach.
Efforts to restore urban ecological
communities include rewilding
Frasers Park Egelsbach, in Hesse,
Germany, and installing new
beehives at the Keperra residential
community in Queensland, Australia.
INTENSIFYING PARTNERSHIPS FOR
SUSTAINABLE DEVELOPMENT
We intensified partnerships for collective action
in sustainable development, which includes
accelerating climate change mitigation efforts.
Private-public sector partnerships allowed
us to explore a distributed district cooling
network in Tampines, Singapore, the first of its
kind brownfield cooling solution in the country;
deploy electric vehicle (EV) charging stations
across all our Singapore malls to support EV
adoption; and deliver world-leading sustainable
designs in Central Place Sydney.
FRASERS PROPERTY LIMITED
103
JOURNEY TO NET-ZERO CARBON
We implement sustainable solutions and
technology by adopting renewable energy
sources. This year, we expanded our renewable
energy output to more than 16 GWh across
markets. In Australia, we completed an
embedded energy network for select buildings
in our estates in Melbourne and Sydney. All
Malmaison and Hotel du Vin properties, and
landlord-controlled areas in our UK business
parks are supplied with 100% renewable energy.
ENHANCING HEALTH AND
WELL-BEING IN THE COMMUNITY
Recognising that we can make a profound impact on
the living and working environments of stakeholders,
we are striving for better practices in occupational
health and safety across our value chain. We embed
social resilience, occupier safety, and emergency
preparedness across our UK business parks to
support the health and well-being of the community.
While Winnersh Triangle in Reading, Chineham Park
in Basingstoke, and Farnborough Business Park in
Farnborough collectively make up the largest Fitwel-
certified area globally, they also support community
connectedness and enhance ‘live, work and visit’
experiences.
FOSTERING DIVERSITY, EQUITY &
INCLUSION AT OUR WORKPLACE
Our relentless focus on people earned us
recognition as an employer of choice. Our
businesses were recognised by the likes of
Equileap, Workplace Gender Equality Agency
(Australia), HR Asia Best Companies to Work for
in Asia 2022 (Vietnam), Straits Times Employer
Ranking (Singapore), and as a ‘Champion of Good’
by Singapore’s National Volunteer & Philanthropy
Centre. In Singapore, we enhanced our employee
policies to be gender-neutral and included
expanded mental health support.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
104
FY 22 S U S TA I N A B I L I T Y H I G H L I G H TS
COLLECTIVE ACTION FOR A SUSTAINABLE FUTURE
Sustainability is an agenda that is firmly ingrained in our Purpose – Inspiring experiences, creating places for good.
In line with our continuous drive to provide transparency and accountability to our stakeholders, we report on our
progress in environmental, social and governance (ESG) aspects through our annual sustainability reports.
EMBEDDING SUSTAINABILITY WITHIN OUR CORE
The three pillars of our Sustainability Framework – Acting Progressively, Consuming Responsibly and Focusing on
People – continue to align us with our key priorities. These three pillars underpin 13 diverse and interconnected
focus areas where we can make the biggest impact.
PILLARS
CONSUMING
RESPONSIBLY
FOCUS AREAS
Energy & Carbon
Water
Waste
Materials & Supply Chain
Biodiversity
ACTING
PROGRESSIVELY
Risk-based Management
Responsible Investment
Resilient Properties
Innovation
FOCUSING
ON PEOPLE
Diversity, Equity & Inclusion
Skills & Leadership
Health & Well-being
Community Connectedness
Sustainability provides opportunities to future-proof our business through innovation and long-term strategic
planning. We have established ambitious Group goals which chart our course for embedding ESG across our
business and working with our stakeholders towards a more resilient future.
1
2
3
4
To be a net-zero
carbon corporation
by 2050
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
• All businesses on
track to develop net-
zero carbon roadmaps
by FY23; five business
units and three REITs
have already developed
roadmaps
• Two business units
and one REIT have
submitted carbon
reduction targets to
Science Based Targets
initiative for validation,
with other key business
units on track to submit
in FY23
• 285 key personnel
including senior
leaders, trained on
topics such as climate
risks and opportunities,
decarbonisation and
green finance
• All business units and
REITs performed a gap
analysis and identified
initiatives for closer
alignment to the Task
Force on Climate-
Related Financial
Disclosures (TCFD)
• 45% of owned and
asset-managed
properties are green-
certified by gross
floor area or pursuing
certification
• 90% of new
development projects
by gross floor area
are green-certified or
pursuing certification
To finance the
majority of our new
sustainable asset
portfolios with
green & sustainable
financing by 2024
• 33 green and
sustainability-linked
loans secured and
three sustainability
bonds issued, totalling
over $9 billion. This is
equivalent to 50% of
our net borrowings1
• 79% of the Group’s
green and sustainable
assets are financed
by green and
sustainability-linked
loans and bonds
1
Includes debt related to Frasers Tower, Northpoint City South Wing, Waterway Point, The Grove project, Yarraville project and Midtown project,
which are not included in the consolidated financial statements. Total gross debt in the consolidated financial statements is $15.9 billion.
FRASERS PROPERTY LIMITED 105
PROGRESSING ON OUR ESG PERFORMANCE
We have achieved the following milestones in FY22 in relation to our focus areas and goals:
ACTING
PROGRESSIVELY
CONSUMING
RESPONSIBLY
FOCUSING
ON PEOPLE
Partnered tenants to install
smart water meters in
34 industrial properties
in Europe
Supported Singapore Green
Plan 2030 with the signing of
Green Nation Pledge and initiating
stakeholder engagement activities
during Climate Action Week 2022
Launched first certified
Passive House by a volume
developer in Australia
Generated over 16 GWh
of on-site solar energy
Issued Singapore’s first
corporate green retail notes
Overall improvement
in 2022 GRESB Real Estate
Assessment results
Maintained 5 Star rating for:
• Standing Investments: Frasers
Centrepoint Trust, Frasers
Property Australia, Frasers
Property Industrial (Australia),
Frasers Logistics & Commercial
Trust
• Development: Frasers Property
Australia and Frasers Property
Industrial (Australia)
Runner-up at SIAS Investors’
Choice Awards 2022: Most
Transparent Company Award in the
real estate category
38% and 52% females in senior
management and global workforce
respectively
Almost all
employees
trained on
sustainability
Over 6,000 employee
volunteer hours and
approximately $1.5 million
contributed via around 150
community investment activities
One of Singapore’s
Best Employers 2022
National Volunteer & Philanthropy
Centre’s Champions of
Good 2022
Equileap’s top three
most gender-equitable
companies listed in
Singapore
Learn more in our Integrated ESG Report 2022
Our digital Integrated ESG Report elaborates on the progress that we have made in relation to these focus areas
and goals. It is aligned with international standards such as GRI Universal Standards 2021, Integrated Reporting
Principles and the SGX-ST Listing Manual (Rules 711A and 711B).
This year, we have enhanced our Report to be more aligned with the International Integrated Reporting Framework.
This includes integrating our financial, manufactured, human, social and relationship, intellectual and natural capital
and value creation activities into our business and reporting. We also adopt the integrated thinking principle of
taking into careful account the connectivity and interdependencies that exist across our organisation to generate
long-term value for stakeholders.
We invite you to read our eighth Report, which has an increased disclosure scope from last
year and is third-party assured, at https://frasersproperty.com/Integrated-ESG-Report.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 106
OUR GOVERNANCE FRAMEWORK
(as at 30 September 2022)
CHAIRMAN
Mr Charoen Sirivadhanabhakdi
–––––––––––––––––––––––––––––––––––––––––––
Key Objectives
Lead and ensure effectiveness of the Board,
including effective communication with
shareholders and other stakeholders
BOARD OF FRASERS PROPERTY LIMITED
12 Directors:
- 7 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
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
AUDIT COMMITTEE
Chairman: Mr Charles Mak Ming Ying
4 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, financial and related risk
management and financial practices of the Group
NOMINATING COMMITTEE
Chairman: Mr Weerawong Chittmittrapap
4 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
4 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
SUSTAINABILITY AND RISK MANAGEMENT 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
INFORMATION TECHNOLOGY & CYBERSECURITY COMMITTEE
Chairman: Mr Tan Pheng Hock
2 Independent Directors, 1 Non-Independent Director
Key Objectives
Provide oversight and guidance to Management for ensuring (i) that a sound
and robust technology governance risk compliance and security management
framework is established and maintained by the Group; and (ii) that the Group
is in full compliance with various information technology related policies and
regulatory requirements
Note: The information in the table above is as at 30 September 2022. Please refer to the section “Changes to the Board and Board Committees after
30 September 2022” for changes which took effect after 30 September 2022.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 107
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 “Directors” or the “Board”) and the management of the Group (the “Management”) adhere closely to the
provisions under the Code. To the extent FPL’s practices 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
builds 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 143 to 144 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 2022 (“FY2022”), all Directors attended the Board Strategy Meeting held
on 4th and 5th July 2022. This allowed the Directors to (i) engage in dynamic and in-depth strategic discussion with
Management about the Group’s operations and the business environment across all of its markets; and (ii) focus
on the long-term business strategy for the Group.
CORPORATE GOVERNANCE REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 108
During FY2022, the Board has continued to work closely with Management in reviewing the business opportunities
and challenges as the markets in which the Group operates in transition to a COVID-19 endemic environment. In
addition, the Board has been paying close attention to the level of financial discipline and portfolio management
across the Group’s businesses, taking into account high inflation and increasing interest rates.
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, with the support from Management and the Company Secretary, 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 and manages 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 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 capabilities; (iii) scaling up the REIT and trust platforms 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 immediate family members, 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. Please refer to the sections “Directors Independence” and “Lead Independent Director” for
further information on the Independent Directors and the Lead Independent Director.
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”) 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 REPORTFRASERS PROPERTY LIMITED 109
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 six Board Committees, namely, the Board Executive Committee (“EXCO”), the Audit Committee (“AC”),
the Nominating Committee (“NC”), the Remuneration Committee (“RC”), the Sustainability and Risk Management
Committee (“SRMC”) and the Information Technology & Cybersecurity Committee (“ITCC”).
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
• Formulates strategic development initiatives of the
Group
• Provides 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
*
Information is as at 30 September 2022. Please refer to the section “Changes to the Board and Board Committees after 30 September 2022” for
changes to the composition of the EXCO which took effect after 30 September 2022.
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 includes providing overall direction as well
as overseeing 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 framework of
delegated authorisations, and reviews 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 Chin Yoke Choong**, Member
Mr Philip Eng Heng Nee, Member
Mr Wee Joo Yeow, Member
Mr Sithichai Chaikriangkrai, Member
• Assists the Board in fulfilling its responsibility for
overseeing the quality and integrity of the accounting,
auditing, internal controls, financial and related risk
management systems and financial practices of the
Group
*
Information is as at 30 September 2022. Please refer to the section “Changes to the Board and Board Committees after 30 September 2022” for
changes to the composition of the AC which took effect after 30 September 2022.
** With effect from 19 September 2022.
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 or her 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 or she has any financial interest in the auditing firm or auditing corporation. None of the members
of the AC were partners or directors of the Company’s external auditors, KPMG LLP, within a period of two years
prior to his or her appointment as a member of the AC, and none of the members of the AC hold any financial
interest in KPMG LLP.
CORPORATE GOVERNANCE REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 110
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 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: oversight and monitoring of whistle-blowing, including review of 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 REPORTFRASERS PROPERTY LIMITED 111
During FY2022, 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, key audit matters, 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 (International);
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, and reviewing the
adequacy and effectiveness of risk management systems;
assessing the impact of the COVID-19 pandemic and reviewing with Management the adequacy of cash flow
and liquidity to sustain the Group’s operations on an ongoing basis;
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 Chin Yoke Choong**, Member
Mr Chotiphat Bijananda, Member
• Establishes a
formal and
appointment and re-appointment of Directors
transparent process
for
• Formulates 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
• Reviews the Board and Directors’ training and professional
development programmes
*
Information is as at 30 September 2022. Please refer to the section “Changes to the Board and Board Committees after 30 September 2022” for
changes to the composition of the NC which took effect after 30 September 2022.
** With effect from 19 September 2022.
As at 30 September 2022, the NC was made up of five non-executive Directors, four of whom (including the
Chairman) were Independent Directors, namely Mr Weerawong Chittmittrapap, Mr Charles Mak Ming Ying (who was
also the Lead Independent Director), Mr Chan Heng Wing and Mr Chin Yoke Choong.
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 the progress made towards the implementation of the Board
Diversity Policy, 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.
CORPORATE GOVERNANCE REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 112
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.
Further information on the main activities of the NC are outlined in the following sections:
•
•
•
•
“Training and Development of Directors” on page 117
“Board Composition” on pages 118 to 120
“Directors’ Independence” on pages 121 to 123
“Board Performance Evaluation” on page 125
MEMBERSHIP*
KEY OBJECTIVES
REMUNERATION COMMITTEE
Mr Philip Eng Heng Nee, Chairman
Mr Charles Mak Ming Ying, Member
Mr Chan Heng Wing, Member
Mr Chin Yoke Choong**, Member
• Assists the Board in establishing a formal and transparent
for developing policies on executive
procedure
remuneration
• Assists 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
*
Information is as at 30 September 2022. Please refer to the section “Changes to the Board and Board Committees after 30 September 2022” for
changes to the composition of the RC which took effect after 30 September 2022.
** With effect from 19 September 2022.
As at 30 September 2022, the RC was made up entirely of non-executive Directors, all of whom, including the
Chairman, were 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. During FY2022, Aon Solutions Singapore Pte. Ltd. (“Aon”) was appointed as the
Company’s remuneration consultant.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED
113
SUSTAINABILITY AND RISK MANAGEMENT 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
• Assists the Board in carrying out its responsibility of
overseeing the Company’s risk management framework and
policies
• Reports to the Board and provides 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
• Assists 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
• Reports to the Board and provides appropriate updates and
recommendations on sustainability issues
*
Information is as at 30 September 2022. Please refer to the section “Changes to the Board and Board Committees after 30 September 2022” for
changes to the composition of the SRMC which took effect after 30 September 2022.
As at 30 September 2022, save for Mr Panote Sirivadhanabhakdi, all members of the SRMC were non-executive
Directors, and three of the members, namely Mr Charles Mak Ming Ying, Mr Chan Heng Wing and Mr Weerawong
Chittmittrapap, were Independent Directors.
With effect from 19 September 2022, to reflect the increasing priority and importance of sustainability matters
for the Group, the Committee was renamed from the “Risk Management and Sustainability Committee” to the
“Sustainability and Risk Management Committee”.
The SRMC 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 SRMC, 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
SRMC 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 SRMC 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 SRMC 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 SRMC 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 SRMC can be found in the section “Governance of Risk and
Internal Controls” on pages 135 to 136.
CORPORATE GOVERNANCE REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 114
INFORMATION TECHNOLOGY & CYBERSECURITY COMMITTEE
MEMBERSHIP*
KEY OBJECTIVES
Mr Tan Pheng Hock, Chairman
Mr Wee Joo Yeow, Member
Mr Panote Sirivadhanabhakdi, Member
• Provides oversight and guidance to Management for
ensuring:
(i) that a sound and robust technology governance risk
compliance and security
(“GRC-S”) management
framework is established and maintained by the Group;
and
(ii) that the Group complies with various information
technology related policies and regulatory requirements
*
Information is as at 30 September 2022. Please refer to the section “Changes to the Board and Board Committees after 30 September 2022” for
changes to the composition of the ITCC which took effect after 30 September 2022.
With effect from 1 March 2022, the ITCC has been converted into a formalised Board committee comprising Board
members.
The ITCC approves, on the recommendation of the Group Digital and Technology department (“GDT”), strategies,
priorities, roadmaps and/or structures for implementation by the Group, and any major changes thereto, oversees
the adequacy of, and approves, the Group’s policies and standards relating to information technology and
cybersecurity. It also approves the risk appetite and risk tolerance statements in relation to the Group’s information
technology and cybersecurity functions and ensures that key GRC-S decisions are made in accordance with
approved risk appetite and risk tolerance statements as well as all GRC-S projects exceeding $200,000 and
oversees any major information technology and cybersecurity projects with a cost of more than $2 million or which
the Committee considers are of significant importance to the Company.
In addition, the ITCC oversees the allocation of resources so that they are adequate for delivering and executing
both short-term and long-term strategies of GDT, the implementation of appropriate backup and disaster recovery
arrangements relating to information technology and cybersecurity as well as the overall compliance of the Group,
including of each business unit, with the Group’s information technology policies and standards, applicable laws
and regulatory requirements.
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.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED
115
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.
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 FY2022:
Board
Executive
Committee
Board
Audit
Committee
Nominating
Committee
Remuneration
Committee
Sustainability
and Risk
Management
Committee
Information
Technology &
Cybersecurity
Committee(2)
General
Meetings
Meetings held in FY2022
Mr Charoen Sirivadhanabhakdi
Khunying Wanna
Sirivadhanabhakdi
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
Mr Chin Yoke Choong (1)
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
7
7(C)
5
7
7
–
7
7
7
7
7
7
7
2
2(C)
N.A.
2
N.A.
N.A.
2
N.A.
2
N.A.
2
2
2
5
N.A.
N.A.
5(C)
N.A.
–
5
N.A.
4
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.
N.A.
4
4(C)
4
4
4
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
4(C)
4
N.A.
N.A.
4
N.A.
1
1(C)
1
1
1
–
1
1
1
1
1
1
1
Notes:
(C) refers to Chairman of the Board or Board Committees.
(1) Mr Chin Yoke Choong was appointed to the Board and the Audit, Nominating and Remuneration Committees with effect from 19 September 2022.
There were no general meetings or meetings of the Board or Audit, Nominating and Remuneration Committees held between 19 September 2022
to 30 September 2022.
(2) For the period from 1 March 2022 to 30 September 2022.
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 the Company’s expense where applicable, to brief the Directors and
provide their expert advice.
CORPORATE GOVERNANCE REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 116
For matters which require the Board’s and/or Board Committees’ decision outside such meetings, Board and/or
Board Committee papers will be circulated through the Company Secretary for the Directors’ consideration with
further discussions taking place between the Directors and Management (if required) before a decision is made.
Matters discussed by Board and Board Committees in FY2022
BOARD
• Strategy
• Business and Operations Update
• Financial Performance
• Governance
• Feedback from Board Committees
Board Executive
Committee
Audit Committee
Nominating
Committee
Remuneration
Committee
Sustainability and
Risk Management
Committee
Information
Technology &
Cybersecurity
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
•
• Whistle-blowing
investigations
Board Oversight
• Board
Composition
and Renewal
• Board Diversity
Policy
• Board, Board
Committees
and Director
Evaluations
• Training and
Development
• Succession
Planning
• Remuneration
Policies and
Framework
• Risk
Management
Framework and
Policies
• Material Risk
Issues
•
•
Information
Technology
Governance,
Risk and
Compliance
Information
Technology
Cybersecurity
Management
Review
• Data
Management
Framework,
Policies and
Regulations
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 ongoing 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 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 2001
(the “SFA”), the Companies Act 1967 (the “Companies Act”) and the SGX-ST Listing Manual, as well as corporate
governance practices and processes.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 117
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 (including training on sustainability matters), 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 FY2022, the Directors attended briefings on, among others, (i) updates to the SGX-ST Listing
Manual and the Code conducted by the Company’s lawyers, and (ii) sustainability and ESG matters.
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 REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 118
BOARD COMPOSITION
The following table shows the composition of the Board and the various Board Committees:
Audit
Committee
Nominating
Committee
Remuneration
Committee
Sustainability
and Risk
Management
Committee
Information
Technology &
Cybersecurity
Committee
Board
Executive
Committee
●
(Chairman)
Mr Charoen
Sirivadhanabhakdi
Khunying Wanna
Sirivadhanabhakdi
Mr Charles
Mak Ming Ying
Non-Executive and
Non-Independent
Chairman
Non-Executive and
Non-Independent
Vice Chairman
Non-Executive and
Lead Independent
Director
Mr Chan Heng Wing
Non-Executive and
Independent Director
Mr Chin Yoke Choong 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
●
(Vice Chairman)
●
(Chairman)
●
●
Mr Chotiphat
Bijananda
Non-Executive and
Non-Independent
Director
●
(Vice Chairman)
Mr Panote
Sirivadhanabhakdi
Group Chief Executive
Officer Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
●
●
●
●
●
●
●
●
●
(Chairman)
●
(Chairman)
●
●
●
●
●
(Chairman)
●
●
●
(Chairman)
●
●
●
●
●
●
Note: The information in the table above is as at 30 September 2022. Please refer to the section “Changes to the Board and Board Committees after
30 September 2022” for changes which took effect after 30 September 2022.
Profiles of each of the Directors can be found on pages 20 to 27 of this annual report.
Other than the Group CEO, all of the Directors are non-executive and the Board comprises a majority of Independent
Directors as at 30 September 2022. Please refer to the section “Changes to the Board and Board Committees after
30 September 2022” for changes which took effect after 30 September 2022.
No alternate Directors were appointed to the Board in FY2022. Alternate Directors will only be appointed in
exceptional circumstances.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED
119
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 and the Board Diversity Policy. 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 2022)
Age Group
Independence
Gender
41–50
51–60
61-70
71-80
Tenure
8%
8%
42%
42%
Executive and
Non-Independent Directors
Non-Executive and
Non-Independent Directors
Non-Executive and
Independent Directors
8.3%
33.3%
58.3%
Male
Female
92%
8%
7
3
More than 9 years
Between 7 and 9 years
Between 4 and 6 years
3 years or less
1
1
CORPORATE GOVERNANCE REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 120
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 343 to 353 of, and Appendix A to,
this annual report.
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
(including alternate Directors, if any). The process for the selection, appointment and re-appointment of Directors
takes into account, among other things, the composition and progressive renewal of the Board and Board
Committees, the Board Diversity Policy, the succession plans for Directors and the balance of skills, knowledge
and experience required for the Board to discharge its responsibilities effectively.
In respect of existing Directors (including Directors who are to be recommended for re-appointment), the NC
will consider the competencies, commitment, contribution and performance (e.g. attendance, preparedness,
participation and candour) of the Directors, and additionally, for Directors who hold multiple board representations
and other principal commitments, the NC will also consider whether they are able to effectively discharge their
duties as Directors of the Company. 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 t he 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. To facilitate investors’ understanding of its
nomination process, the Company will also disclose the search and nomination process for identifying appropriate
candidates and the channel via which the eventual appointee was found and the criteria used to identify and
evaluate new directors.
During FY2022, the NC used the business networks of the Board and profile research to source for potential
candidates for Board appointments as part of its Board renewal exercise. The criteria used to identify and evaluate
the potential candidates include, inter alia, expertise in audit and financial matters and corporate governance,
experience in the real estate sector and/or the potential candidate’s activity in the corporate and public service
scenes, including directorships on other listed entities, so as to provide continuity in respect of the skillsets and
expertise currently offered by the outgoing Nine-Year IDs (as defined in the section “Directors’ Independence”
below) as well as enhance the industry knowledge and diversity of the Board. Following the completion of the search
and nomination process, and having considered the qualifications, expertise, experience and independence of Mr
Chin Yoke Choong, the Board, with the recommendation of the NC, approved the appointment of Mr Chin Yoke
Choong as a Non-Executive and Independent Director as well as a member of each of the AC, the NC and the RC,
with effect from 19 September 2022. Mr Chin Yoke Choong is known to the NC as he had previously served as a
non-executive and independent director of Frasers Logistics & Commercial Asset Management Pte. Ltd. (“FLCAM”),
a wholly-owned subsidiary of the Company and manager of Frasers Logistics & Commercial Trust (“FLCT”). Prior to
that, he was a non-executive and independent director and the Chairman of Frasers Commercial Asset Management
Ltd., a wholly-owned subsidiary of the Company and manager of Frasers Commercial Trust which merged with and
became a sub-trust of FLCT in April 2020.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 121
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 FY2022, the NC is of the view that each Director has been able to effectively
discharge his or her 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 125.
Board Diversity Policy
The NC is responsible for the Board Diversity Policy, which has been adopted by the Board, and for 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. The Company remains committed to implementing the Board Diversity
Policy, which addresses gender, skills and experience and any other relevant aspects of diversity, and the progress
made towards the implementation of such policy will be disclosed in future Corporate Governance Reports, as
appropriate. The 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 Board 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.
CORPORATE GOVERNANCE REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information
122
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 as at the end of FY2022, there
were seven Independent Directors on the Board, namely Mr Charles Mak Ming Ying, Mr Chan Heng Wing, Mr Chin
Yoke Choong, Mr Philip Eng Heng Nee, Mr Tan Pheng Hock, Mr Wee Joo Yeow and Mr Weerawong Chittmittrapap,
constituting a majority of the Board. One of the seven Independent Directors, Mr Chin Yoke Choong, was appointed
during FY2022, in line with the Company’s plans for Board refreshment and renewal.
Based on their declarations, none of these seven 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 and the
past appointments of Mr Chin Yoke Choong as follows:
(a) Mr Philip Eng Heng Nee is (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”). The NC and the Board 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.
(b) Mr Chin Yoke Choong served as (i) a non-executive and independent director of FLCAM, the manager of
FLCT and a wholly-owned subsidiary of the Company, since April 2020 and (ii) the chairman of the Audit, Risk
and Compliance Committee of FLCAM, and a member of the Nominating and Remuneration Committee of
FLCAM, since July 2020, prior to his retirement from the board of FLCAM with effect from 1 September 2022.
He received director’s fees in respect of his previous directorship in FLCAM for the financial years ended 30
September 2021 and 30 September 2022. The NC and the Board 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.
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 FY2022 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.
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 2022, none of the Independent Directors had 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.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 123
Under the current 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”).
As disclosed in the Corporate Governance Report in the Company’s Annual Report 2021:
(a) Mr Charles Mak Ming Ying, Mr Chan Heng Wing, Mr Philip Eng Heng Nee and Mr Weerawong Chittmittrapap
(collectively, the “Nine-Year IDs”), all of whom joined the Board on 25 October 2013, were identified as
Independent Directors who would each have served an aggregate of more than nine years on the Board as
of 25 October 2022, and 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 had been sought and obtained
for each of them before then. No Two-Tier Approvals were sought for the continued appointment of the Nine-
Year IDs as Independent Directors at the last AGM held on 21 January 2022.
(b)
(c)
Following a review by the NC and the Board, it had been determined that new Independent Directors, including
a new Lead Independent Director, be appointed to replace the Nine-Year IDs as part of succession planning
and Board renewal.
To facilitate an orderly and smooth transition and continuity of knowledge and experience during the current
and future Board renewal exercises, the NC and the Board had recommended that the appointment of new
Independent Directors be on a staggered basis, with the Nine-Year IDs remaining on the Board for a transitional
period.
Following from the above, the Nine-Year IDs were redesignated from Non-Executive and Independent Directors
of the Company to Non-Executive and Non-Independent Directors of the Company with effect from 25 October
2022. See, further, the section below on “Changes to the Board and Board Committees after 30 September 2022”.
In addition, Mr Wee Joo Yeow, who joined the Board on 10 March 2014, is an Independent Director who will
have served an aggregate of more than nine years on the Board as of 10 March 2023. Similar to the Nine-Year
IDs, no Two-Tier Approvals for Mr Wee’s continued appointment as an Independent Director will be sought at the
upcoming AGM.
Changes to the Board and Board Committees after 30 September 2022
In line with the Company’s plans for Board refreshment and renewal, the following changes to the Board and Board
Committees took place, or will take place, after 30 September 2022:
(a) Mrs Siripen Sitasuwan was appointed as a Non-Executive and Independent Director of the Company, a member
of the AC and a member of the ITCC with effect from 17 October 2022.
(b) Mr Pramoad Phornprapha was appointed as a Non-Executive and Independent Director of the Company, a
member of the EXCO, a member of the NC and a member of the SRMC with effect from 17 October 2022.
(c)
Each of the Nine-Year IDs, being Mr Charles Mak Ming Ying, Mr Chan Heng Wing, Mr Philip Eng Heng Nee
and Mr Weerawong Chittmittrapap, were re-designated from Non-Executive and Independent Directors of the
Company to Non-Executive and Non-Independent Directors of the Company pursuant to Rule 210(5)(d)(iii) of
the SGX-ST Listing Manual, with effect from 25 October 2022.
(d)
Following from (c) above, Mr Chin Yoke Choong was appointed as the Lead Independent Director of the
Company in place of Mr Charles Mak Ming Ying with effect from 25 October 2022.
CORPORATE GOVERNANCE REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 124
(e)
As part of renewal of the Board Committees of the Company, the following changes to the Board Committees
were effected from 25 October 2022:
Mr Charles Mak Ming Ying retired as the Chairman and a member of the AC;
(i)
(ii) Mr Philip Eng Heng Nee retired as a member of the AC;
(iii) Mr Chin Yoke Choong, who is a member of the AC, was appointed as the Chairman of the AC in place
of Mr Charles Mak Ming Ying;
(iv) Mr Wee Joo Yeow was appointed as a member of each of the NC, the RC and the SRMC; and
(v) Mr Tan Pheng Hock was appointed as a member of the SRMC.
Save as set out above in relation to the changes in the composition of the AC, the Nine-Year IDs will remain
on the Board and their respective Board committees for a transitional period from 25 October 2022 to
31 December 2022 in order to facilitate the orientation of the newly-appointed Directors (being Mr Chin Yoke
Choong, Mrs Siripen Sitasuwan and Mr Pramoad Phornprapha), to effect an orderly and smooth handover, in
particular in relation to the Group’s annual reporting for the financial year ended 30 September 2022, and for
continuity of knowledge and experience.
(f)
Each of the Nine-Year IDs and Mr Chotiphat Bijananda will cease to be a Director of the Company with effect
from 1 January 2023 following the end of the transitional period.
(g) Mr Thapana Sirivadhanabhakdi will be appointed as a Non-Executive and Non-Independent Director, a member
of the EXCO and a member of the RC, with effect from 1 January 2023.
(h) Mr Chin Yoke Choong, who is a member of the RC, will be appointed as the Chairman of the RC, in place of Mr
Philip Eng Heng Nee, with effect from 1 January 2023.
(i)
Mr Pramoad Phornprapha, who is a member of the NC and the SRMC, will be appointed as the Chairman
of each of the NC and the SRMC, in place of Mr Weerawong Chittmittrapap and Mr Chotiphat Bijananda
respectively, with effect from 1 January 2023.
Lead Independent Director
Mr Charles Mak Ming Ying was appointed as Lead Independent Director on 8 May 2015 and served as such until 25
October 2022. Mr Chin Yoke Choong was appointed as the Lead Independent Director of the Company in place of
Mr Charles Mak Ming Ying with effect from 25 October 2022, following the re-designation of Mr Charles Mak Ming
Ying as a Non-Executive and Non-Independent Director.
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. The Lead Independent Director has the authority to 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.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 125
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 2022, 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 the financial
year ended 30 September 2021 (“FY2021”), 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 FY2022, an independent external consultant, 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), if any for that particular financial year, 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 REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 126
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 FY2022, 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.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 127
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 (which includes
performance indicators such as zero carbon targets), 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.
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128
(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 greater alignment of interests of Key Management Personnel and senior executives with the interests
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 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 or their
equivalent cash value or a combination thereof 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.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 129
Restricted Cash Plan
For the financial year ending 30 September 2023, the Company will be replacing the PSP and RSP which will be
expiring on 24 October 2023 with a Restricted Cash Plan (“RCP”). Similar to the RSP, awards granted under the
RCP will be subject to performance conditions based on the Company’s operational performance over a one-year
Performance Period. Replacing the PSP and the RSP with the RCP will continue to ensure that participants’ interests
are aligned with Shareholders’ interests, whilst improving the competitiveness and ease of management of the
Company’s compensation packages. It also avoids further dilution to existing Shareholders. No Shares will be issued
under the RCP and participants of the RCP will not be entitled to nor have any right or interest over Shares. The final
cash amount that will vest and be paid pursuant to awards to be granted to participants under the RCP will depend
on the achievement of the prescribed performance conditions. The pre-set targets under the RCP, which are similar
to the RSP, are APBFE and Return on Capital Employed. Upon the determination of the final awards under the RCP,
the final awards under the RCP will be settled in cash based on the Company’s share price and exchange rate at
the relevant dates. The terms of the RCP, such as eligibility, lapsing events, acceleration events, adjustments and
administration, are otherwise substantially similar to the RSP. To transition to the RCP, the RC has approved settling
all outstanding share awards under the RSP and the PSP in cash on vesting.
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 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 ABPFE 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 FY2022, 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.
CORPORATE GOVERNANCE REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 130
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.
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 FY2022:
Attendance Fee (for
physical attendance
in Singapore or home
country of Director)
($)
Attendance Fee (for
physical attendance
outside Singapore
(excluding home
country of Director))
($)
Attendance Fee (for
attendance via tele /
video conference)
($)
Board
- Chairman
- Lead Independent Director
- Member
Basic Fee
($)
200,000
120,000
100,000
Audit Committee and Board Executive Committee
- Chairman
- Member
60,000
30,000
Remuneration Committee
- Chairman
- Member
50,000
25,000
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
Nominating Committee and Sustainability and Risk Management Committee
- Chairman
- Member
40,000
20,000
3,000
1,500
4,500 per trip
4,500 per trip
Information Technology & Cybersecurity Committee (1)
- Chairman
- Member
40,000
20,000
3,000
1,500
4,500 per trip
4,500 per trip
Note:
(1) With effect from 1 March 2022, Information Technology & Cybersecurity Committee has been converted into a formalised Board committee
comprising Board members.
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 131
Shareholders’ approval was obtained at the AGM held on 21 January 2022 for the payment of Directors’ fees of up
to $2,500,000 for FY2022. Shareholders’ approval will be sought at the upcoming AGM to be held on 18 January
2023 for the proposed payment of Directors’ fees of up to $2,500,000 for the financial year ending 30 September
2023.
Disclosure of Remuneration of Directors and Top Key Management Personnel
Information on the remuneration of Directors of the Group for FY2022 is set out below.
Directors of the Company
Mr Charoen Sirivadhanabhakdi
Khunying Wanna Sirivadhanabhakdi
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
Mr Chin Yoke Choong
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
Total Remuneration
(in the form of Directors’ Fees)
$
–(1)
–(1)
303,500
194,500
5,833(2)
246,500(3)
135,333
198,667
173,000
206,500
–(4)
199,500
Notes:
(1) Mr Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi have waived payment of Directors’ fees due to them.
(2) Mr Chin Yoke Choong was appointed to the Board and the Audit, Nominating and Remuneration Committees with effect from 19 September 2022,
and his Directors’ fees for FY2022 have been pro-rated accordingly.
(3) Excludes $49,272 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.
Save as disclosed above, the Directors are not paid any other fees, allowances and/or benefits.
The remuneration of the Group CEO and the Key Management Personnel of the Group and in aggregate the total
remuneration paid to them for FY2022 is set out in the table below:
Salary inclusive of
employer’s CPF
Bonus and other
benefits inclusive of
employer’s CPF
Share awards(2)
Total
Mr Panote Sirivadhanabhakdi (1)(3)
$955,711
25%
$1,715,198
51%
$963,984
24%
$3,634,893
100%
Chia Khong Shoong
Loo Choo Leong
Reini Otter
Anthony Boyd
Soon Su Lin (4)
Uten Lohachitpitaks (5)
$3,371,835
40%
$3,201,862
37%
$2,002,682
23%
$8,576,379
100%
Notes:
(1) Mr Panote Sirivadhanabhakdi, the Group CEO, is not paid Director’s fees.
(2) The value of long term incentives was calculated based on the initial awards at target level and on closing share price of $1.14 on 23 December
2021.
(3) 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.
(4) Ms Soon Su Lin was appointed as the CEO of the Singapore SBU on 1 April 2022 and the remuneration disclosed is for the period from 1 April
2022 to 30 September 2022.
(5) Mr Uten Lohachitpitaks ceased to be the Group Chief Investment Officer on 1 January 2022 and the remuneration disclosed is for the period from
1 October 2021 to 31 December 2021.
CORPORATE GOVERNANCE REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 132
Save as disclosed above, for FY2022, there were no termination, retirement and post-employment benefits granted
to the Directors, the Group CEO and Key Management Personnel.
The Company has decided not to disclose the exact details of the remuneration of each Key Management
Personnel in bands of $250,000, and to disclose the aggregate remuneration of all 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 had not disclosed the remuneration of Key Management Personnel 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 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 the 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 that
the Company has disclosed the remuneration policies, composition of remuneration, appraisal process and
performance metrics which go towards determination of the performance bonus of the Group CEO and other Key
Management Personnel, the Board have determined that despite the partial deviation from Provision 8.1 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.
As at 30 September 2022, save for the Group CEO, there were 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.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 133
The Company announces its financial statements on a half-yearly basis and provides first-quarter and third-quarter
interim business updates to shareholders. The financial results and business updates contain information 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.
At the AGM held on 21 January 2022, 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 FY2022 are set out in the table below:
Fees Relating to External Auditors for FY2022
For audit and audit-related services
For non-audit services
Total
$ (Million)
6.6
2.5
9.1
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.
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In the review of the financial statements for FY2022, 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.
The AC was satisfied with the valuation process, the methodologies used and the
valuation for investment properties as adopted as at 30 September 2022.
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 2022.
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 for the purpose of estimating the related recoverable amounts.
The AC considered the findings of the external auditors, including their assessment
on Management’s review process for properties with indicators of impairment,
the valuation methods used to estimate the related recoverable amounts and the
underlying key assumptions applied.
The AC was satisfied with the review process and the methodology and key
assumptions in supporting Management’s assessment of the recoverable amounts
as at 30 September 2022 in relation to the Group’s portfolio of hotel properties.
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 2022.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 135
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 SRMC, 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 SRMC,
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 SRMC 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 SRMC to oversee the ERM Framework. Key risks are continually identified, mitigating measures
and management actions are 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 46 to 48 of this annual report.
Periodic updates are provided to the SRMC 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
management activities 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 SRMC 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
SRMC. 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, information
technology and compliance 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 areas with the existing assurance
processes in a comfort matrix every year. Using a comfort matrix, the internal controls to manage 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.
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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 2022, the financial records of the Group have been
properly maintained and the financial statements for FY2022 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 and the Group CFO, that the system of internal controls in place for the
Group is adequate and effective as at 30 September 2022 to address financial, operational, compliance and
information technology risks which the Group considers relevant and material to its operations;
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 2022 to address financial, operational, compliance and information
technology risks for their respective SBUs which the Group considers relevant and material to its operations;
Risk Management System
(d)
(e)
the Group CEO, the Group CCO and the Group CFO, that the risk management system in place for the Group
is adequate and effective as at 30 September 2022 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 2022 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, 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 2022 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 SRMC, and the relevant assurances from the Group CEO, the Group CCO, the Group CFO 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 2022 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 2022, 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.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 137
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 2022, FPL Group IA comprised 24
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 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 with the key strategies of the Group. Risk assessments are carried out on all
key business processes, the results of which 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 the
Group companies’ documents, records, properties and personnel, including 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 FY2022. 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”).
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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 (including reporting to the Board of any significant matters raised through the whistle-blowing channel).
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 139
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.
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 page 43.
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 page 42.
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
Due to the COVID-19 situation in Singapore, the AGMs in respect of the financial years ended 30 September
2020 and 30 September 2021 (“2022 AGM”) were convened and held wholly 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 (“COVID-19 Temporary Measures
Order”). While Shareholders were not able to attend the 2022 AGM physically and participate in person, in addition
to submitting their questions in advance of the 2022 AGM, they were also able to submit questions to the Chairman
of the Meeting “live” at the 2022 AGM through the electronic platform for the 2022 AGM and have their questions
addressed at the 2022 AGM itself. All the Directors attended the 2022 AGM either in-person or via electronic means.
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In view of the progressive easing of the COVID-19 community safe management measures in Singapore, the
forthcoming AGM (“2023 AGM”) will be held in a wholly physical format on 18 January 2023 pursuant to the
COVID-19 Temporary Measures Order and Shareholders (themselves or through duly appointed proxies) will be
able to vote and ask questions in person at the 2023 AGM. The format of the 2023 AGM may be subject to further
changes as may be necessitated due to the COVID-19 situation in Singapore.
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 and interact with the Directors and senior Management.
Shareholders are given the opportunity to participate and vote at general meetings of the Company, where the
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, e-mail
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 within one month from the
date of the Shareholders’ meetings.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED 141
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).
Taking into consideration the Group’s financial performance, and in keeping with the Group’s efforts to maintain
financial flexibility amid macro developments, for FY2022, the Board has proposed a first and final dividend of 3.0
Singapore cents per Share (approximately 30% of APBFE before distribution to perpetual securities holders) to be
approved at the forthcoming 2023 AGM to be held on 18 January 2023.
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, regulators and the investment community to gather feedback on the
sustainability issues most important to them. Please refer to the Integrated ESG Report 2022 which can be found
on the Company’s corporate website at https://www.frasersproperty.com/Integrated-ESG-Report, which sets out
information on the Company’s arrangements to identify and engage with its material stakeholder groups and to
manage its relationships with such groups, and the Company’s sustainability strategy and key areas of focus in
relation to the management of stakeholder relationships during FY2022.
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
the 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 REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 142
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 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 the Company 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 programme 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.
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED
143
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
117
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
BOARD COMPOSITION AND GUIDANCE
Provision 2.4
The Board diversity policy and progress made towards implementation of
the policy, including objectives
BOARD MEMBERSHIP
Provision 4.3
Provision 4.4
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
Provision 4.5
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
BOARD PERFORMANCE
Provision 5.2
How the assessments of the Board, its Board Committees and each Director
have been conducted, including the identity of any external facilitator and its
connection, if any, with the Company or any of its Directors
PROCEDURES FOR DEVELOPING REMUNERATION POLICIES
114 to 115
109 to 114
115
121
120 to 121
121 to 122
121
125
Provision 6.4
Engagement of any remuneration consultants and their independence
126
CORPORATE GOVERNANCE REPORTANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information 144
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:
130 to 132
(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
Provision 8.2
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
132
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
126 to 132
RISK MANAGEMENT AND INTERNAL CONTROLS
Provision 9.2
Board's assurance from:
(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
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
136
138
115
141
Provision 12.1
Steps taken by the Company to solicit and understand the views of
shareholders
139 to 140
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
141 to 142
CORPORATE GOVERNANCE REPORTFRASERS PROPERTY LIMITED ANNUAL REPORT 2022
145
145
Contents
Overview
Organisational
Business
Sustainability
Highlights
Corporate
Governance
Financial &
Additional Information
CO N T E N TS
FINANCIAL STATEMENTS
146 Directors’ Statement
151
Independent Auditors’ Report
157 Consolidated Profit Statement
158 Consolidated Statement of
Comprehensive Income
Statements of Financial Position
159
160 Consolidated Statement of
Changes in Equity
164 Consolidated Statement of
Cash Flows
167 Notes to the Financial Statements
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
146
D I R E CTO RS ’ S TAT E M E N T
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 2022.
1. OPINION OF THE DIRECTORS
In the opinion of the Directors,
(i)
the consolidated financial statements of the Group set out in pages 157 to 280 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
2022 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
Companies Act 1967 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 this statement, authorised these financial statements for issue.
2. DIRECTORS
The Directors of the Company in office at the date of this statement are:
Mr Charoen Sirivadhanabhakdi
Khunying Wanna Sirivadhanabhakdi
Mr Panote Sirivadhanabhakdi
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
Mr Chin Yoke Choong
Mr Philip Eng Heng Nee
Mr Pramoad Phornprapha
Mrs Siripen Sitasuwan
Mr Tan Pheng Hock
Mr Wee Joo Yeow
Mr Weerawong Chittmittrapap
Mr Chotiphat Bijananda
Mr Sithichai Chaikriangkrai
(Chairman)
(Vice Chairman)
(Appointed on 19 September 2022)
(Appointed on 17 October 2022)
(Appointed on 17 October 2022)
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.
FRASERS PROPERTY LIMITED 147
D I R E CTO RS ’ S TAT E M E N T
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 1967, an interest in the
shares in or debentures of the Company and its related corporations (other than wholly-owned subsidiaries)
as stated below:
Direct Interest
Deemed Interest
As at
1 October 2021
or a later date
of appointment
as Director
As at
1 October 2021
or a later date
of appointment
as Director
As at
30 September
2022
As at
30 September
2022
–
–
–
– 3,411,180,640 3,411,180,640(1)
– 1,270,503,884 1,270,503,884(2)
– 203,470,910 203,470,910(3)
25,000
25,000
–
–
–
–
–
– 3,411,180,640 3,411,180,640(1)
– 1,270,503,884 1,270,503,884(2)
– 203,470,910 203,470,910(3)
25,000
25,000
–
–
–
–
S$250,000
S$250,000
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
Chan Heng Wing
– Frasers Property Treasury Pte. Ltd.
• S$300M 4.38% p.a. Subordinated
Perpetual Securities (Series 003)
Chin Yoke Choong
– Frasers Property Treasury Pte. Ltd.
• S$280m 4.25% p.a. Notes due 2026
(Series 6)
S$250,000
S$250,000
• S$500M 4.49% p.a. Green Notes due
2027
S$250,000
S$250,000
–
–
Philip Eng Heng Nee
– Frasers Property Treasury Pte. Ltd.
• S$500M 4.49% p.a. Green Notes due
2027
–
S$500,000
–
–
–
–
Chotiphat Bijananda
– Frasers Property Limited
• Ordinary Shares
Panote Sirivadhanabhakdi
– Frasers Property Limited
• Ordinary Shares
–
–
70,000,000
70,000,000(4)
–
–
70,000,000
70,000,000(4)
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
148
D I R E CTO RS ’ S TAT E M E N T
4. DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (CONT’D)
(1) As of 30 September 2022, 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. Both the Company and Fraser and Neave, Limited (“FNL”) are direct subsidiaries of TCCA.
Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi also jointly hold a 100% direct interest in Shiny Treasure Holdings
Limited (“Shiny Treasure”) and a 51% direct interest in Siriwana Co., Ltd. (“Siriwana). Shiny Treasure holds 49% direct in interest in Siriwana,
which in turn, holds a direct interest of approximately 45.25% in Thai Beverage Public Company Limited (“ThaiBev”, and its shares,
“ThaiBev Shares”). Siriwana is also deemed to have an interest in the ThaiBev Shares held by its wholly-owned subsidiary Siriwanan Co.,
Ltd. (“Siriwanan”). Siriwanan has a direct interest of approximately 5.85% in ThaiBev Shares, and through a sale and purchase agreement
it had entered into on 28 September 2022 which is pending completion, will increase its interest in ThaiBev Shares from approximately
5.85% to approximately 8.75%, and Siriwana’s interest in ThaiBev Shares, direct and indirect through Siriwanan, will increase from
approximately 51.10% to approximately 54.00%.
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.
(2) As at 30 September 2022:
– TCCA holds 858,080,062 shares in FNL; and
IBIL holds 412,423,822 shares in FNL.
–
Each of Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi is therefore deemed to be interested in all of the shares in
FNL in which TCCA and IBIL have an interest.
(3) As at 30 September 2022, FNL 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 FNL has an interest.
(4) As of 30 September 2022, 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 2022, other than as disclosed in this statement.
By virtue of Section 4 of the Singapore Securities and Futures Act 2001, 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 FNL.
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.
FRASERS PROPERTY LIMITED
149
D I R E CTO RS ’ S TAT E M E N T
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, FNL, 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 five non-executive directors who do not participate in the Share Plans:
Mr Philip Eng Heng Nee (Chairman)
Mr Chin Yoke Choong
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
Mr Wee Joo Yeow
(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) and Absolute Total 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 2022.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 150
D I R E CTO RS ’ S TAT E M E N T
6.
AUDIT COMMITTEE
The Audit Committee carried out its functions in accordance with Section 201B(5) of the Companies Act 1967,
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;
(iii)
(iv)
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;
(v)
reviewed the adequacy and effectiveness of the Group’s internal audit function, including the adequacy
of internal audit resources and its appropriate standing within the Group;
(vi) met with the external and internal auditors, in each case without the presence of the Company’s
management to review various audit matters as well as the assistance given by the Company's
management to the external and internal auditors;
(vii)
reviewed the cost effectiveness, the independence and the objectivity of external auditors, including
the nature and extent of non-audit services provided by the external auditors;
(viii)
recommended to the Board the appointment, re-appointment and removal of the external auditors, and
reviewed and approved the remuneration and terms of engagement of the external auditors; and
(ix)
reviewed interested person transactions in accordance with the requirements of the Singapore Exchange
Securities Trading Limited’s Listing Manual.
Further details regarding the Audit Committee are disclosed in the Corporate Governance Report.
Having reviewed the non-audit services provided by the external auditors to the Group, the Audit Committee
is satisfied that the nature and extent of such services would not affect the independence of external auditors,
and has recommended to the Board of Directors the re-appointment of KPMG LLP as auditors of the Company
at the forthcoming Annual General Meeting.
7.
AUDITORS
The auditors, KPMG LLP, have expressed their willingness to accept re-appointment as auditors.
On behalf of the Board
Charles Mak Ming Ying
Director
Panote Sirivadhanabhakdi
Director and Group Chief Executive Officer
Singapore
21 November 2022
FRASERS PROPERTY LIMITED 151
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the accompanying consolidated financial statements of Frasers Property Limited (the “Company”)
and its subsidiaries (collectively the “Group”), which comprise the consolidated statement of financial position of the
Group and statement of financial position of the Company as at 30 September 2022, the consolidated profit statement,
consolidated statement of comprehensive income, consolidated statement of changes in equity, and consolidated
statement of cash flows 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 157 to 280.
In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position
and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the
Companies Act 1967 (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 2022 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 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 residence 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 consolidated
statement of financial position, at $24.4 billion (2021: $24.6 billion) as at 30 September 2022.
Investment properties are stated at 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 these key assumptions, 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.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 152
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
Our response:
We assessed the qualifications and objectivity of the external valuers. 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.
Our findings:
The external valuers are members of recognised professional bodies for valuers. The valuation methodologies used
at the reporting date 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 $3.9 billion as at 30 September 2022
(2021: $4.2 billion). Development properties held for sale are stated at the lower of cost and net realisable value. 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 , the Group takes into account macroeconomic factors, real estate price trend information and capital
management considerations. In estimating costs of completion, the Group also considers economic developments.
Our response:
We compared the Group’s forecast selling prices to recent 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.
FRASERS PROPERTY LIMITED 153
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
Valuation of property, plant and equipment
(Refer to Note 13 to the financial statements)
Risk:
As at 30 September 2022, the Group’s property, plant and equipment, which are mainly composed of hotel properties,
amount to approximately $2.1 billion (2021: $2.5 billion).
Property, plant and equipment are carried at cost less accumulated depreciation and impairment losses and are
subject to an annual review for 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.
Our response:
We assessed the Group’s review process for properties with indicators of impairment. For properties with indicators
of impairment, we considered the valuation methods used to estimate the related 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.
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 applied 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 consolidated statement of financial position as at 30 September 2022 are goodwill and intangible
assets relating to management contracts with an aggregate carrying value of $567 million (2021: $606 million). These
assets are impaired if the carrying value of the cash generating unit (“CGU”) to which the goodwill or intangible asset
is allocated, 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 key inputs and assumptions
relate to expectations of future cash flows, projected growth rates and discount rates. The recoverable amount is
sensitive to these inputs and assumptions.
Our response:
We evaluated the Group’s identification of the CGU and estimation of the related 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.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 154
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
Our findings:
The methodologies used by the Group are 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 had obtained the Corporate Profile, Group Portfolio Approach, Our Businesses, Our Multinational Presence, Group
Structure, FY22 Key Milestones, Financial Highlights, 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 Review, Sustainability Highlights, Particulars of Group Properties, Interested Person
Transactions, FPL Fact Sheet and Corporate Information prior to the date of this auditors’ report. The Shareholding
Statistics, Corporate Governance Report, Additional Information of Directors Seeking Re-Appointment and Use of
Proceeds (‘the Reports’) 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 and will 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 identified
above and, in doing so, consider whether the other information is materially inconsistent with the financial statements
or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditors’
report, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
When we read the Reports, if we conclude that there is a material misstatement therein, we are required to communicate
the matter to those charged with governance 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.
FRASERS PROPERTY LIMITED 155
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
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.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 156
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
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
21 November 2022
FRASERS PROPERTY LIMITED CO N S O L I DAT E D P RO F I T S TAT E M E N T
For the year ended 30 September 2022
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
157
Group
2022
$'000
2021
$'000
3,877,042
3,763,751
(2,371,215)
–
(2,553,847)
355,679
(2,371,215)
(2,198,168)
1,505,827
31,539
(396,444)
1,565,583
84,169
(392,834)
1,140,922
108,318
1,256,918
167,743
Note
3
4a
4a
4b
4c
4
15
5
6
7
8
9
1,249,240
1,424,661
64,090
(394,414)
60,413
(437,040)
(330,324)
(376,627)
918,916
1,076,238
1,048,034
944,890
1,995,154
134,380
1,992,924
34,498
2,129,534
(358,417)
2,027,422
(460,792)
1,771,117
1,566,630
871,429
56,845
842,843
775,099
61,295
730,236
1,771,117
1,566,630
398,846
462,615
66,813
928,274
842,843
399,518
392,632
40,943
833,093
733,537
1,771,117
1,566,630
10
22.2¢
22.0¢
22.6¢
22.4¢
(1) Non-controlling interests’ share of distributions to perpetual securities holders was nil for the year ended 30 September 2022
(30 September 2021: $3,301,000).
The accompanying notes form an integral part of the financial statements.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 158
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 September 2022
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 and an associate
Items that will not be reclassified subsequently to profit statement:
Change in fair value of equity investments at fair value through
other comprehensive income
Group
2022
$'000
2021
$'000
1,771,117
1,566,630
533,593
(822,250)
24,740
2,391
123,684
(100,415)
24,011
(9,696)
(261,526)
37,584
(11,025)
(8,946)
Total other comprehensive income for the year, net of tax
(272,551)
28,638
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
1,498,566
1,595,268
Attributable to:
Owners of the Company
Holders of perpetual securities
Non-controlling interests
865,670
56,845
576,051
849,225
61,295
684,748
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
1,498,566
1,595,268
The accompanying notes form an integral part of the financial statements.
FRASERS PROPERTY LIMITED S TAT E M E N TS O F F I N A N CI A L P O S I T I O N
As at 30 September 2022
Group
2022
$'000
2021
$'000
Note
159
Company
2022
$'000
2,220
17
1,101,715
500
–
25,751
–
5,178,621
–
84,778
6,393,602
–
–
–
148,892
13,059
–
514,996
–
676,947
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
24,358,388
2,126,433
24,613,811
2,451,285
–
1,835,377
1,086,787
80,783
586,675
733,927
115,226
624,633
31,548,229
3,869,341
344,026
177,734
619,067
83,702
1,165
3,321,230
200,622
8,616,887
–
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
40,165,116
40,256,931
7,070,549
7,160,463
1,757,851
155,779
15,861
438,097
28,795
3,826,891
36,695
6,259,969
1,790,290
21,653
52,171
502,199
36,679
4,849,333
21,922
7,274,247
437,349
–
13,059
2,447
–
–
–
452,855
504,978
–
3,794
1,627
–
–
–
510,399
2,356,918
1,517,732
224,092
665,734
483,325
34,579
1,134,392
811,864
12,062,445
14,526,605
232,122
131,342
964,000
890,897
12,433,808
14,652,169
246,767
84,778
–
–
–
331,545
354,988
5,930
–
–
–
360,918
19,378,542
18,330,515
6,286,149
6,289,146
2,987,858
7,456,563
(98,540)
10,345,881
2,974,980
6,713,710
(144,540)
9,544,150
2,987,858
3,120,542
177,749
6,286,149
2,974,980
3,177,708
136,458
6,289,146
1,244,172
11,590,053
1,244,172
10,788,322
–
6,286,149
–
6,289,146
7,788,489
19,378,542
7,542,193
18,330,515
–
6,286,149
–
6,289,146
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
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 160
CO N S O L I DAT E D S TAT E M E N T O F CH A N G ES I N E Q U I T Y
For the year ended 30 September 2022
Share
Capital
(Note 28)
$'000
Retained
Earnings
$'000
Equity
Attributable
to owners
of the
Company
Non-
Controlling
Interests –
Perpetual
Securities
(Note 31)
Other
Reserves
(Note 29)
$'000
$'000
$'000
Non-
Controlling
Interests –
Others
$'000
Total
$'000
Total
Equity
$'000
Group
2022
At 1 October 2021
2,974,980 6,713,710
(144,540) 9,544,150 1,244,172 10,788,322 7,542,193 18,330,515
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 a subsidiary and an associate
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
Change in interests in subsidiaries
without change in control
Acquisition of a subsidiary with non-controlling
interest
Total changes in ownership interests
in subsidiaries
Total transactions with owners in their
capacity as owners
Contributions by and distributions
to perpetual securities holders
Distributions to perpetual securities holders
Total contributions by and distributions
to perpetual securities holders
–
–
–
–
–
–
–
–
871,429
–
871,429
56,845
928,274
842,843 1,771,117
–
–
–
–
438,773
(456,814)
438,773
(456,814)
18,043
18,043
2,156
2,156
–
–
–
–
438,773
(456,814)
94,820
(365,436)
533,593
(822,250)
18,043
6,697
24,740
2,156
235
2,391
–
–
871,429
(7,917)
(5,759)
(5,759)
(7,917)
(5,759)
865,670
–
–
56,845
(7,917)
(5,759)
922,515
(11,025)
(3,108)
(266,792)
(272,551)
576,051 1,498,566
12,878
–
–
–
–
–
–
(199)
(117,781)
(6,674)
(12,878)
18,320
(78,322)
117,781
6,674
–
18,320
(78,521)
–
–
12,878
(124,654)
51,575
(60,201)
–
–
–
–
–
–
–
(3,922)
184
(3,738)
–
–
–
(3,922)
184
(3,738)
12,878
(128,576)
51,759
(63,939)
–
–
–
–
–
–
–
–
–
–
–
–
18,320
(78,521)
–
–
–
–
(357,609)
–
–
–
18,320
(436,130)
–
–
(60,201)
(357,609)
(417,810)
–
4,210
4,210
(3,738)
2,960
(778)
–
20,684
20,684
(3,738)
27,854
24,116
(63,939)
(329,755)
(393,694)
–
–
–
–
–
–
–
–
(56,845)
(56,845)
(56,845)
(56,845)
–
–
(56,845)
(56,845)
At 30 September 2022
2,987,858 7,456,563
(98,540) 10,345,881 1,244,172 11,590,053 7,788,489 19,378,542
The accompanying notes form an integral part of the financial statements.
FRASERS PROPERTY LIMITED
161
CO N S O L I DAT E D S TAT E M E N T O F CH A N G ES I N E Q U I T Y
For the year ended 30 September 2022 (cont’d)
Share
Capital
(Note 28)
$'000
Retained
Earnings
$'000
Equity
Attributable
to owners
of the
Company
Non-
Controlling
Interests –
Perpetual
Securities
(Note 31)
Other
Reserves
(Note 29)
$'000
$'000
$'000
Non-
Controlling
Interests –
Others
$'000
Total
$'000
Total
Equity
$'000
Group
2021
At 1 October 2020
1,804,951 6,017,905
(262,705) 7,560,151 1,342,720 8,902,871 6,212,413 15,115,284
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
–
–
–
–
–
–
–
–
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
(8,946)
(1,402)
(45,488)
28,638
684,748 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
– 1,158,772
14,106
–
(43,998)
–
–
–
–
–
– 1,158,772
14,106
–
(407,396)
(363,398)
–
–
–
–
1,170,029
(86,966)
45,817 1,128,880
– 1,128,880
(363,398)
765,482
–
–
–
–
–
–
–
10,748
(2,701)
(1,778)
–
8,970
(2,701)
8,047
(1,778)
6,269
–
–
–
–
– 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.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
162
CO N S O L I DAT E D S TAT E M E N T O F CH A N G ES I N E Q U I T Y
For the year ended 30 September 2022 (cont’d)
Share
Capital
(Note 28)
$'000
Retained
Earnings
$'000
Other
Reserves
(Note 29)
$'000
Fair Value
Adjustment
Reserve
$'000
Share-based
Compensation
Reserve
$'000
Dividend
Reserve
$'000
Total Equity
$'000
Company
2022
At 1 October 2021
2,974,980
3,177,708
136,458
27,026
31,110
78,322
6,289,146
Profit for the year
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
–
–
–
–
60,814
–
–
–
–
(3,424)
(3,424)
(3,424)
(3,424)
60,814
(3,424)
(3,424)
–
–
–
–
–
–
–
–
60,814
(3,424)
(3,424)
57,390
12,878
–
–
–
–
–
(199)
(117,781)
(12,878)
18,134
(78,322)
117,781
12,878
(117,980)
44,715
–
–
–
–
–
(12,878)
18,134
–
–
–
–
(78,322)
117,781
–
18,134
(78,521)
–
5,256
39,459
(60,387)
At 30 September 2022
2,987,858
3,120,542
177,749
23,602
36,366
117,781
6,286,149
The accompanying notes form an integral part of the financial statements.
FRASERS PROPERTY LIMITED 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
163
CO N S O L I DAT E D S TAT E M E N T O F CH A N G ES I N E Q U I T Y
For the year ended 30 September 2022 (cont’d)
Share
Capital
(Note 28)
$'000
Retained
Earnings
$'000
Other
Reserves
(Note 29)
$'000
Fair Value
Adjustment
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.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 164
CO N S O L I DAT E D S TAT E M E N T O F CA S H F LO W S
For the year ended 30 September 2022
Cash Flow from Operating Activities
Group
2022
$'000
2021
$'000
Note
13a
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
15
Share of results of joint ventures and associates, net of tax
17
Amortisation of intangible assets
17
Write-off of intangible assets
13
Impairment of property, plant and equipment
4b, 8
(Gain)/loss on disposal of property, plant and equipment
4a
Net (reversal of)/allowance for impairment on trade receivables
Bad debts written off
4a
(Reversal of write-down)/write-down to net realisable value of properties held for sale 4a
Employee share-based expense
4c
Gain on disposals of subsidiaries
Gain on disposal of a joint venture
Gain on disposals of associates
Loss on dilution of interest in an associate
Loss on acquisitions of subsidiaries
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
4b
4b
8
5
6
9
1,771,117
1,566,630
83,109
(1,076,238)
–
(108,318)
5,601
350
–
(133,156)
(1,939)
863
(107,717)
27,664
(9,323)
(824)
(4,147)
1,143
–
–
(40,657)
–
(64,090)
394,414
358,417
80,056
1,176,325
(261,672)
(12,966)
(256,264)
134,126
322,444
689
224,432
1,327,114
(142,845)
1,184,269
87,086
(944,890)
(355,679)
(167,743)
6,283
5,335
3,841
157
7,116
1,151
111,343
20,230
(83,969)
(548)
–
271
1,412
(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
The accompanying notes form an integral part of the financial statements.
FRASERS PROPERTY LIMITED 165
CO N S O L I DAT E D S TAT E M E N T O F CA S H F LO W S
For the year ended 30 September 2022 (cont’d)
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 generated from/(used in) Investing Activities
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
Proceeds from issue of new shares, net of costs
Redemption of perpetual securities
Interest paid
Issuance costs
Net cash used in Financing Activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of year
Effects of exchange rate on opening cash
Cash and cash equivalents at end of year
Cash and cash equivalents at end of year:
Fixed deposits, current
Cash and bank balances
Bank overdraft, unsecured
Cash and cash equivalents at end of year
The accompanying notes form an integral part of the financial statements.
Group
2022
$'000
2021
$'000
Note
(900,704)
(90,254)
878,932
310,853
–
(367,299)
–
217,848
7
(40,764)
(2,914)
61,106
(67,901)
(778)
26,855
23,581
1,230
49,798
4,210
(357,609)
(78,521)
(72,583)
5,704,486
(5,687,207)
877,044
(1,537,700)
(56,845)
–
–
(367,941)
–
(1,572,666)
(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)
1,028,242
(363,398)
(43,998)
(47,101)
7,804,182
(8,927,964)
797,663
(1,384,805)
(61,295)
1,158,772
(100,000)
(408,540)
(9,082)
(557,324)
(338,599)
3,775,864
(117,143)
3,320,122
652,517
3,083,818
39,529
3,775,864
17
27
27
27
27
27
27
1,184,358
2,136,872
3,321,230
(1,108)
3,320,122
825,368
2,951,332
3,776,700
(836)
3,775,864
23
27
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 166
CO N S O L I DAT E D S TAT E M E N T O F CA S H F LO W S
For the year ended 30 September 2022 (cont’d)
Group
2022
$'000
2021
$'000
Note
Note A. Analysis of Acquisitions of Subsidiaries
Net assets acquired:
Investment properties
Property, plant and equipment
Intangible assets
Other non-current assets
Other current assets
Properties held for sale
Trade and other receivables
Cash and cash equivalents
Trade and other payables
Lease liabilities
Provision for tax
Loans and borrowings
Deferred tax liabilities
Non-current liabilities
Fair value of net assets
Less: Non-controlling interests
Less: Initial interest as a joint venture
Less: Initial interest as an associate
Loss on acquisitions of subsidiaries
Gain on disposal of a joint venture
Loss on disposal of an associate
Exchange difference
Purchase consideration
Less: Deferred sales consideration to be paid
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
Properties held for sale
Trade and other receivables
Other current assets
Cash and cash equivalents
Trade and other payables
Loans and borrowings
Deferred tax liabilities
Fair value of net assets
Realisation of reserves on disposals of subsidiaries
Less: Equity interest retained in a joint venture
Net gain on disposals of subsidiaries
Exchange difference
Sales consideration
Less: Cash and cash equivalents of subsidiaries disposed of
Less: Deferred sales consideration to be received
Cash flow on disposals of subsidiaries, net of cash and cash equivalents disposed of 40
116,753
45
–
17
358
46,352
3,171
6,095
(7,009)
(53)
–
(34,255)
–
–
131,474
(20,684)
(5,535)
(22,550)
–
(824)
1,866
(7,140)
76,607
(2,611)
(6,095)
67,901
–
3,050
36,106
9,671
118
7,788
(4,207)
–
–
52,526
1,992
(29,199)
9,323
1
34,643
(7,788)
–
26,855
104,272
4
36
4
–
–
221
840
(20,120)
(41,970)
(9)
–
(1,725)
(38)
41,515
–
(7,641)
–
1,412
(548)
–
(47)
34,691
–
(840)
33,851
496,355
–
–
3,735
–
837
(3,972)
(91,494)
(69,795)
335,666
(9,696)
–
83,969
(704)
409,235
(837)
(85,133)
323,265
The accompanying notes form an integral part of the financial statements.
FRASERS PROPERTY LIMITED
167
N OT ES TO T H E F I N A N CI A L S TAT E M E N TS
For the year ended 30 September 2022
These notes form an integral part of the financial statements.
The financial statements for the financial year ended 30 September 2022 were authorised for issue in accordance
with a resolution of the Directors on 21 November 2022.
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 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
2022 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 statement of financial position 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.
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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 168
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.
Certain valuers have recommended that the value of the properties are to be kept under regular review
given the current market conditions including inflationary pressures, rising interest rates and the ongoing
war in Ukraine, and the impact of COVID-19.
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 (“DCF”) 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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 169
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 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 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 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 valuers have recommended
that the value of the properties are to be kept under regular review given the current market conditions
including inflationary pressures, rising interest rates and the ongoing war in Ukraine, and the impact of
COVID-19. 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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 170
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 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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 171
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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 172
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.3
Significant Accounting Judgements and Estimates (cont’d)
(b)
Business Combinations (cont’d)
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.
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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 173
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.3
Significant Accounting Judgements and Estimates (cont’d)
(b)
Business Combinations (cont’d)
Loss of Control
Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any NCI
and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of
control is recognised in the profit statement. If the Group retains any interest in the previous subsidiary,
then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted
for as an equity-accounted investee or as a financial asset at fair value through other comprehensive
income depending on the level of influence retained.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
equity transaction.
Acquisitions before 1 October 2017
As part of transition to SFRS(I), the Group elected not to restate those business combinations that
occurred before the date of transition to SFRS(I), i.e. 1 October 2017. Goodwill arising from acquisitions
before 1 October 2017 has been carried forward from the previous FRS framework as at the date of
transition.
(c)
Property Acquisitions and Business Combinations
Where property is acquired, via corporate acquisitions or otherwise, management considers the
substance of the assets and activities of the acquired entity in determining whether the acquisition
represents the acquisition of a business. The basis of the judgement is set out in Note 2.2(b).
Where such acquisitions are not judged to be an acquisition of a business, they are not treated as
business combinations. In such cases, the acquirer shall identify and recognise the individual identifiable
assets acquired and liabilities assumed. The cost to acquire the corporate entity is allocated between
the identifiable assets and liabilities of the entity based on their relative fair values at the acquisition
date. Such a transaction or event does not give rise to goodwill.
(d)
Acquisitions from Entities Under Common Control
Business combinations arising from transfers of interests in entities that are under the control of the
shareholder that controls the Group are accounted for as if the acquisition had occurred at the beginning
of the earliest comparative year presented or, if later, at the date that common control was acquired,
are recognised at the carrying amounts recognised previously in the Group controlling shareholder’s
consolidated financial statements. The components of equity of the acquired entities are added to the
same components within Group equity and any gain/loss arising is recognised directly in equity.
2.4
Investments in Subsidiaries
A subsidiary is an investee that is controlled by the Group. The Group controls an investee when it is exposed,
or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns
through its power over the investee.
In the Company’s separate financial statements, investments in subsidiaries are carried at cost less impairment
losses.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 174
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.5
Joint Arrangements and Associates
A joint arrangement is a contractual arrangement whereby two or more parties have joint control. Joint control
is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require the unanimous consent of the parties sharing control.
A joint arrangement is classified either as joint operation or joint venture, based on the rights and obligations
of the parties to the arrangement.
To the extent the joint arrangement provides the Group with rights to the assets and obligations for the liabilities
relating to the arrangement, the arrangement is a joint operation. To the extent the joint arrangement provides
the Group with rights to the net assets of the arrangement, the arrangement is a joint venture.
(a)
Joint Operations
The Group recognises in relation to its interest in a joint operation, its:
–
–
–
–
assets, including its share of any assets held jointly;
liabilities, including its share of any liabilities incurred jointly;
revenue from the sale of its share of the output arising from the joint operation; 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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 175
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.5
Joint Arrangements and Associates (cont’d)
(b)
Joint Ventures and Associates (cont’d)
After application of the equity method, the Group determines whether it is necessary to recognise
an additional impairment loss on the Group’s investments in associates or joint ventures. The Group
determines at the end of each reporting period whether there is any objective evidence that the
investment in the associate or joint venture is impaired. If this is the case, the Group calculates the
amount of impairment as the difference between the recoverable amount of the associate or joint
venture and its carrying value and recognises the amount in the profit statement.
Goodwill that forms part of the carrying amount of an investment in an associate or a joint venture is not
recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount
of the investment in an associate or a joint venture is tested for impairment as a single asset when there
is objective evidence that the investment in an associate or a joint venture may be impaired.
The financial statements of joint ventures and associates are prepared at the same reporting date as
the Group. Where the accounting period of the joint ventures and associates is not co-terminous with
that of the Group, the share of results is arrived at from the last audited financial statements available
and unaudited management financial statements to the end of the accounting period. Where necessary,
adjustments are made to bring the accounting policies in line with those of the Group.
In the Company’s separate financial statements, interests in joint ventures and associates are carried at
cost less impairment losses.
2.6
Investment Properties
(a)
Completed Investment Properties
Completed investment properties are held either to earn rental income or for capital appreciation or
both, rather than for use in the production or supply of goods or services, or for administrative purposes,
or for sale in the ordinary course of business and are treated as non-current assets.
Completed investment properties are measured at cost on initial recognition. Costs include expenditure
that is directly attributable to the acquisition of investment properties. Subsequent to recognition,
completed investment properties are measured at fair value and gains or losses arising from changes
in the fair value of completed investment properties are included in the profit statement in the year in
which they arise.
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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 176
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.6
Investment Properties (cont’d)
(b)
Investment Properties under Construction
IPUC are initially stated at cost, which includes cost of land and construction, related overhead
expenditure and financing charges incurred during the period of construction and up to the completion
of construction.
IPUC are subsequently measured at fair value annually and on completion, with changes in fair values
being recognised in the profit statement when fair value can be measured reliably.
When completed, IPUC are transferred to completed investment properties.
IPUC for which fair value cannot be determined reliably is measured at cost less impairment.
2.7
Properties Held for Sale
(a)
Development Properties Held for Sale
Development properties held for sale are properties acquired or being constructed for sale in the ordinary
course of business, rather than being held for the Group’s own use, rental or capital appreciation.
Development properties held for sale are held as inventories and are measured at the lower of cost and
net realisable value.
Net realisable value of development properties held for sale is the estimated selling price in the ordinary
course of business, less the estimated costs of completion and the estimated costs necessary to make
the sale.
When completed, development properties held for sale are transferred to completed properties held
for sale.
(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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 177
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.8 Contract Costs (cont’d)
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.
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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 178
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.10 Property, Plant and Equipment (cont’d)
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.
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) 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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 179
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.11
Intangible Assets (cont’d)
(c)
Software
Software are initially capitalised at cost, which includes the purchase prices (net of any discounts and
rebates) and other directly attributable costs of preparing the asset for its intended use.
Subsequent to initial recognition, software are amortised to the profit statement on a straight line basis
over their estimated useful lives of 3 to 10 years.
2.12 Non-Current Assets and Liabilities Held for Sale
Non-current assets and liabilities, that are highly probable to be recovered primarily through sale rather than
through continuing use, are classified as held for sale. Immediately before classification as held for sale, the
assets are remeasured in accordance with the applicable SFRS(I). Thereafter, the assets are generally measured
at the lower of their carrying amount and fair value less costs to sell. Impairment losses on initial classification
as held for sale and subsequent gains or losses on remeasurement are recognised in the profit statement.
Gains are not recognised in excess of any cumulative impairment loss.
Intangible assets and property, plant and equipment 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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
180
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(a) Non-Derivative Financial Assets (cont’d)
Subsequent Measurement
(i)
Financial Assets at Amortised Cost
Financial assets that are held for collection of contractual cash flows where those cash flows
represent solely payments of principal and interest are measured at amortised cost. Interest
income from these financial assets is included in interest income using the effective interest rate
method.
(ii)
Financial Assets at FVOCI
The Group has elected to recognise changes in fair value of equity securities not held for trading
in OCI as these are strategic investments and the Group considers this to be more relevant.
Movements in fair values of equity investments classified as FVOCI are recognised in OCI.
Dividends from equity investments are recognised in the profit statement as dividend income. On
disposal of an equity investment, any difference between the carrying amount and sales proceed
amount would be recognised in OCI and transferred to retained earnings along with the amount
previously recognised in OCI relating to that asset.
(iii)
Financial Assets at FVTPL
Financial assets that are held for trading as well as those that do not meet the criteria for
classification as amortised cost or FVOCI are classified as FVTPL. Movement in fair values and
interest income is recognised in the profit statement in the period in which it arises.
Financial Assets: Business Model Assessment
The Group makes an assessment of the objective of the business model in which a financial asset is
held at a portfolio level because this best reflects the way the business is managed and information is
provided to management. The information considered includes:
–
–
–
–
the stated policies and objectives for the portfolio and the operation of those policies in practice.
These include whether management’s strategy focuses on earning contractual interest income,
maintaining a particular interest rate profile, matching the duration of the financial assets to the
duration of any related liabilities or expected cash outflows or realising cash flows through the
sale of the assets;
how the performance of the portfolio is evaluated and reported to the Group’s management;
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; and
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 181
2.
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 182
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. No immediate gain or loss is recognised. 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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 183
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(f)
Derivative Financial Instruments and Hedge Accounting (cont’d)
On initial designation of the derivative as the hedging instrument, the Group formally documents the
economic relationship between the hedging instrument and hedged item, including the risk management
objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the
methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an
assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether
the hedging instruments are expected to be highly effective in offsetting the changes in the fair value
or cash flows of the respective hedged items attributable to the hedged risk. For a cash flow hedge
of a forecast transaction, the transaction should be highly probable to occur and should present an
exposure to variations in cash flows that could ultimately affect the profit statement.
Derivatives are recognised initially at fair value; attributable transaction costs are recognised in the profit
statement when incurred. Subsequent to initial recognition, derivatives are measured at fair value, and
changes therein are accounted for as described below.
Cash Flow Hedges
The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows
associated with highly probable forecast transactions arising from changes in foreign exchange rates
and interest rates.
When a derivative is designated as a cash flow hedging instrument, the effective portion of changes
in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. Any
ineffective portion of changes in the fair value of the derivative is recognised immediately in the profit
statement.
Where the hedged forecast transaction subsequently results in the recognition of a non-financial item,
such as inventory, the amount recognised as OCI is included in the initial cost of the non-financial item.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold,
expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge
accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging
reserve remains in equity until, for a hedge of a transaction resulting in recognition of a non-financial
item, it is included in the non-financial item’s cost on its initial recognition or, for other cash flow hedges,
it is reclassified to the profit statement in the same period or periods as the hedged expected future
cash flows affect the profit statement.
Net Investment Hedges
The Group designates certain derivatives and non-derivative financial liabilities as hedges of foreign
exchange risk on a net investment in a foreign operation.
When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument
in a hedge of a net investment in a foreign operation, the effective portion of, for a derivative, changes
in the fair value of the hedging instrument or, for a non-derivative, foreign exchange gains and losses is
recognised in OCI and presented in the translation reserve within equity. Any ineffective portion of the
changes in the fair value of the derivative or foreign exchange gains and losses on the non-derivative
is recognised immediately in the profit statement. The amount recognised in OCI is reclassified to the
profit statement on disposal of the foreign operation.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 184
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
Phase I amendments: Prior to interest rate benchmark reform – when there is uncertainty arising from
Interest rate benchmark reform.
For the purpose of evaluating whether there is an economic relationship between the hedged item and
the hedging instrument, the Group assumes that the benchmark interest rate is not altered as a result
of interest rate benchmark reform.
For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark interest rate will
not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the
forecast transaction is highly probable and presents an exposure to variations in cash flows that could
ultimately affect profit statement. In determining whether a previously designated forecast transaction
in a discontinued cash flow hedge is still expected to occur, the Group assumes that the interest rate
benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark
reform.
The Group will cease to apply the specific policy for assessing the economic relationship between
the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the
uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing
and the amount of the contractual cash flows of the respective item or instrument or (ii) when the
hedging relationship is discontinued. For its highly probable assessment of the hedged item, the Group
will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform
about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged
item is no longer present, or when the hedging relationship is discontinued.
Phase II amendments: Replacement of benchmark interest rates – when there is no longer uncertainty
arising from interest rate benchmark reform
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 changes required by interest rate benchmark
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.
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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 185
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(f)
Derivative Financial Instruments and Hedge Accounting (cont’d)
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 using an approach other than
changing the basis for determining the contractual cash flows of the hedging instrument;
the chosen approach 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 also 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.
(g)
Impairment of Financial Assets
The Group recognises loss allowances for expected credit losses (“ECL”) on:
–
–
–
financial assets measured at amortised cost;
contract assets (as defined in SFRS(I) 15); and
lease receivables.
Loss allowances of the Group are measured on either of the following bases.
–
–
12 months ECL: these are ECL that result from default events that are possible within the 12
months after the reporting date (or for a shorter period if the expected life of the instrument is
less than 12 months); or
Lifetime ECL: these are ECL that result from all possible default events over the expected life of
a financial instrument or contract asset.
Simplified Approach
The Group applied the simplified approach to provide for ECL for all trade receivables, contract assets
and lease receivables. The simplified approach requires the loss allowance to be measured at an
amount equal to lifetime ECL.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 186
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(g)
Impairment of Financial Assets (cont’d)
General Approach
The Group applies the general approach to provide for ECL on all other financial instruments. Under
the general approach, the loss allowance is measured at an amount equal to 12-month ECL at initial
recognition.
At each reporting date, the Group assesses whether the credit risk of a financial instrument has
increased significantly since initial recognition. When credit risk has increased significantly since initial
recognition, loss allowance is measured at an amount equal to lifetime ECL.
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating ECL, the Group considers reasonable and supportable information
that is relevant and available without undue cost or effort. This includes both quantitative and qualitative
information and analysis, based on the Group’s historical experience and informed credit assessment
and includes forward-looking information.
If credit risk has not increased significantly since initial recognition or if the credit quality of the financial
instruments improves such that there is no longer a significant increase in credit risk since initial
recognition, loss allowance is measured at an amount equal to 12-month ECL.
The Group considers a financial asset to be in default when the borrower is unlikely to pay its credit
obligations to the Group in full, without recourse by the Group to actions such as realising security (if
any is held); or the financial asset is more than 120 days past due.
The Group considers a contract asset to be in default when the customer is unlikely to pay its contractual
obligations to the Group in full, without recourse by the Group to actions such as realising security (if
any is held).
The maximum period considered when estimating ECLs is the maximum contractual period over which
the Group is exposed to credit risk.
Measurement of ECLs
ECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present
value of all cash shortfalls (i.e. the difference between the cash flows due to entity in accordance with
the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective
interest rate of the financial asset.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 187
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(g)
Impairment of Financial Assets (cont’d)
Credit-Impaired Financial Assets
At each reporting date, the Group assesses whether financial assets carried at amortised cost are
credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental
impact on the estimated future cash flows of the financial asset have occurred.
Evidence that a financial asset is credit-impaired includes the following observable data:
–
–
–
–
–
significant financial difficulty of the borrower or issuer;
a breach of contract such as a default or being more than 120 days past due;
the restructuring of a loan or advance by the Group on terms that the Group would not consider
otherwise;
it is probable that the borrower will enter bankruptcy or other financial reorganisation; or
the disappearance of an active market for a security because of financial difficulties.
Presentation of ECL in the Balance Sheet
Loss allowances for financial assets measured at amortised cost and contract assets are deducted from
the gross carrying amount of these assets.
Write-off
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that
there is no realistic prospect of recovery. This is generally the case when the Group determines that the
debtor does not have assets or sources of income that could generate sufficient cash flows to repay
the amounts subject to the write-off. However, financial assets that are written off could still be subject
to enforcement activities in order to comply with the Group’s procedures for recovery of amounts due.
2.14 Provisions
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event
and it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation, and a reliable estimate can be made of the amount of the obligation.
Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no
longer probable that an outflow of economic resources will be required to settle the obligation, the provision is
reversed. Where the effect of time value of money is material, provisions are discounted using a current pre-tax
rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase
in the provision due to the passage of time is recognised as a finance cost.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 188
2.
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.
(a)
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 189
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.15 Leases (cont’d)
(a)
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.
(b)
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 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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 190
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 191
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 192
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, comprising mainly room revenue and food and beverage revenue, is
recognised at a point in time when performance obligations are satisfied by rendering the relevant
rooms and services to the customers.
(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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 193
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 194
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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 195
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
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.
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 2021 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 and amendments to SFRS(I) 17 Insurance Contracts
Property, Plant and Equipment – Proceeds before Intended Use (Amendments to SFRS(I) 1-16)
Onerous Contracts – Costs of Fulfilling a Contract (Amendments to SFRS(I) 37)
Classification of Liabilities as Current or Non-current (Amendments to SFRS(I) 1-1)
Annual Improvements to SFRS(I)s 2018 – 2020
Disclosure of Accounting Policies (Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2)
Definition of Accounting Estimates (Amendments to SFRS(I) 1-8)
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to SFRS (I)
1-12)
Reference to the Conceptual Framework (Amendments to SFRS(I) 3)
3.
REVENUE
Revenue from contract with customers:
– Properties held for sale
– Hotel income
– Fee income
Rent and related income
Others
Group
2022
$'000
2021
$'000
1,805,253
438,966
111,445
2,355,664
1,937,590
275,527
104,288
2,317,405
1,511,567
9,811
3,877,042
1,442,621
3,725
3,763,751
As at 30 September 2022, the Group has property development revenue expected to be recognised in the
future related to performance obligations that are unsatisfied (or partially satisfied) of $179,805,000 (2021:
$164,113,000) which is expected to be recognised over the next 4 years (2021: 2 years) as construction of the
development properties progresses.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 196
3.
REVENUE (CONT’D)
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 2022
Operating Segment
Singapore
$'000
Australia
$'000
Industrial Hospitality
$'000
$'000
Vietnam Others(1)
$'000
$'000
Others Eliminations
$'000
$'000
Total
$'000
Thailand
&
Corporate
&
Major products
and service lines
Properties held for sale
Hotel income
Fee income
Rent and related income
Others
Timing of revenue
recognition
Products transferred
at a point in time
Products and services
transferred over time
620,981 494,978
–
27,853
70,469
5,347
1,100,792 598,647
–
25,531
451,867
2,413
157,917
–
172
598,440
–
756,529
–
425,843
19,809
190,897
161
636,710
498,119
13,123
48,931
105,269
–
665,442
33,258
–
3,319
102,391
631
139,599
–
–
34,125
–
2,118
36,243
– 1,805,253
438,966
–
111,445
(48,295)
(7,766) 1,511,567
9,811
(56,920) 3,877,042
(859)
– 494,978
98,317
425,843
511,242
33,258
–
– 1,563,638
646,512
27,853
646,512 522,831
59,772
158,089
19,809
445,652
48,931
560,173
3,319
36,577
34,125
34,125
(48,295)
792,026
(48,295) 2,355,664
Year ended 30 September 2021
Operating Segment
Singapore
$'000
Australia
$'000
Industrial Hospitality
$'000
$'000
Vietnam Others(1)
$'000
$'000
Others Eliminations
$'000
$'000
Total
$'000
Thailand
&
Corporate
&
Major products
and service lines
Properties held for sale
Hotel income
Fee income
Rent and related income
Others
Timing of revenue
recognition
Products transferred
at a point in time
Products and services
transferred over time
239,308
–
28,321
446,715
74
714,418
920,077
–
21,938
48,837
2,647
993,499
119,634
–
2,550
625,680
–
747,864
–
268,566
12,309
111,948
1,248
394,071
613,987
6,961
48,247
100,936
147
770,278
44,584
–
4,697
115,820
244
165,345
–
–
31,406
–
1,132
32,538
–
–
(45,180)
1,937,590
275,527
104,288
(7,315) 1,442,621
3,725
(1,767)
(54,262) 3,763,751
–
920,077
119,634
268,566
620,948
44,584
–
–
1,973,809
267,629
267,629
21,938
942,015
2,550
122,184
12,309
280,875
48,247
669,195
4,697
49,281
31,406
31,406
(45,180)
343,596
(45,180) 2,317,405
(1) Others include revenue contribution from China and the United Kingdom (the “UK”)
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED
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
Reversal of write-down/(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
Reversal 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 (loss)/gain
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
Gain on disposal of a subsidiary
Others
197
Group
2022
$'000
2021
$'000
Note
20
20
13
18
18
(1,484,234)
–
(1,576,232)
355,679
107,717
(111,343)
(349,197)
(192,394)
(305,025)
(135,098)
(61,984)
(306,658)
(20,412)
(6,689)
(65,335)
(215,214)
(18,492)
(10,666)
8,628
(863)
3,550
(1,151)
40,657
(48,842)
219
14,817
(2,317)
–
–
15,965
11,040
31,539
(2,034)
5,333
(157)
60,112
(7,071)
10,085
5,810
–
12,091
84,169
40(b)
Excluding non-COVID-19 government grant income and government grant expense of $2,823,000 (2021:
nil) and $2,317,000 (2021: nil), respectively, various government grants were received and provided to
help businesses deal with the impact from COVID-19:
Government grant income
–
–
government grant income of $11,994,000 (2021: $49,289,000) related to various support schemes
granted by various governments to help businesses deal with the impact from COVID-19; and
government grant income of nil (2021: $10,823,000) 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. The Group is obliged to waive up to two months of rental to
eligible tenants.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 198
4.
TRADING PROFIT (CONT’D)
(b) Other Income/(Losses) includes (cont’d):
Government grant expense
Government grant expense of nil (2021: $7,071,000) 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.
(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:
– Auditors of the Company
– Other auditors
Non-audit fees paid to auditors:
– 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 from loans and receivables:
– Fixed deposits and bank balances
– Interest rate swaps
– Finance lease receivables
– Related parties
Group
2022
$'000
2021
$'000
Note
13
17
17
(21,125)
(5,601)
(350)
(21,751)
(6,283)
(5,335)
(2,119)
(4,458)
(978)
(1,523)
(1,039)
(794)
(1,946)
(4,805)
(818)
(1,100)
(981)
(690)
(9,151)
(94)
(2,573)
(170,941)
(12,336)
(25,091)
(8,681)
(102)
(2,200)
(165,104)
(11,576)
(18,030)
Group
2022
$'000
2021
$'000
48,464
2,455
2,350
10,821
64,090
43,660
3,738
2,580
10,435
60,413
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 6.
INTEREST EXPENSE
Interest expense:
– Loans and borrowings
– Lease liabilities
– Interest rate swaps
– Related parties
199
Group
2022
$'000
2021
$'000
(347,522)
(35,759)
–
(11,133)
(394,414)
(386,119)
(32,994)
(2,506)
(15,421)
(437,040)
7.
FAIR VALUE CHANGE AND GAIN ON DISPOSAL OF INVESTMENT PROPERTIES
Net fair value change on investment properties
Gain on disposal of investment properties
Group
2022
$'000
2021
$'000
904,201
172,037
1,076,238
913,332
31,558
944,890
Included in net fair value change on investment properties is net fair value loss on assets held for sale of
$9,265,000 (2021: net fair value gain of $40,469,000).
8.
EXCEPTIONAL ITEMS
Reversal of transaction costs/(transaction
costs incurred) on acquisitions and disposals
of subsidiaries and associates
Net (loss)/gain on acquisitions and disposals of
subsidiaries, joint ventures and associates
Impairment of property, plant and equipment
Impairment of investment in an associate
Gain on disposal of property, plant
and equipment – land and buildings
Group
2022
$'000
2021
$'000
Note
13
15
4,257
(32,519)
(2,814)
–
–
132,937
134,380
82,834
(3,841)
(11,976)
–
34,498
Gain on disposal of property, plant and equipment related to the gain on disposal of a hospitality property
in Australia.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 200
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
2022
$'000
2021
$'000
(116,230)
(18,794)
(248,458)
(383,482)
(130,117)
(3,078)
(356,530)
(489,725)
24,276
789
25,065
(358,417)
13,863
15,070
28,933
(460,792)
Before
tax
$'000
2022
Tax
expense
$'000
Net
of tax
$'000
Before
tax
$'000
2021
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
disposals of subsidiaries and
an associate
Change in fair value of equity
investments at fair value
through OCI
533,593
(822,250)
24,740
2,391
(11,025)
(272,551)
–
–
–
–
–
–
533,593
(822,250)
123,684
(100,415)
24,740
24,011
2,391
(9,696)
(11,025)
(272,551)
(8,946)
28,638
–
–
–
–
–
–
123,684
(100,415)
24,011
(9,696)
(8,946)
28,638
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 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
201
Group
2022
$'000
2021
$'000
2,129,534
(108,318)
2,027,422
(167,743)
2,021,216
1,859,679
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
Others
Effective tax rate
Group
2022
%
17.0
5.3
(8.1)
2.2
1.1
(0.1)
(1.2)
1.7
(0.4)
0.5
(0.5)
(0.1)
0.3
17.7
2021
%
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
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 202
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 $56,845,000 (2021: $57,994,000), net of distributions of nil (2021: $3,301,000)
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 EPS, the denominator is adjusted for the effects
of dilutive potential ordinary shares, which comprise share awards granted to employees. The following table
reflects the profit and share data used in the computation of basic and diluted earnings per share for the years
ended 30 September:
Attributable profit to shareholders of the Company
after adjusting for distributions to perpetual securities holders:
– before fair value change and exceptional items
– after fair value change and exceptional items
Weighted average number of ordinary shares in issue
Effects of dilution – share plans
Weighted average number of ordinary shares for
diluted earnings per share computation
Earnings Per Share ("EPS")
(a) Basic earnings per share:
– before fair value change and exceptional items
– after fair value change and exceptional items
(b) On a fully diluted basis:
– before fair value change and exceptional items
– after fair value change and exceptional items
Group
2022
$'000
2021
$'000
342,001
871,429
341,524
775,099
No. of Shares
2022
'000
2021
'000
3,923,832
31,527
3,432,010
28,098
3,955,359
3,460,108
8.7¢
22.2¢
8.6¢
22.0¢
10.0¢
22.6¢
9.9¢
22.4¢
The comparative EPS has been adjusted for the bonus element arising from the Rights Issue.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 203
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 Frasers Centrepoint Trust (“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 Frasers Logistics & Commercial Trust
(“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 Frasers Hospitality Trust (“FHT”) and non-REIT
entities,
as well as
(i)
(ii)
Thailand & Vietnam, which encompasses the development, ownership, management and operation of
industrial, residential, retail, hospitality and commercial properties in Thailand and Vietnam, and
Others, which comprises the development, ownership, management and operation of residential,
industrial, logistics and commercial properties and business parks in China and the UK.
Information regarding the results of each reportable segment is included below. Performance is measured
based on segment profit before interest, fair value change, taxation and exceptional items (“PBIT”), as included
in the internal management reports that are reviewed by the Group CEO. Segment PBIT is used to measure
performance as management believes that such information is the most relevant in evaluating the results of
certain segments relative to other entities that operate within these industries. Group financing (including
finance costs) and income taxes are managed on a group basis and are not allocated to operating segments.
Segment assets and liabilities are presented net of inter-segment balances. Inter-segment pricing is determined
on arm’s length basis.
Geographically, management reviews the performance of the businesses in Singapore, Australia, Europe,
China, Thailand and Others. Geographical segment revenue is based on the geographical location of the
customers. Geographical segment assets are based on the geographical location of the assets.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 204
11. SEGMENT INFORMATION (CONT’D)
Year ended 30 September 2022
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 Elimination
$'000
$'000
Group
$'000
Revenue – external
Revenue – inter-segment
1,087,835
12,957
594,028
4,619
755,378
1,151
636,459
251
665,442
–
136,231
3,368
1,669
34,574
–
(56,920)
3,877,042
–
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 / transfer between
segments of investment
properties and property,
plant and equipment
Additions / transfer between
segments of intangible assets
Depreciation of property,
plant and equipment and
right-of-use assets
Amortisation of intangible assets
Reversal of write-down to net
realisable value of
properties held for sale
Attributable profit before
fair value change and
and exceptional items (1)
Fair value change
Exceptional items
Attributable profit to owners of
the Company and holders of
perpetual securities
440,087
70,904
408,309
100,791
167,443
16,641
(63,253)
96,286
536,373
9,929
80,833
52,090
460,399
136
100,927
(67,204)
100,239
36,531
53,172
(19,450)
(82,703)
17,705
25,210
933,034
64,620
33,651
2,018
1,009
–
–
128,783
4,402
186
–
–
936,216
9,106,621
10,042,837
139,757
253,927
2,735,765 11,326,863
2,875,522 11,580,790
39
4,199,019
4,199,058
935,416
3,860,814
4,796,230
578,224
2,313,674
2,891,898
78,585
262,575
341,160
506,759
249,346
451,031
643,789
478,208
793,353
202,263
48,313
28,586
640,506
37,335
343,365
47,789
520
505
108
301
519
–
179
961
(128)
(703)
(5,833)
(1,373)
(4,818)
(222)
(57,091)
(432)
(11,106)
(803)
(1,595)
(185)
(2,538)
(1,883)
107,000
–
–
–
717
–
–
171,346
80,802
1,681
28,468
17,647
–
79,961
376,620
–
6,614
52,061
56,316
57,916
(66,533)
4,019
24,346
2,018
4,797
30,195
–
–
253,829
46,115
456,581
114,991
(4,598)
31,161
30,195
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,140,922
108,318
1,249,240
64,090
(394,414)
918,916
1,076,238
1,995,154
134,380
2,129,534
(358,417)
1,771,117
2,922,164
33,805,331
36,727,495
115,226
1,165
3,321,230
40,165,116
3,324,749
15,889,336
1,572,489
20,786,574
1,146,073
2,914
(83,109)
(5,601)
107,717
398,846
462,615
66,813
928,274
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED
205
11. SEGMENT INFORMATION (CONT’D)
Year ended 30 September 2022 (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 / transfer between
segments of investment properties
and property, plant and equipment
Additions / transfer between
segments of intangible assets
Depreciation of property,
plant and equipment and
right-of-use assets
Amortisation of intangible assets
Reversal of write-down to net
realisable value of
properties held for sale
Exceptional items
Singapore
$'000
Australia
$'000
1,265,040
520,331
1,138,131
343,459
Europe(3)
$'000
721,460
248,899
China
$'000
24,782
27,528
Thailand
$'000
605,446
78,897
Others(4)
$'000
Group
$'000
122,183
30,126
3,877,042
1,249,240
941,166
11,506,639
12,447,805
393,684
9,808,617
10,202,301
–
7,411,427
7,411,427
578,224
675,967
1,254,191
935,416
3,454,247
4,389,663
73,674
948,434
1,022,108
2,922,164
33,805,331
36,727,495
782,925
579,116
756,306
698,178
431,956
76,268
115,226
1,165
3,321,230
40,165,116
3,324,749
15,889,336
1,572,489
20,786,574
52,521
540,435
206,377
1,155
189,319
156,266
1,146,073
1,764
505
108
–
2
535
2,914
(12,408)
(2,846)
(18,726)
(1,395)
(36,857)
(438)
(421)
(109)
(10,620)
(720)
(4,077)
(93)
(83,109)
(5,601)
107,000
903
–
126,295
–
186
–
2,488
717
5,444
–
(936)
107,717
134,380
(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 $17,288,000, $30,950,000, $37,693,000,
$578,224,000, $582,425,000, $695,563,000, respectively.
Europe includes the UK and continental Europe.
(3)
(4) Others in geographical segment includes Vietnam, Japan, New Zealand, Indonesia, Hong Kong and Malaysia.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
206
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
$'000
Others(2)
$'000
Eliminations
$'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 to owners of
the Company and holders of
perpetual securities(3)
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
2,623,542
2,678,261
206,392
11,255,265
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)
31,843
4,640
–
324,309
369,047
(5,765)
(82,743)
31,099
53,254
58,660
18,797
(2,587)
64,738
(4,844)
4,679
44,638
70
–
(76,742)
36,483
687,591
1,610
74,870
64,573
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED
207
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
Europe(4)
$'000
855,911
258,120
1,513,752
644,025
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
Others(5)
$'000
Group
$'000
634,790
149,258
174,680
39,354
3,763,751
1,424,661
1,120,020
3,441,381
4,561,401
81,014
836,599
917,613
712,270
701,243
817,473
408,705
440,850
96,535
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.
(3) Non-controlling interests’ share of distributions to perpetual securities holders was $3,301,000 for the year ended 30 September 2021.
(4)
Europe includes the UK and continental Europe.
(5) Others in geographical segment includes Vietnam, Japan, New Zealand, Indonesia and Malaysia.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
208
12.
INVESTMENT PROPERTIES
Completed
Investment
Properties
$'000
Investment
Properties
Under
Construction
$'000
Total
Investment
Properties
$'000
Group
At 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
Disposals of subsidiaries
At 1 October 2021
Currency re-alignment
Reclassification to properties held for sale
Reclassification to assets held for sale
Reclassification to property, plant and equipment (Note 13)
Transfer upon completion
Additions
Disposals
Fair value change
Acquisitions of subsidiaries (Note 40)
At 30 September 2022
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
(1,288,282)
(108,000)
(40,570)
(2,804)
202,486
535,254
(706,601)
787,273
116,716
23,535,908
105,392
(4,487)
151,284
–
(167,162)
368,883
(966)
31,256
89,175
–
573,375
(48,029)
–
–
–
(202,486)
372,035
–
127,548
37
822,480
Company
At 1 October 2020
Fair value change
At 30 September 2021, 1 October 2021 and 30 September 2022
21,947,848
(115,204)
1,574,699
(231,544)
–
1,013,978
(469,396)
861,122
104,272
(71,964)
24,613,811
(1,336,311)
(108,000)
(40,570)
(2,804)
–
907,289
(706,601)
914,821
116,753
24,358,388
Completed
Investment
Properties
$'000
2,150
70
2,220
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 209
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 $4,227,346,000 (2021: $4,038,812,000) 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
$32,023,000 (2021: $17,137,000) 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 $67,200,000 (2021: $62,453,000) have been mortgaged to certain
financial institutions as securities for credit facilities.
During the financial year, net interest expense of $5,486,000 (2021: $6,296,000) 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
2022
$'000
2021
$'000
1,054,518
851,379
618,243
425,813
348,693
1,315,872
4,614,518
1,116,340
866,267
651,752
472,109
353,393
1,370,826
4,830,687
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 210
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 2020
Currency re-alignment
Acquisitions of subsidiaries
Additions
Disposals/write-offs
Reclassification to intangible assets (Note 17)
At 30 September 2021 and 1 October 2021
Currency re-alignment
Acquisitions of subsidiaries (Note 40)
Disposals of subsidiaries (Note 40)
Additions
Disposals/write-offs
Reclassification within property, plant and equipment
Reclassification from investment properties (Note 12)
At 30 September 2022
Accumulated Depreciation
and Accumulated Impairment
At 1 October 2020
Currency re-alignment
Acquisitions of subsidiaries
Depreciation charge
Impairment loss (Note 8)
Disposals/write-offs
Reclassification to intangible assets (Note 17)
At 30 September 2021 and 1 October 2021
Currency re-alignment
Acquisitions of subsidiaries (Note 40)
Disposals of subsidiaries (Note 40)
Depreciation charge
Disposals/write-offs
Reclassification within property, plant and equipment
At 30 September 2022
Net Book Value
At 30 September 2022
At 30 September 2021
Group
Company
2022
$'000
2021
$'000
2022
$'000
2021
$'000
1,715,377
1,989,910
411,056
2,126,433
461,375
2,451,285
Land and
Buildings
$'000
Equipment,
Furniture
and Fittings
$'000
17
–
17
19
–
19
Others
$'000
Total
$'000
2,729,020
14,583
–
84,367
(47)
–
2,827,923
(222,254)
15
–
91,288
(200,912)
(8,787)
2,804
2,490,077
493,822
3,549
–
48,373
3,841
(8)
–
549,577
(49,888)
3
–
45,557
(27,236)
(7,988)
510,025
281,932
891
13
21,919
(7,712)
(13,363)
283,680
(24,694)
230
(6,384)
16,770
(8,023)
8,787
–
270,366
157,218
(28)
9
26,899
–
(7,134)
(6,632)
170,332
(15,279)
210
(3,334)
25,064
(7,264)
7,988
177,717
91,837
(3,663)
–
8,288
(868)
–
95,594
(6,278)
259
–
13,469
(9,715)
–
–
93,329
27,956
(3,148)
–
11,697
–
(502)
–
36,003
(2,554)
246
–
11,892
(5,990)
–
39,597
3,102,789
11,811
13
114,574
(8,627)
(13,363)
3,207,197
(253,226)
504
(6,384)
121,527
(218,650)
–
2,804
2,853,772
678,996
373
9
86,969
3,841
(7,644)
(6,632)
755,912
(67,721)
459
(3,334)
82,513
(40,490)
–
727,339
1,980,052
2,278,346
92,649
113,348
53,732
59,591
2,126,433
2,451,285
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 13. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Company
Cost
At 1 October 2020, 30 September 2021, 1 October 2021 and 30 September 2022
Accumulated Depreciation
At 1 October 2020
Depreciation charge
At 30 September 2021 and 1 October 2021
Depreciation charge
At 30 September 2022
Net Book Value
At 30 September 2022
At 30 September 2021
211
Equipment,
Furniture and
Fittings
$'000
27
5
3
8
2
10
17
19
(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
Company
2022
$'000
2021
$'000
2022
$'000
2021
$'000
82,513
86,969
596
83,109
117
87,086
2
–
2
3
–
3
(b)
(c)
Included in property, plant and equipment are certain hotel properties of the Group with carrying amount
of $150,599,000 (2021: $159,295,000) 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. In the financial year ended 30 September 2021, an impairment was recognised for land and
building as the net carrying value of the assets exceeded the recoverable amount. The recoverable
amounts of the land and buildings were based on independent professional valuations using DCF
method and the fair value measurements were categorised as Level 3 on the fair value hierarchy.
The following table shows the valuation technique as well as the significant unobservable inputs used:
Valuation method
Key unobservable
inputs
Hospitality
Inter-relationship between key unobservable
inputs and fair value measurement
Operating Segments
Discounted
cash flow
method
Discount rate
2021
Terminal yield rate
2021
8.0%
6.3%
The estimated fair value varies inversely
against the discount rate and terminal
yield rate
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 212
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
2022
$’000
2021
$’000
Note
1,208,387
(106,672)
1,101,715
1,208,387
(52,637)
1,155,750
4,043,869
1,282,719
5,326,588
4,148,604
812,613
4,961,217
(446,876)
(607,675)
4,879,712
4,353,542
147,967
5,178,621
5,326,588
170,480
4,790,737
4,961,217
(200,109)
(246,767)
(446,876)
(252,687)
(354,988)
(607,675)
4,879,712
4,353,542
18
18
25
25
In the financial year ended 30 September 2022, the Company carried out a review of the recoverable amount
of its investment in subsidiaries estimated based on fair value of the respective subsidiaries. As a result, a net
impairment loss of $54,035,000 was recognised in the Profit Statement.
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% (2021: 0.3% to 3.0%) 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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 213
14.
INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES (CONT’D)
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
2021
2022
%
%
FCT
FHT
FLCT
Frasers Property (Thailand) Public Company Limited ("FPT")
Singapore
Singapore
Singapore
Thailand
58.8
74.2
78.4
40.4
58.9
74.2
78.7
40.4
(i)
FCT
In the financial year ended 30 September 2022, the Group received units in FCT in return for
management services provided to FCT. Arising therefrom, the Group’s interest in FCT increased
from 41.1% to 41.2%.
(ii)
FLCT
In the financial year ended 30 September 2022, the Group received units in FLCT in return for
management services provided to FLCT. Arising therefrom, the Group’s interest in FLCT increased
from 21.3% to 21.6%.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
214
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.
Other
Subsidiaries
with
Individually
Immaterial
NCI
$'000
Total
$'000
FCT
$'000
FHT
$'000
FLCT
$'000
FPT
$'000
356,932
207,279
246,725
95,852
139,086
103,878
446,097
732,107
468,898
589,716
128,998
3,414
121,963
145,173
103,202
77,078
573,679
367,429
52,072
1,378
(8,073)
(15,007)
842,843
576,051
2022
Revenue
Profit for the year
Total comprehensive income
Attributable to NCI
– Profit for the year
– Total comprehensive income
Current assets
Non-current assets
Current liabilities
Non-current liabilities
49,271
5,888,357
(508,979)
(1,469,929)
152,376
1,773,846
(193,802)
(633,227)
312,809
7,096,138
(275,238)
(2,349,242)
1,324,490
3,144,922
(908,492)
(1,543,778)
Net assets
3,958,720
1,099,193
4,784,467
2,017,142
Net assets attributable to NCI
2,328,049
815,601
3,744,682
827,411
72,746
7,788,489
Cash flows from/(used in):
– Operating activities
– Investing activities
– Financing activities1
233,584
16,028
(253,681)
28,292
301,457
(276,212)
306,945
524,210
(737,689)
179,778
(147,103)
(28,356)
Net (decrease)/increase in cash
and cash equivalents
(4,069)
53,537
93,466
4,319
1
Includes dividends paid to NCI
122,422
21,546
185,909
13,341
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 215
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
FHT
$'000
FLCT
$'000
FPT
$'000
339,180
174,166
179,782
86,794
(9,512)
1,524
465,373
726,508
729,037
617,949
103,834
(35,128)
102,619
105,928
(7,055)
1,131
572,052
574,043
41,914
(14,179)
20,706
17,825
730,236
684,748
2021
Revenue
Profit for the year
Total comprehensive income
Attributable to NCI
– Profit for the year2
– Total comprehensive income
Current assets
Non-current assets
Current liabilities
Non-current liabilities
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 activities1
198,445
(470,548)
285,754
39,219
(8,851)
(43,585)
299,367
(325,364)
(2,338)
169,711
(78,899)
(155,705)
Net increase/(decrease) in cash
and cash equivalents
13,651
(13,217)
(28,335)
(64,893)
1
Includes dividends paid to NCI
90,692
17,829
227,294
26,782
2 Net of distributions to perpetual securities holders borne by NCI amounting to $3,301,000.
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES
Investments in joint ventures
Investments in associates
Group
Company
2022
$'000
2021
$'000
1,835,377
1,086,787
2,922,164
1,339,695
1,325,889
2,665,584
2022
$'000
500
–
500
2021
$'000
500
–
500
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 216
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:
– Non-current
– Current
Group
2022
$'000
2021
$'000
Note
18
18
25
25
18
18
25
25
184,612
–
184,865
161
20,589
10,824
(28,438)
(16,000)
(30,314)
(18,421)
(28,113)
(423,971)
(291,321)
(19,384)
(120,788)
6,943
128,620
70,880
3,633
14,327
4,392
4,283
(248,916)
–
–
(328,028)
(1,148)
(393)
(103,877)
–
(1,995)
(250,468)
Excluding loans to joint ventures of $172,500,000 (2021: $172,661,000) which bear interest at 4.5% (2021: 3.5%
to 4.5%) per annum and loans from joint ventures of nil (2021: $2,421,000) which bear interest at nil (2021: 0.5%)
per annum, loans to and from joint ventures are interest-free, unsecured and repayable in cash. Excluding a loan
to a joint venture of $172,500,000 (2021: $172,500,000) which is repayable by 2025 (2021: repayable by 2025),
the non-current loans to and from joint ventures have no fixed terms of repayment and will not be repayable
within the next 12 months.
Excluding loans to associates of $112,633,000 (2021: $56,479,000) which bear interest at 3.0% to 4.0% (2021:
3.6% to 4.3%) per annum and the loan from an associate which bears interest at 4.8% (2021: 4.8%) per annum,
loans to and from associates are interest-free, unsecured and repayable in cash. Excluding loans to associates
of $109,528,000 (2021: nil) which are repayable by 2027 and the loan from an associate which is repayable
by 2025 (2021: nil), the non-current loans to associates have no fixed terms of repayment and will not be
repayable within the next 12 months.
Excluding an amount due from an associate of $4,392,000 (2021: $5,117,000) which bears interest at 4.5%
(2021: 4.5%) per annum, amounts due from and to associates and joint ventures are interest-free, unsecured
and repayable in cash. Excluding an amount due from an associate of $3,633,000 (2021: $4,392,000) which
is repayable by 2027, the non-current amounts due from and to associates and joint ventures have no fixed
repayment terms and will not be repayable in the next 12 months.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 217
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
Reversal of allowance for impairment
At 30 September
(a)
Acquisitions/Incorporations of Joint Ventures
Individually impaired
2021
$'000
2022
$'000
2,064
(21)
248
–
2,291
1,794
(134)
2,313
(1,909)
2,064
(i)
(ii)
On 10 November 2021, the Group, through its wholly-owned subsidiary, Suzhou Sing Rui Xiang
Management Consultancy Co., Ltd., completed the subscription for a 30.6% equity interest in the
capital of Taicang Xin Bai Lan Business Consultancy Co., Ltd..
On 30 December 2021, the Group, through its wholly-owned subsidiary, Suzhou Sing He Xiang
Management Consultancy Co., Ltd., completed the subscription for a 20.0% equity interest each
in the capital of Taicang Xin Bai Shun Business Consultancy Co., Ltd. and in the capital of Taicang
Xin Jia Hui Business Consultancy Co., Ltd..
(iii) On 15 August 2022, the Group, through its wholly-owned subsidiary, Frasers Property Holdings
(Thailand) Co., Ltd. (“FPHT”), and Frasers Property Technology (Thailand) Co., Ltd., a wholly-
owned subsidiary of FPT, entered into a joint venture agreement with Open Innovation Co., Ltd.
and Mee Chai Mee Chok Co., Ltd., which are both wholly-owned subsidiaries of Thai Beverage
Public Company Limited, a related party, for a 50.0% indirect equity interest in the capital of Must
Be Company Limited.
(b)
Step-up Acquisition of a Joint Venture to a Subsidiary
On 6 June 2022, the Group, through its subsidiary, Frasers Property Thailand (Indonesia) Pte. Ltd., a
wholly-owned subsidiary of FPT, acquired 66.7% equity interest in PT Surya Internusa Timur (“SIT”). The
Group’s deemed interest in SIT increased from 33.3% to 100.0%. With effect from 6 June 2022, SIT was
consolidated as a subsidiary (Note 40).
(c)
Step-up Acquisition of an Associate to a Subsidiary
On 6 June 2022, the Group, through its subsidiary, Frasers Property Thailand (Indonesia) Pte. Ltd.,
a wholly-owned subsidiary of FPT, acquired 50.0% equity interest in PT SLP Surya TICON Internusa
(“SLP”). The Group’s deemed interest in SLP increased from 25.0% to 75.0%. With effect from 6 June
2022, SLP was consolidated as a subsidiary (Note 40).
(d) Dilution of Interest in a Subsidiary to a Joint Venture
On 21 December 2021, the Group, through its wholly-owned subsidiary, Frasers Property Ivanhoe Pty
Limited, entered into a unit sale agreement with a third party capital partner (the “Investor”) for the sale
of 50.0% of the units in a wholly-owned subsidiary, Ivanhoe Stage A1 Trust (“Ivanhoe”), (“Units Sale”) for
a consideration of A$30,000,000 ($29,199,000).
Pursuant to the Units Sale, the Group and the Investor each holds 50.0% of the units in issue in Ivanhoe,
and with effect from 21 December 2021, Ivanhoe is equity accounted for as a joint venture. The gain on
disposal of the development rights upon the Units Sale of $15,965,000 is included in gain on disposal of
a subsidiary in "Other income/(losses)" in the Group's Profit Statement (Note 4b).
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
218
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(e) Material Joint Ventures and Associates
Except for Supreme Asia Investments Limited and its subsidiary (“SAI group”), Frasers Property Thailand
Industrial Freehold & Leasehold REIT (“FTREIT”), One Bangkok Holdings Co., Ltd. and its subsidiaries
(“OBH Group”), Aquamarine Star Trust (“AST”) and Sapphire Star Trust (“SST”), the Group’s joint ventures
and associates are individually immaterial.
The market value of the Group’s interest in FTREIT as at 30 September 2022 is $318,319,000 (2021:
$408,497,000).
No disclosure of fair value is made for material joint ventures and other material associates as they are
not quoted on any market.
The following table summarises the financial information of the Group’s material joint ventures 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.
AST
$'000
SST
$'000
Immaterial
Joint
Ventures
$'000
Total
$'000
2022
Revenue
Profit after taxation
OCI
Total comprehensive income
Attributable to:
– Investee's shareholders
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Attributable to:
– Investee's shareholders
73,542
77,746
144,403
39,938
184,341
56,233
32,747
88,980
184,341
88,980
39,938
2,123,048
(1,090,249)
(24,656)
1,048,081
46,897
1,349,844
(43,664)
(579,428)
773,649
1,048,081
773,649
Group’s interest in net assets at beginning of the year
442,320
291,579
605,796
1,339,695
Group's share:
– Profit after taxation
– OCI
Total comprehensive income
Currency re-alignment
Additions
Return of capital
Carrying amount of interest in a joint venture
acquired as a subsidiary (Note 40)
Dilution of interest in a subsidiary to a
joint venture (Note 40)
Dividends received
Group's interest in net assets at end of the year
72,202
19,969
92,171
–
–
–
24,239
13,099
37,338
–
–
(70)
60,483
4,212
156,924
37,280
64,695
(50,377)
454,914
–
194,204
(50,377)
454,914
(70)
–
–
(5,535)
(5,535)
–
(10,450)
524,041
–
(19,412)
309,435
29,199
(96,791)
1,001,901
29,199
(126,653)
1,835,377
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 219
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(e) 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:
– Investee's shareholders
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Attributable to:
– 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
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 220
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(e) 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
FTREIT OBH Group
$'000
$'000
Immaterial
Associates
$'000
Total
$'000
2022
Revenue
Profit/(loss) 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
Group's interest in net assets at
beginning of the year
Group's share:
– Profit/(loss) after taxation
– OCI
Total comprehensive income
Currency re-alignment
Additions
Disposals
Carrying amount of interest in an associate
acquired as a subsidiary (Note 40)
Dividends received
Group's interest in net assets at end
of the year
292,613
143,406
–
55,632
(24,014)
31,618
96,039
–
96,039
(384,901)
–
(384,901)
1,374
30,244
–
96,039
(85)
(384,816)
227,659
586,086
(400,909)
–
412,836
21,116
1,756,333
(95,611)
(423,275)
1,258,563
320,465
1,050,916
(72,974)
(775,009)
523,398
15,840
396,996
–
1,258,563
7
523,391
233,607
364,128
187,870
540,284
1,325,889
25,232
(10,775)
25,057
–
(76,205)
–
(22,690)
(1,765)
(48,606)
(12,540)
14,457
–
–
–
25,057
(22,665)
–
–
(76,205)
(7,813)
–
–
(24,455)
(17,417)
1,995
(18,311)
(61,146)
(47,895)
1,995
(18,311)
–
(60,484)
–
(22,415)
–
–
(22,550)
(8,296)
(22,550)
(91,195)
187,580
344,105
103,852
451,250
1,086,787
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 221
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(e) Material Joint Ventures and Associates (cont’d)
SAI Group
$'000
FTREIT
$'000
Immaterial
Associates
$'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)
–
51,800
1,809,267
(41,947)
(489,519)
514,578
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
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
51,570
10,743
62,313
–
–
–
–
–
–
–
–
233,607
22,819
–
22,819
(19,954)
90,806
–
(2,983)
–
(20,996)
–
6,275
364,128
(862)
(800)
73,527
9,943
(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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 222
16. OTHER NON-CURRENT/CURRENT ASSETS
Other non-current assets
Equity investments at FVOCI
Debt investments at FVTPL
Prepayments
Other current assets
Other prepayments
Inventory
Contract costs
Group
Company
2022
$'000
2021
$'000
2022
$'000
2021
$'000
55,368
24,821
594
80,783
138,462
3,447
35,825
177,734
258,517
50,652
–
413
51,065
49,384
4,254
23,620
77,258
128,323
25,751
–
–
25,751
–
–
–
–
25,751
29,174
–
–
29,174
–
–
–
–
29,174
Debt investments at FVTPL have stated interest rates of 3.0% (2021: Nil).
Information about the Group’s exposure to credit and market risks, and fair value measurement, is included in
Notes 35 and 36.
(a)
Equity investments designated as at FVOCI
The Group designates the investments as equity investments at FVOCI because the 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 investments in associates (Note 15)
At 30 September
(b)
Contract Costs
Group
2022
$'000
21,478
(1)
–
(7,700)
–
13,777
2021
$'000
27,233
(19)
338
(3,288)
(2,786)
21,478
Contract costs relate to commission fees paid to property agents for securing sale contracts for
the Group’s development properties. During the financial year, $23,027,000 (2021: $28,105,000) of
commission fees paid were capitalised as contract costs.
Capitalised commission fees are amortised when the related revenue is recognised. During the financial
year, $10,005,000 (2021: $22,432,000) was amortised. There was no impairment loss in relation to such
costs capitalised.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED
223
17.
INTANGIBLE ASSETS
Group
Cost
At 1 October 2020
Currency re-alignment
Additions
Acquisition of subsidiaries
Write-offs (Note 4(c))
Reclassification from property, plant
and equipment (Note 13)
Goodwill
$'000
Management
Contracts
$'000
Software
and Others
$'000
Total
$'000
541,223
(517)
–
–
–
69,682
(4,517)
–
–
–
35,660
(552)
6,220
37
(6,904)
646,565
(5,586)
6,220
37
(6,904)
–
–
13,363
13,363
At 30 September 2021 and 1 October 2021
Currency re-alignment
Additions
Write-offs (Note 4(c))
At 30 September 2022
540,706
(34,759)
–
–
505,947
65,165
(4,033)
–
–
61,132
47,824
(3,501)
2,914
(509)
46,728
12,986
(407)
6,283
1
(1,569)
653,695
(42,293)
2,914
(509)
613,807
12,986
(407)
6,283
1
(1,569)
6,632
6,632
23,926
(2,236)
5,601
(159)
27,132
23,926
(2,236)
5,601
(159)
27,132
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
505,947
540,706
61,132
65,165
19,596
23,898
586,675
629,769
Accumulated Amortisation
At 1 October 2020
Currency re-alignment
Amortisation (Note 4(c))
Acquisition of subsidiaries
Write-offs (Note 4(c))
Reclassification from property, plant
and equipment (Note 13)
At 30 September 2021 and 1 October 2021
Currency re-alignment
Amortisation (Note 4(c))
Write-offs (Note 4(c))
At 30 September 2022
Net Book Value
At 30 September 2022
At 30 September 2021
(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
2022
$'000
2021
$'000
290,705
215,242
505,947
310,511
230,195
540,706
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 224
17.
INTANGIBLE ASSETS (CONT’D)
(a)
Goodwill (cont’d)
(i)
Australia
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 12.1% (2021: 11.7%)
and the terminal growth rate used beyond the five-year period is 2.0% (2021: 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 2022, the carrying value of goodwill is A$316,396,000 ($290,705,000) (2021:
A$316,396,000 ($310,511,000)).
(ii)
Industrial
(a)
The Group recorded the goodwill upon the acquisition of Frasers Commercial Trust
and Frasers Commercial Asset Manager. 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%
(2021: 12.0%) and the forecast growth rate used beyond the 10-year period is 2.0% (2021:
2.0%). Based on the recoverable amount, no impairment is necessary.
As at 30 September 2022, the carrying value of goodwill is $62,601,000 (2021: $62,601,000).
(b)
The Group recorded the goodwill upon the acquisition of Geneba Properties N.V. (the
“Geneba Acquisition”) and Alpha Industrial GmbH & Co. KG. and Alpha Industrial
Management GmbH (the “Alpha Acquisition”).
The goodwill arising from the Geneba and Alpha Acquisitions are aggregated as a single
CGU as the CGU is managed by the same asset management team. The recoverable amount
is estimated based on value-in-use calculations using a projection of the net management
fee income over a 10-year period. The pre-tax discount rate applied to the projections is
6.6% (2021: 4.0%) and the terminal growth rate used beyond the 10-year period is 2.6%
(2021: 0.7%). Based on the recoverable amount, no impairment is necessary.
As at 30 September 2022, the carrying value of goodwill is EUR65,978,000 ($92,919,000)
(2021: EUR65,978,000 ($103,803,000)).
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED
225
17.
INTANGIBLE ASSETS (CONT’D)
(a)
Goodwill (cont’d)
(ii)
Industrial (cont’d)
(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, fair value changes on IPUC and
changes in capital requirements over a five-year period. The pre-tax discount rate applied
to the projections is 14.4% (2021: 11.5%) and the terminal growth rate used beyond the
five-year period is 2.0% (2021: 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 2022, the carrying value of goodwill is A$65,000,000 ($59,722,000)
(2021: A$65,000,000 ($63,791,000)).
(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 ($61,132,000) (2021: THB1,613,000,000 ($65,165,000))
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 renewed every five years and are expected to
continue into perpetuity.
The recoverable amount of the management contracts has been determined based on value-in-use
calculations using a projection of the net management fee income covering a five-year period. Cash
flows beyond this period are extrapolated using the estimated terminal growth rate of 1.2% (2021: 2.9%).
The pre-tax discount rate applied to the projections is 10.3% (2021: 11.2%). Based on the recoverable
amount, no impairment is necessary.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
226
18. TRADE AND OTHER RECEIVABLES
Group
Company
Note
2022
$'000
2021
$'000
2022
$'000
2021
$'000
Other receivables (non-current)
Amounts due from subsidiaries
Amount due from an associate
Amounts due from joint venture partners
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
14
15
15
15
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
Loan to a joint venture partner
Sundry debtors
Total trade and other receivables
(current)
Total trade and other receivables
(current and non-current)
(a)
Trade Receivables
14
15
15
15
–
3,633
195,714
184,612
128,620
46,096
120,179
15,310
24,449
5,131
10,183
733,927
–
4,392
343,780
184,865
70,880
49,347
108,325
17,692
27,275
4,083
5,067
815,706
5,178,621
–
–
–
–
–
–
–
–
–
–
5,178,621
4,790,737
–
–
–
–
–
–
–
–
–
–
4,790,737
113,006
137,195
–
–
43,153
4,766
7,756
24,374
1,148
1,335
37,791
473
–
–
693
14,327
20,589
–
241,920
107,736
506,061
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
22
880
–
–
–
–
–
–
–
147,967
–
–
–
–
–
23
148,892
1,061
62
–
–
–
–
–
–
–
170,480
–
–
1
–
–
–
171,604
619,067
494,567
148,892
171,604
1,352,994
1,310,273
5,327,513
4,962,341
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 227
18. TRADE AND OTHER RECEIVABLES (CONT’D)
(b)
Amounts due from Joint Venture Partners/Loan to a Joint Venture Partner
Amounts due from joint venture partners are interest-free, have no fixed terms of repayment and relate
to certain land tenders in China.
Loan to a joint venture partner is non-trade related, bears interest at a fixed rate of 8.0% per annum,
unsecured and will be repayable within the next 12 months.
(c)
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% (2021:
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.
(d)
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.
(e) Amounts due from Related Companies
Amounts due from related companies are non-trade related, interest-free, unsecured and repayable in
cash on demand.
(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))
Reversal of allowance for impairment (Note 4(a))
Bad debt written off
Disposal of a subsidiary
At 30 September
Group
Lifetime ECL
2022
$'000
2021
$'000
Individually Impaired
2021
$'000
2022
$'000
122,905
(10,259)
112,646
152,916
(15,721)
137,195
15,721
(1,250)
3,692
(5,081)
(2,818)
(5)
10,259
9,491
(141)
6,557
(170)
(16)
–
15,721
4,540
(4,180)
360
5,644
(669)
2,997
(3,547)
(245)
–
4,180
5,644
(5,644)
–
4,989
70
4,109
(3,380)
(144)
–
5,644
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 228
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:
Balance Sheet
2022
$'000
2021
$'000
Group
Credited/(charged)
to Profit Statement
2021
2022
$'000
$'000
Deferred tax assets
Fair value changes
Provisions and accruals
Employee benefits
Unabsorbed losses and capital allowances
Others
Gross deferred tax assets
672
107,163
15,738
5,342
5,530
134,445
2,098
110,842
14,784
4,707
5,621
138,052
–
1,528
2,313
(5,432)
266
(1,325)
(1,239)
3,002
71
4,012
115
5,961
Deferred tax liabilities
Fair value changes
Provisions and accruals
Differences in depreciation
Others
Gross deferred tax liabilities
(916,286)
(88,029)
(122,974)
(26,322)
(1,153,611)
(751,694)
(86,863)
(109,572)
(31,876)
(980,005)
(232,482)
(806)
(17,658)
4,602
(246,344)
(295,405)
(22,668)
(47,612)
18,264
(347,421)
(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
2022
$'000
2021
$'000
115,226
(1,134,392)
(1,019,166)
122,047
(964,000)
(841,953)
(c)
As at 30 September 2022, certain subsidiaries have unutilised tax losses of approximately $379,447,000
(2021: $315,373,000) and unabsorbed capital allowances of $147,781,000 (2021: $136,178,000) available
for set off against future taxable profits. Deferred tax assets of $109,549,000 (2021: $94,658,000) 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 $121,091,000
(2021: $77,778,000) can be carried forward up to a certain prescribed period, while the remaining tax
losses and capital allowances have no expiry dates.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 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))
Reversal of write-down during the year (Note 4(a))
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))
Reversal of write-down during the year (Note 4(a))
Utilised during the year
Transferred from development properties held for sale
At 30 September
229
Group
2022
$'000
2021
$'000
559,958
(92,000)
467,958
915,997
(199,000)
716,997
3,131,024
(100,886)
3,030,138
3,498,096
3,147,727
(108,716)
3,039,011
3,756,008
450,224
(78,979)
371,245
479,930
(82,807)
397,123
3,869,341
4,153,131
Group
2022
$'000
2021
$'000
(307,716)
7,806
–
106,807
217
(192,886)
(206,375)
(774)
(101,483)
–
916
(307,716)
(82,807)
3,083
–
910
52
(217)
(78,979)
(70,959)
(1,584)
(9,860)
–
512
(916)
(82,807)
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 230
20. PROPERTIES HELD FOR SALE (CONT’D)
(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.
(c)
(d)
(e)
(f)
During the financial year, net interest expense of $48,940,000 (2021: $62,560,000) 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 $27,662,000 (2021: $29,501,000) was capitalised as cost of
development properties held for sale.
Included in development properties held for sale are projects of approximately $694,724,000 (2021:
$335,167,000) 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
$1,279,955,000 (2021: $1,212,049,000) to financial institutions as securities for credit facilities.
(g) 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 for the financial
year ended 30 September 2021.
21. CONTRACT ASSETS/LIABILITIES
Contract assets
Contract liabilities
Group
2022
$'000
344,026
155,779
2021
$'000
87,762
21,653
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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 231
21. CONTRACT ASSETS/LIABILITIES (CONT’D)
Contract liabilities relate primarily to progress billings issued in excess of the Group’s rights to the consideration.
Contract liabilities are recognised as revenue when the Group fulfils its performance obligation under the
contract with the customer.
Significant changes in the contract assets and the contract liabilities balances during the 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
2022
$'000
2021
$'000
Contract Liabilities
2021
2022
$'000
$'000
(366,325)
622,995
(301,633)
239,304
–
–
–
–
–
–
–
–
(22,723)
(75,760)
154,221
89,472
Group
Company
2022
$'000
2021
$'000
2022
$'000
2021
$'000
324,287
383,026
1,022
708,335
50,397
67,530
1,215
119,142
83,702
624,633
708,335
3,457
115,685
119,142
31,411
18,947
82
50,440
15,861
34,579
50,440
49,121
133,899
493
183,513
52,171
131,342
183,513
58,922
38,915
–
97,837
13,059
84,778
97,837
58,922
38,915
–
97,837
13,059
84,778
97,837
3,900
5,824
–
9,724
3,794
5,930
9,724
3,900
5,824
–
9,724
3,794
5,930
9,724
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 232
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
Company
2022
$'000
2021
$'000
2022
$'000
2021
$'000
782,694
1,299,550
2,450,065
4,532,309
1,048,451
1,194,746
2,396,590
4,639,787
101,567
–
694,708
796,275
73,174
–
600,000
673,174
The Group’s cross currency swaps at net carrying asset value of $121,185,000 (2021: net liability of
$37,215,000) 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
$148,023,000 (2021: $39,761,000) 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
Company
2022
$'000
2021
$'000
2022
$'000
2021
$'000
4,120,353
3,810,165
2,294,514
10,225,032
1,640,989
6,815,185
1,807,737
10,263,911
336,222
–
544,981
881,203
255,000
459,540
–
714,540
As at 30 September 2022, the fixed interest rates of the outstanding interest rate swap contracts ranged
between 0.1% to 5.3% (2021: 0.1% to 2.6%) per annum.
The Group’s interest rate swaps at net carrying asset value of $362,814,000 (2021: net liability of
$65,178,000) 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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 233
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 has foreign currency forward contract arrangements in place for the following amounts:
Notional amounts
Within one year
Group
2022
$'000
2021
$'000
23,891
88,799
Foreign currency forward contracts at net carrying asset value of nil (2021: $200,000) 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
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
– Fixed deposits
Group
Company
2022
$'000
2021
$'000
2022
$'000
2021
$'000
1,165
2,676
–
–
1,164,358
2,078,660
825,368
2,908,763
–
514,996
–
1,000,735
58,212
20,000
42,569
–
–
–
–
–
Total cash and cash equivalents
3,321,230
3,776,700
514,996
1,000,735
Total bank deposits and cash and
cash equivalents
3,322,395
3,779,376
514,996
1,000,735
(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 2022, the interest rates of the deposits pledged with banks ranged between 1.5% to
2.0% (2021: 1.0% to 2.0%) 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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 234
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
Note
27
Group
2022
$'000
2021
$'000
3,321,230
(1,108)
3,320,122
3,776,700
(836)
3,775,864
Group
2022
$'000
2021
$'000
194,952
5,670
–
200,622
32,201
2,912
1,582
36,695
186,268
10,070
90
196,428
15,616
5,189
1,117
21,922
(a)
On 2 December 2021, FLCT, an indirect subsidiary of the Group, announced its proposed divestment of
a leasehold property at 2-24 Douglas Street, Port Melbourne, Victoria, Australia. Pursuant to the planned
divestment, the investment property was reclassified to assets held for sale as at 31 March 2022. The
divestment was completed on 24 October 2022.
(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
for three companies, 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.
Subsequently, on 29 July 2022, the subsidiaries entered into a contract for sale with the same unrelated
third party. The divestment is expected to be completed in the next financial year.
(c)
As at 30 September 2020, pursuant to the planned divestment of 26-44 Cambridge Street, Rocklea,
QLD (“Cambridge Street”), the property was classified as assets held for sale. The 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 and the sale of the vacant lot was completed on 5 May 2022.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 235
25. TRADE AND OTHER PAYABLES
Trade payables
461,567
412,777
Note
2022
$'000
2021
$'000
2022
$'000
22
2021
$'000
60
Group
Company
Other payables (current)
Accrued operating expenses and sundry creditors
Land vendor liabilities
Deferred income
Rental deposits
Deposits
Interest payables
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
Amounts due to non-controlling interests
Provision in relation to loan obligations
of a subsidiary
14
15
15
15
15
612,313
60,154
43,875
63,053
20,883
53,883
–
750
423,971
393
16,000
–
1,009
596,690
128,609
47,447
63,153
8,542
63,163
–
304
120,788
1,995
18,421
328,028
373
–
1,296,284
–
1,377,513
21,213
–
–
5
–
–
200,109
–
–
–
–
–
–
216,000
437,327
21,231
–
–
–
–
–
252,687
–
–
–
–
–
–
231,000
504,918
Total trade and other payables (current)
1,757,851
1,790,290
437,349
504,978
Other payables (non-current)
Sundry creditors
Deferred income
Rental deposits
Amounts due to subsidiaries
Amounts due to non-controlling interests
Amounts due to joint ventures
Amounts due to associates
Loans from joint ventures
Loan from an associate
Amounts due to related companies
14
15
15
15
15
26,720
476
105,187
–
43,907
28,113
1,148
28,438
248,916
420
483,325
31,560
844
105,249
–
44,771
19,384
–
30,314
–
–
232,122
–
–
–
246,767
–
–
–
–
–
–
246,767
–
–
–
354,988
–
–
–
–
–
–
354,988
Total trade and other payables
(current and non-current)
2,241,176
2,022,412
684,116
859,966
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 236
25. TRADE AND OTHER PAYABLES (CONT’D)
Change in presentation of trade and other payables
The Group changed its presentation for trade and other payables to provide a more appropriate reflection of
the Group’s payables which are trade in nature. The comparative has been changed to enhance comparability
as follows:
2021
As previously
reported Reclassification
$'000
$'000
2021
As
restated
$'000
Trade payables
543,322
(130,545)
412,777
Other payables (current)
Accrued operating expenses and sundry creditors
Deferred income
(a)
Trade Payables
480,798
32,794
115,892
14,653
596,690
47,447
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 $22,163,000 (2021: $23,027,000) which bears interest at 6.5%
(2021: 6.5%) per annum and has no fixed repayment date.
A non-trade and unsecured loan of $21,744,000 (2021: $21,744,000) which bears interest at 1.6%
(2021: 1.4%) 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. The non-current amounts due to related companies have no fixed terms of repayment
and will not be repayable within the next 12 months.
(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 2022 and 30 September 2021, land vendor liabilities are unsecured.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 26. LEASE LIABILITIES
Repayable within one year
Repayable after one year
237
Group
2022
$'000
2021
$'000
28,795
811,864
840,659
36,679
890,897
927,576
Included in lease liabilities are balances relating to contracts with associates, joint ventures and related
parties amounting to nil (2021: $2,931,000), $12,289,000 (2021: $15,024,000) and $1,981,000 (2021: $1,391,000),
respectively.
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
Secured
Bank loans
Other bonds
Total loans and borrowings
Weighted Average
Effective Interest Rate
2021
%
2022
%
Group
2022
$'000
2021
$'000
2.4
3.2
2.9
–
–
–
3.2
2.7
3.9
2.9
2.9
4.9
1.1
3.4
3.4
3.7
1.0
–
2.3
1.5
3.6
2.8
1.6
4.9
2,312,938
219,201
496,331
–
–
1,108
2,945,023
351,174
635,627
499,760
60,229
836
797,313
3,826,891
356,684
4,849,333
7,043,401
1,914,876
1,162,690
6,903,252
1,634,837
1,384,636
1,912,109
29,369
12,062,445
2,480,494
30,589
12,433,808
15,889,336
17,283,141
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 238
27. LOANS AND BORROWINGS (CONT’D)
(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 one to two years
Between two to five years
More than five years
Group
2022
$'000
2021
$'000
3,084,755
8,061,681
916,009
12,062,445
3,210,034
7,905,529
1,318,245
12,433,808
(c)
As at 30 September 2022, 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.
(d) Notes and debentures
The Group’s notes and debentures are mainly issued by FP Treasury, FCT, FLCT, FHT, FPA, 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) issued by FPT matured in the current financial year. The
bills of exchange were unsecured and were 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 2022, the secured bond amounting to $29,369,000 (MYR94,829,000) (2021:
$30,589,000 (MYR94,733,000)) is secured by The Westin Kuala Lumpur, Malaysia.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 239
27. LOANS AND BORROWINGS (CONT’D)
(g) Reconciliation of movements of liabilities to cash flows arising from financing activities is as follows:
Loans and
borrowings
(Note 27)
$'000
Interest
payable
(Note 25)
$'000
Lease
liabilities
(Note 26)
$'000
At 1 October 2021
17,283,141
63,163
927,576
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
Additions
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 2022
5,704,486
(5,687,207)
877,044
(1,537,700)
–
–
(643,377)
–
34,255
–
(784,956)
–
–
273
15,889,336
–
–
–
–
–
(367,941)
(367,941)
–
–
–
–
358,655
–
6
53,883
–
–
–
–
(72,583)
–
(72,583)
65,598
53
(19,303)
(91,682)
35,759
(7,350)
2,591
840,659
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
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)
797,663
(1,384,805)
–
–
(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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 240
28. SHARE CAPITAL
Issued and fully paid:
Ordinary Shares
At 1 October
Group and Company
2022
2021
No. of Shares
$'000
No. of Shares
$'000
3,916,085,672
2,974,980 2,925,660,894
1,804,951
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
–
–
982,866,444
1,158,772
9,955,901
3,926,041,573
12,878
7,558,334
2,987,858 3,916,085,672
11,257
2,974,980
During the financial year ended 30 September 2021, the Company issued 982,866,444 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.
29. OTHER RESERVES
Hedging reserve
Foreign currency translation reserve
Share-based compensation reserve
Dividend reserve
Fair value reserve
Other reserves
(a)
Hedging Reserve
Group
Company
2022
$'000
2021
$'000
2022
$'000
2021
$'000
419,328
(776,435)
40,762
117,781
14,891
85,133
(98,540)
(50,457)
(308,992)
35,320
78,322
22,808
78,459
(144,540)
–
–
36,366
117,781
23,602
–
177,749
–
–
31,110
78,322
27,026
–
136,458
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).
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED
241
29. OTHER RESERVES (CONT’D)
(d) Dividend Reserve
Dividend reserve relates to proposed first and final dividend of 3.0 cents (2021: first and final dividend
of 2.0 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.
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 $23,713,000 (2021: $17,407,000).
The estimated fair value of each RSP award granted during the financial year ranges from $1.07 to $1.12
(2021: $1.11 to $1.14). The fair value is determined using Monte Carlo Valuation Model, which involves
projection of future outcomes using statistical distributions of key random variables including share
price and volatility of returns. The inputs to the model used are as follows:
Dividend yield (%)
Expected volatility (%)
Risk-free interest rate (%)
Expected life (years)
Share price at date of grant ($)
2022
2021
1.58
25.02
0.63 to 1.04
1.02 to 3.02
1.14
1.30
25.96
0.36 to 0.54
0.52 to 2.52
1.15
Cash-settled awards of shares are measured at their current fair values at the balance sheet date.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
242
30. EQUITY COMPENSATION PLANS (CONT’D)
(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 $551,000 (2021: $453,000).
The estimated fair value of each PSP award granted during the financial year is $1.01 (2021: $1.03).
The fair value is determined using Monte Carlo Valuation Model, which involves projection of future
outcomes using statistical distributions of key random variables including share price and volatility of
returns. The inputs to the model used are as follows:
Dividend yield (%)
Expected volatility (%)
Cost of equity (%)
Risk-free interest rate (%)
Expected life (years)
Share price at date of grant ($)
RSP and PSP Awards Granted
2022
2021
1.58
25.02
4.80
1.04
3.02
1.14
1.30
25.96
4.80
0.54
2.52
1.15
The ninth grant of RSP and PSP awards (“Year 9”) was made on 23 December 2021. The details of the awards
granted under the RSP and PSP in aggregate as at 30 September 2022 are as follows:
RSP Awards
Grant Date
Year 5
Year 6
Year 7
Year 8
Year 9
FPL Share
FPL RSP
22 December 2017
19 December 2018
20 December 2019
23 June 2021
23 December 2021
29 September 2020
29 September 2020
At 1 October
2021
or Grant Date
if later
Cancelled
Achievement
Factor
Vested
Total
Equity-settled
Cash-settled
At 30 September 2022
1,474,575
3,252,250
3,735,823
17,630,600
22,826,900
428,501
73,551
49,422,200
(51,800)
(191,700)
(221,426)
(1,466,808)
(1,771,300)
(27,285)
(5,550)
(3,735,869)
–
–
–
6,314,600
–
–
–
–
(1,422,775)
1,499,825
(1,560,725)
1,709,084
(1,805,313)
(7,779,125) 14,699,267
21,055,600
138,583
31,227
6,314,600 (12,867,345) 39,133,586
–
(262,633)
(36,774)
–
1,092,950
1,391,152
11,245,387
15,892,600
138,583
31,227
29,791,899
–
406,875
317,932
3,453,880
5,163,000
–
–
9,341,687
PSP Awards
Grant Date
Year 6
Year 7
Year 8
Year 9
19 December 2018
20 December 2019
23 June 2021
23 December 2021
At 1 October
2021
or Grant Date
if later
351,100
476,800
675,000
583,800
2,086,700
Cancelled
Achievement
Factor
Vested
Total
Equity-settled
Cash-settled
At 30 September 2022
–
–
–
–
–
(210,700)
–
–
–
(210,700)
(140,400)
–
–
–
(140,400)
–
476,800
675,000
583,800
1,735,600
–
476,800
675,000
583,800
1,735,600
–
–
–
–
–
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 243
30. EQUITY COMPENSATION PLANS (CONT’D)
(b)
FPL Performance Share Plan (“PSP”) (cont’d)
RSP and PSP Awards Granted
The details of the awards granted under the RSP and PSP in aggregate as at 30 September 2021 are as follows:
RSP Awards Grant Date
Year 4
Year 5
Year 6
Year 7
Year 8
FPL Share
FPL RSP
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
Cancelled
Achievement
Factor
Vested
Total
Equity-settled
Cash-settled
At 30 September 2021
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 Grant Date
Year 5
Year 6
Year 7
Year 8
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
Cancelled
Achievement
Factor
Vested
Total
Equity-settled
Cash-settled
At 30 September 2021
–
–
–
–
–
(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
–
–
–
–
–
(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% to 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 $3,400,000 (2021: $2,370,000).
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 244
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
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 2022, transaction costs of $6,882,000 (2021: $6,882,000) were recognised in equity as
deductions from proceeds.
32. DIVIDENDS
Dividends on Ordinary Shares:
First and final proposed
3.0 cents (2021: 2.0 cents) per share, tax exempt
Company
2022
$'000
2021
$'000
117,781
78,322
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED
245
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
Dividend paid
Proceeds from the sale of properties
Interest income
Interest expense
Marketing fee income
Accounting and secretarial fees
Group
2022
$'000
2021
$'000
(7,901)
1,270
(2,436)
5,551
(6,130)
2,033
(2,100)
5,299
(9,871)
3,158
(59,138)
3,128
(224,558)
6,710
(68,426)
(11,190)
11,800
(2,433)
(386)
(10,006)
6,023
(59,086)
2,587
(103,221)
12,702
(150,895)
(11,055)
15,421
(6,327)
(407)
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 246
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).
Properties
held for sale
Property, plant and equipment
Land and
Buildings
$'000
Equipment,
Furniture
and Fittings
$'000
$'000
596
31,320
30,221
14,886
17,294
365,028
117
1,217
1,213
15,124
79,860
410,463
67
267
218
22
–
13
Others
$'000
11,544
13,384
45,810
11,270
8,089
50,899
Group
30 September 2022
Depreciation charge
Additions
Carrying amount at 30 September 2022
30 September 2021
Depreciation charge
Additions
Carrying amount at 30 September 2021
(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
(iii) Extension options
2022
$'000
35,759
1,823
348
–
Group
2021
$'000
32,994
1,553
1,266
10,085
Group
2022
$'000
2021
$'000
72,583
47,101
Certain leases contain extension periods for which the related lease payments have not been
included in lease liabilities as the Group is not reasonably certain that the extension options will
be exercised.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED
247
34. LEASES (CONT’D)
(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 $2,350,000 (2021:
$2,580,000) (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
2022
$'000
2021
$'000
4,655
5,228
4,546
4,281
4,212
37,081
60,003
5,205
4,414
4,300
4,343
4,361
44,192
66,815
(17,761)
(19,100)
42,242
47,715
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.
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 Sustainability and Risk Management Committee
(“SRMC”) 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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 248
35. FINANCIAL RISK MANAGEMENT (CONT’D)
(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 $216,000,000
(2021: $231,000,000), 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.
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 2022, 100% (2021: 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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 249
35. FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Credit Risk (cont’d)
(i)
Trade and other 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))
(ii)
Credit Risk by Operating Segments
Group
2022
$'000
2021
$'000
(6,689)
(10,666)
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
Group
Company
2022
$'000
2021
$'000
2022
$'000
2021
$'000
47,562
4,518
14,368
27,402
11,850
5,749
1,557
113,006
37,819
3,989
29,051
20,187
9,443
21,751
14,955
137,195
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(1) Others include contributions from China of $919,000 (2021: $1,651,000) and the UK of $4,830,000 (2021: $20,100,000).
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 250
35. FINANCIAL RISK MANAGEMENT (CONT’D)
(a)
Credit Risk (cont’d)
(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.
(iv) Expected credit loss assessment on trade receivables
The Group uses an allowance matrix to measure the ECLs of trade receivables from individual
customers, which comprise a large number of small balances.
Loss rates are based on actual credit loss experience over the past 3 years. These rates are
adjusted to reflect differences between economic conditions during the period over which the
historic data has been collected, current conditions and the Group’s view of economic conditions
over the expected lives of the receivables. The Group’s credit risk exposure in relation to trade
receivables is set out in the allowance matrix as follows:
Group
1 to 30
days
past due
$'000
31 to 60
days
past due
$'000
61 to 90 More than
90 days
past due
$'000
days
past due
$'000
Current
$'000
Total
$'000
30 September 2022
Expected loss rate
Gross carrying amount
Loss allowance provision
0.3%
73,810
248
7.6%
27,989
2,127
15.2%
3,305
504
45.5%
6,960
3,166
54.6%
15,381
8,394
11.3%
127,445
14,439
30 September 2021
Expected loss rate
Gross carrying amount
Loss allowance provision
4.1%
93,929
3,813
6.9%
31,417
2,169
12.6%
7,873
994
22.0%
1,604
353
59.1%
23,737
14,036
13.5%
158,560
21,365
(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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 251
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 2022
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
(15,889,336) (17,116,541)
(2,188,659)
(1,969,637)
(954,690)
(52,382)
(1,699,746)
(18,871,731) (21,274,837) (5,989,950) (12,578,069) (2,706,818)
(4,241,260) (11,920,591)
(446,279)
(1,689,998)
(211,199)
(58,692)
(2,141,736)
(840,659)
364,079
390,965
124,396
263,665
2,904
(23,500)
24,488
(23,500)
24,488
–
–
–
–
940
292,876
(4,500,586)
4,804,810
696,177
(18,213,836) (20,578,660)
657,895
(1,409,711)
1,503,470
219,143
(2,690,973)
2,879,729
452,421
(5,770,807) (12,125,648)
(399,902)
421,611
24,613
(2,682,205)
#
Excludes provisions, taxes and deferred income.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 252
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
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
(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)
#
Excludes provisions, taxes and deferred income.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 253
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
(21,240)
(446,876)
(468,116)
(21,240)
(446,876)
(468,116)
(21,240)
(200,109)
(221,349)
–
(246,767)
(246,767)
–
–
–
–
–
–
(468,116)
(2,552,086)
2,552,086
–
(468,116)
(949,882)
949,882
–
(221,349)
(780,691)
780,691
–
(246,767)
(821,513)
821,513
–
–
(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
–
–
Company
30 September 2022
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 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
# 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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 254
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 US Dollar (“US$”) LIBOR and S$ Singapore swap offer rate (“SOR”). The alternative reference
rates are the Secured Overnight Financing Rate (“SOFR”) and Singapore Overnight Rate Average
(“SORA”), respectively.
The Group monitors and manages the Group’s 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 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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 255
35. FINANCIAL RISK MANAGEMENT (CONT’D)
(c)
Interest Rate Risk (cont’d)
Non-Derivative Financial Liabilities
As at 30 September 2021, the Group’s IBOR exposures to non-derivative financial liabilities included
secured bank loans and unsecured bond issues indexed to GBP LIBOR, US$ LIBOR and S$ SOR. The
Group has modified its non-derivative financial liabilities indexed to GBP LIBOR to reference Sterling
Overnight Index Average (“SONIA”), US$ LIBOR to SOFR, and S$ SOR to SORA during the year ended
30 September 2022. In respect of its remaining US$ LIBOR and S$ SOR exposures, the Group is still in
the process of communication with the counterparties and specific changes have yet to be agreed. The
Group expects to complete the transition for all non-derivative financial liabilities to SOFR and SORA
by June 2023.
The following table shows the total amounts of the unreformed non-derivative financial liabilities and
amounts that include appropriate fallback language at 30 September 2021 and at 30 September 2022.
The amounts shown in the table are the carrying amounts.
S$ SOR
US$ LIBOR
GBP LIBOR
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
$'000
1,280,770
1,280,770
358,796
358,796
–
–
4,287,100
4,287,100
686,717
686,717
885,143
885,143
Group
30 September 2022
Loans and borrowings
30 September 2021
Loans and borrowings
Derivatives
The Group holds interest rate swaps, cross currency swaps and cross currency interest rate swaps for
risk management purposes that are designated in cash flow hedging relationships. The interest rate
swaps have floating legs that are indexed to S$ SOR. The cross currency swaps and cross currency
interest rate swaps have floating legs that are indexed to 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 continues to plan the transition with respective counterparties
of the contracts. The Group expects to complete the transition for all derivative instruments to SOFR
and SORA by June 2023.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 256
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 30 September 2021 and at 30 September 2022. 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.
S$ SOR
US$ LIBOR
GBP LIBOR
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
$'000
1,385,000
953,313
1,385,000
953,313
–
179,947
–
179,947
–
–
–
–
3,594,500
1,340,002
3,594,500
1,340,002
–
656,098
–
656,098
1,639,232
136,200
1,639,232
136,200
Group
30 September 2022
Interest rate swaps
Cross-currency swaps
30 September 2021
Interest rate swaps
Cross-currency swaps
Hedge Accounting
The Group’s hedged items and hedging instruments as at the reporting date are indexed to SONIA,
SOFR, SORA, US$ LIBOR and S$ SOR. These benchmark rates are quoted each day and the IBOR cash
flows are exchanged with counterparties as usual.
The Group replaced its GBP LIBOR interest rate derivatives used in cash flow hedging relationships with
economically equivalent interest rate derivatives referencing SONIA during the financial year. Therefore,
there is no longer uncertainty about when and how replacement may occur with respect to the relevant
hedged items and hedging instruments. As a result, the Group no longer applies the amendments to
SFRS(I) 9 issued in December 2019 (Phase 1) to those hedging relationships.
However, the Group continues to have other hedged items and hedging instruments used in cash flow
hedging relationships indexed to US$ LIBOR and S$ SOR. These US$ LIBOR and S$ SOR cash flow
hedging relationships extend beyond the anticipated cessation dates of US$ LIBOR and S$ SOR. The
Group is still in the process of communication with the counterparties for its US$ LIBOR and S$ SOR
indexed exposures and the relevant hedging instruments and hedged items have not been amended to
transition from US$ LIBOR and S$ SOR. The Group has evaluated that there is uncertainty about when
and how replacement may occur with respect to the relevant hedged items and hedging instruments and
such uncertainty may impact the hedging relationships. The Group continues to apply the amendments
to SFRS(I) 9 issued in December 2019 (Phase 1) to those hedging relationships directly affected by
interest rate benchmark reform.
Hedging relationships impacted by interest rate benchmark reform may experience ineffectiveness
attributable to market participants’ expectations of when and how the shift from the existing IBOR
benchmark rate to an alternative benchmark interest rate will occur for the relevant hedged items and
hedging instruments. This transition may also occur at different times for the hedged item and hedging
instrument, which may lead to hedge ineffectiveness. The Group has measured its hedging instruments
indexed to US$ LIBOR and S$ SOR using available quoted market rates for US$ LIBOR and S$ SOR-
based instruments of the same tenor and similar maturity and has measured the cumulative change in the
present value of hedged cash flows attributable to changes in US$ LIBOR and S$ SOR on a similar basis.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 257
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 2022
Variable rate instruments not hedged
Interest rate swaps/cross currency
swaps/cross currency interest rate swaps
Cash flow sensitivity (net)
30 September 2021
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
Equity
100 bp
Increase
$’000
100 bp
Decrease
$’000
100 bp
Increase
$’000
100 bp
Decrease
$’000
(40,527)
40,527
–
–
851
(39,676)
(894)
39,633
157,534
157,534
(163,145)
(163,145)
(42,525)
42,525
–
–
617
(41,908)
(622)
41,903
145,526
145,526
(148,017)
(148,017)
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 258
35. FINANCIAL RISK MANAGEMENT (CONT’D)
(d)
Foreign Currency Risk (cont’d)
The Group’s exposure to foreign currencies as at 30 September 2022 and 30 September 2021, 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 2022
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 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
43
53,592
90
68,570
767,096
398,396
43,110
56,645
47,861
13,095
(383)
(626,164)
(234)
(1,327,966)
(4,216)
(1,092,120)
(5,469)
(490,262)
(617)
(45,352)
(572,912)
(1,259,540)
69,156
(395,976)
14,987
575,184
1,154,312
(120,278)
411,320
–
–
2,272
173,653
68,425
70,514
19,392
–
15,344
–
14,987
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
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 259
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
2022
$'000
2021
$'000
15,620
–
2,815
18,435
15,702
5,489
9,905
31,096
The Company’s exposure to foreign currencies as at 30 September 2022 and 30 September 2021, 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
Hong
Kong
Dollars
$'000
Company
30 September 2022
Financial Assets
Trade and other
receivables
Cash and cash
equivalents
Financial Liabilities
Trade and other
payables
Net currency exposure
30 September 2021
Financial Assets
Trade and other
receivables
Cash and cash
equivalents
Net currency exposure
611,615
330
123,858
3,495
51,468
5,909
1,438
–
2,643
–
–
60
(888)
612,165
–
330
(2,536)
123,965
–
3,495
–
51,468
–
5,969
45,535
96
45,631
385
–
385
115,056
3,850
62,866
9,685
124,741
–
3,850
–
62,866
–
–
-
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 260
35. FINANCIAL RISK MANAGEMENT (CONT’D)
(d)
Foreign Currency Risk (cont’d)
Sensitivity Analysis for Foreign Currency Risk
The following table demonstrates the sensitivity analysis of the Group’s exposure to foreign currency
risk on its financial assets and liabilities as at the end of the financial year by a reasonably possible
change in the S$, A$, GBP, US$, EUR and JPY against the respective functional currencies of the Group
entities, with all other variables held constant:
Group
Company
30 September 2022
S$
– Strengthened 1%
– Weakened 1%
A$
GBP
US$
EUR
JPY
HKD
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
– Strengthened 1%
– Weakened 1%
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%
* Denotes less than $1,000
Profit
before
Taxation
$'000
23
(23)
684
(684)
194
(194)
153
(153)
150
(150)
–*
–*
–*
–*
57
(57)
–*
–*
105
(105)
103
(103)
20
(20)
–*
–*
Profit
before
Taxation
$'000
–
–
6,122
(6,122)
3
(3)
Equity
$'000
–
–
(891)
873
(905)
887
–
–
1,240
(1,240)
(437)
428
–
–
–
–
–
–
(507)
497
(1,257)
1,232
–
–
(508)
498
–
–
35
(35)
515
(515)
60
(60)
–
–
2,120
(2,120)
4
(4)
1,247
(1,247)
39
(39)
629
(629)
Equity
$'000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 261
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
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 2022
Financial assets
measured at fair value
Equity investments at FVOCI
Debt instrument at FVTPL
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
–
–
–
24,821
55,368
–
300,620
364,144
–
664,764
23,667
18,882
1,022
68,392
–
–
–
55,368
–
–
–
–
–
–
55,368
24,821
15,840
–
25,751
–
13,777
24,821
55,368
24,821
324,287
383,026
– 324,287
– 383,026
– 324,287
– 383,026
1,022
788,524
–
1,022
15,840 734,086
–
1,022
38,598 788,524
–
–
–
–
–
–
–
–
–
1,304,710 1,304,710
3,322,395 3,322,395
4,627,105 4,627,105
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 262
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 2022
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)
Loan and borrowings
(non-current)
Non-financial assets
Investment properties
31,411
1,331
–
17,616
–
32,742
82
17,698
–
–
–
–
–
–
–
–
–
–
* Excludes provisions, taxes and deferred income
–
–
–
–
–
–
–
–
–
–
31,411
18,947
82
50,440
–
–
–
–
31,411
18,947
82
50,440
–
–
–
–
31,411
18,947
82
50,440
2,141,737 2,141,737
3,826,891 3,826,891
– 12,062,445 12,062,445
– 18,031,073 18,031,073
1,871,700 10,086,336
1,871,700 10,086,336
– 11,958,036
– 11,958,036
–
–
–
–
– 24,358,388 24,358,388
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 263
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
Amortised
cost
$’000
FVOCI
$’000
Total
$’000
Level 1
$’000
Level 2
$’000
Level 3
$’000
Total
$’000
–
–
50,652
–
50,652
–
29,174
21,478
50,652
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
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
50,397
19,805
–
47,725
–
–
200
70,402
1,015
48,740
–
50,652
–
–
–
–
50,397
67,530
1,215
169,794
–
–
–
–
–
–
–
–
–
1,249,383
1,249,383
3,779,376
5,028,759
3,779,376
5,028,759
–
–
–
–
49,121
133,899
493
183,513
1,912,500
1,912,500
4,849,333
4,849,333
–
–
–
–
–
–
47,852
84,983
1,269
48,916
–
132,835
493
50,678
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
50,397
67,530
–
–
50,397
67,530
1,215
148,316
–
21,478
1,215
169,794
49,121
133,899
493
183,513
–
–
–
–
49,121
133,899
493
183,513
– 12,433,808 12,433,808
– 19,195,641 19,195,641
2,778,876
2,778,876
9,960,169
9,960,169
– 12,739,045
– 12,739,045
–
–
–
–
– 24,613,811 24,613,811
# Excludes tax recoverable
* Excludes provisions, taxes and deferred income
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 264
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 2022
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/
cross currency
interest rate 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
*
–
–
–
–
–
–
–
–
–
–
–
–
–
25,751
58,922
38,915
97,837
–
–
25,751
–
–
–
–
25,751
–
25,751
–
25,751
58,922
38,915
123,588
58,922
–
–
38,915
– 123,588
58,922
–
–
38,915
– 123,588
–
–
–
58,922
38,915
97,837
–
–
–
–
–
–
–
–
–
–
5,327,491
5,327,491
514,996
5,842,487
514,996
5,842,487
–
–
–
58,922
38,915
97,837
–
–
–
58,922
38,915
97,837
–
–
–
58,922
38,915
97,837
468,116
468,116
–
–
–
–
2,220
2,220
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 265
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
–
–
–
–
29,174
3,900
5,824
38,898
–
–
–
–
29,174
3,900
5,824
38,898
–
–
–
3,900
5,824
9,724
–
–
–
–
–
–
–
–
–
–
4,961,280
4,961,280
1,000,735
5,962,015
1,000,735
5,962,015
–
–
–
3,900
5,824
9,724
–
–
–
3,900
5,824
9,724
–
–
–
3,900
5,824
9,724
628,966
628,966
–
–
–
–
2,220
2,220
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 266
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 payables and
short term bank borrowings) are assumed to approximate their fair values because of the short
period to maturity. All other financial assets and liabilities are discounted to determine their fair
values.
(iv)
Investment Properties
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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 267
36. FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(c)
Determination of Fair Value (cont’d)
(iv)
Investment Properties (cont’d)
The market comparison method involves the analysis of comparable sales of similar properties
and adjusting the sale prices to that reflective of the investment properties.
The capitalisation method capitalises the estimated net income of the property for perpetuity or
the balance term of the lease tenure at a capitalisation rate that is appropriate for the type of use,
tenure and reflective of the quality of the investment property. Capital adjustments are then made
to derive the capital value of the property.
The 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.
Certain valuers have recommended that the value of the properties are to be kept under regular
review given the current market conditions including inflationary pressures, rising interest rates
and the ongoing war in Ukraine, and the impact of COVID-19.
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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
268
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 Segment
Inter-relationship
between key
unobservable
inputs and fair
value measurement
The estimated fair
Valuation
methods
Key
unobservable
inputs
Singapore
Australia
Industrial
Hospitality
Thailand &
Vietnam
Others
Capitalisation Capitalisation rate
method
2022
2021
3.4% to 6.5% 4.3% to 6.3% 3.8% to 15.0% 3.0% to 7.8% 8.0% to 9.0% 1.0% to 20.0% value varies
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% inversely against
the capitalisation
rate, gross initial
yield and net
initial yield
3.8% to 11.0% –
3.8% to 10.3% –
–
–
–
–
–
–
Gross initial yield
–
2022
–
2021
Net initial yield
2022
2021
–
–
–
–
3.3% to 9.3% –
3.4% to 8.9% –
–
–
–
–
Discounted
cash flow
method
Discount rate
2022
2021
6.5% to 7.5% 5.8% to 7.0% 4.0% to 9.0% 3.5% to 10.0% 7.8% to 18.0% –
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% –
Terminal yield rate
2022
2021
3.7% to 5.3% 4.3% to 6.5% 3.5% to 159.3% 3.0% to 7.5% 6.8% to 9.3% –
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% –
Market
comparison
method
2021
Transacted price of comparable properties(1)
2022
$19,388 psm to –
$46,957 psm
$10,014 psm to –
$39,984 psm
Residual land
value method 2022
Total gross development value
$95,200,000
$197,542,000
2021
$76,000,000 to $203,150,000
$280,000,000
Total estimated construction cost to completion
$139,107,000
$24,990,000
2022
2021
$35,921,000 to $155,751,000
$80,146,000
$138 psm to
$371 psm
$748 psm to
$802 psm
$10,327 psm to $6 psm to
$174,598 psm $5,685 psm
$10,452 psm to $6 psm to
$215,102 psm $5,050 psm
$43,460,000 to –
$955,635,000
$44,163,000 to –
$554,049,000
$7,685,000 to
$716,783,000
$17,310,000 to
$452,323,000
–
–
–
–
–
–
–
–
–
–
–
–
(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 would
increase with
higher gross
development
The estimated fair
value would
decrease with
higher cost to
completion
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED
269
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
2022
$'000
39,528
(2021: 50,652)
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:
13.0%
(2021: 10.6%)
The estimated fair value
varies inversely against
the discount rate and
terminal yield rate
– Terminal yield rate:
2.1%
(2021: 2.3%)
– 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.
(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.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
270
36. FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(d)
Level 2 and Level 3 Fair Value Measurements (cont’d)
(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 THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 271
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
2022 and 30 September 2021.
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
2022
$'000
2021
$'000
1,165
3,321,230
2,676
3,776,700
(15,889,336) (17,283,141)
(12,566,941) (13,503,765)
19,378,542
18,330,515
0.65
0.74
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
2022
$'000
2021
$'000
808,848
528,095
174,842
159,984
46,366
78,770
1,796,905
1,233,378
300,983
125,861
–
113,057
75,924
1,849,203
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 272
39. GUARANTEE CONTRACTS
(i)
(ii)
(iii)
(iv)
(v)
As at 30 September 2022, the Company has provided unconditional and irrevocable corporate guarantees
for up to $18,387,695,000 (2021: $18,298,748,000) for loans and borrowings, perpetual securities, bankers’
guarantees and insurance bonds facilities of certain subsidiaries. As at 30 September 2022, the total
amount of utilised borrowing facilities is $8,556,903,000 (2021: $8,795,030,000).
As at 30 September 2022, the Company has provided bankers’ guarantees of $34,263,000 (2021:
$52,800,000) 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 2022, the Company has provided interest shortfall undertakings on a proportionate
and several basis, in respect of outstanding term loans and revolving loan facilities amounting to
$730,131,000 (2021: $929,033,000) granted to certain subsidiaries.
A subsidiary of the Group has provided unsecured corporate guarantees of $328,000,000 (2021:
$328,000,000) to banks for loans taken by certain fellow subsidiaries and bankers’ guarantees of
GBP58,000,000 ($93,015,000) (2021: nil) to unrelated parties in respect of performance contracts on
behalf of certain fellow subsidiaries. No liability is expected to arise.
Certain subsidiaries of the Group have provided bankers’ guarantees of A$103,262,000 ($94,877,000)
(2021: A$85,808,000 ($84,212,000)) to unrelated parties in Australia in respect of performance contracts
and A$63,345,000 ($58,201,000) (2021: A$78,820,000 ($77,354,000)) of insurance bonds representing
undertakings given to unrelated parties by insurance companies on behalf of the subsidiaries. No
liability is expected to arise.
(vi)
A wholly-owned subsidiary of the Group has provided corporate guarantees of nil (2021: RMB4,370,000
($920,000)) 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.
(vii) Certain subsidiaries of the Group have provided bankers’ guarantees of THB 4,172,766,000 ($158,148,000)
(2021: THB3,400,940,000 ($137,398,000)) 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 6 June 2022, Frasers Property Thailand (Indonesia) Pte. Ltd., a wholly-owned subsidiary of
FPT, completed the acquisition of the following entities (collectively, the “PT Surya entities”) for a
consideration of THB1,329,265,000 ($53,032,000) (the “PT Surya Acquisitions”).
Name of subsidiary
Country of
incorporation
Interest
acquired
Consideration
($’000)
PT Surya Internusa Timur (“SIT”)
PT SLP Surya TICON Internusa (“SLP”)
Indonesia
Indonesia
66.7%
50.0%
12,413
40,619
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 273
40. ACQUISITIONS/DISPOSALS OF SUBSIDIARIES (CONT’D)
(a)
Acquisitions of Subsidiaries (cont’d)
(i)
Business Combinations (cont’d)
Following the PT Surya Acquisitions, the Group’s deemed stakes in SIT and SLP increased from
33.3% to 100.0% and 25.0% to 75.0% respectively. With effect from 6 June 2022, the PT Surya
entities are consolidated as subsidiaries.
The Group engaged an independent firm to perform a purchase price allocation (“PPA”) for the PT
Surya entities. Based on the PPA, a gain on disposal of a joint venture and a loss on disposal of an
associate amounting to THB20,649,000 ($824,000) and THB46,767,000 ($1,866,000), respectively,
were 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.
Impact of the acquisition on the Profit Statement
From the acquisition date, SIT and SLP have contributed profit for the year of THB19,419,000
($775,000) and THB38,830,000 ($1,549,000), respectively, to the Group. If the business combination
had taken place at the beginning of the financial year, contributions of SIT and SLP to the Group’s
profit for the year would have been THB40,404,000 ($1,612,000) and THB77,754,000 ($3,102,000),
respectively.
The fair value of the identifiable assets and liabilities as at the PT Surya Acquisitions were:
Investment property
Property, plant and equipment
Other non-current assets
Other current assets
Trade and other receivables
Cash and cash equivalents
Loans and borrowings
Lease liabilities
Trade and other payables
Total identifiable net assets at fair value
Less: Non-controlling interests
Less: Initial interest as a joint venture (Note 15)
Less: Initial interest as an associate (Note 15)
Gain on disposal of a joint venture
Loss on disposal of an associate
Exchange difference
Purchase consideration
Less: Deferred sales consideration to be paid
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
116,753
40
17
358
2,830
4,434
124,432
(11,407)
(53)
(5,073)
107,899
(20,684)
(5,535)
(22,550)
(824)
1,866
(7,140)
53,032
(2,611)
(4,434)
45,987
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 274
40. ACQUISITIONS/DISPOSALS OF SUBSIDIARIES (CONT’D)
(a)
Acquisitions of Subsidiaries (cont’d)
(ii) Acquisitions of a Group of Assets and Liabilities
On 2 December 2021, the Group acquired 100% of the equity interest in Nawamin Residence Co.,
Ltd. for a consideration of THB590,900,000 ($23,575,000). The acquisition was accounted for as an
acquisition of a group of assets and liabilities.
The cash flows and net assets of the subsidiary acquired are as follows:
Property, plant and equipment
Properties held for sale
Trade and other receivables
Cash and cash equivalents
Loans and borrowings
Trade and other payables
Total identifiable net assets at fair value, representing
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
5
46,352
341
1,661
48,359
(22,848)
(1,936)
23,575
(1,661)
21,914
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 275
40. ACQUISITIONS/DISPOSALS OF SUBSIDIARIES (CONT’D)
(b) Disposal of Subsidiaries
(i)
On 29 April 2022, the Group divested 100.0% of the equity interest in its wholly-owned subsidiary,
Ananke Holdings Pty Ltd (“Ananke Holdings”) for a consideration of A$5,530,000 ($5,444,000).
The loss on disposal of Ananke Holdings of $6,642,000 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:
Property, plant and equipment
Trade and other receivables
Other current assets
Cash and cash equivalents
Trade and other payables
Total identifiable net assets at fair value
Realisation of reserves on disposal of a subsidiary
Loss on disposal of a subsidiary
Exchange difference
Sales consideration
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
3,050
3,344
118
7,788
14,300
(4,207)
10,093
1,992
(6,642)
1
5,444
(7,788)
(2,344)
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
276
40. ACQUISITIONS/DISPOSALS OF SUBSIDIARIES (CONT’D)
(b) Disposal of Subsidiaries (cont’d)
(ii)
On 21 December 2021, the Group, through its wholly-owned subsidiary, Frasers Property Ivanhoe
Pty Limited, entered into a unit sale agreement with the Investor for the sale of 50.0% of the
units in a wholly-owned subsidiary, Ivanhoe (“Units Sale”) for a consideration of A$30,000,000
($29,199,000).
Pursuant to the Units Sale, the Group and the Investor each holds 50.0% of the units in issue
in Ivanhoe, and with effect from 21 December 2021, Ivanhoe is equity accounted for as a joint
venture.
Effects of Disposal
The cash flows and net assets as at the disposal are as follows:
Properties held for sale
Trade and other receivables
Total identifiable net assets at fair value
Gain on disposal of a subsidiary
Less: Equity interests retained as a joint venture (Note 15)
Sales consideration, representing cash inflow on
disposal, net of cash and cash equivalents disposed of
Net Assets
Derecognised
on Disposal
$'000
36,106
6,327
42,433
15,965
(29,199)
29,199
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED
277
41. SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES
Principal Activities
Effective
Interest
2022
%
2021
%
Subsidiaries of the Company
Country of Incorporation and Place of Business: Singapore
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
Frasers Property Treasury Pte. Ltd.
Financial services
100.0
100.0
FCL (China) Pte. Ltd.
Investment holding
100.0
100.0
FCL Lodge Pte. Ltd.
Investment holding
100.0
100.0
Frasers (Australia) Pte. Ltd.
Investment holding
100.0
100.0
Frasers (Thailand) Pte. Ltd.
Investment holding
100.0
100.0
Frasers (UK) Pte. Ltd.
Investment holding
100.0
100.0
Frasers Amethyst Pte. Ltd.
Investment holding
100.0
100.0
Frasers Hospitality Changi
Investments Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Hospitality Dalian
Investment holding
100.0
100.0
Holding Pte. Ltd.
(a)
Frasers Hospitality Holdings
Investment holding
100.0
100.0
(Europe) Pte. Ltd.
(a)
(a)
Frasers Hospitality Holdings Pte. Ltd.
Investment holding
100.0
100.0
Frasers Hospitality Investments
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
Investment holding
100.0
100.0
(China) Pte. Ltd.
(a)
Frasers Property Hospitality Trust
Investment holding
100.0
100.0
Holdings Pte. Ltd.
(a)
(a)
Frasers Property Industrial Holdings Pte. Ltd.
Investment holding
100.0
100.0
Frasers Property Industrial Trust
Investment holding
100.0
100.0
Holdings Pte. Ltd.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 278
41. SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES (CONT’D)
Principal Activities
Effective
Interest
2022
%
2021
%
Subsidiaries of the Company
Country of Incorporation and Place of Business: Singapore (cont'd)
(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
Investment holding and
property development
(a)
Frasers Logistics & Commercial Asset
Management Pte. Ltd.
Management and
consultancy services
100.0
100.0
100.0
100.0
100.0
100.0
(a)
Frasers Centrepoint Asset
Management Ltd.
Management services
100.0
100.0
(a)
(a)
(a)
Frasers Hospitality Asset
Management Pte. Ltd.
Management services
100.0
100.0
Frasers Hospitality International Pte. Ltd.
Management services
100.0
100.0
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
Subsidiaries of the Group
Country of Incorporation and Place of Business: Singapore
(a)
(a)
(a)
Frasers Centrepoint Trust
Real estate investment trust
Frasers Logistics & Commercial Trust
Real estate investment trust
Frasers Hospitality Trust
Stapled trust
Country of Incorporation and Place of Business: Thailand
41.2
21.6
25.8
41.1
21.3
25.8
(a)
Frasers Property (Thailand) Public Company
Investment holding
59.6
59.6
Limited
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 279
41. SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES (CONT’D)
Principal Activities
Effective
Interest
2022
%
2021
%
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
15.9
15.9
(a)
Golden Ventures Leasehold Real Estate
Real estate investment
14.0
13.9
Investment Trust
(a)
One Bangkok Co., Ltd.
Property development
19.8
19.8
Country of Incorporation and Place of Business: Malaysia
(c)
Hektar Real Estate Investment Trust
Real estate investment
12.6
12.8
Joint Arrangements of the Group
Country of Incorporation and Place of Business: Singapore
(a)
(a)
(a)
Aquamarine Star Trust
Investment holding
North Gem Trust
Sapphire Star Trust
Investment holding
Investment holding
50.0
50.0
16.5
50.0
50.0
16.4
Joint Arrangements of the Group
Country of Incorporation and Place of Business: China
(a)
Shanghai Xin Chun Real Estate Development
Property development
15.0
–
Co., Ltd.
(a)
(b)
(c)
Audited by KPMG in the respective countries.
Not required to be audited under laws of the country of incorporation.
Audited by other firms.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 280
42. ADOPTION OF NEW STANDARDS
The Group has applied the Amendment to SFRS(I) 16 Covid-19-Related Rent Concessions beyond 30 June
2021, which became effective in the current financial year. The Group’s adoption of the new standards and
amendments did not have a material effect on its financial statements.
43. SUBSEQUENT EVENT
On 5 October 2022, the Company announced that it had effected payment of the redemption price for the
S$350,000,000 3.95% Fixed Rate Subordinated Perpetual Securities (the “Perpetual Securities”) issued by its
wholly-owned subsidiary, Frasers Property Treasury Pte. Ltd., under the S$5,000,000,000 multicurrency debt
issuance programme guaranteed by the Company. Accordingly, all the outstanding Perpetual Securities had
been redeemed and the redeemed Perpetual Securities had been cancelled and delisted from the SGX-ST.
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 30 September 2022FRASERS PROPERTY LIMITED 281
Book Value
$'000
319,000
423,000
593,000
328,000
343,500
11,690
175,000
261,000
COMPLETED INVESTMENT PROPERTIES
Singapore
Alexandra Point
A 24-storey office building at 438 Alexandra Road.
Freehold, lettable area – 18,550 sqm
51 Cuppage Road
A 10-storey commercial building at 51 Cuppage Road.
Leasehold (lease expires year 2095), lettable area – 25,339 sqm
The Centrepoint
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 – 33,053 sqm
Robertson Walk & Fraser
Place Robertson Walk
Valley Point
A 10-storey commercial-cum-serviced apartment complex with a 2-storey
basement carpark, a 2-storey retail podium and 164 serviced apartment
units at Robertson Walk Shopping Centre and Fraser Place Robertson
Walk, 11 Unity Street.
Leasehold (lease expires year 2840)
Lettable area:
Retail – Robertson Walk
Serviced Apartments – Fraser Place Robertson Walk
8,881 sqm
17,694 sqm
26,575 sqm
A 20-storey commercial-cum-serviced apartment complex with a 5-storey
covered carpark, a 5-storey podium block and a 2-storey retail podium
at Valley Point Shopping Centre/Office Tower, 491/B River Valley Road.
Leasehold (lease expires year 2876)
Lettable area:
Retail – Valley Point Shopping Centre
Office – Valley Point Office Tower
4,015 sqm
17,014 sqm
21,029 sqm
Centrepoint Apartments
5 apartment units at The Centrepoint, 176A Orchard Road.
Leasehold (lease expires year 2078), lettable area – 426 sqm
313 units of hotel residences at 3 Changi Business Park Central 1.
Leasehold (lease expires year 2069), gross floor area – 19,500 sqm
304 units of hotel residences at 181 South Bridge Road.
Leasehold (lease expires year 2096), gross floor area – 15,354 sqm
Capri by Fraser,
Changi City
Capri by Fraser,
China Square
Malaysia
Setapak Central
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 – 47,666 sqm
102,202
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
282
COMPLETED INVESTMENT PROPERTIES (CONT’D)
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
A 6-level office building at 1F Homebush Bay Drive, Rhodes Corporate
Park, Rhodes, New South Wales.
Freehold, lettable area – 17,495 sqm
An 8-level office building at 20 Lee Street, Henry Deane Building, Sydney,
New South Wales.
Leasehold, lettable area – 9,112 sqm
An 8-level 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
A 6-level office building and a café at 1B Homebush Bay Drive, Rhodes
Corporate Park, Rhodes, New South Wales.
Freehold, lettable area – 12,413 sqm
A 5-level office building at 1D Homebush Bay Drive, Rhodes Corporate
Park, Rhodes, New South Wales.
Freehold, lettable area – 17,136 sqm
A shopping centre located at 300 Old Cleveland Road, Coorparoo,
Queensland.
Freehold, lettable area – 6,778 sqm
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
Book Value
$'000
25,267
74,882
11,669
121,282
105,662
148,846
87,745
135,982
50,534
15,436
31,699
42,632
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED COMPLETED INVESTMENT PROPERTIES (CONT’D)
Australia (cont’d)
Frasers Property Industrial
Australia Group’s
Completed Investment
Properties (cont’d)
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, Truganina,
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
283
Book Value
$'000
56,966
66,613
37,395
75,342
46,364
65,319
69,369
77,639
A property comprising a warehouse at 15-19 Muir Road, Chullora, New
South Wales.
Freehold, lettable area – 22,208 sqm
128,173
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
55,771
64,132
A property comprising a warehouse at 8 Archer Road, Truganina, Victoria.
Freehold, lettable area – 37,610 sqm
64,201
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 284
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Australia (cont’d)
Frasers Property Industrial
Australia Group’s
Completed Investment
Properties (cont’d)
A property comprising a warehouse at 24 Archer Road, Truganina, Victoria.
Freehold, lettable area – 37,353 sqm
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,
Victoria.
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
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
Book Value
$'000
65,235
46,399
62,754
36,752
76,260
41,576
58,114
46,399
27,013
42,954
18,008
56,231
70,472
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED COMPLETED INVESTMENT PROPERTIES (CONT’D)
Australia (cont’d)
Frasers Property Industrial
Australia Group’s
Completed Investment
Properties (cont’d)
A property comprising an industrial logistics warehouse and office at
2A Johnston Crescent, Horsley Park, New South Wales.
Freehold, lettable area – 17,548 sqm
A property comprising an industrial warehouse and office at 26-34
Beyer Road, Braeside, Victoria.
Freehold, lettable area – 31,122 sqm
A property comprising an industrial warehouse and office at 17 Droomer
Way & 12 Hurst Drive, Tarneit, Victoria.
Freehold, lettable area – 28,080 sqm
A property comprising an industrial production and distribution
warehouse at 410 Cooper Street, Epping, Victoria.
Freehold, lettable area – 38,092 sqm
Vacant land for the development of 21 warehouses with approximately
348,982 sqm of lettable area at Aldington Road, New South Wales.
Freehold, total area – 571,980 sqm
Vacant land for the development of 9 warehouses with approximately
217,945 sqm of lettable area at The Horsley Drive, Horsley Park,
New South Wales.
Freehold, total area – 317,509 sqm
Vacant land for the development of 1 warehouse with approximately
31,288 sqm of lettable area at 296 Beatty Road, Archerfield, Queensland.
Freehold, total area – 58,181 sqm
Vacant land for the development of 7 warehouses with approximately
108,124 sqm of lettable area at 60 Stapylton – Jacobs Well Road,
Queensland.
Freehold, total area – 242,843 sqm
Vacant land for the development of 2 warehouses with approximately
46,047 sqm of lettable area at Taylors Road, Dandenong South, Victoria.
Freehold, total area – 81,528 sqm
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
45,789 sqm of lettable area at 410 Cooper Street, Epping, Victoria.
Freehold, total area – 86,452 sqm
285
Book Value
$'000
52,647
67,348
52,372
69,829
230,435
86,570
18,376
18,383
33,087
38,056
14,768
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 286
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Australia (cont’d)
Frasers Property Industrial
Australia Group’s
Completed Investment
Properties (cont’d)
Vacant land for the development of 4 warehouses with approximately
96,237 sqm of lettable area at 410 Cooper Street, Epping, Victoria.
Freehold, total area – 187,680 sqm
Vacant land for the development of 3 warehouses with approximately
57,269 sqm of lettable area at 917 Boundary Road, Tarneit, Victoria.
Freehold, total area – 97,785 sqm
Vacant land for the development of 5 warehouses with approximately
114,426 sqm of lettable area at 1-15 Ferris Road, Cobblebank, Victoria.
Freehold, total area – 204,598 sqm
Vacant Land for the development of 1 warehouse with approximately
22,370 sqm of lettable area at 931A Mamre Road, Kemps Creek West,
New South Wales.
Freehold, total area – 40,245 sqm
Book Value
$'000
38,744
35,998
38,865
29,861
Europe
Fraser Suites Kensington,
London
69 residential apartments at Fraser Suites Kensington, 75 Stanhope
Gardens London SW7 5RN, England, the United Kingdom.
Freehold, lettable area – 6,842 sqm
172,558
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,
England, 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
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.
Winnersh Triangle
A mixed-use park comprising predominantly office and industrial
accomodation located in Winnersh Triangle, Reading, Berkshire, England,
the United Kingdom.
Freehold, lettable area – 122,883 sqm
29,274
49,963
43,629
1,812
89,511
36,791
610,966
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED COMPLETED INVESTMENT PROPERTIES (CONT’D)
Europe (cont’d)
Chineham Park
Hillington Park
A mixed-use park comprising nine districts providing office and
industrial accomodation located in Basingstoke, Hampshire, England,
the United Kingdom.
Freehold, lettable area – 75,032 sqm
A mixed-use park comprising office and industrial accomodation located
in Glasgow, Scotland, the United Kingdom.
Freehold, lettable area – 192,813 sqm
Lakeshore Business Park
An office park comprising three buildings located at 9-11 New Square,
Bedfont Lakes, Feltham, Middlesex, England, the United Kingdom.
Freehold, lettable area – 25,664 sqm
Frasers Property Industrial
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
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
A logistics facility located at Thomas-Dachser-Straße 3, Überherrn,
Germany.
Freehold, lettable area – 21,765 sqm
A logistics facility located at Werner von Siemens-Straße 35, Saarwellingen,
Germany.
Freehold, lettable area – 6,413 sqm
A logistics facility located at Oskar-von-Miller-Straße 2, Kirchheim,
Germany.
Freehold, lettable area – 28,125 sqm
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
287
Book Value
$'000
253,308
241,910
174,643
90,872
405
93,733
9,289
29,415
5,573
54,889
18,155
21,252
12,667
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 288
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Europe (cont’d)
Frasers Property Industrial
Europe Group’s Completed
Investment Properties
(cont’d)
A warehouse facility located at Moselstraße 70, Hanau, Germany.
Freehold, lettable area – 5,616 sqm
A logistics facility located at Rheindeichstraße 155, Duisburg, Germany.
Freehold, lettable area – 46,580 sqm
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
A light industrial facility located at Alois Mengele Str. 1, Günzburg, Germany.
Freehold, lettable area – 24,283 sqm
A light industrial facility located at Industriestraße/Bahnhofstr.
40, Kleinkötz, 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
A logistics facility located at Adolf-Dambach-Straße 5, Gaggenau, Germany.
Freehold, lettable area – 31,697 sqm
A development project comprising 2 warehouse units with office space
located at Ringweg 19-21, Roermond, the Netherlands.
Freehold, lettable area – 33,376 sqm
A development project comprising a warehouse and office space located
at Hazeldonk 6801, Breda, the Netherlands.
Freehold, lettable area – 11,550 sqm
Book Value
$'000
4,757
95,140
43,207
32,792
10,056
20,690
45,812
70,089
71,355
27,163
47,711
22,307
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 289
Book Value
$'000
48,304
37,751
11,370
24,650
1,050
66,761
19,014
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Thailand
Amata City Chonburi
Industrial Estate
Laemchabang
Industrial Estate
Hi-Tech Industrial Estate
Amata City Rayong
Industrial Estate
11 industrial factories, 1 warehouse and vacant plots of industrial land
located in the Amata City Chonburi Industrial Estate on Sukhumvit Road
(Highway No. 3) within Phan Thong Sub-District, Phan Thong District,
Chon Buri Province.
Freehold, lettable area:
Land
33,655 sqm
24,250 sqm
57,905 sqm
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
– 78,105 sqm
5 industrial factories and vacant plots of industrial land, located in the Hi-Tech
Industrial Estate on Asia Road (Highway No. 32) within Ban Len and Ban
Pho Sub-Districts, Bang Pa-in District, Phra Nakhon Si Ayutthaya Province.
10,075 sqm
Freehold, lettable area:
11,700 sqm
Land
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 plots of industrial land located in the Rojana Industrial Estate
Rayong on Ban Khai - Ban Bueng Road (Highway No. 3138) within Nong
Bua Sub-District, Ban Khai District, Rayong Province.
Freehold, total area - 14,736 sqm
Rojana – Ayudhya
Industrial Park Zone 1-3
Pinthong Industrial Estate
12 industrial factories, 1 warehouse 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
66,185 sqm
10,300 sqm
76,485 sqm
Vacant plots of industrial 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, total area:
Pinthong Industrial Estate 5
Pinthong Industrial Estate 2
Pinthong Industrial Estate 3
208,467 sqm
22,474 sqm
14,776 sqm
245,717 sqm
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 290
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Thailand (cont’d)
Navanakorn Industrial
Promotion Zone
Kabinburi Industrial Zone
Asia Industrial
Estate Suvarnabhumi
Rojana Industrial
Park (Prachinburi)
Frasers Property Logistics
Park (Bangna)
Frasers Property Logistics
Center (Laemchabang 1)
Frasers Property Logistics
Center (Wangnoi 1)
1 industrial factory 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
2,550 sqm
5,000 sqm
7,550 sqm
4 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:
Land
8,550 sqm
222,384 sqm
230,934 sqm
33 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:
Land
50,600 sqm
48,144 sqm
98,744 sqm
3 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:
Land
9,200 sqm
504,260 sqm
513,460 sqm
25 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
55,263 sqm
177,085 sqm
261,998 sqm
Vacant plots of industrial 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 – 36,096 sqm
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 – 20,100 sqm
Book Value
$'000
2,960
15,414
56,717
31,889
129,346
1,933
14,190
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED COMPLETED INVESTMENT PROPERTIES (CONT’D)
Thailand (cont’d)
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 – 388,368 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 – 261,152 sqm
Frasers Property Logistics
Center (Eastern
Seaboard 2A)
6 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 – 15,263 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, lettable area – 11,400 sqm
Frasers Property Logistics
Center (Wangnoi 2)
Frasers Property Logistics
Park (Laemchabang 2)
15 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:
Land
200,378 sqm
790,507 sqm
990,885 sqm
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:
Land
38,125 sqm
579,105 sqm
617,230 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 – 144,864 sqm
Frasers Property Logistics
Center (Phan Thong 1)
7 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 – 18,891 sqm
291
Book Value
$'000
24,173
13,955
9,934
12,734
6,610
169,828
62,023
8,577
14,447
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 292
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Thailand (cont’d)
Frasers Property Logistics
Center (Eastern
Seaboard 3)
Frasers Property Logistics
Park (Bangpakong)
Frasers Property Logistics
Park (Khonkaen)
Frasers Property Logistics
Center (Phan Thong 2)
Frasers Property Logistics
Center (Phan Thong 3)
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, total area – 292,784 sqm
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 – 364,879 sqm
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:
Land
19,292 sqm
277,493 sqm
296,785 sqm
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
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 – 91,632 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 – 110,640 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 – 185,360 sqm
Frasers Property Logistics
Center (Bangplee 3)
Vacant plots of industrial 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, total area – 187,008 sqm
Book Value
$'000
22,228
29,589
25,154
8,080
9,115
28,395
6,553
50,479
23,638
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 293
Book Value
$'000
61,614
17,032
78,885
15,634
4,468
6,022
6,822
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Thailand (cont’d)
Frasers Property Logistics
Center (Bangplee 4)
Frasers Property Logistics
Center (Bangplee 5)
Frasers Property Logistics
Center (Samut Sakhon)
Frasers Property Logistics
Center (Lamphun)
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:
Land
52,680 sqm
83,264 sqm
135,944 sqm
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:
Land
14,796 sqm
29,312 sqm
44,108 sqm
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:
Land
28,051 sqm
149,484 sqm
177,535 sqm
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:
Land
9,011 sqm
79,725 sqm
88,736 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 – 74,930 sqm
Frasers Property Logistics
Center (Bangplee 2)
Frasers Property Logistics
Center (Phanat Nikhom)
1 warehouse and vacant plots of industrial land located in the Frasers
Property Logistics Center (Bangplee 2) project on Mueang Mai – Bang
Phli Road (Highway No. 1006) within Bang Sao Thong Sub-District, Bang
Sao Thong District, Samut Prakan Province.
Leasehold (lease expires year 2039), lettable area:
Land
9,360 sqm
20,981 sqm
30,341 sqm
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
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 294
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Thailand (cont’d)
Frasers Property Logistics
Center (Bangplee 6)
Frasers Property Logistics
Center (Bangplee 7)
Wang Noi 3
FYI Center
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:
Land
105,050 sqm
144,456 sqm
249,506 sqm
3 warehouses and vacant plots of industrial land 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:
Land
40,800 sqm
113,442 sqm
154,242 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
Book Value
$'000
103,171
36,254
43,585
14,857
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 – 50,464 sqm
206,820
Panorama Resort and
Golf Club
Vacant land located on Ban Sup Chumphon – Ban Nong Han Road
within Lat Bua Khao and Nong Ya Khao Sub-Districts, Sikhio District,
Nakhon Ratchasima Province.
Freehold, total area – 332,944 sqm
3 vacant plots of land located on Ao Thalen Beach off Krabi – Khao Thong
Road (Highway No. 4034), within Nong Tale Sub-District, Mueang District,
Krabi Province.
Freehold, total area – 190,080 sqm
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
11,560
7,125
826
982
739
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 295
Book Value
$'000
110,031
84,700
19,951
63,666
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Thailand (cont’d)
Silom Edge
Vietnam
Melinh Point
Worc@Q2
Binh Duong Industrial Park
China
Fraser Suites Dalian
Indonesia
Fraser Residence
Sudirman, Jakarta
SLP Karawang
SLP Banjarmasin
SLP Makassar
A 21-storey office and retail 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), lettable area – 20,527 sqm
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 21 Vo Truong Toan,
Thu Duc City, Ho Chi Minh City.
Leasehold (lease expires year 2067), lettable area – 4,994 sqm
8 industrial factories and vacant plots of industrial land located at Plot TT,
Phu Tan Industrial Binh Duong Industry - Urban - Service Complex, Hoa Phu
Ward, Thu Dau Mot City, Binh Duong Province.
Leasehold (lease expires year 2056), lettable area:
Land
40,360 sqm
173,352 sqm
213,712 sqm
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
65,520
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
Warehouse complex and excess land located at Suryacipta Industrial
Estate, Jalan Surya Utama, Village of Kutamekar, District of Ciampel,
Regency of Karawang, Province of West Java.
Leasehold (lease expires year 2030), lettable area – 128,566 sqm
Warehouse complex located at Bizpark Commercial Estate Block C-2,
Jalan Gubernur Soebardjo, Village of Kayu Bawang, District of Gambut,
Regency of Banjar, Province of South Kalimantan.
Freehold, lettable area – 9,705 sqm
Warehouse complex located at Pergudangan 88 Industrial Estate Block
A-C, Jalan IR. Sutami, Subdistrict of Pabbentengan, District of Marusu,
Regency of Maros, Province of South Sulawesi.
Freehold, lettable area – 11,385 sqm
31,720
95,419
8,331
8,235
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 296
COMPLETED INVESTMENT PROPERTIES (CONT’D)
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 – 38,991 sqm
1,323,000
Book Value
$'000
Northpoint City North Wing
A 6-storey retail mall (including 2 basement levels) and a 3-storey carpark
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 – 19,366 sqm
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
A 20-storey office building with a shared 3-storey basement carpark at
298 Tiong Bahru Road.
Leasehold (lease expires year 2090), lettable area – 15,991 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 – 19,953 sqm
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
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 – 15,392 sqm
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
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 – 24,946 sqm
778,000
325,000
34,000
216,000
655,000
559,000
433,000
429,000
764,000
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS HOSPITALITY TRUST
297
Book Value
$'000
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
353,000
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
140,456
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
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)
A 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
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
Maritim Hotel Dresden
328 hotel rooms at Ostra-Ufer 2, Dresden, Germany.
Freehold, gross floor area – 25,916 sqm
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST
70,242
17,160
28,867
100,712
83,037
Singapore
Alexandra Technopark(1)
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 – 96,088 sqm
737,000
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 298
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia
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
2 warehouse and distribution facilities with associated office
accommodation, located at 17-23 Jets Court, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 9,869 sqm
2 adjoining warehouse facilities, each with front office accommodation,
located at 25-29 Jets Court, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 15,544 sqm
A warehouse distribution facility and a 2-level office, located at 28-32
Sky Road East, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 12,086 sqm
A warehouse and distribution facility with a single-level office, located
at 38-52 Sky Road East, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 46,231 sqm
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
Book Value
$'000
35,833
48,513
8,374
36,168
13,269
18,374
13,583
46,807
36,752
30,550
24,348
Industrial office and warehouse facility, located at 98-126 South Park
Drive, Dandenong South, Victoria.
Freehold, lettable area – 28,062 sqm
51,453
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 299
Book Value
$'000
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
A warehouse and attached 2-storey office/display centre, located at
77 Atlantic Drive, Keysborough, Victoria.
Freehold, lettable area – 15,095 sqm
2 warehouse and office facilities under 1 roofline, located at 17 Pacific
Drive and 170-172 Atlantic Drive, Keysborough, Victoria.
Freehold, lettable area – 30,004 sqm
2 adjoining distribution facilities with associated mezzanine level office
areas, located at 78 & 88 Atlantic Drive, Keysborough, Victoria.
Freehold, lettable area – 13,495 sqm
2 adjoining distribution facilities with associated mezzanine level office
areas, located at 150-168 Atlantic Drive, Keysborough, Victoria.
Freehold, lettable area – 27,272 sqm
2 attached warehouses, each with internal office accommodation, located
at 1-13 and 15-27 Sunline Drive, Truganina, Victoria.
Freehold, lettable area – 26,153 sqm
A distribution facility and with a single-level office which is attached to
a large warehouse, located at 468 Boundary Road, Derrimut, Victoria.
Freehold, lettable area – 24,732 sqm
1 office and warehouse, located at 42 Sunline Drive, Truganina, Victoria.
Freehold, lettable area – 14,636 sqm
3 office and warehouse accommodations, located at 2-22 Efficient Drive,
Truganina, Victoria.
Freehold, lettable area – 38,335 sqm
1 office/showroom development and 330 car parking bays, located at
211A Wellington Road, Mulgrave, Victoria.
Freehold, lettable area – 7,175 sqm
Office warehouse, located at 1 Doriemus Drive, Truganina, Victoria.
Freehold, lettable area – 74,546 sqm
1 office/warehouse distribution centre, located at 21 Kangaroo Avenue,
Eastern Creek, New South Wales.
Freehold, lettable area – 41,401 sqm
2 adjoining office and warehouse, located at 17 Kangaroo Avenue,
Eastern Creek, New South Wales.
Freehold, lettable area – 23,112 sqm
Office/warehouse facility, located at 7 Eucalyptus Place, Eastern Creek,
New South Wales.
Freehold, lettable area – 16,074 sqm
32,158
51,453
28,023
51,453
48,237
47,778
26,645
65,855
48,237
121,282
92,064
64,316
47,778
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 300
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
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
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
Book Value
$'000
60,641
67,072
23,415
34,914
19,984
30,504
50,442
2 separate standalone distribution facilities, located at 4-8 Kangaroo
Avenue, Eastern Creek, New South Wales.
Freehold, lettable area – 40,543 sqm
113,012
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
19,662
22,051
56,047
34,914
Warehouse and office facility, located at 30 Flint Street, Inala, Queensland.
Leasehold (lease expires year 2115), lettable area – 15,052 sqm
26,829
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
Warehouse and manufacturing facility, with a detached 2-level office
building, located at 286 Queensport Road, North Murarrie, Queensland.
Leasehold (lease expires year 2115), lettable area – 21,531 sqm
2-level office and warehouse, located at 350 Earnshaw Road, Northgate,
Queensland.
Leasehold (lease expires year 2115), lettable area – 30,779 sqm
Warehouse and distribution facility with a single-level office, located at
99 Shettleston Street, Rocklea, Queensland.
Leasehold (lease expires year 2115), lettable area – 15,186 sqm
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
301
Book Value
$'000
47,961
68,910
19,754
10,107
49,431
50,075
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
118,079
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
47,214
30,780
35,833
45,021
20,673
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 302
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
A single-level office and high-clearance warehouse facility, located at
located at 166 Pearson Road, Yatala, Queensland.
Freehold, lettable area – 23,218 sqm
A 2-level office and high clearance temperature controlled warehouse,
located at 17 Hudson Court, Keysborough, Victoria.
Freehold, lettable area – 21,271 sqm
A modern industrial office/warehouse building, located at 3 Burilda Close,
Wetherill Park, New South Wales.
Leasehold (lease expires year 2107), lettable area – 20,078 sqm
Office and warehouse facility, located at 103-131 Wayne Goss Drive,
Berrinba, Queensland.
Freehold, lettable area – 19,487 sqm
Office and warehouse facility, located at 8-28 Hudson Court, Keysborough,
Victoria.
Freehold, lettable area – 25,762 sqm
Office and warehouse facility, located at 2 Hanson Place, Eastern Creek,
New South Wales.
Freehold, lettable area – 32,839 sqm
Office and warehouse facility, located at 29-51 Wayne Goss Drive,
Berrinba, Queensland.
Freehold, lettable area – 15,456 sqm
Office and warehouse facility, located at 75-79 Canterbury Road, Braeside,
Victoria.
Freehold, lettable area – 14,263 sqm
Office and warehouse facility, located at 11 Magnesium Place (Unit 3),
Truganina, Victoria.
Freehold, lettable area – 7,314 sqm
Office and warehouse facility, located at 17 Magnesium Place (Unit 4),
Truganina, Victoria.
Freehold, lettable area – 8,286 sqm
Office and warehouse facility, located at 1 Magnesium Place (Unit 1 & 2),
Truganina, Victoria.
Freehold, lettable area – 9,489 sqm
Office and retail facility, located at 545 Blackburn Road, Mt. Waverley,
Victoria.
Freehold, lettable area – 7,311 sqm
Book Value
$'000
52,555
45,021
67,424
37,671
46,399
91,421
30,229
27,564
15,919
17,871
22,235
55,358
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
Central Park
A 51-storey office tower at 152-158 St Georges Terrace, Perth.
Freehold, lettable area – 66,047 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
357 Collins Street
Europe
A 24-storey office and retail building with a basement carpark at
357 Collins Street, Melbourne.
Freehold, lettable area – 31,822 sqm
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
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 – 17,795 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
303
Book Value
$'000
307,798
225,106
315,148
23,588
28,429
88,244
75,155
77,829
24,630
22,096
27,022
15,904
123,710
113,213
24,489
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 304
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Europe (cont’d)
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
Book Value
$'000
50,244
21,955
16,607
27,444
28,148
80,222
49,118
A logistics facility at Oberes Feld 2, 4, 6, 8 Moosthenning, Germany.
Freehold, lettable area – 72,558 sqm
123,992
A logistics facility at Murrer Straße 1, Freiberg am Neckar, Germany.
Freehold, lettable area – 21,104 sqm
A logistics warehouse with office space located at Mandeveld 12, Meppel,
the Netherlands.
Freehold, lettable area – 31,013 sqm
A cross-dock facility located in Graben-Hermessrasse, Augsburg, Germany.
Freehold, lettable area – 11,534 sqm
A logistics facility located at Am Bühlfeld 2-8, Herbrechtingen,
Baden-Württemberg, Germany.
Freehold, lettable area – 44,501 sqm
A logistics facility located at Ratingen-An den Dieken 94, 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
57,844
49,822
64,318
63,755
95,281
34,763
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 305
Book Value
$'000
COMPLETED INVESTMENT PROPERTIES (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Europe (cont’d)
A logistics facility located at Obertshausen-Im Birkengrund 5-7, Germany.
Freehold, lettable area – 23,291 sqm
58,407
A logistics facility located at Tamm-Bietigheimer Straße 50-52, Germany.
Freehold, lettable area – 38,932 sqm
123,007
A logistics facility located at Garching Dieselstaße 30, Germany.
Freehold, lettable area – 13,014 sqm
A cross-dock facility located at Gewerbegebiet Etzin 1, Ketzin/Havel,
Germany.
Freehold, lettable area – 13,142 sqm
A logistics facility located in Bielefeld, at FuggerStraße 17, Germany.
Freehold, lettable area – 22,336 sqm
A cross-dock facility located in Bad Rappenau-Buchäckerring 18, Germany.
Freehold, lettable area – 13,125 sqm
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
A mixed-use park comprising 14 buildings located at Farnborough,
Hampshire, England, the United Kingdom.
Freehold, lettable area – 50,743 sqm
An office park comprising two 5-storey buildings located at 34 Western
Road, Bracknell, England, the United Kingdom.
Freehold, lettable area – 17,859 sqm
16 mixed-use buildings in a permier office business park located at
Blythe Valley Park, Solihull, West Midlands, the United Kingdom.
Freehold, lettable area – 42,190 sqm
A logistics and industrial property located at Connexion at Blythe Valley
Park, Solihull, West Midlands, the United Kingdom.
Freehold, lettable area – 19,534 sqm
55,029
67,274
49,681
63,896
83,318
37,859
47,148
266,495
91,010
206,236
70,563
Farnborough
Business Park
Maxis Business Park
Blythe Valley
Business Park
Connexion
TOTAL COMPLETED INVESTMENT PROPERTIES
23,535,908
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 306
INVESTMENT PROPERTIES UNDER CONSTRUCTION
Singapore
Fraser Residence
Promenade
Australia
Goodyear Total Tyres
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
A property comprising an industrial warehouse at Lot 205, Stapylton
Jacobs Well Road, Yatala, Queensland.
Freehold, lettable area – 25,520 sqm
Zenexus & Nolan Group
A property comprising an industrial warehouse at 875 Taylors Road,
Dandenong South, Victoria.
Freehold, lettable area – 22,965 sqm
A property comprising an industrial warehouse at Lot 201, Staplyton
Jacobs Well Road, Yatala, Queensland.
Freehold, Lettable area – 36,570 sqm
GMK Logistics
A property comprising an industrial warehouse at 281 Pearson Road,
Yatala, Queensland.
Freehold, lettable area – 22,580 sqm
National Tiles & Spec
A property comprising an industrial warehouse at Lot 121, Eastridge
Street, Vantage, Yatala, Queensland.
Freehold, lettable area – 26,814 sqm
National Tyre & Wheel
A property comprising an industrial warehouse at Lot 103, 57-75 Australand
Drive, Berrinba, Queensland.
Freehold, lettable area – 21,010 sqm
Décor & Spec
Brunswick & Co
A property comprising an industrial warehouse at 25-51 Fox Drive,
Dandenong South, Queensland.
Freehold, lettable area – 41,659 sqm
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
Book Value
$'000
67,200
22,353
46,269
36,852
20,934
17,906
30,041
55,740
43,459
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 307
Book Value
$'000
22,012
20,830
INVESTMENT PROPERTIES UNDER CONSTRUCTION (CONT’D)
Europe
Bemmel
Breda – De Posthoren
Düsseldorf
Japan
Capri by Fraser, Ginza
Thailand
River II
Frasers Property Logistics
Center (Wangnoi 2)
Frasers Property Logistics
Center (Bangplee 2)
Vietnam
Binh Duong Industrial Park
A development project comprising two warehouse units with office space
located at Veilingweg 16, Bemmel, the Netherlands.
Freehold, gross floor area – 63,489 sqm
Vacant land for the proposed development of two warehouses with
office space located at Lageweg 15, Teteringen, Breda – De Posthoren,
the Netherlands.
Freehold, total area – 98,758 sqm
A development project comprising a logistics component and a business
park located at Reisholzer Bahnstraße 37 and Henkelstraße 209,
Düsseldorf, Germany.
Freehold, lettable area – 77,604 sqm
111,283
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
147,660
Vacant plots of industrial land 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
21,498 sqm
50,424 sqm
71,922 sqm
1 warehouse 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 – 18,350 sqm
3 warehouses 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 – 28,120 sqm
8,229
2,536
15,429
Vacant plots of industrial land located at Plot TT, Phu Tan Industrial Binh
Duong Industry - Urban - Service Complex, Hoa Phu Ward, Thu Dau Mot
City, Binh Duong Province.
Leasehold (lease expires year 2056), total area – 330,670 sqm
63,075
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 308
INVESTMENT PROPERTIES UNDER CONSTRUCTION (CONT’D)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST
United Kingdom
Connexion II
Worcester
Ellesmere
A development project of industrial units located at Blythe Valley Park,
Solihull, Birmingham, England, the United Kingdom.
Freehold, lettable area – 10,870 sqm
A development project of a distribution warehouse located at Worcester,
West Midlands, England, the United Kingdom.
Freehold, lettable area – 16,734 sqm
A development project of a warehouse facility located at Cheshire,
North West England, England, the United Kingdom.
Freehold, lettable area – 61,984 sqm
TOTAL INVESTMENT PROPERTIES UNDER CONSTRUCTION
TOTAL PROPERTIES (CLASSIFIED AS INVESTMENT PROPERTIES)
Book Value
$'000
26,621
26,621
37,430
822,480
24,358,388
(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.
PROPERTY, PLANT AND EQUIPMENT
Book Value
$'000
Australia
Fraser Suites Perth
United Kingdom
Malmaison Belfast
Malmaison Edinburgh
Malmaison Glasgow
236 apartments and suites at 10 Adelaide Terrace, East Perth, Western
Australia.
Freehold, gross floor area – 18,692 sqm
77,228
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 with a maximum
capacity of 45.
Freehold, gross floor area – 3,600 sqm
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 with a maximum capacity of 85.
Freehold, gross floor area – 6,340 sqm
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 with a maximum capacity of 80.
Freehold, gross floor area – 4,408 sqm
10,890
21,989
10,898
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED PROPERTY, PLANT AND EQUIPMENT (CONT’D)
United Kingdom (cont’d)
Malmaison Leeds
Malmaison Liverpool
Malmaison Reading
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
A boutique hotel situated at 1 Swinegate, Leeds, LS1 4AG, England. The
property provides a 100 bedroom boutique hotel, a 96 cover restaurant,
bar and meeting rooms with a maximum capacity of 150.
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 118.
Leasehold (lease expires year 2146), gross floor area – 8,250 sqm
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 and meeting rooms with a maximum capacity of 25.
Leasehold (lease expires year 2894), gross floor area – 1,804 sqm
A boutique hotel situated at 25 Church Street, Birmingham, B3 2NR,
England. The property provides a 66 bedroom boutique hotel, a 85 cover
restaurant, bar and meeting rooms with a maximum capacity of 90.
Leasehold (lease expires year 2150), gross floor area – 4,510 sqm
A boutique hotel situated at 2 Ship Street, Brighton, BN1 1AD, England.
The property provides a 49 bedroom boutique hotel, a 80 cover restaurant,
bar, and meeting rooms with a maximum capacity of 90.
Freehold, gross floor area – 5,693 sqm
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 with a maximum
capacity of 72.
Freehold, gross floor area – 3,272 sqm
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 with a maximum capacity of 30.
Leasehold (lease expires year 2105), gross floor area – 4,320 sqm
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 with a maximum
capacity of 40.
Freehold, gross floor area – 3,625 sqm
A boutique hotel situated at 11 Bristo Place, Edinburgh, EH1 1EZ, Scotland.
The property provides a 47 bedroom boutique hotel, a 80 cover restaurant,
bar and meeting rooms with a maximum capacity of 30.
Freehold, gross floor area – 4,126 sqm
A boutique hotel situated at 1 Devonshire Gardens, Glasgow, G12 0UX,
Scotland. The property provides a 49 bedroom boutique hotel, a 80 cover
restaurant, bar, gym and meeting rooms with a maximum capacity of 80.
Freehold, gross floor area - 5,280 sqm
309
Book Value
$'000
17,118
21,834
18,517
16,704
19,254
10,894
12,095
11,911
17,912
12,144
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 310
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
United Kingdom (cont’d)
Hotel du Vin Harrogate
Hotel du Vin
Henley-on-Thames
Hotel du Vin Newcastle
Hotel du Vin Poole
Hotel du Vin St Andrews
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 with a maximum capacity
of 90.
Freehold, gross floor area – 7,552 sqm
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 with a maximum capacity
of 56.
Freehold, gross floor area – 5,260 sqm
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 with a maximum capacity of 35.
Freehold, gross floor area – 3,491 sqm
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 with a maximum capacity of 36.
Freehold and leasehold (lease expires year 2078), gross floor
area – 2,610 sqm
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 with a maximum capacity of 150.
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 84.
Freehold, gross floor area – 2,916 sqm
Hotel du Vin Wimbledon
Hotel du Vin Winchester
Hotel du Vin York
A boutique hotel situated at Cannizaro House, West Side Common,
London, SW19 4 UE, England. The property provides a 50 bedroom
boutique hotel, a 60 cover restaurant, bar and meeting rooms with a
maximum capacity of 120.
Leasehold (lease expires year 2111), gross floor area – 4,531 sqm
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 with a maximum
capacity of 48.
Freehold, gross floor area – 2,225 sqm
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 with a maximum capacity of 75.
Freehold, gross floor area – 4,210 sqm
Book Value
$'000
8,666
9,967
4,115
7,215
9,555
8,024
17,901
5,498
9,644
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED PROPERTY, PLANT AND EQUIPMENT (CONT’D)
United Kingdom (cont’d)
Hotel du Vin Stratford
upon Avon
Malmaison Cheltenham
Hotel du Vin Avon
Gorge Bristol
Hotel du Vin Exeter
A boutique hotel situated on Rother Street, Stratford-upon-Avon, CV37
6LU, England. The property provides a 46 bedroom boutique hotel, an 80
cover restaurant, bar and meeting rooms with a maximum capacity of 70.
Leasehold (lease expires year 2166), gross floor area – 3,236 sqm
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 with a maximum capacity of 50.
Freehold, gross floor area - 3,226 sqm
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 with a maximum capacity of 130.
Freehold, gross floor area – 5,219 sqm
A boutique hotel situated on Magdalen Street, Exeter, Devon, EX2 4HY,
England. The property provides a 59 bedroom boutique hotel, an 80
cover restaurant, bar and meeting rooms with a maximum capacity of 16.
Freehold, gross floor area – 2,293 sqm
311
Book Value
$'000
9,191
11,358
27,595
11,022
Aberdeen Development Site An unoccupied building to be redeveloped at Clarke Building, Schoolhill,
3,207
Aberdeen, AB10 1JQ, Scotland.
Malmaison Oxford
A 35-year lease (lease expires year 2040) of a boutique hotel situated on
Oxford Castle, 3 New Road, Oxford, OX1 1AY, England.
14,995
Malmaison Aberdeen
A 35-year lease (lease expires year year 2046) of a boutique hotel
situated on 49-53 Queens Road, Aberdeen, AB15 4YP, Scotland.
31,324
Malmaison Birmingham
A 35-year lease (lease expires year year 2046) of a boutique hotel situated
on 1 Wharfside Street, Birmingham, B1 1RD, England.
42,096
Malmaison Manchester
A 35-year lease (lease expires year 2046) of a boutique hotel situated on
1-3 Piccadilly, Manchester, M1 3AQ, England.
42,450
Malmaison Newcastle
A 35-year lease (lease expires year 2046) of a boutique hotel situated on
104 Quayside, Newcastle, NE1 3DX, England.
31,264
Malmaison London
A 70-year lease (lease expires year 2081) of a boutique hotel situated on
18-21 Charterhouse Square, London, EC1M 6AH, England.
51,009
Malmaison Dundee
A 35-year lease (lease expires year 2049) of a boutique hotel situated on
44 Whitehall Crescent, Dundee, DD1 4AY, Scotland.
18,698
Malmaison Brighton
A 35-year lease (lease expires year 2050) of a boutique hotel situated on
The Waterfront, Brighton Marina, Brighton, BN2 5WA, England.
16,058
Malmaison Edinburgh (City)
A 35-year lease (lease expires year 2054) of a boutique hotel situated
on Buchan House, 22 St Andrew Square, Edinburgh, EH2 1AY, Scotland.
32,724
Malmaison York
A 35-year lease (lease expires year 2056) of a boutique hotel situated on
2 Rougier St, York YO90 1UU, England.
67,353
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 312
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
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.
Frasers Property Logistics
Center (Bangplee 1)
Sale office located in the Frasers Property Logistics Center (Bangplee
1) project on Bang Na – Bang Pakong Road (Highway No. 34) at around
km. station 22, within Sisa Chorakhe Yai Sub-District, Bang Sao Thong
District, Samut Prakan Province.
Frasers Property Logistics
Center (Eastern Seaboard 3)
Sale office located in the Frasers Property Logistics Center (Eastern
Seaboard 3) project on Chachoengsao – Sattahip Road (Highway No. 331)
within Khao Khansong Sub-District, Si Racha District, Chon Buri Province.
Frasers Property Logistics
Park (Khonkaen)
Sale office located in the Frasers Property Logistics Park (Khonkaen)
project on Mittaphap Road (Highway No. 2) within Tha Phra Sub-District,
Mueang District, Khon Kaen Province.
Frasers Property Logistics
Park (Laemchabang 2)
Sale office located in the Frasers Property Logistics Park
(Laemchabang 2) project on Bypass – Laem Chabang Road (Motorway No.
7) within Nong Kham Sub-District, Si Racha District, Chon Buri Province.
Frasers Property Logistics
Park (Sriracha)
Sale office located in the Frasers Property Logistics Park (Sriracha)
project on Chon Buri – Pattaya Road (Highway No. 7) within Bang Phra
Sub-District, Si Racha District, Chon Buri Province.
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.
Book Value
$'000
995
358
436
69
306
307
359
33
8
119
Frasers Property Logistics
Park (Wangnoi 2)
Custom office located in the Frasers Property Logistics Park (Wangnoi
2) project on Phahon Yothin Road (Highway No. 1), within Phayom
Sub-District, Wangnoi District, Ayutthaya Province.
1,185
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Thailand (cont’d)
The 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
Mayfair Marriott Executive
Apartment
A 164-room, 25-storey serviced apartment building at 60 Soi Langsuan,
Lumpini, Pathumwan, Bangkok Metropolis.
Freehold, gross floor area – 16,000 sqm
The Ascott Sathorn,
Bangkok
A 177-room, 35-storey contemporary serviced apartment building at 7
South Sathorn Road, Yannawa, Sathon, Bangkok Metropolis.
Freehold, gross floor area - 12,888 sqm
313
Book Value
$'000
185
23,144
64,946
68,864
Indonesia
SLP Karawang
Vietnam
Binh Duong Industrial Park
Warehouse building for maintenance supplies and storage located at
Suryacipta Industrial Estate, Jalan Surya Utama, Village of Kutamekar,
District of Ciampel, Regency of Karawang, Province of West Java.
11
Vacant land for the future Industry Service Centre, located at Plot TT,
Phu Tan Industrial Binh Duong Industry - Urban - Service Complex, Hoa
Phu Ward, Thu Dau Mot City, Binh Duong Province.
1,519
HELD THROUGH FRASERS HOSPITALITY TRUST
Singapore
InterContinental Singapore(2) 406 hotel rooms at 80 Middle Road, Singapore.
454,591
Leasehold (lease expires year 2089), gross floor area – 49,969 sqm
Malaysia
The Westin Kuala Lumpur(2)
443 hotel rooms at 199 Jalan Bukit Bintang, Kuala Lumpur.
Freehold, gross floor area – 71,761 sqm
Japan
ANA Crowne Plaza Kobe(2)
593 hotel rooms at 1-Chome, Kitano-Cho, Chuo-Ku, Kobe.
Freehold, gross floor area – 136,657 sqm
113,132
116,409
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 314
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Australia
Novotel Sydney Darling
Square(2)
230 hotel rooms at Novotel Rockford Darling Harbour, 17 Little Pier Street,
Darling Harbour, New South Wales.
Leasehold (lease expires year 2098), gross floor area – 12,128 sqm
81,487
Novotel Melbourne
on Collins(2)
380 hotel rooms at 270 Collins Street, Melbourne, Victoria.
Freehold, gross floor area - 20,860 sqm
200,730
Book Value
$'000
United Kingdom
Park International London(2)
171 hotel rooms at 117-129 Cromwell Road, South Kensington, London.
Leasehold (lease expires year 2098), gross floor area - 6,825 sqm
ibis Styles London
Gloucester Road(2)
85 hotel rooms at 108, 110 and 112 Cromwell Road, London.
Leasehold (lease expires year 2098), gross floor area - 2,512 sqm
LAND AND BUILDING
OTHERS
TOTAL PROPERTY, PLANT AND EQUIPMENT
53,472
27,070
1,980,052
146,381
2,126,433
(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.
COMPLETED PROPERTIES HELD FOR SALE
Singapore
North Park Residences
Australia
Queens Riverside
Leasehold land (lease expires year 2114) of approximately 41,085
sqm at Yishun Avenue 2/Yishun Central for the development of 920
condominium units of approximately 77,335 sqm of gross floor area
for sale, comprising 2 units to go.
A mixed development of apartment units and commercial space of
a total of approximately 41,287 sqm of gross floor area for sale on
freehold land of approximately 11,895 sqm situated at East Perth,
Western Australia, comprising 20 units to go.
Cova
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.
Effective
Interest
%
100.0
100.0
100.0
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 315
Effective
Interest
%
100.0
100.0
80.0
100.0
100.0
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Australia (cont’d)
Westmeadows
Lumiere
China
Chengdu Logistics Hub
Baitang One
United Kingdom
Wandsworth Riverside
Quarter
Vietnam
Q2 Thao Dien
A residential development MD housing with net saleable area of
43,688 sqm situated at Valley Park, Victoria, comprising 1 lot to go.
A mixed development of 1 retail podium, residential units, serviced
apartments, retail units and commercial suites of a total gross floor
area of 61,146 sqm on freehold land of approximately 3,966 sqm
situated at former Regent Theatre, Frontages on George Street,
Bathurst & Kent Street, Sydney, New South Wales, comprising 1 unit
to go.
Leasehold land (lease expires year 2057) of approximately 195,846
sqm situated at Chengdu. Phase 2 has a gross floor area of 141,942
sqm and consists of 59 car park lots to go. Phase 4 has a gross floor
area of 163,527 sqm and consists of 12 retail units and 136 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.
Phase 3 (excluding Phase 3D) consists of 32 apartment units and 61
car park lots to go. Phase 3D has a gross floor area of 10,486 sqm and
consists of 55 retail lots to go.
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 81 units to go.
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 1 unit to go.
70.0
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 316
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand
Sky Villas
The Grand – Alpina
The Grand Lux
Bangna – Suanluang
Grandio 2 Rama 2
Grandio Bangkae
Grandio Petchkasem 81
Grandio Ramintra
– Wongwaen
A residential development part of The Ascott Sathorn Bangkok building
situated at 7 South Sathorn Road, Yannawa, Sathorn, Bangkok Metropolis,
comprising 3 units to go.
A residential development on freehold subdivided land of approximately
143,625 sqm situated on Boromarajajonani Road, within Sala Thammasop
Sub-District, Thawi Watthana District, Bangkok Metropolis, comprising
14 units to go.
A residential development on freehold subdivided land of approximately
58,188 sqm situated on parallel road off Kanchanaphisek Road (Highway
No. 9 – Eastern Outer Ring Road) within Dokmai Sub-District, Prawet
District, Bangkok Metropolis, comprising 1 unit to go.
A residential development on freehold subdivided land of approximately
120,936 sqm situated on Rama 2 Road, 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
113,674 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 3 units to go.
A residential development on freehold subdivided land of approximately
41,746 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 6 units to go.
A residential development on freehold subdivided land of approximately
109,589 sqm situated on parallel road off Kanchanaphisek Road (Highway
No. 9) around km. station 38+500 and on Soi Kanchanaphisek 6/1 off
Kanchanaphisek Road (Highway No. 9) within Tha Raeng Sub-District,
Bang Khen District, Bangkok Metropolis, comprising 8 units to go.
Grandio Vibhavadi
– Rangsit
A residential development on freehold subdivided land of approximately
118,771 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.
Golden Village Chiang
Rai – Big C Airport
A residential development on freehold subdivided land of approximately
29,584 sqm situated on Sanam Bin Road, within Ban Du Sub-District,
Mueang District, Chiang Rai Province, comprising 5 units to go.
Golden Neo
Ngamwongwan
– Prachachuen
A residential development on freehold subdivided land of approximately
41,538 sqm situated on Soi Samakkee 63, within Bang Talat Sub-District,
Pak Kret District, Nonthaburi Province, comprising 18 units to go.
Golden Neo 2 Bangkae
A residential development on freehold subdivided land of approximately
52,015 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 3 units to go.
Effective
Interest
%
35.6
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 2022FRASERS PROPERTY LIMITED COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Prestige – Prestige
Rama 9 – Krungthepkreetha
A residential development on freehold subdivided land of approximately
49,418 sqm situated on Saphan Sung Sub-District, Saphan Sung District,
Bangkok Metropolis, comprising 13 units to go.
Golden Neo
Sukhumvit – Lasalle
Golden Town
Sukhumvit – Lasalle
Golden Neo 2
Bangna – Kingkaew
Golden Neo
Chaengwattana
– Muang Thong
Golden Neo Korat
– Terminal
Golden Neo
Siriraj – Ratchapruek
Golden Neo 3 Rama 2
Grandio Sathorn
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 16 units to go.
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 50 units to go.
A residential development on freehold subdivided land of approximately
124,410 sqm situated on Kingkaeo Road, within Racha Thewa Sub-District,
Bang Phli District, Samut Prakan Province, comprising 19 units to go.
A residential development on freehold subdivided land of approximately
50,669 sqm situated on Tiwanon Road, within Ban Mai Sub-District, Pak
Kret District, Nonthaburi Province, comprising 4 units to go.
A residential development on freehold subdivided land of approximately
98,260 sqm situated on Si Phet Road within Nong Krathum Muen Wai
Sub-District, Mueang District, Nakhon Ratchasima Province, comprising
8 units to go.
A residential development on freehold subdivided land of approximately
81,928 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 12 units to go.
A residential development on freehold subdivided land of approximately
59,406 sqm situated on Phan Tay Norasing - Jedsadwithi Road off Rama
2 Road, within Phan Tay Norasing Sub-District, Mueang District, Samut
Sakhon Province, comprising 6 units to go.
A residential development on freehold subdivided land of approximately
87,826 sqm situated on private road off Kanlapapruek Road, within Bang
Wa, Bang Khun Thian Sub-District, Phasi Charoen, Chom Thong District,
Bangkok Metropolis, comprising 5 units to go.
Golden Neo 2
Ramintra – Wongwaen
A residential development on freehold subdivided land of approximately
48,386 sqm situated on Saphan Sung Sub-District, Saphan Sung District,
Bangkok Metropolis, comprising 12 units to go.
Grandio Suksawat – Rama 3 A residential development on freehold subdivided land of approximately
46,185 sqm situated on Soi Suksawat 30, Bang Pakok Sub-District,
Rat Burana District, Bangkok Metropolis, comprising 7 units to go.
Golden Neo
Bangna – Suanluang
A residential development on freehold subdivided land of approximately
43,260 sqm situated on Dokmai Sub-District, Phra Khanong District,
Bangkok Metropolis, comprising 6 units to go.
317
Effective
Interest
%
59.3
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 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 318
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Neo
Khonkaen – Bueng
Kaennakhon
Golden City
Chaengwattana
– Muang Thong
Golden City Sathorn
A residential development on freehold subdivided land of approximately
44,934 sqm situated on Tambon Mueang Phon, Amphoe Phon,
Khon Kaen Province, comprising 27 units to go.
A residential development on freehold subdivided land of approximately
33,136 sqm situated on Tiwanon Road, within Ban Mai Sub-District,
Pak Kret District, Nonthaburi Province, comprising 39 units to go.
A residential development on freehold subdivided land of approximately
23,256 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 Vibhavadi
– Chaengwattana
A residential development on freehold subdivided land of approximately
53,494 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 9 units to go.
Golden Town
Ramintra – Wongwaen
Ramintra – Wongwaen
A residential development on freehold subdivided land of approximately
73,359 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 30 units to go.
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 Bangna Km.5
A residential development on freehold subdivided land of approximately
63,128 sqm situated on Buanakarin Road, within Bang Kaeo Sub-District,
Bang Phli District, Samut Prakan Province, comprising 8 units to go.
Golden Town Phaholyothin
– Saphanmai
A residential development on freehold subdivided land of approximately
82,225 sqm situated on Soi Phahon Yothin 54/1 off Phahon Yothin
Road within Sai Mai Sub-District, Sai Mai District, Bangkok Metropolis,
comprising 24 units to go.
Golden Town
Chiangrai – Big C Airport
A residential development on freehold subdivided land of approximately
52,951 sqm situated on Phahon Yothin Road within Ban Du Sub-District,
Mueang District, Chiang Rai Province, comprising 37 units to go.
Golden Town
Petchkasem 81
Golden Town
2 Ramintra – Wongwaen
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 42 units to go.
A residential development on freehold subdivided land of approximately
41,971 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 42 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 2022FRASERS PROPERTY LIMITED COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town
Rattanathibet – Westgate
Golden Town 3 Rama 2
Golden Town
Charoenmuang
– Superhighway
Neo Home
Rattanathibet
– Ratchapruek
Golden Town
Suksawat – Rama 3
A residential development on freehold subdivided land of approximately
42,398 sqm situated on Chan Thong Iam Road within Bang Rak Phatthana
Sub-District, Bang Bua Thong District, Nonthaburi Province, comprising
36 units to go.
A residential development on freehold subdivided land of approximately
56,679 sqm situated on Phan Tay Norasing – Jedsadwithi Road off Rama
2 Road, within Phan Tay Norasing Sub-District, Mueang District, Samut
Sakhon Province, comprising 56 units to go.
A residential development on freehold subdivided land of approximately
17,730 sqm situated on Soi Bun Raksa off Chiang Mai - Lampang Road
(Highway No. 11) within Tha Sala Sub-District, Mueang District, Chiang
Mai Province, comprising 35 units to go.
A residential development on freehold subdivided land of approximately
41,383 sqm situated on Bang Bua Thong District, Nonthaburi Province,
comprising 6 units to go.
A residential development on freehold subdivided land of approximately
65,747 sqm situated on Rat Burana Sub-District, Rat Burana District,
Bangkok Metropolis, comprising 89 units to go.
Golden Town Sathorn
A residential development on freehold subdivided land of approximately
60,936 sqm situated on Kanlapaphruek Road, within Bang Wa Sub-District,
Phasi Charoen District, Bangkok Metropolis, comprising 52 units to go.
Golden Town 2 Bangkae
Golden Town
Ngamwongwan
– Khae Rai
Golden Town
Phaholyothin
– Lumlukka
Golden Town
Chiang Mai
– Kad Ruamchok
Golden Town
Rangsit – Klong 3
A residential development on freehold subdivided land of approximately
53,029 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 97 units to go.
A residential development on freehold subdivided land of approximately
47,936 sqm situated on Soi Tiwanon 45, Tiwanon Road, within Tha Sai
Sub-District, Mueang District, Nonthaburi Province, comprising 45 units
to go.
A residential development on freehold subdivided land of approximately
47,990 sqm situated on Soi Lam Luk Ka 19, Lam Luk Ka Road within Khu
Khot Sub-District, Lam Luk Ka District, Pathum Thani Province, comprising
27 units to go.
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 11 units to go.
A residential development on freehold subdivided land of approximately
69,138 sqm situated on Liap Khlong Sam Road, within Khlong Sam
Sub-District, Khlong Luang District, Pathum Thani Province, comprising
84 units to go.
319
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 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 320
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town Tiwanon
– Chaengwattana
A residential development on freehold subdivided land of approximately
50,444 sqm situated on Liap Khlong Prapa Road within Ban Mai
Sub-District, Mueang District, Pathum Thani Province, comprising
38 units to go.
Golden Town
Sriracha – Assumption
A residential development on freehold subdivided land of approximately
83,024 sqm situated on Kao Kilo Road, within Surasak Sub-District, Sriracha
District, Chonburi Province, comprising 63 units to go.
Golden Town Ayutthaya
Golden Neo
Chachoengsao – Ban Pho
Golden Neo
Suksawat – Rama 3
A residential development on freehold subdivided land of approximately
68,060 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 23 units to go.
A residential development on freehold subdivided land of approximately
71,448 sqm situated on Watphanitaram – Watbangphra Road (Highway
No. 3315) around km. station 0+650 off Siri Sothon Road (Highway
No. 314) within Bang Krod Sub-District, Ban Pho District, Chachoengsao
Province, comprising 32 units to go.
A residential development on freehold subdivided land of approximately
63,330 sqm situated on Soi Suk Sawat 30 Yeak 10 off Suk Sawat Road
within Rat Burana Sub-District, Rat Burana District, Bangkok Metropolis,
comprising 6 units to go.
Golden Town
Vibhavadi – Rangsit
A residential development on freehold subdivided land of approximately
48,621 sqm situated on Khlong Nueng, Klong Luang District, Pathum Thani
Province, comprising 47 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 105 units to go.
Golden Town
Ratchapruk – Rama 5
A residential development on freehold subdivided land of approximately
31,115 sqm situated on Bang Bua Thong District, Nonthaburi Province,
comprising 16 units to go.
Golden Town
Angsila – Sukhumvit
A residential development on freehold subdivided land of approximately
65,178 sqm situated on Samet District, Muang Chonburi District, Chonburi
Province, comprising 25 units to go.
The Grand – The Royal
Residence
A residential development on freehold subdivided land of approximately
30,384 sqm situated on private road off Soi Sukhinthawat 27 Kaset
Nawamin Road within Chorakhe Bua Sub-District, Lat Phrao District,
Bangkok Metropolis, comprising 6 units to go.
Golden Neo – Neo Home
2 Korat – Terminal
A residential development on freehold subdivided land of approximately
71,837 sqm situated on Mittraphap Road within Nai Mueang Sub-District,
Mueang District, Nakhon Ratchasima Province, comprising 1 unit to go.
Golden Town Future
– Rangsit
A residential development on freehold subdivided land of approximately
37,464 sqm situated on Khlong Nueng Sub-District, Khlong Luang District,
Pathum Thani Province, comprising 4 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
59.3
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Grandio 2
Vibhavadi – Rangsit
Golden Town
Siriraj – Ratchapruek
A residential development on freehold subdivided land of approximately
44,488 sqm situated on Khlong Nueng, Klong Luang District, Pathum Thani
Province, comprising 1 unit to go.
A residential development on freehold subdivided land of approximately
42,311 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 71 units to go.
Golden Town
Pattaya Tai – Sukhumvit
A residential development on freehold subdivided land of approximately
37,741 sqm situated, Bang Lamung Subdistrict, Chonburi Province,
comprising 12 units to go.
Golden Neo – Neo Home
Udon – Prachasanti
A residential development on freehold subdivided land of approximately
44,871 sqm situated on Pracha Santi 16 Road, Mak Mak Subdistrict,
Mueang Udon Thani Province, comprising 2 units to go.
Golden Prestige
Watcharapol
– Sukhaphiban 5
Bangna – Kingkaew
A residential development on freehold subdivided land of approximately
62,906 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
5,152 sqm situated on King Kaeo Road, within Racha Thewa Sub-District,
Bang Phli District, Samut Prakan Province.
Golden Town
Srinakarin – Sukhumvit
A residential development on freehold subdivided land of approximately
56,753 sqm situated on Soi Sap Phatthana off Phraekkasa Road, within
Phraekkasa Sub-District, Mueang District, Samut Prakan Province,
comprising 1 unit to go.
Golden Town
Petchkasem
– Phutthamonthon Sai 3
A residential development on freehold subdivided land of approximately
41,123 sqm situated on Phuttha Monthon Sai 3 Road within Nong Khang
Phlu Sub-District, Nong Khaem District, Bangkok Metropolis, comprising
2 units to go.
The Grand – De Pine
Golden Town 2
Ngamwongwan
– Prachachuen
Golden Town 3
Bangna – Suanluang
A residential development on freehold subdivided land of approximately
156,630 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
22,566 sqm situated on Soi Ngamwongwan 6 Yaek 21 within Bang Khen
Sub-District, Mueang District, Nonthaburi Province, comprising 2 units
to go.
A residential development on freehold subdivided land of approximately
58,002 sqm situated on parallel road off Kanchanaphisek Road (Highway
No. 9 – Eastern Outer Ring Road) within Dokmai Sub-District, Prawet District,
Bangkok Metropolis, comprising 6 units to go.
The Grand – The Island
(Courtyard)
A residential development on freehold subdivided land of approximately
76,702 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.
321
Effective
Interest
%
59.3
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 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 322
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Suksawat – Phuttha Bucha
A residential development on freehold subdivided land of approximately
6,962 sqm situated on Phuttha Bucha 36 Yaek 1, Phuttha Bucha Road,
within Bang Mot Sub-District, Thung Khru District, Bangkok Metropolis.
Angsila – Sukhumvit
A residential development on freehold subdivided land of approximately
8,904 sqm situated on Samet District, Muang Chonburi District, Chonburi
Province.
DEVELOPMENT PROPERTIES HELD FOR SALE
Effective
Interest
%
59.3
59.3
Estimated Date of
Completion
Effective
Interest %
2nd Quarter 2023
100.0
3rd Quarter 2024
80.0
1st Quarter 2026
100.0
Singapore
Rivière
Parc Greenwich
Sky Eden@Bedok
Australia
Leasehold land (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.
Leasehold land (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.
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
14,587 sqm of gross floor area for sale.
Frasers Landing,
Western Australia
A residential development comprising 362 land
lots to go.
4th Quarter 2029
100.0
Fairwater, New South Wales A residential development comprising 77 MD
housing lots to go.
2nd Quarter 2024
100.0
Botanica, New South Wales A residential development comprising 20 MD
housing lots to go.
3rd Quarter 2024
100.0
Midtown, New South Wales
A residential development comprising 2,125
apartment, MD housing and retail lots to go.
1st Quarter 2031
100.0
Ed Square, New South Wales A mixed development comprising 1,378 apartment,
1st Quarter 2029
100.0
MD housing and 2 retail lots to go.
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 323
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Estimated Date of
Completion
Effective
Interest %
Australia (cont’d)
Telopea, New South Wales
A residential development comprising 3,865
apartment, MD housing and Terrace lots to go.
3rd Quarter 2039
100.0
Hamilton Reach, Queensland A residential development comprising 280 MD
housing lots to go.
1st Quarter 2027
100.0
Brookhaven, Queensland
A residential development comprising 959 land
lots to go.
4th Quarter 2027
100.0
Keperra, Queensland
A residential development comprising 495 MD
housing, land and retail lots to go.
4th Quarter 2027
100.0
Minnippi Quarter,
Queensland
A residential development comprising 37 MD
housing lots to go.
1st Quarter 2023
100.0
Newstead, Queensland
A residential development comprising 144
apartment, MD housing and retail lots to go.
1st Quarter 2025
100.0
Burwood Brickworks,
Victoria
A residential development comprising 302 MD
housing, land and apartment and 2 retail lots to go.
4th Quarter 2025
100.0
Mambourin, Victoria
A residential development comprising 709 land lots
and 4 retail lots to go.
4th Quarter 2026
100.0
Cockburn, Western Australia A residential development comprising 346 apartment
2nd Quarter 2025
100.0
lots to go.
Port Coogee,
Western Australia
Baldivis Grove,
Western Australia
The Waterfront,
New South Wales
A residential development comprising 427
apartment, land and retail lots to go.
4th Quarter 2031
100.0
A residential development comprising 231 land
lots to go.
4th Quarter 2026
100.0
A residential development comprising 877
apartment, MD housing, land and retail lots to go.
4th Quarter 2027
50.0
Berwick Waters, Victoria
A residential development comprising 741 land
lots to go.
4th Quarter 2026
45.0
Wallara Waters, Victoria
A residential development comprising 1,204 land
lots to go.
2nd Quarter 2033
50.0
Hardy's Road, Victoria
A residential development comprising 1,608 land
lots to go.
2nd Quarter 2031
100.0
Baldivis Parks,
Western Australia
Carlton, Victoria
A residential development comprising 654 land
lots to go.
2nd Quarter 2029
50.0
A residential development comprising 115 apartment
lots to go.
2nd Quarter 2024
65.0
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 324
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Estimated Date of
Completion
Effective
Interest %
Australia (cont’d)
Parkville, Victoria
A residential development comprising 547 apartment
and 1 retail lots to go.
2nd Quarter 2028
50.0
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 10,026 sqm.
Ed Square, New South Wales Retail type of estate with an estimated total saleable
area of 24,671 sqm.
Easter Creek Quarter XL,
New South Wales
Retail type of estate with an estimated total saleable
area of 11,286 sqm.
–
–
–
–
100.0
100.0
100.0
100.0
Flint Street - EG Funds,
Queensland
A property comprising an industrial warehouse at
28 Flint Street, Inala, Queensland, with an estimated
total saleable area of 22,222 sqm.
2nd Quarter 2023
100.0
Macquarie Park,
New South Wales
Vacant land comprising development space for
3 Offices at 1 Giffnock Avenue, Macquarie Park,
New South Wales, with an estimated total saleable
area of 5,870 sqm.
1st Quarter 2029
50.0
Jacobs Well Rd, Stapylton,
Queensland
5 industrial land lots at 60 Stapylton, Jacobs Well
Road, Yatala, Queensland, with an estimated total
saleable area of 10,618 sqm.
1st Quarter 2024
100.0
Epping – Stage 2, Victoria
Tarneit, Victoria
15 industrial land lots at 410 Cooper Street, Epping,
Victoria, with an estimated total saleable area of
47,139 sqm.
2 industrial land lots at 917 Boundary Road, Tarneit,
Victoria, with an estimated total saleable area of
4,039 sqm.
3rd Quarter 2023
100.0
4th Quarter 2023
100.0
Dandenong South
– Stage N4, Victoria
1 industrial land lot at 875 Taylors Road, Dandenong
South, Victoria, with an estimated total saleable
area of 1,220 sqm.
1st Quarter 2024
100.0
China
Chengdu Logistics Hub
Leasehold land (lease expires year 2057) of
approximately 195,846 sqm situated at Chengdu
for an industrial/commercial development of
approximately 538,701 sqm gross floor area for
sale, which is separated into Phase 1 of 161,288 sqm
and Phases 2 to 4 of 377,413 sqm. All phases of the
development have been completed except Phase
2A. Development for Phase 2A has yet to commence.
–
80.0
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 325
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Estimated Date of
Completion
Effective
Interest %
United Kingdom
The Rowe
(formerly Central House)
Thailand
The Grand – Alpina
Golden Town
– Neo Home Kanda
The Grand Rama 2 P.5
The Grand Rama 2 P.8
The Grand Rama 2 P.14
The Grand – Alpina Rama 2
The Grand Lux
Bangna – Suanluang
Freehold land of approximately 9,012 sqm situated
in Aldgate for a commercial development of with
an estimated saleable area of 15,000 sqm.
1st Quarter 2023
100.0
Freehold subdivided land of approximately 143,625
sqm situated on Boromarajajonani Road, within Sala
Thammasop Sub-District, Thawi Watthana District,
Bangkok Metropolis for a proposed residential
development of 19 residential units of approximately
10,769 sqm gross area for sale.
Freehold subdivided land of approximately 60,064
sqm situated on Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province for a
proposed residential development of 200 residential
units of approximately 33,035 sqm gross area for sale.
Freehold subdivided land of approximately 8,928
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 13,468 sqm
situated on Rama 2 Road around km. station 16+400,
within Phan Tay Norasing Sub-District, Mueang District,
Samut Sakhon Province for a proposed residential
development of 97 residential units of approximately
6,462 sqm gross area for sale.
Freehold subdivided land of approximately 23,406
sqm situated on Rama 2 Road around km. station
16+400, within Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province for a
proposed residential development of 159 residential
units of approximately 10,366 sqm gross area for sale.
Freehold subdivided land of approximately 56,112 sqm
situated on Phan Tay Norasing Sub-District, Mueang
District, Samut Sakhon Province for a proposed
residential development of 72 residential units of
approximately 32,020 sqm gross area for sale.
Freehold subdivided land of approximately 58,188
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 25 residential units of approximately 12,360 sqm
gross area for sale.
2nd Quarter 2025
59.3
1st Quarter 2027
59.3
4th Quarter 2023
59.3
3rd Quarter 2027
59.3
1st Quarter 2028
59.3
2nd Quarter 2026
59.3
4th Quarter 2024
59.3
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 326
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Grandio 2 Rama 2
Grandio Bangkae
Grandio Petchkasem 81
Grandio Ramintra –
Wongwaen
Grandio Vibhavadi
– Rangsit
Grandio Rattanathibet
– Ratchapruek
Golden Prestige
– Prestige 2 Rama 2
Estimated Date of
Completion
Effective
Interest %
4th Quarter 2032
59.3
2nd Quarter 2024
59.3
4th Quarter 2023
59.3
2nd Quarter 2027
59.3
4th Quarter 2024
59.3
3rd Quarter 2024
59.3
4th Quarter 2026
59.3
Freehold subdivided land of approximately 120,936
sqm situated on Rama 2 Road, within Phan Tay
Norasing Sub-District, Mueang District, Samut
Sakhon Province for a proposed residential
development of 263 residential units of approximately
67,576 sqm gross area for sale.
Freehold subdivided land of approximately 113,674
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 72 residential units of approximately 17,169 sqm
gross area for sale.
Freehold subdivided land of approximately 41,746
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 24 residential units of approximately 5,189 sqm
gross area for sale.
Freehold subdivided land of approximately 109,589
sqm situated on parallel road off Kanchanaphisek
Road (Highway No. 9) around km. station 38+500
and on Soi Kanchanaphisek 6/1 off Kanchanaphisek
Road (Highway No. 9) within Tha Raeng
Sub-District, Bang Khen District, Bangkok Metropolis
for a proposed residential development of 159
residential units of approximately 38,790 sqm gross
area for sale.
Freehold subdivided land of approximately 118,771
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 103 residential units of
approximately 33,122 sqm gross area for sale.
Freehold subdivided land of approximately 65,776
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
of approximately 38,088 sqm gross area for sale.
Freehold subdivided land of approximately 80,000
sqm situated on Phan Tay Norasing Sub-District,
Mueang District, Samut Sakhon Province for a
proposed residential development of 220 residential
units of approximately 47,330 sqm gross area for sale.
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 327
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Village Chiang Rai
– Big C Airport
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 26
residential units of approximately 4,133 sqm gross
area for sale.
Estimated Date of
Completion
Effective
Interest %
1st Quarter 2024
59.3
Golden Village 2 Chiang
Rai – Big C Airport
Freehold subdivided land of approximately 19,776
sqm situated on Sanam Bin Road, within Ban Du
Sub-District, Mueang District, Chiang Rai Province.
4th Quarter 2023
59.3
Golden Neo
Ngamwongwan
– Prachachuen
Golden Neo 2 Bangkae
Golden Prestige – Prestige
Rama 9 – Krungthepkreetha
Golden Neo
Sukhumvit – Lasalle
Golden Neo – Neo Home
Bangkae
Golden Town
Sukhumvit – Lasalle
Freehold subdivided land of approximately 41,538
sqm situated on Soi Samakkee 63, within Bang
Talat Sub-District, Pak Kret District, Nonthaburi
Province for a proposed residential development
of 74 residential units of approximately 11,986 sqm
gross area for sale.
Freehold subdivided land of approximately 52,015
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 18 residential units of approximately 2,858 sqm
gross area for sale.
Freehold subdivided land of approximately 49,418
sqm situated on Saphan Sung Sub-District, Saphan
Sung District, Bangkok Metropolis for a proposed
residential development of 71 residential units of
approximately 16,484 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 95 residential
units of approximately 15,686 sqm gross area for sale.
Freehold subdivided land of approximately 18,358
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 40 residential units of approximately 7,475 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 18 residential
units of approximately 1,194 sqm gross area for sale.
3rd Quarter 2026
59.3
1st Quarter 2023
59.3
1st Quarter 2026
59.3
4th Quarter 2025
59.3
4th Quarter 2023
59.3
2nd Quarter 2023
59.3
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 328
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Neo 2
Bangna – Kingkaew
Grandio Bangna Km.5
Golden Neo
Chaengwattana
– Muang Thong
Golden Neo
Korat – Terminal
Golden Neo
Siriraj – Ratchapruek
Golden Neo 3 Rama 2
Grandio Sathorn
Estimated Date of
Completion
Effective
Interest %
2nd Quarter 2029
59.3
3rd Quarter 2025
59.3
3rd Quarter 2023
59.3
3rd Quarter 2023
59.3
3rd Quarter 2024
59.3
1st Quarter 2025
59.3
3rd Quarter 2025
59.3
Freehold subdivided land of approximately 124,410
sqm situated on Kingkaeo Road, within Racha
Thewa Sub-District, Bang Phli District, Samut Prakan
Province for a proposed residential development of
220 residential units of approximately 34,394 sqm
gross area for sale.
Freehold subdivided land of approximately 79,493
sqm situated on Buanakarin Road, within Bang
Kaeo Sub-District, Bang Phli District, Samut Prakan
Province for a proposed residential development of
219 residential units of approximately 45,009 sqm
gross area for sale.
Freehold subdivided land of approximately 50,669
sqm situated on Tiwanon Road, within Ban Mai Sub-
District, Pak Kret District, Nonthaburi Province for a
proposed residential development of 34 residential
units of approximately 5,199 sqm gross area for sale.
Freehold subdivided land of approximately
98,260 sqm situated on Si Phet Road within Nong
Krathum Muen Wai Sub-District, Mueang District,
Nakhon Ratchasima Province for a proposed
residential development of 109 residential units of
approximately 7,380 sqm gross area for sale.
Freehold subdivided land of approximately
81,928 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 156 residential units
of approximately 31,428 sqm gross area for sale.
Freehold subdivided land of approximately 59,406
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 107 residential units of approximately 16,759 sqm
gross area for sale.
Freehold subdivided land of approximately 87,826
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 135 residential units of approximately 33,128 sqm
gross area for sale.
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 329
Estimated Date of
Completion
Effective
Interest %
2nd Quarter 2024
59.3
2nd Quarter 2024
59.3
4th Quarter 2024
59.3
2nd Quarter 2023
59.3
2nd Quarter 2026
59.3
2nd Quarter 2024
59.3
2nd Quarter 2026
59.3
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Neo 2
Ramintra – Wongwaen
Grandio Suksawat
– Rama 3
Golden Prestige
– Prestige Rama 2
Golden Neo
Bangna – Suanluang
The Grand
Ratchapruk – Rama 5
Golden Town 2 Sathorn
Golden Town 3 Sathorn
Freehold subdivided land of approximately 48,386
sqm situated on Saphan Sung Sub-District, Saphan
Sung District, Bangkok Metropolis for a proposed
residential development of 64 residential units of
approximately 9,705 sqm gross area for sale.
Freehold subdivided land of approximately 46,185
sqm situated on Soi Suksawat 30, Bang Pakok Sub-
District, Rat Burana District, Bangkok Metropolis for
a proposed residential development of 50 residential
units of approximately 12,708 sqm gross area for sale.
Freehold subdivided land of approximately 58,318
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 166 residential units of approximately 32,012 sqm
gross area for sale.
Freehold subdivided land of approximately 43,260
sqm situated on Dokmai Sub-District, Phra Khanong
District, Bangkok Metropolis for a proposed
residential development of 28 residential units of
approximately 4,196 sqm gross area for sale.
Freehold subdivided land of approximately 62,976
sqm situated on Bang Bua Thong District, Nonthaburi
Province for a proposed residential development
of 57 residential units of approximately 30,526 sqm
gross area for sale.
Freehold subdivided land of approximately 16,354
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 92 residential units of approximately 8,254 sqm
gross area for sale.
Freehold subdivided land of approximately 26,265
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 112 residential units of approximately 9,600 sqm
gross area for sale.
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 330
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Neo
– Prestige Sathorn
Golden Neo
Khonkaen
– Bueng Kaennakhon
Golden Town 4
Ladphrao
– Kasetnawamin
Golden City
Chaengwattana
– Muang Thong
Golden City Sathorn
The Grand Sathorn
Golden Town
Ramintra – Wongwaen
Estimated Date of
Completion
Effective
Interest %
1st Quarter 2027
59.3
1st Quarter 2024
59.3
1st Quarter 2024
59.3
1st Quarter 2024
59.3
3rd Quarter 2023
59.3
1st Quarter 2026
59.3
3rd Quarter 2023
59.3
Freehold subdivided land of approximately 59,716
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 167 residential units of approximately 31,252 sqm
gross area for sale.
Freehold subdivided land of approximately 44,934
sqm situated on Tambon Mueang Phon, Amphoe
Phon, Khon Kaen Province for a proposed
residential development of 103 residential units of
approximately 7,517 sqm gross area for sale.
Freehold subdivided land of approximately 22,768
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 128 residential units of approximately 10,666 sqm
gross area for sale.
Freehold subdivided land of approximately 33,136
sqm situated on Tiwanon Road, within Ban Mai
Sub-District, Pak Kret District, Nonthaburi Province
for a proposed residential development of 13
residential units of approximately 1,137 sqm gross
area for sale.
Freehold subdivided land of approximately 23,256
sqm situated on private road off Kanlapaphruek
Road, within Bang Wa Sub-District, Phasi Charoen
District, Bangkok Metropolis for a proposed
residential development of 29 residential units of
approximately 2,523 sqm gross area for sale.
Freehold subdivided land of approximately 48,068
sqm situated on private road off Kanlapaphruek
Road, within Bang Wa Sub-District, Phasi Charoen
District, Bangkok Metropolis for a proposed
residential development of 43 residential units of
approximately 21,891 sqm gross area for sale.
Freehold subdivided land of approximately 73,359
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 62 residential units of approximately 5,081 sqm
gross area for sale.
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 331
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town Bangna Km.5
Golden Town
Phaholyothin
– Saphanmai
Golden Town
Chiangrai – Big C Airport
Golden Town
Petchkasem 81
Golden Town 2
Ramintra – Wongwaen
Golden Town
Rattanathibet – Westgate
Golden Town 3 Rama 2
Freehold subdivided land of approximately 63,128
sqm situated on Buanakarin Road, within Bang
Kaeo Sub-District, Bang Phli District, Samut Prakan
Province for a proposed residential development of
444 residential units of approximately 33,414 sqm
gross area for sale.
Freehold subdivided land of approximately 82,225
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 184 residential units of
approximately 13,695 sqm gross area for sale.
Freehold subdivided land of approximately 52,951
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 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 139 residential units of approximately 10,012 sqm
gross area for sale.
Freehold subdivided land of approximately 41,971
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 186 residential units of
approximately 13,457 sqm gross area for sale.
Freehold subdivided land of approximately 42,398
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 119 residential units of
approximately 8,320 sqm gross area for sale.
Freehold subdivided land of approximately 56,679
sqm situated on Phan Tay Norasing - Jedsadwithi
Road off Rama 2 Road, within Phan Tay Norasing
Sub-District, Mueang District, Samut Sakhon
Province for a proposed residential development
of 133 residential units of approximately 9,063 sqm
gross area for sale.
Estimated Date of
Completion
Effective
Interest %
2nd Quarter 2025
59.3
3rd Quarter 2025
59.3
1st Quarter 2027
59.3
1st Quarter 2025
59.3
2nd Quarter 2027
59.3
4th Quarter 2025
59.3
3rd Quarter 2024
59.3
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 332
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town
Charoenmuang
– Superhighway
Golden Neo – Neo Home
Rattanathibet – Ratchapruek
Freehold subdivided land of approximately 17,730
sqm situated on Soi Bun Raksa off Chiang Mai –
Lampang Road (Highway No. 11) within Tha Sala
Sub-District, Mueang District, Chiang Mai Province
for a proposed residential development of 15
residential units of approximately 1,277 sqm gross
area for sale.
Freehold subdivided land of approximately 41,383
sqm situated on Bang Bua Thong District, Nonthaburi
Province for a proposed residential development of
100 residential units of approximately 15,912 sqm
gross area for sale.
Estimated Date of
Completion
Effective
Interest %
1st Quarter 2024
59.3
1st Quarter 2025
59.3
Golden Town 2
Chiang Rai – Big C Airport
Freehold subdivided land of approximately 45,264
sqm situated on Sanam Bin Road, within Ban Du
Sub-District, Mueang District, Chiang Rai Province.
4th Quarter 2023
59.3
Golden Town
Suksawat – Rama 3
Golden Town Sathorn
Golden Town
Ngamwongwan – Khae Rai
Golden Town
Phaholyothin – Lumlukka
Golden Town 4 Rama 2
Freehold subdivided land of approximately 65,747
sqm situated on Rat Burana Sub-District, Rat
Burana District, Bangkok Metropolis for a proposed
residential development of 306 residential units of
approximately 22,301 sqm gross area for sale.
Freehold subdivided land of approximately 60,936
sqm situated on Kanlapaphruek Road, within Bang
Wa Sub-District, Phasi Charoen District, Bangkok
Metropolis for a proposed residential development
of 33 residential units of approximately 2,351 sqm
gross area for sale.
Freehold subdivided land of approximately 47,936
sqm situated on Soi Tiwanon 45, Tiwanon Road,
within Tha Sai Sub-District, Mueang District,
Nonthaburi Province for a proposed residential
development of 111 residential units of approximately
7,916 sqm gross area for sale.
Freehold subdivided land of approximately 47,990
sqm situated on Soi Lam Luk Ka 19, Lam Luk Ka
Road within Khu Khot Sub-District, Lam Luk Ka
District, Pathum Thani Province for a proposed
residential development of 176 residential units
of approximately 12,386 sqm gross area for sale.
Freehold subdivided land of approximately 47,022
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 352 residential units of approximately 25,710 sqm
gross area for sale.
4th Quarter 2038
59.3
4th Quarter 2023
59.3
4th Quarter 2025
59.3
1st Quarter 2026
59.3
2nd Quarter 2026
59.3
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 333
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town – Prestige
Rattanathibet – Ratchapruek
Golden Town
Chiang Mai
– Kad Ruamchok
Golden Town
Petchkasem – Liap Khlong
Thawi Watthana
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 98,584
sqm situated on Bang Bua Thong District, Nonthaburi
Province for a proposed residential development of
398 residential units of approximately 59,151 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 243 residential units of
approximately 17,038 sqm gross area for sale.
Freehold subdivided land of approximately 45,524
sqm situated on Lak Song, Bang Khae Nuea
Sub-District, Bang Khae District, Bangkok Metropolis
for a proposed residential development of 297
residential units of approximately 21,563 sqm gross
area for sale.
Freehold subdivided land of approximately
69,138 sqm situated on Liap Khlong Sam Road,
within Khlong Sam Sub-District, Khlong Luang
District, Pathum Thani Province for a proposed
residential development of 315 residential units
of approximately 22,230 sqm gross area for sale.
Freehold subdivided land of approximately 50,444
sqm situated on Liap Khlong Prapa Road within Ban
Mai Sub-District, Mueang District, Pathum Thani
Province for a proposed residential development
of 139 residential units of approximately 9,743 sqm
gross area for sale.
Freehold subdivided land of approximately 72,240
sqm situated on Liap Khlong Sam Road, within
Khlong Sam Sub-District, Khlong Luang District,
Pathum Thani Province.
Freehold subdivided land of approximately 83,024
sqm situated on Kao Kilo Road, within Surasak
Sub-District, Sriracha District, Chonburi Province for
a proposed residential development of 29 residential
units of approximately 1,978 sqm gross area for sale.
Freehold subdivided land of approximately 68,060
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 87 residential
units of approximately 5,830 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest %
4th Quarter 2028
59.3
4th Quarter 2026
59.3
2nd Quarter 2025
59.3
3rd Quarter 2033
59.3
1st Quarter 2025
59.3
4th Quarter 2023
59.3
1st Quarter 2024
59.3
1st Quarter 2024
59.3
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 334
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Neo
Chachoengsao – Ban Pho
Golden Neo
Suksawat – Rama 3
Golden Town 5 Rama 2
The Grand
Chaengwattana
– Muang Thong
Grandio Chaengwattana
– Muang Thong
Golden Town
Vibhavadi – Rangsit
Golden Town
Rama 9 – Krungthepkreetha
Freehold subdivided land of approximately 71,448
sqm situated on Watphanitaram – Watbangphra
Road (Highway No. 3315) around km. station 0+650
off Siri Sothon Road (Highway No. 314) within Bang
Krod Sub-District, Ban Pho District, Chachoengsao
Province for a proposed residential development of
202 residential units of approximately 15,370 sqm
gross area for sale.
Freehold subdivided land of approximately 63,330
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 254 residential units of
approximately 25,918 sqm gross area for sale.
Freehold subdivided land of approximately 53,318
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 390 residential units of approximately 28,180 sqm
gross area for sale.
Freehold subdivided land of approximately 53,120
sqm situated on Tiwanon Road, within Ban Mai
Sub-District, Pak Kret District, Nonthaburi Province
for a proposed residential development of 61
residential units of approximately 31,343 sqm gross
area for sale.
Freehold subdivided land of approximately 69,256
sqm situated on Tiwanon Road, within Ban Mai
Sub-District, Pak Kret District, Nonthaburi Province
for a proposed residential development of 137
residential units of approximately 39,320 sqm gross
area for sale.
Freehold subdivided land of approximately 48,621
sqm situated on Khlong Nueng, Klong Luang
District, Pathum Thani Province for a proposed
residential development of 211 residential units
of approximately 15,056 sqm gross area for sale.
Freehold subdivided land of approximately 44,328
sqm situated on Rama 9 - Krungthepkreetha, Bangkok
Metropolis for a proposed residential development
of 293 residential units of approximately 22,356 sqm
gross area for sale.
Estimated Date of
Completion
Effective
Interest %
3rd Quarter 2026
59.3
4th Quarter 2024
59.3
1st Quarter 2029
59.3
1st Quarter 2026
59.3
1st Quarter 2028
59.3
4th Quarter 2026
59.3
2nd Quarter 2025
59.3
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 335
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Town 2
Srinakarin – Sukhumvit
Golden Town
Ratchapruk – Rama 5
Golden Town
Angsila – Sukhumvit
Golden Biz Future
– Rangsit
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 143 residential
units of approximately 10,661 sqm gross area for sale.
Freehold subdivided land of approximately 31,115
sqm situated on Bang Bua Thong District, Nonthaburi
Province for a proposed residential development
of 119 residential units of approximately 9,708 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 351 residential units of approximately
26,232 sqm gross area for sale.
Freehold subdivided land of approximately 17,600
sqm situated on Khlong Nueng Sub-District, Klong
Luang District, Pathum Thani Province for a proposed
residential development of 125 residential units of
approximately 11,440 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest %
4th Quarter 2024
59.3
3rd Quarter 2025
59.3
3rd Quarter 2026
59.3
1st Quarter 2025
59.3
Ngamwongwan
– Prachachuen
Freehold subdivided land of approximately 17,104
sqm situated on Soi Samakkee 63, within Bang Talat
Sub-District, Pak Kret District, Nonthaburi Province.
2nd Quarter 2026
59.3
Golden Condo Chiangrai
Golden Condo Sathorn
The Grand – The Royal
Residence
Freehold subdivided land of approximately 7,200
sqm situated on Phahon Yothin Road within Ban Du
Sub-District, Mueang District, Chiang Rai Province
for a proposed residential development of 369
residential units of approximately 5,040 sqm gross
area for sale.
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 of approximately 2,629 sqm
gross area for sale.
Freehold subdivided land of approximately 30,384
sqm situated on private road off Soi Sukhinthawat
27 Kaset Nawamin Road within Chorakhe Bua
Sub-District, Lat Phrao District, Bangkok Metropolis
for a proposed residential development of 25
residential units of approximately 24,277 sqm gross
area for sale.
3rd Quarter 2028
59.3
3rd Quarter 2027
59.3
1st Quarter 2028
59.3
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 336
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Neo – Neo Home 2
Korat – Terminal
The Grand Vibhavadi 60
Golden Prestige
– Prestige Future
– Rangsit
Golden Town 2 Future
– Rangsit
Golden Town 3
Future – Rangsit
Golden Town
Future – Rangsit
Grandio 2
Vibhavadi – Rangsit
Golden Town Siriraj
– Ratchapruek
Freehold subdivided land of approximately 71,837
sqm situated on Mittraphap Road within Nai Mueang
Sub-District, Mueang District, Nakhon Ratchasima
Province for a proposed residential development of
217 residential units of approximately 34,988 sqm
gross area for sale.
Freehold subdivided land of approximately 15,277
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 30 residential units of
approximately 5,882 sqm gross area for sale.
Freehold subdivided land of approximately 111,367
sqm situated on Khlong Nueng Sub-District, Khlong
Luang District, Pathum Thani Province for a proposed
residential development of 322 residential units of
approximately 58,802 sqm gross area for sale.
Freehold subdivided land of approximately 59,504
sqm situated on Khlong Nueng Sub-District, Khlong
Luang District, Pathum Thani Province for a proposed
residential development of 459 residential units of
approximately 32,727 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 of
approximately 18,266 sqm gross area for sale.
Freehold subdivided land of approximately 37,464
sqm situated on Khlong Nueng Sub-District, Khlong
Luang District, Pathum Thani Province for a proposed
residential development of 221 residential units of
approximately 16,760 sqm gross area for sale.
Freehold subdivided land of approximately 44,488
sqm situated on Khlong Nueng, Klong Luang District,
Pathum Thani Province for a proposed residential
development of 90 residential units of approximately
20,830 sqm gross area for sale.
Freehold subdivided land of approximately 42,311
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 107 residential units of approximately 8,440 sqm
gross area for sale.
Estimated Date of
Completion
Effective
Interest %
2nd Quarter 2024
59.3
1st Quarter 2025
59.3
4th Quarter 2025
59.3
3rd Quarter 2028
59.3
2nd Quarter 2028
59.3
4th Quarter 2024
59.3
2nd Quarter 2024
59.3
4th Quarter 2024
59.3
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022FRASERS PROPERTY LIMITED 337
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Thailand (cont’d)
Golden Neo – Neo Home
Angsila – Sukhumvit
Golden Town 2 Sukhumvit
– Bearing Station
Golden Neo – Neo Home
Udon – Prachasanti
Grandio 2 Ladphrao
– Kasetnawamin
Grandio Future – Rangsit
Grandio 3 Ladphrao
– Kasetnawamin
Freehold subdivided land of approximately 50,431
sqm situated on Samet District, Muang Chonburi
District, Chonburi Province for a proposed
residential development of 154 residential units
of approximately 25,283 sqm gross area for sale.
Freehold subdivided land of approximately 57,328
sqm situated on Samrong Nua Sub-District, Muang
Samut Prakarn District, Samut Prakan Province for a
proposed residential development of 391 residential
units of approximately 28,056 sqm gross area for sale.
Freehold subdivided land of approximately 44,871
sqm situated on Pracha Santi 16 Road, Mak Mak
Subdistrict, Mueang Udon Thani District for a
proposed residential development of 136 residential
units of approximately 23,612 sqm gross area for sale.
Freehold subdivided land of approximately 57,698
sqm situated on Khlong Kum District, Bueng
Kum District, Bangkok Metropolis for a proposed
residential development of 125 residential units of
approximately 32,468 sqm gross area for sale.
Freehold subdivided land of approximately 112,748
sqm situated on Khlong Nueng Sub-District, Khlong
Luang District, Pathum Thani Province for a proposed
residential development of 258 residential units of
approximately 67,847 sqm gross area for sale.
Freehold subdivided land of approximately 43,616
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 88 residential units of approximately 23,404 sqm
gross area for sale.
Estimated Date of
Completion
Effective
Interest %
2nd Quarter 2025
59.3
3rd Quarter 2025
59.3
3rd Quarter 2025
59.3
1st Quarter 2027
59.3
2nd Quarter 2028
59.3
2nd Quarter 2025
59.3
PARTICULARS OF GROUP PROPERTIESAs at 30 September 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 338
I N T E R ES T E D P E RS O N T R A N S ACT I O N S
Particulars of interested person transactions (“IPTs”) for the period from 1 October 2021 to 30 September 2022 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
91
–
496,333
602
42,051
–
10,693
500
250
3,759
6,514
–
–
–
114
–
–
–
550,520
10,387
Name of interested person
Nature of relationship
Associate of the Company's
Controlling Shareholder
Associate of the Company's
director and Group Chief
Executive Officer
TCC Group of Companies (1)
– Purchase of products and
obtaining of services
– Lease of retail/ office/ hotel space/
motor vehicles
– Extension of loans and interest
charged
– Capital injection into a joint
venture
– Capital commitment of investment
in a joint venture
Frasers Hospitality Trust
– Provision of services
– Sale of freehold reversionary
interest in Sofitel Sydney
Wentworth
Philip Eng Heng Nee, independent
and non-executive director of
FPL
Subscription of FP Treasury Green
Notes (2)
Chin Yoke Choong, independent
and non-executive director of
FPL
Subscription of FP Treasury Green
Notes (2)
Note :
(1) This refers to the companies and entities in the TCC Group which are controlled by Mr Charoen Sirivadhanabhakdi and Khunying Wanna
Sirivadhanabhakdi.
(2) Please refer to page 30 of the Integrated ESG Report 2022 at https://www.frasersproperty.com/Integrated-ESG-Report and our Green Finance
Framework at https://www.frasersproperty.com/who-we-are/sustainability/green-finance-framework for more information on Frasers Property
Treasury Pte. Ltd.’s issue of $500,000,000 in aggregate principal amount of 4.49 per cent. green notes, which will be due in 2027.
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.
FRASERS PROPERTY LIMITED 339
U S E O F P RO CE E D S
GREEN RETAIL BOND - USE OF PROCEEDS STATUS REPORT
THE ISSUE OF $500,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF 4.49 PER CENT.
Allocation and disbursement of proceeds
Please refer to page 30 of the Integrated ESG Report 20221 and our Green Finance Framework2 for more information
on Frasers Property Treasury Pte. Ltd.’s issue of $500,000,000 in aggregate principal amount of 4.49 per cent. green
notes, which will be due in 2027 (the “Green Notes”).
As at the date of this report, the net proceeds from the issue of the Green Notes have been fully allocated and
disbursed. The details of the projects and portfolios funded by the proceeds from the issue of the Green Notes
are as shown in the tables below:
Project/portfolio name
Project/portfolio location
Asset class
Certification involved
Sky Eden@Bedok
1 Bedok Central, Singapore
Mixed-use development
Expected Singapore Building and Construction Authority (“BCA”) Green GoldPLUS
upon Temporary Occupation Permit (TOP) in 4Q 2025
Project/portfolio name
Project/portfolio location
Asset class
Certification involved
Units held in Frasers Centrepoint Trust through a subsidiary of the Group3
Across Singapore
Commercial (Retail)
Frasers Centrepoint Trust’s portfolio: GRESB Real Estate Assessment 5-star rating
For list of green buildings held by Frasers Centrepoint Trust, please refer to the table below.
Such use of the proceeds from the issue of the Green Notes is in accordance with the intended use of the proceeds
as stated in the pricing supplement relating to the Green Notes.
List of green buildings held by Frasers Centrepoint Trust
Location
Asset Class
Property Name
Green Building Certification Highlights
Singapore
Commercial (Retail)
Causeway Point
BCA Green Mark Platinum
Singapore
Commercial (Retail)
Waterway Point
BCA Green Mark GoldPLUS
Singapore
Commercial (Retail)
Tampines 1
BCA Green Mark GoldPLUS
Singapore
Commercial (Retail)
Northpoint City North Wing
BCA Green Mark Gold
Singapore
Commercial (Retail)
Tiong Bahru Plaza
BCA Green Mark Platinum
Singapore
Commercial (Office)
Central Plaza
BCA Green Mark Platinum
Singapore
Commercial (Retail)
Century Square
BCA Green Mark Platinum
Singapore
Commercial (Retail)
Changi City Point
BCA Green Mark GoldPLUS
Singapore
Commercial (Retail)
White Sands
BCA Green Mark Platinum
Integrated ESG Report 2022: https://www.frasersproperty.com/Integrated-ESG-Report
1
2 Green Finance Framework: https://www.frasersproperty.com/who-we-are/sustainability/green-finance-framework
3
The Issuer funded the acquisition of units of Frasers Centrepoint Trust.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 340
U S E O F P RO CE E D S
RIGHTS ISSUE - USE OF PROCEEDS
Specific use of the proceeds from the rights issue of 982,866,444 new shares (the “Rights Issue”) as at 23 December
2022 is as follows:
Gross proceeds from the Rights Issue
Use of gross proceeds to fund the acquisition, investment, capital expenditure and
development of industrial and logistics assets
Use of gross proceeds to pay transactions costs incurred in connection with the Rights Issue
Balance of gross proceeds from the Rights Issue
Amount
$’million
1,159.8
(688.7)
(1.0)
470.1
The use of proceeds from the Rights Issue is in accordance with the intended use of proceeds stated in the offer
information statement dated 8 March 2021 issued by the Company in relation to the Rights Issue.
FRASERS PROPERTY LIMITED 341
S H A R E H O L D I N G S TAT I S T I CS
As at 28 November 2022
DISTRIBUTION OF SHAREHOLDERS BY SIZE OF SHAREHOLDINGS
Size of Holdings
No. of Shareholders
%
No. of Shares
%
1 – 99
100 – 1,000
1,001 – 10,000
10,001 – 1,000,000
1,000,001 and above
Total
88
587
5,014
3,229
33
8,951
0.98
6.56
56.02
36.07
0.37
100.00
3,124
370,001
26,183,067
178,183,293
3,721,302,088
3,926,041,573
0.00
0.01
0.67
4.54
94.78
100.00
TWENTY LARGEST SHAREHOLDERS
(AS SHOWN IN THE REGISTER OF MEMBERS AND DEPOSITORY REGISTER)
No.
Shareholder’s Name
No. of Shares Held
%*
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
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
WONG GHAN OR WONG SHI HAO
HSBC (SINGAPORE) NOMINEES PTE LTD
PHILLIP SECURITIES PTE LTD
LIM EE SENG
OCBC SECURITIES PRIVATE LTD
DB NOMINEES (SINGAPORE) PTE LTD
HENG SIEW ENG
OCBC NOMINEES SINGAPORE PTE LTD
THE TITULAR ROMAN CATHOLIC ARCHBISHOP OF KUALA LUMPUR
CHOE PENG SUM
CHOO MEILEEN
CHEE SWEE CHENG & COMPANY LIMITED
IFAST FINANCIAL PTE LTD
TOTAL
1,130,041,272
1,034,205,332
953,674,815
413,285,390
93,796,769
22,543,010
12,153,276
7,434,404
7,178,965
4,654,210
4,573,329
3,915,046
2,920,600
2,719,900
2,570,609
2,013,440
1,879,209
1,812,130
1,693,220
1,675,650
3,704,740,576
28.78
26.34
24.29
10.53
2.39
0.57
0.31
0.19
0.18
0.12
0.12
0.10
0.07
0.07
0.07
0.05
0.05
0.05
0.04
0.04
94.36
Note:
* Percentage is based on 3,926,041,573 shares as at 28 November 2022. There are no Treasury Shares as at 28 November 2022.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 342
S H A R E H O L D I N G S TAT I S T I CS
As at 28 November 2022
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)
Shiny Treasure Holdings Limited (3)
Siriwana Co., Ltd. (3)
Charoen Sirivadhanabhakdi (4)
Khunying Wanna Sirivadhanabhakdi (4)
Direct Interest
Deemed Interest
No. of Shares
%*
No. of Shares
%*
2,281,139,368
1,130,041,272
58.10
28.78
1,130,041,272
1,130,041,272
1,130,041,272
1,130,041,272
3,411,180,640
3,411,180,640
28.78
28.78
28.78
28.78
86.89
86.89
To the best of the Company’s knowledge and based on records of the Company as at 28 November 2022, 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 3,926,041,573 shares as at 28 November 2022. There are no Treasury Shares as at 28 November 2022.
(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) Shiny Treasure Holdings Limited (“Shiny Treasure”) holds a 49% direct interest in Siriwana Co., Ltd. (“Siriwana”), which in turn, holds a direct
interest of approximately 45.25% in ThaiBev, “ThaiBev Shares”). Siriwana is also deemed to have an interest in the ThaiBev Shares held by its
wholly-owned subsidiary Siriwanan Co., Ltd. (“Siriwanan”). Siriwanan has a direct interest of approximately 5.85% in ThaiBev Shares, and through
a sale and purchase agreement it had entered into on 28 September 2022, will increase its interest in ThaiBev Shares from approximately 5.85%
to approximately 8.76% upon completion, and Siriwana’s interest in ThaiBev Shares, direct and indirect through Siriwanan, will increase from
approximately 51.10% to approximately 54.01%;
– ThaiBev holds a 100% direct interest in IBHL; and
–
IBHL holds a 100% direct interest in IBIL.
Each of Shiny Treasure and Siriwana is therefore deemed to be interested in all of the shares of FPL in which IBIL has an interest.
(4) 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 100% direct interest in Shiny Treasure which in turn holds a 49% direct interest in Siriwana; and
a 51% direct interest in Siriwana which in turn holds an approximate 45.25% direct interest in ThaiBev and is also deemed to have an interest
in the ThaiBev Shares held by its wholly-owned subsidiary, Siriwanan. Siriwanan has a direct interest of approximately 5.85% in ThaiBev
Shares, and through a sale and purchase agreement it had entered into on 28 September 2022, will increase its interest in ThaiBev Shares
from approximately 5.85% to approximately 8.76% upon completion, and Siriwana’s interest in ThaiBev Shares, direct and indirect through
Siriwanan, will increase from approximately 51.10% to approximately 54.01%.
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.
FRASERS PROPERTY LIMITED 343
The following additional information on Mr Tan Pheng Hock, Mr Wee Joo Yeow, Mr Sithichai Chaikriangkrai and
Mr Chin Yoke Choong, all of whom are seeking re-appointment as Directors at the 59th Annual General Meeting, is
to be read in conjunction with their respective biographies on pages 20 to 27 of this annual report. The additional
information on Mr Pramoad Phornprapha, Mrs Siripen Sitasuwan and Mr Thapana Sirivadhanabhakdi, who were
appointed after 30 September 2022 and who are also seeking re-appointment as Directors at the 59th Annual
General Meeting, is set out in Appendix A to this annual report.
The Board’s
comments on this
re-appointment
(including rationale,
selection criteria,
board diversity
considerations,
and the search and
nomination process)
Mr Tan Pheng Hock
Non-Executive and
Independent Director
After reviewing the
recommendation of the
Nominating Committee
and Mr Tan Pheng
Hock’s qualifications
and experience (as set
out below and in his
biography on page 25 of
this annual report), the
Board has approved
Mr Tan’s re-election as a
Director of the Board.
Mr Wee Joo Yeow
Non-Executive and
Independent Director
After reviewing the
recommendation of the
Nominating Committee
and Mr Wee Joo
Yeow’s qualifications
and experience (as set
out below and in his
biography on page 25 of
this annual report), the
Board has approved
Mr Wee’s re-election as
a Director of the Board.
The Board is satisfied
that Mr Tan will continue
to contribute relevant
knowledge, skills and
experience to, and
enhance the diversity of,
the Board.
The Board is satisfied
that Mr Wee will
continue to contribute
relevant knowledge,
skills and experience
to, and enhance the
diversity of, the Board.
Mr Tan will, upon
re-election, continue
to serve as the
Chairman of the
Information Technology
& Cybersecurity
Committee and
a member of the
Sustainability and
Risk Management
Committee.
Mr Wee will, upon
re-election, continue
to serve as a member
of the Executive
Committee, a member
of the Remuneration
Committee, a member
of the Audit Committee,
a member of the
Sustainability and Risk
Management Committee
and a member of the
Information Technology
& Cybersecurity
Committee.
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
After reviewing the
recommendation of the
Nominating Committee
and Mr Sithichai
Chaikriangkrai’s
qualifications and
experience (as set
out below and in his
biography on page 27 of
this annual report), the
Board has approved
Mr Chaikriangkrai’s
re-election as a Director
of the Board.
The Board is satisfied
that Mr Chaikriangkrai
will continue to
contribute relevant
knowledge, skills and
experience to, and
enhance the diversity of,
the Board.
Mr Chaikriangkrai
will, upon re-election,
continue to serve
as a member of the
Executive Committee,
a member of the
Audit Committee
and a member of the
Sustainability and
Risk Management
Committee.
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
After reviewing the
recommendation of the
Nominating Committee
and Mr Chin Yoke
Choong’s qualifications
and experience (as set
out below and in his
biography on page 24 of
this annual report), the
Board has approved
Mr Chin’s re-election as
a Director of the Board.
The Board is satisfied
that Mr Chin will
continue to contribute
relevant knowledge,
skills and experience
to, and enhance the
diversity of, the Board.
Mr Chin will, upon
re-election, continue
to serve as the Lead
Independent Director,
the Chairman of the
Audit Committee,
the Chairman of
the Remuneration
Committee and
a member of the
Nominating Committee.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT 344
Working experience
and occupation(s)
during the past 10
years
Mr Tan Pheng Hock
Non-Executive and
Independent Director
– Feb 2002 to Sep
2016
President &
CEO, Singapore
Technologies
Engineering Ltd
Mr Wee Joo Yeow
Non-Executive and
Independent Director
– Jan 2002 to Jun
2013
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
– May 2010 to Oct
2016
Managing Director
Director and
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
Nil
and Head, Corporate
Banking Singapore,
United Overseas
Bank Limited
Executive Vice
President, Group
Finance,
Thai Beverage Public
Company Limited
– Oct 2016 to Oct
2022
Director and Senior
Executive Vice
President, Group
Chief Financial
Officer,
Thai Beverage Public
Company Limited
– Aug 2022 to date
Director and Senior
Executive Vice
President, Chief
Investment Officer,
Thai Beverage Public
Company Limited
Shareholding interest
in FPL and its
subsidiaries
Nil
Nil
Nil
Nil
FRASERS PROPERTY LIMITEDADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT
345
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
Mr Chin is a board
member of Ho Bee
Land Limited (“HBL”), a
company listed on the
Singapore Exchange
Securities Trading
Limited (“SGX-ST”).
Although HBL is also in
the real estate business,
given the competitive
markets, the potential
areas of conflict are
limited. In the event of
any possible conflicts
arising, Mr Chin will
abstain and recuse
himself from discussion
and decision on the
transactions in which he
may have an interest.
Mr Chin also serves on
the board of AVJennings
Limited ("AVJ”), a
residential developer
in Australia which is
listed on the Australian
Securities Exchange
and SGX-ST through
SGX Globalquote. The
same reasons as stated
above for HBL are also
applicable to
Mr Chin’s appointment
as a director on the
board of AVJ and in the
event of any possible
conflicts, Mr Chin will
abstain and recuse
himself from discussion
and decision on the
transactions in which he
may have an interest.
Yes
Mr Tan Pheng Hock
Non-Executive and
Independent Director
Nil
Mr Wee Joo Yeow
Non-Executive and
Independent Director
Nil
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
Nil
Conflict of interest
(including any
competing business)
Yes
Yes
Yes
Undertaking (in the
format set out in
Appendix 7.7) under
Rule 720(1) has been
submitted to FPL
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT 346
Mr Tan Pheng Hock
Non-Executive and
Independent Director
Mr Wee Joo Yeow
Non-Executive and
Independent Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
Other Principal Commitments (as defined in the Code of Corporate Governance 2018) including Directorships
Present
Directorship(s) (as at
5 December 2022)
Listed companies
– Asset World
Listed companies
Nil
Listed companies
– Great Eastern
Listed companies
– AVJennings Limited
– Ho Bee Land Limited
Holdings Limited
Listed REITs/Trusts
Nil
Others
Nil
– Oversea-Chinese
Banking Corporation
Limited
– Thai Beverage Public
Company Limited
Listed REITs/Trusts
Nil
Others
– WJY Holdings Pte Ltd
– WTT Investments Pte
Ltd
Listed REITS/ Trusts
Nil
Others
– Temasek Holdings
(Private) Limited
Corporation Public
Company Limited
– Berli Jucker Public
Company Limited
– Fraser and Neave,
Limited
– Frasers Property
(Thailand) Public
Company Limited
– Oishi Group Public
Company Limited
– Sermsuk Public
Company Limited
– Siam Food Products
Public Company
Limited
– Thai Beverage Public
Company Limited
– Thai Group Holdings
Public Company
Limited
– Univentures Public
Company Limited
Listed REITs/Trusts
– Frasers Property
Commercial Asset
Management
(Thailand) Co., Ltd.,
Manager of Golden
Ventures REIT
Others
– Asia Breweries
Limited
– BeerCo Limited
– Chang Beer
Company Limited
– Eastern Seaboard
Industrial Estate
(Rayong) Company
Limited
– Food and Beverage
Holding 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
FRASERS PROPERTY LIMITEDADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT 347
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
– Senior Advisor,
NTUC Fairprice
Co-operative Limited
– Chairman, Corporate
Governance
Advisory Committee
– Chairman, Housing
and Development
Board
– Director, Singapore
Labour Foundation
– Member of Advisory
Board, Sunseap
Group Pte Ltd
– Frasers Commercial
Asset Management
Ltd., Manager of
Frasers Commercial
Trust
– Frasers Logistics &
Commercial Asset
Management Pte.
Ltd., Manager of
Frasers Logistics &
Commercial Trust
– Singapore
Telecommunications
Limited
– Yeo Hiap Seng
Limited
– Chairman, NTUC
Fairprice
Co-operative Limited
– Deputy Chairman,
NTUC Enterprise
Co-operative Limited
– Member of Council
of Presidential
Advisers
Present Principal
Commitments (other
than Directorships)
(as at 5 December
2022)
Mr Tan Pheng Hock
Non-Executive and
Independent Director
– Chairman, Design
Education Review
Committee
– Member, National
Neuroscience
Institute (NNI)
Fund Committee,
SingHealth Fund
– Board Member,
The Civil Aviation
Authority of
Singapore
Nil
Past Directorship(s)
(for the last five
(5) years) (from 5
December 2017 to 5
December 2022)
Mr Wee Joo Yeow
Non-Executive and
Independent Director
Nil
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
– Senior Executive
Vice President, Chief
Investment Officer,
Thai Beverage Public
Company Limited
– Golden Land
Property
Development Public
Company Limited
– Mapletree Industrial
Trust Management
Ltd, Manager of
Mapletree Industrial
Trust
– PACC Offshore
Services Holdings
Ltd.
– Thai Beverage Public
Company Limited
(Senior Executive
Vice President,
Group Chief
Financial Officer)
Past Principal
Commitment(s) (for
the last five (5) years)
(from 5 December
2017 to 5 December
2022)
– Advisor of Accuracy
– Managing Director
and Head of
Corporate Banking
Singapore, United
Overseas Bank
Limited
Singapore
– President & CEO
of Singapore
Technologies
Engineering Ltd
– Group President
of Singapore
Technologies
Engineering Ltd
– Group President
of Corporate
Affairs, Singapore
Technologies
Engineering Ltd
– President of
Singapore
Technologies
Automotive Ltd
(now known as ST
Engineering Land
Systems Ltd.)
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT 348
Mr Tan Pheng Hock
Non-Executive and
Independent Director
Mr Wee Joo Yeow
Non-Executive and
Independent Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
No
No
No
No
No
No
No
No
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.
(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?
FRASERS PROPERTY LIMITEDADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT 349
Mr Tan Pheng Hock
Non-Executive and
Independent Director
No
Mr Wee Joo Yeow
Non-Executive and
Independent Director
No
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
No
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
No
(c) Whether there is
any unsatisfied
judgment against
him?
(d) Whether he
No
No
No
No
No
No
No
No
has ever been
convicted of
any offence,
in Singapore
or elsewhere,
involving fraud or
dishonesty which
is punishable with
imprisonment,
or has been
the subject of
any criminal
proceedings
(including any
pending criminal
proceedings
of which he is
aware) for such
purpose?
(e) Whether he
has ever been
convicted of
any offence,
in Singapore
or elsewhere,
involving a
breach of any
law or regulatory
requirement
that relates to
the securities or
futures industry
in Singapore or
elsewhere, or has
been the subject
of any criminal
proceedings
(including any
pending criminal
proceedings
of which he is
aware) for such
breach?
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT 350
(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?
(g) Whether he
has ever been
convicted in
Singapore or
elsewhere of
any offence in
connection with
the formation
or management
of any entity or
business trust?
Mr Tan Pheng Hock
Non-Executive and
Independent Director
No
Mr Wee Joo Yeow
Non-Executive and
Independent Director
No
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
No
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
No
No
No
No
No
FRASERS PROPERTY LIMITEDADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT 351
Mr Tan Pheng Hock
Non-Executive and
Independent Director
No
Mr Wee Joo Yeow
Non-Executive and
Independent Director
No
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
No
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
No
No
No
No
No
No
No
No
No
(h) Whether he
has ever been
disqualified
from acting as
a director or
an equivalent
person of any
entity (including
the trustee of a
business trust),
or from taking
part directly or
indirectly in the
management
of any entity or
business trust?
(i) Whether he has
ever been the
subject of any
order, judgment
or ruling of any
court, tribunal
or governmental
body,
permanently
or temporarily
enjoining him
from engaging
in any type of
business practice
or activity?
(j) Whether he
has ever, to his
knowledge, been
concerned with
the management
or conduct, in
Singapore or
elsewhere, of the
affairs of:
(i) any
corporation
which
has been
investigated
for a breach
of any law
or regulatory
requirement
governing
corporations
in Singapore
or elsewhere;
or
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT 352
(ii) any entity
(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
Mr Tan Pheng Hock
Non-Executive and
Independent Director
No
Mr Wee Joo Yeow
Non-Executive and
Independent Director
No
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
No
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
No
No
No
No
No
(iv) any entity
No
No
No
No
or 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?
FRASERS PROPERTY LIMITEDADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT 353
Mr Tan Pheng Hock
Non-Executive and
Independent Director
No
Mr Wee Joo Yeow
Non-Executive and
Independent Director
No
(k) Whether he has
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
No
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
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?
On his appointment to
the board of a company
listed on the Singapore
Exchange Securities
Trading Limited on
2 January 2014, Mr
Wee had notified (the
“Initial Notice”) that
listed company of his
interest in shares in
that listed company.
Due to an inadvertent
oversight, his direct
interest in a further
10,000 shares in that
listed company, which
were purchased prior
to his appointment to
the board of that listed
company was omitted
from the Initial Notice.
Upon realizing the
omission on 14 January
2014, he immediately
notified that listed
company. As disclosure
was not made in respect
of all his interest in
shares in that listed
company within the
prescribed time period,
the Monetary Authority
of Singapore, on 6
February 2014, issued
a supervisory warning
to Mr Wee Joo Yeow to
comply with Section 133
of the Securities and
Futures Act (Chapter 289
of Singapore) and other
applicable laws and
regulations at all times.
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT This page has been intentionally left blank.
FACTSHEET
As at 30 September 2022
OV E RV I E W
Frasers Property Limited (“Frasers Property” and together with its subsidiaries, the “Frasers Property
Group” or the “Group”), is a multinational investor-developer-manager 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$40.2 billion as at 30 September 2022.
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 20 countries and more
than 70 cities across Asia, Australia, Europe, the Middle East and Africa.
Frasers Property is also the sponsor of two real estate investment trusts (“REITs”) and one stapled
trust listed on the SGX-ST. Frasers Centrepoint Trust (“FCT”) and Frasers Logistics & Commercial
Trust (“FLCT”) are focused on retail, and industrial & commercial properties, respectively. Frasers
Hospitality Trust (“FHT”) (comprising Frasers Hospitality Real Estate Investment Trust and Frasers
Hospitality Business Trust) is a stapled trust focused on hospitality properties. In addition, the Group
has two REITs listed on the Stock Exchange of Thailand. Frasers Property (Thailand) Public Company
Limited (“FPT”) is the sponsor 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 are invested in promoting a progressive, collaborative and respectful culture.
G RO U P S T RU CT U R E A N D B U S I N ES S ES
FRASERS PROPERTY AT A GLANCE
• A leading diversified property group in Singapore,
Australia and Thailand
• Multinational industrial & logistics and hospitality platforms
• Focused exposure to development and investment
properties in China, the UK, and Vietnam
• S$3,877.0 million revenue in FY22
• S$1,249.2 million PBIT1 in FY22
• S$928.3 million attributable profit in FY22
~4,000
residential units settled
in FY22
S$13.1 billion
industrial & logistics
assets under
management (AUM)2
S$9.3 billion
commercial & business
parks AUM2
S$9.9 billion
retail AUM2
S$4.5 billion
hospitality AUM2
~20,6003 hospitality units
5 REITs /
Stapled Trust
FCT, FLCT, FHT, FTREIT,
and GVREIT
Frasers Property Limited
Singapore
Australia
Industrial
Residential
• S$0.8 billion
unrecognised
residential revenue8
across three active
projects
Retail & Commercial
• 12 retail malls with
total AUM4 of S$8.4
billion
• Six office and business
space properties with
total AUM4 of S$4.2
billion
REIT
• Holds a 41.2% stake
in FCT, which owns
nine properties5 in
Singapore, and a
30.5% stake in Hektar
REIT
Development
• ~13,200 residential
development units in
the pipeline6,7
• S$1.2 billion
unrecognised
residential revenue8
across 26 active
projects
Investment
• 10 commercial
properties and five
retail properties with
total AUM4 of S$1.9
billion
• Real Utilities9 has
embedded networks
and 7,365kW of solar
photovoltaic installed
across 16 projects to
date serving ~1,878
customers
Development, Asset
and Investment
Management
• 161 properties
with total AUM4 of
S$11.2 billion across
Singapore, Australia,
Austria, Germany,
the UK and the
Netherlands
• 2.7 million sqm of
strategic land bank
REIT
• Holds a 21.6% stake
in FLCT, which owns
105 quality logistics
& industrial and
commercial assets
strategically located
in major developed
countries
Hospitality
Management Business
• Owns and/or operates
more than 19,500
serviced apartments /
hotel rooms across 72
cities and 22 countries
with total AUM4 of
S$4.1 billion
REIT
• Holds a 25.8% stake
in FHT, which owns
14 quality hotel and
serviced residence
assets in prime
locations across Asia,
Australia, and Europe
Others
China
• Five projects under
development
• S$0.5 billion
unrecognised
residential revenue8
and land bank of 686
units12
UK
• Seven business parks
totalling S$1.8 billion
AUM4 and net lettable
area of ~527,000 sqm
• Commercial property
in Central London with
~15,000 sqm of office
space
Thailand & Vietnam
Thailand
• 81.8%10 deemed
interest in SET-listed
FPT, 26.6% stake in
FTREIT, 23.5% stake in
GVREIT, and 19.8%11
effective stake in
One Bangkok
• S$3.3 billion warehouse
and factory AUM4,
S$1.0 billion office and
retail AUM4 and S$0.3
billion hospitality AUM4
Vietnam
• Office net lettable area
of close to 22,500 sqm
• Industrial project
under development
with estimated total
development value of
~S$180 million
Property assets12 breakdown by geographical segment as at 30 Sep 22
Property assets12 breakdown by asset class as at 30 Sep 22
China
S$0.8b, 2%
Thailand
S$4.2b, 13%
Europe15
S$7.0b, 21%
Others14
S$0.8b, 2%
Singapore
S$11.5b, 34%
Commercial &
business parks
S$6.8b, 20%
Hospitality
S$4.3b, 13%
Total
property assets13
S$33.5 billion
Total
property assets13
S$33.5 billion
Industrial & logistics
S$11.2b, 33%
Australia
S$9.2b, 28%
Retail
S$7.2b, 22%
Residential
S$4.0b, 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
by its REITs, Stapled Trust, joint ventures (“JVs”) and associates.
Including both owned and managed properties; and units pending opening.
3
4 Comprises property assets in-market in which the Group has an interest, including
5
6
assets held by its REITs, Stapled Trust, JVs and associates.
Retail portfolio refers to FCT’s portfolio of suburban malls including Waterway Point
and excluding the office property Central Plaza.
Includes 100% of joint arrangements – joint operations (“JOs”) and JVs – and project
development agreements (“PDAs”).
7 Comprises unsold units and land bank; includes The Grove, which is conditional
and exchanged contracts under deferred payment terms.
Includes the Group’s effective interest of JOs, JVs and PDAs.
8
9
Real Utilities is a licensed energy business wholly owned by Frasers Property
Australia.
10 As at 30 September 2022, FPL holds approximately 38.3% through its wholly owned
subsidiary, Frasers Property Holdings (Thailand) Co., Ltd. (“FPHT”), and 43.5%
through Frasers Assets Co., Ltd, a 49:51 JV with TCC Assets Co., Ltd (“TCCAT”).
11 TCCAT and FPHT have an effective economic interest of 80.2% and 19.8%,
respectively, in the One Bangkok project.
Includes all units not launched for sale.
12
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.
Includes property assets in the UK of S$3.5 billion (10% of total property assets).
14
15
G RO U P S T RU CT U R E A N D B U S I N ES S ES
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 as at 30 September 2022 are in recurring income asset classes
83% of the Group’s property assets13 are in developed markets of Singapore, Australia and Europe
76% of the Group’s PBIT1,16 in FY22 was from recurring income based asset classes
81% of the Group’s PBIT1,16 in FY22 was generated from Singapore, Australia and Europe
Sustainable earnings growth
Optimised capital productivity
• Achieved sustainable earnings growth through significant development
pipeline, investment properties and fee income
• Pre-sold revenue8 of S$2.6 billion across Singapore, Australia, China
and Thailand provides earnings visibility over the next two to three
financial years
S$ billion
Unrecognised revenue8 from key markets
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2.2
0.3
1.5
0.4
1.6
0.4
1.0
0.2
FY18
FY19
1.4
0.1
0.1
1.1
0.1
FY20
2.6
0.1
0.5
1.2
0.8
1.8
0.1
0.2
1.3
0.2
• Since FY14, the Group has recycled ~S$8.2 billion of assets through the
Group’s REITs and ~S$1.5 billion of assets through capital partnerships,
as well as ~S$1.8 billion of non-REIT assets via divestment to third
parties
Asset
Value
S$ million
3,500
3,000
2,500
2,000
1,500
1,000
1,096
93
70
500
933
0
Capital recycling initiatives
3,010
101
550
124
301
1,93420
2,735
567
983
114
638
433
921
539
152
230
79
11
68
FY21
FY22
FY18
FY19
FY20
FY21
FY22
Singapore | Australia | China | Thailand
FCT17 | FLCT17 | FTREIT17 | Capital partnerships18 | Sales to third parties19
F I N A N CI A L H I G H L I G H TS
Selected Financials (S$ million)
PBIT1 by Business Segments (S$ million)
Revenue
PBIT1
PBIT (adjusted)21
Attributable profit before fair value change
and exceptional items (“APBFE”)
Fair value (“FV”) change (net)
Exceptional items (“EI”)
Attributable profit (“AP”)
AP (adjusted)21
FY22
3,877.0
1,249.2
1,249.2
398.8
462.6
66.9
928.3
928.3
FY21
3,763.8
1,424.7
1,069.0
399.5
392.6
41.0
833.1
581.6
Singapore
Australia
Industrial
Industrial (adjusted)21
Hospitality
Thailand & Vietnam
Others25
Corporate and others
TOTAL
Dividends
FY22
536.4
80.8
460.4
460.4
100.9
100.2
53.2
FY21
270.7
60.8
829.5
473.8
4.4
196.7
117.0
(82.7)
(54.4)
1,249.2
1,424.7
Key Ratios
Net asset value per share22
Net interest cover23
Earnings per share (“EPS”) after FV
change and EI24
As at 30 Sep 22
S$2.64
4X
As at 30 Sep 21
S$2.44
4X
FY22
22.2 cents
FY21
22.6 cents
First and final dividend (Singapore cents)
Dividend yield
Payout ratio (based on Attributable
Profit)28
Payout ratio (based on Core Earnings)29
FY22
3.0
3.4%26
~14%
FY21
2.0
1.7%27
~10%
~30%
~20%
CA P I TA L M A N AG E M E N T
Net debt / Total equity30
Net debt / Property assets13
Fixed rate debt31
Average weighted debt maturity
Average cost of debt on portfolio basis
16 Excluding the Group’s share of FV change and EI of JVs and associates.
17
Includes total value of assets; call-option properties based on date of signed
agreement.
Includes proportionate value of assets divested.
Includes divestment of investment properties, assets held for sale and properties,
plant and equipment. Excludes divestment of properties held for sale and
divestment of assets or properties by REITs.
18
19
20 The sale of 63.1% stake in ARF to FCT was approved in September 2020 and
completed in October 2020.
21 Excluding the impact of the unrealised valuation gain on the change in use arising
from the reclassification of a portfolio of industrial properties in Australia and
Europe from properties held for sale to investment properties in FY21.
22 Presented based on number of ordinary shares on issue as at the end of the year.
As at 30 Sep 22
64.8%
37.5%
74.5%
2.8 years
2.7% p.a.
As at 30 Sep 21
73.7%
39.7%
75.4%
2.4 years
2.3% p.a.
Change
▼ 8.9 pp
▼ 2.2 pp
▼ 0.9 pp
▲ 0.4 years
▲ 0.4% p.a.
23 Net interest excludes mark to market adjustments on interest rate derivatives and
capitalised interest. Excluding unrealised valuation gain on change in use, net
interest cover for 30 September 2021 would be 3x.
24 Calculated by dividing attributable profit (after distributions to perpetual securities
holders) over weighted average number of ordinary shares on issue. FY21 EPS
excluding unrealised valuation gain on change in use was 15.3 cents. The comparative
EPS has been adjusted for the bonus element arising from the rights issue.
25 Consists of China and the UK.
26 Based on FPL closing share price of S$0.87 on 10 November 2022.
27 Based on FPL closing share price of S$1.17 on 11 November 2021.
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 2022, the end of Frasers Property Limited’s latest reported financial year.
CO R P O R AT E I N FO R M AT I O N
As at 30 September 2022
BOARD OF DIRECTORS
Charoen Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Khunying Wanna Sirivadhanabhakdi
Non-Executive and
Non-Independent Vice Chairman
Panote Sirivadhanabhakdi
Group Chief Executive Officer
Executive and Non-Independent
Director
Charles Mak Ming Ying
Non-Executive and
Lead Independent Director
Chan Heng Wing
Non-Executive and
Independent Director
Chin Yoke Choong
Non-Executive and
Independent Director
Philip Eng Heng Nee
Non-Executive and
Independent Director
Tan Pheng Hock
Non-Executive and
Independent Director
Wee Joo Yeow
Non-Executive and
Independent Director
Weerawong Chittmittrapap
Non-Executive and
Independent Director
Chotiphat Bijananda
Non-Executive and
Non-Independent Director
Sithichai Chaikriangkrai
Non-Executive and
Non-Independent Director
BOARD EXECUTIVE COMMITTEE
Charoen Sirivadhanabhakdi
(Chairman)
Charles Mak Ming Ying
(Vice Chairman)
Chotiphat Bijananda
(Vice Chairman)
Philip Eng Heng Nee
Wee Joo Yeow
Panote Sirivadhanabhakdi
Sithichai Chaikriangkrai
AUDIT COMMITTEE
Charles Mak Ming Ying
(Chairman)
Chin Yoke Choong
Philip Eng Heng Nee
Wee Joo Yeow
Sithichai Chaikriangkrai
SUSTAINABILITY AND RISK
MANAGEMENT COMMITTEE
Chotiphat Bijananda
(Chairman)
Charles Mak Ming Ying
Chan Heng Wing
Weerawong Chittmittrapap
Panote Sirivadhanabhakdi
Sithichai Chaikriangkrai
REMUNERATION COMMITTEE
Philip Eng Heng Nee
(Chairman)
Charles Mak Ming Ying
Chan Heng Wing
Chin Yoke Choong
NOMINATING COMMITTEE
Weerawong Chittmittrapap
(Chairman)
Charles Mak Ming Ying
Chan Heng Wing
Chin Yoke Choong
Chotiphat Bijananda
INFORMATION TECHNOLOGY &
CYBERSECURITY COMMITTEE
Tan Pheng Hock
(Chairman)
Wee Joo Yeow
Panote Sirivadhanabhakdi
GROUP MANAGEMENT
Panote Sirivadhanabhakdi
Group Chief Executive Officer
Chia Khong Shoong
Group Chief Corporate Officer
Loo Choo Leong
Group Chief Financial Officer
Zheng Wanshi
Group Chief Strategy & Planning Officer
Samuel Tan
Group Chief Digital Officer
Vicki Ng
Group Head of People
(Appointed on 29 August 2022)
Rod Vaughan Fehring
Executive Chairman
Frasers Property Australia
Frasers Property Industrial¹
Frasers Property United Kingdom¹
Anthony Boyd
Chief Executive Officer
Frasers Property Australia
Reini Otter
Chief Executive Officer
Frasers Property Industrial
Soon Su Lin
Chief Executive Officer
Frasers Property Singapore
(Appointed on 1 April 2022)
1 Management boards of Frasers Property Industrial and Frasers Property United Kingdom.
Thanapol Sirithanachai
Country Chief Executive Officer
Frasers Property Thailand
Lim Hua Tiong
Chief Executive Officer
Frasers Property Vietnam and
Development, Frasers Property
Management Services (Thailand) Co., Ltd
(Appointed on 1 April 2022)
Ilaria Del Beato
Chief Executive Officer
Frasers Property United Kingdom
Lorraine Shiow
Chief Executive Officer
Frasers Property China
COMPANY SECRETARY
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)
12 Marina View
#15-01 Asia Square Tower 2
Singapore 018961
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
FRASERS PROPERTY LIMITED
Company Registration No. 196300440G
APPENDIX A TO THE 2022 ANNUAL REPORT
(1) BOARD OF DIRECTORS
(2) ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT
2
B OA R D O F D I R E CTO RS
Pramoad
Phornprapha, 56
Non-Executive and
Independent Director
Others
• Plimboonluck Co., Ltd.
• Plim369 Co., Ltd.
• P Landscape Co., Ltd.
• Danpundao Co., Ltd.
• Pornmit Co., Ltd.
• Claris Co., Ltd.
• EcoFuture Co., Ltd.
• Talaypu Natural Products Co.,
Ltd. (Chairman)
• Conservatory Co., Ltd.
• Claris EA Co., Ltd.
• Food and Beverage United Co.,
Ltd. (Chairman)
Major appointments
(other than directorships)
• Wanwarin and Associate
Co., Ltd., Managing Director
• Claris Co., Ltd.,
Managing Partner
• myDNA Co., Ltd.,
Managing Director
Past directorships in listed
companies held over the
preceding 3 years
(from 05 Dec 2019 to 05 Dec 2022)
• Thai Summit Harness Public
Company Limited
Past major appointments
Nil
Others
Nil
Date of appointment as a Director
17 Oct 2022
Length of service as Director
(as at 05 Dec 2022)
Less than 2 months
Board committees served on
• Board Executive Committee
• Nominating Committee
• Sustainability and Risk
Management Committee
Academic & professional
qualifications
• Bachelor of Science in
Electrical Engineering (Honours),
Northwestern University,
United States of America
• Master of Business
Administration in Marketing
(Honours), Kellogg Graduate
School of Management,
Northwestern University,
United States of America
• Master of Public Administration
in Business and Government
(Honours), Kennedy
School of Government,
Harvard University,
United States of America
Present directorships
in other companies
(as at 05 Dec 2022)
Listed companies
• Sermsuk Public Company
Limited
• Amarin Printing and Publishing
Public Company Limited
• Univanich Palm Oil Public
Company Limited
• Saigon Beer-Alcohol-Beverage
Corporation
Listed REITs/Trusts
Nil
FRASERS PROPERTY LIMITED 3
Major appointments
(other than directorships)
Nil
Past directorships in listed
companies held over the
preceding 3 years
(from 05 Dec 2019 to 05 Dec 2022)
• Fraser and Neave, Limited
• Thai Solar Energy Public
Company Limited
Past major appointments
Nil
Others
Nil
Date of appointment as a director
17 Oct 2022
Length of service as director
(as at 05 Dec 2022)
6 months (includes length of service
as director from 25 Oct 2013 to 10
Mar 2014)
Board committees served on
• Audit Committee
•
Information Technology &
Cybersecurity Committee
Academic & professional
qualifications
• Bachelor of Arts (Commerce),
Chulalongkorn University,
Bangkok, Thailand
• Master of Business
Administration,
Wichita State University, Kansas,
United States of America
Present directorships
in other companies
(as at 05 Dec 2022)
Listed companies
• Sermsuk Public Company
Limited
• Thanachart Capital Public
Company Limited
Listed REITs/Trusts
Nil
Others
Nil
Siripen
Sitasuwan, 74
Non-Executive and
Independent Director
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 4
B OA R D O F D I R E CTO RS
Thapana
Sirivadhanabhakdi, 47
Non-Executive and
Non-Independent Director
Date of appointment as a director
01 Jan 2023
Length of service as director
N.A.
Board committees appointed on
• Board Executive Committee
(with effect from 1 Jan 2023)
• Remuneration Committee (with
effect from 1 Jan 2023)
Academic & professional
qualifications
• Bachelor of Business
Administration (Finance),
Boston University, USA
• Master of Science
Administration in Financial
Economics, Boston University,
USA
• Doctor of Business
Administration (Business
Innovation Management),
Silpakorn University, Thailand
• Honorary Doctor of Arts in Art
and Design, Bangkok University,
Thailand
• Honorary Doctorate Degree
in Business Administration
(Management), Rajamangala
University of Technology
lsan, Thailand
• Honorary Doctorate Degree in
Business Administration, Sasin
Graduate Institute of Business
Administration, Chulalongkorn
University, Thailand
• Honorary Doctoral Degree
in Science (Logistics
Management), King Mongkut’s
Institute of Technology
Ladkrabang, Thailand
• Honorary Doctoral Degree of
Arts, Rajamangala University
of Technology Phra Nakhon,
Thailand
• Honorary Doctoral Degree
in Hospitality, Rajamangala
University of Technology
Krungthep, Thailand
• Honorary Doctoral Degree
in Community Development,
Chiang Mai Rajabhat University,
Thailand
• Honorary Doctoral Degree of
Business Administration in
Strategic Logistic and Supply
Chain Management, Suan
Sunandha Rajabhat University,
Thailand
• Honorary Doctoral Degree
of Philosophy in General
Management, Ramkhamhaeng
University, Thailand
• Director Accreditation
Programme (DAP) 2004,
Thai Institute of Directors
Association (IOD)
Present directorships in other
companies (as at 12 Dec 2022)
Listed companies
• Amarin Printing and Publishing
Public Company Limited (Vice
Chairman)
• Fraser and Neave, Limited
• Sermsuk Public Company
Limited (3rd Vice Chairman)
• Thai Beverage Public Company
Limited (President and CEO)
• Thai Group Holdings Public
Company Limited
• The Siam Cement Public
Company Limited
• Univentures Public Company
Limited (Vice Chairman)
Listed REITs/Trusts
Nil
Others
• Adelfos Co., Ltd.
• Asia Breweries Limited
• BeerCo Limited
• BeerCo Training Co., Ltd
• Beer Thai (1991) Public
Company Limited (Chairman)
• Bistro Asia Co., Ltd. (Chairman)
• Chang Beer Company Limited
• Chang Corporation Co., Ltd
• Food and Beverage United
•
•
Co., Ltd
InterBev Investment Limited
International Beverage Holdings
Limited (President and CEO)
• Plantheon Co., Ltd.
• Pracharath Rak Samakkee
Social Enterprise (Thailand)
Co., Ltd.
FRASERS PROPERTY LIMITED 5
• Red Bull Distillery Group of
Companies (Chairman)
• SCG Chemicals Public
Company Limited (formerly
known as SCG Chemicals
Co., Ltd.)
• Siam Breweries Limited
• South East Asia Logistics Pte.
Ltd. (Chairman)
• Super Food Brands Company
Pte. Ltd.
• TCC Group of Companies
• Thai Beverage Group of
Companies
• Times Publishing Limited (Vice
Chairman)
• TSpace Digital Co., Ltd.
• VietBev Company Limited
(Chairman)
Major appointments
(other than directorships)
• Thai Beverage Public Company
Limited (President and CEO)
Past directorships in listed
companies held over the
preceding 3 years
(from 12 Dec 2019 to 12 Dec 2022)
• Golden Land Property
Development Public Company
Limited*
• Oishi Group Public Company
Limited (Vice Chairman)
Past major appointments
• Thai Beverage Public Company
Limited (Chief Beer Product
Group)
Others
• Knight of the Legion of Honor
(Chevalier de la Légion
d’Honneur)
* Delisted from the Stock Exchange of
Thailand on 11 Aug 2020
ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 6
The following additional information on Mr Pramoad Phornprapha, Mrs Siripen Sitasuwan and Mr Thapana
Sirivadhanabhakdi, all of whom are seeking re-appointment as Directors at the 59th Annual General Meeting, is to
be read in conjunction with their respective biographies on pages 2 to 5 of this Appendix A to the 2022 Annual
Report. The additional information on Mr Tan Pheng Hock, Mr Wee Joo Yeow, Mr Sithichai Chaikriangkrai and Mr
Chin Yoke Choong, the Directors holding office as at 30 September 2022 and who are also seeking re-appointment
as Directors at the 59th Annual General Meeting, is set out on pages 343 to 353 of the 2022 Annual Report1.
Please also refer to the Company’s announcement of 12 December 2022 titled “Changes in the Composition of the
Board of Directors, the Board Executive Committee, the Nominating Committee, the Remuneration Committee and
the Sustainability and Risk Management Committee” on the re-constitution of the Board and Board Committees of
the Company with effect from 1 January 2023.
The Board’s comments on this
re-appointment (including
rationale, selection criteria, board
diversity considerations and the
search and nomination process)
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
After reviewing the
recommendation of the
Nominating Committee and
Mr Pramoad Phornprapha’s
qualifications and experience
(as set out below and in his
biography on page 2 of Appendix
A), the Board has approved Mr
Phornprapha’s re-election as a
Director of the Board.
After reviewing the
recommendation of the
Nominating Committee and
Mrs Siripen Sitasuwan’s
qualifications and experience
(as set out below and in her
biography on page 3 of Appendix
A), the Board has approved
Mrs Sitasuwan’s re-election
as a Director of the Board.
The Board is satisfied that Mr
Phornprapha will continue to
contribute relevant knowledge,
skills and experience to, and
enhance the diversity of, the
Board.
The Board is satisfied that
Mrs Sitasuwan will continue to
contribute relevant knowledge,
skills and experience to, and
enhance the diversity of, the
Board.
Mr Phornprapha will, upon
re-election, continue to serve as
the Chairman of the Nominating
Committee, the Chairman of
the Sustainability and Risk
Management Committee and a
member of the Board Executive
Committee.
Mrs Sitasuwan will, upon
re-election, continue to serve as a
member of the Audit Committee
and a member of the Information
Technology & Cybersecurity
Committee.
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
After reviewing the recommendation of the Nominating Committee and Mr Thapana Sirivadhanabhakdi’s
qualifications and experience (as set out below and in his biography on pages 4 to 5 of Appendix A), 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, and enhance the diversity of, the Board.
Mr Sirivadhanabhakdi will, upon re-election, continue to serve as a member of the Board Executive Committee
and a member of the Remuneration Committee.
Whether appointment is executive,
and if so, the area of responsibility
Non-Executive
Non-Executive
Country of principal residence
Thailand
Familial relationship with any
director and/or substantial
shareholder of the listed issuer or
of any of its principal subsidiaries
Nil
Thailand
Nil
Non-Executive
Thailand
Mr Thapana Sirivadhanabhakdi is the:
– son of Mr Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi, the Chairman and
Vice Chairman respectively of the Board, each of whom is also a substantial shareholder of the Company;
– brother of Mr Panote Sirivadhanabhakdi, the Group Chief Executive Officer and Non-Independent Director of
the Company; and
– brother-in-law of Mr Chotiphat Bijananda, a Non-Executive and Non-Independent Director of the Company.
1 Mr Tan, Mr Wee, Mr Sithichai and Mr Chin are non-executive Directors, and do not have any familial relationship with any director
and/or substantial shareholder of the Company or of any of its principal subsidiaries. Mr Tan’s, Mr Wee’s and Mr Chin’s country
of principal residence is Singapore, and Mr Sithichai’s country of principal residence is Thailand.
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT FRASERS PROPERTY LIMITED 7
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
After reviewing the recommendation of the Nominating Committee and Mr Thapana Sirivadhanabhakdi’s
qualifications and experience (as set out below and in his biography on pages 4 to 5 of Appendix A), 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, and enhance the diversity of, the Board.
Mr Sirivadhanabhakdi will, upon re-election, continue to serve as a member of the Board Executive Committee
and a member of the Remuneration Committee.
The following additional information on Mr Pramoad Phornprapha, Mrs Siripen Sitasuwan and Mr Thapana
Sirivadhanabhakdi, all of whom are seeking re-appointment as Directors at the 59th Annual General Meeting, is to
be read in conjunction with their respective biographies on pages 2 to 5 of this Appendix A to the 2022 Annual
Report. The additional information on Mr Tan Pheng Hock, Mr Wee Joo Yeow, Mr Sithichai Chaikriangkrai and Mr
Chin Yoke Choong, the Directors holding office as at 30 September 2022 and who are also seeking re-appointment
as Directors at the 59th Annual General Meeting, is set out on pages 343 to 353 of the 2022 Annual Report1.
Please also refer to the Company’s announcement of 12 December 2022 titled “Changes in the Composition of the
Board of Directors, the Board Executive Committee, the Nominating Committee, the Remuneration Committee and
the Sustainability and Risk Management Committee” on the re-constitution of the Board and Board Committees of
the Company with effect from 1 January 2023.
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
After reviewing the
recommendation of the
The Board’s comments on this
After reviewing the
re-appointment (including
recommendation of the
rationale, selection criteria, board
Nominating Committee and
Nominating Committee and
diversity considerations and the
Mr Pramoad Phornprapha’s
Mrs Siripen Sitasuwan’s
search and nomination process)
qualifications and experience
qualifications and experience
(as set out below and in his
(as set out below and in her
biography on page 2 of Appendix
biography on page 3 of Appendix
A), the Board has approved Mr
Phornprapha’s re-election as a
Director of the Board.
A), the Board has approved
Mrs Sitasuwan’s re-election
as a Director of the Board.
The Board is satisfied that Mr
Phornprapha will continue to
The Board is satisfied that
Mrs Sitasuwan will continue to
contribute relevant knowledge,
contribute relevant knowledge,
skills and experience to, and
enhance the diversity of, the
skills and experience to, and
enhance the diversity of, the
Board.
Board.
Mr Phornprapha will, upon
Mrs Sitasuwan will, upon
re-election, continue to serve as
re-election, continue to serve as a
the Chairman of the Nominating
member of the Audit Committee
Committee, the Chairman of
the Sustainability and Risk
and a member of the Information
Technology & Cybersecurity
Management Committee and a
Committee.
member of the Board Executive
Committee.
Whether appointment is executive,
Non-Executive
Non-Executive
and if so, the area of responsibility
Country of principal residence
Thailand
Familial relationship with any
director and/or substantial
shareholder of the listed issuer or
of any of its principal subsidiaries
Nil
Thailand
Nil
Non-Executive
Thailand
Mr Thapana Sirivadhanabhakdi is the:
– son of Mr Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi, the Chairman and
Vice Chairman respectively of the Board, each of whom is also a substantial shareholder of the Company;
– brother of Mr Panote Sirivadhanabhakdi, the Group Chief Executive Officer and Non-Independent Director of
the Company; and
– brother-in-law of Mr Chotiphat Bijananda, a Non-Executive and Non-Independent Director of the Company.
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 8
Working experience and
occupation(s) during the
past 10 years
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
– 2002 to present
Nil
Managing Director,
Wanwarin and Associate
Co., Ltd.
– 2004 to present
Managing Partner and Director,
Claris Co., Ltd.
– 2011 to present
Managing Director,
myDNA Co., Ltd.
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
Chairman
– 2018 to present
Red Bull Distillery Group of Companies
– 2020 to present
BeerCo Training Co., Ltd
– 2020 to present
Chang Beer Company Limited
– 2021 to present
Bistro Asia Co., Ltd.
– 2021 to present
South East Asia Logistics Pte. Ltd
– 2022 to present
Beer Thai (1991) Public Company Limited
– 2022 to present
VietBev Company Limited
Vice Chairman
– 2007 to present
Univentures Public Company Limited
– 2013 to present
Times Publishing Limited
– 2015 to present
Sermsuk Public Company Limited
– 2017 to present
Amarin Printing and Publishing Public Company Limited
– 2008 to 2022
– 2008 to 2022
Southeast Insurance Public Company Limited
Southeast Life Insurance Public Company Limited
– 2008 to 2022
Southeast Capital Co., Ltd.
– 2018 to 2022
Beer Thai (1991) Public Company Limited
Siam Food Products Public Company Limited
– 2007 to 2015
– 2006 to 2020
– 2004 to 2018
Oishi Group Public Company Limited
Red Bull Distillery Group of Companies
International Beverage Holdings Limited
Thai Beverage Public Company Limited
Beer Thai (1991) Public Company Limited
Director
– 2003 to present
– 2003 to present
– 2004 to present
– 2007 to present
Adelfos Co., Ltd.
– 2011 to present
Plantheon Co., Ltd.
– 2011 to present
Sermsuk Public Company Limited
– 2012 to present
InterBev Investment Limited
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT FRASERS PROPERTY LIMITED
Working experience and
occupation(s) during the
past 10 years
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
– 2002 to present
Nil
Managing Director,
Wanwarin and Associate
Co., Ltd.
– 2004 to present
Managing Partner and Director,
Claris Co., Ltd.
– 2011 to present
Managing Director,
myDNA Co., Ltd.
9
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
Chairman
– 2018 to present
Red Bull Distillery Group of Companies
– 2020 to present
BeerCo Training Co., Ltd
– 2020 to present
Chang Beer Company Limited
– 2021 to present
Bistro Asia Co., Ltd.
– 2021 to present
South East Asia Logistics Pte. Ltd
– 2022 to present
Beer Thai (1991) Public Company Limited
– 2022 to present
VietBev Company Limited
Vice Chairman
– 2007 to present
Univentures Public Company Limited
– 2013 to present
Times Publishing Limited
– 2015 to present
Sermsuk Public Company Limited
– 2017 to present
Amarin Printing and Publishing Public Company Limited
– 2008 to 2022
Southeast Insurance Public Company Limited
– 2008 to 2022
Southeast Life Insurance Public Company Limited
– 2008 to 2022
Southeast Capital Co., Ltd.
– 2018 to 2022
Beer Thai (1991) Public Company Limited
– 2007 to 2015
Siam Food Products Public Company Limited
– 2006 to 2020
Oishi Group Public Company Limited
– 2004 to 2018
Red Bull Distillery Group of Companies
Director
– 2003 to present
International Beverage Holdings Limited
– 2003 to present
Thai Beverage Public Company Limited
– 2004 to present
Beer Thai (1991) Public Company Limited
– 2007 to present
Adelfos Co., Ltd.
– 2011 to present
Plantheon Co., Ltd.
– 2011 to present
Sermsuk Public Company Limited
– 2012 to present
InterBev Investment Limited
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
10
Working experience and
occupation(s) during the
past 10 years (cont’d)
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Shareholding interest in FPL and its
subsidiaries
Nil
Conflict of interest (including any
competing business)
Nil
Undertaking (in the format set out
in Appendix 7.7) under Rule 720(1)
has been submitted to FPL
Yes
Nil
Nil
Yes
Pracharath Rak Samakkee Social Enterprise (Thailand) Co., Ltd.
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
Director (cont’d)
– 2016 to present
– 2018 to present
Thai Group Holdings Public Company Limited
– 2018 to present
TSpace Digital Co., Ltd.
– 2019 to present
BeerCo Limited
– 2020 to present
– 2020 to present
Food and Beverage United Co., Ltd
The Siam Cement Public Company Limited
– 2021 to present
Chang Corporate Co., Ltd.
– 2021 to present
Asia Breweries Limited
– 2021 to present
– 2021 to present
Siam Breweries Limited
– 2022 to present
Super Food Brands Company Pte. Ltd.
GMM Channel Holding Co., Ltd.
– 2017 to 2020
– 2013 to 2020
– 2001 to 2017
Berli Jucker Public Company Limited
– Present
TCC Group of Companies
Golden Land Property Development Public Company Limited
SCG Chemicals Public Company Limited (formerly known as SCG Chemicals Co., Ltd.)
TCC Group Investments Limited (“TCCGI”) has a direct interest in 70,000,000 shares in the Company
(“Shares”). Mr Thapana 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 Thapana 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. In the event of any possible conflicts of interest arising in relation to a proposed transaction, Mr
Sirivadhanabhakdi will abstain and/or recuse himself from any discussion and decision in relation to such
transactions.
Yes
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT FRASERS PROPERTY LIMITED
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
11
Working experience and
occupation(s) during the
past 10 years (cont’d)
Shareholding interest in FPL and its
Nil
subsidiaries
Conflict of interest (including any
Nil
competing business)
Undertaking (in the format set out
Yes
in Appendix 7.7) under Rule 720(1)
has been submitted to FPL
Nil
Nil
Yes
Director (cont’d)
– 2016 to present
Pracharath Rak Samakkee Social Enterprise (Thailand) Co., Ltd.
– 2018 to present
Thai Group Holdings Public Company Limited
– 2018 to present
TSpace Digital Co., Ltd.
– 2019 to present
BeerCo Limited
– 2020 to present
Food and Beverage United Co., Ltd
– 2020 to present
The Siam Cement Public Company Limited
– 2021 to present
Chang Corporate Co., Ltd.
– 2021 to present
Asia Breweries Limited
– 2021 to present
SCG Chemicals Public Company Limited (formerly known as SCG Chemicals Co., Ltd.)
– 2021 to present
Siam Breweries Limited
– 2022 to present
Super Food Brands Company Pte. Ltd.
– 2017 to 2020
GMM Channel Holding Co., Ltd.
– 2013 to 2020
Golden Land Property Development Public Company Limited
– 2001 to 2017
Berli Jucker Public Company Limited
– Present
TCC Group of Companies
TCC Group Investments Limited (“TCCGI”) has a direct interest in 70,000,000 shares in the Company
(“Shares”). Mr Thapana 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 Thapana 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. In the event of any possible conflicts of interest arising in relation to a proposed transaction, Mr
Sirivadhanabhakdi will abstain and/or recuse himself from any discussion and decision in relation to such
transactions.
Yes
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022
12
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
Other Principal Commitments (as defined in the Code of Corporate Governance 2018) including Directorships
Present Directorship(s)
(As at 5 December 2022)
Listed companies
– Sermsuk Public Company
(As at 5 December 2022)
Listed companies
– Sermsuk Public Company
Limited
Limited
– Amarin Printing and Publishing
– Thanachart Capital Public
Public Company Limited
– Univanich Palm Oil Public
Company Limited
– Saigon Beer-Alcohol-Beverage
Corporation
Company Limited
Listed REITs/Trusts
Nil
(As at 12 December 2022)
Listed companies
– Amarin Printing and Publishing Public Company Limited
– Fraser and Neave, Limited
– Sermsuk Public Company Limited
– Thai Beverage Public Company Limited
– Thai Group Holdings Public Company Limited
– The Siam Cement Public Company Limited
– Univentures Public Company Limited
Others
Nil
Listed REITs/Trusts
Nil
Others
– Plimboonluck Co., Ltd.
– Plim369 Co., Ltd.
– P Landscape Co., Ltd.
– Danpundao Co., Ltd.
– Pornmit Co., Ltd.
– Claris Co., Ltd.
– EcoFuture Co., Ltd.
– Talaypu Natural Products Co.,
Ltd. (Chairman)
– Conservatory Co., Ltd.
– Claris EA Co., Ltd.
– Food and Beverage United Co.,
Ltd. (Chairman)
Listed REITs/Trusts
Nil
Others
– Adelfos Co., Ltd.
– Amarin Omniverse Company Limited
– Asia Breweries Limited
– ASM International Limited
– ASM Management Co., Ltd.
– Bangkok Art Biennale Management Co., Ltd.
– Beer Chang Co., Ltd.
– Beer Thai (1991) Public Company Limited
– BeerCo Limited
– BeerCo Training Co., Ltd.
– Best Spirits Company Limited
– BevTech Co., Ltd.
– Bistro Asia Co., Ltd.
– Blairmhor Distillers Limited
– Blairmhor Limited
– C A C Co., Ltd.
– C.A.I. Co., Ltd.
– Cash Van Management Co., Ltd.
– Chang Beer Company Limited
– Chang Corporation Co., Ltd.
– Chang Holding Co., Ltd.
– Chang International Co, Ltd.
– Charun Business 52 Co., Ltd.
– Cosmos Brewery (Thailand) Co., Ltd.
– Cristalla Co., Ltd.
– Dhospaak Co., Ltd.
– Feed Addition Co., Ltd.
– Food and Beverage United Co., Ltd
– Food of Asia Co., Ltd.
– Foods Company Holdings Co., Ltd.
– Great Brands Limited
– Horeca Management Co., Ltd.
InterBev (Singapore) Limited
InterBev Investment Limited
–
–
–
–
–
–
International Beverage Holdings (China) Limited
International Beverage Holdings (UK) Limited
International Beverage Holdings Limited
International Breweries Limited
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT FRASERS PROPERTY LIMITED 13
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
Other Principal Commitments (as defined in the Code of Corporate Governance 2018) including Directorships
Present Directorship(s)
(As at 5 December 2022)
Listed companies
(As at 5 December 2022)
Listed companies
– Sermsuk Public Company
– Sermsuk Public Company
Limited
Limited
– Amarin Printing and Publishing
– Thanachart Capital Public
Public Company Limited
– Univanich Palm Oil Public
Company Limited
Company Limited
Listed REITs/Trusts
– Saigon Beer-Alcohol-Beverage
Nil
(As at 12 December 2022)
Listed companies
– Amarin Printing and Publishing Public Company Limited
– Fraser and Neave, Limited
– Sermsuk Public Company Limited
– Thai Beverage Public Company Limited
– Thai Group Holdings Public Company Limited
– The Siam Cement Public Company Limited
– Univentures Public Company Limited
Others
Nil
Corporation
Listed REITs/Trusts
Nil
Others
– Plimboonluck Co., Ltd.
– Plim369 Co., Ltd.
– P Landscape Co., Ltd.
– Danpundao Co., Ltd.
– Pornmit Co., Ltd.
– Claris Co., Ltd.
– EcoFuture Co., Ltd.
Ltd. (Chairman)
– Conservatory Co., Ltd.
– Claris EA Co., Ltd.
– Talaypu Natural Products Co.,
– Food and Beverage United Co.,
Ltd. (Chairman)
Listed REITs/Trusts
Nil
Others
– Adelfos Co., Ltd.
– Amarin Omniverse Company Limited
– Asia Breweries Limited
– ASM International Limited
– ASM Management Co., Ltd.
– Bangkok Art Biennale Management Co., Ltd.
– Beer Chang Co., Ltd.
– Beer Thai (1991) Public Company Limited
– BeerCo Limited
– BeerCo Training Co., Ltd.
– Best Spirits Company Limited
– BevTech Co., Ltd.
– Bistro Asia Co., Ltd.
– Blairmhor Distillers Limited
– Blairmhor Limited
– C A C Co., Ltd.
– C.A.I. Co., Ltd.
– Cash Van Management Co., Ltd.
– Chang Beer Company Limited
– Chang Corporation Co., Ltd.
– Chang Holding Co., Ltd.
– Chang International Co, Ltd.
– Charun Business 52 Co., Ltd.
– Cosmos Brewery (Thailand) Co., Ltd.
– Cristalla Co., Ltd.
– Dhospaak Co., Ltd.
– Feed Addition Co., Ltd.
– Food and Beverage United Co., Ltd
– Food of Asia Co., Ltd.
– Foods Company Holdings Co., Ltd.
– Great Brands Limited
– Horeca Management Co., Ltd.
–
–
–
–
–
–
InterBev (Singapore) Limited
InterBev Investment Limited
International Beverage Holdings (China) Limited
International Beverage Holdings (UK) Limited
International Beverage Holdings Limited
International Breweries Limited
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 14
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Present Directorship(s) (cont’d)
– Pracharath Rak Samakkee Social Enterprise (Thailand) Co., Ltd.
– SCG Chemicals Public Company Limited (formerly known as SCG Chemicals Co., Ltd.)
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
(As at 12 December 2022)
Others (cont’d)
–
Inver House Distillers Limited
– Lake View Golf and Yacht Club Co., Ltd.
– Luckchai Liquor Trading Co., Ltd.
– Max Asia Co., Ltd.
– Modern Trade Management Co., Ltd.
– Namjai ThaiBev (Social Enterprise) Co., Ltd.
– Nateechai Co., Ltd.
– NY Property Development Company Limited
– Pan International (Thailand) Co., Ltd.
– Pathombhakdi Co., Ltd.
– Plantheon Co., Ltd.
– Quantum Innovation Company Limited
– Quantum Trading Company Limited
– Red Bull Distillery (1988) Co., Ltd.
– S.P.M Foods and Beverage Company Limited
– Sarapadsappasin Co., Ltd.
– Sermsuk Beverage Co., Ltd.
– Sermsuk Holdings Co., Ltd.
– Sermsuk Training Co., Ltd.
– Siam Breweries Limited
– Simathurakij Co., Ltd.
– Siribhakditham Company Limited
– Sirivadhanabhakdi Co., Ltd.
– South East Asia Logistics Pte. Ltd.
– Sports and Recreation Management Co., Ltd.
– Super Beer Brands Limited
– Super Brands Company Pte. Ltd.
– Super Food Brands Company Pte. Ltd.
– T.C.C. Technology Co., Ltd.
– TCC Assets (Thailand) Company Limited
– Terragro Fertilizer Co., Ltd.
– Thai Beverage Brands Co., Ltd.
– Thai Beverage Energy Co., Ltd.
– Thai Beverage Logistics Co., Ltd.
– Thai Beverage Recycle Co., Ltd.
– Thai Beverage Training Co., Ltd.
– Thai Cooperage Co., Ltd.
– Thai Drinks Co., Ltd.
– Thai Molasses Co., Ltd.
– ThaiBev Marketing Co., Ltd.
– The Cha-Am Yacht Club Hotel Co., Ltd.
– The QSR of Asia Co., Ltd.
– Times Publishing Limited
– Traditional Trade Management Co., Ltd.
– TSpace Digital Co., Ltd.
– United Winery and Distillery Co., Ltd.
– Vadhanabhakdi Co., Ltd.
– VietBev Company Limited
– Wrangyer Beverage (2008) Co., Ltd.
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT FRASERS PROPERTY LIMITED Present Directorship(s) (cont’d)
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
15
Inver House Distillers Limited
(As at 12 December 2022)
Others (cont’d)
–
– Lake View Golf and Yacht Club Co., Ltd.
– Luckchai Liquor Trading Co., Ltd.
– Max Asia Co., Ltd.
– Modern Trade Management Co., Ltd.
– Namjai ThaiBev (Social Enterprise) Co., Ltd.
– Nateechai Co., Ltd.
– NY Property Development Company Limited
– Pan International (Thailand) Co., Ltd.
– Pathombhakdi Co., Ltd.
– Plantheon Co., Ltd.
– Pracharath Rak Samakkee Social Enterprise (Thailand) Co., Ltd.
– Quantum Innovation Company Limited
– Quantum Trading Company Limited
– Red Bull Distillery (1988) Co., Ltd.
– S.P.M Foods and Beverage Company Limited
– Sarapadsappasin Co., Ltd.
– SCG Chemicals Public Company Limited (formerly known as SCG Chemicals Co., Ltd.)
– Sermsuk Beverage Co., Ltd.
– Sermsuk Holdings Co., Ltd.
– Sermsuk Training Co., Ltd.
– Siam Breweries Limited
– Simathurakij Co., Ltd.
– Siribhakditham Company Limited
– Sirivadhanabhakdi Co., Ltd.
– South East Asia Logistics Pte. Ltd.
– Sports and Recreation Management Co., Ltd.
– Super Beer Brands Limited
– Super Brands Company Pte. Ltd.
– Super Food Brands Company Pte. Ltd.
– T.C.C. Technology Co., Ltd.
– TCC Assets (Thailand) Company Limited
– Terragro Fertilizer Co., Ltd.
– Thai Beverage Brands Co., Ltd.
– Thai Beverage Energy Co., Ltd.
– Thai Beverage Logistics Co., Ltd.
– Thai Beverage Recycle Co., Ltd.
– Thai Beverage Training Co., Ltd.
– Thai Cooperage Co., Ltd.
– Thai Drinks Co., Ltd.
– Thai Molasses Co., Ltd.
– ThaiBev Marketing Co., Ltd.
– The Cha-Am Yacht Club Hotel Co., Ltd.
– The QSR of Asia Co., Ltd.
– Times Publishing Limited
– Traditional Trade Management Co., Ltd.
– TSpace Digital Co., Ltd.
– United Winery and Distillery Co., Ltd.
– Vadhanabhakdi Co., Ltd.
– VietBev Company Limited
– Wrangyer Beverage (2008) Co., Ltd.
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 16
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Present Principal Commitments
(other than Directorships)
(As at 5 December 2022)
– Managing Director,
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
(As at 5 December 2022)
Nil
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
(As at 12 December 2022)
– President & Chief Executive Officer, Thai Beverage Public Company Limited
Wanwarin and Associate
Co., Ltd.
– Managing Partner,
Claris Co., Ltd.
– Managing Director,
myDNA Co., Ltd.
Past Directorship(s) (for the last five
(5) years)
(From 5 December 2017 to
5 December 2022)
– The Progress Watch Co., Ltd.
– Thai Summit Harness Public
Company Limited
(From 5 December 2017 to
5 December 2022)
– Fraser and Neave, Limited
– Thai Solar Energy Public
Company Limited
Past Principal Commitment(s) (for
the last five (5) years)
(From 5 December 2017 to
5 December 2022)
Nil
(From 5 December 2017 to
5 December 2022)
Nil
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
(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/her or against a
partnership of which he/she
was a partner at the time when
he/she was a partner or at any
time within 2 years from the
date he/she ceased to be a
partner?
(From 12 December 2017 to 12 December 2022)
– GMM Channel Holding Co., Ltd.
– Golden Land Property Development Public Company Limited
– Oishi Food Service Co., Ltd.
– Oishi Group Public Company Limited
– Oishi Ramen Co., Ltd.
– Oishi Trading Co., Ltd.
– Siridamrongdham Co., Ltd.
– Southeast Capital Co., Ltd.
– Southeast Insurance Public Company Limited
– Southeast Life Insurance Public Company Limited
– TCC Holdings (2519) Co., Ltd.
– Thai Beverage Marketing Co., Ltd.
(From 12 December 2017 to 12 December 2022)
Nil
No
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT FRASERS PROPERTY LIMITED Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
Present Principal Commitments
(As at 5 December 2022)
(As at 5 December 2022)
(other than Directorships)
– Managing Director,
Nil
(As at 12 December 2022)
– President & Chief Executive Officer, Thai Beverage Public Company Limited
17
(From 12 December 2017 to 12 December 2022)
– GMM Channel Holding Co., Ltd.
– Golden Land Property Development Public Company Limited
– Oishi Food Service Co., Ltd.
– Oishi Group Public Company Limited
– Oishi Ramen Co., Ltd.
– Oishi Trading Co., Ltd.
– Siridamrongdham Co., Ltd.
– Southeast Capital Co., Ltd.
– Southeast Insurance Public Company Limited
– Southeast Life Insurance Public Company Limited
– TCC Holdings (2519) Co., Ltd.
– Thai Beverage Marketing Co., Ltd.
(From 12 December 2017 to 12 December 2022)
Nil
(a) Whether at any time during the
No
No
No
Wanwarin and Associate
Co., Ltd.
– Managing Partner,
Claris Co., Ltd.
– Managing Director,
myDNA Co., Ltd.
Past Directorship(s) (for the last five
(From 5 December 2017 to
(From 5 December 2017 to
(5) years)
5 December 2022)
5 December 2022)
– The Progress Watch Co., Ltd.
– Fraser and Neave, Limited
– Thai Summit Harness Public
– Thai Solar Energy Public
Company Limited
Company Limited
Past Principal Commitment(s) (for
(From 5 December 2017 to
(From 5 December 2017 to
the last five (5) years)
5 December 2022)
Nil
5 December 2022)
Nil
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.
last 10 years, an application or
a petition under any bankruptcy
law of any jurisdiction was filed
against him/her or against a
partnership of which he/she
was a partner at the time when
he/she was a partner or at any
time within 2 years from the
date he/she ceased to be a
partner?
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
No
No
No
18
(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/she was a director
or an equivalent person or
a key executive, at the time
when he/she 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/she ceased to be
a director or an equivalent
person or a key executive of
that entity, for the winding up
or dissolution of that entity
or, where that entity is the
trustee of a business trust, that
business trust, on the ground of
insolvency?
(c) Whether there is any unsatisfied
No
judgment against him/her?
(d) Whether he/she has ever been
No
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/she is aware) for
such purpose?
No
No
(e) Whether he/she has ever been
No
No
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/she is aware) for
such breach?
No
No
No
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT FRASERS PROPERTY LIMITED Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
(b) Whether at any time during the
No
No
No
19
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/she was a director
or an equivalent person or
a key executive, at the time
when he/she 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/she 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?
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/she is aware) for
such purpose?
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/she is aware) for
such breach?
(c) Whether there is any unsatisfied
No
judgment against him/her?
(d) Whether he/she has ever been
No
No
No
(e) Whether he/she has ever been
No
No
No
No
No
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
No
No
No
20
(f) Whether at any time during the
last 10 years, judgment has
been entered against
him/her 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/her part, or
he/she has been the subject of
any civil proceedings (including
any pending civil proceedings
of which he/she is aware)
involving an allegation of fraud,
misrepresentation or dishonesty
on his/her part?
(g) Whether he/she has ever been
convicted in Singapore or
elsewhere of any offence in
connection with the formation
or management of any entity or
business trust?
No
(h) Whether he/she has ever
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/she has ever
No
been the subject of any order,
judgment or ruling of any
court, tribunal or governmental
body, permanently or
temporarily enjoining him/her
from engaging in any type of
business practice or activity?
No
No
No
No
No
No
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT FRASERS PROPERTY LIMITED Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
(f) Whether at any time during the
No
No
No
21
last 10 years, judgment has
been entered against
him/her 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/her part, or
he/she has been the subject of
any civil proceedings (including
any pending civil proceedings
of which he/she is aware)
involving an allegation of fraud,
misrepresentation or dishonesty
on his/her part?
(g) Whether he/she has ever been
No
convicted in Singapore or
elsewhere of any offence in
connection with the formation
or management of any entity or
business trust?
(h) Whether he/she has ever
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?
been the subject of any order,
judgment or ruling of any
court, tribunal or governmental
body, permanently or
temporarily enjoining him/her
from engaging in any type of
business practice or activity?
(i) Whether he/she has ever
No
No
No
No
No
No
No
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 22
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
(j) Whether he/she has ever,
to his/her knowledge,
been concerned with the
management or conduct, in
Singapore or elsewhere, of the
affairs of:
No
No
No
No
(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 (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
(iv) any entity or 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/she was so
concerned with the entity or
business trust?
No
No
No
No
No
No
(k) Whether he/she has been the
subject of any current or past
investigation or disciplinary
proceedings, or has been
reprimanded or issued any
warning, by the Monetary
Authority of Singapore or any
other regulatory authority,
exchange, professional body or
government agency, whether in
Singapore or elsewhere?
No
No
No
No
No
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT FRASERS PROPERTY LIMITED Mr Pramoad Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
23
No
No
No
No
(j) Whether he/she has ever,
to his/her knowledge,
been concerned with the
management or conduct, in
Singapore or elsewhere, of the
affairs of:
No
No
(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 (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
No
has been investigated for
a breach of any law or
regulatory requirement
governing business trusts in
Singapore or elsewhere; or
(iv) any entity or business trust
No
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/she was so
concerned with the entity or
business trust?
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?
(k) Whether he/she has been the
No
No
No
No
No
No
No
ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional InformationANNUAL REPORT 2022 FRASERS PROPERTY LIMITED
Company Registration No. 196300440G
APPENDIX B TO THE 2022 ANNUAL REPORT
(1) NOTICE OF ANNUAL GENERAL MEETING
(2) PROXY FORM
2
FRASERS PROPERTY LIMITED
(Incorporated in Singapore)
(Company Registration No. 196300440G)
NOTICE IS HEREBY GIVEN that the 59th Annual General Meeting of FRASERS PROPERTY LIMITED (the “Company”)
will be held at the Grand Ballroom, Level 2, InterContinental Singapore, 80 Middle Road, Singapore 188966 on
Wednesday, 18 January 2023 at 2.00 p.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 2022 and the auditors’ report thereon.
To approve a final tax-exempt (one-tier) dividend of 3.0 cents per share in respect of the year ended
30 September 2022.
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 Tan Pheng Hock, 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 Tan, who is considered an independent Director, will be re-appointed
as the Chairman of the Information Technology & Cybersecurity Committee and a member of the
Sustainability and Risk Management Committee.
(b)
“That Mr Wee Joo Yeow, 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 Wee, who is considered an independent Director, will be re-appointed
as a member of the Board Executive Committee, a member of the Audit Committee, a member of the
Nominating Committee, a member of the Remuneration Committee, a member of the Sustainability and
Risk Management Committee and a member of the Information Technology & Cybersecurity Committee.
(c)
“That Mr Sithichai Chaikriangkrai, who will submit himself for re-appointment pursuant to Rule 720(5) of
the Listing Manual of the Singapore Exchange Securities Trading Limited 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 Chaikriangkrai will be re-appointed as a member of the Board
Executive Committee, a member of the Audit Committee and a member of the Sustainability and Risk
Management Committee.
(d)
“That Mr Chin Yoke Choong, who will cease to hold office pursuant to article 100 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 Chin, who is considered an independent Director, will be
re-appointed as the lead independent Director, the Chairman of the Audit Committee, the Chairman of
the Remuneration Committee and a member of the Nominating Committee.
NOTICE OF ANNUAL GENERAL MEETINGFRASERS PROPERTY LIMITED 3
(e)
“That Mr Pramoad Phornprapha, who will cease to hold office pursuant to article 100 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 Phornprapha, who is considered an independent Director, will be
re-appointed as the Chairman of the Nominating Committee, the Chairman of the Sustainability and
Risk Management Committee and a member of the Board Executive Committee.
(f)
“That Mrs Siripen Sitasuwan, who will cease to hold office pursuant to article 100 of the Constitution of
the Company and who, being eligible, has offered herself for re-election, be and is hereby re-appointed
as a Director of the Company.”
Subject to her re-appointment, Mrs Sitasuwan, who is considered an independent Director, will be
re-appointed as a member of the Audit Committee and a member of the Information Technology &
Cybersecurity Committee.
(g)
“That Mr Thapana Sirivadhanabhakdi, who will cease to hold office pursuant to article 100 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 Thapana will be re-appointed as a member of the Board Executive
Committee and a member of the Remuneration Committee.
(4)
To approve Directors’ fees of up to $2,500,000 payable by the Company for the year ending 30 September 2023
(last year: up to $2,500,000).
(5)
To re-appoint KPMG LLP as the auditors of the Company and to authorise the Directors to fix their remuneration.
SPECIAL BUSINESS
To consider and, if thought fit, to pass, with or without modifications, the following resolutions, which will be proposed
as Ordinary Resolutions:
(6)
“That authority be and is hereby given to the Directors of the Company to:
(a)
(i)
issue shares of the Company (“shares”) whether by way of rights, bonus or otherwise; and/or
(ii) make or grant offers, agreements or options (collectively, “Instruments”) that might or would
require shares to be issued, including but not limited to the creation and issue of (as well as
adjustments to) warrants, debentures or other instruments convertible into shares,
at any time and upon such terms and conditions and for such purposes and to such persons as the
Directors may in their absolute discretion deem fit; and
(b)
(notwithstanding the authority conferred by this Resolution may have ceased to be in force) issue shares
in pursuance of any Instrument made or granted by the Directors while this Resolution was in force,
NOTICE OF ANNUAL GENERAL MEETINGANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information
4
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:
(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 2022 (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”);
(b)
(c)
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.”
NOTICE OF ANNUAL GENERAL MEETINGFRASERS PROPERTY LIMITED 5
(8)
“That:
(a)
for the purposes of Sections 76C and 76E of the Companies Act 1967 (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;
(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
NOTICE OF ANNUAL GENERAL MEETINGANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information
6
(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 2022
NOTES:
1.
2.
The Annual General Meeting will be held, in a wholly physical format, at the Grand Ballroom, Level 2,
InterContinental Singapore, 80 Middle Road, Singapore 188966 on Wednesday, 18 January 2023 at 2.00 p.m.
(Singapore time), 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. There will be no option for shareholders to participate virtually. Printed copies of this Notice and
the accompanying proxy form will be sent by post to members. These documents will also be published
on the Company’s website at the URL https://www.frasersproperty.com and the SGX website at the URL
https://www.sgx.com/securities/company-announcements.
implement
(including
The Company may
vaccination-differentiated safe management measures) at the Annual General Meeting as may be required or
recommended under any regulations, directives, measures or guidelines that may be issued from time to time
by any government or regulatory agency in light of the COVID-19 situation in Singapore. Shareholders should
check the Company’s website at the URL https://www.frasersproperty.com or the SGX website at the URL
https://www.sgx.com/securities/company-announcements for the latest updates.
safe management measures
such COVID-19
Arrangements relating to attendance at the Annual General Meeting by shareholders, including CPF and SRS
investors, submission of questions to the Chairman of the Meeting by shareholders, including CPF and SRS
investors, in advance of, or at, the Annual General Meeting, addressing of substantial and relevant questions
in advance of, or at, the Annual General Meeting, and voting at the Annual General Meeting by shareholders,
including CPF and SRS investors, or (where applicable) duly appointed proxy(ies), are set out in the
accompanying Company’s announcement dated 23 December 2022. This announcement may be accessed
at the Company’s website at the URL https://www.frasersproperty.com and the SGX website at the URL
https://www.sgx.com/securities/company-announcements.
3.
(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 the shareholding concerned to be represented by each proxy shall be
specified in the form of proxy.
(b)
A member who is a relevant intermediary is entitled to appoint more than two proxies to attend, speak
and vote at the Annual General Meeting, but each proxy must be appointed to exercise the rights
attached to a different share or shares held by such member. Where such member’s form of proxy
appoints more than two proxies, the number and class of shares in relation to which each proxy has
been appointed shall be specified in the form of proxy.
“Relevant intermediary” has the meaning ascribed to it in Section 181 of the Companies Act 1967.
A member can appoint the Chairman of the Meeting as his/her/its proxy, but this is not mandatory.
CPF and SRS investors who wish to appoint the Chairman of the Meeting as proxy to vote on their behalf at the
Annual General Meeting, should approach their respective CPF Agent Banks or SRS Operators to submit their
votes by 5.00 p.m. on 6 January 2023.
NOTICE OF ANNUAL GENERAL MEETINGFRASERS PROPERTY LIMITED
7
4.
A proxy need not be a member of the Company.
5.
The instrument appointing a proxy(ies) must be submitted to the Company in the following manner:
(a)
(b)
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
if submitted electronically, be submitted via email to the Company’s Share Registrar at
sg.is.FPLproxy@sg.tricorglobal.com,
in each case, not less than 72 hours before the time appointed for holding the Annual General Meeting.
6.
The 2022 Annual Report and the Letter to Shareholders dated 23 December 2022 (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
https://investor.frasersproperty.com/newsroom/FPL_Annual_Report_2022.pdf; and
accessed
Annual
Report
2022
may
be
at
the
URL
the Letter
https://investor.frasersproperty.com/newsroom/FPL-Letter-to-Shareholders-2022.pdf.
to Shareholders dated 23 December 2022 may be accessed at
the URL
above documents may
The
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.
the SGX website
accessed on
also be
at
EXPLANATORY NOTES:
(a)
(b)
(c)
As announced on 12 December 2022, (i) each of Mr Charles Mak Ming Ying, Mr Chan Heng Wing, Mr Philip Eng
Heng Nee, Mr Weerawong Chittmittrapap and Mr Chotiphat Bijananda will cease to be a Director of the Company
with effect from 1 January 2023; (ii) Mr Thapana Sirivadhanabhakdi will be appointed as a Non-Executive and
Non-Independent Director of the Company with effect from 1 January 2023; and (iii) the Board and
Board Committees of the Company will accordingly be re-constituted with effect from 1 January 2023.
in the Composition of the Board of Directors, the Board
The announcement
Executive Committee,
the
Sustainability and Risk Management Committee”) is accessible from the SGX website at the URL
https://www.sgx.com/securities/company-announcements.
the Remuneration Committee and
the Nominating Committee,
(titled “Changes
Detailed information on the Directors who are proposed to be re-appointed at the Annual General Meeting
can be found under “Board of Directors”, “Corporate Governance” and “Additional Information on Directors
Seeking Re-appointment” in, and in Appendix A to, the Company’s 2022 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 5 December 2022 (the “Latest Practicable Date”), the Company had no treasury shares and
no subsidiary holdings.
The Ordinary Resolution proposed in item (7) 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 2022
(the “Letter”). Please refer to the Letter for more details.
NOTICE OF ANNUAL GENERAL MEETINGANNUAL REPORT 2022ContentsOverviewOrganisationalBusinessSustainability HighlightsCorporate GovernanceFinancial & Additional Information
8
(d)
The Ordinary Resolution proposed in item (8) 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) 39,260,415
ordinary shares on the Latest Practicable Date, representing 1% of the issued ordinary shares as at that date, and
(ii) 78,520,831 ordinary shares on the Latest Practicable Date, representing 2% of the issued ordinary shares
as at that date, at the maximum price of $0.99 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 2022 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 a proxy(ies) and/or representative(s) to attend, speak and vote at the Annual
General Meeting and/or any adjournment thereof, a member of the Company (i) 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 proxies and
representatives appointed for the Annual General Meeting (including any adjournment thereof) and the preparation
and compilation of the attendance lists, minutes and other documents relating to the Annual General Meeting
(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 (collectively, the “Purposes”),
(ii) warrants that where the member discloses the personal data of the member’s proxy(ies) and/or representative(s)
to the Company (or its agents or service providers), the member has obtained the prior consent of such proxy(ies)
and/or representative(s) for the collection, use and disclosure by the Company (or its agents or service providers)
of the personal data of such proxy(ies) and/or representative(s) for the Purposes, and (iii) agrees to provide the
Company with written evidence of such prior consent upon reasonable request.
NOTICE OF ANNUAL GENERAL MEETINGFRASERS PROPERTY LIMITED FRASERS PROPERTY LIMITED
(Incorporated in Singapore)
(Company Registration No. 196300440G)
IMPORTANT
1. The Annual General Meeting (“AGM”) will be held, in a wholly physical format, at the Grand Ballroom, Level 2, InterContinental Singapore, 80 Middle Road, Singapore
188966 on Wednesday, 18 January 2023 at 2.00 p.m. (Singapore time), 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. There will be no option for shareholders to participate
virtually. Printed copies of the Notice of AGM dated 23 December 2022 and this proxy form will be sent by post to members. These documents will also be published
on the Company’s website at the URL https://www.frasersproperty.com and the SGX website at the URL https://www.sgx.com/securities/company-announcements.
2. Arrangements relating to attendance at the AGM by shareholders, including CPF and SRS investors, submission of questions to the Chairman of the Meeting by
shareholders, including CPF and SRS investors, in advance of, or at, the AGM, addressing of substantial and relevant questions in advance of, or at, the AGM, and
voting at the AGM by shareholders, including CPF and SRS investors, or (where applicable) duly appointed proxy(ies), are set out in the accompanying Company’s
announcement dated 23 December 2022. This announcement may be accessed at the Company’s website at the URL https://www.frasersproperty.com and the SGX
website at the URL https://www.sgx.com/securities/company-announcements.
3. Please read the notes overleaf which contain instructions on, inter alia, the appointment of a proxy(ies).
4. This proxy form is not valid for use and shall be ineffective for all intents and purposes if used or purported to be used by CPF and SRS investors. CPF and SRS
investors who wish to appoint the Chairman of the Meeting as proxy to vote on their behalf at the AGM, should approach their respective CPF Agent Banks or SRS
Operators to submit their votes by 5.00 p.m. on 6 January 2023.
5. By submitting an instrument appointing a proxy(ies) and/or representative(s), the member accepts and agrees to the personal data privacy terms set out in the Notice
of AGM dated 23 December 2022.
P ROX Y FO R M
ANNUAL GENERAL MEETING
*I/We ____________________________________________________ (Name) ____________________________________________________ (NRIC/Passport/Co Reg Number)
of ____________________________________________________________________________________________________________________________________________ (Address)
being a *member/members of Frasers Property Limited (the “Company”), hereby appoint:
Name
Address
NRIC/Passport
Number
Proportion of Shareholdings
No. of Shares
%
*and/or
Name
Address
NRIC/Passport
Number
Proportion of Shareholdings
No. of Shares
%
or failing *him/them, the Chairman of the Meeting, as *my/our *proxy/proxies to attend, speak and vote for *me/us on *my/our behalf
at the AGM of the Company to be held at 2.00 p.m. (Singapore time) on Wednesday, 18 January 2023 at the Grand Ballroom, Level 2,
InterContinental Singapore, 80 Middle Road, Singapore 188966 and at any adjournment thereof. *I/We direct *my/our *proxy/proxies
to vote for or against or to abstain from voting on the resolutions to be proposed at the AGM as indicated below.
.
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RESOLUTIONS RELATING TO:
ROUTINE BUSINESS
To receive and adopt the Directors’ statement and audited financial statements for
the year ended 30 September 2022 and the auditors’ report thereon.
To approve a final tax-exempt (one-tier) dividend of 3.0 cents per share in respect of
the year ended 30 September 2022.
(a) To re-appoint Director: Mr Tan Pheng Hock
(b) To re-appoint Director: Mr Wee Joo Yeow
(c) To re-appoint Director: Mr Sithichai Chaikriangkrai
(d) To re-appoint Director: Mr Chin Yoke Choong
(e) To re-appoint Director: Mr Pramoad Phornprapha
(f) To re-appoint Director: Mrs Siripen Sitasuwan
(g) To re-appoint Director: Mr Thapana Sirivadhanabhakdi
To approve Directors’ fees of up to $2,500,000 payable by the Company for the year
ending 30 September 2023 (last year: up to $2,500,000).
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 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 your proxy/proxies to cast all your votes “For” or “Against” a resolution, please indicate with a tick (√) 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 your proxy/proxies to abstain from voting on a resolution, please indicate with a tick (√) 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 any other case, the proxy/proxies may vote or abstain
as the proxy/proxies deems fit on any of the above resolutions if no voting instruction is specified, and on any other matter arising at the AGM.
Dated this ____________________ day of ____________________ *2022/2023.
* Delete whichever is inapplicable.
Signature/Common Seal of Member(s)
IMPORTANT: PLEASE READ NOTES OVERLEAF
Total Number of Shares
Held (Note 1)
3rd fold here
NOTES TO PROXY FORM:
Glue all sides firmly. Do not staple or spot seal.
1.
If the member has shares entered against his/her/its name in the Depository Register (maintained by The Central Depository (Pte) Limited),
he/she/it should insert that number of shares. If the member has shares registered in his/her/its name in the Register of Members (maintained
by or on behalf of the Company), he/she/it should insert that number of shares. If the member has shares entered against his/her/its name in the
Depository Register and shares registered in his/her/its name in the Register of Members, he/she/it should insert the aggregate number of shares.
If no number is inserted, this instrument appointing a proxy(ies) will be deemed to relate to all the shares held by the member.
2.
(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 AGM. Where
such member’s form of proxy appoints more than one proxy, the proportion of the shareholding concerned to be represented by each proxy
shall be specified in the form of proxy.
(b) A member who is a relevant intermediary is entitled to appoint more than two proxies to attend, speak and vote at the AGM, but each proxy
must be appointed to exercise the rights attached to a different share or shares held by such member. Where such member’s form of proxy
appoints more than two proxies, the number and class of shares in relation to which each proxy has been appointed shall be specified in the
form of proxy.
“Relevant intermediary” has the meaning ascribed to it in Section 181 of the Companies Act 1967.
A member can appoint the Chairman of the Meeting as his/her/its proxy, but this is not mandatory.
3. A proxy need not be a member of the Company.
4. The instrument appointing a proxy(ies) 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 via email to the Company’s Share Registrar at sg.is.FPLproxy@sg.tricorglobal.com,
in each case, not less than 72 hours before the time appointed for holding the AGM.
5. Completion and submission of the instrument appointing a proxy(ies) by a member will not prevent him/her from attending, speaking and voting
at the AGM if he/she so wishes. The appointment of the proxy(ies) for the AGM will be deemed to be revoked if the member attends the AGM
in person and in such event, the Company reserves the right to refuse to admit any person or persons appointed under the relevant instrument
appointing a proxy(ies) to the AGM.
6. The instrument appointing a proxy(ies) must be signed under the hand of the appointor or of his/her attorney duly authorised in writing. Where
the instrument appointing a proxy(ies) 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(ies) 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 is submitted by post, be lodged with the instrument or, if the
instrument is submitted electronically via email, be emailed with the instrument, failing which the instrument may be treated as invalid.
8. The Company shall be entitled to reject an instrument appointing a proxy(ies) 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(ies)
(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(ies) 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 AGM, as certified by The Central Depository (Pte) Limited to the
Company.
BUSINESS REPLY SERVICE
PERMIT NO. 09560
1st Fold here
(095600)
Postage will
be paid by
addressee.
For posting in
Singapore only.
THE COMPANY SECRETARY
FRASERS PROPERTY LIMITED
c/o Tricor Barbinder Share Registration Services
(A division of Tricor Singapore Pte. Ltd.)
80 Robinson Road #11-02
Singapore 068898
BUSINESS REPLY SERVICE
BUSINESS REPLY SERVICE
PERMIT NO. 09560
PERMIT NO. 09560
(095600)
THE COMPANY SECRETARY
THE COMPANY SECRETARY
FRASERS PROPERTY LIMITED
FRASERS PROPERTY LIMITED
c/o Tricor Barbinder Share Registration Services
c/o Tricor Barbinder Share Registration Services
(A division of Tricor Singapore Pte. Ltd.)
80 Robinson Road
(A division of Tricor Singapore Pte. Ltd.)
#11-02
80 Robinson Road #11-02
Singapore 068898
Singapore 068898
2nd Fold here
Glue all sides firmly. Do not staple or spot seal.
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