Forging Trust
Evolving Stronger
Annual Report 2023
Contents
OVERVIEW
10
12
13
14
16
17
18
19
Key Highlights
Corporate Profile
Group Portfolio Approach
Our Businesses
Our Multinational Presence
Group Structure
FY23 Key Milestones
Financial Highlights
ORGANISATIONAL
20
27
32
34
40
42
44
48
Board of Directors
Group Management
Chairman’s Statement
In Conversation with the Group CEO
Investor Relations
Treasury Highlights
Awards and Accolades
Enterprise Risk Management
BUSINESS
54
Business Review
• Singapore
• Australia
• Industrial
• Hospitality
• Thailand & Vietnam
• Others
ESG HIGHLIGHTS
106
FY23 ESG Highlights
CORPORATE GOVERNANCE
110 Corporate Governance Report
FINANCIAL &
ADDITIONAL INFORMATION
Financial Statements
Particulars of Group Properties
Interested Person Transactions
156
288
348
349 Use of Proceeds
351
353 Notice of Annual General Meeting
360 Additional Information on Directors
Shareholding Statistics
Seeking Re-Appointment
Proxy Form
FPL Fact Sheet
Corporate Information
Glossary
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
: 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
GVREIT
: Golden Ventures Leasehold REIT
Abbreviations of states/countries/regions
ACT
EU
NSW
QLD
SA
VIC
UK
WA
: Australian Capital Territory
: European Union
: New South Wales
: Queensland
: South Australia
: Victoria
: United Kingdom
: Western Australia
Other abbreviations
APBFE
: Attributable profit before fair value
change and exceptional items
ARF
AUM
BCA
CBD
DDC
DPU
EMTN
ERM
ESG
FY
GDP
GDV
GFA
GLA
IR
JV
MTN
NAV
NLA
NPI
PBIT
: 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 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,
tax 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
: The 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
Forging Trust
Evolving Stronger
At Frasers Property, everything we create is built on the firm foundations
of experience, expertise and trust. Across our diversified asset classes
and geographies, we shape spaces and help connect and strengthen
businesses and communities. By anchoring to our shared Purpose
– Inspiring experiences, creating places for good. – and focusing on
engaging with our stakeholders, Frasers Property can deliver long-term
value creation. When we consistently provide quality products, solutions
and positive experiences, we forge greater trust with our stakeholders.
This strengthens relationships, fuels further growth, and helps us to evolve
and progress as a future-ready, resilient and stronger organisation.
Built on a strong
foundation to seize
Growth Opportunities
From growing our industrial and logistics presence across
markets to our leading suburban retail portfolio in Singapore,
our established platforms and strong operating capabilities
across asset classes position us to seize growth opportunities.
Built on a strong
foundation to seize
Growth Opportunities
NEX, Singapore
Creating
Places for Good
We believe in creating inclusive places for everyone, by helping
to build connections, driving wellness and collaboration in the
community. Fostering engagement is not just good for tenant
retention, it results in stronger, more resilient communities.
Creating
Places for Good
C-asean Samyan CO-OP, Bangkok, Thailand
Progress on our
ESG Goals
As we advance on our Group goals set out in 2021,
we have gained valuable insights and identified areas for
continued focus. This forms the basis for our refreshed Group
ESG Goals, detailed in our ESG Report 2023, building upon our
achievements and learnings as well as further aligning with
evolving standards and industry developments.
Progress on our
ESG Goals
Rubix Connect, Victoria, Australia
The power of
Partnerships
Partnerships play a key role in enabling our progress as a
Group. From knowledge sharing to fuelling innovation,
we can drive collective change to achieve mutual success.
To enable Frasers Property to thrive for the long term,
we invest in nurturing our key partner ecosystem to create
a network effect of shared value, which builds trust and
encourages accountability.
The power of
Partnerships
The Horsley Park Estate, New South Wales, Australia
10
Frasers Property Limited
Annual Report 2023
Key Highlights
Progressing on long-term value creation
Building innovation
Innovative engineering methods employed in
the construction of our developments help us to
minimise impact to surrounding areas while boosting
efficiency. At Rivière, our recently completed luxury
development located along the Singapore River,
we designed and constructed a circular strut-free
Caisson Diaphragm Wall measuring 90 m in diameter
to absorb lateral earth pressures during construction,
safeguarding structures which sit atop the site
partly bound by a river bend. Together with off-site
prefabricated construction methods, our innovative
techniques were internationally recognised with the
’Award of Excellence’ in the Construction category
at the Council on Tall Buildings and Urban Habitat
(CTBUH) 2023 Awards.
Green financing for a
sustainable future
We are on track to meeting our goal of financing
a majority of our new sustainable asset portfolio
with green and sustainable financing by 2024.
To date, we have secured more than $11.4 billion1
of green or sustainability-linked loans and bonds.
This includes achieving 100% sustainability-linked
financing for our Australian business and the
arrangement of 12 green or sustainability-linked
loans amounting to approximately $3.5 billion.
Delivering future-ready spaces
with best-in-class infrastructure
The future of work fuels the transformation of
today’s workplaces. From quality core and flex
spaces to sustainable and digital solutions,
we are attuned to our tenants’ and occupiers’
evolving needs.
At Sathorn Square in Thailand, we launched
PromptMove, an office space with a flexible
subscription model. It provides customers and
entrepreneurs with fully furnished office spaces
to meet their business needs.
Our properties are equipped with tech-enabled
features to ensure that they adapt to changing
workplace requirements and remain resilient and
future-proof.
1
Includes joint ventures’ and associates’ financing facilities which are not included in the Group’s consolidated financial statements.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
11
Unlocking efficiencies through
digitalisation
We rolled out several digitalisation initiatives this year
across our businesses and geographies with an eye on
streamlining processes and enhancing efficiencies. For
instance, we migrated to a new cloud-based commercial
valuation and asset management enterprise system in
Australia, Europe, Singapore and Vietnam, standardising
property management business processes and asset
modelling tools for more timely decision-making. Such
initiatives enable us to be more agile as a Group and
stay ahead of the rapidly evolving business landscape.
Progressing through like-minded
strategic partnerships
Strategic partnerships enable the Group to
work with like-minded partners to seize new
opportunities.
We deepened our presence in Vietnam with our
local partner to add approximately 446,000 sqm
(out of approximately 776,000 sqm secured)
of land for premium industrial estates in the
country’s north. Over in Australia, our successful
ongoing capital partnership has paved the way
for three additional apartment developments
with a combined estimated end value of
A$797.0 million ($700.0 million), at Sydney’s
Midtown MacPark masterplanned community.
Employer of Choice across our
key markets
As a purpose-led company, we invest in our
employees to enable them to realise their full
potential. We are committed to fostering a diverse,
collaborative and open workplace culture,
based on our core values of being collaborative,
progressive, respectful and real.
In recognition of our efforts to become an
employer of choice, we received several
accolades, including the LinkedIn ‘Learning
Champion’ award (Singapore), the WGEA
Employer of Choice for Gender Equality citation
(Australia), HR Asia’s Best Companies to Work for
in Asia (Thailand and Vietnam), as well as the EG
Employer Award 2022 (UK).
1
Includes joint ventures’ and associates’ financing facilities which are not included in the Group’s consolidated financial statements.
12
Frasers Property Limited
Annual Report 2023
Corporate Profile
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 $39.8 billion as at 30 September 2023.
Frasers Property’s multinational businesses operate
across five asset classes, namely, commercial & business
parks, hospitality, industrial & logistics, residential
and retail. The Group has businesses in Southeast
Asia, Australia, the EU, the UK and China, and its well-
established hospitality business owns and/or operates
serviced apartments and hotels in over 20 countries and
more than 70 cities across Asia, Australia, Europe, the
Middle East and Africa.
Frasers Property is also the sponsor of two real estate
investment trusts (REITs) and one stapled trust listed
on the SGX-ST. Frasers Centrepoint Trust and Frasers
Logistics & Commercial Trust are focused on retail, and
industrial & commercial properties, respectively. Frasers
Hospitality Trust (comprising Frasers Hospitality Real
Estate Investment Trust and Frasers Hospitality Business
Trust) is a stapled trust focused on hospitality properties.
In addition, the Group has two REITs listed on the Stock
Exchange of Thailand. Frasers Property (Thailand) Public
Company Limited is the sponsor of Frasers Property
Thailand Industrial Freehold & Leasehold REIT, which is
focused on industrial & logistics properties in Thailand,
and Golden Ventures Leasehold Real Estate Investment
Trust, which is focused on commercial properties.
The Group is committed to inspiring experiences and
creating places for good for its stakeholders. By acting
Rivière, Singapore
Total Assets ($’m)
progressively, producing and consuming responsibly, and
2019
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.
2020
2021
2022
2023
37,632.9
38,748.1
40,256.9
40,165.1
39,781.4
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
13
Group Portfolio Approach
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.
ACHIEVE
SUSTAINABLE
GROWTH AND
DELIVER
LONG-TERM
SHAREHOLDER
VALUE
PBIT ($’m)
Attributable Profit ($’m)
2019
2020
2021
2022
2023
1,292.6
2019
560.3
1,245.6
2020
188.1
1,424.7
2021
833.1
1,249.2
2022
928.3
1,313.2
2023
173.1
Winnersh Triangle, Reading,
United Kingdom
Melinh Point, Ho Chi Minh City,
Vietnam
Our Businesses
Singapore
Australia
Frasers Property Singapore has
expertise in the management and
development of retail, commercial,
residential as well as large-scale,
mixed-use developments. As at
30 September 2023, it has
$10.7 billion1 retail assets under
management, comprising 13 retail
malls2, and $4.2 billion3 commercial
assets under management, comprising
six commercial properties. These
include assets held under Frasers
Centrepoint Trust and Frasers
Logistics & Commercial Trust. Frasers
Property Singapore is a leading
suburban retail mall owner and
operator in Singapore. It is also a
well-established residential
property developer in Singapore,
having developed over 22,000
quality homes.
Frasers Centrepoint Trust
Frasers Centrepoint Trust, an SGX-ST
listed REIT, is a leading suburban
retail mall owner in Singapore with
assets under management of about
$6.9 billion4. Its retail portfolio
comprises 10 retail malls – with
over 270,000 sqm5 of net lettable
area and over 1,700 leases – and
an office building. The assets are
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 Ltd., a wholly owned
subsidiary of Frasers Property.
Frasers Property Australia is one of
Australia’s largest diversified real
estate businesses 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
carbon-neutral energy for selected
properties and communities it
creates, through its wholly owned
and licensed energy retailer, Real
Utilities. Frasers Property Australia
has delivered over 8.6 million sqm
of Green Star-rated space and
is certified by the Australian
government’s Climate Active
programme. As at 30 September
2023, Frasers Property Australia
has a residential pipeline of about
11,000 units6,10 and investment
properties under management
totalling $2.0 billion, including
assets held under Frasers Logistics
& Commercial Trust.
Industrial
Frasers Property Industrial develops,
manages and invests in premium
industrial and logistics properties
located strategically in Australia,
Germany and the Netherlands.
Frasers Property Industrial has a
track record of delivering premium
industrial and logistics spaces and
has strengthened its development
pipeline with 17 committed projects
valued at approximately $1.6 billion.
As at 30 September 2023, it has
an asset management portfolio
amounting to $11.0 billion and a
land bank spanning 2.4 million sqm.
Frasers Logistics &
Commercial Trust
Frasers Logistics & Commercial
Trust is an SGX-ST listed REIT with
a portfolio of 107 industrial and
commercial properties7 valued at
approximately $6.4 billion8, across
Australia, Germany, Singapore,
the UK and the Netherlands. Its
investment mandate includes
investing in income-producing
properties used predominantly
for logistics or industrial purposes
located globally, commercial (CBD
office space) or business park
purposes (non-CBD office space,
research and development space),
located in the Asia-Pacific region,
the EU and the UK. Frasers Logistics
& Commercial Trust is a constituent
of the Straits Times Index, the FTSE
EPRA Nareit Global Real Estate
Index Series, S&P Global REIT Index
and the Global Property Research
(GPR) 250. Frasers Logistics &
Commercial Trust is managed by
Frasers Logistics & Commercial
Asset Management Pte. Ltd., a
wholly owned subsidiary of
Frasers Property.
Hospitality
With a geographically diversified
portfolio in over 20 countries
across Asia, Australia, Europe, the
Middle East and Africa. Frasers
Hospitality is one of the world’s
largest providers of serviced and
hotel residences. Conceived with
the lifestyle preferences of today’s
discerning business and leisure
travellers in mind, the global
hospitality operator has a stable
of serviced residence offerings
comprising Fraser Suites, Fraser
Residence and Fraser Place, a
design-led hotel residence brand,
Capri by Fraser and a modern and
eco-lifestyle brand, Modena by
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
15
Fraser. Frasers Hospitality has a
global portfolio of over 15,900 units
in operation, and approximately
3,600 units in the pipeline.
In addition, it operates two brands
of upscale boutique lifestyle
hotels across key cities in the UK,
Malmaison and Hotel du Vin.
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, the EU and the UK,
with 3,477 keys and a combined
appraised value of about $1.9 billion9,
as at 30 September 2023.
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 an 81.8%
deemed interest in Frasers Property
Thailand, which develops and
manages a diversified portfolio
of assets across the residential,
industrial and logistics, commercial,
retail and hospitality asset classes
in Thailand. Frasers Property
Thailand, which is among the largest
property developers in Thailand
by asset size, is listed on the Stock
Exchange of Thailand (SET) with
assets in excess of $4.3 billion, as at
30 September 2023.
Frasers Property Thailand is the
sponsor and manager of two SET-
listed REITs, with combined assets
under management of $2.3 billion.
Frasers Property Thailand has a
26.6% stake in Frasers Property
Thailand Industrial Freehold &
Leasehold REIT, the country’s
largest listed industrial REIT with
about $1.9 billion portfolio value,
as at 30 September 2023. Frasers
Property Thailand also has a 23.6%
stake in Golden Ventures Leasehold
REIT, a commercial REIT with a
portfolio value of $400.2 million.
Frasers Property, through Frasers
Property Holdings (Thailand) Co.
Ltd., holds a 19.8% effective stake
in, and is the development manager
of One Bangkok, the largest
integrated precinct in Thailand.
Vietnam
Frasers Property Vietnam is a fully
integrated investor, developer
and asset manager of industrial
and logistics, commercial, and
residential properties. Its portfolio
includes the development of
approximately 680,000 sqm of
industrial and logistics facilities
that spans northern and southern
Vietnam. Its commercial assets,
covering over 22,500 sqm of net
lettable commercial space in Ho
Chi Minh City, are recognised
as green-certified, international-
grade sustainable developments.
It also has residential development
expertise and completed and fully
handed over a residential mixed-use
development in recent years.
United Kingdom
Frasers Property UK is a fully
integrated investor, developer,
and asset manager of residential,
commercial, business park and
industrial properties. As at
30 September 2023, the commercial
portfolio comprised over 538,000
sqm of commercial and industrial
business space in strategic UK-
wide locations, which are home to
over 450 companies. In addition,
Frasers Property UK launched The
Rowe, a 15,000 sqm commercial
development in central London.
Frasers Property UK has also
completed the development
of more than 1,100 homes over
the years.
Frasers Property UK also supports
in the management of Frasers
Logistics & Commercial Trust’s
UK properties, comprising three
business parks and four logistics
assets. Frasers Property UK has
assets under management totalling
$2.1 billion as at 30 September
2023, including Frasers Logistics &
Commercial Trust’s UK properties
and development projects.
China
Frasers Property China focuses on
the residential, commercial, logistics
and business park segments in core
Chinese cities and is on track to
deliver five residential development
projects in Shanghai with minimum
1 Star China Green Building Label
certification. These include two
new additions to the residential
development portfolio in FY23,
yielding a total of 390 units10,11, of
which only 55 units10,12 remained in
the land bank as at 30 September
2023. Frasers Property China is
also developing 46 retail units13
at Gemdale Megacity in Shanghai
and has about 81,000 sqm of
development land bank at Chengdu
Logistics Hub.
1 Comprises retail property assets in
Singapore in which the Group has an
interest, including assets held by
Frasers Centrepoint Trust and excluding
Eastpoint Mall.
2 The divestment of Changi City Point was
completed on 31 October 2023.
3 Comprises commercial property assets
in Singapore in which the Group has an
interest, including assets held by Frasers
Centrepoint Trust and Frasers Logistics &
Commercial Trust.
4 Total assets of Frasers Centrepoint Trust’s
investment portfolio (including Central
Plaza) as at 30 September 2023, including
its 50.0% stake in Waterway Point’s total
assets, 25.5% effective stake in NEX’s total
assets and includes Changi City Point
which has been reclassified to “Assets held
for sale” as at 30 September 2023.
5 Net lettable area includes Tampines 1
which is undergoing asset enhancement
initiative, Changi City Point which has been
reclassified to “Assets held for sale” as at
30 September 2023, and 100.0% share in
Waterway Point and NEX. It also includes
area currently used as Community/Sports
Facilities Scheme space.
6 Gross – 14,091 units.
7 Excludes the property under development
in the UK.
8 Excludes the property under development
in the UK and right-of-use assets.
9 Book value as reported by Frasers
Hospitality Trust and excludes right-of-use
assets.
10 Includes subsidiaries at gross (100.0%)
and equity-accounted joint ventures and
associates, and joint operations at their
effective share.
11 Gross – 1,724 units.
12 Gross – 168 units.
13 Gross – 101 units.
16
Frasers Property Limited
Annual Report 2023
Our Multinational Presence
Frasers Property is a multinational real estate group with a well-diversified portfolio
across asset classes, geographies and customer segments in over 20 countries and
more than 70 cities.
UK•••
Netherlands•
France•
Spain•
•• Germany
• Switzerland
• Turkey
Saudi Arabia•
Qatar•
• Bahrain
• UAE
Oman•
Nigeria•
South Korea•
China••••
• Japan
Thailand•••••
•••• Vietnam
• Cambodia
Malaysia••
Singapore••••
Indonesia••
Australia•••••
• Residential
• Commercial & Business Parks
• Industrial & Logistics
• Hospitality
• Retail
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
17
Group Structure
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
$12.5 billion2
Retail
$9.8 billion2
Commercial &
Business Parks
$13.4 billion2
Industrial & Logistics
$48.6 billion2
Assets Under
Management
across five
asset classes
~4,100
Residential Units Settled
in FY23
$4.6 billion2
Hospitality; ~20,3003
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 Hospitality
18
Frasers Property Limited
Annual Report 2023
FY23 Key Milestones
October 2022
November 2022
December 2022
January 2023
February 2023
Awarded Runner-
Up for the Most
Transparent
Company Award
in the real estate
category at the
SIAS Investors’
Choice Awards
Earned Thailand
Sustainable
Warehouse
Development
Company of the
Year Award 2022
from Frost &
Sullivan
Became the
first real estate
company in
Vietnam to obtain
Science Based
Targets initiative’s1
approved targets
Received EG
Employer of the
Year award in the
UK for core values,
diversity & inclusion
and wellbeing
Achieved full
sustainability-
linked financing
in the Australian
portfolio
Solidified
position as a
leading suburban
retail owner
and operator in
Singapore with
the announced
acquisition of a
50.0% stake in
NEX shopping mall
June 2023
May 2023
April 2023
March 2023
Attained
WiredScore
certifications for
seven properties
across Singapore
and Thailand
Made maiden
acquisitions in
the premium
rental apartment
segment in
Shenzhen, China
and Osaka, Japan
Achieved first
6 Star Green Star
Communities
rating for an
industrial estate
in Australia with
The YARDS
Emerged top three
in Australia on
the AFR BOSS
Best Places to
Work list in the
property, transport
and construction
category
Won ‘Best Green
Loan’ at The
Asset Triple A
Sustainable
Capital Markets
Awards 2022
Celebrated the
silver jubilee of
Frasers Hospitality
Retained WGEA
Employer of
Choice for
Gender Equality
citation for fifth
year running in
Australia
Entered
partnership to
grow industrial
portfolio in
northern Vietnam
July 2023
August 2023
September 2023
October 2023
Received approval
from the Science
Based Targets
initiative1 for the
Industrial platform
in Australia, the
EU and the UK
for its emissions
reduction targets
Recognised as
Thailand’s leading
integrated real
estate company by
Frost & Sullivan
Recognised
with Diversity,
Equity & Inclusion
award at the
Property Council
of Australia’s
Innovation &
Excellence Awards
Completed the
refurbishment of
Alexandra Point
headquarters
in Singapore to
update the
30-year old
building in line
with Future of
Work requirements
and further
enhance
sustainability
specifications
Achieved strong
overall scores
at GRESB 2023
assessment,
with Regional
Sector Leader
recognition
for Singapore
and Industrial’s
Australian
businesses
Strengthened the
existing capital
partnership to
deliver three
additional apartment
developments at
Midtown MacPark
in Australia
Recognised as
one of Thailand’s
‘Best Companies
to Work for in Asia’
and received
‘Most Caring
Company Award’
from HR Asia
1 Science Based Targets initiative (SBTi): https://sciencebasedtargets.org.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
19
Financial Highlights
2019
2020
2021
2022
2023
Revenue ($’m)
3,791.9
3,597.0
3,763.8
3,877.0
3,947.1
Profit before interest, fair value change on investment
properties, tax and exceptional items ($’m)
1,292.6
1,245.6
1,424.7
1,249.2
1,313.2
Profit before tax ($’m)
Before fair value change on investment properties and
exceptional items
923.6
803.3
1,048.0
918.9
884.1
After fair value change on investment properties and
exceptional items
1,353.1
804.9
2,027.4
2,129.5
400.8
Attributable profit ($’m)
Before fair value change on investment properties and
exceptional items
350.1
229.2
399.5
398.8
350.3
After fair value change on investment properties and
exceptional items
560.3
188.1
833.1
928.3
173.1
Earnings per share (cents)1
Attributable profit before fair value change on
investment properties and exceptional items
Attributable profit after fair value change on investment
properties and exceptional items
Dividend per ordinary share (cents)
8.7
15.9
6.0
5.2
3.8
1.5
10.0
8.7
7.7
22.6
22.2
3.1
2.0
3.0
4.5
Net asset value (shareholders’ equity) ($’m)
7,404.4
7,560.2
9,544.2 10,345.9
9,894.9
Net asset value per share ($)
2.54
2.58
2.44
2.64
2.52
Return on average shareholders’ equity (%)2
Attributable profit before fair value change on
investment properties and exceptional items
Attributable profit after fair value change on investment
properties and exceptional items
3.4
6.3
2.0
1.5
4.0
9.1
3.4
3.0
8.8
1.2
1 Based on weighted average number of ordinary shares in issue. In 2019, 2020, 2021, 2022 and 2023, the weighted average number of shares
was 2,917,873,000, 2,968,406,000, 3,432,010,000, 3,923,832,000 and 3,926,042,000, 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.
2 After distributions to perpetual securities holders over average shareholders’ equity.
20
Frasers Property Limited
Annual Report 2023
Board of Directors
As at 30 September 2023
Charoen
Sirivadhanabhakdi, 79
Non-Executive and
Non-Independent Chairman
Date of appointment as a director
25 October 2013
Length of service as director
9 years 11 months
(as at 30 September 2023)
Board committees served on
Nil
Academic & professional qualifications
• Honorary Doctoral Degree in Social
Science (Social Work), Mahamakut
Buddhist University, Thailand
• Honorary Doctoral Degree in Marketing,
Rajamangala University of Technology
Isan, Thailand
• Honorary Doctoral Degree in
Buddhism (Social Work) from
Mahachulalongkornrajavidyalaya,
Thailand
Present directorships in other
companies (as at 30 September 2023)
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/Executive Chairman)
• Thai Group Holdings Public Company
Limited (Chairman)
Listed REITs/Trusts
Nil
Others
• International Beverage Holdings Limited
(Chairman)
• Siriwana Co., Ltd. (Chairman)
• Sura Bangyikhan Group of Companies
• Honorary Doctorate Degree in Business
(Chairman)
Administration, Sasin Graduate
Institute of Business Administration of
Chulalongkorn University, Thailand
• Honorary Doctoral Degree in Hospitality
Industry and Tourism, Christian
University of Thailand, Thailand
• TCC Asset World Corporation Limited
(Chairman)
• TCC Corporation Limited (Chairman)
• TCC Group of Companies (Chairman)
• TCC Land Co., Ltd. (Chairman)
• Honorary Doctoral Degree in Sciences
and Food Technology, Rajamangala
University of Technology Lanna, Thailand
Major appointments
(other than directorships)
Nil
• 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
Past directorships in listed companies
held over the preceding 5 years
(from 1 October 2018
to 30 September 2023)
Nil
Past major appointments
• Beer Thai (1991) Public Company
Limited (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
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
21
Panote
Sirivadhanabhakdi, 45
Group Chief Executive Officer
Executive and Non-Independent Director
Date of appointment as a director
8 March 2013
Length of service as director
10 years 6 months
(as at 30 September 2023)
Board committees served on
• Board Executive Committee
• Sustainability and Risk Management
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 September 2023)
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
• Asian Capital Company Limited
• Athimart Company Limited
(Vice Chairman)
• Beer Thip Brewery (1991) Co., Ltd.
• Baanboung Vetchakij Company Limited
• 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 (UK) Limited
• Frasers Property Holdings (Thailand)
Company Limited
• Golden Land Property Development
Public Company Limited
• lnterBev (Singapore) Limited
• International Beverage Holdings Limited
• International Beverage Holdings (China)
Limited
• International Beverage Holdings (UK)
Limited
• Kankwan Company Limited
• Kasem Subsiri Company Limited
• Kasemsubbhakdi Company 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
• Namjai Thaibev (Social Enterprise)
Company Limited
• Norm Company Limited
• NY Property Development Company
Limited
• One Bangkok Company Limited
• Plantheon Company Limited
• Quantum Trading Company Limited
• S.S. Karnsura Company Limited
(Vice Chairman)
• Siribhakditham Company Limited
• Sirivadhanabhakdi Company Limited
• SMJC Development Company Limited
• Sura Bangyikhan Company Limited
(Vice Chairman)
• TCC Assets (Thailand) Company Limited
• TCC Exhibition and Convention Centre
Company Limited
• T.C.C. Technology Company Limited
• Terragro Fertilizer Company Limited
• Thaibev Company Limited
• The Cha-Am Yacht Club Hotel Company
Limited
• Theparunothai Company Limited (Vice
Chairman)
• TRA Land Development 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 5 years
(from 1 October 2018
to 30 September 2023)
Nil
Past major appointments
• Chief Executive Officer of Univentures
Public Company Limited
• Real Estate Developers’ Association
of Singapore (REDAS) (Management
Committee)
Others
Nil
22
Frasers Property Limited
Annual Report 2023
Board of Directors
As at 30 September 2023
Date of appointment as a director
19 September 2022
Length of service as director
1 year (as at 30 September 2023)
Board committees served on
• Audit Committee
• Nominating Committee
• Remuneration Committee
Academic & professional qualifications
• Bachelor of Accountancy, University of
Singapore
• Distinguished Lifetime Member, Institute
of Singapore Chartered Accountants
• Fellow Chartered Accountant, Institute of
Chartered Accountants in England and
Wales
Present directorships in other
companies (as at 30 September 2023)
Listed companies
• AVJennings Limited
• Ho Bee Land Limited
Listed REITS/ Trusts
Nil
• Chairman, Corporate Governance
Advisory Committee
• Member of Advisory Board, Sunseap
Group Pte. Ltd.
Past directorships in listed companies
held over the preceding 5 years
(from 1 October 2018
to 30 September 2023)
• 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
Past major appointments
• Chairman, Housing and Development
Board
• 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
Others
• Temasek Holdings (Private) Limited
• Chairman of Singapore Totalisator Board
• Chairman of MediShield Life Review
Major appointments
(other than directorships)
• Senior Advisor, NTUC Fairprice
Co-operative Ltd
Committee
Others
Nil
Date of appointment as a director
17 October 2022
Length of service as director
1 year (as at 30 September 2023)
Board committees served on
• Board Executive Committee
• Nominating Committee
• Sustainability and Risk Management
Committee
Academic & professional qualifications
• 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
• Bachelor of Science in Electrical
Engineering (Honours), Northwestern
University, United States of America
Present directorships in other
companies (as at 30 September 2023)
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
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 5 years
(from 1 October 2018
to 30 September 2023)
• Thai Summit Harness Public Company
Limited
Past major appointments
Nil
Others
Nil
Chin Yoke Choong, 71
Non-Executive and Lead Independent Director
Pramoad Phornprapha, 57
Non-Executive and Independent Director
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
23
Siripen Sitasuwan, 75
Non-Executive and Independent Director
Date of appointment as a director
17 October 2022
Length of service as director
1 year (as at 30 September 2023)
Board committees served on
• Audit Committee
Academic & professional qualifications
• Master of Business Administration,
Wichita State University, Kansas, United
States of America
• Bachelor of Arts (Commerce),
Chulalongkorn University, Bangkok,
Thailand
Present directorships in other
companies (as at 30 September 2023)
Listed companies
• Sermsuk Public Company Limited
• Thanachart Capital Public Company
Limited
Listed REITs/Trusts
Nil
Others
Nil
Date of appointment as a director
20 March 2017
Length of service as director
6 years 6 months
(as at 30 September 2023)
Board committees served on
• Sustainability and Risk Management
Committee
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 September 2023)
Listed companies
Nil
Tan Pheng Hock, 66
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)
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 5 years
(from 1 October 2018
to 30 September 2023)
• Fraser and Neave, Limited
• Thai Solar Energy Public Company
Limited
Past major appointments
• Solaris Asset Management Co., Ltd
(Chairman)
Others
Nil
Past directorships in listed companies
held over the preceding 5 years
(from 1 October 2018
to 30 September 2023)
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
24
Frasers Property Limited
Annual Report 2023
Board of Directors
As at 30 September 2023
Date of appointment as a director
10 March 2014
Length of service as director
9 years 6 months
(as at 30 September 2023)
Board committees served on
• Board Executive Committee
• Audit Committee
• Remuneration Committee
• Nominating Committee
• Sustainability and Risk Management
Committee
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 5 years
(from 1 October 2018
to 30 September 2023)
• Great Eastern Holdings Limited
• Oversea-Chinese Banking Corporation
Limited
• Mapletree Industrial Trust Management
Ltd, Manager of Mapletree Industrial
Trust
• PACC Offshore Services Holdings Ltd.
Academic & professional qualifications
• Master of Business Administration, New
York University, USA
Past major appointments
• Managing Director and Head of
• Bachelor of Business Administration
(BBA Honours), University of Singapore
Corporate Banking Singapore, United
Overseas Bank Limited
Wee Joo Yeow, 76
Non-Executive and Independent Director
Present directorships in other
companies (as at 30 September 2023)
Listed companies
• Thai Beverage Public Company Limited
Others
Nil
Listed REITs/Trusts
Nil
Others
• WJY Holdings Pte Ltd
• WTT Investments Pte Ltd
Date of appointment as a director
5 July 2023
Length of service as director
3 months (as at 30 September 2023)
Board committees served on
• Audit Committee
• Sustainability and Risk Management
Committee
Academic & professional qualifications
• Doctor in Transformational Leadership,
Bethel Bible Seminary, Hong Kong
• Master of Science in Investment
Management, Hong Kong University of
Science and Technology
• Bachelor of Business Administration,
University of Singapore
Major appointments
(other than directorships)
• Chairman, Halftime Hong Kong Limited
• Finance Management Committee
Member, Hong Kong Management
Association
Past directorships in listed companies
held over the preceding 5 years
(from 1 October 2018
to 30 September 2023)
Nil
Past major appointments
• Chairman, HDR Global Trading Limited
• Deputy Chief Executive, Bank of China
(Hong Kong) Group
• Director, Tahoe Life Assurance Company
Limited
• Financial Industry Certified Professional,
• Director, EKPAC International Group
Institute of Banking and Finance,
Singapore
Present directorships in other
companies (as at 30 September 2023)
Listed companies
• China Merchants Bank Co., Ltd.
Listed REITs/Trusts
• EC World Asset Management Pte Ltd,
Manager of EC World REIT
• 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
Others
Nil
(Holdings) Limited
• Director, BOC Group Life Assurance
Company Limited
• Chairman, BOC International-Prudential
Trustee Limited
• Chairman, BOCHK Asset Management
Limited
• Board Member, Civil Service College,
Singapore
• Board Member, Energy Market Authority
• Customer Advisory Board Member,
Thomson Reuters
• Corporate Executive Vice President and
Chief Executive (South-East Asia) and
Managing Director (Hong Kong Branch)
of ABN AMRO Bank
Others
Nil
David Wong See Hong, 70
Non-Executive and Independent Director
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
25
Thapana
Sirivadhanabhakdi, 48
Non-Executive and Non-Independent Director
Date of appointment as a director
1 January 2023
Listed REITs/Trusts
Nil
Length of service as director
9 months (as at 30 September 2023)
Board committees served on
• Board Executive Committee
• Remuneration Committee
Academic & professional qualifications
• Honorary Doctoral Degree in Buddhism,
Mahachulalongkornrajavidyalaya
• Honorary Doctoral Degree in Business
Administration, Chiang Mai University
• 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
• Master of Science Administration in
Financial Economics, Boston University,
USA
• Bachelor of Business Administration
(Finance), Boston University, USA
Present directorships in other
companies (as at 30 September 2023)
Listed companies
• Amarin Corporations Public Company
Limited (formerly known as 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)
Others
• Adelfos Co., Ltd.
• Asia Breweries Limited
• BeerCo Limited
• BeerCo Training Co., Ltd (Chairman)
• Beer Thai (1991) Public Company
Limited (Chairman)
• Bistro Asia Co., Ltd. (Chairman)
• Cambodia Breweries Pte. Ltd.
• Food and Beverage United Co., Ltd
• InterBev Investment Limited
• International Beverage Holdings (China)
Limited (Vice Chairman)
• International Beverage Holdings (New
Zealand) Limited (Chairman)
• International Beverage Holdings Limited
(President and CEO)
• Plantheon Co., Ltd.
• Pracharath Rak Samakkee Social
Enterprise (Thailand) Co., Ltd.
• Red Bull Distillery (1988) Co., Ltd.
(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
• ThaiBev Co., Ltd.
• ThaiBev HC Development Co., Ltd.
• Thai Beverage Group of Companies
• The C Canvas Co., Ltd. (Chairman)
• 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 5 years
(from 1 October 2018
to 30 September 2023)
• 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)
• GMM Channel Holdings Co., Ltd.
(Director)
• Southeast Capital Co., Ltd.
(Vice Chairman)
• Southeast Insurance Public Company
Limited (Vice Chairman)
• Southeast Life Insurance Public
Company Limited (Vice Chairman)
• TCC Holdings (2519) Co., Ltd. (Director)
Others
• Knight of the Legion of Honor
(Chevalier de la Légion d’Honneur)
* Delisted from The Stock Exchange of Thailand on 11 August 2020
** Delisted from The Stock Exchange of Thailand on 6 September 2023
26
Frasers Property Limited
Annual Report 2023
Board of Directors
As at 30 September 2023
Date of appointment as a director
7 August 2013
Length of service as director
10 years 1 month
(as at 30 September 2023)
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 September 2023)
Listed companies
• Asset World Corporation Public
Company Limited
• Berli Jucker Public Company Limited
• Fraser and Neave, Limited
• Frasers Property (Thailand) Public
Company Limited
• Sermsuk 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
• Cambodia Breweries Pte. Ltd.
• Chang Beer Company Limited
• Eastern Seaboard Industrial Estate
(Rayong) Company Limited
• Food and Beverage Holding Co., Ltd.
• Oishi Group Public Company Limited
• Petform (Thailand) Co., Ltd.
• Siam Breweries Limited
• Siam Food Products Public Company
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, Chief
Investment Officer)
Past directorships in listed companies
held over the preceding 5 years
(from 1 October 2018
to 30 September 2023)
• Golden Land Property Development
Public Company Limited*
Past major appointments
• Thai Beverage Public Company Limited
(Group Chief Financial Officer)
Others
Nil
Sithichai Chaikriangkrai, 69
Non-Executive and Non-Independent Director
* Delisted from The Stock Exchange of Thailand on 11 August 2020
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
27
Group Management
As Group Chief Executive Officer, Panote 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. He is also leading the development of One Bangkok.
Panote has served on the Board of Directors for Frasers Property since 2013 before assuming
the role of Group Chief Executive Officer in 2016. He was previously the Senior Executive
Vice President of Strategic Planning at TCC Holding Company, where he led TCC Group’s real
estate development business in Thailand and oversaw its strategy for international property
investment. He is a board member of Thai Beverage Public Company Limited and Univentures
Public Company Limited. He is also a board director of National Gallery Singapore and a
trustee for Singapore Management University.
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, USA,
and a Certificate in Industrial Engineering and Economics from Massachusetts University, USA.
As Group Chief Corporate Officer, Khong Shoong oversees the Group’s Corporate
Secretariat and Legal, Data Protection, Sustainability, Corporate Administration and Internal
Audit functions. He is also responsible for Frasers Property Capital and assists Frasers
Property’s Group Chief Executive Officer in overseeing the evaluation, execution and
implementation of Group-wide projects and strategic initiatives as well as the development
of the Group’s international businesses.
Khong Shoong chairs the Finance Committees of Frasers Property Australia, Frasers
Property UK and Frasers Property Industrial. He is also a member of the Group’s governing
committees for sustainability, and purpose and 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 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.
Choo Leong has overall Group responsibility over the Finance, Accounting, Treasury,
Taxation, Strategic Investments 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. He 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 senior
management positions within 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.
Panote Sirivadhanabhakdi
Group Chief Executive Officer
Frasers Property Limited
Chia Khong Shoong
Group Chief Corporate Officer
Frasers Property Limited
Loo Choo Leong
Group Chief Financial Officer
Frasers Property Limited
28
Frasers Property Limited
Annual Report 2023
Group Management
As Group Chief Strategy & Planning Officer, Wanshi is responsible for the development
and integration of Frasers Property’s group strategy across the diverse businesses and
markets the Group operates in. Working in collaboration with the senior leadership
team, she oversees the Group’s portfolio and investment management, research, risk
management, communications and branding, and strategic innovation functions. In
addition, she co-leads the Group’s governing committees for sustainability, purpose
and culture, and innovation.
Before joining the Group, Wanshi held positions as Head of Investment Management at
CapitaLand, Director of Multi-Asset Class Research at Mount Kellett Capital (Hong Kong),
as well as Vice President for Distressed Products Group and Strategic Investment Group
at Deutsche Bank.
Wanshi is a member of the investment committee at The National Kidney Foundation
Singapore and Vice Chairman of the Executive Committee at the Urban Land Institute in
Singapore. She holds a double degree from the University of Pennsylvania, USA,
graduating summa cum laude from The Wharton School with a Bachelor of Science in
Economics with a concentration in Finance, and the College of Arts and Sciences with
a Bachelor of Arts in Economics.
As Group Chief Digital Officer, 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. 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 experience in driving digital and innovative technology
application for the financial services, real estate, energy and manufacturing industries
in multiple countries, including USA, Japan, United Arab Emirates and Singapore while
working for General Electric & GE Capital. Prior to joining Frasers Property, he was
Chief Digital Officer at SP Group and Chief Information Officer for Asia Pacific at
Janssen Pharmaceutical.
He holds a Bachelor of Engineering with Honours from the Nanyang Technological
University in Singapore.
Vicki leads the development of Frasers Property’s people strategy as Group Head of
People and oversees all aspects of Frasers Property’s human capital, including global
recruitment and retention of a diverse workforce, total rewards and organisation
effectiveness.
Vicki has over two decades of in-house and consulting practice experience leading
human resource teams of business partners and specialists across multi-geographies
and cultures. She brings broad sector experience spanning multinational corporations
in real estate, REITs, financial institutions, oil and gas, as well as government service.
Vicki holds a Master of Business Administration from the University of Western Australia,
Australia, and a Bachelor of Business Administration from the National University of
Singapore.
Zheng Wanshi
Group Chief Strategy & Planning Officer
Frasers Property Limited
Samuel Tan
Group Chief Digital Officer
Frasers Property Limited
Vicki Ng
Group Head of People
Frasers Property Limited
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Rod serves as Chairman for the management boards of Frasers Property Industrial, Frasers
Property Australia and Frasers Property UK. He is also a co-opted member of the Board
Executive Committee of Frasers Property Limited.
Rod has 38 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 and after its acquisition in 2014, was Chief Executive Officer of Frasers
Property Australia until October 2020. Prior to this, he held leadership positions in listed
companies including Lend Lease Primelife Limited and Delfin Lend Lease.
Rod has held various industry positions and is currently the chairman of AWARE
Super’s Real Estate Management Platform, chairman of Cladding Safety Victoria, and an
independent director of Keyton Retirement Living’s Joint Operating Committee. He earned
a Bachelor of Applied Science and a Graduate Diploma in Sports Administration from
La Trobe University, Australia, and 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.
Su Lin oversees the strategic direction, investments, operations and development
management of the retail, commercial, residential and related mixed-use businesses
in Singapore. She was formerly the Chief Executive Officer of Development at Frasers
Property (Holdings) Thailand, where she led the team responsible for the development and
asset management of projects such as The PARQ and One Bangkok.
She 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 Chief Executive Officer for Orchard Turn Developments, which developed and
operated the ION Orchard retail mall and The Orchard Residences. She was previously
Executive Director of CBRE.
Su Lin holds an honours degree in Estate Management and a Master’s degree in Business
Administration, from the National University of Singapore. She is a member of the
Integrated Development Council with the Urban Land Institute in Singapore. She also sits
on the management committee and chairs the Green & Sustainable Sub-Committee at the
Real Estate Developers’ Association of Singapore.
Anthony oversees Frasers Property’s development and investment operations in Australia
across the mixed-use, residential, commercial, build-to-rent, retail, and energy sectors.
He is also responsible for the Australian investment property portfolio management, as well
as Frasers Property Australia’s wholly owned energy retailer, Real Utilities.
Since joining Frasers Property Australia in 2005, Anthony advanced to senior positions
before becoming Chief Executive Officer in 2020, including Executive General Manager
Residential in 2015 and, most recently, Chief Financial Officer. He represents Frasers
Property as a board member for the Property Council of Australia, where he is part of
its Corporate Leaders Group and Property Champions of Change. He is also a board
member of the Green Building Council of Australia and Property Industry Foundation, and
a member of the Advisory Group for Ending Loneliness Together.
Anthony holds a Bachelor of Business from the University of Technology Sydney,
Australia, and is a member of the Chartered Accountants Australia and New Zealand.
He also completed the Executive Development Program at the Wharton School of the
University of Pennsylvania, USA.
Rod Vaughan Fehring
Chairman
Frasers Property Australia
Frasers Property Industrial1
Frasers Property United Kingdom1
Soon Su Lin
Chief Executive Officer
Frasers Property Singapore
Anthony Boyd
Chief Executive Officer
Frasers Property Australia
30
Frasers Property Limited
Annual Report 2023
Group Management
Reini is 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. He is also
Non-Executive and Non-Independent Director of Frasers Logistics & Commercial
Asset Management.
He joined the Group’s Australian operations in 1998 and has held senior leadership
positions for over 25 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.
Reini represents Frasers Property as Chairman of the Industrial Roundtable for the Property
Council of Australia and is on the board of directors of Healthy Heads in Trucks & Sheds.
He holds a Bachelor of Science (Architecture) and a Bachelor of Architecture from the
University of Sydney, Australia. He is also a graduate from the Advanced Management
Programme at INSEAD Business School, Europe.
As Chief Executive Officer of Frasers Hospitality, Chin Fen oversees the international
hospitality and lodging business globally.
Chin Fen joined the Frasers Property Group in 2011 and was formerly the CEO of the
Managers of Frasers Hospitality Trust since its listing in July 2014 to June 2019 and
April 2021 to January 2023. She was the Chief Investment Officer of Frasers Hospitality
International from July 2019 to April 2021 where she assisted the CEO of the hospitality
strategic business unit of Frasers Property Limited in developing and implementing the
business and investment strategies of the hospitality business, in line with the broad
directions of the Frasers Property Group.
Before joining the Frasers Property Group, Chin Fen was Senior Vice President of the
Asset-Backed Securitisation team at DBS Bank, responsible for the origination and listings
of real estate investment trusts and business trusts in Singapore. A Chartered Financial
Analyst, Chin Fen holds a Bachelor of Business degree in Financial Analysis from Nanyang
Technological University, Singapore.
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, Queen Sirikit National Convention
Center and Silom Edge.
A knowledgeable real estate veteran, Thanapol has over 35 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.
Reini Otter
Chief Executive Officer
Frasers Property Industrial
Eu Chin Fen
Chief Executive Officer
Frasers Hospitality
Thanapol Sirithanachai
Country Chief Executive Officer
Frasers Property Thailand
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As Chief Executive Officer of Frasers Property Vietnam, Hua Tiong oversees the Group’s
residential, commercial, and industrial and logistics businesses in Vietnam. He is also the
Chief Executive Officer of One Bangkok, the largest holistically integrated district in the
heart of Bangkok. The project comprises premium office towers, distinct retail precincts,
luxury and lifestyle hotels, as well as luxury residential towers with a total gross floor area
of 1.9 million sqm.
He has 20 years of market knowledge in Vietnam’s real estate industry, with leadership
experience primarily in township, industrial development and mixed-use development.
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.
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, industrial and residential business in the country. She also works closely with
the team from Frasers Logistics & Commercial Trust and Frasers Hospitality on their assets
in the UK.
Ilaria brings significant expertise to her role, having spent 15 years at GE Capital where she
was 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, she has worked in the UK and across Europe for real estate advisory,
fund management and property companies.
She is 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 Chief Executive Officer of Frasers Property China.
She was previously Chief Operating Officer in Singapore and Southeast Asia, and
Executive Vice President for International Markets, where she was responsible for
the execution, operation and implementation of strategy in growth markets. From 2021
to 2022, Lorraine also doubled up as the Acting Chief Operating Officer for Singapore
Residential Development.
Lorraine 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 management and allocation, business development and strategic
client management. Before joining the Group, Lorraine held several positions including
Director of Corporate Business Development at ARA Asset Management; Managing
Director of Business Development (Asia) and Country Head of Singapore at ING Real Estate
Asia; Managing Director at IPREAM (a joint-venture company between CapitaLand and ING
Real Estate), and Director of Investments at CapitaLand (Financial).
Lorraine holds a Bachelor of Science with Honours in Real Estate from the National
University of Singapore.
Lim Hua Tiong
Chief Executive Officer
Frasers Property Vietnam and
One Bangkok
Ilaria del Beato
Chief Executive Officer
Frasers Property United Kingdom
Lorraine Shiow
Chief Executive Officer
Frasers Property China
Chairman’s
Statement
DESPITE THE VOLATILE
ENVIRONMENT, FRASERS
PROPERTY DELIVERED A STABLE
PERFORMANCE AS WE ARE
PROGRESSING THE EXECUTION
OF OUR LONG-TERM STRATEGY
THAT GUIDES THE COMPANY’S
BUSINESS TRANSFORMATION
AND GROWTH TO BE A TRUSTED,
LEADING MULTINATIONAL REAL
ESTATE COMPANY OF CHOICE
FOR GENERATIONS.
Dear Shareholders
The business environment in 2023
has been in a state of transition,
clouded by ongoing uncertainties.
Despite the volatile environment,
Frasers Property delivered a stable
performance as we execute our
long-term strategy that guides the
Group’s business transformation
and growth to be a trusted, leading
multinational real estate company of
choice for generations.
Remain focused on value
creation
With the current macroeconomic
and geopolitical uncertainties
continuing to persist, it is imperative
for the management of Frasers
Property to focus on driving
better returns from the Group’s
portfolio of assets. To deliver
optimal risk-adjusted returns for
our shareholders, the team must
maintain the rigour of investing well,
managing well, and unlocking of
value well.
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Over the past decade, I am pleased
the team has been effectively
executing on the Group’s strategy
towards enhanced organisational
and portfolio resilience. With
the continuing support of our
shareholders, we have built a strong
foundation for Frasers Property, with
solid business platforms and deep
asset class capabilities forming the
Group’s pillars of strength.
I have full confidence the team at
Frasers Property will remain fully
focused on creating sustainable
value and delivering optimal risk-
adjusted returns as we continue
to navigate the challenges that
come our way in these uncertain
times. Even in challenging times,
there will be opportunities we can
capture by leveraging the Group’s
strong foundation while maintaining
a disciplined approach towards
capital management and investing.
Delivering shareholder
value while maintaining
financial discipline
In FY23, Frasers Property delivered
attributable profit of $173.1 million
and core earnings, or attributable
profit before fair value change and
exceptional items, of $350.3 million.
In consideration of the Group’s
financial performance and cash
flow requirements, and in keeping
with the Group’s efforts to maintain
financial flexibility amid macro
developments, our Board has
proposed a first and final dividend
of 4.5 cents per share for FY23.
This is up from 3.0 cents per share
in FY22.
OUR BOARD HAS PROPOSED A FIRST AND FINAL DIVIDEND
OF 4.5 CENTS PER SHARE FOR FY23. THIS IS UP FROM 3.0 CENTS
PER SHARE IN FY22.
shareholders. Delivering on the
interests of our many different
stakeholders is not easy.
That is why it is important that the
Frasers Property team is guided
by our Purpose and focus on the
long term, while adapting to the
new developments of the world
around us. That will help us build a
long-term sustainable business for
our shareholders.
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, its strategy and how it
manages risks. The recognition that
Frasers Property has received for
its progress towards achieving the
Group’s key sustainability goals has
been encouraging.
Our people remain our most
valuable asset and we approach
diversity as our strength that
maximises the inherent value of our
business. Central to ensuring long-
term delivery against the strategy
is deepening the development of
Frasers Property’s culture which
rewards high performance but also
seeks to build on our Purpose and
the values of the company, as we
continue to invest in training and
strengthen talent management.
This has led to an improvement
in employee satisfaction in our
biennial culture survey.
Board. The collective knowledge
and deep experience of the Board
members will be fully leveraged
towards value creation for all
Frasers Property’s 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 deep gratitude for your hard
work, tremendous character and
capabilities as you continue to
serve our various stakeholders.
To my esteemed colleagues
on the Board, thank you for the
wise counsel and ongoing
valuable guidance.
Finally, I would like to convey my
heartfelt appreciation to all our
customers, business partners,
bankers, financial advisers, vendors,
and fellow shareholders, who have
firmly stood by Frasers Property.
We deeply value your unwavering
support and faith in us. On behalf
of Frasers Property’s Board, 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 of
Frasers Property’s stable of listed
entities.
Charoen Sirivadhanabhakdi
Chairman
Delivering for our different
stakeholders, building a
sustainable future together
Board changes during
the year
The Board views sustainability as
an integral part of our company’s
business strategy and sees the
opportunities it offers as we act
in the interests of our employees,
customers, communities and our
We continued our process of Board
refreshment and renewal during the
year, with the addition of Mr David
Wong as an Independent Director,
and Mr Thapana Sirivadhanabhakdi
as Non-Independent Director to our
In Conversation
with the
Group CEO
Q
What does the annual report theme,
Forging Trust, Evolving Stronger,
mean to you?
In the last decade, we have embarked on a
business transformation journey. When Frasers
Property Limited was first listed (as Frasers
Centrepoint Limited) in January 2014, the
Group’s portfolio was Singapore-focused with
exposure to four asset classes. Our strategic
objective was to transform the business into
one that can deliver value to stakeholders over
the long term, to withstand the ups and downs
of property cycles and continue to deliver
sustainable returns.
Our key imperative in the initial years post-
listing was to achieve balanced and diversified
growth – by growing our portfolio outside
Singapore and broadening our asset class
mix. An important early milestone was the
addition of industrial and logistics (I&L) assets
to the Group’s portfolio when we acquired
Australand in 2014. On the back of significant
growth across asset classes at a compounded
annual growth rate of 19% over FY14 to FY18,
we achieved a more diversified asset class
mix. Concurrently, we increased our exposure
across developed and growth markets outside
of Singapore in those five years, particularly in
Australia, followed by Europe.
Next, we turned our attention to building
business platforms driven by local expertise
with deep domain knowledge. Taking the
time to do so was necessary to set up our
foundation for the road ahead. This was
not easy, especially given the pandemic
years, which has accelerated changes in
the operating environment for almost every
business. I am proud we have emerged
stronger as an organisation.
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In the recent five years between
FY19 and FY23, we have primarily
focused our investments in I&L and
Singapore suburban retail assets,
sectors where we see robust
long-term fundamental demand.
Today, I&L and retail across our
markets comprise over 50% of our
total property assets. In addition
to continued growth in Europe on
the back of our I&L investments, we
increased our exposure in Thailand
and Vietnam, markets where
we have a natural competitive
advantage given Frasers Property’s
heritage. Together with our sizeable
business in Singapore, we now have
a strong Southeast Asia presence.
After a decade of reshaping our
portfolio and building competitive
business platforms, we are entering
the next phase of our journey with
a focus on harnessing our Group
synergies to enhance value. Hence,
we have set up asset class centres
of excellence this year to leverage
collective asset class strengths,
such as customer networks and
expertise across the Group,
while focusing on competitive
advantage and customer centricity.
From acquisition, design, capital
planning, development and
asset management, the centres
of excellence will sharpen our
core capabilities. We hope to
continuously improve the quality of
our real estate space and services
to our customers, enhancing our
ability to be a trusted partner to our
stakeholders.
In today’s globally interconnected
and more complex world, forging
trust with our stakeholders is
paramount. We recognise that
we must continue to focus on
delivering sustainable value to all
our stakeholders.
A decade of reshaping portfolio and building competitive business platforms
Building scalable and competitive asset class platforms – broadening our core capabilities in resilient asset classes
Diversified Growth – FY13 to FY17
Invested across asset classes to
enhance portfolio resilience and
quality of earnings
Consolidate – FY18 to FY22
Built focused business platforms in
asset classes with robust long-term
fundamental demand
Resilience – FY23 onwards
Deepening asset class capabilities and
continuing to invest in alignment with
sectoral structure trends
Property assets1 by asset class
Total: $34.2 b
Total: $28.1 b
$6.4 b, 23%
$5.0 b, 18%
$7.2 b, 26%
$4.7 b, 16%
$4.8 b, 17%
30 Sep 18
11%
CAGR2,4
$11.2 b, 33%
$8.1 b, 24%
$6.7 b, 20%
$4.3 b, 12%
$3.9 b, 11%
30 Sep 23
Total: $11.8 b
$3.2 b, 27%
$2.4 b, 20%
$1.7 b, 15%
$4.5 b, 38%
30 Sep 13
19%
CAGR2,3
Industrial & Logistics | Retail | Commercial & Business Parks | Hospitality | Residential
1 Property assets comprise investment properties, property, plant and equipment, investments in joint ventures and associates, shareholder
loans for/from joint ventures and associates, properties held for sale and assets held for sale.
2 Compounded Annual Growth Rate.
3
4
In respect of the Group’s total property assets.
In respect of the Group’s industrial & logistics and retail property assets.
36
Frasers Property Limited
Annual Report 2023
In Conversation with the Group CEO
Q
Can you share more about
these business platforms you
took time to build?
We have methodically built business
platforms that are scalable, agile
and well-equipped to capture
growth opportunities and maintain
relevance to customers.
Industrial & Logistics
The industrial and logistics (I&L)
sector will continue to generate
long-term value for the Group.
I&L is part of the backbone of
many businesses, from retail to
pharmaceuticals, manufacturing
and e-commerce. Given the
multinational nature of many I&L
tenants, we focused on building
a multinational network that
is positioned to support our
customers’ businesses and capture
opportunities across geographies.
Our capabilities, coupled with
our portfolio that has a strong
sustainability and innovation focus
valued by our tenants, have allowed
us to achieve strong performance
metrics across our markets.
As a next step, our I&L centre of
excellence will have a single-lens
view of the Group’s I&L business
across all geographies. The cross-
sharing of best practices and market
intelligence via our I&L centre of
excellence will further drive growth
and enhance the resilience of the
Group’s I&L business.
Singapore suburban retail
Singapore suburban retail is
another area of strength for us. The
suburban retail sector in Singapore
has unique characteristics that
makes it a defensive asset class.
Through strategic initiatives
undertaken in recent years, we
enlarged our portfolio of suburban
retail assets and further deepened
our presence in the Singapore
suburban retail market, serving
approximately half of Singapore’s
population.
We are now a leading suburban
retail malls owner, manager and
operator in Singapore. With scale
comes operating efficiencies and
an improved value proposition for
Strong Southeast Asia presence
Competitive edge in the world’s fastest growing region1 with ~680 million people2
Largest suburban
retail owner and
operator in Singapore
Retail NLA3
~340,000 sqm
13 assets
Office NLA3
~241,000 sqm
6 assets
Unrecognised
residential revenue4,5
$0.9 b
2 active projects
One of the largest
industrial & logistics
developers and
owners in Thailand
Industrial & Logistics
NLA3,6
~3.5 m sqm
975 assets
Office & Retail NLA3
~247,000 sqm
5 assets
Unrecognised
residential revenue4,5
$0.05 b
78 active projects
Fast-growing
industrial & logistics
platform in Vietnam
Industrial & Logistics
NLA3
~40,000 sqm
8 assets
Industrial & Logistics
pipeline NLA3,7
(total including
under development and
land bank)
~640,000 sqm
Office NLA3
~22,500 sqm
2 assets
Established
hospitality owner/
or operator across
Southeast Asia
21 owned and/or
managed properties in
operation
~4,600 keys
7 owned and/or
managed properties in
the pipeline
~1,300 keys
• • • • • Thailand
• • • • Vietnam
• Cambodia
• • Malaysia
• • • • Singapore
• • Indonesia
Residential | Commercial & Business Parks | Industrial & Logistics | Hospitality | Retail
1 Based on IMF’s economic forecasts for 2024 and 2025.
2 Source: imf.org/external/datamapper/LP@WEO/VNM/IDN/PHL/MMR/MYS/KHM/LAO/THA/SGP/BRN.
3 As at 30 September 2023.
4
5
6
7
Includes subsidiaries at gross (100.0%) and equity-accounted joint ventures and associates at their effective share.
Including options signed.
Includes a portfolio of industrial and logistics assets in Indonesia with 149,656 sqm of NLA.
Including land pending completion of acquisition.
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tenants and shoppers. Importantly,
our suburban malls are well-
connected to the public transport
network and this underpins our
malls’ positions as the go-to place
for the local community to shop,
play, meet and even work.
Q
Businesses around the world
have been challenged by
inflationary pressures and
multiple interest rate hikes
this year. How did Frasers
Property’s businesses
perform in FY23?
Like our I&L business, we have end-
to-end capabilities in our Singapore
suburban retail business, which
enables us to continue creating and
unlocking value in this asset class.
Southeast Asia presence
As a thriving global gateway city,
Singapore is a magnet for global
talent and many multinational firms.
This makes Singapore a location
of choice for asset and wealth
managers. It is also the central hub
for us to grow and diversify from.
Our multi-asset class capabilities in
Singapore creates a strong Frasers
Property brand presence and
network. This gives us immensely
valuable market insights, while
allowing us to undertake strategic
partnerships with our stakeholders,
such as industry and capital
partners.
Similarly, we have multi-asset class
capabilities in Thailand, where
we are one of the largest I&L and
mixed-used real estate players. We
are fast expanding our I&L business
in Vietnam to take advantage of the
influx of foreign direct investments
into the country. Of course, Frasers
Hospitality has been in this region
for 25 years and we have been
actively growing management
contracts.
Southeast Asia is the world’s
fastest growing region1, and our
Group is well-positioned to capture
opportunities as it continues to
attract investments.
Recurring income asset classes
provide a stable earnings base
for the Group. In FY23, thanks to
the hard work of our teams, we
achieved around 1.8 million sqm
of renewals and new leases across
our portfolio with positive rental
reversions overall. With robust
demand, we have been able to
maintain healthy occupancy rates
across the portfolio. The quality and
differentiated offerings of our assets,
with a strong focus on sustainability
and innovation, are important factors
in our ability to continue to attract
demand. I am pleased to report a
strong uplift in our overall GRESB
scores achieved this year, with our
Australian industrial and Singapore
businesses named regional sector
leaders in 2023.
Over the past five financial years,
we have completed around
1.8 million sqm of non-residential
development projects, most
of which are now part of our
investment properties portfolio.
This build-to-hold approach has
allowed us to build our asset
portfolio in the best locations, while
delivering target returns. In FY23,
we completed approximately
312,000 sqm of non-residential
development projects and ended
the period with approximately
1.1 million sqm in our pipeline of
non-residential projects under
development, the bulk of which are
I&L projects.
ongoing geopolitical tensions.
Meanwhile, residential sales in
FY23 were in line with our historical
average of 5,000 to 7,000 residential
units sold annually Group-wide.
China was a big contributor to total
pre-sold revenue of $2.6 billion,
as at 30 September 2023. While
the headlines regarding China real
estate are concerning, China is a
big market with very different market
dynamics across the sub-markets.
We have selectively invested in
Shanghai in recent years, which
remains a robust market, and our
sales launches in Shanghai have
all sold very well. In Australia and
Thailand, we have adjusted the
level of sales launches and the
product mix, in tandem with market
conditions. In Singapore, our
current projects are almost fully
sold out. Together with our joint
venture partners in Singapore,
we were awarded a government
land sale site in November 2023.
This site, which can potentially yield
around 800 residential units, is the
first government land sale site in
Toa Payoh in eight years.
As at 30 September 2023, we
have $48.6 billion of assets under
management across our five asset
classes. Being able to enhance
value is important, as is being able
to unlock value. Between FY18
to FY22, we have successfully
unlocked $7.8 billion in total value
through recycling to the Group’s
REITs, capital partnerships and
sales of non-REIT assets to third
parties. In FY23, we unlocked
$0.3 billion. Unlocking value and
capital recycling have been a
key aspect of the Group’s capital
optimisation strategy and will
continue to be so.
On the hospitality front, driven by
the sustained recovery of global
travel demand, we achieved higher
occupancies and room rates
in most markets. However, the
recovery trajectory of the hospitality
business has been challenged by
inflationary pressures globally as
well as manpower constraints and
Redevelopment is another avenue
to unlock the highest and best use
returns for our existing assets. We
have a sizeable portfolio of around
$19.0 billion of non-REIT property
assets in good locations. There is
significant embedded value in many
of these assets that can potentially
be unlocked in time to come.
1 Based on IMF’s economic forecasts for 2024 and 2025.
38
Frasers Property Limited
Annual Report 2023
In Conversation with the Group CEO
Well-established multi-asset class and multi-geography business
Leveraging domain knowledge and synergistic platforms to drive sustainable portfolio returns
$48.6 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, EU, Thailand,
UK, Vietnam
Locations
Australia, Singapore,
Thailand, UK
Locations
Australia, Singapore,
Thailand
Locations
Multi-geography
Locations
Australia, China,
Singapore, Thailand
AUM1
$13.4 b
GFA
~7.5 m sqm
Land bank
~7.9 m sqm
AUM1
$9.8 b
NLA
~1.2 m sqm
Tenants
~1,100
AUM1
$12.5 b
NLA
~463,000 sqm
AUM1
$4.6 b
Cities
73
Annual shopper traffic2
~223.3 m
Countries
21
Renewals and
new leases
~1,500,000 sqm
Facilities
completed
~267,000 sqm
Renewals and
new leases
~185,000 sqm
Facilities
completed
~19,000 sqm
IN FY23
Renewals and
new leases
~85,000 sqm
Tenants’ sales
y-o-y growth3
8.4%
Units in
operation4
~16,800
Units in the
pipeline4
~3,600
FLCT, FTREIT, GVREIT
FCT
FHT
AUM1
$8.3 b
Active projects5
~110
Pipeline units6
~12,000
Homes
settled6
~4,000
Unrecognised
revenue6
$2.6 b
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 Excluding Robertson Walk, Tampines 1 and NEX.
3 Refers only to Singapore portfolio excluding Tampines 1 and NEX.
4
5
6
Including properties under management.
Includes launched residential projects under development or with unsold units.
Includes subsidiaries at gross (100.0%) and equity-accounted joint ventures and associates, and joint operations at their effective share.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
39
Q
Contributions from the
Group’s improved operations
cushioned valuation impact
in FY23. Can you provide
further colour on the Group’s
financial performance this
year?
The Group achieved higher FY23
profit before interest, fair value
change, tax and exceptional items
of $1.3 billion on the back of higher
year-on-year revenue of $3.9 billion.
The Group’s FY23 earnings were
driven by improved residential
development business performance
and maiden contributions from the
acquisition of the stake in NEX.
Meanwhile, the global easing of
COVID-19 restrictions contributed
to improved results for the Group’s
hospitality segment across
various geographies. However, the
improved earnings from operations
in FY23 were adversely affected by
higher borrowing costs as well as
predominantly non-cash net2 fair
value losses compared to a net2
fair value gain in FY22. As a result,
attributable profit decreased by
81.3% to $173.1 million.
The Group’s portfolio of business
park assets in the UK as well as
I&L assets in Australia and the EU
recorded net2 fair value losses
due to significant portfolio yield
expansion. This was primarily on
the back of higher capitalisation
rates and a high interest rate
environment. The UK business
parks were further affected by
softer leasing demand due to post-
pandemic office trends.
We have been able to mitigate
the impact to an extent, thanks to
continued active asset management
and driving rental growth while
seeking cost efficiency. This is all
part of our disciplined drive for
better returns from our investment
properties portfolio over the years.
As we push for better recurring
income returns from our portfolio
of investment properties, we
create longer-term value for our
portfolio. Between FY18 to FY22,
we recorded total net2 fair value
gains of $3.4 billion. While we did
record a fair value write-down of
2 Net of gains and losses.
$446.2 million in FY23, our cumulative
net2 fair value change from FY18 to
FY23 is still a healthy $3.0 billion.
The Group ended FY23 with net
debt to total equity ratio of 75.8%
(FY22: 64.8%) and net debt to
property assets ratio of 40.4%
(FY22: 37.5%), which we believe to
be within acceptable levels given
the Group’s property assets mix.
Fixed rate debt comprised 72.4%
of the Group’s total debt, which
had an average weighted debt
maturity of 2.6 years. The Group’s
high proportion of fixed rate debt
helps mitigate the effects of high
interest rates, although there will be
an impact on average cost of debt
as we further refinance the Group’s
debt upon maturity. In line with
our prudent capital management
approach, we envisage a higher-for-
longer interest rate environment,
and will continue to hedge our
interest rate exposure at the
appropriate levels.
Q
What are you focusing on as
you look ahead to 2024 and
beyond?
Frasers Property’s capabilities and
business platforms in our selected
asset classes and markets provide
us with a strong footing, as we
embark on the next phase of our
value creation journey. I have
confidence in our collective
capabilities as a team to improve
the quality and visibility of the
Group’s earnings.
Over the years, our investment
properties have provided the Group
with a stable earnings base, while
our development exposure has
boosted our returns. Given where
we are with interest rates and in line
with our focus on improving the
Group’s returns, we will continue to
leverage the Group’s capabilities
to increase our development
exposure, which we believe can
give us better risk-adjusted returns.
We will remain selective on the
asset classes and geographies
to be active in, with a focus on
risk-adjusted returns, visibility of
earnings and cash flows for each
investment and at the Group level.
For our investment properties,
we will continue to maintain our
disciplined focus on asset yield
and capital gains through active
asset management, including
looking out for value-add plays and
opportunities to unlock value.
Owning our investment properties
through capital efficient structures
continues to be a key focus area, be
it on balance sheet, through listed
REITs or private capital partnerships.
This helps to improve capital
efficiency and manage net gearing
downwards while allowing more
capital headroom for development
projects that are expected to deliver
better risk-adjusted returns.
The demand outlook for many of
the Group’s key markets remains
resilient despite prevailing macro
headwinds. We see generally
favourable fundamentals in our
selected residential markets and will
continue to focus on the deeper end
of the market where there is robust
underlying demand. Singapore
suburban retail malls will continue
to be a highly defensive asset
class supported by limited retail
space supply in an omnichannel
world of consumption while the
I&L sector will continue to be
supported by multiple structural
trends, ranging from continued
strong level of demand to supply
chain diversification to consumer
behaviour. Meanwhile, demand for
quality properties with a strong focus
on sustainability is expected to keep
growing on the back of the global
decarbonisation push.
We have all seen how life can change
very quickly and unpredictably.
We will continue to grow our core
capabilities for future readiness
and amplify them with technology
and innovative solutions to
produce excellence with the right
speed. This is further supported
by making further progress on
the right management processes
and systems, people and culture.
By anchoring to our Purpose
and focusing on engaging with
and delivering better for our
stakeholders, Frasers Property can
deliver long-term value creation and
be resilient.
40
Frasers Property Limited
Annual Report 2023
Investor Relations
Overview
Frasers Property is committed to
best practices in investor relations
(IR) and corporate governance.
Our dedicated IR team is focused
on proactively engaging the
investing community and the
media to generate awareness and
understanding of Frasers Property’s
business model, competitive
strengths, growth strategy, and
investment merits, as well as to
garner feedback.
We have received a number of IR
as well as corporate governance
related awards since Frasers
Property’s listing in 2014. These
include multiple wins at the
Singapore Corporate Awards,
the Investors’ Choice Awards
organised by the Securities
Investors Association (Singapore)
(SIAS) as well as the IR Magazine
Awards – South East Asia. This
year, Frasers Property continued
to receive recognition, at the IR
Magazine Awards – Southeast Asia
2023 in the Best Annual Report
(mid-cap) category. Our award wins
serve as strong motivation as we
strive towards further excellence in
corporate governance and investor
relations.
Proactive and Regular
Engagement
As part of our ongoing regular
updates on our business, we
announce our half-year and
full-year financial performance on
SGXNet along with a press release
and presentation 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 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,
equity analysts luncheons 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 180 research
analysts, institutional investors
and members of the media, in
addition to representatives from our
principal bankers, at our organised
events. We also attended over 100
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
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
41
Frasers Property’s Closing Price and Trading Volume in FY23
FPL SP Equity - Last Price
High on 05/10/22
Average
Low on 25/08/23
0.835
0.995
0.881
0.755
FPL SP Equity - Last Volume
High on 16/12/22
Average
Low on 21/06/23
23.4K
1,681.5K
117.1K
1.6K
1.0
0.9
0.8
0.7
1,800,000
1,500,000
1,200,000
900,000
600,000
300,000
0
Oct 22 Nov 22 Dec 22
Jan 23
Feb 23 Mar 23
Apr 23 May 23
Jun 23
Jul 23
Aug 23
Sep 23
Brokerages Covering Frasers Property
(As at 30 September 2023)
• CGS-CIMB Research • DBS Bank • JP Morgan
November 2022
May 2023
14
15
22
28
Full-year FY22 hybrid results briefing
Post-results investor meetings held virtually
Frasers Day Bangkok
Frasers Property Group Dialogue
11
11
1H FY23 hybrid results briefing
Post-results investor meetings held virtually
August 2023
January 2023
18
Annual General Meeting
February 2023
10
10
23
24
9M FY23 virtual business updates briefing
Post-business updates investor meetings
held virtually
NDR with equity investors in Kuala Lumpur
Frasers Property Group equity analysts luncheon
9
1Q FY23 virtual business updates briefing
September 2023
18
NDR with equity investors in Hong Kong
42
Frasers Property Limited
Annual Report 2023
Treasury Highlights
The Group manages our liquidity
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 –
commercial and business parks,
hospitality, industrial and logistics,
residential and retail 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 regularly. 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 2023, our net
debt-to-equity ratio had increased
from 64.8% to 75.8%, mainly due to
redemption of perpetual securities
and the acquisition of our stake in
the retail mall, NEX.
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 2023,
the Group had over $4.0 billion of
unutilised banking facilities that
may be used to meet our funding
requirements.
We maintain active relationships
with a strong network of banking
partners globally. Our principal
bankers include Australia and New
Zealand Banking Group Limited,
Bangkok Bank Public Company
Limited, Bank of China Limited,
DBS Bank Ltd., Industrial and
Commercial Bank of China,
Malayan Banking Berhad,
Mizuho Bank, Limited, Oversea-
Chinese Banking Corporation
Limited, Sumitomo Mitsui Banking
Corporation and United Overseas
Bank Limited.
We continue to adopt the
philosophy of engaging the banks
as our core business partners
and receive very strong support
from our relationship banks
across all segments of the Group’s
businesses. All the Group’s banking
relationships are maintained by
Group Treasury in Singapore.
Green and Sustainable
Financing
In FY23, we arranged 12 green
or sustainability-linked loans
amounting to approximately
$3.5 billion. This included the
refinancing of Frasers Tower’s loan
of $1.08 billion, which was the
Group’s first green loan raised in
September 2018.
In addition, in September 2022,
the Group through its wholly
owned subsidiary, Frasers Property
Treasury Pte. Ltd., raised a US$400
million syndicated five-year green
loan facility. The said green loan
won the “Best Green Loan” at The
Asset Triple A Sustainable Capital
Markets Awards 2022 in March 2023.
As at 30 September 2023, the Group
had arranged over $11.4 billion of
green or sustainability-linked loans
and bonds.1
Debt Capital Markets
We have various medium-term note
(MTN) programmes in place to tap
the debt capital market.
(EMTN) programme (issued:
$1.9 billion). Frasers Property
AHL has a A$2.0 billion EMTN
programme (issued: $300.0 million).
Among our Thailand subsidiaries,
Frasers Property Holdings (Thailand)
Co. Ltd. has a THB 25.0 billion
debenture programme (issued:
THB 8.2 billion); Frasers Property
Thailand has a THB 50.0 billion
debenture programme (issued:
THB 30.9 billion), and Golden
Land Property Development Plc
has a THB 13.0 billion debenture
programme (issued: THB 1.5 billion).
In FY23, Frasers Property Thailand
tapped the bond market in Thailand
with the issuance of debentures
totalling THB 9.2 billion with tenors
ranging from two years to seven years.
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: Nil);
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).
In September 2023, we further
diversified our funding sources with
the establishment of a $2.0 billion
Euro-Commercial Paper Programme
by Frasers Property Treasury Pte. Ltd.,
where notes can be issued with
tenors of not more than 364 days.
In line with the financial market’s
move towards digitalisation and
automation, issuances from this
programme will be digitalised,
enabling us to directly connect with
investors and issue our notes in a
digital marketplace.
Frasers Property Treasury Pte. Ltd.
has a $3.0 billion MTN programme
(issued: $280.0 million) and a
$5.0 billion Euro medium-term note
Frasers Logistics & Commercial
Trust has similar $1.0 billion
Euro-Commercial Paper Programme
established in FY22.
1
Includes joint ventures’ and associates’ financing facilities which are not included in the Group’s consolidated financial statements.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
43
Debt Maturity Profile ($’m)
8
5
8
3
,
4
3
8
2
,
4
2
8
2
,
9
9
4
1
,
9
2
3
2
,
3
6
1
1
,
7
8
4
4
,
0
1
0
4
,
2
4
4
2
,
1
1
5
1
,
1
2
5
4
1
5
FY24
FY25
FY26
FY27
FY28
> FY28
Including REITs / Stapled Trust
Total: $16,461 million
Excluding REITs / Stapled Trust
Total: $11,531 million
Interest Rate Profile and
Derivatives
rate borrowings. We do not engage
in the trading of interest rate
derivatives.
We manage our interest cost by
maintaining a prudent mix of fixed
and floating rate borrowings. On a
portfolio basis, 72.4% 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 2.6 years, and average cost of
debt is 3.5% per annum, as at
30 September 2023. The floating
rate loan portfolio provides the
flexibility to repay debts in the event
of 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.
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
The total interest rate derivatives
and the mark-to-market values, as at
30 September 2023 are disclosed in
the financial statements in Note 22.
Gearing and Interest Cover
Ratios
We actively manage our net
debt-to-equity ratio to maintain a
sustainable and efficient capital
structure. As at 30 September 2023,
this ratio was 75.8%. Net interest
expenses for the financial year
amounted to $429.1 million. The net
interest cover2 ratio was at three
times, as at 30 September 2023.
Foreign Exchange Risks
and Derivatives
We have exposure to foreign
exchange risks arising from
development and investment
activities. Where exposures are
certain, it is the Group’s policy to
hedge these risks as they arise.
We use foreign currency forward
contracts and currency derivatives
(such as cross-currency swaps) to
manage these foreign exchange
risks.
In order to have a natural hedge,
where possible, we 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
guidance set by the Sustainability
and Risk Management Committee
(SRMC) and our Board of Directors
under the Group’s Treasury Policy.
These policies are reviewed
regularly by the SRMC to ensure
that our policies and guidelines are
in line with our foreign exchange
risk management objectives.
The total foreign exchange
contracts and derivatives and the
mark-to-market values, as at 30
September 2023, are disclosed in
the financial statements in Note 22.
2 Net interest cover is calculated by dividing profit before interest, fair value change, tax and exceptional items by net interest. Net interest refers
to net interest in the profit statement excluding mark-to-market adjustments on interest rate derivatives and capitalised interest.
44
Frasers Property Limited
Annual Report 2023
Awards & Accolades
Frasers Property Limited
Influential Brands® Award 2022:
Asia Top CEO Award
Panote Sirivadhanabhakdi,
Group Chief Executive Officer,
Frasers Property Limited
SIAS Investors’ Choice Awards
2022: Most Transparent Company
Award, Runner-Up
Frasers Property Limited
LinkedIn Talent Awards 2022
(Singapore): Learning Champion
Award, Winner & Best Talent
Acquisition Team, Finalist
Frasers Property Limited
The Asset Triple A Sustainable
Capital Markets Awards 2022:
Best Green Loan, Winner
Frasers Property Limited
Hermes Creative Awards 2023,
Platinum Winner
Frasers Property Limited
Annual Report 2022
Frasers Property Singapore
GRESB Real Estate Assessment
2023 (5 Star Rating): Regional
Sector Leader in Asia’s Diversified
– Office/Retail (non-listed)
category in Standing Investments
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
Safety and Health Award
Recognition for Projects
(SHARP) 2023
Parc Greenwich
Retail and Commercial
Building & Construction Authority
Awards – Green Mark Gold
• 51 Cuppage Road
• Causeway Point
• Changi City Point
• Northpoint City (North Wing)
• Valley Point
Building & Construction Authority
Awards – Green Mark GoldPLUS
• Alexandra Technopark (Block A)
• Northpoint City (South Wing)
• NEX
• Tampines 1
• The Centrepoint
• Waterway Point
Building & Construction Authority
Awards – Green Mark Platinum
• Alexandra Point
• Century Square
• Eastpoint Mall
• Frasers Tower
• Hougang Mall
• Tiong Bahru Plaza & Central Plaza
• White Sands
BizSAFE Level Star Certification
by Workplace Safety and Health
Council
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• 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
• Frasers Tower
• 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
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
45
Occupation Health & Safety
Management System ISO 45001:
2018 – Provision of Centre and
Associated Facility Management
Services
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• 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 2022 – Best 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
Singapore Retailers Association
Retail Awards 2022 – Best Retail
Customer Experience Initiative:
Winner (Shopping Mall)
Frasers Property Singapore
SmartScore Gold
Frasers Tower
WiredScore Platinum
• Alexandra Point
• Alexandra Technopark (Block A &
Block B)
• Frasers Tower
Frasers Property Australia
& Frasers Property
Industrial
UDIA NSW Leadership Awards
2022 – Diversity & Inclusion Award
for Excellence, Winner
AFR BOSS Best Places to Work
2023 – Property, Transport and
Construction, 2nd Runner-up
Property Council of Australia
Innovation & Excellence Awards
2023 – Diversity, Equity &
Inclusion, Winner
Workplace Gender Equality
Agency (WGEA) Employer of
Choice for Gender Equality
White Ribbon Accredited
Workplace
Taking action to prevent domestic
and family violence, and address
gender inequality.
Frasers Property Australia
Residential
UDIA VIC Awards for Excellence
2022 – Medium Density
Development, Winner
Burwood Brickworks
UDIA VIC Awards for Excellence
2022 – Design Excellence, Winner
Burwood Brickworks
Retail
Sydney Design Awards 2022 by
Better Future – Interior Design,
Public or Institutional, Gold
Ed.Square Playground
Australian Design Awards 2022
by Better Future – Interior Design,
Public or Institutional, Silver
Ed.Square Playground
Urban Developer Awards for
Industry Excellence 2023 –
Development of the Year, Retail,
Winner
Ed.Square Town Centre
Frasers Property Industrial
GRESB Real Estate Assessment
2022 – Ranked First in Industrial:
Distribution Warehouse Category
Frasers Property Industrial
(Australia)
GRESB Real Estate Assessment
2022 – Regional Sector Leader in
Oceania for Industrial Category
Frasers Property Industrial
(Australia)
Green Building Council of Australia
– 5 Star Green Star Design and
As-built v1.1 Rating
Jaycar, Eastern Creek Business Park
Green Building Council of Australia
– 5 Star Green Design and As-built
v1.3 Rating
Williams Sonoma, Horsley Park
Estate
Green Building Council of Australia
– 6 Star Green Star Communities
v1.1 Rating
The YARDS, Kemps Creek, NSW
46
Frasers Property Limited
Annual Report 2023
Awards & Accolades
SGS ISO 9001:2015 – Quality
Management System Standard
Frasers Property Industrial
Travel Trade Gazette – Best
Serviced Residence Operator
Frasers Hospitality
Science Based Target Initiative
(SBTi) Certification
Frasers Property Industrial
Climate Active Carbon Neutral
Certification
Frasers Property Industrial
BREEAM New Construction
(Very Good) & In-Use (Good)
Certification
• DSV Solutions, Heierhoevenweg
17, the Netherlands
• Meppel, FrieslandCampina,
Mandeveld 12, the Netherlands
BREEAM In-Use (Very Good)
Certification
• Frasers Park Egelsbach, Germany
• Hermes facility, Hamburg,
Germany
BREEAM New Construction
(Excellent) Certification
• Frasers Park Roermond, the
Netherlands
• DC Hazeldonk, the Netherlands
Frasers Hospitality
18th China Hotel Starlight Awards
– Annual Excellent Luxury
Serviced Apartment Operator
Frasers Hospitality
10th Influential Brands Awards
– Champions of Business
Excellence
Frasers Hospitality
10th Influential Brands Awards
– 2022 Top Brand in Asia for
Serviced Apartment
Frasers Hospitality
Destinasian Reader’s Choice –
Best Serviced Residence Brands
- Bronze
Frasers Hospitality
World Travel Awards – England’s
Leading Serviced Apartment
Brand
Frasers Hospitality
World Travel Awards – Indonesia’s
Leading Serviced Apartment
Brand 2023
Frasers Hospitality
World Travel Awards – Japan’s
Leading Serviced Apartment
Brand 2023
Frasers Hospitality
World Travel Awards – South
Korea’s Leading Serviced
Apartment Brand 2023
Frasers Hospitality
18th China Hotel Starlight Awards
– Annual Outstanding Luxury
Hotel-Serviced Apartment
Fraser Suites Top Glory, Shanghai,
China
18th China Hotel Starlight Awards
– Annual Excellent Hotel-Serviced
Apartment
Modena by Fraser Nanjing, China
18th China Hotel Starlight Awards
– Annual Outstanding Hotel-
Serviced Apartment
Fraser Suites Dalian, China
Australian Hotel Association
(WA) – Best Apartment / Suite
Accommodation
Fraser Suites Perth, Australia
Go-MMT – Star Partners Award
2022, Upper Scale in Bangkok
Fraser Suites Sukhumvit, Bangkok,
Thailand
Haute Grandeur Global Awards
2023 - Best Serviced Apartments
Vietnam
Fraser Suites Hanoi, Vietnam
Thailand’s Department of
Environmental Quality Promotion
(DEQP), Green Hotel - Bronze
Modena by Fraser Bangkok,
Thailand
Queensland Hotel Association –
Best Superior Accommodation
Capri by Fraser, Brisbane, Australia
Queensland Hotel Association
– Best Environmental & Energy
Efficiency Practise
Capri by Fraser, Brisbane, Australia
Tripadvisor Travellers’ Choice Best
of the Best 2023
• Fraser Place Robertson Walk,
Singapore
• Fraser Residence Nankai, Osaka,
Japan
• Fraser Suites Hanoi, Vietnam
Tripadvisor Travellers’ Choice 2023
• Capri by Fraser, Barcelona, Spain
• Capri by Fraser, Berlin, Germany
• Capri by Fraser, Bukit Bintang,
Malaysia
• Capri by Fraser, Changi City,
Singapore
• Capri by Fraser, China Square,
Singapore
• Capri by Fraser, Johor Bahru,
Malaysia
• Capri by Fraser, Leipzig, Germany
• Fraser Place Anthill, Istanbul,
Türkiye
• Fraser Place Puteri Harbour,
Johor Bahru, Malaysia
• Fraser Place Setiabudi, Jakarta,
Indonesia
• Fraser Suites Abuja, Nigeria
• Fraser Suites Doha, Qatar
• Fraser Suites Geneva, Switzerland
• Fraser Suites Hamburg, Germany
• Fraser Suites Harmonie, Paris La
Défense, France
• Fraser Suites Muscat, Oman
• Fraser Suites Diplomatic Area,
Bahrain
• Fraser Suites Sydney, Australia
• Modena by Fraser Bangkok,
Thailand
World Travel Awards – Malaysia’s
Leading Hotel Residences 2023
Capri by Fraser, Bukit Bintang,
Malaysia
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
47
World Travel Awards – Scotland’s
Leading Serviced Apartment
Fraser Suites Edinburgh, Scotland
Commercial
WiredScore Certification
• Park Ventures Ecoplex – The
Platinum Standard
• FYI Center – The Gold Standard
• Samyan Mitrtown – The Gold
Standard
BSA Building Safety Awards 2022
Frasers Property Commercial
Thailand
Cosmopolitan The Daily for
Best Corporate Social Impact
Thailand 2023
Frasers Property Commercial
Thailand
Frasers Property UK
Estates Gazette Awards 2022 –
Employer Award Winner
Frasers Property UK
Thames Valley Property Awards
2023 – Community Impact Award
Frasers Property UK
3 Star Fitwel Accreditation
• Winnersh Triangle
• Chineham Park
Green Flag Award 2023
• Chineham Business Park
• Farnborough Business Park
Frasers Property Vietnam
Frasers Property China
1 Star (Gold) China Green Building
Label
• Galaxy Nanmen
• Opus One
• Upview Malu
• Upview Hongqiao
2 Star (GoldPlus) China Green
Building Label
• Club Tree
• Palace of Yunjian
UK BREEAM 4 Star (Excellent) –
Design Stage Category
Galaxy Nanmen
UK BREEAM 5 Star (Outstanding)
– Design Stage Category
Upview Hongqiao
Vietnam Investment Review – One
of the top Vietnam’s Sustainable
Development Corporation
Frasers Property Vietnam
Vietnam’s Ministry of
Construction – Green Leadership
in Sustainability Award
Frasers Property Vietnam
The Saigon Times – Top 40 CSR
Enterprises 2022
Frasers Property Vietnam
BCI Asia Awards 2023 – Top 10
Developers in Vietnam
Frasers Property Vietnam
Vietnam Investment Review –
Excellent Foreign Investment
Enterprise in Vietnam
Frasers Property Vietnam
Nhip Cau Dau Tu – Top 50
Corporate Sustainability
Awards 2023
Frasers Property Vietnam
Industrial
LEED Certified
Eco Logistics Centre
Commercial
LEED Gold (Operations
and Maintenance)
Worc@Q2
World Luxury Awards – Luxury
Business Serviced Apartment,
Asia
Fraser Suites Hanoi, Vietnam
World Luxury Awards – Luxury
Serviced Apartment, Country
Winner
Fraser Place Setiabudi, Jakarta,
Indonesia
Frasers Property Thailand
GRESB Real Estate Assessment
2023 – ‘A’ Rating for Public
Disclosure
Frasers Property Thailand
Thai Institute of Directors 2023 –
CGR 5-Star ‘Excellent’ Rating
Frasers Property Thailand
SET ESG Ratings 2023 – ‘AA’
Rating
Frasers Property Thailand
ASEAN Asset Class Plc. – ASEAN
Corporate Governance Scorecard
Award
Frasers Property Thailand
Frost & Sullivan – Thailand
Integrated Property Development
Company of the Year Award 2023
Frasers Property Thailand
HR Asia
• Best Companies to Work For in
Asia 2023
• Most Caring Company Award
2023
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 2023
– Sustainable Warehouse
Development
Frasers Property Industrial Thailand
48
Frasers Property Limited
Annual Report 2023
Enterprise Risk Management
Enterprise Risk Management (ERM) is an essential part of the Group’s business strategy. We maintain a risk
management framework 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, our
management team at Frasers Property creates and preserves value for the Group.
During the year, we enhanced the risk management framework to provide for an integrated approach towards
risk management, sustainability and strategy, in line with the increased priority accorded to sustainability matters
which are gaining importance. The framework includes the governance structure to oversee risk management
and sustainability issues, risk tolerance statements and thresholds, and the risk management process. The risk
management process also supports the consideration of material risks and sustainability factors in our strategic
decision making.
Governance Structure for Managing Risks
Board
Board of Directors
• Strategic oversight and supervision of risk management system
• Oversees effectiveness of risk management framework, policies and practices
• Approves risk appetite and risk tolerance
Executive Committee
Sustainability & Risk Management Committee
Audit Committee
• Formulates strategic development initiatives
• Approves corporate values, corporate
strategy, corporate structure and corporate
objectives
• Provides direction for new investments and
material financial and non-financial matters
• Oversees risk management framework and
policies
• Provides recommendations on material
risk issues, risk management system and
sustainability issues
• Reviews compliance with risk tolerance limits
• Determines, monitors and manages material
environment, social and governance (ESG)
factors
• Oversees standards, processes and strategies
to achieve sustainability goals
• Oversees quality
and integrity
of accounting,
auditing, internal
controls, financial
and related risk
management
practices
Management
Second Line of Defence
Frasers Property Executive Leadership Team
• Executes approved corporate strategies in line with corporate objectives
• Implements risk management and sustainability frameworks
• Oversees implementation of mitigating actions to control identified risks
Information Technology and
Cybersecurity Committee
Sustainability Steering
Committee
• Approves Group policies and standards
relating to information technology and
cybersecurity
• Ensures compliance with Group policies
and standards relating to information
technology, cybersecurity, and applicable
laws and regulations
• Oversees information technology and
cybersecurity risks and mitigation actions
• Responsible for sustainability governance and
reporting framework
• Supports and sponsors implementation of
ESG-related business cases
• Approves ESG-related budget and provides
guidance on execution of strategies
• Advises on appropriate agenda that warrant
escalation to the Sustainability and Risk
Management Committee
Group Risk Management
• Develops and implements risk management framework
• Provides support to the Board and senior management on risk-related matters
First Line of Defence
Management and various functions from Frasers Property and business units
Third Line of
Defence
Group Internal
Audit
• Conducts
objective and
independent
assessments on
the adequacy and
effectiveness of
internal controls,
risk management
and governance
practices
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
49
The Group’s risk governance structure incorporates the Three Lines of Defence Model which sets out clear
accountabilities in respect of risk management and internal controls among various functions across the business.
The first line of defence is responsible for managing risks, while the second line of defence monitors and oversees
risk management and compliance. The third line of defence provides independent assurance on the adequacy and
effectiveness of internal controls, risk management and governance practices.
Risk Management Process
Risk
Identification
Risk
Assessment
Risk
Treatment
Risk
Monitoring
Risk
Reporting
• Strategic risks
• Operation risks
• Financial risks
• ESG risks
• Emerging risks
• Risk
assessment
parameters
- impact,
likelihood
• Risk
prioritisation
• Mitigating
measures -
Accept, Avoid,
Reduce,
Transfer
• Risk tolerance
• Key risk
indicators
• Annual Risk
Review;
Mid-term Risk
Review
• Comfort matrix
• Quarterly
reporting on
material risk
areas
• Quarterly risk
tolerance
compliance
reporting
As part of the risk management
process, management is
responsible for identifying,
assessing, managing, monitoring
and reporting risks to the
Sustainability and Risk Management
Committee. Management is also
responsible for the implementation
of the risk management process
and ensuring that the risk
management framework is
adequate and effective to provide
assurance to the Sustainability and
Risk Management Committee, Audit
Committee and Board.
On an annual basis, the Chief
Executive Officers of business
units provide an Annual Risk
Review report on their key risks
and mitigation strategies, as well as
emerging risks and opportunities.
This report serves to provide
assurance to the Group Chief
Executive Officer and other Key
Management Personnel, and in
turn, the Sustainability and Risk
Management Committee and
Board, that the risk management
system is adequate and effective
to address risks for their respective
business units which the Group
considers relevant and material to
its operations.
For key areas of the business and
operations, management has put
in place control self-assessment
which promotes risk and control
accountability and allows self-
evaluation of controls.
To provide assurance to the Board
on the adequacy and effectiveness
of internal controls to address
financial, operational, compliance
and information technology risks
which the Group considers relevant
and material to its operations,
management has also put in
place a comfort matrix framework,
which provides an overview of the
applicable mitigating strategies and
internal controls.
Other risk management processes
include business continuity and
disaster recovery planning and
crisis management planning.
The Group Business Continuity
Management Framework is adapted
from ISO 22301 on Business
Continuity Management. The
Business Continuity Management
programme is overseen by the
Business Continuity Management
Committee comprising key heads of
departments and business units.
50
Frasers Property Limited
Annual Report 2023
Enterprise Risk Management
Key Risks
Our financial performance and
operations are impacted by various
risk factors, including sustainability
factors and emerging risks and
trends. We actively monitor the
key material risks, anticipate
the potential outcomes and
mitigate the exposures through
risk management strategies and
measures. Where appropriate,
we also seek out opportunities
associated with the risks. The
material risks include:
Macroeconomic Risk
Our international business and
operations are exposed to
developments in the global and
domestic economies, and the
financial and property markets
of the countries we operate in.
Coupled with geopolitical tension,
inflationary pressures, sustained
interest rate hikes led by the US
Federal Reserve as well as the
volatile financial markets, investors’
and customers’ sentiments and
demand have been impacted
adversely, resulting in higher
financing costs and volatile
property markets. The high
interest rates have also resulted
in higher cap rates for real estate
and exerted downward pressures
on property valuation, which in
turn have impacted our financial
performance.
position through prudent capital
and liquidity management, and
develop appropriate response
measures, to mitigate the risks
and/or to seize the opportunities.
Geopolitical Risk
Our business is exposed to the
political instability, sudden or
adverse changes in the regions
and/or countries we operate in.
These include geopolitical tensions
between the US and China, Russia-
Ukraine war and the Gaza conflict
which have disrupted trade,
technology, security, supply chain,
commodity, financial and property
markets.
We remain vigilant in monitoring
the geopolitical situation globally
and in the major markets we
operate in. We adopt a prudent
approach in selecting locations for
our investment to mitigate risks.
We have established measures
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 changes, as well
as step up the crisis-preparedness
of our properties. Emphasis is also
placed on regulatory compliance
in each country in which we have
operations.
We maintain a diversified portfolio
comprising five asset classes in
commercial & business parks,
hospitality, industrial & logistics,
residential and retail properties,
together with the asset management
of two REITs and a stapled trust
listed on the SGX-ST, in various
countries. The capital allocation by
country and asset class takes into
consideration the Group’s strategies
and capital availability. We also
monitor the macroeconomic trends
and indicators for the markets we
operate in, strengthen our financial
Market and Competition Risk
The Group faces competition
from other real estate owners and
operators. This competition extends
to our development activities,
including land acquisition, the
search for capital partners, and
risks of not being able to replenish
land bank or overpaying due to
stiff competition. Given the long
gestation period for development
projections, market conditions may
also substantially change by the
time of development completion,
potentially resulting in projects
not achieving underwritten targets.
For its investment properties, the
Group’s portfolio is affected by
macroeconomic and structural
factors that could adversely affect
occupier demand for our assets,
potentially leading to obsolescence.
Additionally, competition from other
landlords for tenants could impact
our occupancy rates and affect
the amount of rent we can charge,
which in turn will impact operating
performance.
The Group has a full-fledged
local development and asset
management team with strong
asset class expertise in each of its
major markets. These local country
platforms closely monitor the
market and competition dynamics
in their respective markets. Project
investment, development and asset
management strategies are adjusted
accordingly to mitigate market
risk. In addition, the Group reviews
both the short and medium term
real estate market outlook for all
its major markets annually, through
combining top-down research
with local platform intelligence.
This helps inform the risk appetite
and business strategy for each
local platform, as well as optimise
risk-return for the Group’s portfolio
capital allocation.
Financial Risk
The Group is exposed to financial
risks such as foreign exchange risk,
interest rate risk and liquidity risk.
We use natural currency hedges,
interest rate forwards, swaps and
other derivatives, and 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
exposures. Policies and processes
are also in place to facilitate the
monitoring and management of
these risks. To manage liquidity
risk, we monitor our cash flows,
working capital, debt maturity profile
and funding costs, and secure
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
51
funding through multiple sources,
to ensure that our financing,
funding and repayment of debt
obligations are fulfilled. To finance
projects to support our transition in
becoming a net-zero corporation,
we have established ESG Finance
Frameworks for the respective
business units that are issuing
green and sustainable financing.
Our financial risk management
is discussed in more detail in
Treasury Highlights on pages 42 to
43 and the Notes to the Financial
Statements on pages 156 to 287.
Investment and Divestment Risk
We deploy capital into investment
opportunities and identify
suitable divestment opportunities.
Our investment portfolio may
comprise certain properties with
lower prospective returns as a
result of asset maturity and/or
unfavourable market conditions.
The macroeconomic conditions
may also affect our ability to recycle
capital based on plan.
We continue to be prudent and
rigorous in our investment process
with comprehensive due diligence
and evaluation prior to approval.
The hurdle rates used are also
reviewed and updated based
on relevant risk-adjusted input
parameters and future growth
potential, with due regard to
strategic considerations, market
conditions and outlook. We are
also incorporating carbon pricing,
climate risk assessment and
other sustainability criteria in the
evaluation of new investments to
further strengthen our investment
rigour and future-proof our
investment portfolio.
Regulatory Risk
The Group is exposed to various
laws and regulations applicable to
the real estate industry. In addition,
our business and operation
is exposed to other laws and
regulations in the jurisdictions
we operate in, such as taxation,
data privacy, anti-bribery and
corruption, anti-money laundering,
workplace safety and health,
competition, modern slavery and
sustainability. Changes in the
laws and regulations and at times,
uncertainties or ambiguities around
the interpretation and application of
the laws and regulations, may pose
risks to our business. In addition,
increasing regulatory burden has
resulted in higher compliance
costs and slowdown in execution
where system and process changes
are needed to keep up with the
regulatory requirements.
We have put in place resources and
processes to monitor the changes
in applicable laws and regulations
in the markets we operate in. We
engage with regulatory bodies,
external advisors, partners,
business associations and other
relevant stakeholders on updates
to laws and regulations and for
planning of mitigation measures.
We also conduct training to help
employees keep abreast of latest
developments.
Construction and Development
Risk
We are exposed to construction
and development project risks
such as cost overruns, supply
chain issues, labour and material
shortages, contractor defaults or
insolvency, disputes, design faults
and any unanticipated or unplanned
circumstances which can adversely
affect project costs, scope and/or
delivery. With high global inflation
and supply chain disruption
worsened by geopolitical tension,
construction and development
costs have risen resulting in margin
pressures.
To manage construction and
development costs, the Group has
put in place rigorous processes
in relation to tenders, contract
management, procurement, design
and planning, project management
as well as contractor management.
We also actively manage the pricing
of our products and leases to
mitigate against margin pressures.
We have also established the
Group Responsible Sourcing Policy
which sets out expectations on
suppliers, vendors and others in
respect of environmental, social
and governance standards and
practices.
Human Capital Risk
Human capital is a key factor for
driving growth and sustainability
for the Group. An integral and
robust global people strategy that
enables the attraction, engagement,
development and retention of our
employees, in particular our key
personnel and talents is a critical
priority for us.
In a competitive talent market,
we face the risks of loss of key
management personnel and the
inability to attract, retain talent
and groom successors for key
positions. The Group will continually
evolve and build on our leadership
succession and talent development
strategy to ensure that we are
building a credible and strong talent
bench for current and future needs
in line with our business strategy.
We will also continue to upskill and
develop our workforce on current
and emerging capabilities required,
to ensure that we future-proof the
organisation.
The global people strategy is
set out to ensure that the Group
has a roadmap to develop and
implement effective leadership,
talent management and
development programmes, reward
and recognition plans, and a
culture and engagement strategy
to continue to attract, retain and
build our workforce for the future.
Please refer to the ESG Report 2023
which is available on the Company’s
52
Frasers Property Limited
Annual Report 2023
Enterprise Risk Management
corporate website at https://
www.frasersproperty.com/ESG-
report-2023.
further heightened with attacks like
ransomware, malware and phishing
attacks and scams.
Fraud and Corruption Risk
We do not condone any acts of
fraud, corruption or bribery by
employees, vendors, suppliers
and contractors in the course of
our business activities. We have
put in place various policies and
guidelines, including the Code of
Business Conduct, the Anti-Bribery
Policy and the Group Responsible
Sourcing Policy to guide
employees, vendors, suppliers and
contractors on business practices,
standards and conduct expected
of them. A Whistle-blowing Policy
is 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. All reports
are investigated by Internal Audit
or appropriate independent
parties and the outcome of the
investigations and follow-up
actions are reported to the Audit
Committee. More details is available
in the Corporate Governance
Report on pages 110 to 155.
Information Technology and
Cybersecurity Risk
Frasers Property builds digital
capabilities and invests in new
technologies, including cloud-
based technologies, to ensure
our business is future-ready, agile,
scalable and cost competitive. Our
business is exposed to Information
Technology (IT) and cybersecurity
threats arising from unauthorised
access to, and non-availability of
the systems, applications and data
assets, which can lead to business
disruption, confidentiality breaches,
data privacy breaches, and/or
regulatory fines and actions. With
remote working and ever-rising
sophistication and capabilities
of attackers, cybersecurity risk is
We have established Group-wide
policies, standards and procedures
to govern the confidentiality,
integrity and availability of
business data and IT systems.
The Information Technology
and Cybersecurity Committee
comprising members of the Group
and business units’ IT teams meet
regularly to review technology and
cybersecurity risks and mitigation
measures. The Group has put
in place cybersecurity solutions
to prevent, detect and manage
cybersecurity incidents. We
have established Cybersecurity
Incident Management Procedures
and Disaster Recovery Plans
to ensure responsive recovery
and IT cybersecurity training
programmes to enhance awareness
on the evolving cyber threats
landscape. External security service
providers are also engaged to
conduct periodic vulnerability
assessment and penetration tests
on our systems. As part of the crisis
management and incident response
framework, a scenario exercise was
conducted during the year involving
major functional units across the
Group to simulate a ransomware
attack on our business. The
exercise seeks to raise awareness
of data protection and breach, and
to test the readiness of incident
response in the event of a cyber
incident.
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 be in tandem
with the changing landscape.
Health and Safety Risk
We are committed to the health
and safety of our employees,
contractors, suppliers, vendors,
customers and the communities
where we operate. We remain
vigilant on potential safety lapses
at the properties owned and/
or managed by us, as well as the
sites where construction and
development work is carried out.
Frasers Property is certified with
robust occupational health and
safety management systems across
our key operations. Our operations
are certified with ISO 45001
(Occupational Health and Safety)
and ISO 14001 (Environmental
Management Systems) for design,
development, construction
property management and facilities
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.
Recognising the growing
importance of the environment
and the safety of our guests and
employees, our hospitality teams
have dedicated Environmental
Health & Safety Committees across
all properties globally, as part of our
ongoing commitment to monitor
and assess environmental and
safety concerns.
To ensure continual improvement,
we monitor the safety and well-
being of our employees and
contractors working at our
properties and development sites,
and regularly highlight and address
potential safety and well-being
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
53
risks that may arise. In Australia, all
principal contractors are required to
have a health management system
that is certified with ISO 45001
or equivalent. In Singapore, for
development projects, contractors
certified with ISO 45001 and
bizSAFE are generally preferred.
Please refer to the ESG Report 2023
which is available on the Company’s
corporate website at https://
www.frasersproperty.com/ESG-
report-2023.
Climate Change and
Sustainability Risk
Climate change is becoming an
increasingly important risk gaining
global attention and regulatory
focus. Our assets and operations
are potentially exposed to extreme
weather events and natural
catastrophes, which can have
significant impact on our business,
suppliers, vendors and customers.
In FY23, the Group completed
its first Climate Value at Risk
analysis to identify physical and
transition climate-related risks
and opportunities that could
have material impact on the
business. These involve climate
risk assessments completed by
all business entities across the
Group, including five REITs, based
on RCP2.6 and RCP8.5 climate
scenarios, against a FY19 baseline.
The identified risks include physical
climate risks posed by flooding,
wildfires, and water scarcity, as
well as transition risks related to
escalating operational costs due
to carbon pricing requirements,
compliance with evolving legal and
regulatory mandates surrounding
energy mix, and more.
Mitigation plans being established
to address these identified risks and
opportunities include, but are not
limited to, pursuing net-zero carbon
activities and building our scenario-
analysis and internal capabilities to
develop greater quantitative insights
and metrics in support of business
planning. We expand more on the
identified risks and opportunities
and mitigation activities within
the Task Force on Climate-related
Financial Disclosures section of our
ESG Report 2023.
To address sustainability-related
risks, we have in place a Group
Sustainability Framework consisting
of 13 focus areas identified as
material to the business. Progress is
guided by our Group ESG goals and
supported by a robust sustainability
governance structure. Under the
governance structure, all identified
climate and sustainability risks and
associated matters are regularly
reported to the management’s
Sustainability Steering Committee
and Board’s Sustainability and
Risk Management Committee.
An overview of our Sustainability
Framework and Group ESG goals is
available in the FY23 ESG Highlights
on pages 106 to 109.
Specific to sustainability reporting
regulatory risks, we prepare
annual ESG reports in line with
regulatory requirements and
globally recognised reporting
frameworks such as the Global
Reporting Initiative 2021 Universal
Standards, Task Force on Climate-
related Financial Disclosures and
the Singapore Exchange (SGX)
Listing Manual Rules 711A and
711B. The report is also subjected
to external assurance review as
recommended by Global Reporting
Initiative. Please refer to the ESG
Report 2023 which is available on
the Company’s corporate website
at https://www.frasersproperty.com/
ESG-report-2023.
Business Disruption Risk and
Pandemic Risk
The Group’s business operations
may be adversely disrupted by
natural catastrophes like typhoons,
floods and earthquakes, pandemics
like COVID-19, as well as man-made
disruptions like terrorist attacks,
riots, civil unrest, strikes, deliberate
sabotage, and cyber attacks which
are beyond our control. We have
in place crisis management and
business continuity plans, with clear
protocols of activation in the event
of emergencies. In addition, we
have procured insurance policies
to mitigate our losses in such
situations.
Brand and Reputation Risk
Frasers Property’s brand and
reputation are valuable assets,
which provide competitive
advantages and build long-term
value with our stakeholders –
tenants, investors, shareholders
and prospective employees, among
others. The Group is aware that
any risk that potentially creates
negativity or damages its brand
and reputation could negate
these competitive advantages. We
define reputational risk as the risk
of failing to meet stakeholders’
expectations as a result of any
event, behaviour, action or inaction,
either by Frasers Property itself, our
employees or those with whom we
are associated, which may cause
negative publicity, perception and
actions against the Group. This
may affect our shareholder value
(including earnings and capital),
relationships with our stakeholders,
and/or our ability to establish
new relationships, businesses or
services. To address the risks,
we have incorporated customer-
centric business practices which
are guided by our Purpose in how
we engage with our customers,
including conducting regular
customer surveys and training for
our frontline employees.
Business Review
Singapore
Waterway Point, Singapore
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
55
WE CONTINUED TO DELIVER RESILIENT BUSINESS PERFORMANCE
WHILE DRIVING INNOVATION AND SUSTAINABILITY.
A more stable and vibrant business
environment in Singapore has
been observed with the lifting
of remaining border and social
restrictions by the Singapore
government to establish post-
pandemic normalcy from
13 February 2023. Business
activities and shopper traffic
continued to improve in 2023, while
commercial leasing and residential
sales remained resilient.
As we navigate macro headwinds
from higher interest rates and
inflationary cost pressures, we will
continue to adopt a disciplined
management approach to generate
greater value in our Singapore
business.
Financial Performance
For the financial year under
review, Frasers Property Singapore
delivered revenue of $1.0 billion
and profit before interest, fair value
change, tax and exceptional items
(PBIT) of $550.3 million, which
were 5.7% lower and 2.6% higher,
respectively, than the previous
financial year.
The lower revenue was mainly
attributable to reduced contribution
from Rivière, which is fully sold.
This is partially offset by maiden
contribution from Sky Eden@
Bedok as well as stronger revenue
performance from the retail and
commercial portfolios with a
recovering economy and proactive
asset and property management.
The higher PBIT was boosted
by contributions from the joint
acquisition of a 50.0% equity
stake in NEX together with
Frasers Centrepoint Trust (FCT),
Frasers Tower, Singapore
FCT’s acquisition of an additional
10.0% equity stake in Waterway
Point, maiden contribution from
Sky Eden@Bedok, partially offset
by share of lower fair value gain
for Frasers Tower.
Green Financing Solutions
FCT announced a partnership with
OCBC on Singapore’s first green
financing solution which comprises
a green loan and carbon credits.
Under this green financing solution,
proceeds from the green loan
are used to refinance a maturing
facility, finance asset enhancement
initiatives and decarbonisation
projects for FCT’s Tampines 1
retail mall as well as other general
corporate purposes.
The green financing solution,
together with FCT’s decarbonisation
efforts, will enable Tampines 1 to
make progress towards carbon-
neutral status that encompasses
Scope 1, 2 and energy-related
Scope 3 emissions.
In August 2023, Frasers Property
announced that its joint venture
entity had drawn a five-year green
term loan club facility totalling
$1.08 billion. Proceeds were utilised
to refinance a maturing green term
loan facility for Frasers Tower, a
premium Grade A commercial
building with Green Mark Platinum
rating located on Cecil Street in
Singapore’s CBD.
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Frasers Property Limited
Annual Report 2023
Business Review – Singapore
Retail
Frasers Property Singapore is well-
established as a leading suburban
retail mall owner and operator with
total assets under management of
$10.7 billion1, as at 30 September
2023. Our retail portfolio, with 13
malls2, enjoys a dominant presence
in the north, northeast and east
regions of Singapore.
We are in a strong position to
capitalise further on our strengths.
Our suburban malls, which focus
on essential trade services,
have seen increased footfall in
FY23 and are a short distance to
public transportation hubs. They
are located in high population
density areas, with a catchment
serving close to half of Singapore’s
population.
Given the meaningful scale of our
retail portfolio, we are focused on
harnessing operating efficiencies
and driving shopper loyalty with our
customer base of approximately
one million members on Frasers
Experience (FRx), a multi-feature
app.
This year, we expanded our
suburban retail platform with the
joint acquisition of a 50.0% equity
stake in NEX together with FCT and
Retail
Properties
Northpoint City South Wing3
The Centrepoint
Robertson Walk
Malaysia
Setapak Central
Total Retail
NEX, Singapore
an additional 10.0% equity stake in
Waterway Point through FCT.
and fair value gain from NEX also
boosted our retail earnings.
Our retail portfolio continued to
deliver steadfast performance amid
rising operating costs. As a result
of our proactive cost management,
we were able to register higher
portfolio net property income
this financial year. The maiden
contribution of share of results
Operating performance
improvements were underpinned
by positive rental reversion and
close to 25% year-on-year rise in
shopper traffic and 8.4% rise in
tenants’ sales. Our retail portfolio’s
committed occupancy remained
robust at 98.6%3.
Effective
share
(%)
Book value
($’m)
Net
lettable
area
(’000 sqm)1
Occupancy
FY23 (%)2
FY22 (%)2
50.0
100.0
100.0
100.0
1,108.0
593.0
210.1
28.0
33.0
8.9
99.5
94.6
79.8
99.3
89.7
69.9
96.24
2,007.3
47.7
117.6
98.3
98.3
1 Net lettable area includes area currently used as Community/Sports Facilities Scheme (CSFS) space.
2 Committed occupancy excluding CSFS as at 30 September 2023 and 30 September 2022 respectively.
3 Figures are on a 100.0% basis; Frasers Property Singapore owns 50.0% of Northpoint City South Wing through North Gem Trust.
4 Based on exchange rate of 1 Singapore Dollar = 3.43 Malaysian Ringgit.
1 Comprises retail property assets in Singapore in which the Group has an interest, including assets held by FCT and excluding Eastpoint Mall.
2 The divestment of Changi City Point was completed on 31 October 2023.
3 Excludes Tampines 1 due to ongoing asset enhancement works.
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57
awareness of the needs of those
in the community with disabilities,
autism and dementia.
Frasers Centrepoint Trust
In FY23, Frasers Centrepoint
Trust (FCT) delivered gross
revenue of $369.7 million and net
property income of $265.6 million,
representing year-on-year increases
of 3.6% and 2.7% respectively.
The financial performance was
underpinned by organic growth
from rental income improvement,
higher average portfolio occupancy
rate, positive rental reversions and
higher contribution from atrium
leasing. The total distribution per
unit for the financial year ended
30 September 2023 was 12.150
cents, compared with 12.227 cents
in the previous financial year.
With the completion of the
acquisitions of a 25.5% interest
in NEX and an additional 10.0%
interest in Waterway Point, FCT
owns or jointly-owns four of the top
10 largest suburban prime malls in
Singapore and is a leading suburban
retail mall owner in Singapore.
The retail portfolio6 registered
committed occupancy of 99.7%3, up
2.2 percentage-points from the past
financial year. The rental portfolio
achieved better average rental
reversion of 4.7%7, compared with
4.2%7 in the previous financial year.
The improved portfolio operating
performance was supported by
better shopper traffic8 and tenants’
sales8 which grew by 24.7% and
7.3% year-on-year, respectively. The
improved tenants’ sales helped to
improve the average occupancy
cost to 15.6%8 from 16.2% in FY22,
providing headroom for rental
growth.
Paint it Forward Art Jam 2023, Singapore
Operations
Business sentiment improved
from the year before as retailers
adopted a more upbeat view in their
expansion plans. We have enhanced
our retail offerings by onboarding
tenants new to our Frasers Property
network as well as new-to-market
concepts by international retailers
such as Luckin Coffee, Gashapon
Bandai Official and Duozoulu.
Since its launch in November 2018,
our Frasers Experience (FRx) loyalty
app has a take-up rate of about one
million members, accounting for
approximately $814.2 million worth
of sales and close to nine million
transactions driven to tenants
across the FRx ecosystem in FY23.
We commenced a $38.2 million
asset enhancement for Tampines 1
in the third quarter of FY23,
reconfiguring and optimising
Level 1 and Level 2 of the mall
with refreshed offerings and an
enhanced shopper experience
targeted for completion in the
fourth quarter of FY24. The mall
remains in operation throughout
this period, and over 94% of the
spaces undergoing enhancement
have been leased ahead of its
completion.
Our malls continue to build and
connect the communities we
operate in through wide-ranging
placemaking and community
investment initiatives. This
included the launch of an Inclusion
Transformation Programme during
our inaugural The Children’s
Festival held during the June
school holidays this year. The
festival featured ‘Paint it Forward’,
an extensive art jam in collaboration
with artists from SG Enable’s
i’mable initiative, involving 5,000
families and raising over $51,0004
for the Goh Chok Tong Enable
Fund, in support of persons with
disabilities.
As we make progress on creating
more inclusive spaces and
experiences, we also launched an
industry-first Inclusion Champions
Programme which saw Frasers
Property Singapore sponsoring
six hours of annual inclusion
training per person for tenants5
and our employees to raise greater
4 Frasers Property Singapore contributed $10 to the Goh Chok Tong Enable Fund for every participant who registered for Paint It Forward.
5 Tenants who supported the programme include Better Vision, Cathay Cineplexes, EC House, Eu Yan Sang, Golden Village, Metro, OSIM, Scoop
Wholefoods, Shaw Theatres and Toys”R”Us.
6 Retail Portfolio: Includes all retail malls in FCT’s investment portfolio and includes Waterway Point (50.0%-owned by FCT) and NEX (effective
25.5% interest-owned by FCT), but excludes Central Plaza which is an office property.
7 Based on average committed rents for new or renewed leases versus average rents of outgoing leases. FY23 rental reversion excludes
Tampines 1 due to ongoing asset enhancement works and FY22 excludes NEX which was acquired on 6 February 2023 (in FY23).
8 Excludes Tampines 1 (due to ongoing asset enhancement works) and NEX (September 2023 tenants’ sales data not available as at time of
reporting).
58
Frasers Property Limited
Annual Report 2023
Business Review – Singapore
As at 30 September 2023, FCT’s
financial position remained healthy
with aggregate leverage at 39.3%,
which will improve to 36.1% on a
pro forma basis, assuming that the
proceeds from the divestments
of Changi City Point and FCT’s
interests in Hektar REIT are used to
pare down debt. Both divestments
were part of FCT’s strategic review
to strengthen its portfolio resilience
and are in line with its long-term
objective of creating value for
unitholders. The divestment of
Changi City Point was completed
on 31 October 2023 and the
divestment of the shares in Hektar
REIT is expected to be completed
in the quarter ending 31 December
2023. The adjusted interest
coverage ratio stood at a healthy
level of 3.47 times. The proportion
of fixed interest rate borrowings
was 63.0%, and all-in average cost
of debt for the financial year was
3.8%. The aggregate appraised
value of the retail portfolio
remained stable with no change in
valuation capitalisation rates used
by independent valuers. Net asset
value per unit, as at 30 September
2023, was $2.32 compared with
$2.33 a year ago.
Frasers Centrepoint Trust
Properties
Causeway Point
Central Plaza (Office Building)
Century Square
Changi City Point
Hougang Mall
NEX3
Northpoint City North Wing4
Tampines 1
Tiong Bahru Plaza
Waterway Point6
White Sands
Total for Frasers Centrepoint Trust
Northpoint City, Singapore
Commercial
Frasers Property Singapore manages
a portfolio of six commercial
properties in Singapore, with a
combined value of $4.2 billion9, as
at 30 September 2023. The portfolio
includes Central Plaza owned
by Frasers Centrepoint Trust and
Alexandra Technopark owned by
Frasers Logistics & Commercial Trust.
In FY23, despite the challenging
economy exerting pressure
on companies, the Singapore
commercial sector continued its
recovery trajectory with market rental
rates increasing throughout the year
Effective
share
(%)
Book value
($’m)
Net
lettable
area
(’000 sqm)1
Occupancy
FY23 (%)2
FY22 (%)2
41.4
41.4
41.4
41.4
41.4
35.1
41.4
41.4
41.4
20.7
41.4
1,336.0
217.5
559.0
325.0
435.0
2,100.0
816.0
771.0
657.0
1,315.0
429.0
8,960.5
39.0
16.0
19.6
19.7
15.4
59.0
22.3
24.9
19.9
36.2
14.0
286.0
99.6
95.3
99.0
99.2
100.0
100.0
99.7
72.15
99.7
100.0
99.5
100.0
88.9
86.8
93.7
98.4
–3
100.0
99.1
99.0
99.0
96.4
1 Net lettable area includes area currently used as Community/Sports Facilities Scheme (CSFS) space.
2 Committed occupancy excluding CSFS as at 30 September 2023 and 30 September 2022 respectively.
3 Figures are on a 100.0% basis. The joint acquisition of a 50.0% stake in NEX by FPL and FCT was completed on 6 February 2023 (FCT: 25.5%,
FPL: 24.5%). Effective interest of NEX as at 30 September 2023 is on FPL and FCT’s combined stake in NEX.
4 Includes Yishun 10 Retail Podium.
5 Tampines 1 was undergoing asset enhancement works as at 30 September 2023.
6 Figures are on a 100.0% basis; FCT owns 50.0% of Waterway Point through Sapphire Star Trust.
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and occupancy levels remaining
healthy, largely due to the country’s
resilience as a global financial hub.
Similarly, occupancy for Frasers
Property Singapore’s commercial
portfolio improved steadily, recording
six consecutive quarters of increase
to reach 95.6% as at 30 September
2023, up from 92.7% a year ago. The
robust demand for our commercial
space resulted in positive rental
reversion secured for the portfolio
for the financial year.
Operations
As part of our tenant and community
engagement initiatives, we ramped
up health and wellness activities
during the year, such as vertical and
futsal challenges, and initiatives
that supported the environment
and community, such as a coastal
clean-up and charity drives. Our
tenants participated actively in these
events which provided collaborative
and purposeful opportunities for the
community.
We continued to enhance the
Future of Work experience for
our tenants by providing quality
workplaces and relevant digital
infrastructure. With a newly
launched mobile application that
offers tenant services on the go, we
further expanded our MyICEPortal
intelligent building management
platform, with additional modules
to provide a more efficient
and seamless experience for
our tenants and the property
management team.
space which can host about
110 persons.
During the year, we received
certifications from WiredScore,
the global benchmark in digital
capabilities and smart building
initiatives. Frasers Tower, Alexandra
Point, Alexandra Technopark Block
A and Block B received WiredScore
Platinum recognition, and Frasers
Tower further received a SmartScore
Gold certification, affirming our
commitment to incorporating
robust digital infrastructure in our
commercial buildings.
At Alexandra Point, the asset
enhancement initiative lasting over
2.5 years obtained its temporary
occupation permit in September
2023. A brand-new façade featuring
higher-specification glass panels
and rooftop photovoltaic panels
will improve the overall energy
efficiency of the property. Tenants
now enjoy new amenities including
a café and smart security features in
the new lobby, nursing rooms and
end-of-trip facilities with showers
and dedicated lockers.
The modern working environment
includes a flex-space facility,
Connect @ Alexandra Point, that
supports core and flex working
spaces for our office community.
The community at large can book
co-working spaces, meeting rooms,
a boardroom, theatres and an event
With the completion of the
enhancement of Alexandra Point,
we can now better synergise the
management of Alexandra Point
together with Frasers Logistics
& Commercial Trust’s Alexandra
Technopark, through the shared
facilities and community activities
for the tenant community of the two
adjoining properties.
Alexandra Point, Singapore
Commercial
Properties
51 Cuppage Road
Alexandra Point
Frasers Tower3
Valley Point Office Tower & Shopping Centre
Total Commercial
Effective
share
(%)
Book value
($’m)
100.0
100.0
50.0
100.0
425.0
336.0
2,123.0
345.6
3,229.6
Net
lettable
area
(’000 sqm)1
25.3
19.0
63.6
21.0
128.9
Occupancy
FY23 (%)2
FY22 (%)2
90.7
100.0
100.0
83.4
84.6
93.9
98.9
81.5
1 Net lettable area includes area currently used as Community/Sports Facilities Scheme (CSFS) space and flex-space facilities operated by the
landlord.
2 Committed occupancy excluding CSFS and flex-space facilities operated by the landlord as at 30 September 2023 and 30 September 2022
respectively.
3 Figures are on a 100.0% basis; Frasers Property Singapore owns 50.0% of Frasers Tower through Aquamarine Star Trust.
9 Comprises commercial property assets in Singapore in which the Group has an interest, including assets held by FCT and FLCT.
60
Frasers Property Limited
Annual Report 2023
Business Review – Singapore
Residential
Rivière, our 455-unit, 99-year
leasehold luxurious residential
development, is part of our integrated
precinct located by the Singapore
River, which includes the 72-unit
Fraser Residence River Promenade
and three conservation warehouses
with lifestyle offerings. Rivière
received its temporary occupation
permit in January 202310 and was
fully sold11 in April 2023, emerging
as one of the best-selling projects
for several months in the Rest
of Central Region in 2022 and
2023. One of the warehouses,
which started operating from end-
September 2023, serves as The
Living Room, the front-of-house and
reception for Fraser Residence River
Promenade. The second warehouse
will be designed as a versatile space,
ideal for co-working and hosting of
events, while the third warehouse
will be repurposed for a premium
food and beverage operator.
Parc Greenwich, our 496-unit,
99-year leasehold executive
condominium at Fernvale Lane,
was the best-selling executive
condominium launch in 2021. Fully
sold11 within nine months of its
launch in September 2021, Parc
Greenwich offers homebuyers
wellness-inspired facilities and
Rivière, Singapore
high-quality attributes and fittings
more commonly found in top-
end private condominiums. The
development is on track to obtain
its temporary occupation permit in
the third quarter of FY24.
Sky Eden@Bedok12, our 99-year
leasehold mixed-use development
comprising 158 residential units and
12 ground-floor retail units, is set
to obtain its temporary occupation
permit in the first quarter of FY26.
As at 30 September 2023, 86.1%11
of the residential units were sold.
Sky Eden@Bedok is located just a
few minutes’ walk from Bedok MRT
station and bus interchange. With
a signature sky garden on every
level and next to each home, Sky
Eden@Bedok features an urban
oasis concept with biophilic design
and greenery, while thoughtfully
curated facilities promote
wellness, community bonding and
collaboration.
Residential Projects Under Development
Effective
share
(%)
Total
no. of
units1
% of units
sold2
%
Completed
Avg. selling
prices2
($ psm)
Est.
saleable
area
(’000 sqm)
Land cost
($ psm)
Target completion
date
100.0
455
100.0
100.0
30,311
46.9
19,159
Parc Greenwich
Sky Eden@Bedok
80.0
100.0
496
1584
99.6
82.94
73.5
10.54
13,229
22,6154
49.5
13.54
5,974
9,545
1 Includes 100.0% of joint ventures.
2 Based on sales and purchase agreements signed and excluded options issued as at 30 September 2023.
3 Excludes the 72 serviced residence units.
4 Excludes the 12 retail units.
10 TOP for Fraser Residence River Promenade (serviced residence component) was attained on 4 May 2023.
11 Including options signed.
12 Redevelopment of former mall acquired from Frasers Centrepoint Trust in November 2020.
TOP attained on
17 January 2023
3Q FY24
1Q FY26
Project
Rivière3
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61
Artist’s Impression of Parc Greenwich, Singapore
Looking Ahead
In the retail sector, quality retail
assets will remain an attractive
investment in Singapore with
healthy demand for prime suburban
retail space and tight supply in the
retail market. We continue to play
a key role for physical shopping in
an omnichannel environment. New
retailers seeking to expand in Asia
and existing retailers exploring new
concepts continue to register their
interest in retail spaces. While the
macroeconomic environment is
challenging, we remain positive on
the outlook for the suburban retail
sector in Singapore, based on these
factors, including Singapore’s future
population growth and sustained
healthy consumer spending on
essentials. As a leading suburban
mall owner and operator, our focus
in serving the needs of communities
has contributed to our retail
assets’ healthy performance during
challenging times. We will continue
to leverage the scale of our retail
platform to grow our business with
retailers and players within the retail
ecosystem.
On the commercial front,
Singapore’s status as a global
financial hub is expected to sustain
demand for commercial space
despite economic uncertainty and
cost pressures affecting market
sentiment. Furthermore, with limited
new supply in the pipeline, the
commercial sector is poised to
remain stable and resilient over the
medium term.
With greater focus on a high-quality
built environment, sustainability,
and health and wellness, we see
opportunities to further enhance
our tenants’ experience through
community engagement, a range
of flexible workspace options and
best-in-class digital solutions.
The outlook for Singapore’s
residential market looks to stay
resilient, particularly in the owner-
occupier segment which is driven
by genuine demand from home
buyers. Coupled with Singapore’s
reputation as a safe haven for
investments, these factors will lend
support to the residential market.
Artist’s Impression of Sky Eden@Bedok,
Singapore
In view of a higher interest rate
environment, developers have
generally taken a more cautious
approach towards land bids during
the financial year.
Together with our joint venture
partners in Singapore, we were
awarded a government land sale
site in November 2023. This site,
which can potentially yield around
800 residential units, is the first
government land sale site in
Toa Payoh in eight years.
Projects with attractive attributes
will continue to interest buyers
despite some caution from
homebuyers stemming from macro
headwinds, global recession
expectations and new cooling
measures announced in April 2023.
Business Review
Australia
Frasers Property Australia, Brisbane Office, Queensland, Australia
Contents
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Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
63
OUR BUSINESS REMAINED ROBUST AMID VARIABLE MARKET
DYNAMICS IN AN UNPREDICTABLE YEAR.
We navigated dynamic market
conditions in Australia in FY23.
Sharp increases in interest rates
would typically weaken residential
demand and prices. However, the
market continues to experience
a housing shortage with strong
demand from population growth,
driven by significant immigration
and changes in demographics,
compounding the challenges faced
by supply chains, affecting supply.
Housing affordability has also been
an ongoing issue throughout FY23.
Demand for commercial space
remains subdued, reinforcing
the importance of our work to
enhance the competitiveness of
our assets. In retail, the rising cost
of living is impacting discretionary
retail in particular. Our strong
representation of non-discretionary
tenants continues to underpin
the robust performance of our
shopping malls.
Amid these structural and cyclical
challenges, we will continue to draw
on our expertise in large-scale,
mixed-use development, while
leveraging our diversified platform,
quality pipeline, broad experience
and capabilities, and long-term
partnerships to create value for
stakeholders.
Financial Performance
In FY23, Frasers Property Australia
reported revenue of A$827.1 million
($743.1 million) and profit before
interest, fair value change, tax and
exceptional items of A$84.1 million
($75.5 million).
As at 30 September 2023, we had
11,0001 residential development
units in the pipeline and secured
1,292 residential pre-sale contracts
on hand, valued at A$0.8 billion
($0.7 billion). Our robust commercial
and retail development pipeline
and investment property portfolio
amounted to A$2.2 billion
($2.0 billion) of assets under
management in Australia, as at the
end of FY23.
In February 2023, Frasers Property
Australia secured a new five-year
A$340.0 million ($299.0 million) and
US$75.0 million ($102.0 million)
syndicated sustainability-linked
loan, taking the proportion of total
sustainability-linked corporate
facilities for the Australian
platform to 100.0%.
Queens Riverside, Perth, Australia
1
Includes subsidiaries at gross (100.0%) and equity-accounted joint ventures and associates, and joint operations at their effective share;
Gross - 14,091 units.
64
Frasers Property Limited
Annual Report 2023
Business Review – Australia
Artist’s Impression of Midtown MacPark, New South Wales, Australia
Residential Developments
After interest rate hikes initially
affected buyer behaviour and
dampened sales, home buyer
sentiment improved towards the
end of FY23. A price rebound in
the major Australian markets is
occurring2, as rates are now either
at, or near, the top of the cycle3,
and the residential fundamentals
of strong demand and undersupply
remain entrenched4.
With robust demand driven mainly
by net overseas migration growth5,
governments recognise the
need to increase housing supply
significantly across geography and
typology, including affordable and
community housing and build-to-
rent6 projects. The National Housing
Accord7 aims to bring together all
levels of government to address the
housing supply challenge.
Against this backdrop, we believe
large-scale, top-tier developers
like us – with proven ability to
deliver mixed-use, sustainable
communities and partner with
governments – are in a prime
position to address the critical
housing shortage. Our work
on projects, such as Midtown
MacPark in Sydney and Brunswick
& Co. in Brisbane, reinforces our
reputation as a quality partner of
governments, capable of delivering
complex projects involving multiple
stakeholders.
We deepened our partnership
with Mitsui Fudosan Australia in
line with our strategy to leverage
capital partnerships to achieve our
growth objectives. This has taken a
capital position in three additional
apartment developments, including
the Treehouse development at
our Midtown MacPark community
Artist’s Impression of Brunswick & Co.,
Queensland, Australia
in Sydney, and follows the
establishment of a joint venture
in 2022 to deliver Midtown’s first
building, MAC Residences.
Our partnership also includes
developments between Mitsui
Fudosan and Frasers Property
internationally.
2 CoreLogic Monthly Housing Chart Pack – July 2023.
3 Minutes of the Monetary Policy Meeting of the Reserve Bank of Australia Board – 4 July 2023.
4 National Housing Finance and Investment Corporation, State of the Nation’s Housing Report 2022-23.
5 Australian migrant population growth hits all-time high as borders re-open, ABC News.
6 Source: https://www.apimagazine.com.au/news/article/build-to-rent-transforming-housing-landscape.
7 Source: https://ministers.treasury.gov.au/sites/ministers.treasury.gov.au/files/2022-10/national-housing-accord-2022.pdf.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
65
Residential/Mixed-use Projects Completed or Under Development
Project1
East Perth (Queens Riverside, Lily Apt) -
HD, WA
East Perth (Queens Riverside, Lily Retail) -
R, WA
Parkville (Social Apt) - HD, VIC
East Perth (Queens Riverside, QIII Retail) -
R, WA
Edmondson Park (Ed.Square,
The Emerson Apt) - HD, NSW
Burwood East (Burwood Brickworks,
Ardent Collection Apt) - HD, VIC
Burwood East (Burwood Brickworks,
The Terrace Apt) - HD, VIC
Carina (Minnippi Quarter) - MD/L3, QLD
Burwood East (Burwood Brickworks) -
MD/L3, VIC
Carlton (Carlton, Encompass Apt) -
HD, VIC
Macquarie Park (Midtown, Mac Apt) -
HD, NSW
Shell Cove (The Waterfront, Shell Cove,
Ancora Apt) - HD, NSW
Shell Cove (The Waterfront, Shell Cove,
Nautilus Apt) - HD, NSW
Macquarie Park (Midtown, Affordable Apt)
- HD, NSW
Macquarie Park (Midtown, Soul Apt) -
HD, NSW
Edmondson Park (Ed.Square, The
Arlington Apt) - HD, NSW
Edmondson Park (Ed.Square, The Clifton
Apt) - HD, NSW
Blacktown (Fairwater) - MD, NSW
Lidcombe (The Gallery) - H/MD, NSW
Macquarie Park (Midtown, Treehouse
Apt) - HD, NSW
Tarneit (The Grove) - L4, VIC
Shell Cove (The Waterfront, Shell Cove,
Vela Apt) - HD, NSW
Baldivis (Baldivis Grove) - L4, WA
Hamilton (Hamilton Reach) - MD, QLD
Bahrs Scrub (Brookhaven) - L4, QLD
Wyndham Vale (Mambourin) - L4, VIC
Clyde North (Berwick Waters) - L4, VIC
The Quarry (Keperra) - MD/L4, QLD
Shell Cove (The Waterfront, Shell Cove) -
MD/L4, NSW
Baldivis (Baldivis Parks) - L4, WA
Edmondson Park (Ed.Square) - MD, NSW
Mandurah (Frasers Landing) - L4, WA
Clyde North (Five Farms) - L4, VIC
North Coogee (Port Coogee) - L4, WA
Wallan (Wallara Waters) - L4, VIC
Effective
share
(%)
Total no.
of units2
Total no.
of units
(consolidation)3
% of
units
sold
Avg.
selling
price
($’m)
Est. total
saleable
area2
(’000 sqm)
Est. total
saleable area
(consolidation)3
(’000 sqm)
Total
GDV
($’m)
Target
completion
date
100.0
100.0
50.0
100.0
100.0
100.0
100.0
100.0
100.0
65.0
50.0
50.0
50.0
100.0
100.0
100.0
100.0
100.0
100.0
50.0
50.0
50.0
100.0
100.0
100.0
100.0
45.0
100.0
50.0
50.0
100.0
100.0
61.0
100.0
50.0
125
5
153
6
91
94
135
193
259
115
269
64
116
130
107
73
45
808
115
162
1,778
52
379
299
1,974
1,372
1,987
488
2,666
985
694
608
1,608
623
1,969
125
100.0
0.5
12.4
12.4
66.2 Completed
5
77
80.0
100.0
0.6
0.3
6
33.3
0.7
91
100.0
0.5
94
100.0
0.5
0.6
5.6
0.9
8.2
5.3
0.6
5.6
0.9
3.5 Completed
55.2 Completed
5.0 Completed
8.2
55.5 Completed
5.3
56.1 Completed
135
193
100.0
99.5
0.5
0.6
6.1
N/A
6.1
82.6 Completed
N/A
122.4 Completed
259
100.0
1.1
N/A
N/A
321.8
1Q FY24
75
99.1
0.5
7.5
4.9
68.5
1Q FY24
135
97.4
0.8
17.9
8.9
233.0
1Q FY24
32
100.0
1.1
5.9
3.0
83.4
1Q FY24
58
100.0
1.0
10.9
5.5
137.7
1Q FY24
130
100.0
0.5
107
77.6
0.8
73
100.0
0.6
45
808
115
81
889
26
379
299
1,974
1,372
894
488
1,333
493
694
608
981
623
985
95.6
99.0
87.0
51.9
71.4
30.8
74.1
9.4
64.7
61.7
72.1
1.4
92.4
56.8
49.7
56.7
24.1
33.4
43.9
0.6
0.7
0.8
1.0
0.3
2.3
0.2
0.9
0.3
0.3
0.4
0.8
0.5
0.2
0.9
0.2
0.4
0.9
0.2
8.8
7.5
6.5
4.1
N/A
N/A
12.0
N/A
6.3
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
8.8
76.8
2Q FY24
7.5
97.9
2Q FY24
6.5
47.9
1Q FY25
4.1
N/A
N/A
31.3
1Q FY25
631.3
107.0
4Q FY25
4Q FY25
6.0
N/A
186.2
646.3
1Q FY26
2Q FY26
3.1
134.0
3Q FY26
N/A
N/A
N/A
N/A
N/A
N/A
78.3
4Q FY26
297.1
564.5
508.1
818.8
436.1
1Q FY27
4Q FY27
4Q FY27
2Q FY28
3Q FY28
N/A 1,408.6
4Q FY28
N/A
N/A
191.7
681.0
2Q FY29
4Q FY29
N/A
114.0
4Q FY29
N/A
N/A
N/A
706.1
611.7
551.9
1Q FY30
4Q FY34
4Q FY34
Note: Profit is recognised on completion basis. All references to units include apartments, houses and land lots.
N/A relates to projects containing mixed product types.
1 L – Land, H/MD – Housing / medium density, HD – High density, R – Mixed use retail.
2
3
4 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 ventures and joint operations).
Includes subsidiaries at gross (100.0%) and equity-accounted joint ventures and associates, and joint operations at their effective share.
66
Frasers Property Limited
Annual Report 2023
Business Review – Australia
There were no major new
acquisitions in FY23 due to market
conditions discouraging landowners
from selling. Nevertheless, our
pipeline remains strong and well-
diversified by location and product.
It will deliver 366 apartments and
1,800 sqm of premium resident-
only amenities. Construction is
progressing well, with excavation
works completed in May 2023.
Our Care & Rewards loyalty
programme continues to support
sales while offering our customers
a range of benefits. In FY23, 29%
of our total residential sales were
from referral and repeat customers
through our Care & Rewards
programme.
Project highlights
In a major boost to our Queensland
portfolio, we launched The Quarry,
our new Brisbane community in
July 2023, with the first land release
of 29 home sites. The A$500.0 million
($439.4 million) masterplanned
community will span 487,000 sqm
with overall completion expected
around 2028. Located on a hillside,
The Quarry will feature a mix of
home and land sites, terrace
homes, extensive placemaking and
shared resort-style amenities.
Brunswick & Co. is our first build-
to-rent project, in partnership with
the Queensland government.
Residential/Mixed-use Land Bank
In New South Wales, our
A$2.2 billion ($1.9 billion) Midtown
MacPark mixed-tenure community
in Sydney is also progressing well.
The first building, MAC Residences,
which was developed by a joint
venture with Mitsui Fudosan
Australia in partnership with the
New South Wales government,
topped out in mid-2023. Only six
of the 269 apartments remained
unsold as at 30 September 2023,
highlighting the value proposition of
Midtown’s sustainable masterplan
with unrivalled connectivity.
We commenced settlements of the
final stages at Fairwater in western
Sydney. The former 380,000 sqm
golf course has been transformed
into a world-leading sustainable
community with a 6 Star Green Star
Communities rating, which will be
home to over 2,000 residents. Apart
from offering a complete range of
community amenities, Fairwater
features open space and wetlands
on one-third of its expanse.
In Mambourin, Victoria, Good News
Lutheran College announced it
would open a new school in the
community following its acquisition
of a 68,000 sqm site within the
new town centre. Scheduled to
open in 2025, it will offer classes
from preparatory to Year 12 levels.
Additionally, the community will
benefit from the completion of the
first stage of the retail precinct,
named Mambourin Marketplace,
due to open in 2025.
Also in Victoria, our Five Farms
community, comprising about
1,600 homes, commenced its
first settlements. Sales have been
strong since the development was
launched in mid-2021. Proposed
future schools, childcare facilities,
a local town centre, an exclusive
residents’ club, local parks and
public transport will all be within
walking distance in the community.
In Western Australia, we sold the last
remaining apartments at Queens
Riverside, our integrated mixed-use
precinct, featuring three apartment
buildings and Fraser Suites Perth.
Only five commercial and retail
lots remain available in this award-
winning urban renewal development.
Project1
Effective
share
(%)
Est. total
no. of units2
Est. total
no. of units
(consolidation)3
Est. total
saleable area2
(’000 sqm)
Est. total
saleable area
(consolidation)3
('000 sqm)
New Beith - L, QLD
Macquarie Park (Midtown) - HD, NSW
Yarraville (Bradmill Yarraville) - HD/MD/R, VIC
Parkville (Parkside Parkville) - HD, VIC
Shell Cove (The Waterfront, Shell Cove) - HD, NSW
Edmondson Park (Ed.Square) - HD, NSW
Cockburn Central (Cockburn Living) - H/MD, WA
Newstead (Chester Street) - HD, QLD
100.0
100.0
50.0
50.0
50.0
100.0
100.0
100.0
2,153
1,646
1,361
395
377
376
346
145
2,153
1,646
681
198
189
376
346
145
913.8
131.7
170.6
20.8
23.1
44.1
34.4
18.6
913.8
131.7
85.3
13.2
11.5
44.1
34.4
18.6
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, R – Mixed use retail.
2
3
Includes 100.0% of joint arrangements (joint ventures and joint operations).
Includes subsidiaries at gross (100%) and equity-accounted joint ventures and associates, and joint operations at their effective
share.
Total
GDV
($’m)
660.6
2,037.2
1,640.7
204.7
717.7
355.3
173.0
248.3
Contents
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67
Among larger commercial space
users, the leasing market faced
protracted timelines for execution,
as companies contemplated
their future commercial needs.
To navigate this environment, we
continued our focus on community
creation, especially in the ongoing
repositioning of Rhodes Quarter.
Central Place Sydney, the
A$3.0 billion ($2.6 billion) major
urban renewal project, received
development application approval
in October 2022. This transformative
project, a joint venture with Dexus,
is envisioned to reshape Sydney’s
southern CBD. The project team
continues to work closely with the
government and positively engage
with tenants interested in being part
of Sydney’s new Tech Central global
innovation precinct.
Our retail portfolio performed
well in FY23 despite cost-of-
living pressures resulting from the
tightening in monetary policy. We
experienced robust enquiries and
increased footfall across our malls
in FY23.
Rhodes Quarter, New South Wales, Australia
Artist’s Impression of Mambourin Marketplace, Victoria, Australia
Investment Properties
The commercial and retail sectors
felt the impact of increased interest
rates and a slowing economy
during the year. Frasers Property
Australia remained resilient
amid these headwinds, drawing
on our community building and
placemaking expertise to attract
and retain tenants, and maintain
high levels of occupancy.
As at 30 September 2023, Frasers
Property Australia had 240,578 sqm
of commercial assets under
management8.
Our retail portfolio comprised
approximately 65,500 sqm across
five retail malls in the country, with
an average portfolio occupancy
of 96.0% and a weighted average
lease expiry of 6.4 years.
In the commercial sector, a
two-speed market was at play.
Leasing activity was solid among
smaller space users in the
500 sqm to 1,000 sqm range,
evidenced by the diverse tenant
mix secured at our rebranded
Rhodes Quarter in Sydney. New
tenants for the year included
the National Associated
Retail Traders of Australia for
1,300 sqm and automobile
manufacturer Chery for 500 sqm.
In November 2022, we acquired
buildings A and C at Rhodes
Quarter, further expanding our
commercial footprint.
8
Includes commercial assets in Australia held by Frasers Logistics & Commercial Trust.
68
Frasers Property Limited
Annual Report 2023
Business Review – Australia
Our malls are anchored by major
supermarkets and are represented
by tenants in non-discretionary
categories, such as food and
beverage, which should continue
to underpin the performance of our
retail portfolio in the future, against
the broader challenges of a slowing
economy.
In western Sydney, the award-
winning Eastern Creek Quarter
continues to be a quality performer
with its high occupancy rate and
strong financial performance,
following the opening of its large-
format retail and showroom
precinct, ECQ XL, in June 2022.
The third and final stage of Eastern
Creek Quarter Shopping Centre,
ECQ Outlet, has secured masterplan
approval from the New South Wales
government with a permitted use of
approximately 29,000 sqm.
For ECQ Outlet, Frasers Property
Australia worked with the
Department of Planning and
Environment to develop a new
‘outlet retail’9 centre, which will
see about 100 brands sell a
minimum of 70.0% of their stock
discounted from their ordinary or
recommended retail prices.
Commercial Properties
With a shortage of outlet retail
space in New South Wales,
especially western Sydney, the
upcoming ECQ Outlet expects
to serve an enlarged catchment
of about 1.2 million10 people, to
bolster Eastern Creek Quarter’s
performance further.
At Mambourin in Melbourne’s west,
we are creating a masterplanned
community with diverse home
choices in a key growth corridor.
In mid-2023, we received the
building permit for the first stage
of Mambourin Town Centre.
Artist’s Impression of ECQ Outlet, New South Wales, Australia
Property
State
Effective
share
(%)
Book value
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy
FY23 (%)
FY22 (%)
20 Lee Street, Henry Deane Building, Sydney
26-30 Lee Street, Gateway Building, Sydney
1A Homebush Bay Drive, Rhodes
1B Homebush Bay Drive, Rhodes
1C Homebush Bay Drive, Rhodes
1D Homebush Bay Drive, Rhodes
1E Homebush Bay Drive, Rhodes
1F Homebush Bay Drive, Rhodes
Total
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
102.8
140.6
80.6
85.2
58.7
129.2
11.6
117.3
726.0
9.1
12.6
14.6
12.4
10.2
17.1
1.3
17.4
94.7
0.0
0.0
18.4
60.4
95.5
100.0
100.0
73.4
0.0
17.3
_
46.6
-
100.0
72.6
74.1
9 Outlet retail is defined as: a minimum of 70.0% of stock for sale in the outlet is discounted from its ordinary retail price or recommended retail
price (for reasons including but not limited to being out-of-stock, seconds, samples, discontinued or surplus stock); or stock offered for sale is
specifically manufactured for sale only in outlet stores; and highly visible signage must be displayed distinguishing the tenancy as a discount
outlet.
10 LocationIQ, IQCensus Dashboard, ECQ, August 2022.
Contents
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Financial &
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69
Construction is due to commence
in late 2023, with the opening
expected in late 2024 or early 2025.
This first stage features the
A$50.0 million ($43.9 million)
Mambourin Marketplace, with
about 7,200 sqm of retail space
planned for a major supermarket,
a proposed medical precinct,
a pharmacy and 25 specialty
stores. Subject to final design and
approval, the entire Town Centre will
offer approximately 25,000 sqm of
total retail space when completed.
In FY24 and beyond, we aim to
sharpen our focus on quality,
value, customer-centricity and
sustainability. We will also continue
to prioritise facilitating connections
and a sense of belonging at
the neighbourhood level in the
communities we create.
To this end, we have partnered
with Ending Loneliness Together,
a national network that addresses
loneliness as a critical and current
issue with significant social and
economic consequences. This
commitment has already resulted
in the production of ‘The Great
Separation’, a groundbreaking
documentary exploring the causes
and impacts of loneliness, and
the potential solutions to this
widespread issue. We expect the
partnership to present further
opportunities for us to incubate
ideas and pilot programmes to
reduce the incidence of loneliness
in our communities.
In the pipeline, we have new
neighbourhood retail spaces
planned for our large-scale
mixed-use developments in
Yarraville in Victoria, Telopea in
New South Wales, and Brookhaven
and New Beith in Queensland.
Looking Ahead
Demand for high-quality mixed-use
developments is expected to grow.
As an experienced developer
with a proven track record,
Frasers Property Australia has
the capabilities as well as the
pipeline, to make a significant and
sustained effort to address the
current housing shortage. We are
well-positioned to navigate the
current environment and maintain
our market-leading position as
conditions continue to evolve.
Retail Completed Properties
Site
Effective
share
(%)
Est. total
lettable
area
(’000 sqm)
Occupancy
FY23 (%)
FY22 (%)
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
Total
100.0
100.0
100.0
100.0
100.0
24.5
12.9
10.0
11.3
6.8
65.5
94.4
93.6
98.5
100.0
95.1
92.1
94.4
94.3
93.9
95.7
Retail Land Bank
Site
Wyndham Vale (Mambourin, Stage 1), VIC
Effective
share
(%)
Est. total
saleable
area
(’000 sqm)
100.0
7.2
Business Review
Industrial
The Horsley Park Estate, New South Wales, Australia
Contents
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Organisational
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Corporate
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Financial &
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71
OUR STRONG PORTFOLIO AND STRATEGIC LAND BANK MET
SUSTAINED DEMAND FOR HIGH-QUALITY INDUSTRIAL AND
LOGISTICS ASSETS.
The industrial and logistics
sectors in Australia and Europe
experienced rising market rents
and high occupancy levels in
FY23, offset by softening yields
and elevated construction costs.
Underlying sector trends, such
as strong tenant demand and
shortages of both zoned land and
premium stock, allowed the sector
to benefit from historically low
vacancy rates.
With our global sector expertise
and the Group’s integrated asset
development and management
capabilities, Frasers Property
Industrial can deliver and manage
high-quality and sustainable real
estate facilities for industrial,
logistics, warehousing and
distribution customers in Australia,
Germany, the Netherlands and the
UK. We also leverage the Group’s
industrial and logistics platforms
in Southeast Asia, particularly in
Thailand and Vietnam, to offer
valuable solutions and support for
our customers across markets.
Frasers Property Industrial’s strong
pipeline of developments
and high-quality existing assets
are well-positioned to attract
strong demand, generating positive
rental reversions throughout a
year of industry-wide economic
adjustment.
Financial Performance
In FY23, Frasers Property Industrial
achieved profit before interest, fair
value change, tax and exceptional
items of $352.5 million. As at
30 September 2023, our total
industrial and logistics assets under
management was $11.0 billion, with
a $1.6 billion development pipeline
and a land bank of 2.4 million sqm.
The portfolio consisted of 165
properties, with net lettable area of
4.3 million sqm.
Industrial and logistics yields have
compressed significantly in recent
years on the back of structural
tailwinds within the sector.
In FY23, yields have inevitably
expanded against higher interest
rates, and fair values of industrial
and logistics assets have softened
as a result. Across Frasers Property
Industrial’s key markets, the majority
of yield softening in Australia was
offset by strong market rental
growth, with the downside weighted
to the UK, Germany and the
Netherlands. As a percentage of
the total portfolio, Frasers Property
Industrial saw a fair value decrease
of 3.6%.
Our business model is resilient,
with most capital invested in
income-producing investment
property assets supplemented
by a significant development
pipeline. Development projects
were selectively focused on serving
customers with pre-leased facilities
and speculative developments
in prime core markets with the
potential for strong rental growth.
Rubix Connect, Victoria, Australia
72
Frasers Property Limited
Annual Report 2023
Business Review – Industrial
Artist’s Impression of The YARDS, New South Wales, Australia
Australia
As at 30 September 2023, our
industrial and logistics portfolio in
Australia had 97 properties, with
100.0% occupancy and a weighted
average lease expiry of 5.3 years.
This was achieved through strong
leasing activity in the Australian
portfolio, with 696,000 sqm of
renewals and new leases secured.
Riding the continued strong market
demand, we acquired 337,400 sqm
of land in three strategic locations
during the year, expanding our
industrial and logistics land bank
to a total of 2.2 million sqm in
Australia. New acquisitions included
approximately 271,300 sqm in
Craigieburn, Victoria; 48,100 sqm
in Stapylton, Queensland; and
18,000 sqm in Horsley Park,
New South Wales.
We delivered seven industrial
facilities totalling approximately
174,000 sqm of new space
across the eastern seaboard. The
industrial facilities were created
for customers Zenexus, Décor,
Freedom and Nolan Group in
Dandenong, Victoria, and for
National Tyre & Wheel in Berrinba,
Queensland. All were completed as
high-performing work environments
that incorporated our premium
building design guidelines.
On the back of robust leasing
activity and rental growth, two new
estates – Westcourse in Victoria
and Edge in Kemps Creek, New
South Wales – were launched
during the year.
We also strengthened our
development pipeline with 14
warehouses under construction
spanning 450,000 sqm. These
included two facilities at Vantage
Yatala in Queensland and two at
Canvas West in Victoria.
A total of 11 pre-commitments
across 209,000 sqm were secured
in Australia, along with 284,000 sqm
renewals by long-term repeat
customers. National Tiles signed
leases in both Queensland and
Victoria for a total of 33,874 sqm,
while Komatsu Australia committed
to a 12,526 sqm facility at Canvas
West in Tarneit, Victoria. Also in
Victoria, GMK Logistics signed a
lease at 4Ten Epping, and Freedom
committed to the Rubix Connect
estate.
The YARDS in Kemps Creek,
New South Wales, saw the
busiest leasing and development
activity. Seven facilities are under
development for customers such as
Ardex and leading pharmaceutical
manufacturer, Probiotec, which
committed to a 36,000 sqm facility
in FY23. The YARDS’ Premium
Estates design – to build a healthy,
sustainable and high-performing
work environment for customers –
earned it Australia’s first-ever 6 Star
Green Star Communities v1.1 rating
from the Green Building Council of
Australia for an industrial facility.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
73
Industrial & Commercial Properties (Australia)
Property
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 Park1
6 Burilda Close, Wetherill Park1
25-39 Australand Drive, Berrinba2
57-75 Australand Drive, Berrinba3
70-88 Australand Drive, Berrinba
171-199 Wayne Goss Drive, Berrinba
1 Arthur Dixon Court, Yatala
20 Arthur Dixon Court, Yatala3
24-60 Homestead Drive, Yatala3
2 Fairway Street, Stapylton3
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
2-20 Goodall Close, Dandenong South3
48-82 Goodall Close, Dandenong South3
17 Droomer Way & 12 Hurst Drive, Tarneit
2-14 Chadderton Blv & 20 Oldham Rd, Epping
26-34 Beyer Road, Braeside
Commercial
Freshwater Place, Public Car Park, Southbank
Total
Includes right-of-use assets as at 30 September 2023.
1
2 Held for sale.
3 New asset.
Effective
share
(%)
Book value
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy
FY23 (%)
FY22 (%)
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
50.1
112.7
64.0
65.9
68.1
64.1
52.7
47.4
71.2
49.2
66.7
18.0
35.5
39.6
43.9
24.9
39.8
52.4
44.8
42.2
54.9
34.9
43.1
60.0
58.4
59.8
53.6
43.1
56.7
58.9
69.9
70.9
45.9
89.2
49.9
63.5
61.9
17.7
22.2
91.7
26.7
29.1
20.7
19.0
17.6
25.7
18.9
26.3
12.4
21.1
21.0
22.7
13.6
22.6
27.0
25.7
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
23.2
41.9
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
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
QLD
QLD
QLD
QLD
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
VIC
100.0
12.9
2,040.7
11.8
1,053.9
-
-
74
Frasers Property Limited
Annual Report 2023
Business Review – Industrial
Development Projects (Australia)
Site
Developments for internal pipeline
The YARDS, Kemps Creek West, Altis JV (TTI)
Vantage Yatala, Stapylton (Prelease11)
The YARDS, Kemps Creek West, Altis JV (Prelease21)
The YARDS, Kemps Creek West, Altis JV (Ardex)
4Ten Epping, Epping (GMK Logistics)
Canvas West, Tarneit (National Tiles & Spec)
Canvas West, Tarneit (Komatsu & Spec)
The YARDS, Kemps Creek West, Altis JV (SEKO Logistics)
The YARDS, Kemps Creek West, Altis JV (Spec)
SC1 Archerfield, Archerfield (EFM Logistics & Spec)
The YARDS, Kemps Creek West, Altis JV (Spec)
The YARDS, Kemps Creek West, Altis JV (Probiotec)
Rubix Connect, Dandenong South
(Penguin Random House & Spec)
State
NSW
QLD
NSW
NSW
VIC
VIC
VIC
NSW
NSW
QLD
NSW
NSW
VIC
Developments for third party sale
Macquarie Exchange – MQX4, Macquarie Park (Ascendas REIT) NSW
1 Lease has been signed, confidential.
Industrial & Commercial Land Bank (Australia)
Site
Industrial
Kemps Creek East
Horsley Park
Stapylton
Cragieburn
Epping
Cobblebank
Kemps Creek West
Dandenong South
Tarneit
Commercial
Macquarie Park
Mulgrave
1 Developable land area.
2 Area is based on 100.0% estimated net leasable area.
State
NSW
NSW
QLD
VIC
VIC
VIC
NSW
VIC
VIC
NSW
VIC
Effective
share
(%)
Est. total
area
(‘000 sqm)
49.9
100.0
49.9
49.9
100.0
100.0
100.0
49.9
49.9
100.0
49.9
49.9
100.0
74.1
36.5
29.2
26.3
27.4
27.6
25.1
30.6
16.8
31.3
18.1
36.0
52.2
To go
(%)
16.0
28.0
57.0
52.0
55.0
47.0
49.0
74.0
99.0
99.0
99.0
97.0
100.0
Target
completion
date
1Q FY24
1Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY24
3Q FY24
4Q FY24
4Q FY24
1Q FY25
1Q FY25
1Q FY25
50.0
19.5
4.0
1Q FY24
Effective
share
(%)
Est. total
saleable
area1
(‘000 sqm)
100.0
100.0
100.0
100.0
100.0
100.0
49.9
100.0
100.0
50.0
50.0
576.7
335.5
303.9
271.3
234.2
204.6
101.7
75.2
14.2
58.62
32.0
2,207.9
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
75
European Union
As at 30 September 2023, our
industrial and logistics portfolio in
the EU had 57 properties, with 97.5%
occupancy and a weighted average
lease expiry of 5.3 years. This was
achieved through strong leasing
activity in the European portfolio,
with 147,000 sqm of renewals and
new leases secured.
This growth was further enabled by
strategic acquisitions in Alzenau
and Landsberg in Germany totalling
72,000 sqm. The sale of four assets
in Austria also strategically recycled
capital for expansion in our core
markets of Germany and the
Netherlands.
Construction continued at KAN
Logistics Park, an 11-hectare estate
in Bemmel, the Netherlands. Located
in the Arnhem Nijmegen area, the
estate will feature two distribution
centres split into four units that total
63,000 sqm, including office and
mezzanine space.
The CityLog Breda campus in the
Netherlands, which is also part
of our development pipeline, will
continue to be developed in the
year ahead.
Construction started at The Tube
in Dusseldorf, Germany, which will
become a landmark 74,000 sqm
sustainable industrial and logistics
park. In May 2023, we completed
the demolition works of a 120
year-old factory on the site. The
project is aiming to achieve the
first-ever gold certification from
the DGNB German Sustainable
Building Council for The Tube,
demonstrating our commitment
to high-quality sustainability
outcomes.
Artist’s Impression of CityLog Campus,
Breda, the Netherlands
Artist’s Impression of KAN Logistics Park, the Netherlands
76
Frasers Property Limited
Annual Report 2023
Business Review – Industrial
Industrial Properties (EU)
Property
Location
Effective
share
(%)
Book value
($’m)
Net
lettable
area
(‘000 sqm)
Occupancy
FY23 (%)
FY22 (%)
Germany
Brentanostraße 71
Fuggerstraße 13
Fuggerstraße 15
An der Trift 75
Rheindeichstraße 155
Rheindeichstraße 165
Hans-Fleißner-Straße 46-48
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
The Netherlands
Hazeldonk 6308
Ringweg 19-21
Hazeldonk 6801
Total
1 New asset.
Development Projects (EU)
Alzenau
Bielefeld
Bielefeld
Dreieich
Duisburg
Duisburg
Egelsbach
Gaggenau
Günzburg
Hamburg
Hanau
Kirchheim
Kleinkötz
Magstadt
Mülheim
Remscheid
Saarwellingen
Saarwellingen
Überherrn
Breda
Roermond
Breda
100.0
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
12.7
41.4
32.6
21.5
86.8
58.9
64.4
21.8
18.5
85.5
5.8
49.4
39.7
11.3
90.7
18.6
5.8
10.5
26.6
10.0
40.4
18.5
771.4
22.0
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
8.3
33.4
11.5
612.5
67.1
100.0
100.0
81.8
100.0
100.0
100.0
94.3
99.0
100.0
97.4
100.0
100.0
100.0
83.0
82.1
100.0
100.0
100.0
100.0
100.0
100.0
-
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
100.0
100.0
100.0
Property
Location
Effective
share
(%)
Est.
lettable
area
(‘000 sqm)
To go
(%)
Target
completion
date
Germany
The Tube, Düsseldorf
Düsseldorf
100.0
77.8
100.0
1Q FY25
The Netherlands
KAN Logistics Park, Veilingweg 16
CityLog Campus Breda, Lageweg 15
Bemmel
Breda
100.0
100.0
33.3
47.4
17.0
100.0
1Q FY24
4Q FY24
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
77
Land Bank (EU)
Property
Location
Germany
Max-Planck-Ring 19
Alois Mengele Str. 12
Adolf-Dambach-Straße 52
The Netherlands
KAN Logistics Park, Veilingweg 16
Landsberg
Günzburg
Gaggenau
Bemmel
1 Developable land area.
2 Operating assets ear-marked for future re-development.
Est.
total
saleable
area
(‘000 sqm)1
50.6
97.0
78.8
Effective
share
(%)
100.0
94.9
100.0
100.0
53.0
Frasers Logistics &
Commercial Trust
Frasers Logistics & Commercial
Trust (FLCT) leveraged its strong
portfolio fundamentals to deliver
a resilient operating performance
amid macroeconomic uncertainties,
including rising inflation and
interest rates. The performance
in FY23 was primarily affected by
the discontinuation of revenue
from the divestment of Cross
Street Exchange in the first half of
FY22, weaker average exchange
rates against the Singapore dollar,
and lower contributions from
Farnborough Business Park, Maxis
Business Park and 357 Collins
Street.
Distribution per unit declined by
7.6%, from 7.62 cents to 7.04 cents
in FY23. While distributable income
decreased by 6.9% from
$281.8 million to $262.3 million,
capital distribution increased from
$15.0 million to $25.1 million.
FLCT’s portfolio of 107 high-
quality industrial and commercial
properties1, valued at approximately
$6.4 billion2 as at 30 September 2023,
15-27 Sunline Drive, Truganina, Victoria, Australia
remained competitively positioned
and well-occupied. Portfolio
occupancy3 stood at 96.0%, with
zero vacancies for the logistics
and industrial sector for the fourth
consecutive year and an 89.9%
occupancy for the commercial
sector. The weighted average lease
expiry for the entire portfolio was
4.3 years.
FLCT continued to maintain a
diversified base of high-quality and
well-established tenants across
its portfolio. The top 10 tenants
accounted for 25.3% of portfolio
gross rental income in FY23. On the
back of healthy leasing demand,
approximately 492,000 sqm of
space, or 18.5% of the portfolio’s
gross floor area, was leased.
1 Excludes the property under development in the UK.
2 Excludes the property under development in the UK and right-of-use assets.
3 Based on gross rental income, being the contracted rental income and estimated recoverable outgoings for the month of September 2023.
Excludes straightlining rental adjustments and includes committed leases. Current gross market rental adopted for vacant accommodation.
78
Frasers Property Limited
Annual Report 2023
Business Review – Industrial
During the year, FLCT completed
the development of Connexion II
and Worcester in the UK.
Development progressed on
the Ellesmere Port logistics and
industrial property, a forward-
funding project in northwest
England, which is on track for
completion in the first half of FY24.
Central Park in Perth, Australia, is
undergoing a facade modernisation
project which is scheduled for
completion by the end of FY24.
In October 2023, FLCT entered into
a sale and purchase agreement
and a turnkey design-and-build
agreement for a freehold forward-
funding logistics development
situated within Aviation Valley
business park, next to Maastricht
Airport in the Netherlands. The
€14.5 million ($20.9 million4)
development is pre-let for a period
of 10 years and was purchased at a
12.7% discount to valuation5.
7 Eucalyptus Place, Eastern Creek, New South Wales, Australia
As at 30 September 2023, aggregate
leverage remained healthy at
30.2%, with a weighted average
debt maturity of 2.2 years and
high interest coverage ratio of 7.1
times6. With a substantial 77.2% of
borrowings at a fixed rate, the cost
of borrowings for FY23 was 2.2%7
per annum. FLCT has a BBB+ rating
by Standard & Poor’s with a stable
outlook.
Frasers Logistics & Commercial Trust – Industrial Properties (Australia)
Property
8 Stanton Road, Seven Hills
Lot 1, 2 Burilda Close, Wetherill Park
4-8 Kangaroo Avenue, Eastern Creek
17 Kangaroo Avenue, Eastern Creek
21 Kangaroo Avenue, Eastern Creek
7 Eucalyptus Place, Eastern Creek
6 Reconciliation Rise, Pemulwuy
8-8A Reconciliation Rise, Pemulwuy
3 Burilda Close, Wetherill Park
Lot 104 & 105 Springhill Road, Port Kembla
8 Distribution Place, Seven Hills
10 Stanton Road, Seven Hills
99 Station Road, Seven Hills
1 Burilda Close, Wetherill Park
11 Gibbon Road, Winston Hills
2 Hanson Place, Eastern Creek
State
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
NSW
Effective
share
(%)
Book value
($’m)
Lettable
area
(‘000 sqm)
Occupancy
FY23 (%)
FY22 (%)
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
28.2
35.8
118.0
57.5
120.2
46.1
55.8
64.8
43.1
19.5
34.8
17.9
28.2
76.0
59.5
102.8
10.7
14.3
40.6
23.1
41.4
16.1
19.2
22.5
20.1
90.7
12.3
7.1
10.8
18.8
16.6
32.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
4 Based on the exchange rate of €1: S$1.4441 as at 30 September 2023.
5 Valued by Savills Valuation at €16.6 million ($24.0 million) on a completed and pre-let basis, assuming no real estate transfer tax is payable.
6 As defined in the Code on Collective Investment Schemes. Computed as trailing 12 months EBITDA (excluding effects of any fair value changes
of derivatives and investment properties, and foreign exchange translation), over trailing 12 months borrowing costs. Borrowing costs exclude
interest expense on lease liabilities (effective from 28 December 2021).
7 On a trailing 12 months basis.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
79
Frasers Logistics & Commercial Trust – Industrial Properties (Australia) (Cont’d)
Property
55-59 Boundary Road, Carole Park
57-71 Platinum Street, Crestmead
166 Pearson Road, Yatala
51 Stradbroke Street, Heathwood
30 Flint Street, Inala
143 Pearson Road, Yatala
286 Queensport Road, North Murarrie
350 Earnshaw Road, Northgate
103-131 Wayne Goss Drive, Berrinba
99 Shettleston Street, Rocklea
10 Siltstone Place, Berrinba
29-51 Wayne Goss Drive, Berrinba
18-34 Aylesbury Drive, Altona
16-32 South Park Drive, Dandenong South
29 Indian Drive, Keysborough
17 Hudson Court, Keysborough
21-33 South Park Drive, Dandenong South
43 Efficient Drive, Truganina
22-26 Bam Wine Court, Dandenong South
89-103 South Park Drive, Dandenong South
98-126 South Park Drive, Dandenong South
1-13 and 15-27 Sunline Drive, Truganina
468 Boundary Road, Derrimut
2-22 Efficient Drive, Truganina
49-75 Pacific Drive, Keysborough
17 Pacific Drive & 170-172 Atlantic Drive,
Keysborough
78 & 88 Atlantic Drive, Keysborough
150-168 Atlantic Drive, Keysborough
77 Atlantic Drive, Keysborough
111 Indian Drive, Keysborough
1 Doriemus Drive, Truganina
211A Wellington Road, Mulgrave
25-29 Jets Court, Melbourne Airport
17-23 Jets Court, Melbourne Airport
28-32 Sky Road East, Melbourne Airport
38-52 Sky Road East, Melbourne Airport
96-106 Link Road, Melbourne Airport
115-121 South Centre Road, Melbourne Airport
42 Sunline Drive, Truganina
8-28 Hudson Court, Keysborough
1 Magnesium Place, Truganina
11 Magnesium Place, Truganina
17 Magnesium Place, Truganina
75-79 Canterbury Road, Braeside
60 Paltridge Road, Perth Airport
State
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
Effective
share
(%)
Book value
($’m)
Lettable
area
(‘000 sqm)
Occupancy
FY23 (%)
FY22 (%)
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
20.9
43.9
43.2
31.9
27.5
47.0
40.2
63.8
36.7
22.3
17.3
29.4
39.8
24.7
41.0
43.8
37.6
43.1
29.2
19.1
51.8
46.1
44.2
73.6
43.3
59.8
27.2
43.9
29.3
47.0
115.1
34.4
12.3
7.7
7.9
29.6
18.9
4.0
25.8
56.0
18.9
13.8
15.6
28.7
9.4
13.3
20.5
23.2
14.9
15.1
30.6
21.5
30.8
19.5
15.2
9.8
15.5
21.5
12.7
21.9
21.3
22.1
23.1
17.6
10.4
28.1
26.2
24.7
38.3
25.2
30.0
13.5
27.3
15.1
21.7
74.5
7.2
15.5
9.9
12.1
46.2
18.6
3.1
14.6
25.8
9.5
7.3
8.3
14.3
20.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
80
Frasers Property Limited
Annual Report 2023
Business Review – Industrial
Frasers Logistics & Commercial Trust – Industrial Properties (EU and the UK)
Property
Location/City
Effective
share
(%)
Book value
($’m)
Lettable
area
(‘000 sqm)
Occupancy
FY23 (%)
FY22 (%)
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
Innovatielaan 6
United Kingdom
Connexion
Connexion II1
Worcester1
Total
Marl
Isenbüttel
Vaihingen
Ulm
Gottmadingen
Mamming
Leipzig
Chemnitz
Ebermannsdorf
Nuremberg
Achern
Rheinberg
Münster
Rastede
Brilon
Moosthenning
Freiberg am Neckar
Bergheim
Berlin
Graben, Augsburg
Garching
Herbrechtingen
Obertshausen
Ratingen
Tamm
Bielefeld
Mainz
Bad Rappenau
Frankenthal
s-Heerenberg
Tilburg
Zeewolde
Venlo
Meppel
De Klomp
Birmingham
Birmingham
West Midlands
21.2
21.1
21.0
21.2
21.2
21.2
21.2
21.2
21.2
21.0
21.0
21.2
21.2
21.2
21.2
21.1
21.1
21.0
21.2
21.2
21.0
21.2
21.0
21.0
21.0
20.8
21.2
21.2
21.0
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
22.3
23.7
26.1
88.4
71.1
85.2
27.9
22.4
25.6
15.6
88.5
22.8
49.0
21.1
26.6
17.8
121.4
56.2
34.1
66.3
58.8
52.6
68.2
50.5
81.0
115.4
43.3
78.4
63.1
42.6
115.2
26.0
71.0
45.1
44.0
33.5
16.8
20.7
43.8
24.5
55.0
14.2
11.5
17.8
9.4
44.2
12.3
32.0
13.0
11.5
13.4
72.6
21.1
19.4
13.1
11.5
13.0
44.5
23.3
43.1
38.9
22.3
13.1
13.1
20.6
84.8
18.1
51.7
32.6
31.0
15.6
60.0
37.3
36.7
4,487.42
19.5
11.0
16.7
2,305.4
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
-
-
1 Development completed in FY23.
2 Excludes one property under development in the UK and right-of-use (ROU) assets recognised under SFRS(I) 16 Leases. Including ROU
assets, the book value as at 30 September 2023 is $4,610.2 million.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
81
Frasers Logistics & Commercial Trust – Commercial Properties
Property
City/State
Effective
share
(%)
Book value
($’m)
Lettable
area
(‘000 sqm)
Occupancy
FY23 (%)
FY22 (%)
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
22.3
22.3
22.3
11.2
224.1
216.6
42.0
320.9
31.8
40.2
7.3
66.0
83.8
100.0
100.0
96.1
94.4
100.0
100.0
94.5
Singapore
22.3
678.0
96.1
95.8
93.4
Farnborough
Bracknell
Birmingham
22.3
22.3
22.3
228.4
83.4
164.0
1,957.4
50.8
17.8
42.2
352.2
77.1
79.4
83.0
75.6
100.0
81.9
1 Book value is based on Frasers Logistics & Commercial Trust’s 50.0% effective interest in the property.
Looking Ahead
We remain committed to delivering
value for our industrial and logistics
customers and stakeholders
through our focused approach,
resilient business model and
end-to-end capabilities. We have
set ambitious sustainability goals to
achieve industry-leading outcomes
and reduce our environmental
impact, while creating long-term
value for all stakeholders.
Our business is well-positioned to
capture the opportunities arising
from the strong customer demand
in our core markets, where we
have high-quality assets and a
strategic land bank. The industrial
and logistics sector continues to
benefit from the megatrends driving
demand, such as e-commerce,
urbanisation and supply chain
resilience. These trends have been
accelerated by the COVID-19
pandemic, creating a favourable
market environment for the
business.
Berrinba Logistics Park, Queensland, Australia
The supply of industrial and
logistics developments is expected
to be constrained by land scarcity
and increased regulation, especially
in prime locations. This will create
a supply-demand imbalance that
will support rental growth and drive
low vacancy rates in key markets.
Frasers Property Industrial has a
land bank of 2.4 million sqm in
strong global markets, which gives
us a competitive advantage to
capitalise on these macro trends.
Business Review
Hospitality
Fraser Residence River Promenade, Singapore
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
83
WE ACHIEVED A STRONG AND SUSTAINED RECOVERY IN OUR
PERFORMANCE, AS OUR PORTFOLIO CONTINUED TO CAPTURE THE
RESUMPTION IN TRAVEL DEMAND.
Global demand for travel and
hospitality made a swift rebound, as
international borders and countries
re-opened and international
tourism continued to recover
from the pandemic. All regions
recorded notable increases in
tourist arrivals with our properties
capturing opportunities from post-
pandemic pent-up travel demand
and rising global flight capacity,
which demonstrated resilience
and sustained recovery even in the
face of economic and geopolitical
challenges.
Financial Performance
Frasers Hospitality achieved a
strong, sustained recovery in
operating performance with our
globally diversified portfolio amid
a continued recovery in travel
demand. Profit before interest, fair
value change, tax and exceptional
items was $129.0 million in FY23,
an increase of 27.8% compared
to FY22.
In August 2023, we successfully
divested Fraser Place Melbourne
as part of our portfolio capital
recycling strategy.
As at 30 September 2023, total
assets under management1 was
$4.1 billion.
Capri by Fraser, Bukit Bintang,
Malaysia
Fraser Suites Hamburg, Germany
1
Comprises hospitality property assets in which the Group has an interest, including assets held by Frasers Hospitality Trust.
84
Frasers Property Limited
Annual Report 2023
Business Review – Hospitality
Asia Pacific
In FY23, we continued to reconstitute
the portfolio to strengthen our
income streams. As part of Frasers
Hospitality’s post-pandemic
transformation strategy, we
expanded into the long-stay
premium rental segment with the
acquisition of a pair of premium
rental apartment assets in Osaka,
Japan and Shenzhen, China. This
natural progression and extension
into attractive adjacent hospitality
asset classes, coupled with our
continued growth in management
agreements, deepens our presence
and widens our reach within key
gateway cities in the region.
As countries in the Asia Pacific
region, particularly Japan and
China, successfully transitioned
into the endemic phase in FY23,
operating metrics across the region
recovered with strong demand
from all business segments. In the
North Asia and Southeast Asia and
Australia regions where we have our
presence established, there was a
strong demand from both leisure
and corporate sectors, which
contributed to a healthy growth in
our performance.
The acquisition of the operational
premium rental apartment in Osaka,
Japan, along with the opening of
the first 228-unit Fraser Residence
property in Tianjin, China, in July
2023, adds to Frasers Hospitality’s
expanding portfolio in North
Asia with over 4,300 units in
19 properties across China, Japan
and South Korea.
Fraser Residence Tianjin, China
Serviced Residences and Premium Rental Apartment – Properties in Operation – Owned Properties
Property
Australia
China
Germany
Indonesia
Japan
Fraser Suites Perth
Capri by Fraser, Brisbane
Fraser Suites Dalian
Capri by Fraser, Frankfurt
Capri by Fraser, Berlin
Fraser Suites Hamburg
Fraser Residence
Sudirman, Jakarta
Estem Court Namba VII
Beyond
Singapore Capri by Fraser,
Changi City
Fraser Place
Robertson Walk
Capri by Fraser,
China Square
Capri by Fraser, Barcelona
Fraser Suites Kensington,
London
Spain
United
Kingdom
Total no. of rooms owned
Effective
share
(%)
100.0
100.0
100.0
100.0
100.0
100.0
100.0
99.0
100.0
100.0
100.0
100.0
100.0
Total no.
of units
Occupancy
FY23 (%)
FY22 (%)
Average daily rate
FY23
FY22
Book value
(‘m)
236
239
259
153
143
154
108
124
313
164
304
97
69
2,363
85.3
75.5
63.6
59.0
79.5
61.3
85.0
98.1
85.9
79.8
86.6
84.1
77.4
76.2
58.5
56.9
52.6
73.3
52.6
A$227.5
A$208.2
RMB 482.5
€151.6
€136.0
€222.7
A$206.7
A$196.3
RMB 423.0
€127.2
€112.0
€203.5
A$82.5
A$84.0
RMB 250.0
€34.0
€33.8
€54.9
78.4
US$94.4
US$93.8
US$18.0
-
¥2,486.5
-
¥2,600.0
90.6
87.6
73.8
87.5
84.7
$260.2
$164.1
$160.0
$413.5
$283.8
$298.1
$284.2
€154.6
$146.7
€118.8
$298.0
€24.6
£299.5
£281.4
£90.0
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
85
Our upcoming pipeline portfolio
consists of 11 properties in
multiple cities across North Asia
that are slated to open over the
next few years. This includes six
management agreements signed
in FY23.
In the Southeast Asia and Australia
region, Frasers Hospitality added
one newly-signed Modena by Fraser
Vinh Yen in Vietnam to our pipeline
portfolio of seven properties with
over 1,300 units scheduled to open
over the next few years.
We also opened the first Capri by
Fraser, Phnom Penh in Cambodia
and Fraser Residence River
Promenade in Singapore in August
and September 2023 respectively,
bringing the total operational
portfolio size to 26 properties with
over 5,800 units in the region.
Capri by Fraser, Phnom Penh, Cambodia
Europe, Middle East
and Africa
Demand continued to recover at
most properties as travel resumed
in the Europe, Middle East and
Africa region in FY23. This upswing
was particularly driven by an
increase in intra-regional travel,
highlighting the appeal of our
destinations in the region.
In Europe, Middle East and Africa,
Frasers Hospitality added one
newly-signed 63-unit Fraser Suites
Al Liwan in Bahrain and extended
an existing agreement of Fraser
Suites Seef, Bahrain. This brings the
total operational portfolio size to
61 properties with over 5,600 units
in the region.
86
Frasers Property Limited
Annual Report 2023
Business Review – Hospitality
Managed Properties
Country
Property
Bahrain
Cambodia
China
France
Germany
Indonesia
Japan
Malaysia
Nigeria
Oman
Qatar
Saudi Arabia
Singapore
South Korea
Switzerland
Thailand
Turkey
UK
Vietnam
Fraser Suites Seef, Bahrain
Fraser Suites Diplomatic Area, Bahrain
Capri by Fraser, Phnom Penh
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
Fraser Residence Tianjin
Modena by Fraser Changsha
Fraser Suites Shenzhen
Fraser Residence Chengdu
Modena by Fraser Nanjing
Modena by Fraser Hong Kong
Fraser Suites Harmonie Paris La Défense
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 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 Residence River Promenade, 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 Residence Prince of Wales Terrace, London
Fraser Suites Hanoi
Fraser Residence Hanoi
Total no. of
units
Occupancy
FY23 (%)
FY22 (%)
91
114
86
187
370
332
120
172
192
224
228
262
211
185
220
36
134
135
151
128
151
114
297
316
321
126
120
226
95
115
72
271
252
67
185
239
60
152
116
80
19
280
216
72.5
62.7
26.8
91.1
79.3
76.9
67.6
53.4
70.4
51.0
16.9
56.8
91.1
91.6
66.5
98.9
69.1
69.9
65.4
70.5
78.4
84.4
53.9
67.0
70.6
62.0
69.3
62.9
80.9
85.7
15.4
86.6
41.5
71.6
87.8
59.0
74.4
44.5
74.4
83.4
76.3
84.6
47.5
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
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
79.6
78.0
18.3
Total no. of rooms (under management)
7,468
Property Under Development
Country
Property
Effective
share
(%)
Est. total no.
of units
Book value
(’m)
Target
Opening
Japan
YOTEL Tokyo
100.0
244
¥15,600.0
2024
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
87
Malmaison Edinburgh, United Kingdom
Malmaison and Hotel du Vin Group of Hotels
Property
United Kingdom
Malmaison Aberdeen
Malmaison Belfast
Malmaison Birmingham
Malmaison Dundee
Malmaison Edinburgh
Malmaison Glasgow
Malmaison Leeds
Malmaison Liverpool
Malmaison London
Malmaison Manchester
Malmaison Newcastle
Malmaison Oxford
Malmaison Reading
Malmaison Brighton
Malmaison Cheltenham
Malmaison Edinburgh (City)
Malmaison York
Hotel du Vin Birmingham
Hotel du Vin Brighton
Hotel du Vin Bristol
Hotel du Vin Cambridge
Hotel du Vin Cheltenham
Hotel du Vin Edinburgh
Hotel du Vin Glasgow
Hotel du Vin Harrogate
Hotel du Vin Henley-on-Thames
Hotel du Vin Newcastle
Hotel du Vin Poole
Hotel du Vin St Andrews
Hotel du Vin Tunbridge Wells
Hotel du Vin Wimbledon
Hotel du Vin Winchester
Hotel du Vin York
Hotel du Vin Avon Gorge Bristol
Hotel du Vin Exeter
Hotel du Vin Stratford Upon Avon
Effective
share
(%)
Total no. of
units
Occupancy
Average daily rate
FY23 (%)
FY22 (%)
FY23 (£)
FY22 (£)
Book value1
(£ ‘m)
100.0
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
42
34
50
24
44
78
60
46
82.2
86.1
77.6
77.6
85.2
79.2
75.0
75.8
77.4
75.5
84.6
79.5
74.8
81.4
81.8
80.8
81.4
78.1
82.1
82.5
81.7
73.7
86.7
86.4
82.1
76.9
85.0
70.6
84.3
82.5
84.7
86.0
87.1
81.7
83.0
86.9
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
112.6
145.1
124.5
91.0
136.4
112.1
116.8
115.1
212.8
114.8
114.5
214.3
119.0
146.8
135.2
186.3
138.9
139.9
172.6
148.8
166.3
137.2
222.1
174.1
137.2
156.3
117.3
147.2
223.7
151.5
194.6
176.6
127.6
148.7
117.8
130.1
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
9.4
7.3
0.6
0.3
14.0
7.2
13.5
13.6
2.9
2.6
0.3
0.7
9.7
3.7
9.2
-
-
9.3
10.6
6.4
5.7
6.8
11.2
10.5
7.2
5.0
2.2
4.1
6.2
5.1
13.1
4.7
6.3
21.3
7.6
5.3
Total no. of rooms (owned and leased)
2,632
1 Excludes right-of-use (ROU) assets recognised under SFRS(I) 16 Leases. Including ROU assets, the book value as at 30 September 2023 is
£436.5 million.
88
Frasers Property Limited
Annual Report 2023
Business Review – Hospitality
Frasers Hospitality Trust
Frasers Hospitality Trust’s portfolio
comprised 14 quality assets in
prime locations across nine key
cities in Asia, Australia, the EU and
the UK, with a combined appraised
value of approximately $1.9 billion2,
as at 30 September 2023. The eight
hotels and six serviced residences
in the portfolio offer a total of
3,477 keys.
In FY23, Frasers Hospitality Trust
reported gross revenue of $123.2
million and net property income of
$90.5 million, representing year-on-
year improvements of 28.5% and
30.1%, respectively. The improved
financial performance reflected
the sustained recovery from the
pandemic, which was partially offset
by the loss of contribution from
the divestment of Sofitel Sydney
Wentworth in Australia in April
2022. Excluding the contribution
from Sofitel Sydney Wentworth,
the same-store gross revenue and
net property income were 43.8%
and 49.8% higher year-on-year
respectively.
ibis Styles London Gloucester Road, United Kingdom
Income available for distribution
for FY23 rose year-on-year by
49.4% from $35.0 million to
$52.3 million. Accordingly, the
distribution per stapled security
increased by 49.3%, from 1.64 cents
in FY22 to 2.44 cents in FY23.
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 Square2
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
share
(%)
Total no. of
units
Book value1
(‘m)
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
406
255
443
593
201
230
380
98
75
105
84
171
108
328
3,477
$515.0
$300.0
RM440.0
¥17,100.0
A$140.0
A$115.0
A$239.0
£10.2
£17.6
£57.9
£22.0
£42.6
£37.3
€55.9
1 Book value as reported by Frasers Hospitality Trust and excludes right-of-use assets.
2 Excludes right-of-use (ROU) assets recognised under SFRS(I) 16 Leases. Including ROU assets, the book value as at 30 September 2023 is
A$118.4 million.
2 Book value as reported by Frasers Hospitality Trust and excludes right-of-use assets.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
89
Looking Ahead
According to the latest World
Economic Outlook update by the
International Monetary Fund in
October 2023, global growth is
projected to fall from an estimated
3.5% in 2022 to 3.0% in 2023 and
2.9% in 20243. As the balance of
risks to global growth remains tilted
to the downside, inflation could
remain high, and the financial
sector turbulence could resume.
Although tourism has demonstrated
its unique ability to bounce back in
many countries as they re-opened
successfully this year, Frasers
Hospitality remains alert to
challenges ranging from geopolitical
instablilty to staffing shortages,
and the potential impact of the
cost of living on tourism. We
are well-positioned to navigate
these challenges with strategies
to enhance cost-efficiencies
and leverage cluster synergies
to steer our operations.
This will be complemented with
our continued application of best
practices and a steadfast focus
on brand-direct goals in sales and
marketing in the corporate
long-stay space. To address
manpower shortages, we are
prioritising talent acquisition and
staff retention as we progressively
embed technology into systems
and operations to meet evolving
consumer needs and maintain
service excellence. We will also
continue to manage our portfolio
in marrying growth and stability to
deliver sustainable returns.
Fraser Suites Le Claridge Champs-Élysées, Paris, France
Capri by Fraser, Berlin, Germany
3 Source: World Economic Outlook, October 2023.
Business Review
Thailand & Vietnam
Samyan Mitrtown, Bangkok, Thailand
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
91
Thailand
OUR DIVERSIFIED REAL ESTATE PORTFOLIO IN THAILAND PROVIDED
STABILITY AMID MACROECONOMIC CHALLENGES.
Frasers Property holds an 81.8%1
deemed interest in Frasers Property
Thailand, one of the largest real
estate companies in the country by
asset size.
Thailand’s economy faced several
macroeconomic challenges over
the course of FY23, including
diminishing exports, a slowing
global economy, high household
debt and rising interest rates.
These factors affected consumer
purchasing power and dampened
demand in the local residential
sector.
Against this backdrop, our recurring
income portfolio continued to
provide revenue stability, while
the growth in hospitality income
cushioned the impact of lower
residential sales. We sought to
optimise capital and ensure
sustainable returns to shareholders
with the future redevelopment
of Mayfair Marriott Executive
Apartment into a luxury-focused
condominium.
As at 30 September 2023, we had
78 active residential projects,
owned and managed approximately
247,000 sqm of commercial and
retail net lettable area, along with
around 3.5 million sqm net lettable
area of factories and warehouses
in Thailand and Indonesia, and
held about 1,100 keys of hotel and
serviced apartments in Thailand.
Prestige 2 Rama 2, Samut Sakhon, Thailand
Residential
In FY23, revenue from residential
sales softened to THB 11,004
million ($424.5 million), while gross
profit margin2 decreased from
32.0% to 28.2% in FY23.
Amid economic challenges, we
shifted our strategic focus to luxury
single-detached houses to capture
more resilient affluent demand. We
also adjusted housing designs to
be more innovative, adaptive and
sustainable – such as incorporating
solar panels, electric vehicle
chargers and the Frasers Clean and
Cool Air system – to better align
with changing customer aspirations.
We launched a total of eight
projects, a reduction from 18
projects in the previous financial
year, due to our prudent and
dynamic approach in line with
market conditions. At the end
of the financial year, we had 78
active projects, with unrecognised
revenue of approximately
THB 1,187 million ($45.8 million).
1 As at 30 September 2023, Frasers Property holds 38.3% through its wholly owned subsidiary, Frasers Property Holdings (Thailand) Co., Ltd., and
43.5% through Frasers Assets Co., Ltd., a 49:51 joint venture with TCC Assets Co., Ltd.
2 Profit margin is based on Thai Financial Reporting Standards (TFRS).
92
Frasers Property Limited
Annual Report 2023
Business Review – Thailand
Artist’s Impression of The Royal Residence, Bangkok, Thailand
Residential Projects Completed or Under Development
Project
Active project2
De Pine
Golden Prestige Watcharapol-Sukhaphiban
Golden Town 3 Bangna-Suanluang
Golden Town Srinakarin-Sukhumvit
Golden Town Vibhavadi-Chaengwattana
The Island (Courtyard)
Golden City Sathorn
Golden Town Sukhumvit-Lasalle
Golden Town 2 Bangkae
Golden Neo Chaengwattana-Muang Thong
Golden Neo Korat-Terminal
Golden Town Ramintra-Wongwaen
Golden Town Sathorn
Golden Town Sriracha-Assumption
Grandio Bangkae
Grandio Petchkasem 81
Golden City Chaengwattana-Muang Thong
Golden Neo 2 Ramintra-Wongwaen
Golden Neo Khonkaen-Bueng Kaennakhon
Grandio Suksawat-Rama 3
Golden Town 4 Ladphrao-Kasetnawamin
Golden Town Ayutthaya
Golden Village Chiang Rai-BigCAirport
The Grand Vibhavadi 60
Golden Town 2 Srinakarin-Sukhumvit
Golden Town 3 Rama 2
Golden Town Charoenmuang-Superhighway
Golden Town Kaset-Nawamin
Neo Home Udon-Prachasanti
The Grand Lux Bangna-Suanluang
Effective
share
(%)
Total no.
of units
% of units
sold
Avg.
selling
price
($ psm)
Est.
total
saleable
area
(’000 sqm)
Total
GDV
($’m)
Target
completion
date1
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
213
152
379
405
330
89
119
239
312
156
491
478
392
476
257
107
167
167
261
96
128
455
99
31
491
424
131
124
147
61
99.5
99.3
99.7
99.8
98.5
98.9
97.5
93.7
86.2
86.5
85.5
88.5
86.7
92.0
86.8
85.0
81.4
76.6
67.4
69.8
43.0
81.1
74.7
48.4
62.1
67.0
71.8
4.0
36.7
67.2
1,044
1,306
1,828
1,194
1,604
1,119
2,574
2,126
1,902
1,902
1,082
1,641
2,201
1,082
1,753
1,417
2,052
1,567
1,268
2,275
2,126
1,231
1,044
4,401
1,529
1,306
1,306
1,940
1,007
2,350
99.1
38.3
27.9
30.6
25.4
46.4
10.6
17.4
22.8
24.3
46.3
36.7
29.6
38.9
62.3
23.5
14.1
25.3
22.7
24.3
10.7
33.5
17.4
7.9
36.5
30.0
10.0
10.6
25.6
32.2
102.4
49.8
50.6
36.9
40.9
51.5
27.2
37.1
43.1
46.1
49.3
60.2
65.6
42.7
108.3
33.3
28.9
39.8
28.9
55.4
22.7
41.5
18.1
34.9
55.7
39.6
13.2
20.7
25.5
75.3
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
2Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY24
2Q FY24
3Q FY24
3Q FY24
3Q FY24
3Q FY24
4Q FY24
4Q FY24
4Q FY24
1Q FY25
2Q FY25
2Q FY25
2Q FY25
2Q FY25
2Q FY25
2Q FY25
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
93
Residential Projects Completed or Under Development (Cont’d)
Project
Active project2
Alpina
Golden Town Siriraj-Ratchapruek
Grandio Vibhavadi-Rangsit
Neo Home 2 Korat-Terminal
Golden Town Ratchapruk - Rama 5
Golden Neo 3 Rama 2
Golden Town Ngamwongwan-Khae Rai
Golden Town Petchkasem 81
Golden Town Phaholyothin-Saphanmai
Golden Town Rattanathibet-WestGate
Golden Town Tiwanon-Chaengwattana
Prestige Rama 9-Krungthepkreetha
The Royal Residence
Golden Town Petchkasem-Liap Khlong Thawi
Watthana
Grandio Sathorn
Alpina Rama 2
Golden Town Future - Rangsit
Golden Town Phaholyothin-Lumlukka
Grandio 2 Vibhavadi-Rangsit
Neo Home Bangkae
Golden Neo Ngamwongwan-Prachachuen
Golden Neo Chachoengsao-Ban Pho
Golden Town Vibhavadi-Rangsit
Neo Home Angsila-Sukhumvit
Golden Neo Sukhumvit-Lasalle
Golden Town Chiang Mai-Kad Ruamchok
Grandio Bangna Km.5
Grandio Ramintra-Wongwaen
Neo Home Rattanathibet-Ratchapruek
Prestige Future-Rangsit
Grandio Chaengwattana-Muang Thong
Grandio Rattanathibet-Ratchapruek
Golden Neo Siriraj-Ratchapruek
Golden Town Chiangrai-BigCAirport
Golden Town 2 Ramintra-Wongwaen
Golden Town Angsila-Sukhumvit
Golden Neo 2 Bangna-Kingkaew
Prestige Rama 2
Golden Town 2 Sathorn
Golden Town Rama 9-Krungthepkreetha
Golden Town Bangna Km.5
Golden Neo Suksawat-Rama 3
Golden Town Suksawat-Rama 3
Grandio - Future Rangsit
Golden Town Rangsit – Klong 3
Grandio 2 Rama 2
Prestige 2 Rama 2
Golden Town 4 Rama 2
Effective
share
(%)
Total no.
of units
% of units
sold
Avg.
selling
price
($ psm)
Est.
total
saleable
area
(’000 sqm)
Total
GDV
($’m)
Target
completion
date1
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
131
254
237
244
193
212
321
314
495
290
361
114
31
312
170
72
269
378
112
40
118
409
398
181
154
398
172
259
124
367
140
146
186
353
289
492
372
169
90
303
470
292
433
258
495
276
223
352
81.7
49.2
62.4
37.7
48.7
59.9
64.5
55.4
65.1
58.6
61.5
49.1
3.2
29.5
45.3
-
33.1
52.6
35.7
10.0
35.6
50.9
48.0
30.9
37.0
41.7
19.8
44.8
25.0
26.2
-
11.6
25.8
42.5
27.3
28.0
40.1
11.8
6.7
12.9
10.6
19.2
15.7
4.7
22.8
8.0
0.4
1.4
1,641
2,275
1,567
1,044
1,790
1,268
1,828
1,753
1,679
1,567
1,380
2,238
3,655
1827.7
2,499
2,536
1,417
1,455
1,902
2,089
2,014
1,082
1,455
1,306
2,238
1,641
3,767
1,679
1,716
1,380
2,313
1,828
2,574
1,194
1,790
1,343
1,641
1,455
2,462
2,014
1,753
1,865
1,940
1,753
1,306
1,865
1,679
1,492
87.3
20.5
68.0
40.1
15.9
33.0
23.9
23.3
36.4
20.9
26.1
23.2
30.4
22.7
46.7
32.4
20.5
27.2
26.2
7.4
19.1
36.1
28.8
30.2
25.4
28.9
19.7
65.2
20.0
66.6
39.3
38.0
37.4
25.4
20.7
37.2
59.0
32.7
7.9
23.1
35.5
32.1
32.0
67.8
35.4
71.3
47.1
25.7
143.5
46.4
107.7
42.5
28.5
42.4
43.3
40.4
61.0
33.0
36.0
51.8
110.7
41.4
117.5
82.3
28.8
40.1
49.5
15.5
38.2
38.7
42.2
38.9
56.5
46.9
74.3
110.3
34.0
91.8
90.6
69.2
95.7
30.7
37.0
50.6
96.6
48.0
19.5
46.2
62.1
60.5
62.5
117.9
46.2
132.5
78.3
38.2
3Q FY25
3Q FY25
3Q FY25
3Q FY25
4Q FY25
1Q FY26
1Q FY26
1Q FY26
1Q FY26
1Q FY26
1Q FY26
1Q FY26
1Q FY26
2Q FY26
2Q FY26
3Q FY26
3Q FY26
3Q FY26
3Q FY26
3Q FY26
4Q FY26
1Q FY27
1Q FY27
1Q FY27
3Q FY27
3Q FY27
3Q FY27
3Q FY27
3Q FY27
1Q FY28
2Q FY28
1Q FY29
2Q FY29
2Q FY29
3Q FY29
3Q FY29
4Q FY29
4Q FY29
3Q FY30
4Q FY30
2Q FY32
2Q FY33
3Q FY33
4Q FY33
1Q FY34
1Q FY34
4Q FY41
2Q FY52
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.
94
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Residential Land Bank
Site
Bangna
Rama 2
Chiangrai
Ramintra
Rangsit
Sukhumvit
Ladphrao-Kasetnawamin
Sathorn
Suk Sawat
Khonkaen
Korat-Nakhon Ratchasima
Effective
share
(%)
Est. total
no. of
units
Est. total
saleable area
(’000 sqm)
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
1
844
371
132
781
533
89
142
1
213
428
5.2
88.7
70.1
12.9
148.6
69.2
26.4
12.2
7.0
44.7
64.0
Total
GDV
($’m)
1.3
125.6
25.8
18.6
94.9
132.1
45.9
40.4
1.9
54.5
69.1
Industrial
Frasers Property Thailand is a major
developer and manager of industrial
and logistics properties with over
970 strategically located assets. As
part of active capital management,
we recycled approximately
58,000 sqm of quality industrial
assets in FY23, valued at
approximately $57.8 million, to
Frasers Property Thailand Industrial
Freehold & Leasehold REIT.
Over the course of FY23, we
achieved at least 575,000 sqm of
renewals and new leases across
our portfolio. More than
65,000 sqm of built-to-suit
warehouses and factories were
successfully completed, with
another over 51,000 sqm of new
warehouse development projects
on track for completion in FY24.
Overall portfolio occupancy
remained strong at 86.6%.
During the year, we introduced
a ‘Built-to-Function’ solution to
customise designs for occupiers
in need of specialised warehouse
functions at our pre-built modern
logistics facilities. We also
employed a smart platform using
artificial intelligence, cloud-
based and drone technology to
enhance security. It also supports
sustainability management by
monitoring indicators such as
greenhouse gas emissions and
energy consumption.
Industrial & Logistics Completed Properties
Site Cluster
Thailand
Northern Bangkok
Central Region
Eastern Region
Outer Region
Indonesia
Karawang
Makassar
Banjarmasin
1 Inclusive of vacant land.
2 Includes occupancies for asset under management.
Effective
share
(%)
Book value1
($’m)
Net lettable
area
(‘000 sqm)
Occupancy2
FY23 (%)
FY22 (%)
59.6
59.6
59.6
59.6
44.7
59.6
59.6
277.8
584.1
295.0
173.4
90.7
8.4
7.3
300.0
385.4
290.0
71.8
128.6
11.4
9.7
88.0
94.0
84.0
76.0
71.9
100.0
100.0
81.0
87.0
79.0
76.0
64.6
100.0
100.0
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
95
Industrial & Logistics Development Projects
Site
Bangkok Logistics Park, Puchaosamingprai Samutprakarn
Frasers Property Logistics Center, Bangplee 7 Samutprakarn (Phase 3)
Frasers Property Logistics Center, Bangplee 5 Samutprakarn
Frasers Property Logistics Center, Bangplee 4 Samutprakarn (W5,W6,W7)
Frasers Property Logistics Center, Klongjig Ayutthaya
Effective
share
(%)
Total
area
(’000 sqm)
Target
completion
date
44.7
59.6
59.6
59.6
59.6
30.8
10.1
10.4
56.2
88.2
2Q FY24
2Q FY24
3Q FY24
3Q FY25
4Q FY25
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.
Silom Edge, Bangkok, Thailand
Effective
share
(%)
Total
land area
(‘000 sqm)
59.6
59.6
59.6
59.6
59.6
59.6
59.6
59.6
195.3
79.6
233.5
723.2
732.3
893.4
1,331.1
715.8
Commercial
Throughout FY23, our office and
retail spaces continued to enjoy
healthy leasing demand, boosted
by the resumption of business
activities, while our hospitality
portfolio benefitted from higher
post-pandemic traveller volume as
a result of the re-opening of borders
and the rebound in tourism.
We rolled out early lease renewal
initiatives in response to upcoming
new Grade A office supply. As a
result, we recorded approximately
86,000 sqm of office renewals
and new leases, with an average
occupancy rate of 92.4% as at
30 September 2023 for our
commercial portfolio under
management. Our commercial
portfolio of five properties includes
96
Frasers Property Limited
Annual Report 2023
Business Review – Thailand
two properties, Park Venture
Ecoplex and Sathorn Square, that
are held under Golden Ventures
Leasehold REIT.
Our hospitality portfolio, comprising
five properties, experienced a
significant occupancy rebound with
increased inbound tourism. The
average occupancy rate improved
from 46.7% to 71.8% in FY23.
Frasers Property Thailand
Industrial Freehold &
Leasehold REIT
Frasers Property Thailand Industrial
Freehold & Leasehold REIT (FTREIT)
is a real estate investment trust,
established on 12 December 2014,
with registered capital of
THB 3.4 billion ($0.1 billion). FTREIT
was listed on the Stock Exchange
of Thailand, with the initial date of
trading on 9 January 2015.
As at 30 September 2023, the
properties at fair value was over
THB 49.8 billion ($1.9 billion).
FTREIT’s investment portfolio
comprises 709 units of factories
and warehouses, representing
an area of over 2.3 million sqm.
They are located in key industrial
areas such as Ayutthaya, Pathum
Thani, Samut Prakan and the
Eastern Economic Corridor. Our
tenant mix of large multinational
companies from various industries,
including automobiles, logistics
and electronics, have an average
occupancy rate of 85.6%.
Park Ventures Ecoplex, Bangkok, Thailand
Golden Ventures
Leasehold REIT
Golden Ventures Leasehold Real
Estate Investment Trust (GVREIT)
is a real estate investment trust,
established on 22 March 2016 and
was listed on the Stock Exchange of
Thailand on 4 April 2016.
As at 30 September 2023, the
properties at fair value was over
THB 10.7 billion ($0.4 billion).
GVREIT’s investment focus is
on prime quality Grade A office
buildings. The investment highlights
of GVREIT include Park Ventures
Ecoplex and Sathorn Square in
Bangkok’s prime Central Business
District in Ploenchit and Sathorn
respectively. They have been
green-certified and recognised
for its Leadership in Energy and
Environmental Design Certificate
from the U.S. Green Building
Council. GVREIT’s portfolio has an
average occupancy rate of 91.9%.
Other Interests
Frasers Property Thailand holds a
51.0% stake in JustCo (Thailand),
one of the country’s largest
co-working operators, offering
flexible and secure workspace in
the city and tapping into the
‘real-estate-as-a-service’ trend.
In addition, Frasers Property owns
a 19.8% stake in One Bangkok, a
mixed-use development project under
construction in central Bangkok.
Commercial & Retail Completed Properties
Property
FYI Center
Silom Edge
Samyan Mitrtown
Effective
share
(%)
59.4
59.4
29.1
Book value
($’m)
Net lettable
area
(‘000 sqm)
Occupancy
FY23 (%)
FY22 (%)
204.7
106.3
285.9
49.5
20.4
79.9
91.0
88.3
96.2
91.0
55.0
94.3
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
97
Looking Ahead
Thailand’s economy is predicted
to grow by 2.8% in 2023 and 4.4%
in 20243, driven by a rebound
in tourism, higher consumer
spending and increased private
sector investments. While the
townhome projects in our
residential business have been
3 Source: Bank of Thailand.
impacted by macroeconomic
challenges, demand for premium
single-detached homes has proven
resilient. Playing to the strength
and resilience of our diversified
portfolio, we will further broaden
our housing portfolio across
different market segments to
manage any downside risk for our
residential business.
Our industrial property business
continues to be supported by
strong demand from companies’
China+1 strategies and the
e-commerce sector. For our
commercial business, we will
proactively engage tenants on early
renewals of key leases to maintain
high retail and office occupancies
and mitigate the risk of new supply
entering the market.
One Bangkok is the largest holistically integrated district in the heart of Bangkok with new
standards of technological excellence and environmental sustainability. Set on 172,800 sqm
of prime real estate with an investment value of THB 120 billion ($4.5 billion). One Bangkok
comprises workplaces of the future, a new retail loop, luxury residences, five-star hospitality,
a world-class LIVE entertainment arena, the presence of art and culture, and vast, welcoming
public realm that covers almost half of the district total land area. Well-equipped with Smart
City and sustainable infrastructure, One Bangkok aims to be the first project in Thailand to
receive LEED for Neighbourhood Development Platinum certification and WELL Building
Standard to support human health and wellness. The project has become the country’s first
real estate project to obtain the Platinum WiredScore certification, the highest certification
from WiredScore for its office towers ensuring tenants on the stability of digital connectivity to
support their businesses.
One Bangkok is scheduled for opening in the fourth quarter of 2024.
98
Frasers Property Limited
Annual Report 2023
Business Review – Vietnam
Vietnam
WE CONTINUED OPTIMISING OUR
COMMERCIAL PORTFOLIO AND
DEVELOPING INTERNATIONAL-
GRADE INDUSTRIAL FACILITIES,
FULFILLING MARKET DEMAND.
Vietnam’s economy continued to
show promise and resilience in
the face of global macroeconomic
headwinds, buoyed by significant
public investments, rising domestic
demand and strong government
support. The country, expected to
have the highest growth among
Southeast Asian economies in
20231, has been a key beneficiary
of global supply chain shifts. This
has driven robust foreign direct
investments and underpinned
demand for infrastructure and
manufacturing production facilities.
Binh Duong Industrial Park, Binh Duong Province, Vietnam
We maintain our long-term
commitment to creating value
through our integrated capabilities
in real estate with a proven
development track record across
the industrial, commercial and
residential sectors. In late 2022,
we became the first real estate
company in Vietnam to be
endorsed by the Science Based
Targets initiative2 for our detailed
carbon reduction targets. Our
ESG standards and performance
in developing sustainable real
estate is a growing attraction to
foreign multinational investors with
sustainability commitments.
Industrial & Logistics Completed Properties
Properties
Binh Duong Province
Binh Duong Industrial Park (Phase 1)
1
Inclusive of vacant land with a land area of 103,204 sqm.
Industrial & Logistics Development Projects
Sites
Binh Duong Province
Binh Duong Industrial Park (Phase 2)
Binh Duong Industrial Park (remaining phases)
Bac Ninh Province
Industrial Centre Yen Phong 2C
Industrial Centre Yen Phong Expansion
Hung Yen Province
Industrial Centre Yen My
Dong Mai Province
Industrial Centre Dong Mai
1 Estimated net lettable area (‘000 sqm).
Effective
share
(%)
Book value
($’m)
Net lettable
area
(‘000 sqm)
Occupancy
FY23 (%)
FY22 (%)
59.6
50.71
40.3
75.8
60.0
Effective
share
(%)
Total
area
(‘000 sqm)
Target
Completion
Date
59.6
59.6
51.0
51.0
51.0
51.0
64.61
219.4
79.81
130.0
FY24
FY25-FY26
FY24-FY25
FY24-FY26
138.3
FY24-FY26
41.7
FY24-FY26
1 Source: Asian Development Outlook September 2023 Launch, Asian Development Bank.
2 Science Based Targets initiative (SBTi): https://sciencebasedtargets.org.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
99
Industrial
The industrial and logistics sector
was a primary focus for Frasers
Property Vietnam, as we leveraged
the country’s strong economic
fundamentals and high-value
manufacturing focus. Our industrial
and logistics developments feature
the Premium Estates concept to
build healthy, sustainable and
high-performing work environments
for occupiers.
In FY23, we expanded our presence
into northern Vietnam, specifically
in the Bac Ninh, Hung Yen and
Quang Ninh provinces. Over the
next three to five years, we plan
to expand our industrial and
logistics portfolio in this region
with approximately 460,000 sqm of
industrial facilities with dedicated
social and wellness amenities for
occupiers. These facilities will be
certified to at least LEED Silver
standards. The first phase, Industrial
Centre Yen Phong 2C in Bac Ninh,
is expected to be completed and
handed over to tenants by the third
quarter of FY24.
In the south, Binh Duong Industrial
Park is the anchor development
in our portfolio. The first phase
of the industrial park comprising
Commercial Completed Properties
Property
Ho Chi Minh City
Melinh Point
Worc@Q2
over 40,000 sqm of ready-built
factories has achieved a committed
occupancy of 100.0%. Encouraged
by this success, we are developing
an additional 64,000 sqm of
ready-built factories to be delivered
by the second quarter of FY24.
Binh Duong Industrial Park also
features open green spaces,
outdoor fitness areas and amenities
to improve the wellness of tenants.
Leveraging our industrial and
logistics asset and property
management capabilities, we also
offer management services for
Eco Logistics Centre in Binh Duong
province, an active industrial and
logistics asset offering about
42,000 sqm of ready-built
warehouse spaces. Eco Logistics
Centre, a LEED-certified warehouse,
demonstrates our expertise in
warehousing spaces which are
catered to sustainability-minded
tenants and marks our first step
to progressively obtain LEED
certification for all our owned and
managed industrial facilities in
Vietnam.
Commercial
With a combined total net lettable
commercial space of about
22,500 sqm, Melinh Point and
Worc@Q2 maintained healthy
occupancy of over 90.0% and
80.0% respectively, as at
30 September 2023. Both
commercial developments have
made significant progress in the
adoption of green leases that
will enable better tracking and
management of environmental
performance.
Looking Ahead
Vietnam’s strong economic
fundamentals led by manufacturing
and services are expected to
bounce back faster than expected.
Amid these structural strengths and
developments, Vietnam is expected
to continue being one of the
fastest growing emerging markets
in the Asian region3.
We will continue to seize
opportunities to carefully grow our
portfolio of industrial, commercial
and residential assets that will allow
us to scale up quickly in growth
areas. With deep local knowledge
and relationships, our Vietnam
business will continue to tap the
wider capabilities of the Group to
maintain a robust portfolio.
Effective
share
(%)
Book value
($’m)
Net lettable
area
(‘000 sqm)
Occupancy
FY23 (%)
FY22 (%)
75.0
70.0
80.1
18.7
17.4
5.0
91.7
83.2
91.6
71.5
3 Source: S&P Global Market Intelligence report, 5 October 2023.
Business Review
Others
Winnersh Triangle, Reading, United Kingdom
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
101
United Kingdom
WE MAINTAINED OUR FOCUS ON HIGH-QUALITY SPACES AND
CUSTOMER EXPERIENCES, WHILE ENSURING RESILIENCE ACROSS
OUR COMMERCIAL AND RESIDENTIAL PORTFOLIO.
The UK economic outlook moved
in tandem with overall global trends
affected particularly by market
volatility, inflation, supply chain
pressures and increasing interest
rates. To counteract headwinds, we
maintained engagement with our
customers and created value from
existing assets through proactive
management strategies in FY23.
We also focused on areas within
our control – such as amenities
and placemaking, and ESG –
while continuing to meet business
demands and to innovate to
accomodate space trends.
Financial Performance
In spite of the challenging
geopolitical environment,
Frasers Property UK performed
well in FY23, relative to the wider
market. This was due to our success
in attracting and retaining tenants
in our business park portfolio,
where the conversion rate improved
from 10.0% in the pre-pandemic
years to 33.3% in FY23,
demonstrating a clear preference
for Frasers Property spaces over
those of our competitors.
Farnborough Business Park, Farnborough, United Kingdom
1 Morgan Stanley Capital International UK Monthly Data - September 2023: Knight Frank.
However, the Bank of England has
risen UK bank rates 14 successive
times from 0.1% in December 2021,
to 5.25% in August 2023, which
combined with changing political
dynamics, have affected market
valuation yields. Consequently, the
value of our investment property
portfolio fell 16.6%, representing
an average yield expansion of
78 basis points, compared to the
wider UK commercial market
where the southeast office sector
experienced a 26.7% drop in value1.
Our resilience and outperformance
to the market is a direct result of
the proactive investment we have
made in the UK in recent years. We
have focused on creating places
where people want to work in
through developing, reinstating
and refurbishing buildings with
green initiatives, placemaking
and digital infrastructure. These
efforts, combined with our local
market knowledge and expertise,
allowed us to respond effectively to
changing customer needs.
Commercial
Our UK commercial portfolio
comprises seven business parks
– with six in England and one in
Scotland – four logistics assets
in prime regional UK locations as
well as a central London office
development project, The Rowe,
launched in November 2022. The
logistics assets and three of the
business parks are owned by
Frasers Logistics & Commercial
Trust, where Frasers Property UK
provides management support.
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Frasers Property Limited
Annual Report 2023
Business Review – United Kingdom
Our business parks, home to about
410 tenants, with a total net lettable
area of 525,650 sqm, provide
significant tenant diversity and
therefore portfolio resilience. The
parks are in key strategic locations
with easy access to power, road
and rail infrastructure. The size
of the individual parks and our
wholly owned status enable us to
provide amenities and placemaking,
supporting business life within the
parks and attracting new tenants.
As at 30 September 2023, our
business parks portfolio recorded
an average occupancy rate of 87.9%
and a weighted average lease
expiry of 5.8 years. We achieved
strong leasing performance across
our portfolio, with 25% more
transactions compared to the
previous financial year. There were
51 new lettings totalling 46,327 sqm
and 48 lease renewals for 23,131 sqm
completed during the financial
year, reflecting our success in
responding to market requirements
and attracting new occupiers with
our high-quality space.
Connexion II, Blythe Valley Business Park, Solihull, United Kingdom
Business Park. At Maxis, Bracknell,
we completed the letting to Evelyn
Partners on 2,211 sqm of space.
At Winnersh Triangle, 3,655 sqm of
office space were leased to both
Sage and FLB Accountants.
within four months of completion to
high-quality local and international
occupiers, including Tesla Motors.
Hillington Park, Glasgow, also had
a good financial year, with current
occupancy standing at 92.3%. In
May 2023, work started onsite to
develop a 2,694 sqm pre-let vehicle
showroom for TrustFord, part
of the world’s largest dedicated
Ford dealer group. Completion is
targeted for January 2024.
In FY23, we completed 34
development projects across the
business park portfolio including
the refurbishment of 150 Pinehurst
Square, a 5,174 sqm four-storey
office building at Farnborough
Connexion II, a 10,996 sqm
industrial development offering
three high-specification units at
Blythe Valley Business Park, Solihull,
was completed in March 2023. All
three standalone units were leased
Commercial Investment Assets
Property
Location
Chineham Park
Hillington Park
Lakeshore Business Park
Winnersh Triangle
Basingstoke
Glasgow
Bedfont Lakes
Reading
Commercial Development Projects
Effective
share
(%)
Book value
($’m)
Lettable
area
(’000 sqm)
Occupancy,
based on NLA
FY23 (%)
FY22 (%)
100.0
100.0
100.0
100.0
214.1
230.6
123.4
542.3
1,110.4
68.4
192.4
25.7
128.3
414.8
85.1
92.3
100.0
84.8
88.1
92.5
100.0
81.6
Project
The Rowe
1 Land cost psm is based on total gross floor area on the planning approval.
Effective
share
(%)
Est lettable
area
(‘000 sqm)
Land cost
(£ psm)1
Target
completion
date
100.0
15.3
2,185 Completed
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
103
Riverside Quarter, London, United Kingdom
Frasers Property UK facilitated two
forward-funding acquisitions of
well-located, high-specification,
pre-let development assets by
Frasers Logistics & Commercial
Trust. The first was for a prime
64,453 sqm freehold development in
Ellesmere Port, due for completion
in FY24. This purpose-built
development was pre-let to
Peugeot Motor Company as a car
parts distribution unit. The other
acquisition was for Worcester Six,
a 16,734 sqm warehouse development
located in the West Midlands, which
was completed in February 2023
and pre-let to Alliance Flooring
Distribution to be its flagship
headquarter warehouse in the UK.
The building has been constructed
to high specifications with a target of
the highest possible ‘A’ rating for the
Energy Performance Certificate.
Residential
Riverside Quarter is a landmark
scheme overlooking the Thames.
The development has 751 units
across 10 buildings set in
attractive landscaped gardens and
amenities, including a swimming
pool, two gymnasiums, significant
underground car parking and a
centralised renewable energy centre.
Sales momentum remained steady,
with 14 units settled over the
financial year.
Looking Ahead
Evolving working trends will
continue to influence workplace
needs. With flight to quality
remaining a key factor, there is
a clear market preference for
smart workplaces that combine
progressive technology, enhanced
sustainability standards and the
community experience. As such,
our future activity will continue to
centre on amenities, high-quality
spaces and placemaking. At the
same time, we will continue to
drive progress on our sustainability
targets and seek external
accreditations, such as GRESB,
Fitwel and BREEAM.
Over the next financial year, we
plan to maintain our focus on
our stakeholders: customers,
shareholders and employees,
as well as strategic capital
allocation. Through active portfolio
management and maintaining
capital efficient structures, we
will further drive returns and
value creation.
Residential Projects
Project1
Nine Riverside Quarter
Seven Riverside Quarter
Effective
share
(%)
100.0
100.0
Total. no of
units
% of
units sold
Avg.
selling price
(£ psm)
Est.
total saleable
area
(sqm)2
Land cost
(£ psm)3
Target
completion
date
172
87
70.9
93.1
7,446
7,673
13,550
7,950
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.
104
Frasers Property Limited
Annual Report 2023
Business Review – China
China
OUR FINANCIAL BASE CONTINUED TO STRENGTHEN, ENABLING US
TO REPLENISH OUR LAND BANK AND CAPTURE FUTURE MARKET
OPPORTUNITIES.
Macroeconomic uncertainties
and liquidity challenges in China’s
real estate sector weighed on
homebuyer sentiment in FY23.
Despite this backdrop, the
economic outlook and demand
for housing in Tier 1 cities such as
Shanghai, where Frasers Property
China maintains its residential
development business, displayed
continued resilience. This enabled
us to achieve strong residential
sales for FY23. We remain alert and
cautious for risks and opportunities,
and will stay focused on markets in
Tier 1 cities with strong economic
foundations and fundamentals.
Development Projects
Financial Performance
In FY23, Frasers Property China’s
revenue was $54.9 million,
compared to $17.3 million the
financial year before, while profit
before interest, fair value change,
tax and exceptional items grew to
$41.4 million from $31.0 million.
The performance was driven by
contribution from share of results
(profit after tax) of an associate, and
the sale of carpark lots at Suzhou
Baitang One. We completed and
handed over two residential units,
nine retail units and 1,790 carpark
lots, and pre-sold 4451 residential
and commercial units2.
Our earnings visibility improved
as our unrecognised pre-sold
development revenue2 rose by
98.8% to RMB 4,733.0 million ($904.3
million), marking two consecutive
financial years of growth at a
compounded annual growth rate of
113.8% from FY21 to FY23.
Residential
Our residential development
pipeline expanded by 3902,3 prime
units with the investment in two
new Shanghai residential projects:
Upview Hongqiao in Qingpu District
and Palace of Yunjian in Songjiang
District. Including these, we have six
ongoing developments in Shanghai.
We achieved strong sales of 100.0%
(including options) in all launched
projects. In FY23, attributable
Project
Baitang One (Phase 3B),
Suzhou
Chengdu Logistics Hub
(Phase 4), Chengdu
Gemdale Megacity (Phase 2A),
Songjiang, Shanghai – retail5
Gemdale Megacity (Phase 3C),
Songjiang, Shanghai – retail5
Gemdale Megacity (Phase 4F),
Songjiang, Shanghai – retail5
Gemdale Megacity (Phase 4D),
Songjiang, Shanghai – retail5
Opus One, Xuhui, Shanghai6,7
Club Tree, Songjiang,
Shanghai6
Galaxy Nanmen, Jiading,
Shanghai6
Palace of Yunjian, Songjiang,
Shanghai6
Upview Hongqiao, Qingpu,
Shanghai6
Upview Malu, Jiading,
Shanghai6
Effective
share
(%)
Gross
total
no. of
units1
Effective
total
no. of
units2
% of
units
sold3
Avg.
selling
price
(RMB psm)
Est. gross
total saleable
area
(’000 sqm)
Est. effective
total saleable
area
(’000 sqm)
Land cost4
(RMB psm)
Target
completion date
100.0
380
380
91.6
35,570
58.0
58.0
2,285
Completed
80.0
358
358
97.5
9,100
164.0
164.0
330
Completed
45.2
22
45.2
71
45.2
3
45.2
8.8
11
359
10
32
1
5
31
100.0
13,402
91.5
36,316
66.7
56,795
81.8
100.0
50,908
99,127
4.0
8.0
0.2
1.0
39.0
2.0
4.0
0.1
0.5
3.0
1,441
Completed
1,415
Completed
1,918
Completed
1,920
46,351
Completed
Completed
15.0
1,826
274
99.6
53,801
201.0
30.0
30,439
1Q FY24
12.0
796
96
100.0
45,195
20.0
791
158
98.4
55,370
25.0
886
222
99.5
51,991
88.0
88.0
84.0
11.0
21,467
2Q FY24
18.0
31,123
1Q FY25
21.0
26,431
1Q FY25
12.0
1,013
122
98.9
48,199
105.0
13.0
23,763
2Q FY25
1 All references to units exclude carparks. Includes 100.0% of equity-accounted joint ventures and associates.
2 All references to units exclude carparks. Includes subsidiaries at gross (100.0%) and equity-accounted joint ventures and associates at their
effective share.
3 As at 30 September 2023, based on sales and purchase agreements signed.
4 Land cost includes land use tax and is calculated based on gross floor area.
5 Accounted for as an associate.
6 Accounted for as a joint venture.
7 The development scheme excludes 126 long-term lease apartments.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
105
contracted sales amounted to
$795.62,4 million, contributed by
four Shanghai developments.
We sold all 2742,5 launched units at
Club Tree, the first batch of which
is scheduled for delivery in the first
quarter of FY24. We fully sold all
2222,6 units at Upview Hongqiao
within FY23 as well as all 1582,7
launched units at Palace of Yunjian.
Upview Malu’s second phase,
launched in July 2023, was fully
sold as at 30 September 2023. The
remaining units at Club Tree and
Palace of Yunjian will be launched
in FY24.
Construction of all our joint venture
projects are progressing on schedule.
We expect to be ready to transfer
completed units within the timelines
stipulated in sales and purchase
agreements.
We completed Opus One and
handed over all 312,8 units and
252,9 out of 422,10 carpark lots
on schedule. In addition, we
successfully master-leased 112,11
long-term lease apartments and
achieved over 79.6% occupancy in
the retail space with a yield of 2.9%.
We signed a sales and purchase
agreement for Gemdale Megacity’s
912,12 long-term lease apartments
for RMB 38.9 million ($7.3 million)2,13,
with completion targeted in the first
quarter of FY24.
Commercial & Industrial
We fully sold all Suzhou Baitang
1,683 carpark lots at RMB 150,000
($28,050) per lot, a 25.0% higher
price than the previous sales record.
Alteration and addition works on
10,486 sqm of retail space will
commence in FY24 to incorporate
green elements, a community library,
a community club and venues for
events and activities.
At Chengdu Logistics Hub, we sold
three Plot 3A retail units covering
about 1,381 sqm and five carpark
lots under a ‘sale with lease’ strategy.
We leased another 1,091 sqm
of the remaining Plot 3A retail
space, bringing the occupancy
rate of retail space to 28.0%. We
re-activated the leasing of Plot 1
warehouse and achieved 59.5%
occupancy rate at the end of FY23.
Phase 4E in Gemdale Megacity,
delivering new lifestyle amenities
and retail options, will be completed
in FY24.
Looking Ahead
With unrecognised revenue of
$904.3 million, we are in a strong
cash position to capture market
opportunities and selectively
replenish our residential land bank
in Tier 1 cities. We will continue to
leverage our core capabilities and
pursue strategic local partnerships
to navigate business growth and
optimise our portfolio returns.
Industrial Portfolio
Property
Effective
share
(%)
Book value
($’m)
Net lettable
area
(‘000 sqm)
Occupancy
FY23 (%)
FY22 (%)
Chengdu Logistics Hub
(Phase 1 ambient warehouse), Chengdu
80.0
26.8
47.1
59.5
76.6
Land Bank
Site
Chengdu Logistics Hub (Phase 2A), Chengdu
Gemdale Megacity (Phase 4E), Songjiang, Shanghai4
Club Tree, Songjiang, Shanghai
Palace of Yunjian, Songjiang, Shanghai
Effective
share
(%)
80.0
45.2
15.0
20.0
Gross
total
no. of
units1
1795
1016
547
477
Effective
total
no. of
units2
Est. gross
total saleable
area1
(’000 sqm)
Est. effective
total saleable
area2
('000 sqm)
Land cost3
(RMB psm)
179
46
8
9
81.0
11.8
5.2
4.7
81.0
5.3
0.8
0.9
303
968
30,439
31,123
Includes 100.0% of equity-accounted joint ventures and associates.
Includes subsidiaries at gross (100.0%) and equity-accounted joint ventures and associates at their effective share.
1
2
3 Land cost includes land use tax and is calculated based on gross floor area.
4 Accounted for as an associate.
5 Warehouse/office units.
6 Retail units.
7 Residential units.
1 Gross basis – 2,186 units.
2 Includes subsidiaries at gross (100.0%) and equity-accounted
joint ventures and associates at their effective share.
3 Gross basis – 1,724 units.
4 Gross basis – $4,652.2 million.
5 Gross basis – 1,826 units.
6 Gross basis – 886 units.
7 Gross basis – 791 units.
8 Gross basis – 359 units.
9 Gross basis – 287 units.
10 Gross basis – 476 units.
11 Gross basis – 126 units.
12 Gross basis – 201 units.
13 Gross basis – RMB 86.1 million ($16.1 million).
106
Frasers Property Limited
Annual Report 2023
FY23 ESG Highlights
Powering our way to a cleaner future
Generating greater impact from less waste
Renewable energy plays an important role in our
goal to achieve net-zero carbon across Scopes
1, 2 and 3 by 2050. Across our footprint, we have
made concerted efforts to intensify our reliance on
renewable energy sources, which include a focus
on solar energy.
Among our refreshed Group ESG Goals is a target
to install 215 MW of renewable energy capacity on
our properties by 2030. To date, over 32 MW of solar
photovoltaic panels have been installed across our
business units. In FY23, we generated over 18.6 GWh
of solar energy on our properties.
The real estate industry accounts for at least 30% of the
world’s overall waste generated, and that is why we have
adopted a range of measures in the construction and
operation of our properties to reduce waste-to-landfill.
At The Tube in Dusseldorf-Reisholz, Germany, we
apply a demolition approach that significantly reduces
construction waste. The upcoming industrial park is
targeting to achieve the first-ever gold certification from
the German Sustainable Building Council for a carbon-
reduced and transparent demolition of an industrial site.
During demolition, over 70,000 tonnes of demolition
materials and around 12,500 tonnes of raw materials
were recycled.
Creating inclusive spaces
In Singapore, our suburban retail
malls play a significant role in building
and shaping communities. As part
of efforts to better serve the needs
of the community, including those
with different abilities, dementia and
autism, we launched our industry-first
Inclusion Champions programme
this year. We aim to empower our
employees and retail tenants with
the necessary resources and skills to
support persons of different abilities
and needs and provide for a more
inclusive shopper experience.
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Positive impact for communities
Aligned with our shared Purpose, we aim to deliver
inspiring and meaningful experiences for our
stakeholders and the community. Engaging
stakeholders and intensifying partnerships enable us
to create value across communities.
We have an enduring partnership with the Red
Cross societies across our markets of Singapore,
Thailand and Vietnam aimed at uplifting communities.
In Singapore, we embarked on a six-month national
corporate volunteering pilot with the National
Volunteering & Philanthropy Centre. We also
partnered with Ending Loneliness Together in
Australia to combat loneliness and social isolation
in communities, sponsoring the creation of a
documentary that raises awareness of the issue and
helps reduce its stigma.
Making strides with sustainability credentials
We have committed to having 100% by gross floor area of new development projects, and 85% of our owned
and asset-managed properties, be either green-certified or pursuing green certification by 2030. Recognition
from global institutions reaffirm our ongoing efforts.
The YARDS, a next-generation industrial community in Australia, achieved the first 6 Star Green Star Communities
rating from the Green Building Council of Australia, the highest category attainable. In the GRESB real estate
assessments, five business units maintained industry-leading 5 star ratings amid tightening ESG standards,
while Frasers Property Industrial and Frasers Property Singapore received recognition as Regional Sector
Leaders for Industrial in Oceania and Diversified Office/Retail in Asia respectively.
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FY23 ESG Highlights
Our ESG Approach
Led by our Purpose – Inspiring experiences, creating places for good. – we remain committed to strengthening
business resilience and creating long-term stakeholder value through, among others, addressing key environmental,
social and governance (ESG) aspects. Prioritising ESG considerations will enhance Frasers Property’s ability to
adapt to evolving market dynamics and regulatory changes, as well as effectively identify and manage long-term
risks and opportunities.
The three pillars of our ESG Framework – Acting Progressively, Consuming Responsibly and Focusing on People –
align us with our key priorities. These three pillars underpin 13 diverse and interconnected focus areas where we
can make the biggest impact.
ACTING
PROGRESSIVELY
Pillars
CONSUMING
RESPONSIBLY
Focus areas
FOCUSING
ON PEOPLE
Risk-based Management
Responsible Investment
Resilient Properties
Innovation
Energy and Carbon
Water
Waste
Materials and Supply Chain
Biodiversity
Diversity, Equity and Inclusion
Skills and Leadership
Health and Well-being
Community Connectedness
Enhancing our refreshed Group ESG Goals
Our five Group goals announced in 2021 have enabled us to increase our positive impacts using a strategic and
focused approach. While we have made progress, this journey is not without challenges. In pursuing our ambitious
targets amid an evolving regulatory and macroeconomic environment, we have gained valuable insights and identified
areas where continued focus and innovation are necessary.
Moving forward, we have set refreshed Group ESG Goals in 2023 that build upon our achievements and learnings,
and further align with regulatory requirements, evolving standards and industry trends. We elaborate on these goals
within our ESG Report 2023.
Achieve net-zero carbon across Scopes 1, 2
and 3 by 2050.
Have 100% by gross floor area of new
development projects, and 85% of our owned
and asset-managed properties, be either green-
certified or pursuing green certification by 2030.
Install 215 MW of renewable energy capacity on
our properties by 2030.
Engage 75% of our suppliers by spend on our
Responsible Sourcing Policy by FY25.
Deploy Group-wide climate risk analytics
platform to identify, assess and manage climate-
related risks by FY24.
6
Develop a framework to assess and prioritise
biodiversity risks and opportunities by FY25.
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Progressing on our ESG performance
We achieved the following milestones in FY23:
ACTING
PROGRESSIVELY
CONSUMING
RESPONSIBLY
FOCUSING
ON PEOPLE
Strong uplift in overall scores
in the GRESB 2023 assessment,
with our Industrial and Singapore
business units named Regional
Sector Leaders for Industrial
in Oceania and Diversified Office/
Retail in Asia respectively
Arranged 12 green and
sustainability-linked loans
amounting to approximately
$3.5 billion
Achieved full sustainability-
linked funding for our
Australian business
88% of new development projects
and 51% of owned and asset-
managed properties by gross floor
area are green-certified or pursuing
certification
Almost all business units and all five
REITs have developed their
net-zero carbon roadmaps
All business units and REITs have
completed climate risk
assessments
Our Australia, Industrial, Vietnam,
UK business units and Frasers
Logistics & Commercial Trust have
received approval for science-
based decarbonisation
targets from the SBTi
More than 18 GWh of renewable
energy generated onsite, a 16%
increase from FY22
Recycled over 6,000 tonnes
of waste
Over 6,800 employee volunteer
hours and nearly $2 million
contributed via around 200
community investment activities
Launched Inclusion
Champions Programme in
Singapore, an industry-first initiative
to create inclusive spaces in the
community
Employer of Choice
for Gender Equality citation
from Workplace Gender Equality
Agency in Australia for fifth
consecutive year
38% and 54% females in senior
management and global workforce
respectively
More in our ESG Report 2023
We strive to provide transparency and accountability to our stakeholders through annual ESG reports, which
disclose progress against our focus areas and goals. The ESG highlights in this report serve as a summary of our
sustainability initiatives and performance, and should be read in conjunction with our ninth Frasers Property ESG
Report, which has been prepared in accordance with the Global Reporting Initiative (GRI) 2021 Universal Standards
and the Singapore Exchange (SGX) Listing Manual Rules 711A and 711B. The ESG Report 2023 features a section
on activities that align to the Task Force on Climate-related Financial Disclosures (TCFD) Recommendations and
includes an expanded breadth of our Scope 3 disclosures.
An ESG databook supplement, which centralises our data disclosures in a user-friendly format, will be published
on our website1 in 2024 to offer our stakeholders clearer and more transparent reporting. The databook will
be accompanied by a basis of preparation document that sets out the foundation of our carbon accounting
methodology, scope and assumptions made. This seeks to provide greater clarity to our stakeholders in the
understanding of our data disclosures.
To verify the reliability of the data presented, the ESG Report 2023 has been externally assured2 for the third
consecutive year, with the ESG highlights in this report included within the assurance scope this year. In line with SGX’s
Listing Rules, we also conducted an inaugural internal assurance of our sustainability reporting processes in FY23.
1 See www.frasersproperty.com/sustainability for more information.
2
In accordance with the International Standard on Assurance Engagements 3000 (ISAE 3000).
We invite you to learn more about our ESG approach and welcome your feedback in our
efforts to continuously improve our sustainability practices and performance.
Access the ESG Report 2023 at https://www.frasersproperty.com/ESG-report-2023.
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OUR GOVERNANCE FRAMEWORK
(as at 30 September 2023)
BOARD EXECUTIVE COMMITTEE
Chairman: Mr Thapana Sirivadhanabhakdi
2 Independent Directors, 3 Non-Independent Directors,
1 Co-opted Member
Key Objectives
• Formulates strategic development initiatives of the Group
• Provides direction for new investments, divestments and material
financial and non-financial matters to ensure that the Group
achieves
its desired performance objectives and enhances
long-term shareholder value
CHAIRMAN
Mr Charoen Sirivadhanabhakdi
AUDIT COMMITTEE
Chairman: Mr Chin Yoke Choong
4 Independent Directors, 1 Non-Independent Director
Key Objectives
• Leads and ensures effectiveness of the
Board, including effective communication
with shareholders and other stakeholders
Key Objectives
• Assists the Board in fulfilling its responsibility for overseeing the
quality and integrity of the accounting, auditing, internal controls, risk
management and financial practices of the Group
NOMINATING COMMITTEE
Chairman: Mr Pramoad Phornprapha
3 Independent Directors
BOARD OF FRASERS PROPERTY LIMITED
re-appointment of Directors
Key Objectives
• Establishes a formal and transparent process for appointment and
10 Directors:
• 6 Independent Directors
(including Lead Independent Director)
• 4 Non-Independent Directors
Key Objectives
• Provides oversight of business
performance and affairs of the Company
for the long-term success of the Company
• Oversees the succession plans for the Directors, Chairman, Group
CEO and other Key Management Personnel
• 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
REMUNERATION COMMITTEE
Chairman: Mr Chin Yoke Choong
2 Independent Directors, 1 Non-Independent Director
Key Objectives
• Assists the Board in establishing a formal and transparent procedure
for developing policies on executive remuneration
• Assists the Board in reviewing and approving the remuneration
packages of individual Directors and the Group CEO and other 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 Pramoad Phornprapha
4 Independent Directors, 2 Non-Independent Directors
Key Objectives
• Assists the Board in carrying out its responsibility in determining
environmental, social and governance (“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
• Assists the Board in carrying out its responsibility of overseeing the
risk management framework and policies of the Group
• 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
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INTRODUCTION
Frasers Property Limited (“FPL” or the “Company”, and together with its subsidiaries, the “Group”) was listed on
9 January 2014 on the Mainboard of the Singapore Exchange Securities Trading Limited (the “SGX-ST”).
In line with the listing 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 154 to 155 of this annual report.
FPL’S GOVERNANCE PRINCIPLES
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 principles 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:
(a)
sets the strategic direction of the Group, including focusing on value creation, innovation and sustainability;
(b)
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; and
(c)
works with Management to ensure that necessary resources are in place for the Group to meet its
strategic objectives.
Through the Group’s enterprise 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:
(a)
constructively challenges Management and reviews its performance, and holds Management accountable for
performance; and
(b)
oversees Management to ensure transparency and accountability to key stakeholder groups.
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In the financial year ended 30 September 2023 (“FY23”), all Directors attended the Board Strategy Meeting held
on 6 and 7 July 2023. This allowed the Directors to (a) 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 (b) focus on
the long-term business strategy for the Group. The Board has also been paying close attention to the level of financial
discipline and portfolio management across the Group’s businesses, taking into account ongoing macroeconomic
and geopolitical uncertainties, sustained inflationary pressures, and interest rates remaining higher for longer.
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
The Chairman provides leadership to the Board by:
(a)
setting the right ethical and behavioural tone and desired organisational culture;
(b)
(c)
(d)
ensuring 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; and
setting the agenda for each Board meeting, taking into account strategic and other key issues pertinent to the
business and operations of the Group and promoting 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 Chief Executive Officer
The Group CEO provides strategic leadership and manages the Group to ensure the Group’s purpose and core
values are embedded into our strategy and executed in an effective, focused and sustainable manner in the conduct
of our business. He is also responsible for leading, promoting and conducting the affairs of the Group with the highest
standards of integrity, corporate governance and transparency. Key initiatives led by the Group CEO include:
(a)
building resilient and sustainable business platforms and strengthening the Group’s capabilities;
(b)
scaling up the REIT and trust platforms managed by the Group;
(c) maintaining the Company’s active capital management discipline; and
(d)
driving organisational culture and developing the Company’s purpose.
The Group CEO 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 with the Board
to formulate such strategies, plans and processes. He also seeks business opportunities, drives new initiatives and
is responsible for the operational performance of the Group as well as builds and maintains strong relationships with
stakeholders of the Group.
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The division of responsibilities between the Chairman and the Group CEO is set out in writing. Although the Chairman
and the Group CEO are immediate family members, as the Chairman is the father of the Group CEO1, 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 (the “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 late Khunying Wanna Sirivadhanabhakdi, who
was Vice Chairman and a Director until her passing on 17 March 2023. Mr Charoen Sirivadhanabhakdi and the
late Vice Chairman is/was a substantial Shareholder. Mr Panote Sirivadhanabhakdi is also the brother of a Director,
Mr Thapana Sirivadhanabhakdi.
Board Composition
The following table shows the composition of the Board and the various Board Committees as at 30 September 2023:
Board
Executive
Committee(1)
Audit
Committee
Nominating
Committee
Remuneration
Committee
Sustainability
and Risk
Management
Committee
Mr Charoen Sirivadhanabhakdi Non-Executive and
Mr Chin Yoke Choong
Mr Pramoad Phornprapha
Mrs Siripen Sitasuwan
Mr Tan Pheng Hock
Mr Wee Joo Yeow
Dr David Wong See Hong
Non-Independent Chairman
Non-Executive and Lead
Independent Director
Non-Executive and
Independent Director
Non-Executive and
Independent Director
Non-Executive and
Independent Director
Non-Executive and
Independent Director
Non-Executive and
Independent Director
•
•
Mr Thapana Sirivadhanabhakdi Non-Executive and
•
Non-Independent Director
(Chairman)
Mr Panote Sirivadhanabhakdi
Mr Sithichai Chaikriangkrai
Group Chief Executive Officer
Executive and
Non-Independent Director
Non-Executive and
Non-Independent Director
•
•
•
(Chairman)
•
•
(Chairman)
•
(Chairman)
•
(Chairman)
•
•
•
•
•
•
•
•
•
•
•
•
(1) Mr Rodney Vaughan Fehring, who serves as Chairman for the management boards of Frasers Property Industrial, Frasers Property Australia and
Frasers Property UK, was co-opted as a member of the EXCO with effect from 30 August 2023. He is not a Director of the Company.
1
The chairman of the Board Executive Committee (“EXCO”) is also an immediate family member of the Chairman and the Group CEO, as the
Chairman is also the father of the chairman of the EXCO.
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Annual Report 2023
Profiles of each of the Directors can be found on pages 20 to 26 of this annual report.
As at 30 September 2023, other than the Group CEO, all of the Directors are non-executive and the Board comprises
a majority of Independent Directors (six out of ten).
Provision 2.2 of the Code provides that independent directors shall make up a majority of the Board where the
Chairman is not independent. In FY23, the Board underwent a refreshment and renewal process during which four
of the then Independent Directors, namely, Mr Charles Mak Ming Ying, Mr Chan Heng Wing, Mr Philip Eng Heng Nee
and Mr Weerawong Chittmittrapap (the “Nine-Year IDs”), were re-designated from Independent Directors to
Non-Independent Directors with effect from 25 October 2022, as they had each served for more than nine
years as of that date. However, in order to facilitate the orientation of the newly-appointed Directors (being
Mr Chin Yoke Choong who was appointed with effect from 19 September 2022, and Mrs Siripen Sitasuwan and
Mr Pramoad Phornprapha who were appointed with effect from 17 October 2022), 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, the Nine-Year IDs continued to serve on the Board and their
respective Board Committees as Non-Independent Directors for a transitional period from 25 October 2022 to
31 December 2022 (the “Transitional Period”).2 The Nine-Year IDs and Mr Chotiphat Bijananda (a Non-Independent
Director) stepped down from the Board with effect from 1 January 2023, and Mr Thapana Sirivadhanabhakdi was
appointed as a Non-Independent Director with effect from the same date.3 During the Transitional Period, therefore,
the Board was made up of 14 Directors, of whom five were Independent Directors and the remaining nine were
Non-Independent Directors. With effect from 1 January 2023, the Board comprised ten Directors, of whom five were
Independent Directors. With the passing of the late Vice Chairman of the Board, Khunying Wanna Sirivadhanabhakdi,
on 17 March 2023, the Board comprised nine Directors, of whom five (being a majority) were independent. The
Board has since continued to comprise a majority of Independent Directors, and with the subsequent appointment
of Dr David Wong See Hong as an Independent Director with effect from 5 July 2023, six out of ten Directors are
currently independent.
The Board has determined that notwithstanding the deviation from Provision 2.2 of the Code during the Transitional
Period and up to the passing of the late Vice Chairman on 17 March 2023, the Company’s practice was nevertheless
consistent with Principle 2 of the Code which requires the Board to have an appropriate level of independence
and diversity of thought and background in its composition to enable it to make decisions in the best interests of
the Company. During the Transitional Period, the Nine-Year IDs were designated as Non-Independent Directors
solely by virtue of the fact that each of them had served as a Director for more than nine years and save for this,
there was no other circumstance or relationship which would otherwise deem any of them as non-independent
under the SGX-ST Listing Manual, the Code and/or the accompanying Practice Guidance. As mentioned above,
the Nine-Year IDs had remained on the Board beyond the nine-year mark in order to facilitate the orientation of
the newly-appointed Directors as part of the Board refreshment and renewal process. In addition, at all relevant
times, there was a Lead Independent Director who was available to shareholders if they had concerns for which
contact through the Chairman was inappropriate. Matters requiring the Board’s approval continued to be discussed
robustly with participation from each member of the Board and decisions made collectively without any individual
or select group of individuals dominating the decision-making process. The Directors were also required to take the
necessary actions to resolve any conflict of interest they might have, including recusing themselves from meetings or
discussions or abstaining from voting on matters in which they were interested or conflicted. In view of the foregoing,
the Nominating Committee and the Board are of the view that the Board had an appropriate level of independence
throughout the Transitional Period and up to the passing of the late Vice Chairman, and that the Board procedures
and codes of conduct which were already in place during that time were sufficient to ensure that the Board made
decisions in the best interests of the Company, in line with the intent of Principle 2 of the Code.
No alternate Directors were appointed to the Board during FY23. Alternate Directors will only be appointed in
exceptional circumstances.
2
3
See the Company’s announcement dated 25 October 2022,
available at https://links.sgx.com/FileOpen/FPL%20Announcement_25%20October%202022.ashx?App=Announcement&FileID=735121.
See the Company’s announcement dated 12 December 2022,
available at https://links.sgx.com/FileOpen/FPL%20Announcement_12%20Dec%202022.ashx?App=Announcement&FileID=741230.
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The Nominating Committee (“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 real estate industry experience/knowledge, business management, strategy development,
investments/mergers and acquisitions (including fund management and/or investment banking), audit/accounting
and finance, risk management, legal/corporate governance, sustainability and human resource 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 2023)
Age Group
Independence
Gender
41-50
51-60
61-70
71-80
Tenure
20%
10%
30%
40%
Executive and
Non-Independent Director
Non-Executive and
Non-Independent Director
Non-Executive and
Independent Director
10%
30%
60%
Female
Male
10%
90%
More than 9 years
4
More than 6 years to 9 years
1
More than 3 years to 6 years
Nil
3 years or less
0
1
2
3
4
5
5
6
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.
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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 360 to 372 of 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.
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.
As at 30 September 2023, there are five Board Committees, namely, the Board Executive Committee (“EXCO”), the
Audit Committee (“AC”), the Nominating Committee (“NC”), the Remuneration Committee (“RC”) and the Sustainability
and Risk Management Committee (“SRMC”). During FY23, following a review to streamline the Company’s Board
Committees and their scopes of oversight, the Information Technology and Cybersecurity Committee (“ITCC”) was
converted from a Board Committee into a Management-led committee with effect from 8 February 2023.
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.
Board Executive Committee (EXCO)
MEMBERSHIP(1)
KEY OBJECTIVES
BOARD EXECUTIVE COMMITTEE
Mr Thapana Sirivadhanabhakdi, Chairman(2)
Mr Pramoad Phornprapha(3)
Mr Wee Joo Yeow
Mr Panote Sirivadhanabhakdi
Mr Sithichai Chaikriangkrai
Mr Rodney Vaughan Fehring(4)
• Formulates strategic development initiatives of the Group
• Provides direction for new investments, divestments and
material financial and non-financial matters to ensure that
the Group achieves its desired performance objectives and
enhances long-term shareholder value
Notes:
(1) As at 30 September 2023.
(2) Mr Thapana Sirivadhanabhakdi was appointed as a member of the EXCO with effect from 1 January 2023, and Chairman of the EXCO with effect
from 30 August 2023.
(3) Mr Pramoad Phornprapha was appointed as a member of the EXCO with effect from 17 October 2022.
(4) Mr Rodney Vaughan Fehring, who serves as Chairman for the management boards of Frasers Property Industrial, Frasers Property Australia and
Frasers Property UK, was co-opted as a member of the EXCO with effect from 30 August 2023. He is not a Director.
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:
(a)
formulate the Group’s strategic development initiatives;
(b)
take all possible measures to protect the interests of the Group;
(c)
review and approve corporate values, corporate strategy and corporate objectives;
(d)
review and approve corporate decisions such as capital investments, and acquisitions, investments and
divestments (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
(e)
review both the financial and non-financial performance of the Company and the Group.
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Audit Committee (AC)
MEMBERSHIP(1)
KEY OBJECTIVES
AUDIT COMMITTEE
Mr Chin Yoke Choong, Chairman(2)
Mrs Siripen Sitasuwan(3)
Mr Wee Joo Yeow
Dr David Wong See Hong(4)
Mr Sithichai Chaikriangkrai
• Assists the Board in fulfilling its responsibility for overseeing
the quality and integrity of the accounting, auditing, internal
controls, risk management and financial practices of the
Group
Notes:
(1) As at 30 September 2023.
(2) Mr Chin Yoke Choong was appointed as Chairman of the AC with effect from 25 October 2022.
(3) Mrs Siripen Sitasuwan was appointed as a member of the AC with effect from 17 October 2022.
(4) Dr David Wong See Hong was appointed as a member of the AC with effect from 5 July 2023.
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.
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, and/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 at least annually, its
assessment of the adequacy and effectiveness of the Company’s and the Group’s internal controls, including
financial, operational, compliance and information technology controls, and risk management systems;
Interested Person Transactions: reviewing interested person transactions 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;
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Frasers Property Limited
Annual Report 2023
•
•
Whistle-blowing: oversight and monitoring of whistle-blowing, including periodic review of the policy which
sets out the procedures for a whistleblower to make a report to the Company on misconduct or wrongdoing
relating to the Company and its officers, and the 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, or any other applicable laws or regulations to
assess whether any such suspected fraud or irregularity, or suspected infringement has or is likely to have a
material impact on the Company’s operating results or financial position.
If the external auditors raise any significant issues in their audit of the full-year financial statements, the AC will
consider whether such issues have a material impact on the interim financial statements or business updates
previously announced by the Company. If so, the AC:
(a)
(b)
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; and
will 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 at least once a year to:
(a)
(b)
(c)
in each case without the presence of Management, discuss any concerns which may be difficult to raise in
Management’s presence;
review the level of cooperation and assistance given by the Management to the external and internal auditors;
and
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 accounting treatments are prepared by external auditors
and circulated to members of the AC so that they are kept abreast of such changes and their corresponding impact
on the financial statements, if any.
During FY23, 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, taking into
consideration the review and/or assessment by the SRMC (and, where applicable, such other committees with
oversight of audit, internal controls and risk management of subsidiaries of the Group) reviewing the adequacy
and effectiveness of risk management systems;
reviewing with Management the adequacy of cash flow and liquidity to sustain the Group’s operations on an
ongoing basis;
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•
•
•
•
reviewing with internal and external auditors, the audit reports and their recommendations, and monitoring the
timely and proper implementation of any required corrective or improvement measures;
reviewing the adequacy, 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 cases and investigations within the Group and ensuring appropriate follow-up
actions, where required.
Nominating Committee (NC)
MEMBERSHIP(1)
KEY OBJECTIVES
NOMINATING COMMITTEE
Mr Pramoad Phornprapha, Chairman(2)
Mr Chin Yoke Choong
Mr Wee Joo Yeow(3)
• Establishes a
formal and
appointment and re-appointment of Directors
transparent process
for
• Oversees the succession plans for the Directors, Chairman,
Group CEO and other Key Management Personnel
• 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
Notes:
(1) As at 30 September 2023.
(2) Mr Pramoad Phornprapha was appointed as a member of the NC with effect from 17 October 2022, and Chairman of the NC with effect from
1 January 2023.
(3) Mr Wee Joo Yeow was appointed as a member of the NC with effect from 25 October 2022.
As at 30 September 2023, the NC was made up entirely of Non-Executive Directors, all of whom (including the
Chairman) were Independent Directors, namely Mr Pramoad Phornprapha, Mr Chin Yoke Choong (who is also the
Lead Independent Director with effect from 25 October 2022), and Mr Wee Joo Yeow.
Provision 4.2 of the Code provides that the NC shall comprise at least three Directors, the majority of whom, including
the NC Chairman, are independent, and that the Lead Independent Director, if any, shall be a member of the NC.
During the Transitional Period from 25 October 2022 to 31 December 2022, the NC was made up of the three
Non-Executive and Independent Directors (of whom one is the Lead Independent Director) named above, as well
as four other Non-Executive and Non-Independent Directors, namely Mr Weerawong Chittmittrapap (who was the
NC Chairman until 31 December 2022), Mr Chan Heng Wing, Mr Charles Mak Ming Ying and Mr Chotiphat Bijananda.
Mr Weerawong Chittmittrapap, Mr Chan Heng Wing and Mr Charles Mak Ming Ying (being three of the Nine-Year
IDs described in the section on “Board Composition” above) were re-designated from Independent Directors to
Non-Independent Directors with effect from 25 October 2022, as they had each served as a Director for more than
nine years as of that date. However, they continued to serve on the Board and their respective Board Committees as
Non-Independent Directors during the Transitional Period in order to facilitate the orientation of the newly-appointed
Directors as part of the Board refreshment and renewal process. The Board has determined that notwithstanding
the partial deviation from Provision 4.2 in that the NC Chairman was not an Independent Director and the NC did not
comprise a majority of Independent Directors during the Transitional Period, the Company’s practice was nevertheless
consistent with Principle 4 of the Code, which requires that the Board has a formal and transparent process for the
appointment and re-appointment of directors, taking into account the need for progressive renewal of the Board, as
the fact that the three Nine-Year IDs continued to serve on the NC during the Transitional Period did not detract from
this objective. The three Nine-Year IDs and Mr Chotiphat Bijananda stepped down from the Board with effect from
1 January 2023, and the Company has since continued to comply with Provision 4.2 of the Code as all three remaining
members of the NC (of whom one is the Lead Independent Director) are currently independent.
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Frasers Property Limited
Annual Report 2023
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:
(a)
reviewing the structure, size and composition and independence of the Board and its Board committees;
(b)
reviewing the progress made towards the implementation of the Board Diversity Policy;
(c)
reviewing and making recommendations to the Board on the succession plans for the Directors, Chairman and
Group CEO and other Key Management Personnel;
(d) making recommendations
to
the Board on all appointments and re-appointments of Directors
(including alternate Directors, if any); and
(e)
determining the independence of Directors.
The NC also proposes for the Board’s approval, the objective performance criteria and process for the evaluation of
the effectiveness of the Board, the Board Committees and individual Directors, and ensures that proper disclosures
of such criteria and process are made. The NC is also responsible for reviewing and making recommendations to the
Board on training and professional development programmes for the Board and the Directors.
Further information on the main activities of the NC are outlined in the following sections:
•
•
•
•
“Training and Development of Directors” on pages 126 to 127
“Board Composition” on pages 113 to 116
“Directors’ Independence” on pages 132 to 133
“Board Performance Evaluation” on pages 134 to 135
Remuneration Committee (RC)
MEMBERSHIP(1)
KEY OBJECTIVES
REMUNERATION COMMITTEE
Mr Chin Yoke Choong, Chairman(2)
Mr Wee Joo Yeow(3)
Mr Thapana Sirivadhanabhakdi(4)
• Assists the Board in establishing a formal and transparent
procedure for developing policies on executive remuneration
• Assists
the Board
in reviewing and approving
the
remuneration packages of individual Directors and the
Group CEO and other 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
Notes:
(1) As at 30 September 2023.
(2) Mr Chin Yoke Choong was appointed as Chairman of the RC with effect from 1 January 2023.
(3) Mr Wee Joo Yeow was appointed as a member of the RC with effect from 25 October 2022.
(4) Mr Thapana Sirivadhanabhakdi was appointed as a member of the RC with effect from 1 January 2023.
As at 30 September 2023, the RC was made up entirely of Non-Executive Directors, the majority of whom, including
the Chairman, were Independent Directors (namely, Mr Chin Yoke Choong and Mr Wee Joo Yeow).
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Provision 6.2 of the Code provides that the RC shall comprise at least three Directors, and that all members of
the RC shall be Non-Executive Directors, the majority of whom, including the RC Chairman, are independent.
During the Transitional Period from 25 October 2022 to 31 December 2022, the RC was made up of the two
Non-Executive and Independent Directors (namely, Mr Chin Yoke Choong and Mr Wee Joo Yeow) and three other
Non-Executive and Non-Independent Directors, namely Mr Philip Eng Heng Nee (who was the RC Chairman until
31 December 2022), Mr Chan Heng Wing and Mr Charles Mak Ming Ying. Mr Philip Eng Heng Nee, Mr Chan Heng Wing and
Mr Charles Mak Ming Ying (being three of the Nine-Year IDs described in the section on “Board Composition” above)
were re-designated from Independent Directors to Non-Independent Directors with effect from 25 October 2022, as
they had each served as a Director for more than nine years as of that date. However, they continued to serve on the
Board and their respective Board Committees as Non-Independent Directors during the Transitional Period in order
to facilitate the orientation of the newly-appointed Directors as part of the Board refreshment and renewal process.
The Board has determined that notwithstanding the partial deviation from Provision 6.2 in that the RC Chairman was
not an Independent Director and the RC did not comprise a majority of Independent Directors during the Transitional
Period, the Company’s practice was nevertheless consistent with Principle 6 of the Code, which requires that the
Board has a formal and transparent procedure for developing policies on director and executive remuneration, and
for reviewing and approving the remuneration packages of individual directors and key management personnel, as
the fact that the three Nine-Year IDs continued to serve on the RC during the Transitional Period did not detract from
this objective. The three Nine-Year IDs stepped down from the Board with effect from 1 January 2023 and, with the
appointment of Mr Thapana Sirivadhanabhakdi as a member of the RC with effect from the same date, the Company
has since continued to comply with Provision 6.2 of the Code as all three members of the RC are Non-Executive
Directors, the majority of whom, including the RC Chairman are currently independent.
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 the Group CEO and other 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. The RC:
(a)
(b)
(c)
reviews and recommends to the Board, on an annual basis, 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 the Group CEO and other Key Management Personnel, in accordance with the approved
remuneration policies and procedures;
proposes, for the Board’s approval, criteria to assist in the evaluation of the performance of the Group CEO
and other Key Management Personnel;
reviews the obligations of the Group arising in the event of the termination of the service contracts of executive
Directors and the Group CEO and other Key Management Personnel to ensure that such contracts of service
contain fair and reasonable termination clauses; and
(d)
administers and approves awards under the Company’s long-term incentive schemes to senior employees 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 FY23, Willis Towers Watson Consulting (Singapore) Pte Ltd (“Willis Towers Watson”) and
Mercer (Singapore) Pte Ltd (“Mercer”) were appointed as the Company’s remuneration consultants.
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Annual Report 2023
Sustainability and Risk Management Committee (SRMC)
SUSTAINABILITY AND RISK MANAGEMENT COMMITTEE
MEMBERSHIP(1)
KEY OBJECTIVES
Mr Pramoad Phornprapha, Chairman(2)
Mr Tan Pheng Hock(3)
Mr Wee Joo Yeow(3)
Dr David Wong See Hong(4)
Mr Panote Sirivadhanabhakdi
Mr Sithichai Chaikriangkrai
• 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
• Assists the Board in carrying out its responsibility of
overseeing the risk management framework and policies of
the Group
• 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
Notes:
(1) As at 30 September 2023.
(2) Mr Pramoad Phornprapha was appointed as a member of the SRMC with effect from 17 October 2022, and Chairman of the SRMC with effect
from 1 January 2023.
(3) Mr Tan Pheng Hock and Mr Wee Joo Yeow were appointed as members of the SRMC with effect from 25 October 2022.
(4) Dr David Wong See Hong was appointed as a member of the SRMC with effect from 5 July 2023.
As at 30 September 2023, save for Mr Panote Sirivadhanabhakdi, who is an Executive and Non-Independent Director,
and Mr Sithichai Chaikriangkrai, who is a Non-Executive and Non-Independent Director, all members of the SRMC
(including the Chairman) were Independent Directors, namely Mr Pramoad Phornprapha, Mr Tan Pheng Hock,
Mr Wee Joo Yeow and Dr David Wong See Hong.
Sustainability
The SRMC assists the Board to oversee matters in relation to the Group’s sustainability practices. 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. This consequently enhances operational responses to sustainability risks and opportunities.
Risk Management
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. Through guidance to and discussions with
Management, the SRMC assists the Board in determining the nature and extent of significant risks which the Board is
willing to take in achieving the Group’s strategic objectives. The SRMC assists the Board to:
(a)
oversee the Group’s ERM Framework;
(b)
determine the risk appetite and risk strategy;
(c)
assess the Group’s risk profile, material risks, practices and risk control measures; and
(d)
ensure the adequacy and effectiveness of the Group’s risk management policies and procedures.
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The SRMC also works with the AC 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.
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 145 to 146.
Information Technology & Cybersecurity Committee (ITCC)
INFORMATION TECHNOLOGY AND CYBERSECURITY COMMITTEE
(Prior to 8 February 2023)
MEMBERSHIP(1)
KEY OBJECTIVES
Mr Tan Pheng Hock, Chairman
Mrs Siripen Sitasuwan(2)
Mr Wee Joo Yeow
Mr Panote Sirivadhanabhakdi
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
Notes:
(1) As at 7 February 2023. The ITCC was converted from a Board Committee into a Management-led Committee with effect from 8 February 2023.
(2) Mrs Siripen Sitasuwan was appointed as a member of the ITCC with effect from 17 October 2022.
Following a review to streamline the Company’s Board Committees and their scopes of oversight, the ITCC was
converted from a Board Committee into a Management-led committee with effect from 8 February 2023.
Prior to its conversion from a Board Committee into a Management-led committee with effect from 8 February 2023,
the ITCC approved, 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, oversaw the
adequacy of, and approved, the Group’s policies and standards relating to information technology and cybersecurity.
It also approved the risk appetite and risk tolerance statements in relation to the Group’s information technology and
cybersecurity functions and ensured 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 oversaw any major information
technology and cybersecurity projects with a cost of more than $2 million or which the Committee considered were
of significant importance to the Company. In addition, the ITCC oversaw the allocation of resources so that they
were 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
Manual of Authority
Day-to-day operations of the Group’s business are delegated to Management. To facilitate the Board’s exercise of
its leadership and oversight of the Group, the Company has adopted a framework of delegated authorisations in its
Manual of Authority (the “MOA”), which is approved by the Board. The MOA:
(a)
contains a schedule of matters specifically reserved for approval by the Board which 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;
(b)
defines the procedures and levels of authorisation required for specified transactions; and
(c)
sets out approval limits for operating and capital expenditure as well as acquisitions and disposals of assets
and investments.
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Frasers Property Limited
Annual Report 2023
Management Sub-Committees
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. Such Management Sub-Committees include 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.
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.
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 and General Meetings
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 meeting(s)
held and attended by the Directors in FY23:
Board
5
No. of meetings held in FY23
Directors holding office as at 30 September 2023
5/5 (C)
Mr Charoen Sirivadhanabhakdi(3)
Mr Chin Yoke Choong(4)
5/5
Mr Pramoad Phornprapha(5)
5/5
Mrs Siripen Sitasuwan(6)
5/5
Mr Tan Pheng Hock(7)
5/5
Mr Wee Joo Yeow(8)
5/5
Dr David Wong See Hong(9)
2/2
Mr Thapana Sirivadhanabhakdi(10)
4/4
5/5
Mr Panote Sirivadhanabhakdi
5/5
Mr Sithichai Chaikriangkrai
Directors who ceased to hold office during FY23
Khunying Wanna Sirivadhanabhakdi(11)
Mr Charles Mak Ming Ying(12)
Mr Chan Heng Wing(12)
Mr Philip Eng Heng Nee(12)
Mr Weerawong Chittmittrapap(12)
Mr Chotiphat Bijananda(12)
Nil
1/1
1/1
1/1
1/1
1/1
Meeting attendance record for FY23
EXCO
1
– *
N.A.
1/1
N.A.
N.A.
1/1
N.A.
1/1 (C)
1/1
1/1
N.A.
– *
N.A.
– *
N.A.
– *
AC
5
N.A.
5/5 (C)
N.A.
5/5
N.A.
5/5
1/1
N.A.
N.A.
5/5
N.A.
– *
N.A.
– *
N.A.
N.A.
NC
3
N.A.
3/3
3/3 (C)
N.A.
N.A.
3/3
N.A.
N.A.
N.A.
N.A.
N.A.
1/1
1/1
N.A.
1/1
1/1
RC
2
SRMC
4
ITCC(1)
2
Annual
General
Meeting(2)
1
N.A.
2/2 (C)
N.A.
N.A.
N.A.
1/1
N.A.
1/1
N.A.
N.A.
N.A.
1/1
1/1
1/1
N.A.
N.A.
N.A.
N.A.
4/4 (C)
N.A.
4/4
4/4
1/1
N.A.
4/4
4/4
N.A.
1/1
1/1
N.A.
1/1
1/1
N.A.
N.A.
N.A.
2/2
2/2 (C)
2/2
N.A.
N.A.
2/2
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
1
1
1
1
1
1
– *
1
1
1
Nil
– *
– *
– *
– *
– *
Notes:
(C) Denotes Chairman of the Board or Board Committee.
* No meeting(s) held during period of appointment in FY23.
(1) Following a review to streamline the Company’s Board Committees and their scopes of oversight, the ITCC was converted from a Board
Committee into a Management-led committee with effect from 8 February 2023.
(2) Held on 18 January 2023.
(3) Mr Charoen Sirivadhanabhakdi retired as Chairman and a member of the EXCO with effect from 30 August 2023.
(4) Mr Chin Yoke Choong was appointed as Chairman of the AC with effect from 25 October 2022 and Chairman of the RC with effect from
1 January 2023.
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(5) Mr Pramoad Phornprapha was appointed as a Non-Executive and Independent Director, and a member of the EXCO, NC and SRMC with effect
from 17 October 2022, and as Chairman of the NC and SRMC with effect from 1 January 2023.
(6) Mrs Siripen Sitasuwan was appointed as a Non-Executive and Independent Director, and a member of the AC and ITCC with effect from
17 October 2022.
(7) Mr Tan Pheng Hock was appointed as a member of the SRMC with effect from 25 October 2022.
(8) Mr Wee Joo Yeow was appointed as a member of the NC, RC, and SRMC with effect from 25 October 2022.
(9) Dr David Wong See Hong was appointed as a Non-Executive and Independent Director, and a member of the AC and SRMC with effect from
5 July 2023.
(10) Mr Thapana Sirivadhanabhakdi was appointed as a Non-Executive and Non-Independent Director, and a member of the EXCO and RC with effect
from 1 January 2023, and as Chairman of the EXCO with effect from 30 August 2023.
(11) The late Khunying Wanna Sirivadhanabhakdi ceased to be a Director following her demise on 17 March 2023.
(12) Each of Mr Charles Mak Ming Ying, Mr Chan Heng Wing, Mr Philip Eng Heng Nee, Mr Weerawong Chittmittrapap and Mr Chotiphat Bijananda
ceased to be a Director with effect from 1 January 2023.
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 timely 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 gives 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.
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.
Board Oversight
Management provides Directors with all relevant information on an ongoing and timely basis to enable them to
discharge their duties and responsibilities, including but not limited to complete and accurate reports on:
(a) major operational matters;
(b)
business development activities;
(c)
financial performance;
(d)
potential investment, divestment and capital recycling opportunities; and
(e)
budgets on a periodic basis. Any material variance between the projections and actual results in respect of
budgets are disclosed and explained in the relevant periodic report.
Directors have separate and independent access to Management and are entitled to request for additional information
as needed to make informed decisions, which Management will provide in a timely manner. Where required or
requested by Directors, site visits and meetings with personnel from the Group’s business divisions are arranged
for Directors to have a better understanding of the key business operations of each division and to promote active
engagement with Management.
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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. Directors (including those who hold multiple
board representations and other principal commitments) also 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. The Directors have separate and independent access to the Company Secretary, whose responsibilities
include supporting and advising the Board on corporate and administrative matters, as well as facilitating orientation
and assisting with professional development as required. The appointment and removal of the Company Secretary is
subject to the approval of the Board.
The Company Secretary’s responsibilities include:
(a)
(b)
(c)
(d)
(e)
providing 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;
attending all Board and Board Committee meetings and drafting and reviewing the minutes of proceedings
thereof;
administering and executing Board and Board Committee procedures, in compliance with the Company’s
Constitution and applicable law;
facilitating and acting 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;
soliciting and consolidating Directors’ feedback and evaluation, facilitating induction and orientation
programmes for new Directors, and assisting with Directors’ professional development matters; and
(f)
acting as the Company’s primary channel of communication with the SGX-ST.
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.
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 FY23, 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. As at the end
of FY23, the Directors have also undergone training on sustainability as prescribed by the SGX-ST. 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:
(a)
(b)
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; and
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.
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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.
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) as well as for the appointment of a lead independent director. 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.
The NC will also take into consideration the following factors:
(a)
(b)
for existing Directors (including Directors to be recommended for re-appointment): their competencies,
commitment, contribution and performance (e.g. attendance, preparedness, participation and candour);
for Directors who hold multiple board representations and other principal commitments: whether they are
able to effectively discharge their duties as Directors of the Company; and
(c)
for potential new Directors:
(i)
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;
(ii)
whether the candidates will add diversity to the Board;
(iii) whether they are likely to have adequate time to discharge their duties, including attendance at all Board
meetings; and
(iv) 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 and taps on its existing networks of contacts and recommendations. External consultants may be
retained to assist in sourcing, assessing and selecting a broader range of potential internal and external candidates
beyond the Board’s existing networks of contacts. Suitable candidates are carefully evaluated by the NC so that
recommendations made on proposed candidates are objective, well supported and satisfy the requirements of the
Company. 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.
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During FY23, 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:
(a)
expertise in audit and financial matters and corporate governance;
(b)
experience in the real estate sector;
(c)
experience in consulting and advisory matters;
(d)
whether the potential candidate adds gender diversity to the Board; and
(e)
the potential candidate’s corporate experience, including directorships on other listed entities, and experience
in geographical markets where the Group operates,
so as to provide continuity in respect of the skillsets and expertise that were 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 various candidates, the Board, with the recommendation of the NC, approved the
appointments of:
(a) Mr Pramoad Phornprapha as a Non-Executive and Independent Director with effect from 17 October 2022.
Mr Pramoad Phornprapha is based in Thailand and has extensive experience in consulting and advisory
work in strategy, operational effectiveness and organisational restructuring. He is the founding partner of
Claris Co., Ltd and an ex-partner at The Boston Consulting Group. He also serves on several listed boards in
Thailand and Vietnam and their committees, including sustainability committees. Mr Pramoad Phornprapha is
known to the Board and the NC through the personal networks of members of the Board;
(b) Mrs Siripen Sitasuwan as a Non-Executive and Independent Director with effect from 17 October 2022.
Mrs Siripen Sitasuwan is based in Thailand and has extensive experience in the area of finance and was the
President and Chief Financial Officer of Shin Corporation Public Co., Ltd. from 1999 to 2007. In addition, she
is and has been a director of several listed companies, the chairperson of audit committees and a member of
sustainability committees. Mrs Siripen Sitasuwan was formerly a Non-Executive and Independent Director of
the Company from 25 October 2013 to 10 March 2014 when, following the demerger of FPL from Fraser and
Neave, Limited (“FNL”) and as disclosed in the Introductory Document dated 28 October 2013 relating to the
listing of FPL, she stepped down to continue to serve on the board of FNL. She retired as a director of FNL in
May 2022;
(c) Mr Thapana Sirivadhanabhakdi as a Non-Executive and Non-Independent Director with effect from
1 January 2023. Mr Thapana Sirivadhanabhakdi is the President & Chief Executive Officer of Thai Beverage
Public Company Limited (“ThaiBev”), an appointment which he has held since January 2008. ThaiBev has
business and operations in Thailand, Vietnam, Myanmar, Cambodia and Laos. He also sits on the board and
board committees, including sustainability committees, of various listed entities, including ThaiBev. ThaiBev
is a substantial shareholder of the Company. Mr Thapana Sirivadhanabhakdi is the son of the Chairman
Mr Charoen Sirivadhanabhakdi and the late Khunying Wanna Sirivadhanabhakdi, who was Vice Chairman and
a Director until her passing on 17 March 2023, and the brother of the Group CEO, Mr Panote Sirivadhanabhakdi;
and
(d)
Dr David Wong See Hong as a Non-Executive and Independent Director with effect from 5 July 2023.
Dr David Wong See Hong has over 30 years of experience in the banking sector and has extensive knowledge
and experience in treasury and financial products. He was, amongst other past appointments, the Deputy
Chief Executive of the Bank of China (Hong Kong) Group from 2008 to 2013. In addition, he is and has been a
director of several listed entities, including those in the hospitality and logistics real estate sectors. He also sits
on audit committees which oversee sustainability matters. Dr David Wong See Hong is known to the NC and
the Board as he currently serves as a non-executive and non-independent director of Frasers Hospitality Asset
Management Pte. Ltd. (“FHAM”), the manager of Frasers Hospitality Real Estate Investment Trust (“FH-REIT”),
and Frasers Hospitality Trust Management Pte. Ltd. (“FHTM”), the trustee-manager of Frasers Hospitality
Business Trust (“FH-BT”). FH-REIT and FH-BT constitute the stapled trust known as Frasers Hospitality Trust
(“FHT”), which is listed on the SGX-ST. FHAM and FHTM are wholly-owned subsidiaries of the Company, and
the Group has an effective interest in 25.75% of the units in FHT as at 28 November 2023.
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On an annual basis, the NC reviews the directorships and principal commitments of each Director and 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:
(a)
effectively manage their directorships and principal commitments and make the substantial time commitment
required to contribute to the Board;
(b)
carry out their duties adequately; and
(c)
fulfil their responsibilities and duties to the Company and its Shareholders.
The NC does not prescribe a maximum number of directorships and/or other principal commitments that each Director
may have. Instead, the NC adopts a holistic assessment of each Director’s individual capacity and circumstances to
carry out his or her duties and considers factors such as:
(a)
the number of other board and other principal commitments held by each Director;
(b)
the nature and complexity of such commitments;
(c)
the Directors’ commitment, conduct and contributions (such as meaningful participation, candour and rigorous
decision making) at Board meetings; and
(d)
whether the Director’s engagement with Management is adequate and effective.
Further details on the Board evaluation exercise are set out under the section “Board Performance Evaluation” on
page 134.
In respect of FY23, 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.
Board Diversity Policy, Targets, Timelines and Progress
The Company embraces diversity and has in place a Board Diversity Policy which addresses various aspects of
diversity such as gender, skills and expertise, age and Board independence.
The NC is responsible for:
(a)
the Board Diversity Policy which has been adopted by the Board;
(b)
setting qualitative and measurable quantitative objectives (where appropriate) for achieving board diversity;
(c) monitoring and implementing the Board Diversity Policy, and taking the principles of the Board Diversity Policy
into consideration when determining the optimal composition of the Board and recommending any proposed
changes to the Board; and
(d)
reviewing the Company’s progress towards achieving the objectives under the Board Diversity Policy.
Upon the NC’s recommendation, the Board will set certain measurable objectives and specific diversity targets
(each a “Target”) in order to achieve an optimal Board composition. These Targets will be reviewed by the NC annually
to ensure their appropriateness. The NC will endeavour to ensure that the Targets are taken into consideration when
assessing the suitability of candidates for new Board appointments, and together with the Board, will work towards
meeting the Targets as set by the Board. The Board will strive to ensure, with a view to meeting the Targets, that:
(a)
(b)
any brief to external search consultants for potential appointments to the Board will include a requirement to
fulfil one or more Targets; and
candidates fulfilling one or more of the Target(s) are included for consideration by the NC whenever it seeks to
identify a new Director for appointment to the Board.
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The Board composition reflects the Company’s commitment to Board diversity, especially in terms of gender, skills
and expertise, age and Board independence. The Company’s diversity Targets for the Board, its plans and timelines
for achieving the Targets, and its progress towards achieving the Targets, are described below.
Target
Progress and plans towards achieving Target
1.
Gender Representation
Improve gender diversity in the next
3 to 5 years by appointing at least one
additional female director.
Mrs Siripen Sitasuwan was appointed as a Non-Executive and
Independent Director on 17 October 2022. Her appointment
provides further gender representation on the Board.
When identifying new director(s) for appointment to the Board,
FPL will strive to ensure that female candidate(s) are included
for consideration by the NC.
2.
Skills and Expertise
As at 30 September 2023, this target is met.
Broaden skillset of directors on the
Board by appointing new director(s)
with relevant skills and expertise, or
experience, which would complement
those already on the Board, with skills
and expertise, or experience, in the
technology,
areas of
and/or
(iii)
relevant geographies being prioritised.
(ii) sustainability, and/or
(i) digital and
In FY23, the following directors were appointed to the Board:
(i)
Mrs Siripen Sitasuwan was appointed as a Non-Executive
and Independent Director on 17 October 2022. She
is based in Thailand and has extensive experience in
the area of finance and was the President and Chief
Financial Officer of Shin Corporation Public Co., Ltd. from
1999 to 2007. In addition, she is and has been a director
of several listed companies, the chairperson of audit
committees and a member of sustainability committees.
Mrs Siripen Sitasuwan’s experience in financial and
sustainability matters as well her extensive experience
in Thailand will provide further diversity to the core
competencies and skill set of the Board.
(ii) Mr Pramoad Phornprapha was appointed as a
Non-Executive and Independent Director on 17 October
2022. He is based in Thailand and has extensive
experience in consulting and advisory work in strategy,
operational effectiveness and organisational restructuring.
He is the founding partner of Claris Co., Ltd and an
ex-partner at The Boston Consulting Group. He also
serves on several listed boards in Thailand and Vietnam
and their committees, including sustainability committees.
Mr Pramoad Phornprapha’s experience in consulting and
advisory work as well as in sustainability matters, and in
Thailand and Vietnam, will provide further diversity to the
core competencies and skill set of the Board.
(iii) Mr Thapana Sirivadhanabhakdi was appointed as a
Non-Executive and Non-Independent Director on
1 January 2023. He is the President & Chief Executive
Officer of ThaiBev, an appointment which he has held
since January 2008. ThaiBev has business and operations
in Thailand, Vietnam, Myanmar, Cambodia and Laos. He
also sits on the board and board committees, including
sustainability committees, of various listed entities.
Mr Thapana Sirivadhanabhakdi’s experience in senior
executive management and sustainability matters as
well as experience in the regions of Thailand, Vietnam,
Myanmar, Cambodia and Laos will provide further diversity
to the core competencies and skill set of the Board.
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Target
Progress and plans towards achieving Target
(iv) Dr David Wong See Hong was appointed as a
Non-Executive and Independent Director on 5 July 2023.
He has over 30 years of experience in the banking
sector and has extensive knowledge and experience in
treasury and financial products. He was, amongst other
past appointments, the Deputy Chief Executive of the
Bank of China (Hong Kong) Group from 2008 to 2013. In
addition, he is and has been a director of several listed
entities, including those in the hospitality and logistics real
estate sectors. He also sits on audit committees which
oversee sustainability matters. Dr David Wong See Hong’s
knowledge in treasury and financial products, experience
as a director of listed entities in the hospitality and logistics
real estate sectors and in sustainability matters, as well as
experience in the regions of the PRC and Hong Kong SAR
will provide further diversity to the core competencies
and skill set of the Board.
When identifying new director(s) for appointment to the Board,
FPL will strive to ensure that candidates who have relevant skills,
expertise and/or experience which would complement those
already on the Board, with skills and expertise, or experience, in
the areas of (i) digital and technology, and/or (ii) sustainability,
and/or (iii) relevant geographies being prioritised, are included
for consideration by the NC.
3.
Age Diversity
As at 30 September 2023, this target is met.
The Board to comprise directors falling
within at least three out of four age
groups, being (i) 50 and below; (ii) 51 to
60; (iii) 61 to 70; and (iv) above 70.
4.
Board Independence
As at 30 September 2023, this target is met.
Maintain majority independent director
representation on the Board.
The Company’s target is to maintain the above levels of diversity in skills and expertise, age and Independent
Directors annually.
The Board views Board diversity 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 gender, skills and expertise, age and Board independence of the
Directors. The Board, taking into account the views of the NC, considers that diversity of the Board will contribute to
the quality of its decision-making process and serve the needs and plans of the Group. In this regard:
(a)
(b)
in relation to gender representation, the Company believes in achieving an optimum mix of gender representation
on the Board to provide different approaches and perspectives. The push for greater gender diversity would
also provide the Company with access to a broader talent pool and improve its capacity for strategic thinking
and problem solving;
in relation to skills and expertise, the Company believes that diversity in skills and expertise would support
the work of the Board and Board Committees and the needs of the Company. This benefits 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. In addition, this would facilitate the effective
oversight of management and the Group’s businesses and would also help shape the Company’s strategic
objectives.;
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(c)
(d)
in relation to age diversity, the Company believes that age diversity would contribute beneficially to the Board’s
deliberations and avoid the risk of groupthink, while ensuring the Board’s decisions and/or strategies stay
relevant as markets evolve; and
in relation to Board independence, the Company believes that Independent Directors would bring external
expertise which can reduce agency costs and help improve performance and facilitate the exercise of objective
independent judgement on corporate affairs with the long-term interests of FPL and its Shareholders in mind.
The current Board composition reflects an appropriate diversity of age, independence, backgrounds and competencies
of the Directors. The competencies of the Directors range from real estate industry experience/knowledge, business
management, strategy development, investments/mergers and acquisitions (including fund management and/or
investment banking), audit/accounting and finance, risk management, legal/corporate governance, sustainability
and human resource management. Furthermore, the Directors’ diversity in experience in different geographical
markets has provided the Company with significant insights and in-depth understanding of the Group’s multi-national
businesses across key markets including Singapore, Australia, China, Thailand, the United Kingdom and Vietnam. As
at 30 September 2023, the ages of the Board members range from 45 to 79 years.
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 to the Board 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.
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 FY23, there were six
Independent Directors on the Board, namely Mr Chin Yoke Choong, Mr Pramoad Phornprapha, Mrs Siripen Sitasuwan,
Mr Tan Pheng Hock, Mr Wee Joo Yeow and Dr David Wong See Hong, constituting a majority of the Board. Three of
the six Independent Directors, Mr Pramoad Phornprapha, Mrs Siripen Sitasuwan and Dr David Wong See Hong were
appointed during FY23, in line with the Company’s plans for Board refreshment and renewal.
Based on their declarations, none of the six Independent Directors has any relationship with the Company, its related
corporations, the substantial Shareholders or the Company’s officers that could interfere, or reasonably be perceived
to interfere, with the exercise of each of their independent business judgment in the best interests of the Company.
In particular, the NC and the Board reviewed the appointments of Dr David Wong See Hong as a non-executive
and non-independent director of each of FHAM, the manager of FH-REIT, and FHTM (together with FHAM, the
“Managers”), the trustee-manager of FH-BT. FH-REIT and FH-BT constitute the stapled trust known as FHT. The
Managers are wholly-owned subsidiaries of the Company, and the Group has an effective interest in 25.75% of the
units in FHT as at 28 November 2023. Dr David Wong See Hong was a non-executive and independent director of
each of the Managers prior to his re-designation to a non-executive and non-independent director of each of the
Managers with effect from 10 June 2023 following the end of his nine-year tenure as independent director pursuant
to the Securities and Futures (Licensing and Conduct of Business) Regulations. In relation to such directorships
(including appointments on the board committees, if any) of the Managers (collectively, the “FHT Appointments”),
Dr David Wong See Hong has received and will continue to receive director’s fees (the “FHT Director’s Fees”) from
these appointments.
The NC and the Board were satisfied that the FHT Appointments and the payment of the FHT Director’s Fees to
Dr David Wong See Hong will not interfere with, and does not affect, his 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 particular, the NC and the Board noted that
Dr David Wong See Hong ceased to be considered independent on the boards of the Managers pursuant to the
Securities and Futures (Licensing and Conduct of Business) Regulations solely by virtue of the fact that he had served
as director of the Managers for a continuous period of more than nine years and that he otherwise has no relationship
with the Company, its related corporations, its substantial shareholders or its officers that could interfere, or be
reasonably perceived to interfere, with the exercise of his independent business judgement in the best interests of
the Company.
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The NC and the Board also reviewed the past appointments of Mr Chin Yoke Choong as (i) a non-executive and
independent director of Frasers Logistics & Commercial Asset Management Pte. Ltd. (“FLCAM”), the manager
of Frasers Logistics & Commercial Trust 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 had received director’s fees in respect of his past directorship in FLCAM for the financial years
ended 30 September 2021 and 30 September 2022. The NC and the Board were satisfied that such past appointments
and the payment of director’s fees to him in respect of such past 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 FY23 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.
Under the transitional arrangements established by the SGX-ST for the application of Rule 210(5)(d)(iv) of the SGX-ST
Listing Manual, directors who have served for more than nine years can remain as independent directors during
the transitional period between 11 January 2023 and the date of the issuer’s annual general meeting to be held for
the financial year ending on or after 31 December 2023 so long as they meet the requirements in Rule 210(5)(d)(i)
and Rule 210(5)(d)(ii) of the SGX-ST Listing Manual. However, such director must resign from the board or be
designated as a non-independent director no later than at the issuer’s annual general meeting for the financial year
ending on or after 31 December 2023. In this regard, Mr Wee Joo Yeow joined the Board as a Non-Executive and
Independent Director on 10 March 2014 and had served for an aggregate period of more than nine years on the Board
as of 10 March 2023. The Board, on the recommendation of the NC, and having considered that Mr Wee Joo Yeow
continues to satisfy the requirements in Rule 210(5)(d)(i) and Rule 210(5)(d)(ii) of the Listing Manual, has approved
his continued appointment as a Non-Executive and Independent Director from 10 March 2023 until no later than
the conclusion of the Company’s Annual General Meeting for the financial year ending 30 September 2024, which is
expected to be held in January 2025.
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.
Board renewal is a continuing process where the composition of the Board is continuously reviewed. 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)(iv) of the SGX-ST
Listing Manual which prescribes a nine-year tenure limit for independent directors.
Lead Independent Director
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. Mr Charles Mak Ming Ying was previously appointed as Lead
Independent Director on 8 May 2015 and served as such until 25 October 2022.
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The Lead Independent Director has various roles and responsibilities, which include:
(a)
providing leadership in situations where the Chairman is conflicted;
(b)
chairing Board meetings in the absence of the Chairman;
(c)
working with the Chairman in leading the Board;
(d)
(e)
(f)
being 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;
representing the Independent Directors in responding to Shareholders’ and other stakeholders’ questions that
are directed to the Independent Directors as a group; and
having 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 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.
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 a policy setting 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 2023, 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
objective performance criteria are not typically changed from year to year.
The Board, with the recommendation of the NC, has approved the objective performance criteria and implemented
a formal process for assessing on an annual basis:
(a)
the effectiveness of the Board as a whole and its Board Committees separately; and
(b)
the contribution by the Chairman and each individual Director to the effectiveness of the Board.
For the financial year ended 30 September 2022, 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.
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For FY23, an independent external consultant, Aon Solutions Singapore Pte. Ltd., 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 are designed
to evaluate the current effectiveness of the Board, and help the Chairman and the Board to proactively consider
ways to enhance the readiness of the Board to address emerging strategic priorities for the Company. In particular,
the individual Director self-evaluation questionnaire aims to assess the willingness and ability of each Director 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 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:
(a)
Board composition (balance of skills, experience, independence, knowledge of the company, and diversity);
(b) management of information flow;
(c)
Board processes (including Board practices and conduct);
(d)
Board’s consideration of ESG aspects;
(e)
Board strategy and priorities;
(f)
Board’s value add to, and management of the performance of, the Company;
(g)
development and succession planning of executives;
(h)
development and training of Directors;
(i)
(j)
oversight of risk management and internal controls; and
the effectiveness of the Board Committees.
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 facilitate 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.
REMUNERATION MATTERS
With the recommendations of the RC, the Board has put in place a formal and transparent procedure for developing
the framework and policies on Director and executive remuneration and for reviewing and approving the remuneration
packages of individual Directors and the Group CEO and other 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 is the foundation of the Group’s remuneration framework, and seeks to (a) 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 and (b) 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.
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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:
(i)
culture and engagement building;
(ii)
a holistic benefits and wellbeing framework;
(iii)
leadership development;
(iv)
learning and development; and
(v)
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 FY23, Willis Towers
Watson and Mercer were appointed as the Company’s remuneration consultants for Management’s remuneration.
The remuneration consultants do not have any relationship with the Company or its Directors, the Group CEO and
other Key Management Personnel which would affect their independence and objectivity.
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 Group CEO and other Key Management Personnel and other
management personnel of the Company. The remuneration framework is endorsed by the Board.
The remuneration framework:
(a)
covers all aspects of remuneration including salaries, allowances, performance bonuses, benefits in kind,
termination terms and payments and grant of long-term incentives for the Group CEO and other Key
Management Personnel and fees for the Independent Directors and other Non-Executive Directors. The RC
considers all such aspects of remuneration to ensure they are fair and avoids rewarding poor performance;
and
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(b)
is tailored to the specific role and circumstances of each Director, the Group CEO and each of the other 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 takes into account all aspects of remuneration, including termination terms, to ensure that they are fair. The
RC reviews the level, structure and mix of remuneration and benefits policies and practices (where appropriate) of the
Company and takes into account the strategic objectives of the Company to ensure that they are:
(a)
appropriate and proportionate to the sustained performance and value creation of the Company; and
(b)
designed to attract, retain and motivate the Group CEO and other Key Management Personnel to successfully
manage the Company for the long term.
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:
(a)
Company performance, which is measured based on pre-set financial and non-financial indicators; and
(b)
individual performance, which is measured via an employee’s annual performance review that is 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 applicable statutory contributions. The base salary and fixed allowances for the Group CEO and other Key
Management Personnel are reviewed annually by the RC and approved by the Board.
Variable Component
A significant and appropriate proportion of the Group CEO and other Key Management Personnel’s remuneration
comprises a variable component which is structured to link rewards to corporate and individual performance and
incentivises sustained performance in both the short and long term. The variable incentives are 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 short term performance excellence. The Group CEO and
other Key Management Personnel are assessed using a balanced scorecard with pre-agreed Key Performance
Indicators (“KPIs”) which are established at the beginning of each financial year. The KPIs consist of:
(a)
financial KPIs, which comprise of Group and SBUs targets (where applicable); and
(b)
non-financial KPIs, which may include measures on People & Culture, ESG, Innovation, Digital/Data,
Customer/Branding or specified projects.
At the end of the financial year, the achievements are measured against the pre-agreed targets and the
short-term incentives of the Group CEO and other Key Management Personnel are determined. The RC
recommends the final short-term incentives that are awarded to the Group CEO and other Key Management
Personnel for the Board’s approval, taking into consideration any other relevant circumstances.
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(2)
Long-Term Incentive Plans
The RC administers the Company’s long-term incentive plans (“LTI Plans”), namely, the restricted share plan
(“RSP”), the performance share plan (“PSP”) and the restricted cash plan (“RCP”). Through the LTI Plans,
the Company seeks to foster greater alignment of interests of the Group CEO and other Key Management
Personnel and senior employees with the interests of Shareholders and other stakeholders, and for employees
to participate and share in the Group’s growth and success. This ensures alignment with sustainable and
long-term value creation for Shareholders.
In FY23, the Company transitioned from the PSP and RSP (which expired on 24 October 2023) to the RCP. To
transition to the RCP, the RC has approved settling all outstanding share awards under the RSP and PSP in cash
on vesting in accordance with the terms of the RSP and PSP, as further detailed below. Since 1 October 2022,
the Company has not granted any awards under RSP and PSP, nor delivered any shares of the Company
(“Shares”) under the RSP and PSP.
Restricted Share Plan and Performance Share Plan
Under the RSP and PSP, the Company granted share-based awards (“Initial Awards”) with pre-determined
Group performance targets being set at the beginning of the performance period. The RC recommended
the Initial Awards granted to each Key Management Personnel (other than the Group CEO, who does not
receive awards under the RSP and PSP as he is an associate of a controlling Shareholder) to the Board
for approval, taking into consideration the executive’s individual performance. The performance targets 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, their equivalent cash value or a
combination thereof, free of charge, provided certain prescribed performance conditions are met.
The final number of Shares to be released (“Final Awards”) depends 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 outstanding Final Awards under the RSP and PSP will vest in cash as follows:
(a)
the RSP will vest in three tranches, after the one-year performance period, at or around the 1st, 2nd and
3rd anniversary of the grant date of the Initial Awards; and
(b)
the PSP will vest fully at the end of the three-year performance period.
The RC has discretion to decide on the Final Awards, taking into consideration any other relevant
circumstances.
Restricted Cash Plan
Since 1 October 2022, the Company has granted cash-settled awards under the RCP.
The RCP will:
(a)
(b)
continue to ensure that participants’ interests are aligned with Shareholders’ interests, whilst improving
the competitiveness of the Company’s compensation packages; and
avoid further dilution to existing Shareholders because 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.
Under the RCP, the Company grants cash-settled awards (“RCP Initial Awards”) with pre-determined Group
performance targets being set at the beginning of the performance period. The RC recommends the RCP Initial
Awards granted to the Group CEO and other Key Management Personnel to the Board for approval, taking into
consideration the executive’s individual performance. The performance targets are generally performance
indicators that are key drivers of business performance, Shareholders’ value creation and aligned to the
Group’s business objectives.
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Key terms of the RCP are as follows:
(a)
the awards are granted to the Group CEO, other Key Management Personnel and other senior employees;
(b)
(c)
(d)
(e)
the awards granted are subject to performance conditions based on the Company’s operational
performance over a one-year performance period;
the pre-set performance conditions are Attributable Profit Before Fair value and Exceptional items
(“APBFE”) and Return on Capital Employed;
the final number of awards to be released (“RCP Final Awards”) will depend on the achievement of the
prescribed performance conditions; and
upon the determination of the RCP Final Awards, the final awards will be settled in cash and vest, after
the one-year performance period, in three tranches at or around the 1st, 2nd and 3rd anniversary of the
grant date of the RCP Initial Awards, based on the Company’s share price and exchange rate at the
relevant dates.
The terms of RCP are substantially similar to the RSP, except for the method of settlement.
Approach to Remuneration of the Group CEO and other 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.
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 the Group CEO and other Key Management Personnel to successfully manage the
Company for the long term.
Performance Indicators for the Group CEO and other 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 ensures employee remuneration is linked to performance.
In determining short-term incentives, both the Group and SBUs’ financial and non-financial performance as set out
in the balanced scorecard are taken into consideration. The performance targets under the LTI Plans of APBFE and
Return on Capital Employed (in the case of the RCP) and Return on Invested Capital, Total Shareholders’ Return
Relative to FTSE ST Real Estate Index and Absolute Total Shareholders’ Return as a multiple of Cost of Equity (in
the case of the PSP) align the interests of the Group CEO and other Key Management Personnel with the long-term
growth and performance of the Company. For FY23, 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 the Group CEO and other Key Management Personnel in exceptional circumstances of
misstatement of financial results or misconduct resulting in financial loss. The Company is reviewing the terms of
the incentive plans (including the RCP), which includes a review of any claw-back provisions.
Remuneration Packages of the Group CEO and other Key Management Personnel
The RC reviews and makes recommendations on the specific remuneration packages and service terms for the
Group CEO and other Key Management Personnel for approval by the Board, which is ultimately accountable for all
remuneration decisions relating to the Group CEO and other Key Management Personnel.
Each Director, the Group CEO and each of the other Key Management Personnel is not involved in deciding
his/her own remuneration.
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The Group CEO does not receive any Directors’ fee for serving on the Board and Board Committees. As an associate
of a controlling Shareholder, the Group CEO does not receive awards under RSP and PSP. He receives awards under
RCP, which is paid in the form of cash, as his long-term incentives.
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 FY23:
Attendance
Fee (for
physical
attendance in
Singapore or
home country
of Director)
($)
Attendance Fee
(for physical
attendance
outside
Singapore
(excluding
home country
of Director))
($)
Attendance
Fee (for
attendance
via
tele / video
conference)
($)
Basic Fee
($)
Board
– Chairman
– Lead Independent Director
– Member
Audit Committee and Board Executive Committee
– Chairman
– Member
Remuneration Committee
– Chairman
– Member
Nominating Committee, Sustainability and Risk Management Committee and Information Technology &
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
200,000
120,000
100,000
3,000
1,500
1,500
60,000
30,000
50,000
25,000
3,000
1,500
3,000
1,500
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Cybersecurity Committee(1)
– Chairman
– Member
40,000
20,000
3,000
1,500
4,500 per trip
4,500 per trip
1,000
1,000
Note:
(1) Following a review to streamline the Company’s Board Committees and their scopes of oversight, the ITCC was converted from a Board
Committee into a Management-led committee with effect from 8 February 2023.
Shareholders’ approval was obtained at the AGM held on 18 January 2023 for the payment of Directors’ fees of up to
$2,500,000 for FY23. Shareholders’ approval will be sought at the upcoming AGM to be held on 24 January 2024 for
the proposed payment of Directors’ fees of up to $2,500,000 for the financial year ending 30 September 2024.
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Disclosure of Remuneration of Directors, the Group CEO and other Key Management Personnel
Information on the remuneration paid to Directors of the Company in FY23 is set out in the table below:
Directors
Directors holding office as at 30 September 2023
Mr Charoen Sirivadhanabhakdi
Mr Chin Yoke Choong
Mr Pramoad Phornprapha
Mrs Siripen Sitasuwan
Mr Tan Pheng Hock
Mr Wee Joo Yeow
Dr David Wong See Hong
Mr Thapana Sirivadhanabhakdi
Mr Panote Sirivadhanabhakdi
Mr Sithichai Chaikriangkrai
Directors who ceased to hold office during FY23
Khunying Wanna Sirivadhanabhakdi
Mr Charles Mak Ming Ying
Mr Chan Heng Wing
Mr Philip Eng Heng Nee
Mr Weerawong Chittmittrapap
Mr Chotiphat Bijananda
Total remuneration
(in the form of
Director’s fees)
($)
–(1)
275,524(2)
214,188(3)
147,632(4)(5)
152,876(5)(6)
261,890(5)(7)
46,387(8)
128,911(9)
–(10)
197,500
–(1)
59,411(11)
47,250(11)
51,435(11)
43,000(11)
50,500(11)
Notes:
(1) Mr Charoen Sirivadhanabhakdi and the late Khunying Wanna Sirivadhanabhakdi have/had waived payment of Directors’ fees for FY23 due
to them.
(2) Mr Chin Yoke Choong was appointed as the Lead Independent Director and the Chairman of the AC with effect from 25 October 2022, and
as the Chairman of the RC with effect from 1 January 2023, and his basic fees for serving as the Lead Independent Director and on the Board
Committees for FY23 have been pro-rated accordingly.
(3) Mr Pramoad Phornprapha was appointed to the Board and as a member of the EXCO, NC and SRMC with effect from 17 October 2022, and as
Chairman of the NC and SRMC with effect from 1 January 2023, and his basic fees for serving on the Board and the Board Committees for FY23
have been pro-rated accordingly.
(4) Mrs Siripen Sitasuwan was appointed to the Board and as a member of the AC and ITCC with effect from 17 October 2022, and her basic fees
for serving on the Board and the Board Committees for FY23 have been pro-rated accordingly.
(5) The ITCC was converted from a Board Committee into a Management-led committee with effect from 8 February 2023, and the basic fees
payable to the Non-Executive Directors serving as Chairman or members of the ITCC (being Mrs Siripen Sitasuwan, Mr Tan Pheng Hock and
Mr Wee Joo Yeow) for FY23 have been pro-rated accordingly.
(6) Mr Tan Pheng Hock was appointed as a member of the SRMC with effect from 25 October 2022, and his basic fee for serving on the SRMC for
FY23 has been pro-rated accordingly.
(7) Mr Wee Joo Yeow was appointed as a member of the NC, RC and SRMC with effect from 25 October 2022, and his basic fees for serving on the
Board Committees for FY23 have been pro-rated accordingly.
(8) Dr David Wong See Hong was appointed to the Board and as a member of the AC and SRMC with effect from 5 July 2023, and his basic fees
for serving on the Board and the Board Committees for FY23 have been pro-rated accordingly. In addition, Dr Wong received an aggregate of
approximately $106,172 in directors’ fees from Frasers Hospitality Asset Management Pte. Ltd. and Frasers Hospitality Trust Management Pte. Ltd
for FY23.
(9) Mr Thapana Sirivadhanabhakdi was appointed to the Board and as a member of the EXCO and RC with effect from 1 January 2023, and as
Chairman of the EXCO with effect from 30 August 2023, and his basic fees for serving on the Board and the Board Committees for FY23 have
been pro-rated accordingly.
(10) Mr Panote Sirivadhanabhakdi, the Group CEO, is not paid Director’s fees.
(11) Each of Mr Charles Mak Ming Ying, Mr Chan Heng Wing, Mr Philip Eng Heng Nee, Mr Weerawong Chittmittrapap and Mr Chotiphat Bijananda
stepped down from the Board and Board Committees with effect from 1 January 2023, and their basic fees for serving on the Board and Board
Committees for FY23 have been pro-rated accordingly.
Save as disclosed above, the Directors are not paid any other fees, allowances and/or benefits.
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Frasers Property Limited
Annual Report 2023
The remuneration of the Group CEO and other Key Management Personnel of the Group and in aggregate the total
remuneration paid to them for FY23 is set out in the table below:
Mr Panote Sirivadhanabhakdi(1)
Mr Chia Khong Shoong
Mr Loo Choo Leong
Mr Anthony Boyd
Ms Eu Chin Fen(3)
Mr Reinfried Helmut Otter (Reini Otter)
Ms Soon Su Lin
Salary
inclusive of
employer’s
CPF
Bonus and
other benefits
inclusive of
employer’s
CPF
Long-Term
Incentives(2)
Total
$996,000
30%
$1,379,223
42%
$905,220
28%
$3,280,443
100%
$3,985,350
45%
$2,760,332
32%
$2,052,191
23%
$8,797,873
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 $0.94 on
25 November 2022.
(3) Ms Eu Chin Fen was appointed as the CEO of Frasers Hospitality with effect from 1 February 2023 and the amounts disclosed is in respect of her
remuneration for the period from 1 February 2023 to 30 September 2023.
Save as disclosed above, for FY23, there were no termination, retirement and post-employment benefits granted to
the Group CEO and other Key Management Personnel.
The Company is not disclosing the exact details of the remuneration of each Key Management Personnel
(other than the Group CEO) in bands of $250,000. Instead, the Company is disclosing the aggregate remuneration of
all Key Management Personnel (other than the Group CEO) for the following reasons:
(a)
(b)
(c)
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 each 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
(d)
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.
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As at 30 September 2023, 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
late Khunying Wanna Sirivadhanabhakdi, who was Vice Chairman and a Director until her passing on 17 March 2023.
Mr Charoen Sirivadhanabhakdi and the late Khunying Wanna Sirivadhanabhakdi is/was a substantial Shareholder.
Mr Panote Sirivadhanabhakdi is also the brother of a Director, Mr Thapana Sirivadhanabhakdi.
FINANCIAL PERFORMANCE, REPORTING AND AUDIT
The Board is responsible for providing a balanced and understandable assessment of the Company’s and the Group’s
performance, position and prospects, including interim and other price or trade sensitive public reports, and reports
to regulators (if required).
The Company prepares its financial statements in accordance with the Singapore Financial Reporting Standards
(International) prescribed by the Accounting Standards Council.
The Company announces its financial statements on a half-yearly basis and provides 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 the Board on a quarterly basis, with 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 and re-appointment to
the Board. The assessment is based on factors such as the performance and quality of its audit and the independence
of the auditors. The AC also makes recommendations to the Board on the remuneration and terms of engagement of
the external auditors.
At the AGM held on 18 January 2023, 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 the financial year ended 30 September 2021.
During the financial 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 FY23 are set out in the table below:
Fees Relating to External Auditors for FY23
For audit and audit-related services*
For non-audit services
Total
$ (Million)
6.7
2.2
8.9
*In addition to the audit fees, there are technology charges from the auditors of $139,000.
The AC is satisfied that neither their independence nor objectivity is put at risk, and that they are still able to meet the
audit requirements and statutory obligations of the Company.
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Frasers Property Limited
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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.
In the review of the financial statements for FY23, 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 2023.
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 2023.
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
2023 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 2023.
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GOVERNANCE OF RISK AND INTERNAL CONTROLS
The Board is responsible for the governance of risk and ensures that Management maintains a sound system of
risk management and internal controls. The Company maintains a sound system of risk management and internal
controls with a view to safeguarding the interests of the Company and its Shareholders and the Company’s assets.
Enterprise Risk Management and Risk Tolerance
Assisted by the 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 48 to 53 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
mitigation plan and changes in plans undertaken by Management to manage key risks, as well as reports on risk
tolerance status. The Group’s risk tolerance statements have been developed by Management, and approved by the
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 strategic 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 risks 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.
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.
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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 2023, the financial records of the Group have been
properly maintained and the financial statements for FY23 give a true and fair view of the Group’s operations
and finances;
System of Internal Controls
(b)
the Group CEO and other Key Management Personnel, that the system of internal controls in place for the
Group is adequate and effective as at 30 September 2023 to address financial, operational, compliance and
information technology risks which the Group considers relevant and material to its operations; and
Risk Management System
(c)
the Group CEO and other Key Management Personnel, that the risk management system in place for the Group
is adequate and effective as at 30 September 2023 to address risks 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 and other Key Management Personnel, the Board is of the view that the Group’s internal controls were
adequate and effective as at 30 September 2023 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 and other Key Management Personnel, the Board is of the
view that the Group’s risk management system was adequate and effective as at 30 September 2023 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 2023, the Group’s internal controls (including financial,
operational, compliance and information technology controls) and risk management systems were adequate and
effective to address risks which the Group considers relevant and material to its operations.
Internal Audit
The Group’s internal audit department (“FPL Group IA”) is responsible for conducting objective and independent
assessments on the adequacy and effectiveness of the Group’s system of internal controls, risk management and
governance practices. The Head of 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:
(a)
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;
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(b)
is responsible for ensuring that the internal audit function is independent (including in respect of the activities
it audits) and adequately resourced and staffed with persons with the relevant qualifications and experience.
The AC does so by periodically benchmarking the internal audit function’s resources against organisations in
comparable industry and size, and developing a strategy to recruit and/or train internal auditors with specific
competencies. As at 30 September 2023:
(i)
FPL Group IA comprised 25 professional staff members;
(ii)
(iii)
(iv)
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; and
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; and
(c)
in consultation with the SRMC, reviews the findings and recommendations from the internal review of the
Group’s sustainability reporting process (which shall be conducted by the internal audit function) and the
independent external assurance (if any) conducted on the Group’s sustainability reporting process and
sustainability report.
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:
(a)
(b)
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;
conducts its reviews based on the internal audit plan (which shall cover, inter alia, review of the Group’s
sustainability reporting process) approved by the AC. All audit reports detailing audit findings and
recommendations are provided to Management, who would respond with the actions to be taken;
(c)
has unfettered access to the Group companies’ documents, records, properties and personnel, including the
AC members; and
(d)
has appropriate standing within the Company.
Each quarter, FPL Group IA submits reports to the AC on (a) the status of completion of the audit plans, audit findings
noted from reviews performed, and (b) status of Management’s action plans to address such findings, including
implementation of the audit recommendations. The AC is satisfied that the internal audit function is independent
and effective and that the FPL Group IA has adequate resources and 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 between September 2022 and
October 2022. 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.
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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 Persons4 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 Group5 to ensure that general
transactions with Mandated Interested Persons are undertaken on an arm’s length basis and on normal commercial
terms consistent with the EAR Group’s usual business practices and policies, which are generally no more favourable
to the Mandated Interested Persons than those extended to unrelated third parties.
In addition, specific review and approval procedures with threshold limits apply to the Mandated Transactions:
(a)
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
(b)
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. This ensures 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:
(a)
(b)
the approval of the Board and the AC, relevant information will be submitted to the Board and the AC for
review; and/or
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 (a) possible improprieties,
(b) misconduct or wrongdoing relating to FPL and its officers in matters of financial reporting, (c) suspected fraud and
corruption or (d) 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 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 reprisal actions or any otherwise detrimental or unfair
treatment for whistle-blowing in good faith. Appropriate action will also be taken by the Company against those who
take reprisal actions. FPL will treat all information received confidentially and protect the identity of all whistle-blowers.
4
5
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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The improprieties, misconduct or wrongdoing that are reportable under the Whistle-Blowing Policy include:
(a)
financial or professional misconduct, including concerns about accounting, internal controls or auditing
matters;
(b)
improper conduct, dishonest, fraudulent or unethical behaviour;
(c)
any criminal or regulatory offence, breach, 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 workplace hazards/violations which may threaten health and safety;
(e)
corruption or bribery;
(f)
conflicts of interest without proper disclosure;
(g)
any deliberate attempt to cover up and/or conceal misconduct; and
(h)
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).
SHAREHOLDER MATTERS
The Company treats all Shareholders fairly and equitably 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:
(a)
likely to materially affect the price of the Shares and other securities of the Company; or
(b)
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.
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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 41.
The contact details of the IR team for Shareholders, investors and other stakeholders to channel their comments and
queries can be found on the Company’s website, as well as in the IR section on page 40. Any comments and queries
addressed to the Lead Independent Director are directly conveyed to him through such channels.
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
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 where Shareholders are
invited to vote on each of the resolutions by poll, using an electronic voting system (instead of voting by hands).
This allows all Shareholders present or represented at the meeting to vote on a one share, one vote basis. The
voting results of all votes cast for, against, or abstaining from each resolution is then screened at the meeting and
announced via SGXNet after the meeting. An independent external party is appointed as scrutineer for the electronic
voting process to count and validate the votes at general meetings.
Provision 11.4 of the Code provides for a company’s constitution to allow for absentia voting at general meetings
of shareholders. FPL’s Constitution currently does not, however, permit Shareholders to vote at general meetings in
absentia (such as via mail, email or fax). In line with Principle 11 of the Code, Shareholders nevertheless have the
opportunity to appoint proxies to vote on his behalf at the meeting through proxy forms sent in advance. As the
authentication of shareholder identity and other related security and integrity issues remain a concern, the Company
has decided for the time being, not to implement absentia voting methods such as voting via mail, email or fax.
Corporate Governance Report Contents
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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 Company prepares the minutes of Shareholders’ meetings which capture (a) the attendance of Board members
at the meetings, (b) matters approved by Shareholders, (c) voting results and (d) substantial and relevant comments
or queries from Shareholders relating to the agenda of the general meeting together with responses from the Board
and Management. These minutes are published on the Company’s website within one month from the date of the
Shareholders’ meetings.
Dividend Policy
The Company’s policy is to recommend dividends of up to 75% of the Company’s net profit after tax after
considering a number of factors, including the Company’s 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 considered
to be relevant by 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 FY23, the Board has proposed a first and final dividend of
4.5 Singapore cents per Share (approximately 51% of APBFE before distribution to perpetual securities holders) to
be approved at the forthcoming 2024 AGM to be held on 24 January 2024.
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
The Company has prioritised key ESG factors to be addressed, in order to bolster business resilience and foster
long-term stakeholder value. The three pillars of the Group’s Sustainability Framework – Acting Progressively,
Consuming Responsibly and Focusing on People – underpin 13 material, diverse and interconnected focus areas for
the Company.
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 ESG Report 2023 which can be found on the Company’s corporate website
at https://www.frasersproperty.com/ESG-report-2023 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 FY23.
Corporate Governance Report 152
Frasers Property Limited
Annual Report 2023
Responsible Sourcing
The Company has put in place a Group Responsible Sourcing Policy which sets out expectations of contractors
and suppliers across four areas of sustainable procurement, namely environmental management; human rights and
labour management; health, safety and well-being; and business ethics and integrity. The policy is informed by the
United Nations (“UN”) Global Compact Principles and the UN Universal Declaration of Human Rights.
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 multinational 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:
(a)
avoiding conflicts of interest;
(b)
working with external stakeholders (including customers, suppliers, business partners, governments and
regulatory officials);
(c)
protecting the Company’s assets;
(d)
upholding laws in countries where the Group has a geographical presence;
(e)
diversity and inclusion; and
(f)
workplace health and safety.
The Code of Business Conduct also emphasises the importance of upholding the Company’s core values to build a
culture that is collaborative, respectful, progressive and real. For example, 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, social media engagement, the maintenance of records and reports, personal data protection, and
whistle-blowing. It:
(a)
(b)
(c)
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;
covers an employee’s obligations in protecting the Group’s confidential information and intellectual property;
and
(d)
reiterates the Group’s zero tolerance approach to bribery and corruption.
Where applicable/appropriate, the Code of Business Conduct is also made available to other stakeholders such as
the Company’s agents, suppliers, business associates and customers.
Corporate Governance Report Contents
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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 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, and
the guidelines for developers on anti-money laundering and counter terrorism financing issued by the Urban
Redevelopment Authority. 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 ISO 22301 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 Report 154
Frasers Property Limited
Annual Report 2023
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
126 to 127
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
123 to 124
116 to 123
Provision 1.5
Number of Board and Board Committee meetings held in the financial year
and each individual Directors’ attendance at such meetings
124 to 125
BOARD COMPOSITION AND GUIDANCE
Provision 2.4
The Board diversity policy and progress made towards implementation of
the policy, including objectives
129 to 132
BOARD MEMBERSHIP
Provision 4.3
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
Provision 4.4
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
nevertheless independent
127 to 129
132 to 133
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
129
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
134 to 135
PROCEDURES FOR DEVELOPING REMUNERATION POLICIES
Provision 6.4
Engagement of any remuneration consultants and their independence
136
Corporate Governance Report Contents
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Financial &
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155
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:
140 to 142
(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
143
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
135 to 143
RISK MANAGEMENT AND INTERNAL CONTROLS
Provision 9.2
Board’s assurance from:
146
(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
concerns about possible improprieties in financial reporting or other matters
148 to 149
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
124
151
Provision 12.1
Steps taken by the Company to solicit and understand the views of
shareholders
149 to 151
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
151 to 153
Corporate Governance Report 156
156
Frasers Property Limited
Frasers Property Limited
Annual Report 2023
Annual Report 2023
FINANCIAL STATEMENTS
157 Directors’ Statement
162
Independent Auditors’ Report
168 Consolidated Profit Statement
169 Consolidated Statement of Comprehensive Income
170
171 Consolidated Statement of Changes in Equity
173 Statement of Changes in Equity
175 Consolidated Statement of Cash Flows
178 Notes to the Financial Statements
Statements of Financial Position
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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 2023.
1.
OPINION OF THE DIRECTORS
In the opinion of the Directors,
(i)
the consolidated financial statements of the Group set out in pages 168 to 287 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 2023
and of the financial performance, changes in equity and cash flows of the Group and changes in equity
of the Company for the financial 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
Mr Chin Yoke Choong
Mr Pramoad Phornprapha
Mrs Siripen Sitasuwan
Mr Tan Pheng Hock
Mr Wee Joo Yeow
Dr David Wong See Hong
Mr Thapana Sirivadhanabhakdi
Mr Panote Sirivadhanabhakdi
Mr Sithichai Chaikriangkrai
(Chairman)
(Appointed on 17 October 2022)
(Appointed on 17 October 2022)
(Appointed on 5 July 2023)
(Appointed on 1 January 2023)
3.
ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES AND DEBENTURES
Neither at the end of, nor at any time during, the financial year was the Company a party to any arrangement
whose object was to enable the Directors of the Company to acquire benefits by means of an acquisition of
shares in, or debentures of, the Company or any other body corporate, other than as disclosed in this statement.
Directors’ Statement 158
Frasers Property Limited
Annual Report 2023
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:
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
Direct Interest
Deemed Interest (1)
As at
30 September
2023
As at
1 October 2022
or a later date
of appointment
as Director
As at
30 September
2023
As at
1 October 2022
or a later date
of appointment
as Director
–
–
–
–
–
–
3,411,180,640 (2) 3,411,180,640
1,270,503,884 (3) 1,270,503,884
203,470,910 (4)
203,470,910
25,000
25,000
Chin Yoke Choong
– Frasers Property Treasury Pte. Ltd.
• S$280M 4.25% p.a. Notes due 2026
(Series 6)
• S$500M 4.49% p.a. Green Notes
due 2027
S$250,000
S$250,000
S$250,000
S$250,000
–
–
–
–
–
–
Thapana Sirivadhanabhakdi
– Frasers Property Limited
• Ordinary Shares
Panote Sirivadhanabhakdi
– Frasers Property Limited
• Ordinary Shares
–
–
–
–
70,000,000 (5)
70,000,000
70,000,000 (5)
70,000,000
(1) Deemed interests refer to interests determined pursuant to Section 4 of the Securities and Futures Act 2001.
(2) As at 30 September 2023, Charoen Sirivadhanabhakdi is deemed to be interested in an aggregate of 3,411,180,640 shares in the Company.
Each of Charoen Sirivadhanabhakdi and the estate of the late 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 the estate of the late 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 a 49% direct
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 8.76% in ThaiBev Shares, and through a sale and
purchase agreement it had entered into on 18 October 2023 which is pending completion as at the date of this statement, will increase
its interest in ThaiBev Shares from approximately 8.76% to approximately 11.54%, and Siriwana’s interest in ThaiBev Shares, direct and
indirect through Siriwanan, will increase from approximately 54% to approximately 56.79%.
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 the estate of the late 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.
(3) As at 30 September 2023:
–
–
TCCA holds 858,080,062 shares in FNL; and
IBIL holds 412,423,822 shares in FNL.
Each of Charoen Sirivadhanabhakdi and the estate of the late Khunying Wanna Sirivadhanabhakdi is therefore deemed to be interested
in all of the shares in FNL in which TCCA and IBIL have an interest.
Directors’ Statement
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4.
DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (CONT’D)
(4) As at 30 September 2023, FNL holds 203,470,910 shares in Fraser & Neave Holdings Bhd.
Therefore, each of Charoen Sirivadhanabhakdi and the estate of the late Khunying Wanna Sirivadhanabhakdi has a deemed interest in all
of the shares in Fraser & Neave Holdings Bhd in which FNL has an interest.
(5) As at 30 September 2023, 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.
Each of Thapana Sirivadhanabhakdi and Panote Sirivadhanabhakdi, through their respective 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 2023, other than as disclosed in this statement.
By virtue of Section 4 of the Singapore Securities and Futures Act 2001, Charoen 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 as at the end of the financial year had any
interest in shares in, or debentures of, the Company, or its related corporations, either as at the beginning of
the financial year, or date of appointment if later, or as at the end of the financial year.
5.
SHARE OPTIONS AND SHARE PLANS
(a)
Share Options
The Company does not have any share option scheme or plans in place, or such scheme of plans that entitled
holders to participate, by virtue of the scheme or plans, in any share issue of any other corporation.
(b)
Share Plans
On 25 October 2013, 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,
comprises the following three non-executive directors who do not participate in the Share Plans:
Mr Chin Yoke Choong (Chairman)
Mr Wee Joo Yeow
Mr Thapana Sirivadhanabhakdi
(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 is 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.
Directors’ Statement 160
Frasers Property Limited
Annual Report 2023
5.
SHARE OPTIONS AND SHARE PLANS (CONT’D)
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 2023.
The Remuneration Committee has approved to settle all current RSP and PSP outstanding share awards in cash.
Since 1 October 2022, the Company has not granted awards under the RSP and PSP, and has put in place a
cash-settled share-based compensation plan.
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:
(a)
reviewed the half-year and full-year financial statements of the Company and of the Group for the
financial year and the independent auditors’ report for the financial year prior to approval by the Board;
(b)
reviewed the internal and external audit plans;
(c)
(d)
(e)
(f)
(g)
(h)
(i)
reviewed the adequacy and effectiveness of the Group’s and the Company’s internal controls, including
financial, operational, compliance and information technology controls, and risk management systems;
reviewed with internal and external auditors, the respective audit reports and their recommendations,
and monitoring the timely and proper implementation of any required corrective or improvement
measures;
reviewed the independence, adequacy and effectiveness of the Group’s internal audit function, including
the adequacy of internal audit resources and its appropriate standing within the Group;
met with the external and internal auditors, in each case without the presence of the Company’s
management to discuss any concerns which may be difficult to raise in management’s presence, and
to review the level of co-operation and assistance given by the Company’s management to the external
and internal auditors;
reviewed the cost effectiveness, as well as the independence and the objectivity of external auditors,
including the nature and extent of non-audit services provided by the external auditors;
recommended to the Board the appointment and re-appointment of the external auditors, and reviewed
and approved the remuneration and terms of engagement of the external auditors; and
reviewed interested person transactions in accordance with the requirements of the Singapore Exchange
Securities Trading Limited’s Listing Manual.
Directors’ Statement Contents
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6.
AUDIT COMMITTEE (CONT’D)
Further details regarding the Audit Committee are disclosed in the Corporate Governance Report.
The Audit Committee 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
Chin Yoke Choong
Director
Singapore
21 November 2023
Panote Sirivadhanabhakdi
Director and Group Chief Executive Officer
Directors’ Statement 162
Frasers Property Limited
Annual Report 2023
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 2023, 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
financial 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 168 to 287.
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 2023 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 financial 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 these requirements and 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”). As at 30 September 2023, investment properties represent the largest
category of assets on the consolidated statement of financial position, at $24.2 billion (2022: $24.4 billion).
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, net initial yields, discount rates, terminal yield rates and estimated costs to
complete. A change in the assumptions could have a significant impact on the valuations.
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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 also considered the valuation methodologies
used against those applied by valuers for similar property types.
We compared the projected cash flows used in the valuations to historical data, supporting leases, market data and
other supporting evidence. We evaluated the reasonableness of the discount rates, capitalisation rates, net initial
yields 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 other additional factors and, where 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 supporting documents.
Our findings:
The external valuers are members of recognised professional bodies for valuers. The valuation methodologies used
as 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 $3.6 billion as at
30 September 2023 (2022: $3.9 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 including cost inflation.
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 also assessed forecast margin inputs with
reference to supporting third party evidence and market data. 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.
Independent Auditors’ ReportMembers of the CompanyFrasers Property Limited 164
Frasers Property Limited
Annual Report 2023
Valuation of property, plant and equipment
(Refer to Note 13 to the financial statements)
Risk:
As at 30 September 2023, the Group’s property, plant and equipment, which are mainly composed of hotel properties,
amount to approximately $2.1 billion (2022: $2.1 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 2023 are goodwill and
intangible assets relating to management contracts with an aggregate carrying value of $553 million (2022: $567
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 in determining 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.
Independent Auditors’ ReportMembers of the CompanyFrasers Property Limited Contents
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Our findings:
We found the key inputs and assumptions used in the determination of the recoverable amounts, based on value-in-
use, 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 Key Highlights, Corporate Profile, Group Portfolio Approach, Our Businesses, Our Multinational
Presence, Group Structure, FY23 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 Risk Management, Business Review, FY23 ESG Highlights, Corporate Governance Report,
Particulars of Group Properties, Interested Person Transactions, Additional Information on Directors Seeking Re-
Appointment, FPL Fact Sheet and Corporate Information prior to the date of this auditors’ report. The Use of Proceeds
and Shareholding Statistics (‘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.
Independent Auditors’ ReportMembers of the CompanyFrasers Property Limited 166
Frasers Property Limited
Annual Report 2023
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 controls 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 the law or regulation preclude 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.
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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 2023
Independent Auditors’ ReportMembers of the CompanyFrasers Property Limited 168
Frasers Property Limited
Annual Report 2023
REVENUE
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,
TAX AND EXCEPTIONAL ITEMS
Interest income
Interest expense
Net interest expense
PROFIT BEFORE FAIR VALUE CHANGE, TAX
AND EXCEPTIONAL ITEMS
Fair value change and gain on disposal of investment properties
PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS
Exceptional items
PROFIT BEFORE TAX
Tax
PROFIT FOR THE FINANCIAL YEAR
Attributable to:
Owners of the Company
Holders of perpetual securities
Non-controlling interests
PROFIT FOR THE FINANCIAL YEAR
Attributable profit:
– Before fair value change and exceptional items
– Fair value change
– Exceptional items
Non-controlling interests
PROFIT FOR THE FINANCIAL YEAR
EARNINGS PER SHARE
Basic earnings per share
Diluted earnings per share
Note
3
4(a)
4(b)
4(c)
4
15
5
6
7
8
9
10
Group
2023
$’000
2022
$’000
3,947,066
(2,403,140)
3,877,042
(2,371,215)
1,543,926
30,212
(411,841)
1,505,827
31,539
(396,444)
1,162,297
150,919
1,140,922
108,318
1,313,216
1,249,240
96,771
(525,849)
64,090
(394,414)
(429,078)
(330,324)
884,138
(446,176)
918,916
1,076,238
437,962
(37,211)
1,995,154
134,380
400,751
(105,984)
2,129,534
(358,417)
294,767
1,771,117
123,193
49,951
121,623
871,429
56,845
842,843
294,767
1,771,117
350,268
(153,276)
(23,848)
173,144
121,623
398,846
462,615
66,813
928,274
842,843
294,767
1,771,117
3.1¢
3.1¢
22.2¢
22.0¢
Consolidated Profit StatementFor the financial year ended 30 September 2023The accompanying notes form an integral part of the financial statements. Contents
Overview
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PROFIT FOR THE FINANCIAL YEAR
OTHER COMPREHENSIVE (LOSS)/INCOME
Items that may be reclassified subsequently to profit statement:
Effective portion of changes in fair value of cash flow hedges
Net change in fair value of cash flow hedges reclassified to profit statement
Foreign currency translation
Share of other comprehensive (loss)/income of joint ventures and associates
Realisation of reserves on disposals of a subsidiary 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
2023
$’000
2022
$’000
294,767
1,771,117
(235,578)
87,427
(364,685)
(27,052)
–
631,547
(97,954)
(822,250)
24,740
2,391
(539,888)
(261,526)
(15,144)
(11,025)
Total other comprehensive loss for the financial year, net of tax
(555,032)
(272,551)
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE FINANCIAL YEAR
(260,265)
1,498,566
Attributable to:
Owners of the Company
Holders of perpetual securities
Non-controlling interests
(292,090)
49,951
(18,126)
865,670
56,845
576,051
TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE FINANCIAL YEAR
(260,265)
1,498,566
Consolidated Statement of Comprehensive IncomeFor the financial year ended 30 September 2023The accompanying notes form an integral part of the financial statements. 170
Frasers Property Limited
Annual Report 2023
Statements of Financial Position
As at 30 September 2023
Group
Company
Note
2023
$’000
2022
$’000
NON-CURRENT ASSETS
Investment properties
Property, plant and equipment
Investments in:
– Subsidiaries
– Joint ventures
– Associates
Other non-current assets
Intangible assets
Other receivables
Deferred tax assets
Derivative financial instruments
CURRENT ASSETS
Properties held for sale
Contract assets
Other current assets
Trade and other receivables
Derivative financial instruments
Bank deposits
Cash and cash equivalents
Assets held for sale
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Contract liabilities
Derivative financial instruments
Provision for tax
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
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
24,173,571
2,104,554
24,358,388
2,126,433
–
2,725,203
1,142,528
102,392
569,965
779,537
110,526
401,481
32,109,757
3,618,108
213,065
123,811
628,330
46,669
528
2,658,340
382,747
7,671,598
–
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
2023
$’000
2,310
14
1,122,559
500
–
26,258
–
5,331,374
–
83,276
6,566,291
–
–
–
303,330
–
–
269,433
–
572,763
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
39,781,355
40,165,116
7,139,054
7,070,549
2,009,274
261,020
55,190
409,575
35,344
3,858,372
6,189
6,634,964
1,757,851
155,779
15,861
438,097
28,795
3,826,891
36,695
6,259,969
558,543
–
–
4,068
–
–
–
562,611
437,349
–
13,059
2,447
–
–
–
452,855
1,036,634
2,356,918
10,152
224,092
458,233
28,890
1,098,552
757,903
12,602,900
14,946,478
483,325
34,579
1,134,392
811,864
12,062,445
14,526,605
336,067
83,276
–
–
–
419,343
246,767
84,778
–
–
–
331,545
18,199,913
19,378,542
6,157,100
6,286,149
2,987,858
7,392,060
(485,010)
9,894,908
2,987,858
7,456,563
(98,540)
10,345,881
2,987,858
2,966,801
202,441
6,157,100
2,987,858
3,120,542
177,749
6,286,149
896,134
10,791,042
1,244,172
11,590,053
–
6,157,100
–
6,286,149
7,408,871
18,199,913
7,788,489
19,378,542
–
6,157,100
–
6,286,149
The accompanying notes form an integral part of the financial statements. Contents
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171
Consolidated Statement of Changes in Equity
For the financial year ended 30 September 2023
Share
capital
(Note 28)
$’000
Retained
earnings
$’000
Other
reserves
(Note 29)
$’000
Equity
attributable
to owners
of the
Company
$’000
Non-
controlling
interests –
perpetual
securities
(Note 31)
$’000
Non-
controlling
interests –
others
$’000
Total
$’000
Total
equity
$’000
Group
2023
As at 1 October 2022
2,987,858
7,456,563
(98,540)
10,345,881
1,244,172
11,590,053
7,788,489
19,378,542
Profit for the financial year
Other comprehensive (loss)/income
Effective portion of changes in fair
value of cash flow hedges
Net change in fair value of cash
flow hedges reclassified to profit
statement
Foreign currency translation
Share of other comprehensive loss
of joint ventures and associates
Change in fair value of equity
investments at fair value through
other comprehensive income
Other comprehensive loss for
the financial year
Total comprehensive income/(loss)
for the financial year
Contributions by and
distributions to owners
Employee share-based expense
Reclassification of share-based
compensation plan from
equity-settled to cash-settled
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
Issue of units/shares to
non-controlling interests
Capital reduction by a subsidiary
with non-controlling interests
Disposal of a subsidiary with
non-controlling interests
(Note 40(a))
Change in interests in subsidiaries
without change in control
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
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
123,193
–
123,193
49,951
173,144
121,623
294,767
–
–
–
–
–
–
(178,733)
(178,733)
61,358
(262,916)
61,358
(262,916)
(22,672)
(22,672)
(12,320)
(12,320)
(415,283)
(415,283)
–
–
–
–
–
–
(178,733)
(56,845)
(235,578)
61,358
(262,916)
26,069
(101,769)
87,427
(364,685)
(22,672)
(4,380)
(27,052)
(12,320)
(2,824)
(15,144)
(415,283)
(139,749)
(555,032)
123,193
(415,283)
(292,090)
49,951
(242,139)
(18,126)
(260,265)
–
168
168
2,916
–
(176,672)
(5,800)
(34,706)
(117,781)
176,672
5,800
(31,790)
(117,781)
–
–
(179,556)
30,153
(149,403)
–
–
–
–
–
–
–
–
–
(6,178)
(1,340)
(7,518)
(6,178)
(1,340)
(7,518)
(185,734)
28,813
(156,921)
–
–
–
–
–
–
–
–
–
–
–
–
168
–
168
(31,790)
(117,781)
–
–
–
(393,331)
–
–
(31,790)
(511,112)
–
–
(149,403)
(393,331)
(542,734)
–
–
–
27,489
27,489
(1,508)
(1,508)
(1,337)
(1,337)
(7,518)
7,195
(323)
(7,518)
31,839
24,321
(156,921)
(361,492)
(518,413)
(1,962)
–
(1,962)
–
–
–
(1,962)
(348,038)
(350,000)
–
(49,951)
(49,951)
(1,962)
(397,989)
(399,951)
–
–
–
(350,000)
(49,951)
(399,951)
As at 30 September 2023
2,987,858 7,392,060
(485,010)
9,894,908
896,134
10,791,042
7,408,871
18,199,913
The accompanying notes form an integral part of the financial statements. 172
Frasers Property Limited
Annual Report 2023
Consolidated Statement of Changes in Equity
For the financial year ended 30 September 2023 (cont’d)
Share
capital
(Note 28)
$’000
Retained
earnings
$’000
Other
reserves
(Note 29)
$’000
Equity
attributable
to owners
of the
Company
$’000
Non-
controlling
interests –
perpetual
securities
(Note 31)
$’000
Non-
controlling
interests –
others
$’000
Total
$’000
Total
equity
$’000
Group
2022
As 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 financial year
–
871,429
–
871,429
56,845
928,274
842,843
1,771,117
Other comprehensive income/(loss)
Effective portion of changes in fair
value of cash flow hedges
Net change in fair value of cash
flow hedges reclassified to profit
statement
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 loss for
the financial year
Total comprehensive income/(loss)
for the financial year
Contributions by and
distributions to owners
Ordinary shares issued (Note 28)
Employee share-based expense
Dividend paid
Dividend proposed (Note 32)
Transfer to other reserves
Total contributions by and
distributions to owners
Changes in ownership
interests in subsidiaries
Issue of units/shares 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
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
561,667
561,667
(122,894)
(456,814)
(122,894)
(456,814)
18,043
18,043
2,156
2,156
(7,917)
(7,917)
(5,759)
(5,759)
–
–
–
–
–
–
–
561,667
69,880
631,547
(122,894)
(456,814)
24,940
(365,436)
(97,954)
(822,250)
18,043
6,697
24,740
2,156
235
2,391
(7,917)
(3,108)
(11,025)
(5,759)
(266,792)
(272,551)
871,429
(5,759)
865,670
56,845
922,515
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)
–
(3,922)
–
184
–
184
–
(3,738)
–
(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)
–
(3,738)
4,210
2,960
4,210
(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)
As 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. Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
173
Statement of Changes in Equity
For the financial year ended 30 September 2023
Share
capital
(Note 28)
$’000
Retained
earnings
$’000
Other
reserves
(Note 29)
$’000
Fair
value
reserve
$’000
Share-based
compensation
reserve
$’000
Dividend
reserve
$’000
Total
equity
$’000
Company
2023
As at 1 October 2022
2,987,858 3,120,542
177,749
23,602
36,366
117,781 6,286,149
Profit for the financial year
–
20,015
–
–
–
–
–
–
–
20,015
–
–
–
507
507
20,522
–
–
507
507
507
507
20,015
507
507
Other comprehensive income
Change in fair value of equity
investments at fair value
through other comprehensive
income
Other comprehensive income
for the financial year
Total comprehensive income
for the financial year
Contributions by and
distributions to owners
Reclassification of share-based
compensation plan from
equity-settled to cash-settled
Dividend paid (Note 32)
Dividend proposed (Note 32)
Total contributions by and
distributions to owners
–
–
–
–
–
–
–
2,916
–
(176,672)
(34,706)
(117,781)
176,672
(173,756)
24,185
–
–
–
–
(34,706)
–
– (117,781)
176,672
–
(31,790)
(117,781)
–
(34,706)
58,891
(149,571)
As at 30 September 2023
2,987,858 2,966,801
202,441
24,109
1,660
176,672 6,157,100
174
Frasers Property Limited
Annual Report 2023
Statement of Changes in Equity
For the financial year ended 30 September 2023 (cont’d)
Share
capital
(Note 28)
$’000
Retained
earnings
$’000
Other
reserves
(Note 29)
$’000
Fair
value
reserve
$’000
Share-based
compensation
reserve
$’000
Dividend
reserve
$’000
Total
equity
$’000
Company
2022
As at 1 October 2021
2,974,980 3,177,708
136,458
27,026
31,110
78,322 6,289,146
Profit for the financial year
–
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)
As at 30 September 2022
2,987,858 3,120,542
177,749
23,602
36,366
117,781 6,286,149
Other comprehensive loss
Change in fair value of equity
investments at fair value
through other comprehensive
income
Other comprehensive loss for
the financial year
Total comprehensive income/
(loss) for the financial year
Contributions by and
distributions to owners
Ordinary shares issued (Note 28)
Employee share-based expense
Dividend paid
Dividend proposed (Note 32)
Total contributions by and
distributions to owners
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
175
Cash flows from operating activities
Profit for the financial year
Adjustments for:
Depreciation of property, plant and equipment and
right-of-use assets
Fair value change and gain on disposal of investment properties
Share of results of joint ventures and associates, net of tax
Amortisation of intangible assets
Write-off of intangible assets
Impairment of property, plant and equipment
Gain on termination of lease and gain on disposal of property,
plant and equipment
Net allowance for/(reversal of) impairment on trade receivables
Bad debts written off
Reversal of write-down to net realisable value of properties
held for sale
Employee share-based expense
Gain on disposals of subsidiaries
Gain on disposal of a joint venture
Loss on acquisition of a joint venture
Loss/(gain) on disposals of associates
Loss on dilution of interest in an associate
Net fair value change on derivative financial instruments
Net fair value change on debt instrument at fair value
through profit or loss
Impairment of investments in associates
Interest income
Interest expense
Tax
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
Note
13(a)
7
15
17
17
13
4(b), 8
4(a)
4(a)
4(a)
4(c)
4(b)
4(b)
8
5
6
9
Group
2023
$’000
2022
$’000
294,767
1,771,117
74,078
446,176
(150,919)
5,956
257
37,597
(15,137)
1,383
249
(93,064)
20,444
(21,660)
–
5
2,763
–
120,226
682
12,251
(96,771)
525,849
105,984
(110,730)
1,160,386
(170,807)
1,511
130,961
105,241
282,643
(1,071)
166,462
1,675,326
(119,112)
1,556,214
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
Consolidated Statement of Cash FlowsFor the financial year ended 30 September 2023The accompanying notes form an integral part of the financial statements. 176
Frasers Property Limited
Annual Report 2023
Consolidated Statement of Cash Flows
For the financial year ended 30 September 2023 (cont’d)
Cash flows from investing activities
Purchase 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
Investments in/loans to joint ventures and associates
Dividends from joint ventures and associates
Settlement of hedging instruments
Purchase of financial assets
Purchase of intangible assets
Interest received
Acquisitions of subsidiaries, net of cash acquired (Note A)
Acquisitions of non-controlling interests
Disposals of subsidiaries, net of cash disposed of (Note B)
Proceeds from dilution of interest in an associate
Uplift of structured deposits
Net cash (used in)/generated from investing activities
Cash flows from financing activities
Contributions from non-controlling interests of subsidiaries without
change in control
Dividends paid to non-controlling interests
Dividends paid to shareholders
Payment of lease liabilities
Proceeds from bank borrowings, net of costs
Repayments of bank borrowings
Proceeds from issue of bonds/debentures, net of costs
Repayments of bonds/debentures
Distributions to perpetual securities holders
Redemption of perpetual securities
Interest paid
Net cash used in financing activities
Net change in cash and cash equivalents
Cash and cash equivalents as at beginning of financial year
Movement of cash and cash equivalents included in assets held for sale
Effects of exchange rate on opening cash
Cash and cash equivalents as at end of financial year
Cash and cash equivalents as at end of financial year:
Fixed deposits, current
Cash and bank balances
Bank overdrafts, unsecured
Cash and cash equivalents as at end of financial year
Note
Group
2023
$’000
2022
$’000
(893,174)
(123,321)
155,612
126
(963,138)
125,973
6,915
(35,798)
(3,840)
101,332
–
(323)
160,709
–
659
(1,468,268)
25,981
(393,331)
(117,781)
(61,666)
7,340,688
(6,274,598)
400,044
(724,487)
(49,951)
(350,000)
(483,885)
(688,986)
(601,040)
3,320,122
759
(62,307)
2,657,534
(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)
(338,599)
3,775,864
–
(117,143)
3,320,122
398,295
2,260,045
2,658,340
(806)
2,657,534
1,184,358
2,136,872
3,321,230
(1,108)
3,320,122
17
27
27
27
27
27
27
23
27
The accompanying notes form an integral part of the financial statements. Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
177
Consolidated Statement of Cash Flows
For the financial year ended 30 September 2023 (cont’d)
Note A: Analysis of acquisitions of subsidiaries
Net assets acquired:
Investment properties
Property, plant and equipment
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
Loans and borrowings
Fair value of net assets
Less: Non-controlling interests
Less: Initial interest as a joint venture
Less: Initial interest as an associate
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
Note B: Analysis of disposals of subsidiaries
Net assets 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
Provision for tax
Deferred tax liabilities
Fair value of net assets
Realisation of reserves on disposals of subsidiaries
Less: Non-controlling interests
Less: Equity interests retained as a joint venture
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
Note
Group
2023
$’000
2022
$’000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
146,316
–
59,463
40,464
–
759
(40,791)
(1,401)
(3,089)
201,721
–
(1,337)
(40,433)
21,733
–
181,684
(759)
(20,216)
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)
–
40
160,709
26,855
The accompanying notes form an integral part of the financial statements. 178
Frasers Property Limited
Annual Report 2023
These notes form an integral part of the financial statements.
The financial statements for the financial year ended 30 September 2023 were authorised for issue in accordance
with a resolution of the Directors on 21 November 2023.
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 financial year ended
30 September 2023 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
as 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 financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
179
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 as 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 willing 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 the 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 financial year ended 30 September 2023 180
Frasers Property Limited
Annual Report 2023
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 cash generating unit (“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 the 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 Note 17.
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 the 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 tax, deferred tax assets and
liabilities are as disclosed in the Group’s balance sheet.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.2
Significant Accounting Judgements and Estimates (cont’d)
(a)
Key Sources of Estimation Uncertainty (cont’d)
Land Appreciation Tax
Under the Provisional Regulations on Land Appreciation Tax (“LAT”) implemented upon the issuance
of the Provisional Regulations of the People’s Republic of China on 27 January 1995, all gains arising
from the transfer of real estate property in China effective from 1 January 1994 are subject to LAT at
progressive rates ranging from 30% to 60% on the appreciation of land value, being the proceeds of
sales of properties less deductible expenditure including amortisation of land use rights, borrowing
costs and all property development expenditure.
The subsidiaries of the Group engaging in property development business in China are subject
to land appreciation tax. The implementation of this tax varies amongst China cities and the Group
has not finalised its land appreciation tax returns with various tax authorities. Accordingly, significant
judgement is required in determining the amount of land appreciation and related taxes. The ultimate
tax determination is uncertain during the ordinary course of business. The Group recognises these
liabilities based on management’s best estimates. When the final tax outcome of these matters is
different from the amounts that were initially recorded, such differences will impact the provisions for
land appreciation tax and consequently, corporate income tax in the period in which such determination
is made.
Revenue Recognition and Estimation of Total Development Costs
For 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 financial year ended 30 September 2023 182
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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 purchases of businesses because of the strategic management function and associated
processes purchased along with the investment and development properties.
The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether
an acquired set of activities and assets is not a business. The optional concentration test is met if
substantially all of the gross assets acquired is concentrated in a single identifiable asset or group of
similar identifiable assets.
When the acquisition of a subsidiary does not represent a business, it is accounted for as an acquisition
of a group of assets and liabilities. The cost of the acquisition is allocated to the assets and liabilities
acquired based upon their relative fair values, and no goodwill or deferred tax is recognised.
2.3 Basis of Consolidation and Business Combinations
(a)
Basis of Consolidation
The financial year of the Company and all its subsidiaries ends on 30 September unless otherwise
stated. The consolidated financial statements incorporate the financial statements of the Company and
all its subsidiaries made up to 30 September. The financial statements of subsidiaries are prepared using
consistent accounting policies. Adjustments are made to any dissimilar material accounting policies to
conform to the Group’s significant accounting policies. A list of the Group’s significant subsidiaries is
disclosed in Note 41.
The consolidated financial statements comprise the financial statements of the Company and its
subsidiaries as at the reporting date.
All intra-group balances, income and expenses and unrealised gains and losses resulting from
intra-group transactions and dividends are eliminated in full.
Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains
control, and continue to be consolidated until the date that such control ceases.
Losses within a subsidiary are attributed to the non-controlling interest (“NCI”) even if that results in a
deficit balance.
(b)
Business Combinations
Business combinations are accounted for by applying the acquisition method. Identifiable assets
acquired, liabilities and contingent liabilities assumed in a business combination are measured initially
at their fair values at the acquisition date. Acquisition-related costs, other than those associated with the
issue of debt or equity securities, incurred in connection with a business combination are recognised as
expenses in the periods in which the costs are incurred and the services are received.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for
appropriate classification and designation in accordance with the contractual terms, economic
circumstances and pertinent conditions as at the acquisition date.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.3 Basis of Consolidation and Business Combinations (cont’d)
(b)
Business Combinations (cont’d)
Any contingent consideration payable is recognised at fair value as 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 as at the acquisition date and any corresponding gain or loss is recognised in
the profit statement.
The Group elects for each individual business combination, whether NCI in the acquiree (if any) that are
present ownership interests and entitle their holders to a proportionate share of net assets in the event
of liquidation, is recognised on the acquisition date at fair value, or at the NCI’s proportionate share of
the acquiree’s identifiable net assets. Other components of NCI are measured on their acquisition date
at fair value, unless another measurement basis is required by another SFRS(I).
Any excess of the sum of the fair value of the consideration transferred in the business combination, the
amount of NCI in the acquiree (if any), and the fair value of the Group’s previously held equity interest in
the acquiree (if any), over the net fair value of the acquiree’s identifiable assets and liabilities is recorded
as goodwill. The accounting policy for goodwill is disclosed in Note 2.11(a). When the excess is negative,
a bargain purchase is recognised in the profit statement on the acquisition date.
The consideration transferred does not include amounts related to the settlement of pre-existing
relationships. Such amounts are generally recognised in the profit statement.
When share-based payment awards (“replacement awards”) are exchanged for awards held by the
acquiree’s employees (“acquiree’s awards”) and relate to past services, then all or a portion of the
amount of the acquirer’s replacement awards is included in measuring the consideration transferred in
the business combination. This determination is based on the market-based value of the replacement
awards compared with the market-based value of the acquiree’s awards and the extent to which the
replacement awards relate to past and/or future service.
Transactions with NCI
NCI represent the equity in subsidiaries not attributable, directly or indirectly, to owners of the Company
and are presented separately in the consolidated profit statement and consolidated statement of
comprehensive income, and within equity in the consolidated balance sheet, separately from the equity
attributable to owners of the Company. Changes in the Company’s ownership interest in a subsidiary
that do not result in a loss of control are accounted for as equity transactions. In such circumstances,
the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes
in their relative interests in the subsidiary. Any difference between the amount by which the NCI is
adjusted and the fair value of the consideration paid or received is recognised directly in equity and
attributable to owners of the Company.
Loss of Control
Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any NCI
and the other components of equity related to the subsidiary. Any surplus or deficit arising on the
loss of control is recognised in the profit statement. If the Group retains any interest in the previous
subsidiary, then such interest is measured at fair value as at the date that control is lost. Subsequently,
it is accounted for as an equity-accounted investee or as a financial asset at fair value through other
comprehensive income depending on the level of influence retained.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an
equity transaction.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 184
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Annual Report 2023
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.3 Basis of Consolidation and Business Combinations (cont’d)
(b)
Business Combinations (cont’d)
Acquisitions before 1 October 2017
As part of transition to SFRS(I), the Group elected not to restate those business combinations that
occurred before the date of transition to SFRS(I), i.e. 1 October 2017. Goodwill arising from acquisitions
before 1 October 2017 has been carried forward from the previous FRS framework as at the date
of transition.
(c)
Property Acquisitions and Business Combinations
Where a 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 as 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 as at the
beginning of the earliest comparative financial year presented or, if later, as at the date that common
control was acquired, are recognised at the carrying amounts recognised previously in the Group
controlling shareholder’s consolidated financial statements. The components of equity of the acquired
entities are added to the same components within Group equity and any gain/loss arising is recognised
directly in equity.
2.4
Investments in Subsidiaries
A subsidiary is an investee that is controlled by the Group. The Group controls an investee when it is exposed,
or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns
through its power over the investee.
In the Company’s separate financial statements, investments in subsidiaries are carried at cost less
impairment losses.
2.5
Joint Arrangements and Associates
A joint arrangement is a contractual arrangement whereby two or more parties have joint control. Joint control
is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require the unanimous consent of the parties sharing control.
A joint arrangement is classified either as joint operation or joint venture, based on the rights and obligations
of the parties to the arrangement.
To the extent the joint arrangement provides the Group with rights to the assets and obligations for the liabilities
relating to the arrangement, the arrangement is a joint operation. To the extent the joint arrangement provides
the Group with rights to the net assets of the arrangement, the arrangement is a joint venture.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.5
Joint Arrangements and Associates (cont’d)
(a)
Joint Operations
The Group recognises in relation to its interest in a joint operation, its:
–
–
–
–
assets, including its share of any assets held jointly;
liabilities, including its share of any liabilities incurred jointly;
revenue from the sale of its share of the output arising from the joint operation; and
expenses, including its share of any expenses incurred jointly.
The Group accounts for the assets, liabilities, revenues and expenses relating to its interests in a joint
operation in accordance with the accounting policies applicable to the particular assets, liabilities,
revenues and expenses.
(b)
Joint Ventures and Associates
An associate is an entity over which the Group has significant influence over the financial and operating
policy decisions of the investee but does not have control or joint control of those policies. Significant
influence is presumed to exist when the Group holds 20% or more of the voting power of another entity.
The Group accounts for its investments in associates and joint ventures using the equity method from
the date on which it becomes an associate or joint venture.
On acquisition of the investment, any excess of the cost of the investment over the Group’s share of the
net fair value of the investee’s identifiable assets and liabilities is accounted as goodwill and is included
in the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the
investee’s identifiable assets and liabilities over the cost of the investment is included as income in
the determination of the entity’s share of the associate’s or joint venture’s profit or loss in the period in
which the investment is acquired.
Under the equity method, the investments in associates or joint ventures are carried on the balance
sheet at cost plus post-acquisition changes in the Group’s share of net assets of the associates or joint
ventures. The profit statement reflects the share of results of the operations of the associates or joint
ventures. Distributions received from associates or joint ventures reduce the carrying amount of the
investment. Where there has been a change recognised in other comprehensive income (“OCI”) by
the associates or joint ventures, the Group recognises its share of such changes in OCI. Unrealised
gains and losses resulting from transactions between the Group and associates or joint ventures are
eliminated to the extent of the interest in the associates or joint ventures.
When the Group’s share of losses in an associate or joint venture equals or exceeds its interest in
the associate or joint venture, the Group does not recognise further losses, unless it has incurred
obligations or made payments on behalf of the associate or joint venture.
After application of the equity method, the Group determines whether it is necessary to recognise
an additional impairment loss on the Group’s investments in associates or joint ventures. The Group
determines as 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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 186
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.5
Joint Arrangements and Associates (cont’d)
(b)
Joint Ventures and Associates (cont’d)
The financial statements of joint ventures and associates are prepared as 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 financial
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 financial 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 as at the date of change in use. For a transfer from owner-occupied
property to completed investment property, the property is accounted for in accordance with the
accounting policy for property, plant and equipment up to the date of change in use.
(b)
Investment Properties under Construction (“IPUC”)
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.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.7
Properties Held for Sale
(a)
Development Properties Held for Sale
Development properties held for sale are properties acquired or being constructed for sale in the ordinary
course of business, rather than being held for the Group’s own use, rental or capital appreciation.
Development properties held for sale are held as inventories and are measured at the lower of cost and
net realisable value.
Net realisable value of development properties held for sale is the estimated selling price in the ordinary
course of business, less the estimated costs of completion and the estimated costs necessary to make
the sale.
When completed, development properties held for sale are transferred to completed properties held
for sale.
(b)
Completed Properties Held for Sale
Completed properties held for sale are stated at the lower of cost and net realisable value. Costs
include cost of land and construction, related overhead expenditure, and financing charges (applicable
to construction of a development for which revenue is to be recognised at a point of time), and other
related costs incurred during the period of development.
A write-down to net realisable value is made when it is anticipated that the net realisable value has fallen
below cost.
Where there is a transfer from properties held for sale to investment property that will be carried at fair
value, arising from a change in use, any difference between the fair value of the property as at that date
and its previous carrying amount shall be recognised in profit or loss.
2.8 Contract Costs
Incremental costs of obtaining a contract for the sale of a development property are capitalised as contract
costs only if (a) these costs relate directly to a contract or an anticipated contract which the Group can
specifically identify; (b) these costs generate or enhance resources of the Group that will be used in satisfying
(or in continuing to satisfy) performance obligations in the future; and (c) these costs are expected to be
recovered. Otherwise, such costs are recognised as an expense immediately.
Non-refundable commissions paid to sales or marketing agents on the sale of real estate units are capitalised
as contract costs.
Capitalised contract costs are subsequently amortised on a systematic basis as the Group recognises the
related revenue on the contract. An impairment loss is recognised in the profit statement to the extent that the
carrying amount of capitalised contract costs exceeds the expected remaining consideration less any directly
related costs not yet recognised as expenses.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 188
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.9 Contract Assets and Liabilities
Contract assets primarily relate to the Group’s rights to consideration for work completed but not billed as
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 is capitalised and expenditure for maintenance and
repair is 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 land, leasehold land 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 land, 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) is capitalised when incurred. Depreciation will commence when the
development is completed.
When the use of a property changes from owner-occupied to investment property, the property is remeasured
to fair value and reclassified accordingly. Any gain arising on remeasurement is recognised in the profit
statement to the extent that it reverses a previous impairment loss on the specific property, with any remaining
gain recognised in OCI and presented in the revaluation reserve in equity. Any loss is recognised immediately
in the profit statement. When the property is sold, the related amount in the revaluation reserve is transferred
to retained earnings.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.11
Intangible Assets
Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in
a business combination is their fair value as at the date of acquisition. Following initial acquisition, intangible
assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally
generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is
reflected in the profit statement in the financial 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 as 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.
(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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 190
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.12 Non-Current Assets and Liabilities Held for Sale
Non-current assets and liabilities, that are highly probable to be recovered primarily through sale rather than
through continuing use, are classified as held for sale. Immediately before classification as held for sale, the
assets are remeasured in accordance with the applicable SFRS(I). Thereafter, the assets are generally measured
at the lower of their carrying amount and fair value less costs to sell. Impairment losses on initial classification
as held for sale and subsequent gains or losses on remeasurement are recognised in the profit statement.
Gains are not recognised in excess of any cumulative impairment loss.
Intangible assets and property, plant and equipment once classified as held for sale are not amortised or
depreciated. In addition, equity accounting of associates and joint ventures ceases once the investments are
classified as held for sale.
2.13 Financial Instruments
(a)
Non-Derivative Financial Assets
Classification and Measurement
The Group classifies its financial assets in the following measurement categories:
–
–
–
amortised cost;
fair value through other comprehensive income (“FVOCI”); and
fair value through profit or loss (“FVTPL”).
The classification depends on the Group’s business model for managing the financial assets as well as
the contractual terms of the cash flows of the financial assets.
Financial assets with embedded derivatives are considered in their entirety when determining whether
their cash flows are solely payments of principal and interest.
The Group reclassifies financial assets when and only when its business model for managing those
assets changes.
At Initial Recognition
Trade receivables are initially recognised when they are originated. All other financial assets and financial
liabilities are initially recognised when the Group becomes a party to the contractual provisions of
the instrument.
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial
asset not at fair value through profit or loss, transaction costs that are directly attributable to the
acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit
or loss are expensed in the profit statement.
Subsequent Measurement
(i)
Financial Assets at Amortised Cost
Financial assets that are held for collection of contractual cash flows where those cash flows
represent solely payments of principal and interest are measured at amortised cost. Interest
income from these financial assets is included in interest income using the effective interest
rate method.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(a)
Non-Derivative Financial Assets (cont’d)
Subsequent Measurement (cont’d)
(ii)
Financial Assets at FVOCI
The Group has elected to recognise changes in fair value of equity securities not held for trading
in OCI as these are strategic investments and the Group considers this to be more relevant.
Movements in fair values of equity investments classified as FVOCI are recognised in OCI.
Dividends from equity investments are recognised in the profit statement as dividend income. On
disposal of an equity investment, any difference between the carrying amount and sales proceed
amount would be recognised in OCI and transferred to retained earnings along with the amount
previously recognised in OCI relating to that asset.
(iii)
Financial Assets at FVTPL
Financial assets that are held for trading as well as those that do not meet the criteria for
classification as amortised cost or FVOCI are classified as FVTPL. Movement in fair values and
interest income is recognised in the profit statement in the period in which it arises.
Financial Assets: Business Model Assessment
The Group makes an assessment of the objective of the business model in which a financial asset is
held at a portfolio level because this best reflects the way the business is managed and information is
provided to management. The information considered includes:
–
–
–
–
the stated policies and objectives for the portfolio and the operation of those policies in practice.
These include whether management’s strategy focuses on earning contractual interest income,
maintaining a particular interest rate profile, matching the duration of the financial assets to the
duration of any related liabilities or expected cash outflows or realising cash flows through the
sale of the assets;
how the performance of the portfolio is evaluated and reported to the Group’s management;
the risks that affect the performance of the business model (and the financial assets held within
that business model) and how those risks are managed; 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.
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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 192
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(a)
Non-Derivative Financial Assets (cont’d)
Assessment Whether Contractual Cash Flows are Solely Payments of Principal and Interest (cont’d)
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 as 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.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(c)
Non-Derivative Financial Liabilities (cont’d)
Interest Rate Benchmark Reform
When the basis for determining the contractual cash flows of a financial asset or financial liability
measured at amortised cost changes as a result of interest rate benchmark reform, the Group updates
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 are made to a financial asset or financial liability in addition to changes to the basis for
determining the contractual cash flows required by interest rate benchmark reform, the Group first
updates the effective interest rate of the financial asset or financial liability to reflect the change that is
required by interest rate benchmark reform. After that, the Group applies 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 financial year ended 30 September 2023 194
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(f)
Derivative Financial Instruments and Hedge Accounting (cont’d)
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 cost of the non-financial item 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 foreign currency 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.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(f)
Derivative Financial Instruments and Hedge Accounting (cont’d)
Hedges Directly Affected by Interest Rate Benchmark Reform
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 the 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 hedges; or
updating the description of the hedging instrument.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 196
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(f)
Derivative Financial Instruments and Hedge Accounting (cont’d)
Hedges Directly Affected by Interest Rate Benchmark Reform (cont’d)
Phase II Amendments: Replacement of Benchmark Interest Rates – When There Is No Longer Uncertainty
Arising from Interest Rate Benchmark Reform (cont’d)
The Group amends the description of the hedging instrument 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 considered 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.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(g)
Impairment of Financial Assets (cont’d)
Simplified Approach
The Group applies the simplified approach to provide for ECL for all trade receivables, contract assets
and lease receivables. The simplified approach requires the loss allowance to be measured at an
amount equal to lifetime ECL.
General Approach
The Group applies the general approach to provide for ECL on all other financial instruments. Under
the general approach, the loss allowance is measured at an amount equal to 12-month ECL at
initial recognition.
As 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 financial year ended 30 September 2023 198
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.13 Financial Instruments (cont’d)
(g)
Impairment of Financial Assets (cont’d)
Credit-Impaired Financial Assets
As 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-offs
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 as 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.
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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 as 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 as 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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 200
Frasers Property Limited
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.15
Leases (cont’d)
(a)
As a Lessee (cont’d)
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.
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.
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2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.16
Impairment of Non-Financial Assets
The carrying amounts of the Group’s non-financial assets, other than investment properties, development
properties held for sale, contract assets and deferred tax assets, are reviewed as 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 as 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.
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 as 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 financial year, using
tax rates enacted or substantively enacted as at the reporting date, and any adjustment to tax payable in
respect of previous financial 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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 202
Frasers Property Limited
Annual Report 2023
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.17
Income Taxes (cont’d)
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for tax 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, as at the reporting date, to recover or settle the carrying amount of its assets and liabilities. For
investment property that is measured at fair value, the presumption that the carrying amount of the investment
property will be recovered through sale has not been rebutted. Deferred tax is measured at the tax rates that
are expected to be applied to temporary differences when they reverse, based on the laws that have been
enacted or substantively enacted by the reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities
and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different
tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and
liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences,
to the extent that it is probable that future taxable profits will be available against which they can be utilised.
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 as 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 as 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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
203
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.19
Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and
the revenue can be reliably measured, regardless of when the payment is made. Revenue is measured at the
fair value of consideration received or receivable, taking into account contractually defined terms of payment
and excluding taxes or duty. The following specific recognition criteria must also be met before revenue is
recognised:
(a)
Properties Held for Sale
The Group develops and sells residential and mixed development projects to customers through
fixed-price contracts. Revenue is recognised when the control over a development property has been
transferred to the customer. At contract inception, the Group assesses whether the Group transfers
control of the residential project over time or at a point in time by determining if (a) its performance does
not create an asset with an alternative use to the Group; and (b) the Group has an enforceable right to
payment for performance completed to date.
Where a development property has no alternative use for the Group due to contractual restriction,
and the Group has enforceable rights to payment for performance completed to date arising from
the contractual terms, revenue is recognised over time by reference to the Group’s progress towards
completing the construction of the development property. The measure of progress is determined based
on the proportion of development costs incurred to date to the estimated total development costs. Costs
incurred that are not related to the contract or that do not contribute towards satisfying a performance
obligation are excluded from the measure of progress and instead are expensed as incurred.
In respect of contracts where the Group does not have an enforceable right to payment for performance
completed to date, revenue is recognised only when the completed property is delivered to the customer
and the customer has accepted it in accordance with the sales contract.
Under certain payment schemes, the time when payments are made by the buyer and the transfer
of control of the property to the buyer do not coincide and where the difference between the timing
of receipt of the payments and the satisfaction of a performance obligation is 12 months or more,
the Group adjusts the transaction price with its customer and recognises a financing component. In
adjusting for the financing component, the Group uses a discount rate that would reflect that of a
separate financing transaction between the Group and its customer at contract inception. 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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 204
Frasers Property Limited
Annual Report 2023
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.19
Revenue Recognition (cont’d)
(b)
Rental Income
Rental and related income from completed investment properties are recognised on a straight-line
basis over the lease term commencing on the date from which the lessee is entitled to exercise its
right to use the leased asset. Contingent rentals, which include gross turnover rental, are recognised as
income in the accounting period in which it is earned and the amount can be reliably measured.
(c)
Hotel Income
Revenue from hotel operations comprises mainly room revenue and food and beverage revenue. Room
revenue is recognised when performance obligations are satisfied over the period of stay. Revenue
from food and beverage is recognised at the point in time when food and beverage is delivered to
the customer.
(d)
Dividends
Dividend income is recognised when the Group’s right to receive the payments is established.
(e)
Interest Income
Interest income is recognised using the effective interest method.
(f)
Management Fees
Management fee is recognised at the point when such services are rendered on an accrual basis.
2.20
Foreign Currencies
(a)
Functional Currency
Items included in the financial statements of each entity in the Group are measured using the currency
that best reflects the economic substance of the underlying events and circumstances relevant to the
entity (the “functional currency”). The consolidated financial statements and financial statements of the
Company are presented in Singapore Dollars, the functional currency of the Company.
(b)
Foreign Currency Transactions
Transactions in foreign currencies are measured in the respective functional currencies of the Company
and its subsidiaries at rates of exchange approximating those ruling as at transaction dates. Monetary
assets and liabilities denominated in foreign currencies are translated at the rates ruling as at the
reporting date. The foreign currency gain or loss on monetary items is the difference between amortised
cost in the functional currency as at the beginning of the financial year, adjusted for effective interest
and payments during the financial year, and the amortised cost in foreign currency translated at the
exchange rate as at the end of the financial 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 as at the
initial transaction dates. Non-monetary items measured at fair value in a foreign currency are translated
using the exchange rates as at the date when the fair value was measured.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
205
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.20
Foreign Currencies (cont’d)
(b)
Foreign Currency Transactions (cont’d)
Foreign currency differences arising on the settlement of monetary items or on translating monetary
items as 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 as at that reporting date; and
income and expenses are translated at average exchange rates for the financial year, which
approximate the exchange rates as 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 foreign currency
translation reserve related to that foreign operation is reclassified to the profit statement as part of
the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that
includes a foreign operation while retaining control, the relevant proportion of the cumulative amount
is reattributed to NCI. When the Group disposes of only part of its investment in an associate or joint
venture that includes a foreign operation while retaining significant influence or joint control, the relevant
proportion of the cumulative amount is reclassified to the profit statement as part of the gain or loss
on disposal.
When the settlement of a monetary item receivable from or payable to a foreign operation is neither
planned nor likely to occur in the foreseeable future, foreign exchange gains and losses arising from
such a monetary item that are considered to form part of a net investment in a foreign operation are
recognised in OCI and are accumulated in the foreign currency translation reserve in equity.
2.21
Employee Benefits
(a)
Defined Contribution Plan
As required by law, the Group makes contributions to state pension schemes in accordance with local
regulatory requirements. The pension contributions are recognised as compensation expense in the
same period as the employment that gives rise to the contribution.
(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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 206
Frasers Property Limited
Annual Report 2023
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.21
Employee Benefits (cont’d)
(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. As 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 as at each reporting date and as at the date of settlement, with any
changes in fair value recognised for the period in the profit statement.
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 financial 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/(losses)’ on a systematic basis over the periods in which the entity
recognises as expenses the related costs for which the grants are intended to compensate.
2.24
Contingencies
A contingent liability is:
–
–
a possible obligation that arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of
the Group and the Company; or
a present obligation that arises from past events but is not recognised because it is not probable that
an outflow of resources embodying economic benefits will be required to settle the obligation or the
amount of obligation cannot be measured with sufficient reliability.
Contingent liabilities are not recognised on the balance sheets of the Group and the Company, except for
contingent liabilities assumed in a business combination that are present obligations and which the fair values
can be reliably determined.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
207
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
2.25
New Standards and Interpretations Not Yet Adopted
A number of new standards, interpretations and amendments to standards are effective for annual periods
beginning after 1 October 2022 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, including amendments to Initial Application of SFRS(I) 17 and SFRS(I) 9
– Comparative Information
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)
Classification of Liabilities as Current or Non-current (Amendments to SFRS(I) 1-1)
Non-current Liabilities with Covenants (Amendments to SFRS(I) 1-1)
Lease Liability in a Sale and Leaseback (Amendments to SFRS(I) 16)
Supplier Finance Arrangements (Amendments to SFRS(I) 1-17 and SFRS(I) 7)
Lack of exchangeability (Amendments to SFRS(I) 1-21)
3.
REVENUE
Revenue from contract with customers:
– Properties held for sale
– Hotel income
– Fee income
Rent and related income
Others
Group
2023
$’000
2022
$’000
1,717,161
526,968
102,350
2,346,479
1,570,265
30,322
3,947,066
1,805,253
438,966
111,445
2,355,664
1,511,567
9,811
3,877,042
As at 30 September 2023, the Group has property development revenue expected to be recognised in the
future related to performance obligations that are unsatisfied (or partially satisfied) of $217,642,000 (2022:
$179,805,000) which is expected to be recognised over the next 3 financial years (2022: 4 financial years) as
construction of the development properties progresses.
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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 208
Frasers Property Limited
Annual Report 2023
3.
REVENUE (CONT’D)
Financial year ended 30 September 2023
Operating segment
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
Singapore Australia Industrial Hospitality
$’000
$’000
$’000
$’000
Thailand
&
Corporate
Vietnam Others(1)
$’000
$’000
& others Eliminations
$’000
$’000
Total
$’000
541,963
–
24,874
566,837
468,230
1,503
1,036,570
630,125
–
21,071
651,196
70,444
24,182
745,822
46,689
–
6,156
52,845
576,045
3,031
631,921
–
505,093
19,807
524,900
240,077
58
765,035
424,501
21,875
35,068
481,444
73,883
–
4,657
78,540
118,928
–
600,372
105,617
69
184,226
–
–
32,277
32,277
–
2,925
35,202
–
–
(41,560)
(41,560)
1,717,161
526,968
102,350
2,346,479
(9,076)
(1,446)
(52,082)
1,570,265
30,322
3,947,066
–
630,125
25,538
172,159
425,586
73,883
–
–
1,327,291
566,837
566,837
21,071
651,196
27,307
52,845
352,741
524,900
55,858
481,444
4,657
78,540
32,277
32,277
(41,560)
(41,560)
1,019,188
2,346,479
Financial year ended 30 September 2022
Operating segment
Singapore Australia
$’000
$’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
620,981
–
25,531
646,512
494,978
–
27,853
522,831
157,917
–
172
158,089
–
425,843
19,809
445,652
498,119
13,123
48,931
560,173
33,258
–
3,319
36,577
Rent and related income
Others
451,867
2,413
1,100,792
70,469
5,347
598,647
598,440
–
756,529
190,897
161
636,710
105,269 102,391
631
665,442 139,599
–
–
–
34,125
34,125
–
2,118
36,243
1,805,253
–
438,966
–
(48,295)
111,445
(48,295) 2,355,664
(7,766) 1,511,567
9,811
(56,920) 3,877,042
(859)
Timing of revenue
recognition
Products transferred at a
point in time
Products and services
transferred over time
–
494,978
98,317
159,621
498,997
33,258
–
–
1,285,171
646,512
646,512
27,853
522,831
59,772
158,089
286,031
445,652
61,176
560,173
3,319
36,577
34,125
34,125
(48,295) 1,070,493
(48,295) 2,355,664
(1) Others include revenue contribution from China and the United Kingdom (the “UK”).
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
209
4.
TRADING PROFIT
Trading profit includes the following:
(a)
Cost of sales include:
Cost of properties held for sale
Reversal of 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) include:
Net fair value change on derivative financial instruments
Net fair value change on debt instrument at fair value
through profit or loss
Foreign exchange gain/(loss)
Gain on disposal of property, plant and equipment
Government grant income
Government grant expense
Gain on disposal of a subsidiary
Others
(c)
Administrative expenses include:
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
Note
Group
2023
$’000
2022
$’000
(1,361,742)
(1,484,234)
20
93,064
107,717
13(a)
18
18
40(b)
(367,439)
(216,033)
(349,197)
(192,394)
(55,872)
(329,746)
(21,088)
(5,978)
4,595
(249)
(61,984)
(306,658)
(20,412)
(6,689)
8,628
(863)
(120,226)
40,657
(682)
115,615
243
5,612
(137)
21,403
8,384
30,212
–
(48,842)
219
14,817
(2,317)
15,965
11,040
31,539
13(a)
17
17
(18,206)
(5,956)
(257)
(21,125)
(5,601)
(350)
(2,248)
(4,432)
(813)
(1,357)
(913)
(806)
(9,017)
(104)
(3,017)
(216,806)
(11,953)
(17,427)
(2,119)
(4,458)
(978)
(1,523)
(1,039)
(794)
(9,151)
(94)
(2,573)
(170,941)
(12,336)
(25,091)
*
In addition to the audit fees, there are technology charges from the auditors of $139,000 (2022: $127,000).
Notes to the Financial StatementsFor the financial year ended 30 September 2023
210
Frasers Property Limited
Annual Report 2023
5.
INTEREST INCOME
Interest income:
– Fixed deposits and bank balances
– Interest rate swaps
– Finance lease receivables
– Related parties
6.
INTEREST EXPENSE
Interest expense:
– Loans and borrowings
– Lease liabilities
– Interest rate swaps
– A related party
2023
$’000
81,693
696
2,190
12,192
96,771
Group
2022
$’000
48,464
2,455
2,350
10,821
64,090
Group
2023
$’000
2022
$’000
(480,941)
(33,563)
(1,104)
(10,241)
(525,849)
(347,522)
(35,759)
–
(11,133)
(394,414)
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
2023
$’000
2022
$’000
(466,847)
20,671
(446,176)
904,201
172,037
1,076,238
Included in net fair value change on investment properties is net fair value change on assets held for sale of nil
(2022: net fair value loss of $9,265,000).
8.
EXCEPTIONAL ITEMS
Note
Group
2023
$’000
2022
$’000
Reversal of transaction costs on acquisitions and disposals of
subsidiaries and associates
Net loss on acquisitions and disposals of subsidiaries, associates
and a joint venture
Impairment of property, plant and equipment
Impairment of investments in associates
Gain on termination of lease and gain on disposal of property, plant
13
15(d)
and equipment – land and buildings
254
4,257
(2,511)
(37,597)
(12,251)
14,894
(37,211)
(2,814)
–
–
132,937
134,380
During the financial year, the gain on termination of lease is related to a leasehold land in the UK.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
211
9.
TAX
(a)
Components of Income Tax Expense
The components of income tax expense for the financial years ended 30 September are:
Based on profit for the financial year:
– Current tax
– Withholding tax
– Deferred tax
Over/(under) provision in prior financial years:
– Current tax
– Deferred tax
(b)
Tax Recognised in OCI
Group
2023
$’000
2022
$’000
(100,381)
(16,548)
7,820
(109,109)
10,345
(7,220)
3,125
(105,984)
(116,230)
(18,794)
(248,458)
(383,482)
24,276
789
25,065
(358,417)
Before
tax
$’000
2023
Tax
expense
$’000
Net
of tax
$’000
Before
tax
$’000
2022
Tax
expense
$’000
Net
of tax
$’000
Group
Effective portion of changes in
fair value of cash flow hedges
Net change in fair value of cash
flow hedges reclassified to profit
statement
Foreign currency translation
Share of other comprehensive
(loss)/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 OCI
(235,578)
–
(235,578)
631,547
87,427
(364,685)
(27,052)
–
(15,144)
(555,032)
–
–
–
–
–
–
87,427
(364,685)
(97,954)
(822,250)
(27,052)
24,740
–
2,391
(15,144)
(555,032)
(11,025)
(272,551)
–
–
–
–
–
–
–
631,547
(97,954)
(822,250)
24,740
2,391
(11,025)
(272,551)
Notes to the Financial StatementsFor the financial year ended 30 September 2023 212
Frasers Property Limited
Annual Report 2023
9.
TAX (CONT’D)
(c)
Reconciliation between Tax Expense and Accounting Profit
Profit before tax
Less: Share of results of joint ventures and associates, net of tax
Profit before tax and share of results of joint ventures and
associates, net of tax
Group
2023
$’000
2022
$’000
400,751
(150,919)
2,129,534
(108,318)
249,832
2,021,216
A reconciliation of the statutory tax rate to the Group’s effective tax rate applicable to profit before tax and
share of results of joint ventures and associates, net of tax for the financial years ended 30 September
is 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 financial 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
2023
%
17.0
(0.2)
(13.3)
9.3
9.2
(3.7)
(2.4)
4.3
17.2
6.7
(3.4)
0.7
1.0
42.4
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
Non-recognition of deferred tax assets on fair value losses recorded on certain investment properties
of the Group has contributed to the effective tax rate of 42.4%.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
213
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 $49,951,000 (2022: $56,845,000)) 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 EPS for the financial years
ended 30 September:
Attributable profit to owners 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
Group
2023
$’000
2022
$’000
300,317
123,193
342,001
871,429
No. of Shares
2023
‘000
2022
‘000
Weighted average number of ordinary shares in issue
Effects of dilution – share plans
Weighted average number of ordinary shares for diluted EPS computation
3,926,042
–
3,926,042
3,923,832
31,527
3,955,359
EPS (cents)
(a) Basic EPS
– 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
7.7
3.1
7.7
3.1
8.7
22.2
8.6
22.0
Notes to the Financial StatementsFor the financial year ended 30 September 2023
214
Frasers Property Limited
Annual Report 2023
11.
SEGMENT INFORMATION
The operating segments are determined based on the reports reviewed and used by the Group CEO (the chief
operating decision maker) for strategic decision-making and resource allocation.
The Group CEO considers the Group’s operations from both a geographic and business segment perspective,
and reviews internal management reports of each segment at least quarterly.
The Group’s reportable operating segments comprise four strategic business units:
(a)
(b)
(c)
(d)
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
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
(e)
(f)
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 comprise 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, tax 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 financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
215
11.
SEGMENT INFORMATION (CONT’D)
Financial year ended 30 September 2023
The following table presents financial information regarding operating segments:
Singapore
$’000
Australia
$’000
Industrial Hospitality
$’000
$’000
Vietnam Others(2)
$’000
$’000
Thailand &
Corporate
& others
$’000
Eliminations
$’000
Revenue – external
Revenue – inter-segment
1,025,382
11,188
743,144
2,678
631,297
624
764,574
461
600,372
–
180,041
4,185
2,256
32,946
–
(52,082)
Trading profit/(loss)
Share of results of joint
ventures and associates,
net of tax
Profit/(loss) before interest,
fair value change, tax and
exceptional items
Interest income
Interest expense
Profit before fair value
change, tax and
exceptional items
Fair value change and gain
on disposal of investment
properties
Profit before tax and
exceptional items
Exceptional items
Profit before tax
Tax
Profit for the financial 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
Reversal of write-down to net
realisable value of properties
held for sale
Attributable profit/(loss)
before fair value change and
exceptional items (1)
Fair value change
Exceptional items
Attributable profit/(loss) to
owners of the Company
and holders of perpetual
securities
451,582
75,333
382,746
128,766
131,821
57,240
(65,191)
98,760
189
(30,292)
208
78,718
15,604
(12,268)
550,342
75,522
352,454
128,974
210,539
72,844
(77,459)
80,498
16,045
(418,253)
81,245
38,891
(244,692)
90
(3,724)
(73)
330
(675)
(22,062)
336
(11,343)
1,621,443
8,879,679
10,501,122
178,566
256,300
2,873,296 10,967,715
3,051,862 11,224,015
26,842
4,225,625
4,252,467
1,044,519
597,615
3,884,661 2,122,826
4,929,180 2,720,441
142,446
190,428
332,874
666,880
299,759
417,179
644,721
484,002
861,834
237,668
64,806
273
183,189
–
609,715
–
83,392
184
148,604
882
27,416
9
47
2,492
(89)
(4,838)
(3,524)
(51,335)
(10,685)
(1,586)
(2,021)
(678)
(1,385)
(15)
(386)
(1,305)
(174)
(2,013)
92,000
–
–
–
124
940
–
187,999
100,668
(1,389)
19,064
11,231
(73)
65,693
(152,920)
330
(10,535)
73,405
(860)
35,208
58,942
(10,849)
11,467
(244,692)
336
41,372
90
(11,343)
287,278
30,222
(86,897)
62,010
83,301
(232,889)
30,119
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Total
$’000
3,947,066
–
1,162,297
150,919
1,313,216
96,771
(525,849)
884,138
(446,176)
437,962
(37,211)
400,751
(105,984)
294,767
3,867,731
33,144,230
37,011,961
110,526
528
2,658,340
39,781,355
3,612,043
16,461,272
1,508,127
21,581,442
1,117,169
3,840
(74,078)
(5,956)
93,064
350,268
(153,276)
(23,848)
173,144
Notes to the Financial StatementsFor the financial year ended 30 September 2023 216
Frasers Property Limited
Annual Report 2023
11.
SEGMENT INFORMATION (CONT’D)
Financial year ended 30 September 2023 (cont’d)
The following table presents financial information regarding geographical segments:
Singapore
$’000
Australia
$’000
Europe(3)
$’000
China
$’000
Thailand
$’000
Others(4)
$’000
Total
$’000
Revenue – external
PBIT
1,262,611
536,377
1,204,766
273,775
730,934
235,991
63,963
41,922
575,670
199,098
109,122
26,053
3,947,066
1,313,216
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
Reversal of write-down to net
realisable value of properties
held for sale
Exceptional items
1,650,716
11,263,556
12,914,272
434,866
9,848,471
10,283,337
–
6,909,544
6,909,544
624,446
665,562
1,290,008
1,127,585
3,362,032
4,489,617
30,118
3,867,731
1,095,065 33,144,230
1,125,183 37,011,961
110,526
528
2,658,340
39,781,355
989,810
636,955
719,196
750,594
406,242
109,246
3,612,043
16,461,272
1,508,127
21,581,442
67,608
2,949
603,883
–
263,625
–
(11,802)
(2,897)
(13,983)
(1,385)
(33,840)
(253)
141
9
(371)
(104)
50,827
815
131,085
67
1,117,169
3,840
(10,104)
(1,203)
(3,978)
(114)
(74,078)
(5,956)
92,000
(14,757)
–
–
–
(4)
940
(5)
124
(22,372)
–
(73)
93,064
(37,211)
(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 include 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 amount to $54,870,000, $41,400,000, $36,799,000,
$597,615,000, $591,648,000 and $747,673,000, respectively.
(3) Europe includes the UK and continental Europe.
(4) Others in geographical segment include Vietnam, Japan, New Zealand, Indonesia, Hong Kong, Philippines and Malaysia.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
217
11.
SEGMENT INFORMATION (CONT’D)
Financial year ended 30 September 2022
The following table presents financial information regarding operating segments:
Singapore
$’000
Australia
$’000
Industrial Hospitality
$’000
$’000
Vietnam Others(2)
$’000
$’000
Thailand &
Corporate
& others
$’000
Eliminations
$’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)
Trading profit/(loss)
Share of results of joint
ventures and associates,
net of tax
Profit/(loss) before interest,
fair value change, tax and
exceptional items
Interest income
Interest expense
Profit before fair value
change, tax and
exceptional items
Fair value change and gain
on disposal of investment
properties
Profit before tax and
exceptional items
Exceptional items
Profit before tax
Tax
Profit for the financial 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
Reversal of 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/(loss) 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
9,929
52,090
136
(67,204)
36,531
(19,450)
536,373
80,833
460,399
100,927
100,239
53,172
(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
578,224
3,860,814 2,313,674
4,796,230 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
520
28,586
505
640,506
108
37,335
301
343,365
519
47,789
–
179
961
(128)
(703)
(5,833)
(4,818)
(57,091)
(11,106)
(1,595)
(2,538)
(1,373)
(222)
(432)
(803)
(185)
(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
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Total
$’000
3,877,042
–
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 financial year ended 30 September 2023 218
Frasers Property Limited
Annual Report 2023
11.
SEGMENT INFORMATION (CONT’D)
Financial year ended 30 September 2022 (cont’d)
The following table presents financial information regarding geographical segments:
Singapore
$’000
Australia
$’000
Europe(3)
$’000
China
$’000
Thailand
$’000
Others(4)
$’000
Total
$’000
Revenue – external
PBIT
1,265,040
520,331
1,138,131
343,459
721,460
248,899
24,782
27,528
605,446
78,897
122,183
30,126
3,877,042
1,249,240
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
Reversal of write-down to net
realisable value of properties held
for sale
Exceptional items
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
2,922,164
948,434 33,805,331
1,022,108 36,727,495
115,226
1,165
3,321,230
40,165,116
782,925
579,116
756,306
698,178
431,956
76,268
3,324,749
15,889,336
1,572,489
20,786,574
52,521
1,764
540,435
505
206,377
108
1,155
–
189,319
2
156,266
535
1,146,073
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 included 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 included 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 amounted to $17,288,000, $30,950,000, $37,693,000,
$578,224,000, $582,425,000, $695,563,000, respectively.
(3) Europe included the UK and continental Europe.
(4) Others in geographical segment included Vietnam, Japan, New Zealand, Indonesia, Hong Kong and Malaysia.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
219
12.
INVESTMENT PROPERTIES
Completed
investment
properties
$’000
Investment
properties
under
construction
$’000
Total
investment
properties
$’000
Group
As 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
As at 30 September 2022 and 1 October 2022
Currency re-alignment
Reclassification to assets held for sale
Reclassification to property, plant and equipment (Note 13)
Transfer upon completion
Additions
Disposals
Fair value change
As at 30 September 2023
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
(194,625)
(343,419)
(432)
471,111
384,614
(142,613)
(453,824)
23,256,720
573,375
(48,029)
–
–
–
(202,486)
372,035
–
127,548
37
822,480
(26,586)
–
–
(471,111)
598,367
–
(6,299)
916,851
Company
As at 1 October 2021, 30 September 2022 and 1 October 2022
Fair value change
As at 30 September 2023
(a)
Completed Investment Properties
24,613,811
(1,336,311)
(108,000)
(40,570)
(2,804)
–
907,289
(706,601)
914,821
116,753
24,358,388
(221,211)
(343,419)
(432)
–
982,981
(142,613)
(460,123)
24,173,571
Completed
investment
properties
$’000
2,220
90
2,310
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 $3,654,702,000 (2022: $4,227,346,000) have been
mortgaged to certain financial institutions as securities for credit facilities.
Contingent rents, representing income based on sales turnover achieved by tenants, amount to
$40,509,000 (2022: $32,023,000) for the financial year.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 220
Frasers Property Limited
Annual Report 2023
12.
INVESTMENT PROPERTIES (CONT’D)
(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 nil (2022: $67,200,000) have been mortgaged to certain financial institutions as
securities for credit facilities.
During the financial year, net interest expense of $14,625,000 (2022: $8,453,000) arising from borrowings
obtained specifically for the projects is 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 as 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
2023
$’000
1,081,333
904,527
647,887
468,673
364,539
1,207,970
4,674,929
Group
2022
$’000
1,054,518
851,379
618,243
425,813
348,693
1,315,872
4,614,518
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.
13. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment owned
Right-of-use assets classified within property,
plant and equipment
Group
Company
2023
$’000
2022
$’000
1,734,474
1,715,377
370,080
2,104,554
411,056
2,126,433
2023
$’000
14
–
14
2022
$’000
17
–
17
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
221
13. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Group
Cost
As at 1 October 2021
Currency re-alignment
Acquisitions of subsidiaries
Disposals of subsidiaries
Additions
Disposals/write-offs
Reclassification within property,
plant and equipment
Reclassification from investment
properties (Note 12)
As at 30 September 2022 and 1 October 2022
Currency re-alignment
Additions
Disposals/write-offs
Reclassification from investment properties
(Note 12)
Reclassification from properties held for sale
As at 30 September 2023
Accumulated depreciation and
accumulated impairment
As at 1 October 2021
Currency re-alignment
Acquisitions of subsidiaries
Disposals of subsidiaries
Depreciation charge
Disposals/write-offs
Reclassification within property,
plant and equipment
Land and
buildings
$’000
Equipment,
furniture
and fittings
$’000
Others
$’000
Total
$’000
2,827,923
(222,254)
15
–
91,288
(200,912)
283,680
(24,694)
230
(6,384)
16,770
(8,023)
95,594
(6,278)
259
–
13,469
(9,715)
3,207,197
(253,226)
504
(6,384)
121,527
(218,650)
(8,787)
8,787
2,804
–
–
–
–
2,804
2,490,077
(193)
88,769
(47,070)
432
–
2,532,015
549,577
(49,888)
3
–
45,557
(27,236)
270,366
1,172
34,338
(2,824)
–
714
303,766
170,332
(15,279)
210
(3,334)
25,064
(7,264)
93,329
(2,458)
11,081
(15,328)
–
–
86,624
36,003
(2,554)
246
–
11,892
(5,990)
2,853,772
(1,479)
134,188
(65,222)
432
714
2,922,405
755,912
(67,721)
459
(3,334)
82,513
(40,490)
(7,988)
7,988
–
–
As at 30 September 2022 and 1 October 2022
Currency re-alignment
Depreciation charge
Impairment loss (Note 8)
Disposals/write-offs
As at 30 September 2023
510,025
3,906
42,955
37,300
(15,772)
578,414
177,717
(232)
21,334
297
(2,040)
197,076
39,597
(770)
9,350
–
(5,816)
42,361
727,339
2,904
73,639
37,597
(23,628)
817,851
Net book value
As at 30 September 2023
As at 30 September 2022
1,953,601
1,980,052
106,690
92,649
44,263
53,732
2,104,554
2,126,433
Notes to the Financial StatementsFor the financial year ended 30 September 2023 222
Frasers Property Limited
Annual Report 2023
13. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Company
Cost
As at 1 October 2021, 30 September 2022, 1 October 2022 and 30 September 2023
Accumulated depreciation
As at 1 October 2021
Depreciation charge
As at 30 September 2022 and 1 October 2022
Depreciation charge
As at 30 September 2023
Net book value
As at 30 September 2023
As at 30 September 2022
Equipment,
furniture and
fittings
$’000
27
8
2
10
3
13
14
17
(a)
The depreciation charge for the financial 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
2023
$‘000
2022
$‘000
2023
$’000
2022
$’000
73,639
82,513
439
74,078
596
83,109
3
–
3
2
–
2
(b)
Included in property, plant and equipment are certain hotel properties of the Group with carrying
amount of $140,716,000 (2022: $150,599,000) which are pledged to certain financial institutions to
secure credit facilities.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
223
13. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
(c)
During the financial year ended 30 September 2023, the Group recognises a net impairment loss of
$37,300,000 (2022: nil) on land and buildings. Land and buildings are measured at cost less accumulated
depreciation and accumulated impairment losses. Impairment is recognised for land and buildings
when the net carrying value of the assets exceeds the recoverable amount. The recoverable amount of
land and buildings is based on management’s value-in-use calculation using the discounted cash flow
method. The fair value measurement is categorised as Level 3 in the fair value hierarchy.
The following table shows the valuation technique as well as the significant unobservable inputs used:
Valuation method
inputs
Hospitality
inputs and fair value measurement
Key unobservable
Inter-relationship between key unobservable
Operating segment
Discounted
cash flow
method
Discount rate
2023
Terminal yield rate
2023
8.8%
2.0%
The estimated fair value varies
inversely against discount rate and
terminal yield rate
Included in the net impairment loss of $37,300,000 is an impairment loss of $21,731,000 relating to a
building in Thailand which is fully impaired during the financial year due to planned redevelopment.
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
Note
Company
2023
$’000
2022
$’000
1,233,559
(111,000)
1,122,559
1,208,387
(106,672)
1,101,715
4,441,589
1,176,611
5,618,200
4,043,869
1,282,719
5,326,588
(516,427)
5,101,773
(446,876)
4,879,712
286,826
5,331,374
5,618,200
147,967
5,178,621
5,326,588
(180,360)
(336,067)
(516,427)
(200,109)
(246,767)
(446,876)
5,101,773
4,879,712
18
18
25
25
Notes to the Financial StatementsFor the financial year ended 30 September 2023
224
Frasers Property Limited
Annual Report 2023
14.
INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES (CONT’D)
In the financial year ended 30 September 2023, the Company carries out a review of the recoverable amount
of its investment in subsidiaries, estimated based on the fair value of the respective subsidiaries. As a result, a
net impairment loss of $4,328,000 (2022: $54,035,000) is 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% (2022: 0.3% to 3.0%) per annum is charged.
Amounts due to subsidiaries are non-trade related, interest-free, unsecured and repayable in cash.
Balances with subsidiaries which are repayable on demand have been classified as current, while balances
with no fixed terms of repayment and not expected to be repaid within the next 12 months have been classified
as non-current. The non-current loans due from subsidiaries form part of the Company’s net investments in
subsidiaries where settlements are neither planned nor likely to occur in the foreseeable future.
Details of significant subsidiaries are included in Note 41.
Interest in Subsidiaries with Material NCI
(a)
Determining whether the Group has control over the REITs it manages requires management judgement.
In exercising its judgement, management considers the proportion of its ownership interest and voting
rights, the REIT managers’ decision-making authority over the REITs as well as the Group’s overall
exposure to variable returns, both from the REIT managers’ remuneration and their interests in the REITs.
The Group assesses that it controls FCT, FLCT and FHT (collectively, the “REITs”), although the Group
owns less than half of the ownership interest and voting power of the REITs. The activities are managed by
the Group’s wholly-owned subsidiaries, namely, Frasers Centrepoint Asset Management Ltd. (“FCAM”),
Frasers Logistics & Commercial Asset Management Ltd. (“FLCAM”) and Frasers Hospitality Asset
Management Pte. Ltd. (“FHAM”), respectively (collectively, the “REIT Managers”). The REIT Managers
have decision-making authority over the REITs, subject to oversight by the trustees of the respective
REITs. The Group’s overall exposure to variable returns, both from the REIT Managers’ remuneration and
the interests in the REITs, is significant and any decisions made by the REIT Managers affect the Group’s
overall exposure.
(b)
The following subsidiaries of the Group have material NCI:
Name of entity
FCT
FHT
FLCT
Frasers Property (Thailand) Public Company Limited
(“FPT”)
(i)
FCT
Principal place
of business
Singapore
Singapore
Singapore
Thailand
Ownership
interest held by NCI
2022
2023
%
%
58.7
74.2
77.7
40.4
58.8
74.2
78.4
40.4
In the financial year ended 30 September 2023, the Group received units in FCT in return for
management services provided to FCT. Arising therefrom, the Group’s interest in FCT increased
from 41.2% to 41.3%.
(ii)
FLCT
In the financial year ended 30 September 2023, the Group received units in FLCT in return for
management services provided to FLCT. Arising therefrom, the Group’s interest in FLCT increased
from 21.6% to 22.3%.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
225
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
369,723
211,954
199,447
122,819
36,564
19,327
420,615
(103,237)
(225,858)
579,159
131,826
82,595
124,311
27,149
(80,215)
53,219
(2,841)
121,623
2023
Revenue
Profit/(loss) for the financial year
Total comprehensive income/(loss)
Attributable to NCI
– Profit/(loss) for the financial year
– Total comprehensive income/
(loss)
Current assets
Non-current assets
Current liabilities
Non-current liabilities
116,976
407,849
5,963,594
(504,005)
(1,897,943)
33,344
(175,492)
14,351
1,325,715
208,229
106,073
3,013,271
6,729,431
1,750,541
(180,055)
(706,253)
(604,590)
(600,346) (2,010,829) (1,573,955)
(7,305)
(18,126)
Net assets
3,969,495
1,076,213
4,322,241
2,058,778
Net assets attributable to NCI
2,323,510
799,088
3,355,283
843,256
87,734 7,408,871
Cash flows from/(used in):
– Operating activities
– Investing activities
– Financing activities1
Net decrease in cash
and cash equivalents
243,130
(356,931)
107,842
71,406
9,571
(113,099)
302,255
(128,307)
(243,092)
106,356
74,102
(180,766)
(5,959)
(32,122)
(69,144)
(308)
1
Includes dividends paid to NCI
(122,432)
(31,402)
(211,180)
(24,551)
Notes to the Financial StatementsFor the financial year ended 30 September 2023
226
Frasers Property Limited
Annual Report 2023
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
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
103,202
573,679
52,072
(8,073)
842,843
2022
Revenue
Profit for the financial year
Total comprehensive income
Attributable to NCI
– Profit/(loss) for the financial year
– Total comprehensive income/
(loss)
145,173
77,078
367,429
1,378
(15,007)
576,051
Current assets
Non-current assets
Current liabilities
Non-current liabilities
49,271
152,376
312,809 1,324,490
5,888,357 1,773,846 7,096,138 3,144,922
(193,802)
(908,492)
(275,238)
(633,227) (2,349,242) (1,543,778)
(508,979)
(1,469,929)
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)
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES
Investments in joint ventures
Investments in associates
Group
Company
2023
$’000
2022
$’000
2,725,203
1,142,528
3,867,731
1,835,377
1,086,787
2,922,164
2023
$’000
500
–
500
2022
$’000
500
–
500
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
227
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
Balances with joint ventures
Loans to joint ventures:
– Non-current
Amounts due from joint ventures:
– Non-current
– Current
Loans from joint ventures:
– Non-current
– Current
Amounts due to joint ventures:
– Non-current
– Current
Balances with associates
Loans to associates:
– Non-current
– Current
Amounts due from associates:
– Non-current
– Current
Loan from associate:
– Non-current
Amounts due to associates:
– Non-current
– Current
Note
Group
2023
$’000
2022
$’000
18
18
25
25
18
18
25
25
184,261
184,612
21
53,426
(27,988)
(12,500)
–
20,589
(28,438)
(16,000)
(31,781)
(590,690)
(425,251)
(28,113)
(423,971)
(291,321)
115,514
14,535
2,840
9,372
128,620
–
3,633
14,327
(197,117)
(248,916)
(1,148)
(2,752)
(58,756)
(1,148)
(393)
(103,877)
Excluding a loan to joint venture of $172,500,000 (2022: $172,500,000) which bears interest at 4.5% (2022: 4.5%)
per annum, loans to and from joint ventures are interest-free, unsecured and repayable in cash. Excluding
a loan to joint venture of $172,500,000 (2022: $172,500,000) which is repayable by 2025 (2022: 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 $115,514,000 (2022: $112,633,000) which bear interest at 3.0% to 5.2% (2022:
3.0% to 4.0%) per annum and the loan from associate which bears interest at 4.8% (2022: 4.8%) per annum,
loans to and from associates are interest-free, unsecured and repayable in cash. Excluding loans to associates
of $112,459,000 (2022: $109,528,000) which are repayable by 2027 (2022: repayable by 2027) and the loan from
associate which is repayable by 2025 (2022: repayable by 2025), 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 associate of $3,633,000 (2022: $4,392,000) which bears interest at 4.5% (2022:
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 associate of $2,840,000 (2022: $3,633,000) which is repayable
by 2027 (2022: 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 financial year ended 30 September 2023 228
Frasers Property Limited
Annual Report 2023
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 as at the reporting date
and the movements of the allowance account used to record the impairment are as follows:
As at 1 October
Currency re-alignment
Allowance for the financial year
As at 30 September
(a)
Acquisitions/Incorporations of Joint Ventures
Individually impaired
2022
2023
$’000
$’000
2,291
(10)
135
2,416
2,064
(21)
248
2,291
(i)
(ii)
(iii)
(iv)
On 13 December 2022, the Group, through its wholly-owned subsidiary, Suzhou Yao Xin Long
Enterprise Management Co., Ltd., completed the subscription for a 44.4% equity interest in the
capital of Taicang Xin Zhu Management Consultancy Service Co., Ltd.
On 6 February 2023, the Group, through Frasers Property Coral Pte. Ltd. (in its capacity as
trustee-manager of NEX Partners Trust, a private trust held 49.0% and 51.0% respectively by
FCL Emerald (1) Pte. Ltd., a wholly-owned subsidiary of the Group, and HSBC Institutional Trust
Services (Singapore) Limited (in its capacity as trustee of FCT)), completed the joint acquisition of
50.0% of the issued and paid-up share capital of Gold Ridge Pte. Ltd. (“GRPL”) for a consideration
(including transaction costs and post-completion adjustments) of $640,865,000.
On 2 March 2023, Shenzhen Shenluoshihui Hotel Co., Ltd. (“SLSH”) was incorporated as a joint
venture of the Group, through its wholly-owned subsidiary, Frasers Hospitality Investments
(China) 1 Pte. Ltd., and an unrelated third party, which each holds 50.0% equity interest in the
capital of SLSH.
On 17 March 2023, the Group, through its wholly-owned subsidiary, Shanghai Sing Heng Le
Enterprise Development Co., Ltd., completed the subscription for a 50.0% equity interest in the
capital of Taicang Xin Xin Rong Business Advisory Co., Ltd.
(b)
Acquisitions of Additional Interest in Joint Ventures
(i)
(ii)
On 7 December 2022, the Group, through its wholly-owned subsidiary, Suzhou Sing He Xiang
Management Consultancy Co., Ltd., registered the subscription for an additional 20.0% equity
interest in the capital of Taicang Xin Bai Shun Business Consultancy Co., Ltd.
On 8 February 2023, the Group, through its subsidiary, FCT, completed the acquisition of an
additional 10.0% of the total issued units in Sapphire Star Trust (“SST”) and an additional 10.0%
of the issued share capital of FC Retail Trustee Pte. Ltd. (the trustee-manager of SST) (“FCRT”) for
a consideration (including transaction costs and adjustments on completion) of $73,060,000. The
Group’s deemed interest in SST and FCRT increased from 40.0% to 50.0%.
(c)
Reclassification of an Associate to Assets Held for Sale
On 22 September 2023 and 4 October 2023 respectively, the Group, through FCT, entered into two
sale and purchase agreements with two separate unrelated third parties in relation to the divestment
of 28.9% and 2.1% interest in Hektar Real Estate Investment Trust (“H-REIT”), comprising 143,898,398
units and 10,559,928 units in H-REIT for a purchase consideration of approximately RM128,100,000
($37,300,000) and approximately RM6,900,000 ($2,000,000), respectively. The Group’s entire interest of
31.0% in H-REIT is reclassified to assets held for sale (Note 24).
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
229
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(d)
Impairment of Investments in Associates and Joint Ventures
During the financial year, the Group, through FCT and a wholly-owned subsidiary, Frasers Property
Ventures I Pte. Ltd., recognises impairment losses of $12,251,000 (2022: Nil) on investments in associates,
H-REIT and ROSS Digital Pte. Ltd., based on fair value less costs to sell and value-in-use, respectively.
The Group assesses as at each reporting date whether there is any objective evidence that its investments
in associates and joint ventures are impaired. Where there is objective evidence of impairment, the
recoverable amount is estimated based on the higher of its value-in-use and its fair value less costs
to sell.
(e)
Dilution of Interest in a Subsidiary to a Joint Venture
On 2 August 2023, the Group, through its wholly-owned subsidiary, Frasers Property Ivanhoe JV2
Unitholder 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 JV2 Trust (“Ivanhoe
JV2”), (“Units Sale”) for a consideration of A$45,000,000 ($40,433,000) as disclosed in Note 40(b).
Pursuant to the Units Sale, which was completed on 6 September 2023, the Group and the Investor
each holds 50.0% of the units in issue in Ivanhoe JV2, and with effect from 6 September 2023, Ivanhoe
JV2 is equity accounted for as a joint venture. The gain on disposal of the development rights upon the
Units Sale of $21,403,000 is included in gain on disposal of a subsidiary in ‘other income/(losses)’ in the
Group’s Profit Statement (Note 4b).
(f)
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”), SST and GRPL, the Group’s joint ventures and associates
are individually immaterial.
The market value of the Group’s interest in FTREIT as at 30 September 2023 is $313,279,000 (2022:
$318,319,000).
No disclosure of fair value is made for material joint ventures and other material associates as they are
not quoted on any market.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 230
Frasers Property Limited
Annual Report 2023
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(f)
Material Joint Ventures and Associates (cont’d)
The following table summarises the financial information of the Group’s material joint ventures based
on their 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
GRPL
$’000
Immaterial
joint
ventures
$’000
Total
$’000
2023
Revenue
74,437
80,991
83,818
Profit after tax
Other comprehensive income/(loss)
Total comprehensive income
17,351
3,134
20,485
45,452
(8,424)
37,028
57,393
(4,636)
52,757
Attributable to:
– Investee’s shareholders
20,485
37,028
52,757
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Attributable to:
43,180
23,978
42,634
2,134,578 1,343,914 2,124,746
(27,985)
(29,352)
(590,106)
(822,148)
767,636 1,317,247
(18,734)
(1,093,156)
1,046,666
– Investee’s shareholders
1,046,666
767,636 1,317,247
Group’s interest in net assets as at
beginning of the financial year
Group’s share:
524,041
309,435
– 1,001,901 1,835,377
– Profit/(loss) after tax
– Other comprehensive income/(loss)
8,676
1,567
26,967
(4,019)
47,107
(2,318)
(25,569)
(5,993)
57,181
(10,763)
Total comprehensive income/(loss)
Currency re-alignment
Additions
Return of capital
Dilution of interest in a subsidiary to a
joint venture (Note 40)
Dividends received
Reclassification to assets held for sale
(Note 24)
Deferred gain
Group’s interest in net assets as at
10,243
–
–
–
22,948
–
73,056
–
44,789
–
640,865
–
(31,562)
(52,774)
232,090
(15,724)
46,418
(52,774)
946,011
(15,724)
–
(10,950)
–
(21,403)
–
(24,350)
40,433
(10,695)
40,433
(67,398)
–
–
–
–
–
–
(117)
(7,023)
(117)
(7,023)
end of the financial year
523,334
384,036
661,304 1,156,529 2,725,203
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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231
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(f)
Material Joint Ventures and Associates (cont’d)
AST
$’000
SST
$’000
Immaterial
joint
ventures
$’000
Total
$’000
2022
Revenue
Profit after tax
Other comprehensive income
Total comprehensive income
Attributable to:
73,542
77,746
144,403
39,938
184,341
56,233
32,747
88,980
– Investee’s shareholders
184,341
88,980
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Attributable to:
39,938
2,123,048
(1,090,249)
(24,656)
1,048,081
46,897
1,349,844
(43,664)
(579,428)
773,649
– Investee’s shareholders
1,048,081
773,649
Group’s interest in net assets as at
beginning of the financial year
Group’s share:
– Profit after tax
– Other comprehensive income
Total comprehensive income
Currency re-alignment
Additions
Return of capital
Carrying amount of interest in a joint
venture acquired as a subsidiary
Dilution of interest in a subsidiary to a
joint venture
Dividends received
Group’s interest in net assets as at
end of the financial year
442,320
291,579
605,796
1,339,695
72,202
19,969
92,171
–
–
–
24,239
13,099
37,338
–
–
(70)
60,483
4,212
64,695
(50,377)
454,914
–
156,924
37,280
194,204
(50,377)
454,914
(70)
–
–
(5,535)
(5,535)
–
(10,450)
–
(19,412)
29,199
(96,791)
29,199
(126,653)
524,041
309,435
1,001,901
1,835,377
Notes to the Financial StatementsFor the financial year ended 30 September 2023 232
Frasers Property Limited
Annual Report 2023
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(f)
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
$’000
OBH
Group
$’000
Immaterial
associates
$’000
Total
$’000
2023
Revenue
Profit after tax
Other comprehensive loss
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
18,473
143,711
418
48,811
(30,806)
18,005
110,026
–
110,026
191,711
–
191,711
672
17,333
–
110,026
5
191,706
430,933
20,656
126,293
436,606 1,859,275 2,256,383
(212,332)
(201,218)
(203,148)
(408,049) (1,224,196)
–
361,681 1,259,550 1,259,972
13,960
11
347,721 1,259,550 1,259,961
–
Group’s interest in net assets as at
beginning of the financial year
Group’s share:
– Profit after tax
– Other comprehensive loss
Total comprehensive income
Currency re-alignment
Additions
Disposal
Impairment loss (Note 8)
Dividends received
Reclassification to assets held for sale
(Note 24)
Group’s interest in net assets as at
187,580
344,105
103,852
451,250 1,086,787
22,135
(13,964)
28,797
–
37,990
–
4,816
(2,325)
93,738
(16,289)
8,171
–
–
–
–
(31,367)
28,797
(5,623)
–
–
–
(23,530)
37,990
(6,700)
114,618
–
–
–
2,491
(9,204)
3,990
(2,763)
(12,251)
(9,262)
77,449
(21,527)
118,608
(2,763)
(12,251)
(64,159)
–
–
–
(39,616)
(39,616)
end of the financial year
164,384
343,749
249,760
384,635 1,142,528
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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Financial &
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233
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(f)
Material Joint Ventures and Associates (cont’d)
SAI
Group
$’000
FTREIT
$’000
OBH
Group
$’000
Immaterial
associates
$’000
Total
$’000
2022
Revenue
292,613
143,406
–
Profit/(loss) after tax
Other comprehensive loss
Total comprehensive income/(loss)
55,632
(24,014)
31,618
96,039
–
96,039
(384,901)
–
(384,901)
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 as at
beginning of the financial year
Group’s share:
– Profit/(loss) after tax
– Other comprehensive loss
Total comprehensive income/(loss)
Currency re-alignment
Additions
Disposals
Carrying amount of interest in an
associate acquired as a subsidiary
Dividends received
Group’s interest in net assets as at
1,374
30,244
–
96,039
(85)
(384,816)
227,659
320,465
21,116
586,086 1,756,333 1,050,916
(72,974)
(95,611)
(400,909)
(775,009)
(423,275)
–
523,398
412,836 1,258,563
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)
end of the financial year
187,580
344,105
103,852
451,250 1,086,787
Notes to the Financial StatementsFor the financial year ended 30 September 2023 234
Frasers Property Limited
Annual Report 2023
16. OTHER NON-CURRENT/CURRENT ASSETS
Other non-current assets
Equity investments at FVOCI
Debt instrument at FVTPL
Prepayments
Other current assets
Prepayments
Inventory
Contract costs
Group
Company
2023
$’000
2022
$’000
2023
$’000
2022
$’000
58,785
40,139
3,468
102,392
85,469
4,518
33,824
123,811
226,203
55,368
24,821
594
80,783
138,462
3,447
35,825
177,734
258,517
26,258
–
–
26,258
–
–
–
–
26,258
25,751
–
–
25,751
–
–
–
–
25,751
The debt instrument at FVTPL has stated interest rates ranging from 2.4% to 3.0% (2022: 3.0%) per annum.
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 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:
As at 1 October
Currency re-alignment
Change in fair value recognised in OCI
As at 30 September
(b)
Contract Costs
2023
$’000
13,777
–
(7,001)
6,776
Group
2022
$’000
21,478
(1)
(7,700)
13,777
Contract costs relate to commission fees paid to property agents for securing sale contracts for
the Group’s development properties. During the financial year, $18,728,000 (2022: $23,027,000) of
commission fees paid are capitalised as contract costs.
Capitalised commission fees are amortised when the related revenue is recognised. During the financial
year, $20,238,000 (2022: $10,005,000) is amortised. There is no impairment loss in relation to such
costs capitalised.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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235
17.
INTANGIBLE ASSETS
Group
Cost
As at 1 October 2021
Currency re-alignment
Additions
Write-offs (Note 4(c))
As at 30 September 2022 and 1 October 2022
Currency re-alignment
Additions
Write-offs (Note 4(c))
As at 30 September 2023
Accumulated amortisation
As at 1 October 2021
Currency re-alignment
Amortisation (Note 4(c))
Write-offs (Note 4(c))
As at 30 September 2022 and 1 October 2022
Currency re-alignment
Amortisation (Note 4(c))
Write-offs (Note 4(c))
As at 30 September 2023
Net book value
As at 30 September 2023
As at 30 September 2022
(a)
Goodwill
Goodwill
$’000
Management
contracts
$’000
Software
and others
$’000
Total
$’000
540,706
(34,759)
–
–
505,947
(12,874)
–
–
493,073
65,165
(4,033)
–
–
61,132
(968)
–
–
60,164
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
47,824
(3,501)
2,914
(509)
46,728
(1,391)
3,840
(324)
48,853
23,926
(2,236)
5,601
(159)
27,132
(896)
5,956
(67)
32,125
653,695
(42,293)
2,914
(509)
613,807
(15,233)
3,840
(324)
602,090
23,926
(2,236)
5,601
(159)
27,132
(896)
5,956
(67)
32,125
493,073
505,947
60,164
61,132
16,728
19,596
569,965
586,675
The Group’s goodwill is denominated in the respective functional currencies of the acquired subsidiaries
and is subject to currency fluctuations.
The carrying value is assessed for impairment based on CGUs during the financial year.
Carrying value of capitalised goodwill in the following operating
segments:
– Australia
– Industrial
2023
$’000
2022
$’000
278,017
215,056
493,073
290,705
215,242
505,947
Notes to the Financial StatementsFor the financial year ended 30 September 2023 236
Frasers Property Limited
Annual Report 2023
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 tax and changes in capital requirements over
a five-year period. The pre-tax discount rate applied to the projections is 15.3% (2022: 12.1%)
and the terminal growth rate used beyond the five-year period is 2.0% (2022: 2.0%). Management
believes the assumptions applied are appropriate and sustainable considering current and
anticipated business conditions.
The recoverable amount yields sufficient headroom as at the reporting date which indicates no
impairment required.
As at 30 September 2023, the carrying value of goodwill is A$316,396,000 ($278,017,000) (2022:
A$316,396,000 ($290,705,000)).
(ii)
Industrial
(a)
The Group recorded the goodwill upon the acquisition of Frasers Commercial Trust and
Frasers Commercial Asset Manager. For the purposes of impairment assessment, the
CGU relates to the asset management business for a portfolio of properties in Singapore,
Australia and the UK. The recoverable amount of the CGU 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% (2022: 12.0%)
and the forecast growth rate used beyond the 10-year period is 2.0% (2022: 2.0%). Based
on the recoverable amount, no impairment is necessary.
As at 30 September 2023, the carrying value of goodwill is $62,601,000 (2022: $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 is 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
7.5% (2022: 6.6%) and the enterprise multiple used to determine the terminal value beyond
the 10-year period is 10.2 (2022: 27.9). Based on the recoverable amount, no impairment
is necessary.
As at 30 September 2023, the carrying value of goodwill is EUR65,978,000 ($95,339,000)
(2022: EUR65,978,000 ($92,919,000)).
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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237
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 tax, 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 14.3% (2022: 14.4%) and the terminal growth rate used beyond the
five-year period is 2.0% (2022: 2.0%). Management believes the assumptions applied are
appropriate and sustainable considering current and anticipated business conditions.
The recoverable amount yields sufficient headroom as at the reporting date which indicates
no impairment required.
As at 30 September 2023, the carrying value of goodwill is A$65,000,000 ($57,116,000)
(2022: A$65,000,000 ($59,722,000)).
(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 ($60,164,000) (2022: THB1,613,000,000 ($61,132,000))
are assessed to have indefinite useful lives and not amortised. Management is of the view that these
contracts have indefinite useful lives as contracts are automatically renewed every five years and are
expected to continue into perpetuity.
The recoverable amount of the management contracts has been determined based on value-in-use
calculations using a projection of the net management fee income covering a five-year period. Cash
flows beyond this period are extrapolated using the estimated terminal growth rate of 1.9% (2022: 1.2%).
The pre-tax discount rate applied to the projections is 9.7% (2022: 10.3%). Based on the recoverable
amount, no impairment is necessary.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 238
Frasers Property Limited
Annual Report 2023
18.
TRADE AND OTHER RECEIVABLES
Note
14
15
15
15
15
14
15
15
15
Other receivables (non-current)
Amounts due from subsidiaries
Amounts due from associate
Amounts due from joint ventures
Amounts due from joint venture
partners
Loans to joint ventures
Loans to associates
Loan to NCI
Receivables from joint development
agreements
Finance lease receivables
– External parties
– Associates
Tax recoverable
Sundry debtors
Trade receivables (current)
Trade receivables
Other receivables (current)
Tax recoverable
Accrued interest income
Staff loans and advances
Other deposits
Finance lease receivables
– External parties
– Associates
Receivables from joint development
agreements
Recoverable development costs
Amounts due from subsidiaries
Amounts due from related companies
Amounts due from associates
Amounts due from joint ventures
Loan to associate
Loan to joint venture partner
Sundry debtors
Total trade and other receivables
(current)
Total trade and other receivables
(current and non-current)
Group
Company
2023
$’000
–
2,840
21
2022
$’000
–
3,633
–
273,165
184,261
115,514
47,489
195,714
184,612
128,620
46,096
105,661
120,179
2023
$’000
2022
$’000
5,331,374
–
–
5,178,621
–
–
–
–
–
–
–
–
–
–
–
–
13,550
22,265
4,591
10,180
779,537
15,310
24,449
5,131
10,183
733,927
–
–
–
–
5,331,374
–
–
–
–
5,178,621
99,688
113,006
–
47,147
7,065
180
12,566
1,312
1,842
43,765
476
–
1,197
9,372
53,426
14,535
187,000
148,759
528,642
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
2,531
756
–
–
–
–
–
–
286,826
–
–
8
–
–
13,209
303,330
–
22
880
–
–
–
–
–
–
147,967
–
–
–
–
–
23
148,892
628,330
619,067
303,330
148,892
1,407,867
1,352,994
5,634,704
5,327,513
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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239
18.
TRADE AND OTHER RECEIVABLES (CONT’D)
(a)
Trade Receivables
Trade receivables comprise mainly rental receivables, are non-interest bearing and are recognised at
their original invoiced amounts which represent their fair values on initial recognition.
(b)
Amounts due from Joint Venture Partners/Loan to 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 joint venture partner of $187,000,000 (2022: $241,920,000) is non-trade related, bears interest at
a fixed rate of 8.0% (2022: 8.0%) per annum, unsecured and will be repayable within the next 12 months.
(c)
Loan to NCI
The loan to NCI is non-trade related, bears interest at a fixed rate of 6.0% (2022: 6.0%) per annum and is
unsecured. The non-current loan to NCI 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 as at the reporting date and the movements
of the allowance account used to record the impairment are as follows:
Group
Lifetime ECL
2023
$’000
2022
$’000
Individually impaired
2022
2023
$’000
$’000
Trade receivables – nominal amounts
Allowance for impairment
110,143
(10,631)
99,512
122,905
(10,259)
112,646
4,559
(4,383)
176
Movements in allowance account are
as follows:
As at 1 October
Currency re-alignment
Allowance for the financial year
(Note 4(a))
Reversal of allowance for impairment
(Note 4(a))
Bad debts written off
Disposal of a subsidiary
As at 30 September
10,259
(51)
15,721
(1,250)
3,265
3,692
(2,352)
(490)
–
10,631
(5,081)
(2,818)
(5)
10,259
4,180
20
2,713
(2,243)
(287)
–
4,383
4,540
(4,180)
360
5,644
(669)
2,997
(3,547)
(245)
–
4,180
Notes to the Financial StatementsFor the financial year ended 30 September 2023 240
Frasers Property Limited
Annual Report 2023
18.
TRADE AND OTHER RECEIVABLES (CONT’D)
(f)
Trade Receivables that are Subject to Impairment (cont’d)
Trade and other receivables that are individually determined to be impaired as 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 is disclosed in
Note 35(a).
19. DEFERRED TAX ASSETS AND LIABILITIES
(a)
The deferred tax assets and liabilities prior to offsetting of balances within the same jurisdiction are as
follows:
Deferred tax assets
Fair value changes
Provisions
Employee benefits
Unabsorbed losses and capital
allowances
Others
Gross deferred tax assets
Deferred tax liabilities
Fair value changes
Provisions
Differences in depreciation
Others
Gross deferred tax liabilities
Balance sheet
2023
$’000
2022
$’000
Group
Credited/(charged)
to profit statement
2023
$’000
2022
$’000
605
123,429
14,625
4,666
5,479
148,804
672
125,753
15,738
5,342
5,530
153,035
(480)
5,299
(678)
1,673
59
5,873
–
(2,806)
2,313
(5,432)
266
(5,659)
(823,313)
(128,667)
(159,662)
(25,188)
(1,136,830)
(916,286)
(106,619)
(122,974)
(26,322)
(1,172,201)
65,084
(25,060)
(42,219)
(3,078)
(5,273)
(232,482)
3,528
(17,658)
4,602
(242,010)
(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
2023
$’000
2022
$’000
110,526
(1,098,552)
(988,026)
115,226
(1,134,392)
(1,019,166)
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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Financial &
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241
19. DEFERRED TAX ASSETS AND LIABILITIES (CONT’D)
(c)
As at 30 September 2023, certain subsidiaries have unutilised tax losses of approximately $411,915,000
(2022: $362,821,000) and unabsorbed capital allowances of $162,499,000 (2022: $174,085,000) available
for set off against future taxable profits. Deferred tax assets of $134,919,000 (2022: $108,234,000) 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
respective tax authorities and compliance with certain provisions of the tax legislations of respective
jurisdictions in which the Group operates. Tax losses and capital allowances amounting to $165,766,000
(2022: $114,356,000) can be carried forward up to a certain prescribed period, while the remaining tax
losses and capital allowances have no expiry dates.
(d)
The Group operates in several jurisdictions which intend to enact or have enacted new legislation to
implement the global minimum top-up tax from 31 December 2023. The Group does not expect that it
will be subject to top-up tax in relation to its operations in these jurisdictions where statutory tax rates
are above 15%.
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
Group
2023
$’000
2022
$’000
135,619
–
135,619
559,958
(92,000)
467,958
2,539,525
(84,211)
2,455,314
2,590,933
2,764,584
(100,886)
2,663,698
3,131,656
1,115,747
(88,572)
1,027,175
3,618,108
816,664
(78,979)
737,685
3,869,341
Notes to the Financial StatementsFor the financial year ended 30 September 2023 242
Frasers Property Limited
Annual Report 2023
20. PROPERTIES HELD FOR SALE (CONT’D)
(a)
Movements in allowance for foreseeable losses are as follows:
Development properties held for sale
As at 1 October
Currency re-alignment
Reversal of write-down during the financial year (Note 4(a))
Transfer to completed properties held for sale
As at 30 September
Completed properties held for sale
As at 1 October
Currency re-alignment
Reversal of write-down during the financial year (Note 4(a))
Utilisation during the financial year
Transfer from development properties held for sale
As at 30 September
Group
2023
$’000
2022
$’000
(192,886)
3,385
39,340
65,950
(84,211)
(307,716)
7,806
106,807
217
(192,886)
(78,979)
2,633
53,724
–
(65,950)
(88,572)
(82,807)
3,083
910
52
(217)
(78,979)
(b)
The Group adopts the percentage of completion method of revenue recognition for residential
projects under the 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 are 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.
During the financial year, net interest expense of $45,102,000 (2022: $48,940,000) arising from borrowings
obtained specifically for the projects is capitalised as cost of development properties held for sale.
During the financial year, staff costs of $27,490,000 (2022: $27,662,000) are capitalised as cost of
development properties held for sale.
Included in development properties held for sale are projects of approximately $568,874,000 (2022:
$694,724,000) 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
$1,013,747,000 (2022: $1,279,955,000) to financial institutions as securities for credit facilities.
(c)
(d)
(e)
(f)
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
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ESG
Highlights
Corporate
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Financial &
Additional Information
243
21. CONTRACT ASSETS/LIABILITIES
Contract assets
Contract liabilities
Group
2023
$’000
2022
$’000
213,065
261,020
344,026
155,779
Contract assets relate primarily to the Group’s rights to consideration for work completed but not billed as
at the reporting date in respect of its property development business and project management contracts,
including sales proceeds receivables and progress billing receivables.
Sales proceeds receivables relate to the balance of sales proceeds from completed properties held for sale
which will be received upon issue of notice of vacant possession, certificate of statutory completion, expiry of
defect liability period and/or title subdivision. Progress billing receivables relate to the outstanding balance of
progress billings which are due after the purchasers receive the notices to make payments. Contract assets
are transferred to trade receivables when the rights become unconditional. This usually occurs when the
Group invoices the customers.
Contract liabilities relate primarily to progress billings issued in excess of the Group’s rights to the consideration.
Contract liabilities are recognised as revenue when the Group fulfils its performance obligation under the
contract with the customer.
Significant changes in the contract assets and 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 liabilities balance as at the beginning
of the financial year
Increases due to cash received, excluding
amounts recognised as revenue during the
financial year
Group
Contract assets
Contract liabilities
2023
$’000
2022
$’000
2023
$’000
2022
$’000
(644,306)
(366,325)
514,072
622,995
–
–
–
–
–
–
–
–
(2,198)
(22,723)
125,831
154,221
Notes to the Financial StatementsFor the financial year ended 30 September 2023 244
Frasers Property Limited
Annual Report 2023
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
Company
2023
$’000
2022
$’000
2023
$’000
2022
$’000
202,925
244,708
517
448,150
46,669
401,481
448,150
77,085
6,988
7
84,080
55,190
28,890
84,080
324,287
383,026
1,022
708,335
83,702
624,633
708,335
31,411
18,947
82
50,440
15,861
34,579
50,440
52,403
30,873
–
83,276
–
83,276
83,276
52,403
30,873
–
83,276
–
83,276
83,276
58,922
38,915
–
97,837
13,059
84,778
97,837
58,922
38,915
–
97,837
13,059
84,778
97,837
(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
2023
$’000
2022
$’000
2023
$’000
2022
$’000
1,785,159
1,285,897
2,050,031
5,121,087
782,694
1,299,550
2,450,065
4,532,309
–
–
914,385
914,385
101,567
–
694,708
796,275
The Group’s cross currency swaps at net carrying asset value of $87,268,000 (2022: $121,185,000) are
designated as hedging instruments for net investment hedges to hedge foreign exchange risks arising
from the Group’s net investments. There is no ineffectiveness recognised from these hedges.
The Group’s cross currency swaps and cross currency interest rate swaps at net carrying asset value of
$38,572,000 (2022: $148,023,000) are designated as hedging instruments for cash flow hedges to hedge
foreign exchange risks on foreign currency borrowings and cash and cash equivalents. There is no
ineffectiveness recognised from these hedges.
Notes to the Financial StatementsFor the financial year ended 30 September 2023
Contents
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ESG
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Financial &
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245
22. DERIVATIVE FINANCIAL INSTRUMENTS (CONT’D)
(b)
Interest Rate Swaps
Interest rate swaps are used by the Group to hedge exposure to interest rate risks associated with
movements in interest rates on the borrowings of the Group.
The Group and the Company have interest rate swap arrangements in place for the following amounts:
Notional amounts
Within one year
Between one to three years
After three years
Group
Company
2023
$’000
2022
$’000
2023
$’000
2022
$’000
2,708,983
2,028,534
2,355,714
7,093,231
4,120,353
3,810,165
2,294,514
10,225,032
–
–
611,325
611,325
336,222
–
544,981
881,203
As at 30 September 2023, the fixed interest rates of the outstanding interest rate swap contracts range
between 0.1% to 5.4% (2022: 0.1% to 5.3%) per annum.
The Group’s interest rate swaps at net carrying asset value of $237,376,000 (2022: $362,814,000) are
designated as hedging instruments for cash flow hedges to hedge interest rate risks arising from variable
rate borrowings. There is no ineffectiveness recognised from these hedges.
(c)
Foreign Currency Forward Contracts
Foreign currency forward contracts are used by the Group to hedge exposure to exchange rate risks on
foreign currency receivables and payables, cash and cash equivalents and borrowings.
The Group has foreign currency forward contract arrangements in place for the following amounts:
Notional amounts
Within one year
Group
2023
$’000
2022
$’000
121,615
23,891
No foreign currency forward contracts are designated as hedging instruments for cash flow hedges
to hedge foreign exchange risks on foreign currency cash and cash equivalents for the financial year
ended 30 September 2023 and 30 September 2022.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 246
Frasers Property Limited
Annual Report 2023
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
Total cash and cash equivalents
Total bank deposits and cash and cash
equivalents
Group
Company
2023
$’000
2022
$’000
2023
$’000
2022
$’000
528
1,165
–
–
398,295
2,188,391
1,164,358
2,078,660
–
269,433
–
514,996
71,654
–
2,658,340
58,212
20,000
3,321,230
–
–
269,433
–
–
514,996
2,658,868
3,322,395
269,433
514,996
(a)
Bank deposits comprise deposits pledged with banks in relation to bankers’ guarantees issued for
development contracts and rent and utilities guarantees.
As at 30 September 2023, the interest rates of the deposits pledged with banks range from 1.5% to 2.0%
(2022: 1.5% to 2.0%) per annum.
Cash in banks earns interest at floating rates based on daily bank deposit rates. The tenure of short-term
deposits vary between one day and three months depending on the immediate cash requirements of
the Group, and the deposits earn interest at the respective short-term deposit rates.
The withdrawals from amounts held under “Project Account Rules – 1997 Ed” are restricted to payments
for development expenditure incurred on properties developed for sale.
For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents comprise the
following as at the reporting date:
(b)
(c)
(d)
Fixed deposits and cash in banks and in hand
Bank overdrafts
Cash and cash equivalents in the Consolidated
Statement of Cash Flows
Note
27
Group
2023
$’000
2022
$’000
2,658,340
(806)
3,321,230
(1,108)
2,657,534
3,320,122
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
247
24. ASSETS/LIABILITIES HELD FOR SALE
Investment properties
Investment in a joint venture
Investments in associates
Cash and cash equivalents
Assets held for sale
Lease liabilities
Deferred tax liabilities
Trade and other payables
Liabilities held for sale
2023
$’000
343,014
117
39,616
–
382,747
–
–
6,189
6,189
Group
2022
$’000
194,952
–
–
5,670
200,622
32,201
2,912
1,582
36,695
(a)
(b)
(c)
(d)
(e)
(f)
On 22 September 2023 and 4 October 2023, FCT, a subsidiary of the Group, entered into two sale and
purchase agreements with two separate unrelated third parties in relation to the divestment of 28.9% and
2.1% interest, respectively, in an associate, H-REIT. Pursuant to the planned divestments, the investment
in H-REIT is reclassified to assets held for sale as at 30 September 2023. Prior to the reclassification,
an impairment loss of $3,982,000 is recognised under ‘exceptional items’ in the Consolidated Profit
Statement. The divestments are expected to be completed in the quarter ending 31 December 2023.
As at 30 September 2023, pursuant to the planned divestment of Hektar Asset Management Sdn. Bhd.,
the investment in the associate is classified as assets held for sale. The associate is in the business of
managing and administering the fund for H-REIT and other management services. On 6 October 2023,
Frasers Property Retail Asset Management (Malaysia) Pte. Ltd., a subsidiary of the Group, entered into a
share sale agreement with an unrelated third party. The divestment is expected to be completed in the
quarter ending 31 December 2023.
On 29 August 2023, FCT entered into a sale and purchase agreement with an unrelated third party
for the divestment of a property, Changi City Point, Singapore, together with FCT’s investment in a
joint venture, Changi City Carpark Operations LLP (“CCCO LLP”). Accordingly, Changi City Point and
FCT’s investment in CCCO LLP are reclassified to assets held for sale as at 30 September 2023. The
divestment was completed on 31 October 2023.
On 4 August 2023, Australand Industrial No. 129 Pty Limited, a subsidiary of the Group, entered into a
contract of sale with an unrelated third party for the divestment of a property located at 25-39 Australand
Drive, Berrinba, Queensland, Australia. Accordingly, the property is reclassified to assets held for sale as
at 30 September 2023. The sale is expected to be completed within the next financial year.
On 25 November 2022, FPE Investments RE 11 B.V. and FPE Investments RE 12 B.V., subsidiaries of the
Group, completed the planned divestment of three companies, Frasers Property Holding GmbH, Vienna
Logistics S.a.r.l., and AI Gewerbepark Simmering GmbH. The effects of the divestment were disclosed in
Note 40(a).
On 24 October 2022, Frasers Logistics & Commercial Trust (“FLCT”), a subsidiary of the Group,
completed the planned divestment of a leasehold property at 2-24 Douglas Street, Port Melbourne,
Victoria, Australia.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 248
Frasers Property Limited
Annual Report 2023
25.
TRADE AND OTHER PAYABLES
Trade payables
465,069
461,567
Note
2023
$’000
2022
$’000
2023
$’000
40
2022
$’000
22
Group
Company
Other payables (current)
Accrued operating expenses and
sundry creditors
Land vendor liabilities
Deferred income
Rental deposits
Deposits
Interest payable
Amounts due to subsidiaries
Amounts due to related companies
Amounts due to joint ventures
Amounts due to associates
Loans from joint ventures
Amounts due to NCI
Provision in relation to loan obligations
of subsidiaries
27(f)
14
15
15
15
670,768
68,802
43,422
65,108
26,226
61,180
–
1,158
590,690
2,752
12,500
1,599
612,313
60,154
43,875
63,053
20,883
53,883
–
750
423,971
393
16,000
1,009
–
1,544,205
–
1,296,284
30,835
–
–
8
–
–
180,360
–
–
–
–
–
347,300
558,503
21,213
–
–
5
–
–
200,109
–
–
–
–
–
216,000
437,327
Total trade and other payables (current)
2,009,274
1,757,851
558,543
437,349
Other payables (non-current)
Sundry creditors
Deferred income
Rental deposits
Amounts due to subsidiaries
Amounts due to NCI
Amounts due to joint ventures
Amounts due to associates
Loans from joint ventures
Loan from associate
Amounts due to related companies
Total trade and other payables
(current and non-current)
14
15
15
15
15
27,645
168
104,223
–
67,512
31,781
1,148
27,988
197,117
651
458,233
26,720
476
105,187
–
43,907
28,113
1,148
28,438
248,916
420
483,325
–
–
–
336,067
–
–
–
–
–
–
336,067
–
–
–
246,767
–
–
–
–
–
–
246,767
2,467,507
2,241,176
894,610
684,116
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
249
25.
TRADE AND OTHER PAYABLES (CONT’D)
(a)
Trade Payables
Trade payables are non-interest bearing and are generally settled on terms ranging from 30 to 60 days.
(b)
Amounts due to NCI
Current amounts due to NCI are interest-free, non-trade in nature, unsecured and repayable in cash
on demand.
Included in non-current amounts due to NCI are:
(i)
(ii)
A non-trade and unsecured loan of $22,364,000 (2022: $22,163,000) which bears interest at 6.5%
(2022: 6.5%) per annum and will not be repayable within the next 12 months.
A non-trade and unsecured loan of $23,404,000 (2022: nil) which bears interest at 10.5% (2022:
nil) per annum and is repayable by May 2038.
(iii)
A non-trade and unsecured loan of $21,744,000 (2022: $21,744,000) which bears interest at 1.6%
(2022: 1.6%) 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 2023 and 30 September 2022, land vendor liabilities are unsecured.
26.
LEASE LIABILITIES
Repayable within one year
Repayable after one year
Note
27(f)
2023
$’000
35,344
757,903
793,247
Group
2022
$’000
28,795
811,864
840,659
Included in lease liabilities are balances relating to contracts with joint ventures and related parties amounting
to $9,661,000 (2022: $12,289,000) and $2,089,000 (2022: $1,981,000), respectively.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 250
Frasers Property Limited
Annual Report 2023
27.
LOANS AND BORROWINGS
Repayable within one year:
Unsecured
Bank loans
Medium term notes
Debentures
Other bonds
Bank overdrafts
Secured
Bank loans
Medium term notes
Repayable after one year:
Unsecured
Bank loans
Medium term notes
Debentures
Other bonds
Secured
Bank loans
Medium term notes
Total loans and borrowings
Weighted average
effective interest rate
2022
2023
%
%
Group
2023
$’000
2022
$’000
5.0
–
2.3
1.0
–
3.7
4.9
5.5
3.9
3.1
1.1
4.3
–
2.4
3.2
2.9
–
–
3.2
–
2.7
3.9
2.9
1.0
2.9
4.9
3,114,812
–
230,086
21,556
806
2,312,938
219,201
496,331
–
1,108
463,451
27,661
3,858,372
797,313
–
3,826,891
7,833,292
1,915,996
1,283,912
15,576
7,019,946
1,914,876
1,162,690
23,455
1,554,124
–
12,602,900
1,912,109
29,369
12,062,445
16,461,272
15,889,336
(a)
The secured bank loans and other bonds are secured by certain subsidiaries by way of fixed and
floating charges over certain assets and/or freehold and leasehold land and properties as disclosed in
Notes 12, 13 and 20.
(b)
Maturity of non-current loans and borrowings is as follows:
Between 1 and 2 years
Between 2 and 5 years
After 5 years
Group
2023
$’000
2022
$’000
2,823,667
9,258,603
520,630
12,602,900
3,084,755
8,061,681
916,009
12,062,445
(c)
As at 30 September 2023, the Group and the Company have 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 Frasers Property Treasury Pte. Ltd. (“FP
Treasury”), FCT, FLCT, FHT, FPA, FPT and Frasers Property Holdings (Thailand) Co., Ltd 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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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ESG
Highlights
Corporate
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Financial &
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251
27.
LOANS AND BORROWINGS (CONT’D)
(e)
Other Bonds
The Group’s other bonds are mainly issued by FHT and an indirect subsidiary, TMK Premisia One. These
bonds are denominated mainly in Japanese Yen (“JPY”).
(f)
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
As at 1 October 2022
15,889,336
53,883
840,659
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
Effect of changes in foreign exchange rates
Interest expense (Note 6)
Disposals
Others
As at 30 September 2023
7,340,688
(6,274,598)
400,044
(724,487)
–
–
741,647
–
(169,409)
–
–
(302)
16,461,272
–
–
–
–
–
(483,885)
(483,885)
–
–
491,182
–
–
61,180
–
–
–
–
(61,666)
–
(61,666)
29,463
7,989
33,563
(57,628)
867
793,247
As 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
New leases
Acquisitions of subsidiaries
Reclassification to liabilities held for sale
Effect of changes in foreign exchange rates
Interest expense (Note 6)
Disposals
Others
As 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
Notes to the Financial StatementsFor the financial year ended 30 September 2023 252
Frasers Property Limited
Annual Report 2023
28.
SHARE CAPITAL
Group and Company
2023
2022
No. of Shares
$’000 No. of Shares
$’000
Issued and fully paid
Ordinary shares
As at 1 October
Issued during the financial year
– pursuant to the vesting of shares awarded
under the share plans
As at 30 September
3,926,041,573
2,987,858 3,916,085,672
2,974,980
–
3,926,041,573
9,955,901
2,987,858 3,926,041,573
–
12,878
2,987,858
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
2023
$’000
2022
$’000
297,379
(1,058,789)
6,224
176,672
2,571
90,933
(485,010)
419,328
(776,435)
40,762
117,781
14,891
85,133
(98,540)
2023
$’000
–
–
1,660
176,672
24,109
–
202,441
2022
$’000
–
–
36,366
117,781
23,602
–
177,749
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of
hedging instruments related to hedged transactions that have not yet occurred.
(b)
Foreign Currency Translation Reserve
The foreign currency translation reserve represents exchange differences arising from the translation
of the financial statements of foreign operations whose functional currencies are different from that
of the Group’s presentation currency. It is also used to record the effect of hedging net investment in
foreign operations and translating foreign currency loans which form part of the Group’s net investment
in foreign operations.
(c)
Share-based Compensation Reserve
The share-based compensation reserve comprises the cumulative value of employee services received
for the issue of the shares under the share plans of the Company and the Group (Note 30).
(d)
Dividend Reserve
Dividend reserve relates to the proposed first and final dividend of 4.5 cents (2022: first and final dividend
of 3.0 cents) per share (Note 32).
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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29. OTHER RESERVES (CONT’D)
(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
Other reserves comprise mainly appropriation of profits by certain subsidiaries and associates in China,
Thailand and Vietnam in accordance with the relevant regulations.
30.
SHARE-BASED COMPENSATION PLANS
(a)
FPL Restricted Share Plan (“RSP”)
The RSP is a share-based compensation plan for senior executives and key management personnel,
which was approved by shareholders of the Company at an Extraordinary General Meeting held on
25 October 2013.
Information regarding the RSP is 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.
During the financial year, the Remuneration Committee has approved to settle all outstanding RSP
share awards in cash and this results in a reclassification of the share awards from equity-settled to
cash-settled. The fair value is measured based on the share price of $0.85 as at the balance sheet date.
In the previous financial year, RSP units that were expected to be equity-settled were measured at their
grant date fair values.
Since 1 October 2022, the Company has not granted awards under the RSP, and has put in place a
cash-settled share-based compensation plan as explained in Note 30(c).
(b)
FPL Performance Share Plan (“PSP”)
The PSP is a share-based compensation plan for senior management in key positions, which was
approved by shareholders of the Company at an Extraordinary General Meeting held on 25 October 2013.
Information regarding the PSP is 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.
During the financial year, the Remuneration Committee has approved to settle all outstanding PSP
share awards in cash and this results in a reclassification of the share awards from equity-settled to
cash-settled. The fair value is measured based on the share price of $0.85 as at the balance sheet date.
In the previous financial year, PSP units that were expected to be equity-settled were measured at their
grant date fair values.
Since 1 October 2022, the Company has not granted awards under the PSP.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 254
Frasers Property Limited
Annual Report 2023
30.
SHARE-BASED COMPENSATION PLANS (CONT’D)
(c)
Restricted Cash Plan (“RCP”) Awards
The RCP is a cash-settled share-based compensation plan for senior executives and key management
personnel. The terms of the RCP are substantially similar to those of the RSP except for the
settlement mode.
Upon the determination of the final awards under the RCP, these final awards will be settled in cash
based on the Company’s share price as at the relevant dates. No shares will be issued under the RCP.
The RCP units that are expected to be cash-settled are measured at their current fair value as at the
balance sheet date. The fair value is measured based on the share price of S$0.85.
RSP, PSP and RCP Awards Granted
The FY23 RCP award was granted on 25 November 2022. The details of the awards granted under the
RSP, PSP and RCP in aggregate as at 30 September 2023 are as follows:
RSP award Grant date
Year 6
Year 7
Year 8
Year 9
FPL Share
FPL RSP
19 December 2018
20 December 2019
23 June 2021
23 December 2021
29 September 2020
29 September 2020
As at 1
October 2022
or grant date
if later
Cancelled
Achievement
factor
1,499,825
1,709,084
14,699,267
21,055,600
138,583
31,227
39,133,586
–
(4,034)
(542,377)
(958,139)
–
–
(1,504,550)
–
–
–
(147,000)
–
–
(147,000)
PSP award Grant date
Year 7
Year 8
Year 9
20 December 2019
23 June 2021
23 December 2021
RCP award Grant date
As at 1
October 2022
or grant date
if later
476,800
675,000
583,800
1,735,600
As at 1
October 2022
or grant date
if later
Cancelled
Achievement
factor
–
–
–
–
(266,900)
–
–
(266,900)
Vested
(1,499,825)
(1,705,050)
(7,278,468)
(6,892,510)
(138,583)
(31,227)
(17,545,663)
Vested
(209,900)
–
–
(209,900)
As at 30
September
2023
–
–
6,878,422
13,057,951
–
–
19,936,373
As at 30
September
2023
–
675,000
583,800
1,258,800
As at 30
September
2023
Cancelled
Achievement
factor
Vested
FY23
25 November 2022
27,839,900
(1,454,500)
–
–
26,385,400
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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255
30.
SHARE-BASED COMPENSATION PLANS (CONT’D)
(c)
Restricted Cash Plan (“RCP”) Awards (cont’d)
RSP and PSP Awards Granted
The details of the awards granted under the RSP and PSP in aggregate as at 30 September 2022 were
as follows:
RSP award Grant date
22 December 2017
Year 5
19 December 2018
Year 6
20 December 2019
Year 7
23 June 2021
Year 8
Year 9
23 December 2021
FPL Share 29 September 2020
29 September 2020
FPL RSP
PSP award Grant date
Year 6
Year 7
Year 8
Year 9
19 December 2018
20 December 2019
23 June 2021
23 December 2021
As at
1 October
2021 or
grant date
if later
1,474,575
3,252,250
3,735,823
17,630,600
22,826,900
428,501
73,551
49,422,200
As 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
(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)
(1,805,313)
1,709,084
(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)
As at 30 September 2022
Cash-
settled
Equity-
settled
–
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
Cancelled
Achievement
factor
Vested
Total
As at 30 September 2022
Cash-
settled
Equity-
settled
–
–
–
–
–
(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
–
–
–
–
–
The expense recognised in the Profit Statement for awards granted under the RSP, PSP and RCP during
the financial year is $17,912,000 (2022: $24,264,000).
(d)
Restricted Unit Plans (“RUP”) and Restricted Stapled Security Plan (“RSSP”) of Subsidiaries
The RUPs for FCAM and FLCAM, managers of FCT and FLCT, respectively, and RSSP for FHAM,
manager of FHT are unit-based incentive plans for senior executives and key senior management of the
respective subsidiaries. These RUPs and RSSP were approved by the respective board of directors of
the subsidiaries on 8 December 2017.
Information regarding the RUPs and RSSP is 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 $2,532,000 (2022: $3,400,000).
Notes to the Financial StatementsFor the financial year ended 30 September 2023 256
Frasers Property Limited
Annual Report 2023
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
– 4.38% subordinated perpetual securities
– 4.98% subordinated perpetual securities
– 4.98% subordinated perpetual securities
Issue Date
Principal Amount
17 January 2018
11 April 2019
30 July 2019
$300,000,000
$400,000,000
$200,000,000
On 5 October 2022, FP Treasury redeemed and cancelled the S$350,000,000 3.95% subordinated perpetual
securities, with issue dates of 21 September 2017 and 3 October 2017, which were included in the carrying
amount as at 30 September 2022.
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 2023, transaction costs of $4,920,000 (2022: $6,882,000) are recognised in equity as
deductions from proceeds.
32. DIVIDENDS
Dividends on ordinary shares
First and final proposed
4.5 cents (2022: 3.0 cents) per share, tax exempt
Company
2023
$’000
2022
$’000
176,672
117,781
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 financial year ended 30 September 2023 Contents
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257
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 have taken place during the financial year 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
Hotel and other income
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
34.
LEASES
(a)
Leases as Lessee
Group
2023
$’000
2022
$’000
7,895
(1,343)
997
(5,261)
648
9,645
(2,956)
50,400
(2,976)
139,763
(8,206)
59,792
12,512
(10,241)
1,784
343
7,901
(1,270)
2,436
(5,551)
18
9,871
(3,158)
59,138
(3,128)
224,558
(6,710)
68,426
11,190
(11,800)
2,433
386
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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 258
Frasers Property Limited
Annual Report 2023
34.
LEASES (CONT’D)
(a)
Leases as Lessee (cont’d)
(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
Others
$’000
439
–
14,004
–
166
55
9,025
10,807
28,491
332,502
1,041
36,537
596
31,320
14,886
17,294
30,221
365,028
Group
30 September 2023
Depreciation charge
Additions
Carrying amount as at
30 September 2023
30 September 2022
Depreciation charge
Additions
Carrying amount as at
30 September 2022
(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
Amounts Recognised in Consolidated Statement of Cash Flows
Total cash outflow for leases
(iii)
Extension Options
67
267
218
2023
$’000
33,563
2,257
11,544
13,384
45,810
2022
$’000
35,759
1,823
Group
352
348
Group
2023
$’000
2022
$’000
61,666
72,583
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 financial year ended 30 September 2023 Contents
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259
34.
LEASES (CONT’D)
(b)
Leases as Lessor (cont’d)
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 subleases.
(i)
Finance Leases
The Group leases land and buildings from non-related parties that are subleased.
During the financial year, the Group recognises interest income on lease receivables of $2,190,000
(2022: $2,350,000) (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 receivables
2023
$’000
5,137
4,466
4,204
4,129
3,865
32,407
54,208
Group
2022
$’000
4,655
5,228
4,546
4,281
4,212
37,081
60,003
Unearned finance income
(15,239)
(17,761)
Net investment in the leases (Note 18)
38,969
42,242
(ii)
Operating Leases
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 as 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 financial year ended 30 September 2023 260
Frasers Property Limited
Annual Report 2023
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.
As at the reporting date, the carrying amount of each class of financial assets and contract assets
recognised in the balance sheets, including derivatives with positive fair values, represent the Group’s
and the Company’s maximum exposure to credit risk in the event that the counterparties fail to perform
their obligations.
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 reflects
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 is 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 2023, 100% (2022: 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 financial year ended 30 September 2023 Contents
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261
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
2023
$’000
2022
$’000
(5,978)
(6,689)
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 as at the reporting date by operating
segments is as follows:
Singapore
Australia
Industrial
Hospitality
Thailand and Vietnam
Others(1)
Corporate and Others
2023
$’000
17,994
20,981
9,290
29,642
14,448
5,534
1,799
99,688
Group
2022
$’000
47,562
4,518
14,368
27,402
11,850
5,749
1,557
113,006
(1) Others include exposure of China amounting to $227,000 (2022: $919,000) and the UK amounting to $5,307,000 (2022:
$4,830,000).
Notes to the Financial StatementsFor the financial year ended 30 September 2023 262
Frasers Property Limited
Annual Report 2023
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 three 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:
Current
$’000
1.0%
70,602
739
30 September 2023
Expected loss rate
Gross carrying amount
Loss allowance provision
30 September 2022
Group
1 to 30
days
past due
$’000
31 to 60
days
past due
$’000
61 to 90
days
past due
$’000
More than
90 days
past due
$’000
Total
$’000
7.0% 25.4% 58.5% 56.9% 13.1%
114,702
4,855
15,014
2,838
15,885
9,031
4,244
1,077
19,116
1,329
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% 11.3%
127,445
15,381
14,439
8,394
(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 financial year ended 30 September 2023 Contents
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263
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
unless otherwise stated:
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 2023
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
(16,461,272) (18,571,240)
(2,434,790)
(2,087,276)
(19,622,008) (23,093,306)
(2,367,489)
(793,247)
(4,563,381) (13,466,475)
(398,757)
(1,938,302)
(190,581)
(58,633)
(6,560,316) (14,055,813)
(541,384)
(97,731)
(1,838,062)
(2,477,177)
237,720
251,401
125,681
125,720
510
(122,766)
123,627
(122,766)
123,627
–
–
–
–
–
Cross currency swaps/cross
currency interest rate swaps
(gross-settled)
125,840
– outflow
– inflow
(4,647,164)
4,736,574
341,672
(19,257,938) (22,751,634)
364,070
(2,474,555)
2,479,346
131,333
(1,899,254)
1,952,716
179,182
(6,428,983) (13,876,631)
(273,355)
304,512
31,157
(2,446,020)
#
Excludes provisions, taxes and deferred income.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 264
Frasers Property Limited
Annual Report 2023
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 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
(15,889,336) (17,116,541)
(2,188,659)
(2,200,011)
(18,871,731) (21,505,211)
(2,141,736)
(840,659)
(4,241,260) (11,920,591)
(446,279)
(1,689,998)
(206,783)
(56,919)
(5,988,177) (12,573,653)
(954,690)
(52,382)
(1,936,309)
(2,943,381)
364,079
390,965
124,396
263,665
2,904
940
(23,500)
24,488
(23,500)
24,488
–
–
–
–
Cross currency swaps/cross
currency interest rate swaps
(gross-settled)
292,876
– outflow
– inflow
(4,500,586)
4,804,810
696,177
(18,213,836) (20,809,034)
657,895
(1,409,711)
1,503,470
219,143
(2,690,973)
2,879,729
452,421
(5,769,034) (12,121,232)
(399,902)
421,611
24,613
(2,918,768)
#
Excluded provisions, taxes and deferred income.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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265
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
(30,883)
(516,427)
(547,310)
(30,883)
(516,427)
(547,310)
(30,883)
(180,360)
(211,243)
–
(336,067)
(336,067)
–
–
–
–
–
–
(547,310)
(2,480,466)
2,480,466
–
(547,310)
(412,379)
412,379
–
(211,243)
(1,490,219)
1,490,219
–
(336,067)
(577,868)
577,868
–
–
(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
–
–
Company
30 September 2023
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
#
Exclude provisions.
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
#
Excluded 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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 266
Frasers Property Limited
Annual Report 2023
35.
FINANCIAL RISK MANAGEMENT (CONT’D)
(b)
Liquidity Risk (cont’d)
The Company has provided corporate guarantees to its subsidiaries (Note 39). As 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.
(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 completed the process of
implementing appropriate fallback clauses for all S$ Singapore swap offer rate (“SOR”) exposures in
2021 upon signing the International Swaps and Derivatives Association (“ISDA”) Fallbacks Protocol.
These clauses automatically switched the instrument from S$SOR to Fallback SOR when S$SOR ceased
on 30 June 2023. The cessation of Fallback SOR is on 31 December 2024, which by then, the Group will
no longer have any outstanding instruments with the Fallback SOR index.
Unreformed contracts, including those with an appropriate fallback clause
In the prior financial year, the Group evaluated the extent to which contracts referenced to IBOR cash
flows, and whether such contracts would need to be amended as a result of IBOR reform and how to
manage communication about IBOR reform with counterparties.
The Group continues to monitor 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 financial year ended 30 September 2023 Contents
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267
35.
FINANCIAL RISK MANAGEMENT (CONT’D)
(c)
Interest Rate Risk (cont’d)
Non-Derivative Financial Liabilities
During the financial year, the Group has modified its non-derivative financial liabilities indexed to US
Dollar (“US$”) LIBOR to Secured Overnight Financing Rate (“SOFR”), and S$SOR to Singapore Overnight
Rate Average (“SORA”) and Fallback SOR. Following the amendments, the Group’s non-derivative
financial liabilities are no longer exposed to any interest rate risk arising from the IBOR reform.
As at 30 September 2023, the carrying amount of unreformed contracts is nil (2022: S$SOR $1,280,770
and US$ LIBOR $358,796,000).
Derivatives
The Group holds interest rate swaps, cross currency swaps and cross currency interest rate swaps
for risk management purposes that are designated in cash flow hedging relationships. The Group’s
derivative instruments are governed by contracts based on the ISDA’s master agreements. The Group
has completed the transition with respective counterparties of the contracts for all derivative instruments.
As at 30 September 2023, the carrying amount of unreformed contracts is nil (2022: S$SOR $2,338,313,000
and US$ LIBOR $179,947,000).
Hedge Accounting
The Group’s hedged items and hedging instruments as at the reporting date are indexed to Sterling
Overnight Index Average (“SONIA”), SOFR, SORA, and Fallback SOR.
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.
During the financial year ended 30 September 2023, the Group has fully completed the IBOR reform
transition for the remaining IBOR linked instruments. The Group has applied the Phase 2 amendments
relief when the relief criterions are met:
(i)
(ii)
the Group updates the effective interest rate of the financial liability carried at amortised costs
with no immediate gain or loss to be recognised.
the Group amends the formal hedge documentation by the end of the reporting period for
changes which are required by IBOR reform to the hedged risk, hedged items and hedging
instrument. Amendments to the formal hedge documentation do not constitute discontinuation
of the hedging relationship.
For the financial year ended 30 September 2023, the IBOR reform transition of the affected financial
liabilities at amortised cost, interest rate swap and cross currency swap hedges have no material
ineffectiveness on the consolidated financial statements of the Group. Given that most of the critical
terms are matched, the changes in fair value of the hedged risk approximate the change in fair value of
the hedging instruments. Therefore, no material ineffectiveness is recognised.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 268
Frasers Property Limited
Annual Report 2023
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 as 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 2023
Variable rate instruments not hedged
Interest rate swaps/cross currency swaps/
cross currency interest rate swaps
Cash flow sensitivity (net)
30 September 2022
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
(45,407)
45,407
–
–
420
(44,987)
(450)
44,957
131,119
131,119
(134,902)
(134,902)
(40,527)
40,527
–
–
851
(39,676)
(894)
39,633
157,534
157,534
(163,145)
(163,145)
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 financial year ended 30 September 2023 Contents
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Financial &
Additional Information
269
35.
FINANCIAL RISK MANAGEMENT (CONT’D)
(d)
Foreign Currency Risk (cont’d)
The Group’s exposure to foreign currencies as at 30 September 2023 and 30 September 2022, 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 2023
Financial assets
Trade and other receivables
Cash and cash equivalents
Financial liabilities
Trade and other payables
Loans and borrowings
Net statement of financial
171
1,400
1,334
37,218
1,194,203
3,763
40,059
7,728
49,811
4,073
(2,782)
(571,618)
(1,628)
(1,427,356)
(8,011)
(1,322,083)
(4,012)
(852,584)
(765)
(104,666)
position exposure
(572,829)
(1,390,432)
(132,128)
(808,809)
(51,547)
Less:
Foreign currency forward
contracts/cross currency
swaps
Borrowings designated for
net investment hedges
Net currency exposure
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
573,167
1,317,512
2,909
827,832
–
–
338
109,837
36,917
134,477
5,258
–
19,023
55,273
3,726
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)
position exposure
(572,912)
(1,259,540)
69,156
(395,976)
14,987
Less:
Foreign currency forward
contracts/cross currency
swaps
Borrowings designated for
net investment hedges
Net currency exposure
575,184
1,154,312
(120,278)
411,320
–
–
2,272
173,653
68,425
70,514
19,392
–
15,344
–
14,987
Notes to the Financial StatementsFor the financial year ended 30 September 2023 270
Frasers Property Limited
Annual Report 2023
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
Euro
Group
2023
$’000
2022
$’000
10,105
14,441
24,546
15,620
2,815
18,435
The Company’s exposure to foreign currencies as at 30 September 2023 and 30 September 2022, 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
620,208
17,039
(20)
637,227
611,615
1,438
(888)
612,165
342
–
–
342
330
–
–
330
113,937
130
3,535
–
55,282
–
–
114,067
–
3,535
–
55,282
123,858
2,643
3,495
–
51,468
–
(2,536)
123,965
–
3,495
–
51,468
Hong
Kong
Dollar
$’000
5,674
52
–
5,726
5,909
60
–
5,969
Company
30 September 2023
Financial assets
Trade and other receivables
Cash and cash equivalents
Financial liabilities
Trade and other payables
Net currency exposure
30 September 2022
Financial assets
Trade and other receivables
Cash and cash equivalents
Financial liabilities
Trade and other payables
Net currency exposure
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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Financial &
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271
35.
FINANCIAL RISK MANAGEMENT (CONT’D)
(d)
Foreign Currency Risk (cont’d)
Sensitivity Analysis for Foreign Currency Risk
The following table demonstrates the sensitivity analysis of the Group’s exposure to foreign currency
risk on its financial assets and liabilities as at the end of the financial year by a reasonably possible
change in the S$, 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 2023
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 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%
* Denotes less than $1,000
Profit
before
tax
$’000
3
(3)
369
(369)
53
(53)
190
(190)
37
(37)
–*
–*
–*
–*
23
(23)
684
(684)
194
(194)
153
(153)
150
(150)
–*
–*
–*
–*
Equity
$’000
–
–
(177)
177
(922)
922
–
–
(445)
445
–
–
–
–
–
–
(891)
873
(905)
887
–
–
(437)
428
–
–
–
–
Profit
before
tax
$’000
–
–
6,373
(6,373)
3
(3)
1,141
(1,141)
36
(36)
553
(553)
57
(57)
–
–
6,122
(6,122)
3
(3)
1,240
(1,240)
35
(35)
515
(515)
60
(60)
Equity
$’000
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
Notes to the Financial StatementsFor the financial year ended 30 September 2023 272
Frasers Property Limited
Annual Report 2023
36.
FAIR VALUE OF ASSETS AND LIABILITIES
(a)
Fair Value Hierarchy
A number of the Group’s accounting policies require the measurement of fair values, for both financial
and non-financial assets and liabilities.
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’ valuations 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.
When measuring the fair value of an asset or a liability, the Group uses market observable data as far as
possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs
used in the valuation techniques 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 their 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.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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273
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
FVTPL
$’000
FVOCI
$’000
Amortised
cost
$’000
Total
$’000
Level 1
$’000
Level 2
$’000
Level 3
$’000
Total
$’000
Group
30 September 2023
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
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
–
–
–
40,139
58,785
–
202,925
240,949
–
3,759
–
–
–
443,874
517
44,415
–
58,785
–
–
–
–
–
–
58,785
40,139
25,751
–
26,258
–
6,776
40,139
58,785
40,139
202,925
244,708
517
547,074
–
–
202,925
244,708
–
–
202,925
244,708
–
25,751
517
474,408
–
46,915
517
547,074
–
–
–
–
–
–
77,085
3,572
–
80,657
–
3,416
7
3,423
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,356,129 1,356,129
2,658,868 2,658,868
4,014,997 4,014,997
–
–
–
–
77,085
6,988
7
84,080
–
–
–
–
77,085
6,988
7
84,080
–
–
–
–
77,085
6,988
7
84,080
2,367,489 2,367,489
3,858,372 3,858,372
– 12,602,900 12,602,900
– 18,828,761 18,828,761
1,876,689 10,661,078
1,876,689 10,661,078
– 12,537,767
– 12,537,767
–
–
–
–
– 24,173,571 24,173,571
#
*
Exclude tax recoverable
Exclude provisions, taxes and deferred income
Notes to the Financial StatementsFor the financial year ended 30 September 2023 274
Frasers Property Limited
Annual Report 2023
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
FVTPL
$’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
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
–
–
–
24,821
55,368
–
300,620
364,144
23,667
18,882
–
–
–
664,764
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
1,022
788,524
–
–
324,287
383,026
–
–
324,287
383,026
–
15,840
1,022
734,086
–
38,598
1,022
788,524
–
–
–
–
–
–
31,411
1,331
–
17,616
–
32,742
82
17,698
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
1,304,710 1,304,710
3,322,395 3,322,395
4,627,105 4,627,105
–
–
–
–
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 1,871,700 10,086,336
– 18,031,073 18,031,073 1,871,700 10,086,336
– 11,958,036
– 11,958,036
–
–
–
–
– 24,358,388 24,358,388
#
*
Excluded tax recoverable
Excluded provisions, taxes and deferred income
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
275
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
FVTPL
$’000
FVOCI
$’000
Amortised
cost
$’000
Total
$’000
Level 1
$’000
Level 2
$’000
Level 3
$’000
Total
$’000
Company
30 September 2023
Financial assets measured
at fair value
Equity investments at FVOCI
Derivative financial assets:
– Cross currency swaps/cross
currency interest rate 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
#
*
Exclude tax recoverable
Exclude provisions
–
–
–
–
–
–
–
–
–
–
–
–
–
26,258
52,403
30,873
83,276
–
–
26,258
–
–
–
–
26,258
52,403
30,873
109,534
–
–
–
52,403
30,873
83,276
–
–
–
–
–
–
–
–
–
–
5,632,173 5,632,173
269,433
269,433
5,901,606 5,901,606
–
–
–
52,403
30,873
83,276
547,310
547,310
–
–
–
–
–
–
–
–
–
–
26,258
52,403
30,873
109,534
52,403
30,873
83,276
–
–
–
–
–
–
–
26,258
52,403
30,873
109,534
52,403
30,873
83,276
–
2,310
2,310
Notes to the Financial StatementsFor the financial year ended 30 September 2023 276
Frasers Property Limited
Annual Report 2023
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
FVTPL
$’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/cross
currency interest rate 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
#
*
Excluded tax recoverable
Excluded provisions
–
–
–
–
–
–
–
–
–
–
–
–
–
25,751
58,922
38,915
97,837
–
–
25,751
–
–
–
–
25,751
58,922
38,915
123,588
–
–
–
58,922
38,915
97,837
–
–
–
–
–
–
–
–
–
–
5,327,491 5,327,491
514,996
514,996
5,842,487 5,842,487
–
–
–
58,922
38,915
97,837
468,116
468,116
–
–
–
–
–
–
–
–
–
–
25,751
58,922
38,915
123,588
58,922
38,915
97,837
–
–
–
–
–
–
–
25,751
58,922
38,915
123,588
58,922
38,915
97,837
–
2,220
2,220
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
277
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 as at the
reporting date.
(iii)
Other Financial Assets and Liabilities
The fair value of quoted securities is their quoted bid price as at the reporting date. The fair
values of unquoted equity investments are derived based on the 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 properties. 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 the 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 values 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 the
capitalisation method, DCF method and residual land value method, where appropriate.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 278
Frasers Property Limited
Annual Report 2023
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 willing 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 financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
279
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
Valuation
methods
Key
unobservable
inputs
Capitalisation
Capitalisation rate
method
2023
2022
Singapore
Australia
Industrial
Hospitality
Thailand &
Vietnam
Others
3.3% to 5.3% 4.3% to 6.5% 4.5% to 15.5% 3.4% to 6.0% 7.8% to 9.3% 5.5% to 17.6%
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%
Gross initial yield
2023
2022
Net initial yield
2023
2022
Discount rate
2023
2022
Terminal yield rate
2023
2022
–
–
–
–
–
–
–
–
3.9% to 11.8% –
3.8% to 11.0% –
1.8% to 9.6% –
3.3% to 9.3% –
–
–
–
–
–
–
–
–
5.8% to 7.5% 5.8% to 7.3% 4.5% to 9.0% 3.2% to 13.1% 7.8% to 18.0% –
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% –
3.5% to 5.3% 4.4% to 7.0% 4.0% to 9.0% 3.0% to 7.8% 6.8% to 9.5% –
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% –
Discounted
cash flow
method
Market
Transacted price of comparable properties(1)
comparison
method
2023
2022
$21,528 psm to
$61,905 psm
$19,388 psm to
$46,957 psm
–
–
$132 psm to
$355 psm
$21,175 psm
to $185,572
psm
$6 psm to
$1,862 psm
$138 psm to
$371 psm
$10,327 psm to
$174,598 psm
$6 psm to
$1,926 psm
Residual land
Total gross development value
value method
2023
2022
$387,330,000
$215,897,000
$120,698,000 to
$913,927,000
$580,994,000
$95,200,000
$197,542,000
$43,460,000 to
$955,635,000
–
Total estimated construction cost to completion
2023
2022
$91,989,000
$118,005,000
$13,292,000 to
$685,500,000
$137,983,000
$24,990,000
$139,107,000
$7,685,000 to
$716,783,000
–
–
–
–
–
(1) Adjustments are made for any difference in the location, tenure, size and condition of the specific property.
–
–
–
–
–
–
Inter-relationship
between key
unobservable
inputs and
fair value
measurement
The estimated
fair value varies
inversely against
capitalisation rate,
gross initial yield
and net initial
yield
The estimated
fair value varies
inversely against
discount rate and
terminal yield rate
The estimated
fair value varies
with different
adjustment
factors used
The estimated fair
value increases
with higher gross
development
value
The estimated fair
value decreases
with higher cost
to completion
Notes to the Financial StatementsFor the financial year ended 30 September 2023
280
Frasers Property Limited
Annual Report 2023
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
2023
$’000
33,034
(2022: 39,528)
Description
Unquoted equity
investments
at FVOCI
Valuation
techniques
Key
unobservable
inputs
– Discounted
cash flow
method
– Discount rate:
14.4%
(2022: 13.0%)
– Terminal
yield rate:
2.5%
(2022: 2.1%)
– Net asset value
of investee,
adjusted
for quoted
prices of
investee’s
investment
Inter-relationship
between key
unobservable
inputs and fair value
measurement
The estimated
fair value
varies inversely
against
discount rate
and terminal
yield rate
Unquoted debt
instrument
at FVTPL
40,139
(2022: 24,821)
– Discounted
cash flow
method
– Discount rate:
5.0%
(2022: 3.2%)
The estimated
fair value
varies inversely
against
discount rate
Key unobservable inputs correspond to:
•
•
•
•
•
Capitalisation rate corresponds to a rate of return on a property based on the income that
the property is expected to generate.
Gross initial yield corresponds to a rate of return on a property based on the current
passing income.
Net initial yield corresponds to a rate of return on a property based on the current passing
income, net of estimated non-recoverable expenses.
Discount rate represents the required rate of return, adjusted for a risk premium that
reflects the risks relevant to an asset.
Terminal yield rate reflects an exit capitalisation rate applied to a projected terminal
cash flow.
Notes to the Financial StatementsFor the financial year ended 30 September 2023
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
281
36.
FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
(d)
Level 2 and Level 3 Fair Value Measurements (cont’d)
(ii)
Movements in Level 2 and Level 3 Assets Measured at Fair Value
The movements of financial and non-financial assets, classified under Level 2 and Level 3 and
measured at fair value have been disclosed in Notes 12 and 16.
(iii)
Valuation Policies and Procedures
The significant non-financial asset of the Group categorised within Level 3 of the fair value
hierarchy is investment properties. The fair values of investment properties are determined by
independent professional valuers annually.
The independent professional valuers (the “Valuers”) are experts who possess the relevant
credentials and knowledge on the subject of property valuation, valuation methodologies and
SFRS(I) 13 fair value measurement guidance to perform the valuation. For valuations performed
by the Valuers, the appropriateness of the valuation methodologies and assumptions adopted
are reviewed along with the appropriateness and reliability of the inputs used in the valuations.
In selecting the appropriate valuation models and inputs to be adopted for each valuation that
uses significant non-observable inputs, the Valuers are required to recalibrate the valuation
models and inputs to actual market transactions (which may include transactions entered into by
the Group with third parties as appropriate) that are relevant to the valuation if such information
is reasonably available. For valuations that are sensitive to the unobservable inputs used, the
Valuers are required, to the extent practicable, to use a minimum of two valuation approaches to
allow for cross-checks.
Significant changes in fair value measurements from period to period are evaluated for
reasonableness. Key drivers of the changes are identified and assessed for reasonableness against
relevant information from independent sources, or internal sources if necessary and appropriate.
In accordance with the Group’s reporting policies, the valuation process and the results of the
independent valuations and directors’ valuation are reviewed at least once a year by the Executive
Committee of the Board and the Audit Committee before the results are presented to the Board
of Directors for approval.
(e)
Fair Value of Financial Instruments by Classes that are not Carried at Fair Value and whose
Carrying Amounts are not Reasonable Approximation of Fair Value
(i)
Other Receivables (Non-Current) and Other Payables (Non-Current)
No disclosure of fair value is made for non-current other receivables and other payables as it
is not practicable to determine their fair values with sufficient reliability since the balances have
no fixed terms of repayment. The Group and the Company do not anticipate that the carrying
amounts recorded at the end of the financial year would be significantly different from the values
that would eventually be received or settled.
(ii)
Rental Deposits Payables (Non-Current)
No disclosure of fair value is made for rental deposits payables as the Group does not anticipate
that the carrying amounts recorded at the end of the financial year would be significantly different
from the values that would eventually be received or settled.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 282
Frasers Property Limited
Annual Report 2023
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 2023 and 30 September 2022.
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
2023
$’000
2022
$’000
528
2,658,340
(16,461,272)
1,165
3,321,230
(15,889,336)
(13,802,404)
(12,566,941)
18,199,913
19,378,542
0.76
0.65
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
2023
$’000
2022
$’000
498,358
441,106
145,067
29,602
306,987
61,941
1,483,061
779,157
557,786
114,739
159,984
385,678
78,770
2,076,114
39. GUARANTEE CONTRACTS
(a)
As at 30 September 2023, the Company has provided unconditional and irrevocable corporate guarantees
for up to $20,882,000,000 (2022: $18,387,695,000) for loans and borrowings, perpetual securities, bankers’
guarantees and insurance bonds facilities of certain subsidiaries. As at 30 September 2023, the total
amount of utilised borrowing facilities is $9,397,641,000 (2022: $8,556,903,000).
The corporate guarantees include those for various medium term note programmes and the
new Euro-Commercial Paper programme with programme limits totalling $12,689,900,000 (2022:
$10,785,100,000). As at 30 September 2023, the total amount issued out of these programmes is
$2,785,860,000 (2022: $3,178,680,000).
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
283
39. GUARANTEE CONTRACTS (CONT’D)
(b)
(c)
(d)
(e)
As at 30 September 2023, the Company has provided bankers’ guarantees of $23,324,000 (2022:
$34,263,000) 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 2023, 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
$222,867,000 (2022: $730,131,000) granted to certain subsidiaries.
A subsidiary of the Group has provided unsecured corporate guarantees of $343,000,000 (2022:
$328,000,000) to banks for loans taken by certain fellow subsidiaries and bankers’ guarantees of
$42,293,000 (2022: $93,015,000) to unrelated parties in respect of performance contracts on behalf of
certain fellow subsidiaries. No liability is expected to arise.
A subsidiary of the Group has provided bankers’ guarantees of A$139,342,000 ($122,440,000) (2022:
A$103,262,000 ($94,877,000)) to unrelated parties in Australia in respect of performance contracts
and A$67,499,000 ($59,311,000) (2022: A$63,345,000 ($58,201,000)) of insurance bonds representing
undertakings given to unrelated parties by insurance companies for certain fellow subsidiaries and joint
ventures. No liability is expected to arise.
(f)
Certain subsidiaries of the Group have provided bankers’ guarantees of THB3,623,778,000 ($135,167,000)
(2022: THB4,172,766,000 ($158,148,000)) to unrelated parties in respect of performance contracts. No
liability is expected to arise.
40. DISPOSALS OF SUBSIDIARIES
(a)
On 25 November 2022, the divestment of Frasers Property Holding GmbH, Vienna Logistics S.a.r.l., and
AI Gewerbepark Simmering GmbH, previously classified as assets held for sale, was completed for a
consideration of EUR97,914,000 ($141,251,000).
Effects of Disposal
The cash flows and net assets disposed were as follows:
Investment properties
Trade and other receivables
Cash and cash equivalents
Deferred tax liabilities
Provision for tax
Trade and other payables
Total identifiable net assets at fair value
Gain on disposal of subsidiaries
Less: Non-controlling interests
Sales consideration
Less: Cash and cash equivalents of subsidiaries disposed
Cash inflow on disposal, net of cash and cash equivalents disposed of
Net assets
derecognised
upon
disposal
$’000
146,316
31
759
147,106
(3,089)
(1,401)
(358)
142,258
330
(1,337)
141,251
(759)
140,492
Notes to the Financial StatementsFor the financial year ended 30 September 2023 284
Frasers Property Limited
Annual Report 2023
40. DISPOSALS OF SUBSIDIARIES (CONT’D)
(b)
On 2 August 2023, the Group, through its wholly-owned subsidiary, Frasers Property Ivanhoe JV2
Unitholder 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 JV2 Trust (“Ivanhoe
JV2”), (“Units Sale”) for a consideration of A$45,000,000 ($40,433,000).
Pursuant to the Units Sale, which was completed on 6 September 2023, the Group and the Investor each
holds 50.0% of the units in issue in Ivanhoe JV2, and with effect from 6 September 2023, Ivanhoe JV2 is
equity accounted for as a joint venture.
Effects of Disposal
The cash flows and net assets disposed were as follows:
Properties held for sale
Trade and other receivables
Trade and other payables
Total identifiable net assets at fair value
Gain on disposal of a subsidiary (Note 4(b))
Less: Equity interest retained as a joint venture (Note 15)
Sales consideration
Less: Deferred sales consideration to be received
Cash inflow on disposal, net of cash and cash equivalents disposed of
41.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES
Net assets
derecognised
upon
disposal
$’000
59,463
40,433
99,896
(40,433)
59,463
21,403
(40,433)
40,433
(20,216)
20,217
Principal activities
Effective interest
2023
%
2022
%
Subsidiaries of the Company
Country of incorporation and place of business: Singapore
(a)
(a)
(a)
(a)
(a)
(a)
(a)
Frasers Property Treasury Pte. Ltd.
Financial services
FCL (China) Pte. Ltd.
FCL Lodge Pte. Ltd.
Investment holding
Investment holding
Frasers (Australia) Pte. Ltd.
Investment holding
Frasers (Thailand) Pte. Ltd.
Investment holding
Frasers (UK) Pte. Ltd.
Investment holding
Frasers Amethyst Pte. Ltd.
Investment holding
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
285
41.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES (CONT’D)
Principal activities
Effective interest
2023
%
2022
%
Subsidiaries of the Company (cont’d)
Country of incorporation and place of business: Singapore (cont’d)
(a)
(a)
(a)
(a)
(a)
Frasers Hospitality Changi Investments Pte. Ltd.
Investment holding
Frasers Hospitality Dalian Holding Pte. Ltd.
Investment holding
Frasers Hospitality Holdings (Europe) Pte. Ltd.
Investment holding
Frasers Hospitality Holdings Pte. Ltd.
Investment holding
Frasers Hospitality Investments China Square
Investment holding
Pte. Ltd.
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
(a)
Frasers Hospitality Investments Melbourne
Investment holding
100.0
100.0
Pte. Ltd.
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
Frasers Hospitality ML Pte. Ltd.
Investment holding
Frasers Land Pte. Ltd.
Investment holding
Frasers Property (Singapore) Pte. Ltd.
Investment holding
Frasers Property Development (China) Pte. Ltd.
Investment holding
Frasers Property Hospitality Trust Holdings
Investment holding
Pte. Ltd.
Frasers Property Industrial Holdings Pte. Ltd.
Investment holding
Frasers Property Industrial Trust Holdings
Investment holding
Pte. Ltd.
Frasers Property International Pte. Ltd.
Investment holding
Frasers Property Retail Trust Holdings Pte. Ltd.
Investment holding
Frasers Hospitality Pte. Ltd.
Investment holding
and management
services
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
(a)
River Valley Properties Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Logistics & Commercial Asset
Management Pte. Ltd.
and property
development
Management and
consultancy
services
100.0
100.0
(a)
Frasers Centrepoint Asset Management Ltd.
Management services
100.0
100.0
Notes to the Financial StatementsFor the financial year ended 30 September 2023 286
Frasers Property Limited
Annual Report 2023
41.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES (CONT’D)
Principal activities
Effective interest
2023
%
2022
%
Subsidiaries of the Company (cont’d)
Country of incorporation and place of business: Singapore (cont’d)
(a)
(a)
(a)
(a)
(a)
Frasers Hospitality Asset Management Pte. Ltd.
Management services
100.0
Frasers Hospitality International Pte. Ltd.
Management services
100.0
Frasers Property Corporate Services Pte. Ltd.
Management services
100.0
Frasers Property Management Services Pte. Ltd. Management services
100.0
Riverside Property Pte. Ltd.
Property investment
100.0
100.0
100.0
100.0
100.0
100.0
Subsidiaries of the Group
Country of incorporation and place of business: Singapore
(a)
Frasers Centrepoint Trust
(a)
Frasers Logistics & Commercial Trust
Real estate
investment trust
Real estate
investment trust
41.4
41.2
22.3
21.6
(a)
Frasers Hospitality Trust
Stapled trust
25.8
25.8
Country of incorporation and place of business: Thailand
(a)
Frasers Property (Thailand) Public Company
Investment holding
59.6
59.6
Limited
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 Real Estate
Development Co., Ltd.
Property development
45.2
45.2
Country of incorporation and place of business: Thailand
(a)
Frasers Property Thailand Industrial Freehold
& Leasehold Real Estate Investment Trust
Real estate
investment trust
15.9
15.9
(a)
Golden Ventures Leasehold Real Estate
Real estate
14.0
14.0
Investment Trust
investment trust
(a)
One Bangkok Co., Ltd.
Property
development
19.8
19.8
Notes to the Financial StatementsFor the financial year ended 30 September 2023 Contents
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Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
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41.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES (CONT’D)
Principal activities
Effective interest
2023
%
2022
%
Joint arrangements of the Group
Country of incorporation and place of business: Singapore
Aquamarine Star Trust
Investment holding
North Gem Trust
Sapphire Star Trust
Gold Ridge Pte. Ltd.
Investment holding
Investment holding
Investment holding
(a)
(a)
(a)
(c)
Country of incorporation and place of business: China
50.0
50.0
20.7
35.0
50.0
50.0
16.5
–
(c)
Shanghai Xin Chun Real Estate Development
Property
15.0
15.0
Co., Ltd.
development
(a) Audited by KPMG in the respective countries.
(b) Not required to be audited under laws of the country of incorporation.
(c) Audited by other firms.
42. ADOPTION OF NEW STANDARDS
The Group has applied the following SFRS(I)s, amendments to and interpretations of SFRS(I) for the first time
for the annual period beginning on 1 October 2022:
–
–
–
–
–
Amendments to SFRS(I) 3: Reference to the Conceptual Framework
Amendments to SFRS(I) 1-12: International Tax Reform – Pillar Two Model Rules
Amendments to SFRS(I) 1-16: Property, Plant and Equipment: Proceeds before Intended Use
Amendments to SFRS(I) 1-37: Onerous Contracts – Costs of Fulfilling a Contract
Annual Improvements to SFRS(I)s 2018 – 2020
Based on Amendments to SFRS(I) 1-12: International Tax Reform – Pillar Two Model Rules, the Group has
applied the exception to recognising and disclosing information about deferred tax assets and liabilities
related to Pillar Two income taxes.
The Group’s adoption of the new standards does not have a material effect on its financial statements.
Notes to the Financial StatementsFor the financial year ended 30 September 2023 288
Frasers Property Limited
Annual Report 2023
COMPLETED INVESTMENT PROPERTIES
Singapore
Alexandra Point
A 24-storey office building at 438 Alexandra Road.
Freehold, lettable area – 19,005 sqm
51 Cuppage Road
A 10-storey commercial building at 51 Cuppage Road.
Leasehold (lease expires year 2095), lettable area – 25,339 sqm
The Centrepoint
Robertson Walk & Fraser
Place Robertson Walk
Valley Point
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
– 33,028 sqm
A 10-storey commercial-cum-serviced apartment complex with a
2-storey basement carpark, a 2-storey retail podium and 164 serviced
apartment units at Robertson Walk Shopping Centre and Fraser Place
Robertson Walk, 11 Unity Street.
Leasehold (lease expires year 2840)
Lettable area:
Retail – Robertson Walk
Serviced 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
6 apartment units at The Centrepoint, 176A Orchard Road.
Leasehold (lease expires year 2078), lettable area – 535 sqm
Capri by Fraser,
Changi City
Capri by Fraser,
China Square
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
Book Value
$'000
336,000
425,000
593,000
508,200
345,600
15,200
160,000
298,000
Fraser Residence River
Promenade
72 serviced apartment units and commercial space at Jiak Kim Street.
Leasehold (lease expires year 2117), gross floor area – 4,786 sqm
88,000
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
96,162
Particulars of Group PropertiesAs at 30 September 2023
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Business
ESG
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Financial &
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COMPLETED INVESTMENT PROPERTIES (Cont’d)
Australia
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 – 17,398 sqm
A 8-level office building at 20 Lee Street, Henry Deane Building, Sydney,
New South Wales.
Leasehold, lettable area – 9,112 sqm
A 8-level office 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 – 12,371 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 commercial building with 7 levels of office accommodation at Rhodes
1A, Homebush Bay Drive, Rhodes, New South Wales.
Lettable area – 14,641 sqm
A shopping centre located at 300 Old Cleveland Road, Coorparoo,
Queensland.
Freehold, lettable area – 6,779 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
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
Book Value
$'000
73,811
11,555
117,306
102,808
140,592
85,234
129,169
80,577
47,890
12,873
34,928
50,086
71,175
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COMPLETED INVESTMENT PROPERTIES (Cont’d)
Australia (cont’d)
Frasers Property Industrial
Australia Group’s
Completed
Investment Properties
(cont’d)
A property comprising a 3-level office and warehouse at 2 Wonderland
Drive, Eastern Creek, New South Wales.
Freehold, lettable area – 29,047 sqm
A property comprising 2 warehouses at 4-12 Doriemus Drive, Truganinga,
Victoria.
Freehold, lettable area – 22,840 sqm
A property comprising of a warehouse at 21 Muir Road, Chullora, New
South Wales.
Freehold, lettable area – 91,690 sqm
A property comprising of a warehouse at 4 Burilda Close, Wetherill Park,
New South Wales.
Freehold, lettable area – 18,872 sqm
A property comprising of a warehouse at 6 Burilda Close, Wetherill Park,
New South Wales.
Freehold, 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
Book Value
$'000
68,099
43,056
63,969
49,151
66,677
64,145
65,903
A property comprising a warehouse at 15-19 Muir Road, Chullora, New
South Wales.
Freehold, lettable area – 22,208 sqm
112,737
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
A property comprising a warehouse at 8 Archer Road, Truganina,
Victoria.
Freehold, lettable area – 37,610 sqm
A property comprising a warehouse at 24 Archer Road, Truganina,
Victoria.
Freehold, lettable area – 37,353 sqm
54,919
56,676
58,873
59,752
Particulars of Group PropertiesAs at 30 September 2023 Contents
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ESG
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Governance
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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 33 & 15 Archer Road, Truganina,
Victoria.
Freehold, lettable area – 30,157 sqm
A property comprising a warehouse at 17 Andretti Court & 61 Sunline
Drive, Truganina, Victoria.
Freehold, lettable area – 35,770 sqm
A property comprising a warehouse at 2-8 Beyer Road, Braeside,
Victoria.
Freehold, lettable area – 20,003 sqm
A property comprising a warehouse at 30 Oldham Road, Epping,
Victoria.
Freehold, lettable area – 37,628 sqm
A property comprising a warehouse at 39 Naxos Way, Keysborough.
Freehold, lettable area – 20,472 sqm
A property comprising a warehouse at 58-76 Naxos Way & 68 Atlantic
Drive, Keysborough, Victoria.
Freehold, lettable area – 28,605 sqm
A property comprising a warehouse at 171-199 Wayne Goss Drive,
Berrinba, Queensland.
Freehold, lettable area – 22,733 sqm
A property comprising a warehouse at 1 Arthur Dixon Court, Yatala,
Queensland.
Freehold, lettable area – 13,643 sqm
A property comprising a warehouse at 70-88 Australand Drive, Berrinba,
Queensland.
Freehold, lettable area – 20,980 sqm
A property comprising an industrial, high-tech warehouse with office at
2 Johnston Crescent, Horsley Park, New South Wales.
Freehold, lettable area – 19,026 sqm
A property comprising an industrial warehouse and 2-level office at
25-51 Fox Drive, Dandenong South, Victoria.
Freehold, lettable area – 35,643 sqm
A property comprising an industrial logistics warehouse and office at
2A Johnston Crescent, Horsley Park, New South Wales.
Freehold, lettable area – 17,548 sqm
A property comprising an industrial warehouse and office at 26-34
Beyer Road, Braeside, Victoria.
Freehold, lettable area – 31,112 sqm
Book Value
$'000
53,601
58,434
42,178
69,857
43,056
59,971
43,935
24,867
39,629
52,722
70,911
47,450
61,948
Particulars of Group PropertiesAs at 30 September 2023 292
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COMPLETED INVESTMENT PROPERTIES (Cont’d)
Australia (cont’d)
Frasers Property Industrial
Australia Group’s
Completed
Investment Properties
(cont’d)
A property comprising two warehouses 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 – 38,144 sqm
A property comprising an industrial warehouse at 875 Taylors Road,
Dandenong South, Victoria.
Freehold, lettable area – 23,167 sqm
A property comprising an industrial warehouse at Lot 103, 57-75
Australand Drive, Berrinba, Queensland.
Freehold, lettable area – 21,150 sqm
A property comprising an industrial warehouse at 48-82 Goodall Close,
Dandenong South, Victoria.
Freehold, lettable area – 41,879 sqm
A property comprising an industrial warehouse at 20 Arthur Dixon Court,
Yatala, Queensland.
Freehold, lettable area – 22,592 sqm
A property comprising an industrial warehouse at 2 Fairway Street,
Stapylton, Queensland.
Freehold, lettable area – 25,520 sqm
A property comprising an industrial warehouse at Lot 121, Homestead
Drive, Yatala, Queensland.
Freehold, lettable area – 26,814 sqm
Vacant land for the development of 24 warehouses at Aldington Road,
New South Wales.
Freehold, lettable area – 576,741 sqm
Vacant land for the development of 23 warehouses at Horsley Drive,
Horsley Park, New South Wales.
Freehold, lettable area – 335,527 sqm
Vacant land for the development of 8 warehouses at 60 Stapylton –
Jacobs Well Road, Queensland.
Freehold, lettable area – 298,235 sqm
Book Value
$'000
49,866
63,486
45,868
35,499
89,188
39,849
44,814
52,371
221,696
101,939
30,755
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ESG
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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 at Taylors Road,
Dandenong South, Victoria.
Freehold, lettable area – 73,993 sqm
Vacant land for the development of 6 warehouses at 410 Cooper Street,
Epping, Victoria.
Freehold, lettable area – 226,828 sqm
Vacant land for the development of a warehouse at 917 Boundary Road,
Tarneit, Victoria.
Freehold, lettable area – 10,210 sqm
Vacant land for the development of 5 warehouses at 1-15 Ferris Road,
Cobblebank, Victoria.
Freehold, lettable area – 204,598 sqm
Vacant land for the development of 3 warehouses at 50-70 Kinlock
Court, Craigieburn, Victoria.
Freehold, lettable area – 271,274 sqm
Book Value
$'000
75,744
52,722
6,063
39,542
76,886
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
150,047
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.
35,525
49,099
48,811
1,884
79,281
33,318
Particulars of Group PropertiesAs at 30 September 2023 294
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COMPLETED INVESTMENT PROPERTIES (Cont’d)
Europe (cont’d)
Winnersh Triangle
Chineham Park
Hillington Park
A mixed-use park comprising predominantly office and industrial
accommodation located in Winnersh Triangle, Reading, Berkshire,
England, the United Kingdom.
Freehold, lettable area – 128,275 sqm
A mixed-use park comprising nine districts providing office and
industrial accommodation located in Basingstoke, Hampshire, England,
the United Kingdom.
Freehold, lettable area – 68,428 sqm
A mixed-use park comprising office and industrial accommodation
located in Glasgow, Scotland, the United Kingdom.
Freehold, lettable area – 192,363 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 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
facility
logistics
A
Saarwellingen, Germany.
Freehold, lettable area – 9,298 sqm
located at Werner von Siemens-Straße 44,
A logistics facility located at Thomas-Dachser-Straße 3, Überherrn,
Germany.
Freehold, lettable area – 21,765 sqm
facility
logistics
A
Saarwellingen, Germany.
Freehold, lettable area – 6,413 sqm
located at Werner von Siemens-Straße 35,
A logistics facility located at An der Trift 75, Dreieich, Germany.
Freehold, lettable area – 19,937 sqm
Book Value
$'000
542,266
214,106
230,643
123,365
90,898
430
85,491
49,388
18,630
10,542
26,571
5,776
21,517
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ESG
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Additional Information
295
COMPLETED INVESTMENT PROPERTIES (Cont’d)
Europe (cont’d)
Frasers Property Industrial
Europe Group's Completed
Investment Properties
(cont’d)
A logistics facility located at Hutwiesenstraße 13, Magstadt, Germany.
Freehold, lettable area – 17,081 sqm
A warehouse facility located at Moselstraße 70, Hanau, Germany.
Freehold, lettable area – 5,616 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 5-7, 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
A light industrial facility located at Alzenau-Brentanostraße 7, Alzenau,
Germany.
Freehold, lettable area – 21,990 sqm
Book Value
$'000
11,264
5,776
86,790
41,446
32,637
10,036
18,573
39,757
58,919
64,407
21,806
40,435
18,484
12,708
Particulars of Group PropertiesAs at 30 September 2023 296
Frasers Property Limited
Annual Report 2023
COMPLETED INVESTMENT PROPERTIES (Cont’d)
Thailand
Amata City Chonburi
Industrial Estate
Laemchabang Industrial
Estate
Hi-Tech Industrial Estate
Amata City Rayong
Industrial Estate
9 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
29,805 sqm
63,726 sqm
93,531 sqm
30 industrial factories located in the Laemchabang Industrial Estate
on Sukhumvit Road (Highway No. 3) within Thung Sukhla Sub-District,
Si Racha District, Chon Buri Province.
Leasehold (lease expires year 2025, 2027, 2029 and 2048), lettable
area – 77,005 sqm
1 industrial factory and vacant plots of industrial land located in the
Hi-Tech Industrial Estate on Asia Road (Highway No. 32) within Ban
Len and Ban Pho Sub-Districts, Bang Pa-in District, Phra Nakhon Si
Ayutthaya Province.
Freehold, lettable area
Land
2,750 sqm
98,493 sqm
101,243 sqm
6 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
19,405 sqm
59,367 sqm
78,772 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 – 14,752 sqm
Rojana – Ayudhya Industrial
Park Zone 1-3
Pinthong Industrial Estate
7 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
55,085 sqm
151,262 sqm
206,347 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
208,469 sqm
22,472 sqm
14,776 sqm
245,717 sqm
Book Value
$'000
43,518
36,695
9,206
24,499
1,100
57,472
19,769
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
297
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
12,000 sqm
14,550 sqm
3 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
6,550 sqm
222,384 sqm
228,934 sqm
30 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
39,050 sqm
49,440 sqm
88,490 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
Land
Leasehold (lease expires year 2044), lettable area
50,144 sqm
449,202 sqm
7,938 sqm
507,284 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
3,081
13,775
45,010
31,377
126,982
1,902
14,174
Particulars of Group PropertiesAs at 30 September 2023 298
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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 – 354,576 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 – 194,832 sqm
Frasers Property Logistics
Center (Eastern Seaboard
2A)
2 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
Land
15,263 sqm
3,760 sqm
19,023 sqm
Frasers Property Logistics
Center (Eastern Seaboard
2B)
Vacant plots of industrial land located in the Frasers Property Logistics
Center (Eastern Seaboard 2B) project on Chachoengsao – Sattahip
Road (Highway No. 331) within Bowin Sub-District, Si Racha District,
Chon Buri Province.
Freehold, total area – 107,504 sqm
Frasers Property Logistics
Center (Eastern Seaboard
1B)
4 warehouses located in the Frasers Property Logistics Center (Eastern
Seaboard 1B) project on Pluak Daeng – Sapansi Road (Highway No.
3080) within Pluak Daeng Sub-District, Pluak Daeng District, Rayong
Province.
Freehold, total area – 11,400 sqm
Frasers Property Logistics
Center (Wangnoi 2)
Frasers Property Logistics
Park (Laemchabang 2)
Frasers Property Logistics
Center (Phan Thong 1)
17 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
217,767 sqm
500,118 sqm
717,885 sqm
8 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
20,440 sqm
445,568 sqm
466,008 sqm
6 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 – 15,075 sqm
Book Value
$'000
23,790
13,734
3,674
12,533
6,598
179,275
46,535
11,350
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
299
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)
Frasers Property Logistics
Center (Amata City Rayong)
Frasers Property Logistics
Center (Surat Thani)
Frasers Property Logistics
Center (Bangplee 1)
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 – 246,928 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 – 364,880 sqm
3 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
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
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
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 – 185,456 sqm
Book Value
$'000
21,876
29,120
24,555
7,952
8,971
27,595
6,449
50,213
Particulars of Group PropertiesAs at 30 September 2023 300
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COMPLETED INVESTMENT PROPERTIES (Cont’d)
Thailand (cont’d)
Frasers Property Logistics
Center (Bangplee 3)
Frasers Property Logistics
Center (Bangplee 4)
Frasers Property Logistics
Center (Bangplee 5)
Frasers Property Logistics
Center (Samut Sakhon)
Frasers Property Logistics
Center (Lamphun)
Frasers Property Logistics
Center (Rojana Prachinburi)
Frasers Property Logistics
Center (Bangplee 2)
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 – 187,312 sqm
6 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (Bangplee 4) project on Liap Khlong Song
Nam Survarnabhumi 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
81,968 sqm
134,648 sqm
4 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (Bangplee 5) project on Liap Khlong Song
Nam Survarnabhumi Road at around km. station 19, within Bang Pla
Sub-District, Bang Phli District, Samut Prakan Province.
Freehold, lettable area
Land
24,876 sqm
19,200 sqm
44,076 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
149,984 sqm
178,035 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
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
4 warehouses and vacant plots of industrial land located in the Frasers
Property Logistics Center (Bangplee 2) project on Mueang Mai – Bang
Phli Road (Highway No. 1006) within Bang Sao Thong Sub-District,
Bang Sao Thong District, Samut Prakan Province.
Leasehold (lease expires year 2039), lettable area
Land
37,480 sqm
20,981 sqm
58,461 sqm
Book Value
$'000
23,294
62,026
13,380
77,420
15,383
4,398
20,519
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
301
COMPLETED INVESTMENT PROPERTIES (Cont’d)
Thailand (cont’d)
Frasers Property Logistics
Center (Phanat Nikhom)
Frasers Property Logistics
Center (Bangplee 6)
Frasers Property Logistics
Center (Bangplee 7)
Wang Noi 3
FYI Center
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
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, lettable area
Land
105,050 sqm
137,037 sqm
242,087 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
69,732 sqm
61,030 sqm
130,762 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 located on Phahon
Yothin Road (Highway No. 1), Phayom Sub-District, Wang Noi District,
Phra Nakhon Si Aytthaya Province.
Freehold, total area – 249,904 sqm
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 – 49,733 sqm
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 – 1,836,199 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
Book Value
$'000
6,714
101,657
45,182
42,895
14,622
204,653
11,365
7,012
813
Particulars of Group PropertiesAs at 30 September 2023 302
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Annual Report 2023
COMPLETED INVESTMENT PROPERTIES (Cont’d)
Thailand (cont’d)
Silom Edge
Vietnam
Melinh Point
Worc@Q2
Binh Duong Industrial Park
China
Fraser Suites Dalian
Japan
Estem Court Namba VII
Beyond
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
Book Value
$'000
966
791
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 – 20,410 sqm
106,295
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
40,349 sqm
103,204 sqm
143,553 sqm
80,086
18,700
50,703
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
46,750
A 15-storey rental apartment of 124 units, located to the north of
''Daikokucho'' Station on the Osaka Metro Midosuji Line at 2-6-4,
Shikitsu-Higashi 2-chome, Naniwa-ku, Osaka 1.
Freehold, gross floor area – 3,189 sqm
23,860
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
303
COMPLETED INVESTMENT PROPERTIES (Cont’d)
Indonesia
Fraser Residence Sudirman,
Jakarta
SLP Karawang
SLP Banjarmasin
SLP Makassar
A 30-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
Land
128,566 sqm
54,845 sqm
183,411 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
HELD THROUGH FRASERS CENTREPOINT TRUST
Book Value
$'000
24,593
90,744
7,287
8,414
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 – 38,990 sqm
1,336,000
Northpoint City North Wing A 6-storey retail mall (including 2 basement levels) and a 3-storey
782,000
carpark at 930 Yishun Avenue 2.
Leasehold (lease expires year 2089), lettable area – 21,361 sqm
Yishun 10 Retail Podium
10 strata-titled retail units at 51 Yishun Central 1.
Leasehold (lease expires year 2089), lettable area – 961 sqm
34,000
Particulars of Group PropertiesAs at 30 September 2023 304
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COMPLETED INVESTMENT PROPERTIES (Cont’d)
HELD THROUGH FRASERS CENTREPOINT TRUST (cont’d)
Singapore (cont’d)
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 – 16,007 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 – 19,933 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 – 19,628 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 – 15,393 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
Book Value
$'000
217,500
657,000
559,000
435,000
429,000
771,000
HELD THROUGH FRASERS HOSPITALITY TRUST
Singapore
Fraser Suites Singapore(1)
Australia
Fraser Suites Sydney(1)
Europe
A 20-storey building of 255 serviced apartment units at 491A River
Valley Road.
Leasehold (lease expires year 2876), gross floor area – 27,018 sqm
347,000
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 – 12,137 sqm
144,793
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
72,852
19,172
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ESG
Highlights
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Governance
Financial &
Additional Information
305
COMPLETED INVESTMENT PROPERTIES (Cont’d)
HELD THROUGH FRASERS HOSPITALITY TRUST (cont’d)
Europe (cont’d)
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
Book Value
$'000
34,176
114,030
80,725
Singapore
Alexandra Technopark(1)
Australia
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 – 96,087 sqm
758,000
2 adjoining office and warehouse facilities, located at 18-34 Aylesbury
Drive, Altona, Victoria.
Freehold, lettable area – 21,493 sqm
A large industrial warehouse and an attached 2-level office building,
located at 49-75 Pacific Drive, Keysborough, Victoria.
Freehold, lettable area – 25,163 sqm
An industrial facility, a substantial 2-level office and a ground floor café,
located at 115-121 South Centre Road, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 3,085 sqm
A 3-level office attached by a first floor walkway to the warehouse,
located at 96-106 Link Road, Melbourne Airport, Victoria.
Leasehold (lease expires year 2047), lettable area – 18,599 sqm
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
39,761
43,276
6,197
28,959
13,018
17,930
12,831
Particulars of Group PropertiesAs at 30 September 2023 306
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COMPLETED INVESTMENT PROPERTIES (Cont’d)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (cont’d)
Australia (cont’d)
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
Industrial office and warehouse facility, located at 98-126 South Park
Drive, Dandenong South, Victoria.
Freehold, lettable area – 28,062 sqm
A warehouse and attached 2-storey office/display centre, located at
77 Atlantic Drive, Keysborough, Victoria.
Freehold, lettable area – 15,095 sqm
2 warehouse and office facilities under 1 roofline, located at 17 Pacific
Drive and 170-172 Atlantic Drive, Keysborough, Victoria.
Freehold, lettable area – 30,004 sqm
2 adjoining distribution facilities with associated mezzanine level
office areas, located at 78 & 88 Atlantic Drive, Keysborough, Victoria.
Freehold, lettable area – 13,495 sqm
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
Book Value
$'000
46,741
37,564
29,217
24,691
51,843
29,261
59,752
27,152
43,935
46,132
44,155
25,834
73,591
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
307
COMPLETED INVESTMENT PROPERTIES (Cont’d)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (cont’d)
Australia (cont’d)
1 office/showroom development and 330 car parking bays, located at
211A Wellington Road, Mulgrave, Victoria.
Freehold, lettable area – 7,175 sqm
Office warehouse, located at 1 Doriemus Drive, Truganina, Victoria.
Freehold, lettable area – 74,546 sqm
1 office/warehouse distribution centre, located at 21 Kangaroo Avenue,
Eastern Creek, New South Wales.
Freehold, lettable area – 41,401 sqm
2 adjoining office and warehouse, located at 17 Kangaroo Avenue,
Eastern Creek, New South Wales.
Freehold, lettable area – 23,112 sqm
Office/warehouse facility, located at 7 Eucalyptus Place, Eastern
Creek, New South Wales.
Freehold, lettable area – 16,074 sqm
A warehouse and office, located at 6 Reconciliation Rise, Pemulwuy,
New South Wales.
Freehold, lettable area – 19,218 sqm
An industrial distribution facility, located at 8-8A Reconciliation Rise,
Pemulwuy, New South Wales.
Freehold, lettable area – 22,511 sqm
A port related automotive vehicle storage and distribution facility,
located at Lot 104 & 105 Springhill Road, Port Kembla, New South
Wales.
Leasehold (lease expires year 2049), lettable area – 90,661 sqm
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 – 16,648 sqm
Book Value
$'000
34,357
115,110
120,162
57,467
46,132
55,797
64,848
20,400
34,797
17,925
28,206
59,488
2 separate standalone distribution facilities, located at 4-8 Kangaroo
Avenue, Eastern Creek, New South Wales.
Freehold, lettable area – 40,566 sqm
117,965
Particulars of Group PropertiesAs at 30 September 2023 308
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Annual Report 2023
COMPLETED INVESTMENT PROPERTIES (Cont’d)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (cont’d)
Australia (cont’d)
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
accommodation,
Queensland.
Leasehold (lease expires year 2115), lettable area – 14,916 sqm
facility with associated office
located at 51 Stradbroke Street, Heathwood,
Warehouse and office facility, located at 30 Flint Street, Inala,
Queensland.
Leasehold (lease expires year 2115), lettable area – 15,052 sqm
Warehouse and manufacturing facility, with a detached 2-level office
building, located at 286 Queensport Road, North Murarrie, Queensland.
Leasehold (lease expires year 2115), lettable area – 21,531 sqm
2-level office and warehouse, located at 350 Earnshaw Road,
Northgate, Queensland.
Leasehold (lease expires year 2115), lettable area – 30,779 sqm
Warehouse and distribution facility with a single-level office, located at
99 Shettleston Street, Rocklea, Queensland.
Leasehold (lease expires year 2115), lettable area – 15,186 sqm
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
Book Value
$'000
17,310
20,913
43,935
31,897
27,503
40,157
63,794
22,319
9,358
47,010
Office/warehouse development,
Keysborough, Victoria.
Freehold, lettable area – 21,660 sqm
located at 111
Indian Drive,
47,010
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
98,875
Particulars of Group PropertiesAs at 30 September 2023 Contents
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Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
309
COMPLETED INVESTMENT PROPERTIES (Cont’d)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (cont’d)
Australia (cont’d)
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
29 Indian Drive, Keysborough, Victoria.
Freehold, lettable area – 21,854 sqm
A single-level office and high-clearance warehouse facility, located at
89-103 South Park Drive, Dandenong South, Victoria.
Freehold, lettable area – 10,425 sqm
A single-level office and high-clearance warehouse facility, located at
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
Book Value
$'000
46,640
28,206
43,056
41,035
19,068
43,232
43,759
59,982
36,730
56,017
102,808
29,436
Particulars of Group PropertiesAs at 30 September 2023 310
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COMPLETED INVESTMENT PROPERTIES (Cont’d)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (cont’d)
Australia (cont’d)
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
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 – 31,780 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
Book Value
$'000
28,690
13,840
15,597
18,892
41,958
320,945
216,600
224,069
23,683
26,138
88,379
71,050
85,202
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
311
COMPLETED INVESTMENT PROPERTIES (Cont’d)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (cont’d)
Europe (cont’d)
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
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
27,871
22,384
25,561
15,596
115,239
114,712
22,817
48,955
21,084
17,762
26,571
25,994
71,050
45,056
Solar Panels – Moosthenning, at Oberes Feld 2, Moosthenning,
Germany.
933
Particulars of Group PropertiesAs at 30 September 2023 312
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Annual Report 2023
COMPLETED INVESTMENT PROPERTIES (Cont’d)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (cont’d)
Europe (cont’d)
Book Value
$'000
A logistics facility at Oberes Feld 2, 4, 6, 8 Moosthenning, Germany.
Freehold, lettable area – 72,558 sqm
120,515
A logistics facility at Murrer Straße 1, Freiberg am Neckar, Germany.
Freehold, lettable area – 21,071 sqm
A logistics warehouse with office space located at Mandeveld 12,
Meppel, the Netherlands.
Freehold, lettable area – 31,013 sqm
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
A logistics facility located at Obertshausen-Im Birkengrund 5-7,
Germany.
Freehold, lettable area – 23,291 sqm
56,175
44,045
58,775
68,162
81,014
34,081
50,544
A logistics facility located at Tamm-Bietigheimer Straße 50-52,
Germany.
Freehold, lettable area – 38,932 sqm
115,384
A logistics facility located at Garching Dieselstaße 30, Germany.
Freehold, lettable area – 13,014 sqm
A cross-dock facility located in Gewerbegebiet Etzin 1, Berlin, 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
52,565
66,284
43,323
63,107
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
313
COMPLETED INVESTMENT PROPERTIES (Cont’d)
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (cont’d)
Europe (cont’d)
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
Farnborough Business Park A mixed-use park comprising 14 buildings located at Farnborough,
Hampshire, England, the United Kingdom.
Freehold, lettable area – 50,771 sqm
Maxis Business Park
An office park comprising two 5-storey buildings located at 34 Western
Road, Bracknell, England, the United Kingdom.
Freehold, lettable area – 17,859 sqm
Blythe Valley Business Park
16 mixed-use buildings in a premier office business park located at
Blythe Valley Park, Solihull, West Midlands, the United Kingdom.
Freehold, lettable area – 42,191 sqm
Connexion
Connexion II
Worcester
A logistics and industrial property located at Connexion at Blythe
Valley Park, Solihull, West Midlands, the United Kingdom.
Freehold, lettable area – 19,534 sqm
A development project of industrial units located at Blythe Valley Park,
Solihull, Birmingham, England, the United Kingdom.
Freehold, lettable area – 11,074 sqm
A development project of a distribution warehouse located at
Worcester, West Midlands, England, the United Kingdom.
Freehold, lettable area – 16,734 sqm
Book Value
$'000
78,415
33,503
42,601
228,393
83,438
164,043
60,016
37,343
36,676
TOTAL COMPLETED INVESTMENT PROPERTIES
23,256,720
INVESTMENT PROPERTIES UNDER CONSTRUCTION
Australia
Woolworths
Epping Spec 2
A property comprising an industrial warehouse at Lot 201, Staplyton
Jacobs Well Road, Yatala, Queensland.
Freehold, lettable area – 36,494 sqm
A property comprising an industrial warehouse at 410 Cooper Street,
Epping, Victoria.
Freehold, lettable area – 27,417 sqm
56,201
32,382
Particulars of Group PropertiesAs at 30 September 2023 314
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Annual Report 2023
INVESTMENT PROPERTIES UNDER CONSTRUCTION (cont’d)
Australia (cont’d)
Komatsu & Spec
Canvas West Spec 2
National Tiles /
Canvas West Spec 3
SC1 Archerfield L101
Brunswick & Co
Europe
Bemmel
Breda – De Posthoren
Düsseldorf
Landsberg
Japan
YOTEL Tokyo
A property comprising an industrial warehouse at 917 Boundary Road,
Tarneit, Victoria.
Freehold, lettable area – 25,052 sqm
A property comprising an industrial warehouse at 4 Hurst Drive,
Tarneit, Victoria.
Freehold, lettable area – 27,559 sqm
Vacant land for the development of 1 warehouse with approximately
31,288 sqm of lettable area at 296 Beatty Road, Archerfield, Queensland.
Freehold, lettable area – 31,285 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
A development project comprising two warehouse units with office
space located at Veilingweg 16, the Netherlands.
Freehold, gross floor area – 63,385 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 – 77,823 sqm
A greenfield development comprising of three units in two different
buildings at Max-Planck-Ring 19 and Gottlieb-Daimler-Strasse 4,
Landsberg, Germany.
Freehold, lettable area – 27,398 sqm
Book Value
$'000
30,331
35,670
27,752
80,401
58,313
36,391
123,037
8,910
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
143,161
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
315
INVESTMENT PROPERTIES UNDER CONSTRUCTION (cont’d)
Thailand
River II
Frasers Property Logistics
Center (Bangplee 5)
Frasers Property Logistics
Center (Bangplee 4)
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
(Bangplee 5) project on Liap Khlong Song Nam Suvarnabhumi Road at
around km. station 19, within Bang Pla Sub-District, Bang Phli District,
Samut Prakan Province.
Freehold, lettable area – 10,080 sqm
1 warehouse and vacant plots of industrial land located in the Frasers
Property Logistics Center (Bangplee 4) project on Liap Khlong Song
Nam Suvarnabhumi Road at around km. station 3+600, within Bang Pla
Sub-District, Bang Phli District, Samut Prakan Province.
Leasehold (lease expires year 2053), lettable area
Land
25,020 sqm
48,902 sqm
73,922 sqm
Book Value
$'000
8,110
5,278
14,774
Frasers Property Logistics
Center (Bangplee 7)
1 warehouse 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 – 9,162 sqm
2,361
Vietnam
Binh Duong Industrial Park
11 industrial factories under construction 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
64,568 sqm
219,351 sqm
283,919 sqm
Industrial Centre Yen Phong
2C
12 industrial factories and warehouses under construction located at
Lot CN4-2 in Yen Phong II-C Industrial Zone, Dong Tien and Tam Giang
Communes, Yen Phong District, Bac Ninh Province.
Leasehold (lease expires year 2068), lettable area - 79,750 sqm
Industrial Centre Yen My
Industrial Centre Dong Mai
Vacant plots of industrial land located at Lot CN-01 in Yen My Industrial
Zone, Tan Lap and Trung Hoa Communes, Yen My District, Hung Yen
Province.
Leasehold (lease expires year 2068), total area – 138,300 sqm
Vacant plots of industrial land located at Lot CN-01 in Dong Mai
Industrial Zone, Dong Mai Ward, Quang Yen Commune, Quang Ninh
Province.
Leasehold (lease expires year 2058), total area – 41,658 sqm
79,973
31,146
25,153
4,946
Particulars of Group PropertiesAs at 30 September 2023 316
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Annual Report 2023
INVESTMENT PROPERTIES UNDER CONSTRUCTION (cont’d)
Vietnam (cont’d)
Industrial Centre Yen Phong
Expansion
Vacant plots of industrial land located at Lot CN1-2, Yen Phong
Industrial Park (Expansion Zone), Yen Trung Commune and Dung Liet
Commune, Yen Phong District, Bac Ninh Province.
Leasehold (lease expires year 2066), total area – 130,000 sqm
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST
Book Value
$'000
30,665
United Kingdom
Ellesmere
A development project of a warehouse facility located at Cheshire,
North West England, England.
Freehold, lettable area – 62,211 sqm
81,896
TOTAL INVESTMENT PROPERTIES UNDER CONSTRUCTION
TOTAL PROPERTIES (CLASSIFIED AS INVESTMENT PROPERTIES)
916,851
24,173,571
(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
Australia
Fraser Suites Perth
236 apartments and suites at 10 Adelaide Terrace, East Perth Western
Australia.
Freehold, gross floor area – 18,936 sqm
1C Homebush Bay Drive,
Rhodes
A 5 level office building at 1C Homebush Bay Drive, Rhodes Corporate
Park, Rhodes, New South Wales.
Freehold, gross floor area – 10,228 sqm
United Kingdom
Malmaison Belfast
Malmaison Edinburgh
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
Book Value
$'000
72,509
58,734
11,159
22,518
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
317
PROPERTY, PLANT AND EQUIPMENT (cont’d)
United Kingdom (cont’d)
Malmaison Glasgow
Malmaison Leeds
Malmaison Liverpool
Malmaison Reading
Hotel du Vin Birmingham
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
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 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
Hotel du Vin Brighton
A boutique hotel situated at Ship Street, Brighton, BN1 1AD, England.
The property provides a 49 bedroom boutique hotel, a 80 cover
restaurant, bar, and meeting rooms with a maximum capacity of 90.
Freehold, gross floor area – 5,693 sqm
Hotel du Vin Bristol
A boutique hotel situated at The Sugar House, Narrow Lewins Mead,
Bristol, BS1 2NU, England. The property provides a 40 bedroom
boutique hotel, a 80 cover restaurant, bar and 3 meeting rooms with a
maximum capacity of 72.
Freehold, gross floor area – 3,272 sqm
Book Value
$'000
11,564
21,389
22,371
14,980
14,000
16,216
10,241
Hotel du Vin Cambridge
A boutique hotel situated at 15-19 Trumpington Street, Cambridge, CB2
1QA, England. The property provides a 41 bedroom boutique hotel, a
82 cover restaurant, bar and 2 meeting rooms with a maximum capacity
of 30.
Leasehold (lease expires year 2105), gross floor area – 4,320 sqm
9,036
Particulars of Group PropertiesAs at 30 September 2023 318
Frasers Property Limited
Annual Report 2023
PROPERTY, PLANT AND EQUIPMENT (cont’d)
United Kingdom (cont’d)
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
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 Bistro 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 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
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 42 bedroom boutique hotel, a 56
cover restaurant, bar and meeting rooms with a maximum capacity
of 150.
Freehold, gross floor area – 3,974 sqm
Book Value
$'000
10,224
18,555
15,707
11,053
7,439
3,511
5,256
9,785
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
319
PROPERTY, PLANT AND EQUIPMENT (cont’d)
United Kingdom (cont’d)
Hotel du Vin Tunbridge
Wells
Hotel du Vin Wimbledon
Hotel du Vin Winchester
Hotel du Vin York
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
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
Hotel du Vin Stratford upon
Avon
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
Malmaison Cheltenham
A boutique hotel situated on Bayshill Road, Cheltenham, Gloucestershire,
GL50 3AS, England. The property provides a 61 bedroom hotel, a 74
cover restaurant, bar and meeting rooms with a maximum capacity
of 50.
Freehold, gross floor area – 3,226 sqm
Hotel du Vin Avon Gorge
Bristol
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
Hotel du Vin Exeter
A boutique hotel situated on Magdalen Street, Exeter, Devon, EX2 4HY,
England. The property provides a 60 bedroom boutique hotel, an 80
cover restaurant, bar and meeting rooms with a maximum capacity
of 16.
Freehold, gross floor area – 2,293 sqm
Book Value
$'000
7,925
21,013
6,452
10,117
7,913
14,478
30,629
11,055
Aberdeen Development Site An unoccupied building to be redeveloped at Clarke Building, Schoolhill,
834
Aberdeen, AB10 1JQ, Scotland.
Particulars of Group PropertiesAs at 30 September 2023 320
Frasers Property Limited
Annual Report 2023
PROPERTY, PLANT AND EQUIPMENT (cont’d)
United Kingdom (cont’d)
Malmaison Oxford
Malmaison Aberdeen
A 35-year lease (lease expires year 2040) of a boutique hotel situated on
Oxford Castle, 3 New Road, Oxford, OX1 1AY, England.
A boutique hotel situated on 49-53 Queens Road, Aberdeen, AB15 4YP,
Scotland. The property provides a 79 bedroom boutique hotel, a 100
cover restaurant, bar and meeting rooms with a maximum capacity
of 30.
Freehold, gross floor area – 3,936 sqm
Malmaison Birmingham
A 35-year lease (lease expires 2046) of a boutique hotel situated on 1
Wharfside Street, Birmingham, B1 1RD, England.
Malmaison Manchester
A 35-year lease (lease expires year 2046) of a boutique hotel situated on
1-3 Piccadilly, Manchester, M1 3AQ, England.
Malmaison Newcastle
A 35-year lease (lease expires year 2046) of a boutique hotel situated on
104 Quayside, Newcastle, NE1 3DX, England.
Malmaison London
A 70-year lease (lease expires year 2081) of a boutique hotel situated on
18-21 Charterhouse Square, London, EC1M 6AH, England.
Malmaison Dundee
A 35-year lease (lease expires year 2049) of a boutique hotel situated on
44 Whitehall Crescent, Dundee, DD1 4AY, Scotland.
Malmaison Brighton
A 35-year lease (lease expires year 2050) of a boutique hotel situated on
The Waterfront, Brighton Marina, Brighton, BN2 5WA, England.
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.
Malmaison York
A 35-year lease (lease expires year 2056) of a boutique hotel situated on
2 Rougier St, York YO90 1UU, England.
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.
Book Value
$'000
14,729
14,597
41,936
42,289
31,146
50,824
21,868
16,100
32,964
67,936
1,465
340
412
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
321
PROPERTY, PLANT AND EQUIPMENT (cont’d)
Book Value
$'000
Thailand (cont’d)
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.
66
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.
290
293
324
Frasers Property Logistics
Center (Eastern Seaboard
2A)
Sale office 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.
27
Frasers Property Logistics
Center (Laemchabang 1)
located
the Frasers Property Logistics Center
Sale office
(Laemchabang 1) project on Bypass – Laem Chabang Road (Motorway
No. 7) within Nong Kham Sub-District, Si Racha District, Chon Buri
Province.
in
7
Frasers Property Logistics
Center (Lamphun)
Sale office 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.
115
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) around km. station 57,
within Phayom Sub-District, Wangnoi District, Phra Nakhon Si Ayutthaya
Province.
1,092
The River II
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.
172
Modena by Fraser, Bangkok A 239-room, 14-storey hotel with an underground floor at Rama IV Road
and Ratchadaphisek Road (also known as Khlong Toei intersection),
within Khlong Toei Sub-District, Khlong Toei District, Bangkok
Metropolis.
Leasehold (lease expires year 2077), gross floor area – 12,934 sqm
21,460
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
41,757
Particulars of Group PropertiesAs at 30 September 2023 322
Frasers Property Limited
Annual Report 2023
PROPERTY, PLANT AND EQUIPMENT (cont’d)
Book Value
$'000
Thailand (cont’d)
The Ascott Sathorn,
Bangkok
Indonesia
SLP Karawang
Vietnam
Binh Duong Industrial Park
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
66,626
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.
9
Industrial 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.
2,865
HELD THROUGH FRASERS HOSPITALITY TRUST
Singapore
InterContinental Singapore(2) 406 hotel rooms at 80 Middle Road.
446,454
Leasehold (lease expires year 2089), gross floor area – 49,968 sqm
Malaysia
The Westin Kuala Lumpur(2)
443 hotel rooms at 199 Jalan Bukit Bintang, Kuala Lumpur.
Freehold, gross floor area – 71,761 sqm
105,109
Japan
ANA Crowne Plaza Kobe(2)
593 hotel rooms at 1-Chome, Kitano-Cho, Chuo-Ku, Kobe.
Freehold, gross floor area – 136,656 sqm
106,266
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
76,698
Novotel Melbourne on
Collins(2)
380 hotel rooms at 270 Collins Street, Melbourne, Victoria.
Freehold, gross floor area – 20,860 sqm
188,813
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
323
PROPERTY, PLANT AND EQUIPMENT (cont’d)
HELD THROUGH FRASERS HOSPITALITY TRUST (cont’d)
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)
84 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
Book Value
$'000
54,307
27,582
1,953,601
150,953
2,104,554
(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
Australia
Queens Riverside
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 5 units to go.
Burwood Brickworks
A retail space with gross floor area of 12,962 sqm on freehold land
situated at Burwood, Victoria, comprising 2 units to go.
Ed.Square
A retail space with gross floor area of 24,519 sqm on freehold land
situated at Edmondson Park, New South Wales, comprising 2 units to
go.
Eastern Creek Quarter
A retail space with gross floor area of 9,975 sqm on leasehold land
(lease expires year 2110) situated at Eastern Creek, New South Wales,
comprising 1 unit to go.
Eastern Creek Quarter XL
A retail space with gross floor area of 11,285 sqm on leasehold land
(lease expires year 2112) situated at Eastern Creek, New South Wales,
comprising 1 unit to go.
Lumiere
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.
Effective
Interest
%
100.0
100.0
100.0
100.0
100.0
100.0
Particulars of Group PropertiesAs at 30 September 2023 324
Frasers Property Limited
Annual Report 2023
COMPLETED PROPERTIES HELD FOR SALE (cont’d)
China
Chengdu Logistics Hub
Baitang One
United Kingdom
Wandsworth Riverside
Quarter
The Rowe
Thailand
Sky Villas
The Grand – Alpina
The Grand Rama 2 P.5
Grandio 2 Rama 2
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 9 retail units and 131 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 units 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, England, comprising 67 units to go.
Freehold land of approximately 9,012 sqm situated in Whitechapel,
London, England for a commercial development with an estimated
saleable area of 15,329 sqm.
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.
residential development on
A
land of
approximately 143,680 sqm situated on Boromarajajonani Road, within
Sala Thammasop Sub–District, Thawi Watthana District, Bangkok
Metropolis, comprising 11 units to go.
freehold subdivided
residential development on
A
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
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 6
units to go.
Effective
Interest
%
80.0
100.0
100.0
100.0
35.6
59.4
59.4
59.4
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
325
COMPLETED PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Grandio Bangkae
Grandio Petchkasem 81
Grandio Ramintra
– Wongwaen
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 2 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 3 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 3 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 8 units to go.
Grandio Rattanathibet
– Ratchapruek
A residential development on 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,
comprising 2 units to go.
Golden Prestige – Prestige 2
Rama 2
residential development on
land of
A
approximately 79,850 sqm situated on Phan Tay Norasing Sub–District,
Mueang District, Samut Sakhon Province, comprising 1 unit to go.
freehold subdivided
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 7 units to go.
Chiang Rai – Big C Airport
A residential development on freehold subdivided land of approximately
25,460 sqm situated on Sanam Bin Road, within Ban Du Sub–District,
Mueang District, Chiang Rai Province.
Golden Village 2 Chiang Rai
– Big C Airport
A residential development on freehold subdivided land of approximately
19,776 sqm situated on Sanam Bin Road, within Ban Du Sub–District,
Mueang District, Chiang Rai Province.
Golden Neo Ngamwongwan
– Prachachuen
Golden Prestige – Prestige
Rama 9 – Krungthepkreetha
residential development on
A
land of
approximately 41,538 sqm situated on Soi Samakkee 63, within Bang
Talat Sub–District, Pak Kret District, Nonthaburi Province, comprising
7 units to go.
freehold subdivided
residential development on
A
land of
approximately 49,418 sqm situated on Saphan Sung Sub–District,
Saphan Sung District, Bangkok Metropolis, comprising 7 units to go.
freehold subdivided
Effective
Interest
%
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
Particulars of Group PropertiesAs at 30 September 2023 326
Frasers Property Limited
Annual Report 2023
COMPLETED PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Neo Sukhumvit
– Lasalle
Golden Neo - Neo Home
Bangkae
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 21 units to go.
A residential development on 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, comprising 9 units to go.
Golden Town Sukhumvit
– Lasalle
A residential development on freehold subdivided land of approximately
42,883 sqm situated on Samrong Nua Sub–District, Muang Samut
Prakarn District, Samut Prakan Province, comprising 15 units to go.
Golden Neo 2 Bangna
– Kingkaew
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 15
units to go.
Grandio Bangna Km.5
A residential development on freehold subdivided land of approximately
79,492 sqm situated on Buanakarin Road, within Bang Kaeo Sub–
District, Bang Phli District, Samut Prakan Province, comprising 9 units
to go.
Golden Neo Chaengwattana
– Muang Thong
A residential development on freehold subdivided land of approximately
50,669 sqm situated on Tiwanon Road, within Ban Mai Sub–District,
Pak Kret District, Nonthaburi Province, comprising 7 units to go.
Golden Neo Korat
– Terminal
Golden Neo Siriraj
– Ratchapruek
Golden Neo 3 Rama 2
Grandio Sathorn
residential development on
land of
A
approximately 98,260 sqm situated on Si Phet Road within Nong
Krathum Muen Wai Sub–District, Mueang District, Nakhon Ratchasima
Province, comprising 19 units to go.
freehold subdivided
A residential development on freehold subdivided land of approximately
81,920 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 7 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 7 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 4 units to go.
Effective
Interest
%
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
327
COMPLETED PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Neo 2 Ramintra
– Wongwaen
Grandio Suksawat
– Rama 3
Golden Prestige
– Prestige Rama 2
Golden Town 2 Sathorn
residential development on
land of
A
approximately 48,386 sqm situated on Saphan Sung Sub–District,
Saphan Sung District, Bangkok Metropolis, comprising 8 units to go.
freehold subdivided
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 6 units to go.
A residential development on 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, comprising 18 units to go.
A residential development on freehold subdivided land of approximately
15,838 sqm situated on private road off Kanlapapruek Road, within
Bang Wa, Bang Khun Thian Sub–District, Phasi Charoen, Chom Thong
District, Bangkok Metropolis, comprising 18 units to go.
Golden Neo Khonkaen
– Bueng Kaennakhon
A residential development on freehold subdivided land of approximately
44,934 sqm situated on Tambon Mueang Phon, Amphoe Phon, Khon
Kaen Province, comprising 23 units to go.
Golden Town 4 Ladphrao
– Kasetnawamin
A residential development on 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, comprising 2 units to go.
Golden City Chaengwattana
– Muang Thong
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 23 units to go.
Golden City Sathorn
Golden Town Vibhavadi
– Chaengwattana
Golden Town Ramintra
– Wongwaen
residential development on
land of
A
approximately 23,256 sqm situated on private road off Kanlapaphruek
Road, within Bang Wa Sub–District, Phasi Charoen District, Bangkok
Metropolis, comprising 3 units to go.
freehold subdivided
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 5 units to
go.
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 39 units to go.
Effective
Interest
%
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
Particulars of Group PropertiesAs at 30 September 2023 328
Frasers Property Limited
Annual Report 2023
COMPLETED PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Ramintra – Wongwaen
Golden Town Bangna Km.5
A residential development on freehold subdivided land of approximately
4,965 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.
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 15
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 30 units to go.
Golden Town Chiangrai
– Big C Airport
residential development on
A
land of
approximately 52,951 sqm situated on Phahon Yothin Road within Ban
Du Sub–District, Mueang District, Chiang Rai Province, comprising 18
units to go.
freehold subdivided
Golden Town Petchkasem
81
A residential development on freehold subdivided land of approximately
51,525 sqm situated on Soi Phet Kasem 81 (Soi Ma Charoen) Phet
Kasem Road, within Nong Khang Phlu Sub–District, Nong Khaem
District, Bangkok Metropolis, comprising 37 units to go.
Golden Town 2 Ramintra
– Wongwaen
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 31 units to go.
Golden Town Rattanathibet
– Westgate
Golden Town 3 Rama 2
residential development on
land of
A
approximately 42,398 sqm situated on Chan Thong Iam Road within
Bang Rak Phatthana Sub–District, Bang Bua Thong District, Nonthaburi
Province, comprising 27 units to go.
freehold subdivided
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 46 units to go.
Golden Town
Charoenmuang
– Superhighway
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 19 units to go.
Effective
Interest
%
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
329
COMPLETED PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Neo – Neo Home
Rattanathibet – Ratchapruek
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.
Golden Town 2 Chiang Rai
– Big C Airport
A residential development on freehold subdivided land of approximately
45,264 sqm situated on Sanam Bin Road, within Ban Du Sub–District,
Mueang District, Chiang Rai Province.
Golden Town Suksawat
– Rama 3
A residential development on freehold subdivided land of approximately
65,747 sqm situated on Rat Burana Sub–District, Rat Burana District,
Bangkok Metropolis, comprising 60 units to go.
Golden Town Sathorn
Golden Town 2 Bangkae
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 26
units to go.
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 43 units to go.
Golden Town
Ngamwongwan – Khae Rai
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 30
units to go.
Golden Town Phaholyothin
– Lumlukka
A residential development on freehold subdivided land of approximately
47,990 sqm situated on Soi Lam Luk Ka 19, Lam Luk Ka Road within
Khu Khot Sub–District, Lam Luk Ka District, Pathum Thani Province,
comprising 30 units to go.
Golden Town Chiang Mai
– Kad Ruamchok
A residential development on freehold subdivided land of approximately
59,600 sqm situated on Somphot Chiangmai 700 Pi Road (The Middle
Ring Road) within Fa Ham Sub–District, Mueang District, Chiang Mai
Province, comprising 17 units to go.
Golden Town Petchkasem
– Liap Khlong Thawi
Watthana
A residential development on freehold subdivided land of approximately
45,524 sqm situated on Lak Song, Bang Khae Nuea Sub–District, Bang
Khae District, Bangkok Metropolis, comprising 41 unit to go
Golden Town Rangsit
– Klong 3
A residential development on freehold subdivided land of approximately
69,138 sqm situated on Liap Khlong Sam Road, within Khlong Sam Sub–
District, Khlong Luang District, Pathum Thani Province, comprising 61
units to go.
Golden Town Tiwanon
– Chaengwattana
A residential development on freehold subdivided land of approximately
50,444 sqm situated on Liap Khlong Prapa Road within Ban Mai Sub–
District, Mueang District, Pathum Thani Province, comprising 39 units
to go.
Effective
Interest
%
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
Particulars of Group PropertiesAs at 30 September 2023 330
Frasers Property Limited
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COMPLETED PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Town 2 Rangsit
– Klong 3
A residential development on 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.
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 12 units to go.
Golden Town Ayutthaya
Golden Neo Chachoengsao
– Ban Pho
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 16 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 13 units to go.
Golden Neo Suksawat
– Rama 3
residential development on
A
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 4 units to go.
freehold subdivided
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 33 units to go.
Golden Town Rama 9
– Krungthepkreetha
residential development on
A
land of
approximately 44,328 sqm situated on Rama 9 – Krungthepkreetha,
Bangkok Metropolis, comprising 17 units to go.
freehold subdivided
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 109 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 5 units to go.
Golden Town Angsila
– Sukhumvit
Ngamwongwan
– Prachachuen
residential development on
A
land of
approximately 65,178 sqm situated on Samet District, Muang Chonburi
District, Chonburi Province, comprising 40 units to go.
freehold subdivided
residential development on
A
land of
approximately 17,104 sqm situated on Soi Samakkee 63, within Bang
Talat Sub–District, Pak Kret District, Nonthaburi Province.
freehold subdivided
Effective
Interest
%
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
331
COMPLETED PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
The Grand – The Royal
Residence
Golden Neo – Neo Home 2
Korat – Terminal
The Grand Vibhavadi 60
A residential development on freehold subdivided land of approximately
30,385 sqm situated on private road off Soi Sukhinthawat 27 Kaset
Nawamin Road within Chorakhe Bua Sub–District, Lat Phrao District,
Bangkok Metropolis, comprising 5 units to go.
residential development on
A
land of
approximately 71,837 sqm situated on Mittraphap Road within Nai
Mueang Sub–District, Mueang District, Nakhon Ratchasima Province,
comprising 3 units to go.
freehold subdivided
residential development on
A
land of
approximately 15,276 sqm situated on Soi Vibhavadi 60 off Vibhavadi
Road, within Talat Bang Khen Sub–District, Don Mueang District,
Bangkok Metropolis, comprising 1 unit to go.
freehold subdivided
Golden Prestige
– Prestige Future – Rangsit
A residential development on freehold subdivided land of approximately
111,367 sqm situated on Khlong Nueng Sub–District, Khlong Luang
District, Pathum Thani Province, comprising 11 units 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 12 units to go.
Grandio 2 Vibhavadi
– Rangsit
A residential development on freehold subdivided land of approximately
44,488 sqm situated on Khlong Nueng, Klong Luang District, Pathum
Thani Province, comprising 2 units to go.
Golden Town Siriraj
– Ratchapruek
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 76 units to go.
Golden Neo – Neo Home
Angsila – Sukhumvit
residential development on
A
land of
approximately 50,431 sqm situated on Samet District, Muang Chonburi
District, Chonburi Province, comprising 3 units to go.
freehold subdivided
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 Sub–District,
Mueang Udon Thani Province, comprising 16 units to go.
Grandio Future – Rangsit
A residential development on freehold subdivided land of approximately
112,745 sqm situated on Khlong Nueng Sub–District, Khlong Luang
District, Pathum Thani Province, comprising 1 unit to go.
Golden Prestige
Watcharapol
– Sukhaphiban 5
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
1 unit to go.
Effective
Interest
%
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
Particulars of Group PropertiesAs at 30 September 2023 332
Frasers Property Limited
Annual Report 2023
COMPLETED PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Bangna – Kingkaew
residential development on
land of
A
approximately 5,152 sqm situated on King Kaeo Road, within Racha
Thewa Sub–District, Bang Phli District, Samut Prakan Province.
freehold subdivided
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.
Ramintra – Wongwaen
The Grand – De Pine
A residential development on freehold subdivided land of approximately
4,190 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.
residential development on
A
land of
approximately 156,630 sqm situated on Boromarajajonani Road, within
Sala Thammasop Sub–District, Thawi Watthana District, Bangkok
Metropolis, comprising 1 unit to go.
freehold subdivided
Golden Town 3 Bangna
– Suanluang
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 1 unit 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.
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
residential development on
A
land of
approximately 8,904 sqm situated within Samet Sub–District, Muang
Chonburi District, Chonburi Province.
freehold subdivided
Effective
Interest
%
59.4
59.4
59.4
59.4
59.4
59.4
59.4
59.4
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
333
DEVELOPMENT PROPERTIES HELD FOR SALE
Singapore
Parc Greenwich
Sky Eden@Bedok
Australia
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.
Estimated Date of
Completion
Effective
Interest %
3rd Quarter 2024
80.0
1st Quarter 2026
100.0
Frasers Landing, Western
Australia
A residential development comprising 310 land
lots to go.
4th Quarter 2029
100.0
Fairwater, New South Wales A residential development comprising 9 medium
4th Quarter 2025
100.0
density (“MD”) housing lots to go.
Botanica, New South Wales A residential development comprising 20 MD
4th Quarter 2025
100.0
housing lots to go.
Midtown, New South Wales A residential development comprising 2,044
4th Quarter 2031
100.0
apartment, MD housing and retail lots to go.
Ed.Square, New South
Wales
A mixed development comprising 917 apartment
and MD housing lots to go.
4th Quarter 2029
100.0
Hamilton Reach,
Queensland
A residential development comprising 271 MD
housing lots to go.
1st Quarter 2027
100.0
Brookhaven, Queensland
A residential development comprising 704 land
lots to go.
4th Quarter 2027
100.0
Keperra, Queensland
A residential development comprising 488 MD
housing, land and retail lots to go.
3rd Quarter 2028
100.0
Newstead, Queensland
residential development comprising 145
A
apartment, MD housing and retail lots to go.
4th Quarter 2026
100.0
New Beith, Queensland
A residential development comprising 2,153
apartment lots to go.
1st Quarter 2033
100.0
Carlton, Victoria
residential development comprising 115
A
apartment lots to go.
2nd Quarter 2024
65.0
Particulars of Group PropertiesAs at 30 September 2023 334
Frasers Property Limited
Annual Report 2023
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Estimated Date of
Completion
Effective
Interest %
Australia (cont’d)
Mambourin, Victoria
A residential development comprising 663 land
and retail lots to go.
4th Quarter 2027
100.0
Cockburn, Western Australia A
residential development comprising 346
2nd Quarter 2035
100.0
apartment lots to go.
Port Coogee, Western
Australia
residential development comprising 421
A
apartment, land and retail lots to go.
4th Quarter 2034
100.0
Baldivis Grove, Western
Australia
A residential development comprising 159 land
lots to go.
4th Quarter 2026
100.0
The Waterfront, New South
Wales
residential development comprising 866
A
apartment, MD housing, land and retail lots to go.
4th Quarter 2028
50.0
Berwick Waters, Victoria
A residential development comprising 600 land
lots to go.
2nd Quarter 2028
45.0
Wallara Waters, Victoria
A residential development comprising 1,152 land
lots to go.
4th Quarter 2034
50.0
Hardy's Road, Victoria
A residential development comprising 1,325 land
lots to go.
1st Quarter 2030
61.0
Baldivis Parks, Western
Australia
A residential development comprising 512 land
lots to go.
2nd Quarter 2029
50.0
Macquarie Park, New South
Wales
Jacobs Well Rd, Stapylton,
Queensland
Tarneit, Victoria
Dandenong South – Stage
N4, Victoria
A development space for 3 commercial buildings
at 1 Giffnock Avenue, Macquarie Park, New South
Wales with an estimated total saleable area of
58,648 sqm.
Vacant land for the development of 8 warehouses
at 60 Stapylton-Jacobs Well Road, Yatala,
Queensland with an estimated total saleable area
of 5,691 sqm.
Vacant land for the development of a warehouse
at 917 Boundary Road, Tarneit, Victoria with an
estimated total saleable area of 4,039 sqm.
Vacant land for the development of 4 warehouses
at Taylors Road/Goodall Close, Dandenong South,
Victoria with an estimated total saleable area of
1,220 sqm.
4th Quarter 2029
50.0
3rd Quarter 2024
100.0
4th Quarter 2024
100.0
4th Quarter 2024
100.0
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
335
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
China
Chengdu Logistics Hub
Thailand
The Grand – Alpina
Golden Neo – Neo Home
Kanda
The Grand Rama 2 P.8
The Grand Rama 2 P.14
The Grand – Alpina Rama 2
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.
Freehold subdivided land of approximately 143,680
sqm situated on Boromarajajonani Road, within
Sala Thammasop Sub-District, Thawi Watthana
District, Bangkok Metropolis for a proposed
residential development of 13 residential units of
approximately 6,638 sqm gross area for sale.
land of approximately
Freehold subdivided
65,519 sqm situated on Phan Tay Norasing Sub-
District, Mueang District, Samut Sakhon Province
for a proposed residential development of 197
residential units of approximately 34,725 sqm
gross area for sale.
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 32,416 sqm gross area for
sale.
Estimated Date of
Completion
Effective
Interest %
–
80.0
3rd Quarter 2025
59.4
2nd Quarter 2028
59.4
3rd Quarter 2027
59.4
1st Quarter 2028
59.4
3rd Quarter 2026
59.4
Particulars of Group PropertiesAs at 30 September 2023 336
Frasers Property Limited
Annual Report 2023
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Estimated Date of
Completion
Effective
Interest %
2nd Quarter 2025
59.4
1st Quarter 2034
59.4
2nd Quarter 2024
59.4
2nd Quarter 2024
59.4
3rd Quarter 2027
59.4
Thailand (cont’d)
The Grand Lux Bangna
– Suanluang
Grandio 2 Rama 2
Grandio Bangkae
Grandio Petchkasem 81
Grandio Ramintra
– Wongwaen
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 20 residential units of
approximately 10,041 sqm gross area for sale.
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 248 residential units of
approximately 63,628 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 32 residential units of
approximately 7,263 sqm gross area for sale.
land of approximately
Freehold subdivided
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 13 residential units of approximately 2,753 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 140 residential units of approximately 33,718
sqm gross area for sale.
Grandio Vibhavadi – Rangsit 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 81 residential units of approximately 25,895 sqm
gross area for sale.
3rd Quarter 2025
59.4
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
337
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Grandio Rattanathibet
– Ratchapruek
Golden Prestige – Prestige 2
Rama 2
Golden Village Chiang Rai
– Big C Airport
Golden Neo Ngamwongwan
– Prachachuen
Golden Prestige – Prestige
Rama 9 – Krungthepkreetha
Golden Neo Sukhumvit
– Lasalle
Golden Neo – Neo Home
Bangkae
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 127 residential units of
approximately 32,817 sqm gross area for sale.
Freehold subdivided
land of approximately
79,850 sqm situated on Phan Tay Norasing Sub-
District, Mueang District, Samut Sakhon Province
for a proposed residential development of 221
residential units of approximately 46,529 sqm
gross area for sale.
Freehold subdivided land of approximately 29,584
sqm situated on Sanam Bin Road, within Ban Du
Sub-District, Mueang District, Chiang Rai Province
for a proposed residential development of 18
residential units of approximately 2,786 sqm gross
area for sale.
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 69 residential units of approximately 11,201 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 51 residential units of
approximately 11,809 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 76 residential units of approximately 12,594 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 27 residential units of approximately 5,015 sqm
gross area for sale.
Estimated Date of
Completion
Effective
Interest %
1st Quarter 2029
59.4
4th Quarter 2041
59.4
4th Quarter 2024
59.4
4th Quarter 2026
59.4
1st Quarter 2026
59.4
3rd Quarter 2027
59.4
3rd Quarter 2026
59.4
Particulars of Group PropertiesAs at 30 September 2023 338
Frasers Property Limited
Annual Report 2023
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
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 208 residential units of
approximately 33,706 sqm gross area for sale.
Freehold subdivided land of approximately 79,492
sqm situated on Buanakarin Road, within Bang
Kaeo Sub-District, Bang Phli District, Samut Prakan
Province for a proposed residential development
of 129 residential units of approximately 10,728
sqm gross area for sale.
land of approximately
Freehold subdivided
50,669 sqm situated on Tiwanon Road, within Ban
Mai Sub-District, Pak Kret District, Nonthaburi
Province for a proposed residential development
of 14 residential units of approximately 2,190 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 52 residential units of
approximately 3,432 sqm gross area for sale.
land of approximately
Freehold subdivided
81,920 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 131 residential units of
approximately 27,521 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 78 residential units of approximately 12,307 sqm
gross area for sale.
land of approximately
Freehold subdivided
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 89 residential units of
approximately 24,467 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest %
4th Quarter 2029
59.4
3rd Quarter 2027
59.4
2nd Quarter 2024
59.4
2nd Quarter 2024
59.4
2nd Quarter 2029
59.4
1st Quarter 2026
59.4
2nd Quarter 2026
59.4
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
339
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Neo 2 Ramintra
– Wongwaen
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 31 residential units of
approximately 4,600 sqm gross area for sale.
Grandio Suksawat – Rama 3 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 23
residential units of approximately 5,472 sqm gross
area for sale.
Golden Prestige – Prestige
Rama 2
The Grand Ratchapruk
– Rama 5
Golden Town 2 Sathorn
Golden Town 3 Sathorn
Golden Prestige – Prestige
Sathorn
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 131 residential units of approximately 24,620
sqm gross area for sale.
Freehold subdivided
land of approximately
63,072 sqm situated on Bang Bua Thong
District, Nonthaburi Province for a proposed
residential development of 57 residential units of
approximately 31,139 sqm gross area for sale.
Freehold subdivided
land of approximately
road off
15,838 sqm situated on private
Kanlapapruek Road, within Bang Wa, Bang Khun
Thian Sub-District, Phasi Charoen, Chom Thong
District, Bangkok Metropolis for a proposed
residential development of 66 residential units of
approximately 5,962 sqm gross area for sale.
Freehold subdivided land of approximately 24,903
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.
Freehold subdivided land of approximately 58,230
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 133
residential units of
approximately 33,773 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest %
3rd Quarter 2024
59.4
3rd Quarter 2024
59.4
4th Quarter 2029
59.4
4th Quarter 2026
59.4
3rd Quarter 2030
59.4
2nd Quarter 2026
59.4
1st Quarter 2028
59.4
Particulars of Group PropertiesAs at 30 September 2023 340
Frasers Property Limited
Annual Report 2023
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Neo Khonkaen
– Bueng Kaennakhon
Golden Town 4 Ladphrao
– Kasetnawamin
Golden City Chaengwattana
– Muang Thong
The Grand Sathorn
Golden Town Ramintra
– Wongwaen
Golden Town Bangna Km.5
Golden Town Phaholyothin
– Saphanmai
Freehold subdivided land of approximately 44,934
sqm situated on Tambon Mueang Phon, Amphoe
Phon, Khon Kaen Province
for a proposed
residential development of 62 residential units of
approximately 4,376 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 71 residential units of approximately 6,063 sqm
gross area for sale.
land of approximately
Freehold subdivided
33,136 sqm situated on Tiwanon Road, within Ban
Mai Sub-District, Pak Kret District, Nonthaburi
Province for a proposed residential development
of 8 residential units of approximately 699 sqm
gross area for sale.
Freehold subdivided land of approximately 57,169
sqm situated on private road off Kanlapaphruek
Road, within Bang Wa Sub-District, Phasi Charoen
District, Bangkok Metropolis for a proposed
residential development of 57 residential units of
approximately 32,280 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 16 residential units of approximately 1,347 sqm
gross area for sale.
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 405 residential units of approximately 30,526
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 143 residential units of
approximately 10,543 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest %
3rd Quarter 2024
59.4
4th Quarter 2024
59.4
3rd Quarter 2024
59.4
4th Quarter 2027
59.4
2nd Quarter 2024
59.4
2nd Quarter 2032
59.4
1st Quarter 2026
59.4
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
341
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Town Chiangrai
– Big C Airport
Golden Town
Petchkasem 81
Golden Town 2 Ramintra
– Wongwaen
Golden Town Rattanathibet
– Westgate
Golden Town 3 Rama 2
Golden Town
Charoenmuang –
Superhighway
Golden Neo – Neo Home
Rattanathibet – Ratchapruek
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 185 residential units of approximately 12,816
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 103 residential units of approximately 7,518 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 179 residential units of approximately 12,998
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 93 residential units of
approximately 6,570 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 94 residential units of approximately 6,488 sqm
gross area for sale.
Freehold subdivided land of approximately 17,730
sqm situated on Soi Bun Raksa off Chiang Mai –
Lampang Road (Highway No. 11) within Tha Sala
Sub-District, Mueang District, Chiang Mai Province
for a proposed residential development of 18
residential units of approximately 1,426 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 87 residential units of
approximately 13,798 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest %
2nd Quarter 2029
59.4
1st Quarter 2026
59.4
3rd Quarter 2029
59.4
1st Quarter 2026
59.4
2nd Quarter 2025
59.4
2nd Quarter 2025
59.4
3rd Quarter 2027
59.4
Particulars of Group PropertiesAs at 30 September 2023 342
Frasers Property Limited
Annual Report 2023
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Town Suksawat
– Rama 3
Golden Town Sathorn
Golden Town
Ngamwongwan – Khae Rai
Golden Town Phaholyothin
– Lumlukka
Golden Town 4 Rama 2
Golden Prestige – Prestige
Rattanathibet – Ratchapruek
Golden Town Chiang Mai
– Kad Ruamchok
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 305 residential units of
approximately 22,321 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 26 residential units of approximately 1,864 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 84 residential units of
approximately 6,030 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 149 residential units of
approximately 10,486 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 347 residential units of approximately 25,355
sqm gross area for sale.
Freehold subdivided
land of approximately
98,624 sqm situated on Bang Bua Thong
District, Nonthaburi Province for a proposed
residential development of 376 residential units of
approximately 59,175 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 215
residential units of approximately 15,001 sqm
gross area for sale.
Estimated Date of
Completion
Effective
Interest %
3rd Quarter 2033
59.4
2nd Quarter 2024
59.4
1st Quarter 2026
59.4
3rd Quarter 2026
59.4
2nd Quarter 2052
59.4
4th Quarter 2030
59.4
3rd Quarter 2027
59.4
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
343
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Town Petchkasem –
Liap Khlong Thawi Watthana
Golden Town Rangsit
– Klong 3
Golden Town Tiwanon
– Chaengwattana
Golden Town Sriracha
– Assumption
Golden Town Ayutthaya
Golden Neo Chachoengsao
– Ban Pho
Golden Neo Suksawat
– Rama 3
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 179
residential units of approximately 12,905 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 321 residential units of
approximately 22,674 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 100 residential units of approximately 7,113 sqm
gross area for sale.
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 26
residential units of approximately 1,752 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 70 residential units of approximately 4,688 sqm
gross area for sale.
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 188 residential units of approximately 13,876
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 232 residential units of
approximately 22,266 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest %
2nd Quarter 2026
59.4
1st Quarter 2034
59.4
1st Quarter 2026
59.4
2nd Quarter 2024
59.4
4th Quarter 2024
59.4
1st Quarter 2027
59.4
2nd Quarter 2033
59.4
Particulars of Group PropertiesAs at 30 September 2023 344
Frasers Property Limited
Annual Report 2023
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Town 5 Rama 2
The Grand Chaengwattana
– Muang Thong
Grandio Chaengwattana
– Muang Thong
Golden Town Vibhavadi
– Rangsit
Golden Town Rama 9
– Krungthepkreetha
Golden Town 2 Srinakarin
– Sukhumvit
Golden Town Ratchapruk
– Rama 5
Golden Town Angsila
– Sukhumvit
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
51,946 sqm situated on Tiwanon Road, within Ban
Mai Sub-District, Pak Kret District, Nonthaburi
Province for a proposed residential development
of 60 residential units of approximately 30,738 sqm
gross area for sale.
Freehold subdivided
land of approximately
69,141 sqm situated on Tiwanon Road, within Ban
Mai Sub-District, Pak Kret District, Nonthaburi
Province for a proposed residential development
of 140 residential units of approximately 39,257
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 174 residential units of
approximately 12,424 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 247
residential units of
approximately 18,679 sqm gross area for sale.
Freehold subdivided land of approximately 74,229
sqm situated on Bang Mueang Sub-District,
Mueang Samut Prakan District, Samut Prakan
Province for a proposed residential development
of 77 residential units of approximately 6,018 sqm
gross area for sale.
land of approximately
Freehold subdivided
31,115 sqm situated on Bang Bua Thong
District, Nonthaburi Province for a proposed
residential development of 94 residential units of
approximately 7,716 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 314 residential units of
approximately 23,222 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest %
3rd Quarter 2029
59.4
3rd Quarter 2026
59.4
2nd Quarter 2028
59.4
1st Quarter 2027
59.4
4th Quarter 2030
59.4
2nd Quarter 2025
59.4
4th Quarter 2025
59.4
3rd Quarter 2029
59.4
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
345
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Biz Future
– Rangsit
Golden Condo Chiangrai
Golden Condo
– Sathorn
The Grand – The Royal
Residence
Golden Neo – Neo Home 2
Korat – Terminal
The Grand Vibhavadi 60
Golden Prestige – Prestige
Future – Rangsit
Freehold subdivided land of approximately 15,270
sqm situated on Khlong Nueng Sub-District,
Klong Luang District, Pathum Thani Province
for a proposed residential development of 96
residential units of approximately 9,162 sqm gross
area for sale.
Freehold subdivided land of approximately 7,200
sqm situated on Phahon Yothin Road within Ban
Du Sub-District, Mueang District, Chiang Rai
Province 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 30 residential units of approximately 2,629 sqm
gross area for sale.
Freehold subdivided land of approximately 30,385
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 25,385 sqm
gross area for sale.
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 149 residential units of approximately 24,120
sqm gross area for sale.
Freehold subdivided
land of approximately
15,276 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 15
residential units of approximately 4,285 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 260 residential units of approximately 48,048
sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest %
2nd Quarter 2027
59.4
3rd Quarter 2028
59.4
4th Quarter 2025
59.4
1st Quarter 2026
59.4
3rd Quarter 2025
59.4
1st Quarter 2025
59.4
1st Quarter 2028
59.4
Particulars of Group PropertiesAs at 30 September 2023 346
Frasers Property Limited
Annual Report 2023
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Town 2 Future
– Rangsit
Golden Town 3 Future
– Rangsit
Golden Town Future
– Rangsit
Grandio 2 Vibhavadi
– Rangsit
Golden Town Siriraj
– Ratchapruek
Golden Neo – Neo Home
Angsila – Sukhumvit
Golden Neo – Neo Home
Udon – Prachasanti
Grandio Kaset – Nawamin
Freehold subdivided land of approximately 57,906
sqm situated on Khlong Nueng Sub-District,
Khlong Luang District, Pathum Thani Province
for a proposed residential development of 434
residential units of approximately 31,849 sqm
gross area for sale.
Freehold subdivided land of approximately 34,452
sqm situated on Khlong Nueng Sub-District,
Khlong Luang District, Pathum Thani Province
for a proposed residential development of 249
residential units of approximately 18,260 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 168
residential units of approximately 12,949 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 70 residential units of
approximately 16,034 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 53 residential units of
approximately 4,186 sqm gross area for sale.
Freehold subdivided land of approximately 50,431
sqm situated on Samet District, Muang Chonburi
for a proposed
District, Chonburi Province
residential development of 122 residential units of
approximately 19,936 sqm gross area for sale.
Freehold subdivided land of approximately 44,871
sqm situated on Pracha Santi 16 Road, Mak Mak
Sub-District, Mueang Udon Thani District for a
proposed residential development of 77 residential
units of approximately 12,676 sqm gross area for
sale.
Freehold subdivided land of approximately 59,096
sqm situated on Khlong Kum District, Bueng
Kum District, Bangkok Metropolis for a proposed
residential development of 114 residential units of
approximately 33,276 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest %
4th Quarter 2028
59.4
1st Quarter 2028
59.4
3rd Quarter 2026
59.4
3rd Quarter 2026
59.4
3rd Quarter 2025
59.4
1st Quarter 2027
59.4
2nd Quarter 2025
59.4
2nd Quarter 2027
59.4
Particulars of Group PropertiesAs at 30 September 2023 Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
347
DEVELOPMENT PROPERTIES HELD FOR SALE (cont’d)
Thailand (cont’d)
Golden Town Kaset
– Nawamin
Grandio Future – Rangsit
Grandio 2 Ladphrao
– Kasetnawamin
Golden Condo
– Klos Ratchada 7
Golden Condo
– Klos Ramintra
The Grand Pinklao
– Wongwaenkanchana
Golden Neo – Neo Home
Rayong
Freehold subdivided land of approximately 25,715
sqm situated on Khlong Kum District, Bueng
Kum District, Bangkok Metropolis for a proposed
residential development of 119 residential units of
approximately 10,163 sqm gross area for sale.
Freehold subdivided
land of approximately
112,745 sqm situated on Khlong Nueng Sub-
District, Khlong Luang District, Pathum Thani
Province for a proposed residential development
of 245 residential units of approximately 64,040
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.
Freehold subdivided
land of approximately
1,238 sqm situated on Soi Na Thong 7 within Din
Daeng Sub-District, Din Daeng District, Bangkok
Metropolis for a proposed residential development
of 122 residential units of approximately 3,523 sqm
gross area for sale.
Freehold subdivided land of approximately 1,496
sqm situated within Khan Na Yao Sub-District,
Khan Na Yao District, Bangkok Metropolis for
a proposed residential development of 130
residential units of approximately 3,751 sqm gross
area for sale.
Freehold subdivided
land of approximately
46,236 sqm situated on Bang Waek Road within
Bang Chueak Nang Sub-District, Phasi Charoen
District, Bangkok Metropolis for a proposed
residential development of 39 residential units of
approximately 23,897 sqm gross area for sale.
Freehold subdivided
land of approximately
65,600 sqm situated within Thap Ma Sub-District,
Mueang District, Rayong Province for a proposed
residential development of 175 residential units of
approximately 37,143 sqm gross area for sale.
Estimated Date of
Completion
Effective
Interest %
2nd Quarter 2025
59.4
4th Quarter 2033
59.4
2nd Quarter 2027
59.4
1st Quarter 2025
59.4
3rd Quarter 2026
59.4
4th Quarter 2025
59.4
2nd Quarter 2026
59.4
Particulars of Group PropertiesAs at 30 September 2023 348
Frasers Property Limited
Annual Report 2023
Interested Person Transactions
Particulars of interested person transactions ("IPTs") for the financial year from 1 October 2022 to 30 September 2023
as required under Rule 907 of the SGX Listing Manual are set out below.
Name of interested person
Nature of relationship
Aggregate value of all
IPTs during the financial
Aggregate value of all
year under review IPTs conducted during
the financial year
(excluding transactions
less than $100,000 and
under review under
transactions conducted shareholders' mandate
pursuant to Rule 920
(excluding transactions
less than $100,000)
S$'000
under shareholders'
mandate pursuant
to Rule 920)
S$'000
TCC Group of Companies (1)
– Purchase of products and obtaining of
services
Associate of the
Company's controlling
shareholder
– Lease/non-exclusive use of commercial
space/data centre/land (including
subterranean space)
– Acquisitions of interests in subsidiaries
Frasers Hospitality Trust
– Provision of services
Associate of the
Company's Director
and Group Chief
Executive Officer
56,767
38,320
17,969
–
125,184
838
–
157
113,056
126,179
Note:
(1)
This refers to the companies and entities in the TCC Group which are controlled by Mr Charoen Sirivadhanabhakdi and the estate of the late
Khunying Wanna Sirivadhanabhakdi.
MATERIAL CONTRACTS (RULE 1207 (8) OF THE SGX LISTING MANUAL)
There were no material contracts entered into by the Company or any of its subsidiaries involving the interests of any
Director or controlling shareholder of the Company during the financial year under review, save as disclosed above
and in this Annual Report.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
349
Use of Proceeds
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 the Responsible Investment section of the ESG Report 20231 and the 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 Gold
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)
White Sands
BCA Green Mark Gold
Singapore
Commercial (Retail)
Hougang Mall
BCA Green Mark Platinum
Singapore
Commercial (Retail)
NEX
BCA Green Mark GoldPLUS
ESG Report 2023: https://www.frasersproperty.com/ESG-report-2023
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.
350
Frasers Property Limited
Annual Report 2023
Use of Proceeds
USE OF PROCEEDS FROM THE RIGHTS ISSUE
Specific use of the proceeds from the rights issue of 982,866,444 new shares (the “Rights Issue”) as at 22 December
2023 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 fund the acquisition of retail asset
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)
(220.1)
(1.0)
250.0
On 26 January 2023, the Company announced the intended use of proceeds from the Rights Issue to partially finance
the Company’s share of the proposed joint acquisition of 50% of Gold Ridge Pte. Ltd. which holds the property
located at 23 Serangoon Central. The proposed joint acquisition was completed on 6 February 2023.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
351
Shareholding Statistics
As at 28 November 2023
No. of issued shares
No. of issued shares (excluding treasury shares)
Class of shares
No. / % of treasury shares
No. / % of subsidiary holdings*
Voting rights
: 3,926,041,573
: 3,926,041,573
: Ordinary shares
: Nil
: Nil
: 1 vote per share
*
“Subsidiary holdings” is defined in the SGX-ST Listing Manual to mean shares referred to in Sections 21(4), 21(4B), 21(6A) and 21(6C) of the
Companies Act 1967.
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
96
582
4,898
3,216
32
8,824
1.09
6.59
55.51
36.45
0.36
100.00
3,446
362,724
25,692,554
178,182,129
3,721,800,720
3,926,041,573
0.00
0.01
0.65
4.54
94.80
100.00
TWENTY LARGEST SHAREHOLDERS
(AS SHOWN IN THE REGISTER OF MEMBERS AND DEPOSITORY REGISTER)
No.
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
PHILLIP SECURITIES PTE LTD
LIM EE SENG
HSBC (SINGAPORE) NOMINEES PTE LTD
OCBC SECURITIES PRIVATE LTD
HENG SIEW ENG
OCBC NOMINEES SINGAPORE PTE LTD
DB NOMINEES (SINGAPORE) PTE LTD
THE TITULAR ROMAN CATHOLIC ARCHBISHOP OF KUALA LUMPUR
CHOE PENG SUM
CGS-CIMB SECURITIES (SINGAPORE) PTE LTD
CHOO MEILEEN
CHEE SWEE CHENG & COMPANY LIMITED
TOTAL
1,130,041,272
1,038,066,563
953,770,677
414,292,685
91,122,814
22,540,010
12,157,876
7,897,104
5,126,804
4,573,329
4,399,813
4,316,246
3,061,000
2,758,449
2,386,500
2,013,440
1,879,209
1,832,549
1,812,130
1,693,220
3,705,741,690
28.78
26.44
24.29
10.55
2.32
0.57
0.31
0.20
0.13
0.12
0.11
0.11
0.08
0.07
0.06
0.05
0.05
0.05
0.05
0.04
94.39
Note:
* Percentage is based on 3,926,041,573 shares as at 28 November 2023. There are no treasury shares as at 28 November 2023.
# Any discrepancies in aggregated figures are due to rounding.
352
Frasers Property Limited
Annual Report 2023
Shareholding Statistics
As at 28 November 2023
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)
Estate of the late Khunying Wanna
Sirivadhanabhakdi (4)
Direct Interest
No. of Shares
2,281,139,368
1,130,041,272
–
–
–
–
–
%*#
58.10
28.78
–
–
–
–
–
Deemed Interest
No. of Shares
–
–
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 2023, 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
SGX-ST Listing Manual.
Notes:
* Percentage is based on 3,926,041,573 shares as at 28 November 2023. There are no treasury shares as at 28 November 2023.
# Any discrepancies in aggregated figures are due to rounding.
(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 11.54% in ThaiBev Shares, and
Siriwana’s interest in ThaiBev Shares, direct and indirect through Siriwanan, is approximately 56.79%:
– 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 the estate of the late 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 the estate of the late Khunying Wanna Sirivadhanabhakdi also jointly hold a 51% direct interest in Siriwana and
a 100% direct interest in Shiny Treasure, which holds the remaining 49% direct interest in Siriwana. Siriwana 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 11.54% in ThaiBev Shares, and Siriwana’s interest in ThaiBev Shares, direct and indirect through Siriwanan, is
approximately 56.79%.
ThaiBev holds a 100% direct interest in IBHL, which in turn holds a 100% direct interest in IBIL. Each of Charoen Sirivadhanabhakdi and the estate
of the late Khunying Wanna Sirivadhanabhakdi is therefore deemed to be interested in all of the shares of FPL in which IBIL has an interest.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
353
FRASERS PROPERTY LIMITED
(Incorporated in Singapore)
(Company Registration No. 196300440G)
NOTICE IS HEREBY GIVEN that the 60th 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, 24 January 2024 at 2.00 p.m. 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 2023 and the auditors’ report thereon.
To approve a final tax-exempt (one-tier) dividend of 4.5 cents per share in respect of the year ended
30 September 2023.
To pass the following resolutions on the recommendation of the Nominating Committee and endorsement of
the Board of Directors in respect of appointment of Directors (see note (a) of the explanatory notes):
(a)
“That Mr Charoen Sirivadhanabhakdi, who will retire by rotation pursuant to article 94 of the Constitution
of the Company and who, being eligible, has offered himself for re-election, be and is hereby
re-appointed as a Director of the Company.”
Subject to his re-appointment, Mr Charoen will be re-appointed as the Chairman of the Board of
Directors of the Company.
(b)
“That Mr Chin Yoke Choong, 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 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.
(c)
“That Mr Panote Sirivadhanabhakdi, who will retire by rotation pursuant to article 94 of the Constitution of
the Company and who, being eligible, has offered himself for re-election, be and is hereby re-appointed
as a Director of the Company.”
Subject to his re-appointment, Mr Panote will be re-appointed as a member of the Board Executive
Committee and a member of the Sustainability and Risk Management Committee.
(d)
“That Dr David Wong See Hong, 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, Dr Wong, who is considered an independent Director, will be re-appointed
as a member of the Audit Committee and a member of the Sustainability and Risk Management
Committee.
(4)
To approve Directors’ fees of up to $2,500,000 payable by the Company for the year ending 30 September 2024
(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.
Notice of Annual General Meeting 354
Frasers Property Limited
Annual Report 2023
SPECIAL BUSINESS
To consider and, if thought fit, to pass, with or without modifications, the following resolutions, which will be
proposed as Ordinary Resolutions:
(6)
“That authority be and is hereby given to the Directors of the Company to:
(a)
(i)
issue shares of the Company (“shares”) whether by way of rights, bonus or otherwise; and/or
(ii) make or grant offers, agreements or options (collectively, “Instruments”) that might or would
require shares to be issued, including but not limited to the creation and issue of (as well as
adjustments to) warrants, debentures or other instruments convertible into shares,
at any time and upon such terms and conditions and for such purposes and to such persons as the
Directors may in their absolute discretion deem fit; and
(b)
(notwithstanding the authority conferred by this Resolution may have ceased to be in force) issue shares
in pursuance of any Instrument made or granted by the Directors while this Resolution was in force,
provided that:
(1)
(2)
(3)
(4)
the aggregate number of shares to be issued pursuant to this Resolution (including shares to be issued
in pursuance of Instruments made or granted pursuant to this Resolution) does not exceed 50% of
the total number of issued shares (excluding treasury shares and subsidiary holdings) (as calculated in
accordance with sub-paragraph (2) below), of which the aggregate number of shares to be issued other
than on a pro rata basis to shareholders of the Company (including shares to be issued in pursuance
of Instruments made or granted pursuant to this Resolution) shall not exceed 20% of the total number
of issued shares (excluding treasury shares and subsidiary holdings) (as calculated in accordance with
sub-paragraph (2) below);
(subject to such manner of calculation as may be prescribed by the Singapore Exchange Securities
Trading Limited (the “SGX-ST”)) for the purpose of determining the aggregate number of shares that
may be issued under sub-paragraph (1) above, the percentage of issued shares shall be based on
the total number of issued shares (excluding treasury shares and subsidiary holdings) at the time this
Resolution is passed, after adjusting for:
(i)
new shares arising from the conversion or exercise of any convertible securities or share options
or vesting of share awards which were issued and are outstanding or subsisting at the time this
Resolution is passed; and
(ii)
any subsequent bonus issue, consolidation or subdivision of shares,
and, in sub-paragraph (1) above and this sub-paragraph (2), “subsidiary holdings” has the meaning given
to it in the Listing Manual of the SGX-ST;
in exercising the authority conferred by this Resolution, the Company shall comply with the provisions
of the Listing Manual of the SGX-ST for the time being in force (unless such compliance has been
waived by the SGX-ST) and the Constitution for the time being of the Company; and
(unless revoked or varied by the Company in general meeting) the authority conferred by this Resolution
shall continue in force until the conclusion of the next Annual General Meeting of the Company or the
date by which the next Annual General Meeting of the Company is required by law to be held, whichever
is the earlier.”
Notice of Annual General Meeting Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
355
(7)
“That
(a)
(b)
(c)
(8)
“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 22 December 2023 (the “Letter”), with any party who is of the class of
Mandated Interested Persons described in Appendix 1 to the Letter, provided that such transactions are
made on normal commercial terms and in accordance with the review procedures for such Mandated
Transactions (the “IPT Mandate”);
the IPT Mandate shall, unless revoked or varied by the Company in general meeting, continue in force
until the conclusion of the next Annual General Meeting of the Company; and
the Directors of the Company and/or any of them be and are hereby authorised to complete and do all
such acts and things (including executing all such documents as may be required) as they and/or he may
consider expedient or necessary or in the interests of the Company to give effect to the IPT Mandate
and/or this Resolution.”
for the purposes of Sections 76C and 76E of the Companies Act 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;
Notice of Annual General Meeting 356
Frasers Property Limited
Annual Report 2023
(c)
in this Resolution:
“Average Closing Price” means the average of the closing market prices of a Share over the five
consecutive market days on which the Shares are transacted on the SGX-ST or, as the case may be,
Other Exchange, immediately preceding the date of the market purchase by the Company or, as the
case may be, the date of the making of the offer pursuant to the off-market purchase, and deemed to be
adjusted, in accordance with the listing rules of the SGX-ST, for any corporate action that occurs during
the relevant five-day period and the date of the market purchase by the Company or, as the case may
be, the date of the making of the offer pursuant to the off-market purchase;
“date of the making of the offer” means the date on which the Company makes an offer for the
purchase or acquisition of Shares from holders of Shares, stating therein the relevant terms of the equal
access scheme for effecting the off-market purchase;
“Maximum Percentage” means that number of issued Shares representing 2% of the issued Shares
as at the date of the passing of this Resolution (excluding treasury shares and subsidiary holdings (as
defined in the Listing Manual of the SGX-ST)); and
“Maximum Price” in relation to a Share to be purchased or acquired, means the purchase price
(excluding related brokerage, commission, applicable goods and services tax, stamp duties, clearance
fees and other related expenses) which shall not exceed 105% of the Average Closing Price of the
Shares; and
(d)
the Directors of the Company and/or any of them be and are hereby authorised to complete and do all
such acts and things (including executing all such documents as may be required) as they and/or he may
consider expedient or necessary or in the interests of the Company to give effect to the transactions
contemplated and/or authorised by this Resolution.”
By Order of the Board
Catherine Yeo
Company Secretary
Singapore, 22 December 2023
NOTES:
Format of Meeting
1.
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, 24 January 2024 at
2.00 p.m.. Shareholders, including CPF and SRS investors, and (where applicable) duly appointed proxies and
representatives will be able to ask questions and vote at the Annual General Meeting by attending the Annual
General Meeting in person. There will be no option for shareholders to participate virtually.
Printed copies of
be sent by post
website at
https://www.sgx.com/securities/company-announcements .
the URL https://www.frasersproperty.com and
this Notice,
to members. These documents will also be published on
the accompanying Proxy Form and
the Request Form will
the Company’s
the URL
the SGX website at
Appointment of Proxy(ies)
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 Annual General Meeting. Where such member’s instrument appointing a proxy(ies)
appoints more than one proxy, the proportion of the shareholding concerned to be represented by each
proxy shall be specified in the instrument.
Notice of Annual General Meeting Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
357
(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 instrument
appointing a proxy(ies) 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 instrument.
“Relevant intermediary” has the meaning ascribed to it in Section 181 of the Companies Act 1967.
A member who wishes to appoint a proxy(ies) must complete the instrument appointing a proxy(ies), before
submitting it in the manner set out below.
3.
A proxy need not be a member of the Company. A member may choose to appoint the Chairman of the
Meeting as his/her/its proxy.
4.
The instrument appointing a proxy(ies) must be submitted to the Company in the following manner:
(a)
if submitted personally or by post, be lodged with the Company’s Share Registrar, Tricor Barbinder
Share Registration Services (a division of Tricor Singapore Pte. Ltd.), at 9 Raffles Place, Republic Plaza,
Tower 1, #26-01, Singapore 048619; or
(b)
if submitted electronically, be submitted via email to the Company’s Share Registrar at
sg.is.FPLproxy@sg.tricorglobal.com,
and in each case, must be lodged or received (as the case may be) not less than 72 hours before the time
appointed for holding the Annual General Meeting.
5.
CPF and SRS investors:
(a) may vote at the Annual General Meeting if they are appointed as proxies by their respective CPF Agent
Banks or SRS Operators, and should contact their respective CPF Agent Banks or SRS Operators if they
have any queries regarding their appointment as proxies; or
(b) may appoint the Chairman of the Meeting as proxy to vote on their behalf at the Annual General Meeting,
in which case they should approach their respective CPF Agent Banks or SRS Operators to submit their
votes by 5.00 p.m. on 12 January 2024.
Submission of Questions
6.
Shareholders, including CPF and SRS investors, may submit substantial and relevant questions related to the
resolutions to be tabled for approval at the Annual General Meeting in advance of the Annual General Meeting:
(a)
by post to the Company’s registered address at 438 Alexandra Road, #21-00 Alexandra Point, Singapore
119958; or
(b)
via email to the Company at ir@frasersproperty.com.
When submitting questions by post or via email, shareholders should also provide the following details: (i)
the shareholder’s full name; (ii) the shareholder’s address; and (iii) the manner in which the shareholder holds
shares in the Company (e.g., via CDP, CPF, SRS and/or scrip), for verification purposes.
All questions submitted in advance must be received by 2.00 p.m. on 12 January 2024.
7.
https://www.frasersproperty.com
The Company will address all substantial and relevant questions received from shareholders by the
12 January 2024 deadline by publishing its responses to such questions on the Company’s website at the
URL
URL
and
https://www.sgx.com/securities/company-announcements at least 48 hours prior to the closing date and time
for the lodgement/receipt of instruments appointing a proxy(ies). The Company will respond to questions or
follow-up questions submitted after the 12 January 2024 deadline either within a reasonable timeframe before
the Annual General Meeting, or at the Annual General Meeting itself. Where substantially similar questions are
received, the Company will consolidate such questions and consequently not all questions may be individually
addressed.
S GX website
the
the
at
Notice of Annual General Meeting 358
Frasers Property Limited
Annual Report 2023
8.
Shareholders, including CPF and SRS investors, and (where applicable) duly appointed proxies and
representatives can also ask the Chairman of the Meeting substantial and relevant questions related to the
resolutions to be tabled for approval at the Annual General Meeting, at the Annual General Meeting itself.
Access to Documents
9.
The 2023 Annual Report and the Letter to Shareholders dated 22 December 2023 (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 2023 Annual Report may be accessed at the URL https://investor.frasersproperty.com/newsroom/
FPL_Annual_Report_2023.pdf ; and
the Letter to Shareholders dated 22 December 2023 may be accessed at the URL
https://investor.frasersproperty.com/newsroom/FPL-Letter-to-Shareholders-2023.pdf.
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 sent to them by post together with printed copies
of this Notice and the accompanying Proxy Form sent by post to members, or otherwise made available
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, by 5.00 p.m. on 12 January 2024.
SGX website
accessed
also
the
be
at
at
EXPLANATORY NOTES:
(a)
(b)
(c)
(d)
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 the Company’s 2023 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 28 November 2023 (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 22 December 2023 (the
“Letter”). Please refer to the Letter for more details.
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.
Notice of Annual General Meeting Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
359
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 $0.87 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 2023 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 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), 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 Meeting 360
Frasers Property Limited
Annual Report 2023
The following additional information on Mr Charoen Sirivadhanabhakdi, Mr Chin Yoke Choong, Dr David Wong See
Hong and Mr Panote Sirivadhanabhakdi, all of whom are seeking re-appointment as Directors at the 60th Annual
General Meeting, is to be read in conjunction with their respective biographies on pages 20 to 26 of the 2023
Annual Report.
The Board’s
comments on this
re-appointment
(including rationale,
selection criteria,
and the search and
nomination process)
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
After reviewing the
recommendation of the
Nominating Committee
and Mr Charoen
Sirivadhanabhakdi’s
qualifications and
experience (as set
out below and in his
biography on page 20 of
this annual report), the
Board has approved
Mr Charoen’s re-election
as a Director of the
Board.
The Board is satisfied
that Mr Charoen will
continue to contribute
relevant knowledge,
skills and experience
to, and enhance the
diversity of, the Board.
Mr Charoen will, upon
re-election, continue to
serve as the Chairman
of the Board of
Directors.
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 22 of
this annual report), the
Board has approved
Mr Chin’s re-election as
a Director of the Board.
Dr David
Wong See Hong
Non-Executive and
Independent Director
After reviewing the
recommendation of the
Nominating Committee
and Dr David Wong See
Hong’s qualifications
and experience (as set
out below and in his
biography on page 24 of
this annual report), the
Board has approved
Dr Wong’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.
The Board is satisfied
that Dr Wong 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.
Dr Wong will, upon
re-election, continue
to serve as a member
of the Audit Committee
and a member of the
Sustainability and
Risk Management
Committee.
Mr Panote
Sirivadhanabhakdi
Executive and Non-
Independent Director
After reviewing the
recommendation of the
Nominating Committee
and Mr Panote
Sirivadhanabhakdi’s
qualifications and
experience (as set
out below and in his
biography on page 21 of
this annual report), the
Board has approved Mr
Panote’s re-election as a
Director of the Board.
The Board is satisfied
that Mr Panote will
continue to contribute
relevant knowledge,
skills and experience
to, and enhance the
diversity of, the Board.
Mr Panote will,
upon re-election,
continue to serve
as a member of the
Executive Committee
and a member of the
Sustainability and
Risk Management
Committee.
Additional Information on Directors Seeking Re-Appointment Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
361
Working experience
and occupation(s)
during the past 10
years
Mr Panote
Sirivadhanabhakdi
Executive and Non-
Independent Director
– 1 October 2016 to
Present
Group Chief
Executive Officer
Frasers Property
Limited
– July 2007 to
September 2016
Chief Executive
Officer
Univentures Public
Company
Limited
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
– Present
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
Nil
Dr David
Wong See Hong
Non-Executive and
Independent Director
Nil
Chairman
TCC Group of
Companies
– 2001 to Present
Chairman
Berli Jucker Public
Company Limited
– 2003 to Present
Chairman /
Executive Chairman
Thai Beverage Public
Company Limited
– July 2005 to Present
Chairman
International
Beverage Holdings
Limited
– December 2005 to
Present
Chairman
TCC Land Co., Ltd.
– November 2006 to
Present
Chairman
Siriwana Co., Ltd.
– November 2008 to
Present
Chairman
TCC Corporation
Limited
– February 2013 to
Present
Chairman
Fraser and Neave,
Limited
– February 2017 to
Present
Chairman
TCC Asset World
Corporation Limited
– March 2018 to
Present
Chairman
Sura Bangyikhan
Distillery Group of
Companies
– July 2018 to Present
Chairman
Thai Group Holdings
Public Company
Limited
Additional Information on Directors Seeking Re-Appointment
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
Dr David
Wong See Hong
Non-Executive and
Independent Director
Mr Panote
Sirivadhanabhakdi
Executive and Non-
Independent Director
362
Frasers Property Limited
Annual Report 2023
Working experience
and occupation(s)
during the past 10
years (cont’d)
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
– September 2018 to
Present
Chairman
Asset World Corp
Public Company
Limited
– 2018 to Present
Chairman
Cristalla Co., Ltd.
– 2018 to Present
Chairman
Plantheon Co., Ltd.
– 2018 to Present
Chairman
TCC Assets
(Thailand) Company
Limited
– 2004 to 2018
Chairman
Red Bull Distillery
Group of Companies
– 2016 to 2018
Chairman
Big C Supercenter
Public Company
Limited
– 2018 to May 2019
Chairman
North Park Golf and
Sports Club Co., Ltd.
– 1988 to December
2020
Chairman
Southeast
Corporation Co., Ltd.
(formerly known as
Southeast Group
Co., Ltd.)
– 2001 to 2022
Chairman
Beer Thai (1991)
Public Company
Limited
Additional Information on Directors Seeking Re-Appointment
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
363
Mr Panote
Sirivadhanabhakdi
Executive and Non-
Independent Director
TCCGI has a direct
interest in 70,000,000
Shares. Mr Panote holds
20% of the issued share
capital of TCCGI, and
is therefore deemed
to be interested in the
70,000,000 Shares in
which TCCGI has a
direct interest.
Mr Panote 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.
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
Nil
Dr David
Wong See Hong
Non-Executive and
Independent Director
Nil
Shareholding interest
in FPL and its
subsidiaries
Conflict of interest
(including any
competing business)
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
Mr Charoen has a
deemed interest in
approximately 86.89%
of the shares of the
Company by virtue of
his deemed interest in
the shares of InterBev
Investment Limited and
his shareholding in TCC
Assets Limited, both
substantial shareholders
of the Company.
Yes – Mr Charoen has
a deemed interest in
approximately 86.89%
of the shares of the
Company by virtue of
his deemed interest in
the shares of InterBev
Investment Limited and
his shareholding in TCC
Assets Limited, both
substantial shareholders
of the Company.
Yes
Undertaking (in the
format set out in
Appendix 7.7) under
Rule 720(1) has been
submitted to FPL
Nil
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
Yes
Yes
Additional Information on Directors Seeking Re-Appointment 364
Frasers Property Limited
Annual Report 2023
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
Dr David
Wong See Hong
Non-Executive and
Independent Director
Mr Panote
Sirivadhanabhakdi
Executive and Non-
Independent Director
Other Principal Commitments (as defined in the Code of Corporate Governance 2018) including Directorships
Present
Directorship(s) (as at
28 November 2023)
– AVJennings Limited
Listed companies
Listed companies
Listed companies
– China Merchants
Bank Co., Ltd.
Listed companies
– Ho Bee Land Limited
– Asset World Corp
Public Company
Limited (Chairman)
– Frasers Property
(Thailand) Public
Company Limited
Listed REITs/Trusts
– EC World Asset
Management Pte Ltd,
Manager of EC World
REIT
– 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
Others
Nil
– Berli Jucker Public
Listed REITS/ Trusts
Company Limited
(Chairman)
Nil
Others
– Temasek Holdings
(Private) Limited
– Singapore Health
Services Pte Ltd
– Fraser and Neave,
Limited (Chairman)
– Thai Beverage Public
Company Limited
(Chairman/Executive
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)
– TCC Asset World
Corporation Limited
(Chairman)
– TCC Assets
(Thailand) Company
Limited
– TCC Corporation
Limited (Chairman)
– TCC Group of
Companies
(Chairman)
– TCC Land Co., Ltd.
(Chairman)
– 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
– Asian Capital
Company Limited
– Athimart Company
Limited (Vice
Chairman)
– Beer Thip Brewery
(1991) Co., Ltd.
– Baanboung Vetchakij
Company Limited
– Blairmhor Distillers
Limited
– Blairmhor
Limited
– Chiva-Som
International Health
Resort Company
Limited
– Cristalla Company
Limited
– F and B International
Company Limited
– Frasers Assets
Company Limited
Additional Information on Directors Seeking Re-Appointment Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
365
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
Dr David
Wong See Hong
Non-Executive and
Independent Director
Present
Directorship(s) (as at
28 November 2023)
(cont’d)
Mr Panote
Sirivadhanabhakdi
Executive and Non-
Independent Director
Others
– Frasers Property
Corporate Services
(Thailand) Company
Limited
– Frasers Property
(UK) Limited
– Frasers Property
Holdings (Thailand)
Company Limited
– Golden Land
Property
Development Public
Company Limited
–
–
–
–
lnterBev (Singapore)
Limited
International
Beverage Holdings
Limited
International
Beverage Holdings
(China) Limited
International
Beverage Holdings
(UK) Limited
– Kankwan Company
Limited
– Kasem Subsiri
Company Limited
– Kasemsubbhakdi
Company 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
– Namjai Thaibev
(Social Enterprise)
Company Limited
– Norm Company
Limited
– NY Property
Development
Company Limited
– One Bangkok
Company Limited
– Plantheon Company
Limited
– Quantum Trading
Company Limited
Additional Information on Directors Seeking Re-Appointment 366
Frasers Property Limited
Annual Report 2023
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
Dr David
Wong See Hong
Non-Executive and
Independent Director
Present
Directorship(s) (as at
28 November 2023)
(cont’d)
Nil
Present Principal
Commitments (other
than Directorships)
(as at 28 November
2023)
– Senior Advisor,
NTUC Fairprice Co-
operative Ltd
– Chairman, Corporate
Governance
Advisory Committee
– Member of Advisory
Board, Sunseap
Group Pte Ltd
– Chairman, Halftime
Hong Kong Limited
– Finance
Management
Committee
Member, Hong
Kong Management
Association
Mr Panote
Sirivadhanabhakdi
Executive and Non-
Independent Director
Others
– S.S. Karnsura
Company Limited
(Vice Chairman)
– Siribhakditham
Company Limited
– Sirivadhanabhakdi
Company Limited
– SMJC Development
Company Limited
– Sura Bangyikhan
Company Limited
(Vice Chairman)
– TCC Assets
(Thailand) Company
Limited
– TCC Exhibition and
Convention Centre
Company Limited
– T.C.C Technology
Company Limited
– Terragro Fertilizer
Company Limited
– Thaibev Company
Limited
– The Cha-Am Yacht
Club Hotel Company
Limited
– Theparunothai
Company Limited
(Vice Chairman)
– TRA Land
Development
Company Limited
– Vadhanabhakdi
Company Limited
– Singapore
Management
University (Director/
Board of Trustees)
– National Gallery
Singapore (Board
Member)
Additional Information on Directors Seeking Re-Appointment Contents
Overview
Organisational
Business
ESG
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Corporate
Governance
Financial &
Additional Information
367
Dr David
Wong See Hong
Non-Executive and
Independent Director
– Tahoe Life
Assurance Company
Limited
Mr Panote
Sirivadhanabhakdi
Executive and Non-
Independent Director
– North Park Golf
and Sports Club
Company Limited
– EKPAC International
Group (Holdings)
Limited
– North Park Real
Estate Company
Limited
Past Directorship(s)
(for the last five
(5) years) (from 28
November 2018 to
28 November 2023)
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
– Beer Thai (1991)
Public Company
Limited
– North Park Golf and
Sports Club Co., Ltd.
– Red Bull Distillery
Group of Companies
– Southeast
Corporation Co., Ltd.
(formerly known as
Southeast Group
Co., Ltd.)
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
– Frasers Logistics &
Commercial Asset
Management Pte.
Ltd., Manager of
Frasers Logistics &
Commercial Trust
– Frasers Commercial
Asset Management
Ltd., Manager of
Frasers Commercial
Trust
– Singapore
Telecommunications
Limited
– Yeo Hiap Seng
Limited
– Nongkhai Country
Golf Club Company
Limited
– Sub Somboon
Property Plus
Company Limited
– Bhakdivattana
Company Limited
– Siridamrongdham
Company Limited
– TCC Holdings (2519)
Company Limited
– Frasers Property
Commercial Asset
Management
(Thailand) Company
Limited
– Lakeview Golf and
Yacht Club Hotel
Company Limited
– Quantum Capital
Development
Company Limited
– Norm (2019)
Company Limited
– Real Estate
Developers’
Association of
Singapore (REDAS)
(Management
Committee)
Nil
Past Principal
Commitment(s) (for
the last five (5) years)
(from 28 November
2018 to 28 November
2023)
– Chairman, Housing
and Development
Board
– Chairman, HDR
Global Trading
Limited
– Chairman, NTUC
Fairprice Co-
operative Limited
– Deputy Chairman,
NTUC Enterprise
Co-operative Limited
– Member of Council
of Presidential
Advisers
Additional Information on Directors Seeking Re-Appointment 368
Frasers Property Limited
Annual Report 2023
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
Dr David
Wong See Hong
Non-Executive and
Independent Director
Mr Panote
Sirivadhanabhakdi
Executive and Non-
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?
Additional Information on Directors Seeking Re-Appointment Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
369
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
No
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
No
Dr David
Wong See Hong
Non-Executive and
Independent Director
No
Mr Panote
Sirivadhanabhakdi
Executive and Non-
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?
Additional Information on Directors Seeking Re-Appointment 370
Frasers Property Limited
Annual Report 2023
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
No
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
No
Dr David
Wong See Hong
Non-Executive and
Independent Director
No
Mr Panote
Sirivadhanabhakdi
Executive and Non-
Independent Director
No
No
No
No
No
(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?
(h) Whether he
No
No
No
No
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?
Additional Information on Directors Seeking Re-Appointment Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
371
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
No
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
No
Dr David
Wong See Hong
Non-Executive and
Independent Director
No
Mr Panote
Sirivadhanabhakdi
Executive and Non-
Independent Director
No
No
No
No
No
(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
(ii) any entity
No
No
No
No
(not being a
corporation)
which
has been
investigated
for a breach
of any law
or regulatory
requirement
governing
such entities
in Singapore
or elsewhere;
or
Additional Information on Directors Seeking Re-Appointment 372
Frasers Property Limited
Annual Report 2023
Mr Charoen
Sirivadhanabhakdi
Non-Executive and Non-
Independent Chairman
No
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
No
Dr David
Wong See Hong
Non-Executive and
Independent Director
No
Mr Panote
Sirivadhanabhakdi
Executive and Non-
Independent Director
No
(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
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?
(k) Whether he has
No
No
No
No
been the subject
of any current or
past investigation
or disciplinary
proceedings,
or has been
reprimanded
or issued any
warning, by
the Monetary
Authority of
Singapore or any
other regulatory
authority,
exchange,
professional body
or government
agency, whether
in Singapore or
elsewhere?
Additional Information on Directors Seeking Re-Appointment
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, 24 January 2024 at 2.00 p.m.. There will be no option for shareholders to participate virtually.
2. Please read the notes overleaf which contain instructions on, inter alia, the appointment of a proxy(ies).
3. 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.
4. CPF and SRS investors:
(a) may vote at the AGM if they are appointed as proxies by their respective CPF Agent Banks or SRS Operators, and should contact their
respective CPF Agent Banks or SRS Operators if they have any queries regarding their appointment as proxies; or
(b) may appoint the Chairman of the Meeting as proxy to vote on their behalf at the AGM, in which case they should approach their respective
CPF Agent Banks or SRS Operators to submit their votes by 5.00 p.m. on 12 January 2024.
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 22 December 2023.
Proxy Form
ANNUAL GENERAL MEETING
*I/We ___________________________________________________________ (Name) ___________________________________________________________ (*NRIC/Passport/Co Reg Number)
of ____________________________________________________________________________________________________________________________________________ (Address)
being a *member/members of Frasers Property Limited (the “Company”), hereby appoint:
Name
Address
NRIC/Passport
Number
Proportion of Shareholdings
No. of Shares
%
*and/or
Name
Address
NRIC/Passport
Number
Proportion of Shareholdings
No. of Shares
%
.
y
l
m
r
i
f
.
y
l
m
r
i
f
s
e
d
i
s
s
e
d
i
s
l
l
a
e
u
G
l
.
l
e
p
a
t
s
t
o
n
o
d
,
e
r
e
h
d
o
F
l
l
l
a
e
u
G
l
.
l
e
p
a
t
s
t
o
n
o
d
,
e
r
e
h
d
o
F
l
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. on Wednesday, 24 January 2024 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.
NO. RESOLUTIONS RELATING TO:
For^
Against^
Abstain^
ROUTINE BUSINESS
To receive and adopt the Directors’ statement and audited financial statements for the
year ended 30 September 2023 and the auditors’ report thereon.
To approve a final tax-exempt (one-tier) dividend of 4.5 cents per share in respect of
the year ended 30 September 2023.
(a) To re-appoint Director: Mr Charoen Sirivadhanabhakdi
(b) To re-appoint Director: Mr Chin Yoke Choong
(c) To re-appoint Director: Mr Panote Sirivadhanabhakdi
(d) To re-appoint Director: Dr David Wong See Hong
To approve Directors’ fees of up to $2,500,000 payable by the Company for the year ending
30 September 2024 (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.
1.
2.
3.
4.
5.
6.
7.
8.
^ 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
day of
*2023/2024.
* Delete whichever is inapplicable.
Signature/Common Seal of Member(s)
Email Address of Member(s) (Optional)
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 instrument appointing a proxy(ies) appoints more than one proxy, the proportion of the shareholding concerned to be
represented by each proxy shall be specified in the instrument.
(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 instrument
appointing a proxy(ies) 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 instrument.
“Relevant intermediary” has the meaning ascribed to it in Section 181 of the Companies Act 1967.
A member who wishes to appoint a proxy(ies) must complete the instrument appointing a proxy(ies), before submitting it in the manner set out
below.
3. A proxy need not be a member of the Company. A member may choose to appoint the Chairman of the Meeting as his/her/its proxy.
4. The instrument appointing a proxy(ies) must be submitted to the Company in the following manner:
(a) if submitted personally or by post, be lodged with the Company’s Share Registrar, Tricor Barbinder Share Registration Services (a division
of Tricor Singapore Pte. Ltd.), at 9 Raffles Place, Republic Plaza, Tower 1, #26-01, Singapore 048619; or
(b) if submitted electronically, be submitted via email to the Company’s Share Registrar at sg.is.FPLproxy@sg.tricorglobal.com,
and in each case, must be lodged or received (as the case may be) 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 personally or 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.)
9 Raffles Place
(A division of Tricor Singapore Pte. Ltd.)
Republic Plaza, Tower 1, #26-01
80 Robinson Road #11-02
Singapore 048619
Singapore 068898
2nd Fold here
Glue all sides firmly. Do not staple or spot seal.
FACTSHEET
As at 30 September 2023
Overview
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$39.8 billion as at 30 September 2023.
Frasers Property’s multinational businesses operate across five asset classes, namely, commercial
& business parks, hospitality, industrial & logistics, residential and retail. The Group has businesses
in Southeast Asia, Australia, the EU, the UK 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 (“SET”). 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.
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$3,947.1 million revenue in FY23
• S$1,313.2 million PBIT1 in FY23
• S$173.1 million attributable profit2 in FY23
~4,100
residential units settled6
in FY23
S$13.4 billion
industrial & logistics
AUM3
S$9.8 billion
commercial & business
parks AUM3
S$12.5 billion
retail AUM3
S$4.6 billion
hospitality AUM3
~20,3004 hospitality units
5 REITs /
Stapled Trust
FCT, FLCT, FHT, FTREIT,
and GVREIT
Group Structure and Businesses
Singapore
Australia
Residential
• S$0.9 billion
unrecognised
residential revenue5,6
across two active
projects
Retail & Commercial
• 13 retail malls with
total AUM7 of S$10.7
billion
• Six office and business
space properties with
total AUM7 of S$4.2
billion
REIT
• 41.4% stake in FCT,
which has total AUM8
of S$6.9 billion across
10 properties9 in
Singapore
Development
• ~11,00010 residential
development units in
the pipeline6,11
• S$0.7 billion
unrecognised
residential revenue5,6
across 25 active
projects
Investment
• Eight commercial
properties and five
retail properties with
total AUM7 of S$1.1
billion
• Real Utilities12 has
embedded networks
and 7,990kW of solar
photovoltaic installed
across 17 projects to
date serving ~2,200
customers
Frasers Property Limited
Industrial
Development, Asset and
Investment Management
• 165 properties
with total AUM7 of
S$11.0 billion across
Australia, Germany,
the Netherlands,
Singapore and the UK
• 2.4 million sqm of
strategic land bank
REIT
• 22.3% stake in FLCT,
which owns 107 quality
logistics & industrial
and commercial assets
strategically located
in major developed
countries
Hospitality
Management Business
• Owns and/or operates
Thailand & Vietnam
Thailand
• 81.8%13 deemed
close to 19,5004
serviced apartments/
hotel rooms across
over 70 cities in more
than 20 countries with
total AUM7 of S$4.1
billion
interest in SET-listed
FPT, 26.6% stake in
FTREIT, 23.6% stake in
GVREIT, and 19.8%14
effective stake in One
Bangkok
• S$3.4 billion
REIT
• 25.8% stake in FHT,
which owns 14 quality
hotel and serviced
residence assets in
prime locations across
Asia, Australia, the EU
and the UK
warehouse and factory
AUM7, S$1.0 billion
office and retail AUM7
and S$0.3 billion
hospitality AUM7
Vietnam
• Office net lettable area
of around 22,500 sqm
• Industrial projects
under development
with estimated total
development value of
~S$0.5 billion
Others
China
• Seven development
projects
• S$0.9 billion
unrecognised
residential revenue5,6
UK
• Seven business parks
totalling S$1.6 billion
AUM7 and net lettable
area of ~526,000 sqm
• Commercial property
in Central London with
~15,000 sqm of office
space
Property assets15 breakdown by geographical segment as at 30 Sep 23
Property assets15 breakdown by asset class as at 30 Sep 23
China
S$0.8b, 2%
Thailand
S$4.3b, 13%
EU & UK
S$6.5b, 19%
Others16
S$1.0b, 3%
Singapore
S$12.2b, 36%
Commercial &
Business parks
S$6.7b, 20%
Hospitality
S$4.3b, 12%
Total
property assets15
S$34.2b
Total
property assets15
S$34.2b
Industrial & Logistics
S$11.2b, 33%
Australia
S$9.4b, 27%
Retail
S$8.1b, 24%
Residential
S$3.9b, 11%
1
2
Profit before interest, fair value change, tax and exceptional items
Profit after interest, fair value change, tax and exceptional items attributable to owners
of the Company
3 Comprises property assets in which the Group has an interest, including assets held by its REITs,
4
5
6
Stapled Trust, joint ventures (“JVs”) and associates
Including both owned and managed properties; and units pending opening
Including options signed
Includes subsidiaries at gross (100%) and equity-accounted JVs and associates, and JOs at their
effective share
9
Includes all retail malls in FCT’s investment portfolio and includes Waterway Point (50.0%-owned by FCT)
and NEX (25.5% effective interest owned by FCT) but excludes Central Plaza which is an office property
10 Gross – 14,091
11 Comprises unsold units and land bank
12 Real Utilities is a licensed energy business wholly owned by Frasers Property Australia
13 As at 30 September 2023, 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”)
14 TCCAT and FPHT have an effective economic interest of 80.2% and 19.8%, respectively, in the
7 Comprises property assets in-market in which the Group has an interest, including assets held by its
One Bangkok project
8
REITs, Stapled Trust, JVs and associates
Total assets of FCT’s investment portfolio (including Central Plaza) as at 30 September 2023, including
its 50.0% stake in Waterway Point’s total assets, 25.5% effective stake in NEX’s total assets and
includes Changi City Point which has been reclassified to “Assets held for sale” as at
30 September 2023
15 Property assets comprise investment properties, property, plant and equipment, investments in JVs
and associates, shareholder loans to/from JVs and associates, properties held for sale and assets
held for sale
Including Vietnam, Malaysia, Japan and Indonesia
16
Frasers Property portfolio management approach
Achieve sustainable growth and deliver long-term shareholder value
PBIT from development and recurring income asset classes (S$’m)
Core earnings29 and realised fair value changes (S$’m)
Focus on improving quality and visibility of earnings
2,440.5
2,438.6
2,077.4
652.0
527.7
1,937.2
544.3
305.5
1,471.2
161.9
311.8
944.9
457.2
1,076.2
296.9
972.3
276.4
521.6
38.8
563.4
213.3
447.1
47.6
439.7
40.9
354.2
3.9
382.5
153.3
897.7
1,087.4
997.5
1,038.4
1,065.5
1,142.1
482.8
350.1
229.2
399.5
398.8
350.3
FY1817
FY19
FY20
FY21
FY22
(446.2)
FY23
FY1817
FY19
FY20
FY21
FY22
FY23
Fair value change | Development income | Recurring income
Realised fair value change after tax and NCI | Core earnings
Increase development exposure
where it delivers higher returns
Drive recurring and capital returns from
recurring income assets
• Non-residential development pipeline18 totalling ~1.1 million sqm,
mainly driven by industrial & logistics development projects, fuels
ongoing value creation
• Pre-sold residential revenue5,6 of S$2.6 billion across Singapore,
Australia, China and Thailand provides earnings visibility over the
next two to three financial years
• Active asset management drives stable leasing demand, with
~1.8 million sqm of renewals and new leases19 in total across the
investment properties portfolio in FY23
• Cumulative net20 fair value change of S$3.0 billion from FY18 to FY23
Pre-sold residential revenue5,6 from key markets (S$’b)
Investment property occupancy rates
1.6
1.4
0.4
1.0
0.2
1.8
0.1
0.2
1.3
0.2
0.1
0.1
1.1
0.1
2.6
2.6
0.1
0.5
1.2
0.8
0.05
0.9
0.7
0.9
99%
96%
99%
87%
92%
88%
90%
55%
FY19
FY20
FY21
FY22
FY23
Singapore | Australia | China | Thailand
Singapore
retail
Singapore
office
Australia
office21
Australia &
EU industrial
Thailand
warehouse &
factory
Thailand
office
UK business
park
Vietnam
office
As at 30 Sep 2122 | As at 30 Sep 2222 | As at 30 Sep 23
PBIT1 by Business Segments (S$ million)
FY23
FY22
3,947.1
3,877.0
1,313.2
1,249.2
350.3
(153.3)
(23.9)
173.1
398.8
462.7
66.8
928.3
Singapore
Australia
Industrial
Hospitality
Thailand & Vietnam
Others26
Corporate and others
Total
Dividends
FY23
550.3
75.5
352.5
129.0
210.5
72.8
(77.4)
FY22
536.4
80.8
460.4
100.9
100.2
53.2
(82.7)
1,313.2
1,249.2
FY23
4.5
FY22
3.0
As at 30 Sep 23
S$2.52
3x
As at 30 Sep 22
S$2.64
4x
FY23
FY22
First and final dividend (Singapore cents)
Dividend yield
5.9%27
3.4%28
3.1 cents
22.2 cents
Payout ratio (based on Core Earnings29)30
~51%
~30%
Financial Highlights
Selected Financials (S$ million)
Revenue
PBIT1
Attributable profit before fair value change
and exceptional items (“APBFE”)
Fair value (“FV”) change (net)
Exceptional items (“EI”)
Attributable profit2
Key Ratios
Net asset value per share23
Net interest cover24
Basic earnings per share (“EPS”)
after FV change and EI25
Capital Management
Net debt / Total equity31
Net debt / Property assets15
Fixed rate debt32
Average weighted debt maturity
Average cost of debt on portfolio basis
17 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))
18 Comprises industrial & logistics, commercial & business parks and retail developments
19
Includes lease renewals and new leases for the Group’s portfolio of industrial & logistics, commercial
& business parks and retail properties
20 Net of gains and losses
21 Australia office portfolio metrics depressed due to the planned Lee Street tenancy relocation for the
upcoming redevelopment into Central Place Sydney
22 As per disclosed in the respective FPL results presentation
NOTE: Unless otherwise stated, all figures in this document are as at 30 Sep 23, the end of Frasers Property Limited’s latest reported financial year.
As at 30 Sep 23
75.8%
40.4%
72.4%
2.6 years
3.5% p.a.
As at 30 Sep 22
64.8%
37.5%
74.5%
2.8 years
2.7% p.a.
Change
▲ 11.0 pp
▲ 2.9 pp
▼ 2.1 pp
▼ 0.2 years
▲ 0.8% p.a.
23 Presented based on the number of ordinary shares on issue as at the end of the financial year
24 Net interest excludes mark to market adjustments on interest rate derivatives and capitalised interest
25 Calculated by dividing attributable profit (after distributions to perpetual securities holders) over
weighted average number of ordinary shares on issue
26 Consists of China and the UK
27 Based on FPL closing share price of S$0.765 on 10 Nov 23
28 Based on FPL closing share price of S$0.87 on 10 Nov 22
29 Attributable profit before fair value change and exceptional items
30 Before distributions to perpetual securities holders
31
32
Includes non-controlling interests (“NCI”) and perpetual securities
Includes debt that is hedged
Corporate Information
As at 30 September 2023
Board of Directors
Charoen Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Panote Sirivadhanabhakdi
Group Chief Executive Officer
Executive and
Non-Independent Director
Chin Yoke Choong
Non-Executive and
Lead Independent Director
Pramoad Phornprapha
Non-Executive and
Independent Director
Siripen Sitasuwan
Non-Executive and
Independent Director
Tan Pheng Hock
Non-Executive and
Independent Director
Wee Joo Yeow
Non-Executive and
Independent Director
David Wong See Hong
Non-Executive and
Independent Director
Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
Sithichai Chaikriangkrai
Non-Executive and
Non-Independent Director
Board Executive Committee
Thapana Sirivadhanabhakdi
(Chairman)
Pramoad Phornprapha
Wee Joo Yeow
Panote Sirivadhanabhakdi
Sithichai Chaikriangkrai
Rod Vaughan Fehring
(Co-opted Member)
Audit Committee
Chin Yoke Choong
(Chairman)
Siripen Sitasuwan
Wee Joo Yeow
David Wong See Hong
Sithichai Chaikriangkrai
Sustainability and Risk
Management Committee
Pramoad Phornprapha
(Chairman)
Tan Pheng Hock
Wee Joo Yeow
David Wong See Hong
Panote Sirivadhanabhakdi
Sithichai Chaikriangkrai
Remuneration Committee
Chin Yoke Choong
(Chairman)
Wee Joo Yeow
Thapana Sirivadhanabhakdi
Nominating Committee
Pramoad Phornprapha
(Chairman)
Chin Yoke Choong
Wee Joo Yeow
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
Rod Vaughan Fehring
Chairman
Frasers Property Australia
Frasers Property Industrial1
Frasers Property United Kingdom1
Soon Su Lin
Chief Executive Officer
Frasers Property Singapore
Anthony Boyd
Chief Executive Officer
Frasers Property Australia
Reini Otter
Chief Executive Officer
Frasers Property Industrial
Eu Chin Fen
Chief Executive Officer
Frasers Hospitality
Thanapol Sirithanachai
Country Chief Executive Officer
Frasers Property Thailand
Lim Hua Tiong
Chief Executive Officer
Frasers Property Vietnam and
One Bangkok
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
9 Raffles Place, Republic Plaza
Tower 1, #26-01
Singapore 048619
Tel: (65) 6236 3333
(with effect from 14 November 2023)
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
1 Management boards of Frasers Property Industrial and Frasers Property United Kingdom.
FRASERS PROPERTY LIMITED
Company Registration Number 196300440G
438 Alexandra Road
#21-00 Alexandra Point
Singapore 119958
Phone: +65 6276 4882
+65 6276 6328
Fax:
frasersproperty.com