SUSTAINING
VALUE
CREATION
2024
A n n u a l
R e p o r t
OVERVIEW
6
FY24 Key Highlights
8
Corporate Profile
9
Group Portfolio Approach
10
Our Businesses
12
Our Multinational Presence
13
Group Structure
14
Financial Highlights
ORGANISATIONAL
15
Board of Directors
22
Group Management
26
Chairman’s Statement
28
In Conversation with the Group CEO
32
Investor Relations
34
Treasury Highlights
36
Awards and Accolades
40
Enterprise Risk Management
BUSINESS
46
Business Review
• Singapore
• Australia
• Industrial
• Hospitality
• Thailand & Vietnam
• Others
ESG HIGHLIGHTS
98
ESG Highlights
CORPORATE GOVERNANCE
102
Corporate Governance Report
FINANCIAL &
ADDITIONAL INFORMATION
146
Financial Statements
278
Particulars of Group Properties
333
Interested Person Transactions
334
Use of Proceeds
336
Shareholding Statistics
338
Notice of Annual General Meeting
345
Additional Information on Directors
Seeking Re-Appointment
Proxy Form
FPL Fact Sheet
Corporate Information
CONTENTS
For ease of reading, this glossary provides definitions of
abbreviations that are frequently used throughout this report
Frasers Property entities
FCT
: Frasers Centrepoint Trust
FHT
: Frasers Hospitality Trust
FLCT
: Frasers Logistics & Commercial Trust
FPA
: Frasers Property Australia
FPC
: Frasers Property China
FPHT
: Frasers Property Holdings Thailand
FPI
: Frasers Property Industrial
FPL
: Frasers Property Limited
FPS
: Frasers Property Singapore
FPT
: Frasers Property Thailand
FPUK
: Frasers Property United Kingdom
FPV
: Frasers Property Vietnam
FTREIT
: Frasers Property Thailand Industrial Freehold &
Leasehold REIT
GVREIT : Golden Ventures Leasehold REIT
Abbreviations of states/countries/regions
ACT
: Australian Capital Territory
EU
: European Union
NSW
: New South Wales
QLD
: Queensland
SA
: South Australia
VIC
: Victoria
UK
: United Kingdom
WA
: Western Australia
Other abbreviations
APBFE
: Attributable profit before fair value
change and exceptional items
ARF
: AsiaRetail Fund Limited
AUM
: Assets under management
BCA
: Building and Construction Authority, Singapore
CBD
: Central business district
DDC
: Distributed district cooling
DPU
: Distribution per unit
EMTN
: Euro medium-term notes
ERM
: Enterprise risk management
ESG
: Environmental, Social and Governance
FY
: Financial year
GDP
: Gross domestic product
GDV
: Gross development value
GFA
: Gross floor area
GLA
: Gross lettable area
IR
: Investor relations
JV
: Joint venture
MTN
: Medium-term notes
NAV
: Net asset value
NLA
: Net lettable area
NPI
: Net property income
PBIT
: Profit before interest, fair value change,
tax and exceptional items
PropTech : Property technology
PSF
: Per square foot
PSM
: Per square metre
REIT
: Real estate investment trust
RevPAR : Revenue per available room
SET
: The Stock Exchange of Thailand
SBU
: Strategic business unit
SGX-ST : Singapore Exchange Securities Trading Limited
SQM
: Square metres
WALE
: 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
GLOSSARY
ONE BANGKOK
Set to be a new global landmark in the heart of Bangkok, One Bangkok is
the latest must-visit destination for Thai residents and international visitors,
which opened on 25 October 2024. One of Thailand’s largest private sector
developments, One Bangkok has a total gross floor area of 1.93 million sqm.
The holistically integrated development features One Bangkok Retail
with three dynamic retail experiences, five premium office towers,
five luxury and lifestyle hotels, three upscale residential towers, a premier
entertainment arena, and an ‘Art Loop’, a two kilometre pathway showcasing
a diverse artwork collection. Built on three development principles of
People-Centricity, Green Sustainability and Smart City Living, One Bangkok
is the first Thai development to be awarded the prestigious LEED Platinum
for Neighbourhood Development certification.
At Frasers Property, we focus on creating long-term sustainable
value for our stakeholders. In the past decade, we have reshaped our
portfolio to create competitive and distinctive business platforms,
strengthened by diverse asset classes across geographies.
As we face macroeconomic uncertainties, the next phase of
our journey is on delivering sustainable value creation. We work
collaboratively to build greater resilience as one enterprise through
the disciplined execution of our three focus areas - creating value,
sustaining value and unlocking value.
Our Purpose – Inspiring experiences, creating places for good. –
guides us in ensuring our decisions drive financial performance and
benefit businesses, communities and the planet.
SUSTAINING
VALUE CREATION
Alexandra Point,
Singapore
CREATING
VALUE
We are increasing development
exposure to projects that offer better
risk-reward returns to drive value
creation. Over the medium to long
term, we are increasing development
exposure to residential segments
and selected non-residential asset
classes that are aligned with sectoral
structural trends.
Midtown MacPark,
New South Wales,
Australia
SUSTAINING
VALUE
By leveraging our core capabilities in
proactive asset management, underpinned
by our build-to-core approach, we are
strengthening the resilience of our recurring
income and fee income streams.
Sathorn Square Office Tower,
Bangkok, Thailand
UNLOCKING
VALUE
We take a disciplined approach to unlocking
value and improving capital efficiency
through ongoing capital recycling via our
REITs and third parties. Additionally, active
collaboration with like-minded partners,
supports our deleveraging initiatives and our
plan to redeploy capital for better returns.
NEX, Singapore
20 properties
to be opened over the next four years
Driving returns from
investment properties
We actively manage
our assets to enhance
their value proposition
via asset enhancement
initiatives (AEI). In FY24,
we completed the AEI
of Frasers Centrepoint
Trust’s Tampines 1 mall in
Singapore that refreshed the
retail experience, generating
greater value from higher
rents, asset valuation gains
and more sustainable asset
performance.
FY24 KEY HIGHLIGHTS
Leveraging core capabilities to deepen
our hospitality footprint
As an investor and operator of choice in the long-stay
lodging segment, our hospitality business has set
its eyes on further expansion. Twin engines of growth
drive our progress: collaborating with capital partners
and third-party hotel operators, while leveraging
our operational excellence within the extended
stay segment.
~ 8%
return on investment1
> 836 sqm
of NLA created
68
new-to-mall concepts
64.4 ha
land parcel to be developed
$800m
approximate end value
Increasing development
exposure through capital
partnerships
Opportunities to collaborate with
capital partners enable us to deploy
resources more quickly and at
scale, while balancing our risk
exposure for development projects.
During FY24, we announced
several partnerships, including
the joint venture development
of a premium industrial estate in
southeast Melbourne.
1 As disclosed by FCT
6
Frasers Property Limited
> 46 MW
solar capacity installed to date
Recognition of our efforts
We are committed to creating and sustaining
lasting shared value for our stakeholders.
Our commitment has been recognised through
the following industry awards:
• Financial Times-Statista Climate
Leaders 2024
• SIAS Investors’ Choice Awards 2024
• Champion of Good by the Singapore
National Volunteer & Philanthropy Centre
• Singapore’s Best Employers 2024 by
The Straits Times
Progress on our environmental
sustainability commitments
We marked further progress on our
net-zero carbon journey, increasing
renewable energy capacity in our properties
while cutting our Scope 1 and 2
location-based emissions. This year, our
Singapore business partnered with SP
Group on the country’s single largest
solarisation projects across retail properties.
A century of connecting
communities
Aligned with our Purpose,
our Australian business
celebrated 100 years of building
stronger, smarter, happier
neighbourhoods that create
a sense of belonging. A prime
example of this commitment is
at Midtown MacPark in Sydney,
where our private-public
partnership seeks to tackle
Australia’s housing shortage by
providing affordable and social
homes among its mix of some
3,300 apartments.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Annual Report 2024
7
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.
Listed on the Main Board of the Singapore Exchange
Securities Trading Limited (SGX-ST) and headquartered
in Singapore, the Group has total assets under
management (AUM) of approximately $48.9 billion as at
30 September 2024.
Frasers Property’s multinational businesses operate
across five asset classes, namely, commercial &
business parks, hospitality, industrial & logistics,
residential and retail. The Group has businesses in
Southeast Asia, Australia, the EU, the UK and China,
and its well-established hospitality business owns
and/or operates serviced apartments and hotels in
over 20 countries across Asia, Australia, Europe,
the Middle East and Africa. Frasers Property is also the
sponsor of two real estate investment trusts (REITs)
and one stapled trust listed on the SGX-ST. Frasers
Centrepoint Trust and Frasers Logistics & Commercial
Trust are focused on retail, and industrial & commercial
properties, respectively. Frasers Hospitality Trust
(comprising Frasers Hospitality REIT and Frasers
Hospitality Business Trust) is a stapled trust focused on
hospitality properties. In addition, the Group has two
REITs listed on the Stock Exchange of Thailand.
Frasers Property (Thailand) Public Company Limited
is the sponsor of Frasers Property Thailand Industrial
Freehold & Leasehold REIT, which is focused on
industrial & logistics properties in Thailand, and
Golden Ventures Leasehold REIT, which is focused
on commercial properties.
The Group is committed to inspiring experiences and
creating places for good for its stakeholders. By acting
progressively, producing and consuming responsibly,
and focusing on its people, Frasers Property aspires
to raise sustainability ideals across its value chain,
and build a more resilient business. It is committed
to becoming a net-zero carbon corporation by 2050.
Building on its heritage as well as leveraging its
knowledge and capabilities, the Group aims to create
lasting shared value for its people, the businesses and
communities it serves. Frasers Property believes in the
diversity of its people and is invested in promoting a
progressive, collaborative and respectful culture.
AUM ($’b)
41.6
42.6
43.6
48.6
48.9
2020
2021
2022
2023
2024
Frasers Tower,
Singapore
8
Frasers Property Limited
GROUP PORTFOLIO APPROACH
PBIT ($’m)
Attributable Profit ($’m)
1,245.6
188.1
1,424.7
833.1
1,249.2
928.3
1,313.2
1,352.2
173.1
206.3
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
SUSTAINABLE
GROWTH
Resilient earnings
growth by
managing the
portfolio and
mitigating risk
to earnings from
external disruptions
e.g. climate change,
digitalisation.
ACHIEVE
SUSTAINABLE
GROWTH AND
DELIVER LONG-TERM
SHAREHOLDER
VALUE
TARGETING A RESILIENT
AND GROWING PORTFOLIO
Portfolio allocation that builds on the
strength of the Group’s platforms.
OPTIMISE
CAPITAL
PRODUCTIVITY
Via REITs, capital
partnerships and
active portfolio
management
initiatives.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Annual Report 2024
9
SINGAPORE
Frasers Property Singapore has
expertise in the investment,
development and operations of
retail, commercial, residential as
well as large-scale, mixed-use
developments. As at 30 September
2024, the Singapore business
segment had $10.5 billion retail
assets under management,
comprising 12 retail malls, and
$4.2 billion commercial assets
under management, comprising
six commercial properties. These
include assets held under Frasers
Centrepoint Trust (FCT) and Frasers
Logistics & Commercial Trust (FLCT).
Frasers Property Singapore is
Singapore’s leading suburban retail
mall owner and operator. It is also
a well-established developer of
mixed-use projects and residential
homes in Singapore, having developed
award-winning developments like
Northpoint City and Northpark
Residences, Frasers Tower, and over
23,000 quality homes.
Frasers Centrepoint Trust
FCT, an SGX-ST listed REIT, is a
leading suburban retail mall owner
in Singapore with assets under
management of about $7.1 billion1
as at 30 September 2024. Its retail
portfolio comprises nine retail malls
– with over 250,000 sqm2 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.
FCT is a constituent of the FTSE
EPRA Nareit Global Real Estate
Index Series (Global Developed
Index), Straits Times Index, 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.
AUSTRALIA
Frasers Property Australia is one of
Australia’s largest diversified real
estate businesses celebrating
100 years of operations in 2024.
With expertise in large-scale, mixed-
use developments, it plans, delivers
and manages projects through the
full property cycle in the residential,
commercial, retail and build-to-
rent sectors. With its placemaking
and community-building expertise,
Frasers Property Australia works
sustainably to leave a positive social
and environmental legacy, driven by
its commitment to create belonging
in stronger, smarter, happier
neighbourhoods. As at
30 September 2024, Frasers
Property Australia’s residential
pipeline comprised approximately
14,300 units and its investment
properties under management
totalled $1.7 billion, including
assets held under FLCT.
INDUSTRIAL
Frasers Property Industrial has
expertise in investing, developing
and operating premium industrial
and logistics properties located
strategically in Australia,
Germany and the Netherlands.
Its multinational team provides
comprehensive solutions,
embracing a forward-thinking
approach to sustainability to ensure
assets are future-proofed and
cost-efficient. Frasers Property
Industrial’s strategic approach not
only develops high-quality facilities
that enhance business productivity
but also prioritises the well-being of
the people who work in them.
OUR BUSINESSES
As at 30 September 2024, Frasers
Property Industrial had $12.0 billion
of assets under management,
comprising 175 properties,
equating to 4.6 million sqm of net
lettable area. It has a land bank of
2.9 million sqm.
Frasers Logistics &
Commercial Trust
FLCT is an SGX-ST listed REIT with
a portfolio comprising 112 industrial
and commercial properties,
worth approximately $6.8 billion1,
diversified across the five major
developed markets of Australia,
Germany, Singapore, the UK and
the Netherlands. It was listed on the
Mainboard of SGX-ST on 20 June
2016 as Frasers Logistics & Industrial
Trust and was subsequently
renamed Frasers Logistics &
Commercial Trust on 29 April 2020
following its merger with Frasers
Commercial Trust.
FLCT’s strategy is to invest
globally in a diversified portfolio
of income-producing properties
used predominantly for logistics or
industrial purposes, or commercial
purposes (comprising primarily
CBD office space, non-CBD
office space and/or research and
development business park
space) located in the Asia Pacific
region, EU and UK.
FLCT is a constituent of the FTSE
EPRA Nareit Global Real Estate
Index Series (Global Developed
Index), Straits Times Index and
Global Property Research (GPR)
250. FLCT is managed by
Frasers Logistics & Commercial
Asset Management Pte. Ltd.,
a wholly-owned subsidiary of
Frasers Property.
Fairwater,
New South Wales,
Australia
Fraser Suites Hanoi,
Vietnam
HOSPITALITY
With a geographically diverse
portfolio spanning over 20 countries
across Asia Pacific, Europe, the
Middle East and Africa, Frasers
Hospitality drives growth through
its dual engines of investment
and management of lodging
assets, offering comprehensive
and bespoke solutions across
the entire lodging value chain.
It is one of the world’s leading
players within the sector with a
diversified portfolio of lodging
assets spanning geographies
and segments. Its award-winning
brand portfolio features Fraser
Suites, Fraser Residence, Fraser
Place, Capri by Fraser, Modena
by Fraser, Malmaison and Hotel
du Vin. As at 30 September 2024,
Frasers Hospitality’s global portfolio
comprised over 16,000 lodging units
with 110 properties in operation.
Frasers Hospitality Trust
Frasers Hospitality Trust (FHT) is an
SGX-ST listed global hotel and
serviced residence trust with a
combined appraised value of
approximately $2.0 billion1 as at
30 September 2024. It invests
globally (excluding Thailand) on
a long-term basis in income-
producing real estate assets
primarily used for hospitality
purposes. The well-diversified global
hospitality portfolio comprises
14 quality assets situated in prime
locations across nine key cities
in Asia, Australia, the EU and UK.
Its portfolio’s eight hotels and six
serviced residences encompasses
3,477 keys, which includes 2,635
hotel rooms and 842 serviced
residence units.
FHT 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 a 59.6%
effective interest in the Stock
Exchange of Thailand-listed (SET)
Frasers Property Thailand (FPT),
which develops and manages
a diversified portfolio of assets
across the residential, industrial
and logistics, commercial, retail and
hospitality asset classes in Thailand.
As one of the largest property
developers in Thailand by asset size,
with total assets of approximately
$4.7 billion, as at 30 September
2024, FPT has proven capabilities
in developing and operating mixed-
use properties including Samyan
Mitrtown, Silom Edge and FYI Center.
FPT is the sponsor and manager of
two SET-listed REITs, with combined
assets under management of
$2.4 billion. FPT has a 26.8%
stake in Frasers Property Thailand
Industrial Freehold & Leasehold
REIT, the country’s largest listed
industrial REIT with about
$2.0 billion portfolio value, as at
30 September 2024. FPT also has
a 25.8% stake in Golden Ventures
Leasehold REIT, a commercial REIT
with a portfolio value of $0.4 billion.
Frasers Property’s extensive mixed-
use development experience has
culminated in the development of
One Bangkok, Thailand’s largest
integrated precinct which opened
its doors on 25 October 2024.
Frasers Property holds a 19.8%
effective stake through Frasers
Property Holdings (Thailand) Co. Ltd.
VIETNAM
Frasers Property Vietnam is a
diversified and fully integrated
investor, developer and asset
manager of industrial and logistics,
commercial, and mixed-use
residential properties. Its portfolio
includes 120 hectares of industrial
land with a planned 800,000 sqm of
net lettable area3 in industrial and
logistics facilities in key industrial
cities in northern and southern
Vietnam. Its commercial assets,
covering over 22,500 sqm of net
lettable area in Ho Chi Minh City,
are recognised as green-certified,
international grade sustainable
developments.
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 2024, the portfolio
comprised over 635,000 sqm of
commercial and industrial business
space in strategic UK locations
that is home to more than 400
companies. Frasers Property UK has
also completed the development
of more than 1,100 homes and
supports the management of FLCT’s
UK properties, comprising three
business parks and four industrial
& logistics assets. Frasers Property
UK had assets under management
totalling $2.1 billion as at
30 September 2024, including
FLCT’s UK properties.
CHINA
Frasers Property China focuses on
the residential, commercial, logistics
and business park segments in
core Chinese cities, especially
Shanghai. As at 30 September 2024,
its residential pipeline comprised
seven ongoing joint venture
residential development projects in
Shanghai including two that were
added during FY24. Frasers Property
China also has a commercial and
industrial portfolio that includes
a retail mall at Gemdale Megacity
in Shanghai and 81,000 sqm of
development land bank at Chengdu
Logistics Hub.
NB: Assets under management comprises
property assets in-market in which the
Group has an interest, including assets
held by its REITs, Stapled Trust, major JVs
and associates.
1 As reported by the REITs / Stapled Trust.
2 Includes area currently used as
Community Sports Facilities Scheme
space.
3
Includes facilities in operation, under
development and planned to be
developed on current land bank.
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Annual Report 2024
11
Frasers Property is a multinational real estate group with a well-diversified portfolio
across asset classes, geographies and customer segments in over 20 countries
across Asia, Australia, Europe, the Middle East and Africa.
OUR MULTINATIONAL PRESENCE
• Commercial & Business Parks
• Hospitality
• Industrial & Logistics
• Residential
• Retail
Bahrain •
Oman •
Qatar •
Saudi Arabia •
France •
Germany ••
The Netherlands •
Switzerland •
Spain •
Turkey •
UK ••••
Australia •••••
China ••••
Cambodia •
Indonesia ••
Japan •
Malaysia ••
Singapore ••••
South Korea •
Thailand •••••
Vietnam ••••
EUROPE
MIDDLE EAST
AFRICA
ASIA PACIFIC
Nigeria •
12
Frasers Property Limited
GROUP STRUCTURE
~8,300
Residential units settled
in FY24
5 REITs /
Stapled Trust
$4.7 billion
Hospitality; ~21,9002
Hospitality Units
$48.9
BILLION
Assets Under
Management across
five asset classes
$12.4 billion
Retail
$14.9 billion
Industrial & Logistics
$9.9 billion
Commercial &
Business Parks
HOTEL
1
Comprises China and the UK.
2
Including both owned and managed properties; and units pending opening.
Commercial & Business Parks
Residential
Industrial
&
Logistics
Retail
Industrial &
Logistics
Hospitality
Segments
REITs /
Stapled Trust
Singapore
Singapore
Australia
Australia
Thailand &
Vietnam
Thailand &
Vietnam
Others1
Others1
Industrial
Industrial
Hospitality
Hospitality
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Annual Report 2024
13
FINANCIAL HIGHLIGHTS
2020
2021
2022
2023
2024
Revenue ($’m)
3,597.0
3,763.8
3,877.0
3,947.1
4,214.8
Profit before interest, fair value change on investment
properties, tax and exceptional items ($’m)
1,245.6
1,424.7
1,249.2
1,313.2
1,352.2
Profit before tax ($’m)
Before fair value change on investment properties and
exceptional items
803.3
1,048.0
918.9
884.1
827.8
After fair value change on investment properties and
exceptional items
804.9
2,027.4
2,129.5
400.8
652.4
Attributable profit ($’m)
Before fair value change on investment properties and
exceptional items
229.2
399.5
398.8
350.3
218.2
After fair value change on investment properties and
exceptional items
188.1
833.1
928.3
173.1
206.3
Earnings per share1 (cents)
Attributable profit before fair value change on
investment properties and exceptional items
5.2
10.0
8.7
7.7
4.5
Attributable profit after fair value change on investment
properties and exceptional items
3.8
22.6
22.2
3.1
4.2
Dividend per ordinary share (cents)
1.5
2.0
3.0
4.5
4.5
Net asset value (shareholders’ equity) ($’m)
7,560.2
9,544.2
10,345.9
9,894.9
9,634.4
Net asset value per share ($)
2.58
2.44
2.64
2.52
2.45
Return on average shareholders’ equity2 (%)
Attributable profit before fair value change on
investment properties and exceptional items
2.0
4.0
3.4
3.0
1.8
Attributable profit after fair value change on investment
properties and exceptional items
1.5
9.1
8.8
1.2
1.7
Net debt3 over total equity4 (%)
105.0
73.7
64.8
75.8
83.4
Net debt3 over property assets5 (%)
47.8
39.7
37.5
40.4
42.1
Net interest cover6
2.8x
3.8x
3.8x
3.1x
2.6x
1
Based on weighted average number of ordinary shares in issue. In 2020, 2021, 2022, 2023 and 2024, the weighted average number of shares
was 2,968,406,000, 3,432,010,000, 3,923,832,000, 3,926,042,000 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.
3
Includes net debt of consolidated SGX-listed REITs.
4
Includes non-controlling interests (primarily related to consolidated REITs) and perpetual securities.
5
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.
6
Calculated by dividing PBIT over net interest for the year. Net interest refers to net interest in the profit statement excluding mark-to-market
adjustments on interest rate derivatives and capitalised interest.
14
Frasers Property Limited
BOARD OF DIRECTORS
As at 30 September 2024
Charoen
Sirivadhanabhakdi, 80
Non-Executive and
Non-Independent Chairman
Date of appointment as a director
25 October 2013
Length of service as director
(as at 30 September 2024)
10 years 11 months
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
• Honorary Doctorate Degree in Business
Administration, Sasin Graduate
Institute of Business Administration of
Chulalongkorn University, Thailand
• Honorary Doctoral Degree in Hospitality
Industry and Tourism, Christian
University of Thailand, Thailand
• Honorary Doctoral Degree in Sciences
and Food Technology, Rajamangala
University of Technology Lanna, Thailand
• Honorary Doctoral Degree in
International Business Administration,
University of the Thai Chamber of
Commerce, Thailand
• Honorary Doctoral Degree in
Management, Rajamangala University of
Technology Suvarnabhumi, Thailand
• Honorary Doctor of Philosophy in
Business Administration, Mae Fah Luang
University, Thailand
• Honorary Doctoral Degree in Business
Administration, Eastern Asia University,
Thailand
• Honorary Doctoral Degree in
Management, Huachiew Chalermprakiet
University, Thailand
• Honorary Doctoral Degree in Industrial
Technology, Chandrakasem Rajabhat
University, Thailand
• Honorary Doctoral Degree in Agricultural
Business Administration, Maejo Institute
of Agricultural Technology, Thailand
Present directorships in other
companies (as at 30 September 2024)
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
(Chairman)
• Charoenwannasiri Co., Ltd. (formerly
known as TCC Asset World Corporation
Limited) (Chairman)
• TCC Corporation Limited (Chairman)
• TCC Group of Companies (Chairman)
• TCC Land Co., Ltd. (Chairman)
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 5 years (from
1 October 2019 to 30 September 2024)
Nil
Past major appointments
• Chairman, 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.)
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
Annual Report 2024
15
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Panote
Sirivadhanabhakdi, 46
Group Chief Executive Officer
Executive and Non-Independent Director
Date of appointment as a director
8 March 2013
Length of service as director
(as at 30 September 2024)
11 years 6 months
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 2024)
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)
• Baanboung Vetchakij Company Limited
• Beer Thip Brewery (1991) Co., Ltd.
• 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
• Frasers Property (UK) Limited
• Frasers Property Corporate Services
(Thailand) Company Limited
• Frasers Property Holdings (Thailand)
Company Limited
• Golden Land Property Development
Public Company Limited
• lnterBev (Singapore) Limited
• International Beverage Holdings (China)
Limited
• International Beverage Holdings (UK)
Limited
• International Beverage Holdings Limited
• Kankwan Company Limited (Vice
Chairman)
• Kasem Subsiri Company Limited
• Kasemsubbhakdi Company Limited
• Lakeview Golf and Yatch Club Hotel
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 Innovation 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)
• T Fertilizer Corporation Company Limited
• T.C.C. Exhibition and Convention Centre
Company Limited
• T.C.C. Technology Company Limited
• TCC Assets (Thailand) Company Limited
• TCC X 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)
• Director/Board of Trustees, Singapore
Management University
• Board Member, National Gallery
Singapore
Past directorships in listed companies
held over the preceding 5 years (from
1 October 2019 to 30 September 2024)
Nil
Past major appointments
• Chief Executive Officer, Univentures
Public Company Limited
• Management Committee, Real Estate
Developers’ Association of Singapore
(REDAS)
Others
Nil
BOARD OF DIRECTORS
As at 30 September 2024
16
Frasers Property Limited
Chin Yoke Choong, 72
Non-Executive and
Lead Independent Director
Pramoad Phornprapha, 58
Non-Executive and
Independent Director
Date of appointment as a director
19 September 2022
Length of service as director
(as at 30 September 2024)
2 years
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 2024)
Listed companies
• AVJennings Limited
• Ho Bee Land Limited
Listed REITS/Trusts
Nil
Others
• Temasek Holdings (Private) Limited
• Singapore Health Services Pte Ltd
• Temasek Trust Limited
Major appointments
(other than directorships)
• Chairman, Corporate Governance
Advisory Committee
• Member, Advisory Board, Sunseap Group
Pte. Ltd.
Past directorships in listed companies
held over the preceding 5 years (from
1 October 2019 to 30 September 2024)
• Frasers Commercial Asset Management
Ltd., Manager of Frasers Commercial
Trust
• Frasers Logistics & Commercial Asset
Management Pte. Ltd., Manager of
Frasers Logistics & Commercial Trust
• Yeo Hiap Seng Limited
Past major appointments
• Chairman, NTUC Fairprice Co-operative
Ltd
• Chairman, Housing and Development
Board
• Director, Frasers Centrepoint Asset
Management Ltd., Manager of Frasers
Centrepoint Trust
• Member, Council of Presidential Advisers
• Managing Partner, KPMG Singapore
• Chairman, Urban Redevelopment
Authority
• Chairman, Singapore Totalisator Board
• Chairman, MediShield Life Review
Committee
Others
Nil
Date of appointment as a director
17 October 2022
Length of service as director
(as at 30 September 2024)
1 year 11 months
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 2024)
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)
• Managing Director, Wanwarin and
Associate Co., Ltd.
• Managing Partner, Claris Co., Ltd.
• Managing Director, myDNA Co., Ltd.
Past directorships in listed companies
held over the preceding 5 years (from
1 October 2019 to 30 September 2024)
• Thai Summit Harness Public Company
Limited
Past major appointments
Nil
Others
Nil
Annual Report 2024
17
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BOARD OF DIRECTORS
As at 30 September 2024
Siripen Sitasuwan, 76
Non-Executive and
Independent Director
Date of appointment as a director
17 October 2022
Length of service as director
(as at 30 September 2024)
2 years 4 months
(includes length of service as director from
25 October 2013 to 10 March 2014)
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 2024)
Listed companies
• Thanachart Capital Public Company
Limited
Listed REITs/Trusts
Nil
Others
Nil
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 5 years (from
1 October 2019 to 30 September 2024)
• Sermsuk Public Company Limited
• Fraser and Neave, Limited
• Thai Solar Energy Public Company
Limited
Past major appointments
• Chairman, Solaris Asset Management
Co., Ltd
Others
Nil
Tan Pheng Hock, 67
Non-Executive and
Independent Director
Date of appointment as a director
20 March 2017
Length of service as director
(as at 30 September 2024)
7 years 6 months
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 2024)
Listed companies
Nil
Listed REITs/Trusts
Nil
Others
Nil
Major appointments
(other than directorships)
• Chairman, Design Education Review
Committee
• Member, National Neuroscience Institute
(NNI) Fund Committee, SingHealth Fund
Past directorships in listed companies
held over the preceding 5 years (from
1 October 2019 to 30 September 2024)
Nil
Past major appointments
• Board Member, The Civil Aviation
Authority of Singapore
• Advisor, Accuracy Singapore
• President and CEO, Singapore
Technologies Engineering Ltd
• Group President, Singapore Technologies
Engineering Ltd
• Group President of Corporate Affairs,
Singapore Technologies Engineering Ltd
• President, 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
18
Frasers Property Limited
Wee Joo Yeow, 77
Non-Executive and
Independent Director
Date of appointment as a director
10 March 2014
Length of service as director
(as at 30 September 2024)
10 years 6 months
Board committees served on
• Board Executive Committee
• Audit Committee
• Remuneration Committee
• Nominating Committee
• Sustainability and Risk Management
Committee
Academic & professional qualifications
• Master of Business Administration, New
York University, USA
• Bachelor of Business Administration
(BBA Honours), University of Singapore
Present directorships in other companies
(as at 30 September 2024)
Listed companies
• Thai Beverage Public Company Limited
Listed REITs/Trusts
Nil
Others
• WJY Holdings Pte Ltd
• WTT Investments Pte Ltd
Major appointments
(other than directorships)
Nil
Past directorships in listed companies
held over the preceding 5 years (from
1 October 2019 to 30 September 2024)
• Great Eastern Holdings Limited
• Oversea-Chinese Banking Corporation
Limited
• PACC Offshore Services Holdings Ltd.*
Past major appointments
• Managing Director and Head of Corporate
Banking Singapore, United Overseas
Bank Limited
Others
Nil
*
Delisted from The Singapore
Exchange Securities Trading Limited
on 3 February 2020
David Wong See Hong, 71
Non-Executive and
Independent Director
Date of appointment as a director
5 July 2023
Length of service as director
(as at 30 September 2024)
1 year 2 months
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
• Financial Industry Certified Professional,
Institute of Banking and Finance,
Singapore
Present directorships in other companies
(as at 30 September 2024)
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
• Frasers Property Industrial Holdings
Pte. Ltd.
• Tullett Prebon Sitico (China) Limited
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 2019 to 30 September 2024)
Nil
Past major appointments
• Chairman, HDR Global Trading Limited
• Deputy Chief Executive, Bank of China
(Hong Kong) Group
• Director, Tahoe Life Assurance Company
Limited
• Director, EKPAC International Group
(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),
ABN AMRO Bank
Others
Nil
Annual Report 2024
19
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Thapana
Sirivadhanabhakdi, 49
Non-Executive and
Non-Independent Director
Date of appointment as a director
1 January 2023
Length of service as director
(as at 30 September 2024)
1 year 9 months
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 2024)
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
(Group CEO)
• Thai Group Holdings Public Company
Limited
• The Siam Cement Public Company
Limited
• Univentures Public Company Limited
(1st Vice Chairman)
Listed REITs/Trusts
Nil
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.
• Chang Beer Company Limited
• Chang Corporation Co., Ltd.
• Foods Group Company Limited
(Chairman)
• InterBev Investment Limited
• 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)
• SpiritsCo Limited (Chairman)
• Super Food Brands Company Pte. Ltd.
• Sustainability Expo Co., Ltd. (Chairman)
• 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)
• Group CEO, Thai Beverage Public
Company Limited
Past directorships in listed companies
held over the preceding 5 years (from
1 October 2019 to 30 September 2024)
• Golden Land Property Development
Public Company Limited*
• Oishi Group Public Company Limited
(Vice Chairman)**
Past major appointments
• Chief Beer Product Group, Chief Center
of Excellence, President and CEO, Thai
Beverage Public Company Limited
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
BOARD OF DIRECTORS
As at 30 September 2024
20
Frasers Property Limited
Sithichai Chaikriangkrai, 70
Non-Executive and
Non-Independent Director
Date of appointment as a director
7 August 2013
Length of service as director
(as at 30 September 2024)
11 years 1 month
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
• Aurora Bloom Capital Pte. Ltd.
• BeerCo Limited
• Cambodia Breweries Pte. Ltd.
• Chang Beer Company Limited
• Eastern Seaboard Industrial Estate
(Rayong) Company Limited
• Food and Beverage Holding Co., Ltd.
• Honor Harmony Holding Group Pte. Ltd.
• Kasemsubsiri Co., Ltd.
• N.C.C. Management and Development
Co., Ltd.
• Oishi Group Public Company Limited
• Oishi Holding Company Limited
• One Bangkok Co., Ltd.
• Petform (Thailand) Co., Ltd.
• Siam Breweries Limited
• Siam Food Products Public Company
Limited
• South East Asia Logistics Pte. Ltd.
• TCC Assets (Thailand) Company Limited
• TCC X Co., Ltd.
• T Fertilizer Corporation Co., Ltd.
• Thai Beverage Can Co., Ltd.
• Thai Breweries Limited
Major appointments
(other than directorships)
• 4th Vice Chairman of the Executive
Committee, Thai Beverage Public
Company Limited
Past directorships in listed companies
held over the preceding 5 years (from
1 October 2019 to 30 September 2024)
Nil
Past major appointments
• Senior Executive Vice President, Chief
Investment Officer and Group Chief
Financial Officer, Thai Beverage Public
Company Limite
Others
Nil
Rod Vaughan Fehring, 66
Co-Opted Member,
Board Executive Committee
Date of appointment as co-opted
member, Board Executive Committee
30 August 2023
Academic & professional qualifications
• Bachelor of Applied Science, La Trobe
University, Australia
• Graduate Diploma in Sports
Administration, La Trobe University,
Australia
• Graduate Diploma in Urban & Regional
Planning, RMIT University, Australia
• Diploma, Advanced Management
Program, The Wharton School, University
of Pennsylvania, USA
Present directorships in other companies
(as at 30 September 2024)
Listed companies
Nil
Listed REITs/Trusts
Nil
Others
• Independent Director, Keyton Retirement
Living’s Joint Operating Committee
Major appointments
(other than directorships)
• Chairman, Frasers Property Australia
Management Committee
• Chairman, Frasers Property Industrial
Management Committee
• Chairman, Frasers Property United
Kingdom Management Committee
Others
• Independent Non-Executive Chairman of
AWARE Super’s Real Estate Management
Platform
• Independent Non-Executive Chairman of
Cladding Safety Victoria
• Non-Executive Director of Green Building
Council
• Trustee of Melbourne Cricket Ground
Trust
• Non-Executive Director of Mission
Australia Housing
• Chairman of Australian Housing & Urban
Research Institute Ltd
CO-OPTED BOARD COMMITTEE MEMBER
Annual Report 2024
21
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
GROUP MANAGEMENT
Panote is responsible for driving sustainable value creation for the Group. This is
achieved through building resilience for the long term, strengthening its business
platforms and delivering optimal returns across its portfolio. 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.
Panote Sirivadhanabhakdi
Group Chief Executive Officer
Frasers Property Limited
Anthony works closely with the Frasers Property Executive Leadership Team to execute
the Group strategy. He directly oversees Group Digital & Technology, Group Investments,
Frasers Property Capital, Group Strategic Communications and Branding, and Group
Procurement and Supply Chain.
He also supports the Group Chief Executive Officer in aligning strategic programmes
including building asset class Centres of Excellence and driving operational synergies
and efficiencies across the Group.
Anthony was most recently Chief Executive Officer of Frasers Property Australia, a
position he held since 2020. He joined Frasers Property Australia in 2005, advancing to
senior positions including Executive General Manager Residential and Chief Financial
Officer. Before that, Anthony worked in senior roles with Cathay Pacific in Hong Kong and
PricewaterhouseCoopers.
He represents Frasers Property as a Board Member of the Green Building Council of
Australia and the Property Industry Foundation.
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.
Anthony Boyd
Group Chief Operating Officer
Frasers Property Limited
Loo Choo Leong
Group Chief Financial Officer
Frasers Property Limited
Choo Leong has overall Group responsibility over Finance, Accounting, Treasury, Taxation,
Investor Relations and Group Internal Audit functions. He collaborates with the senior
management team on the Group’s strategic initiatives and leads the Group’s framework and
efforts to drive effective capital management.
Prior to joining Frasers Property in 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.
22
Frasers Property Limited
Wanshi is responsible for the development and integration of Frasers Property’s Group
strategy across the diverse businesses and markets it operates in. She also oversees
the Group’s portfolio and investment management, research, risk management and
sustainability functions, in addition to Group Legal & Corporate Secretariat and Group Data
Protection functions as part of her broader focus on Group governance.
Wanshi previously 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 Chair of the Executive Committee at the Urban Land Institute in Singapore as well
as a member of its Asia Pacific Executive Committee and a Global Governing Trustee of the
Urban Land Institute. She holds a double degree from the University of Pennsylvania, USA,
graduating summa cum laude from both 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.
Zheng Wanshi
Group Chief Strategy & Sustainability Officer
Frasers Property Limited
Vicki Ng
Group Chief People Officer
Frasers Property Limited
Vicki leads the development of Frasers Property’s people strategy and oversees all aspects
of Frasers Property’s People & Culture, including organisational transformation, global
talent development, recruitment and retention of a diverse workforce, total rewards and
organisation effectiveness. Working in collaboration with the senior leadership team, she
also oversees the Group’s culture and diversity, equity and inclusion as well as strategic
innovation functions.
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.
Her multi-sector experience spans 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.
Soon Su Lin
Chief Executive Officer
Frasers Property Singapore
Su Lin oversees the strategic direction, investments, operations and development
management of the portfolio of retail, commercial, residential and related mixed-use
businesses in Singapore.
She was formerly 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 real estate, covering consultancy, investment
sales, leasing and property development. Before joining the Group in 2017, she was Chief
Executive Officer for Orchard Turn Developments, which developed and operated ION
Orchard 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 and a member of One
Bangkok Board of Directors. She also sits on the Management Committee and chairs
the Green & Sustainable Sub-Committee at the Real Estate Developers’ Association of
Singapore.
Annual Report 2024
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Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
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 a member of the Board of Directors for 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.
Cameron Leggatt
Chief Executive Officer
Frasers Property Australia
Chin Fen oversees Frasers Hospitality’s international hospitality and lodging business.
She joined Frasers Property in 2011 and has held senior positions including Chief Executive
Officer of the Managers of Frasers Hospitality Trust where she oversaw the overall
business, investment and operational strategies of the Trust as well as the Chief Investment
Officer of Frasers Hospitality International where she was responsible for developing and
implementing the business and investment strategies of the hospitality business.
Before joining Frasers Property, 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.
Chin Fen serves as a Board Director for the National Parks Board, Singapore. A Chartered
Financial Analyst, Chin Fen holds a Bachelor of Business degree in Financial Analysis from
Nanyang Technological University, Singapore.
Eu Chin Fen
Chief Executive Officer
Frasers Hospitality
Cameron oversees development and investment operations in Australia across the
mixed-use, residential, commercial and retail sectors. He is also responsible for the
Australian investment property portfolio management and leads the Frasers Property
Australia Executive Management Team.
Cameron joined Frasers Property Australia in 2010 and took on several senior positions
including General Manager of the Queensland business, and Executive General Manager
of the Residential Division, which later became the Development business.
Prior to joining Frasers Property, Cameron was an Associate Director in the Property
Division at Macquarie Bank working in both Australia and the USA. Cameron has over
25 years of experience working in the property sector.
Cameron holds a Bachelor of Business majoring in Property and a Masters in Commerce
majoring in Finance. He is a trained and registered Valuer and current Board Member of
the Residential Development Council (RDC) for the Property Council of Australia (PCA).
Reini Otter
Chief Executive Officer
Frasers Property Industrial
GROUP MANAGEMENT
24
Frasers Property Limited
Lim Hua Tiong
Chief Executive Officer
Emerging Markets, Asia, and One Bangkok
Hua Tiong is responsible for building upon and creating synergies across China, Thailand
and Vietnam as key emerging markets of opportunities and potential for Frasers Property.
He is also the Chief Executive Officer of One Bangkok, the largest holistically integrated
district in the heart of Bangkok.
Hua Tiong has more than 20 years of market knowledge and 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.
Ilaria is responsible for driving the strategic plan for Frasers Property UK’s business
encompassing commercial properties and residential projects. In addition, she works
closely with the team from Frasers Logistics & Commercial Trust and Frasers Hospitality on
their properties in the UK.
Ilaria brings significant expertise to her role, having spent her 30-year career working in the
UK and across Europe for real estate advisory, fund management and property companies.
She was Chief Executive Officer of GE Capital Bank, a regulated bank and corporate lender
and before that, was responsible for GE Capital’s real estate business in the UK, which
included commercial real estate development, investment and lending.
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.
Ilaria del Beato
Chief Executive Officer
Frasers Property United Kingdom
Annual Report 2024
25
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
CHAIRMAN’S
STATEMENT
Dear Shareholders
The global economic landscape
continues to evolve, presenting both
challenges and opportunities. This
year has been a testament to the
Group’s resilience as it delivered a
stable performance in this dynamic
environment.
MAINTAINING ADAPTABILITY
AND FINANCIAL PRUDENCE
In an era of economic volatility and
rapid market transitions, I am both
encouraged and proud to observe
the unwavering commitment of the
Frasers Property team to navigate
these complexities with agility and
foresight. An integrated approach is
essential to enhance the long-term
resilience of our Group’s income
streams and value. Our strategy
hinges on leveraging Frasers
Property’s integrated investor-
developer-operator model to create,
sustain and unlock value throughout
the real estate value chain. This
entails astute management of
the Group’s portfolio of assets to
ensure Frasers Property remains
strategically positioned to adapt
to the evolving needs of our
customers, people, business
partners and other stakeholders.
As we move forward, I am confident
that Frasers Property’s refreshed
leadership team will continue to
lead our people to innovate and
identify opportunities that will fortify
our strong business foundation and
market standing as one enterprise.
The Board recognises that
financial resilience is crucial to
Frasers Property’s ability to seize
such opportunities. Our financial
strategy is rooted in prudent capital
management, and over the past
year, management has sharpened
its focus on capital efficiency.
By maintaining a decision-making
culture of financial discipline and
strategic foresight, we will ensure
that Frasers Property not only
withstands the challenges of a
dynamic market but thrives within it,
creating sustainable value for all
our stakeholders.
DELIVERING SHAREHOLDER
VALUE
In FY24, Frasers Property delivered
an attributable profit of $206.3 million
and core earnings, or attributable
profit before fair value changes
and exceptional items, was
$218.2 million. Considering the
Group’s financial performance
and cash flow requirements, and
in line with the Group’s efforts to
maintain financial flexibility amid
macroeconomic developments,
our Board has proposed a first and
final dividend of 4.5 cents per share
for FY24, maintaining the same level
as FY23.
COMMITMENT TO
SUSTAINABILITY
The Board recognises the real
estate sector is at a pivotal
juncture, with sustainability and
flexibility becoming key drivers
of value. Guided by its Purpose,
Frasers Property’s emphasis
on sustainability is not just a
response to market demands but
a fundamental cornerstone of the
Group’s long-term resilience.
With the continuing support of
our shareholders and the Board,
the team has been integrating
environmental, social, and
governance (ESG) considerations
into Frasers Property’s strategy and
business. Our Purpose drives the
Group’s sustainability initiatives,
aligning with the Group’s global
sustainability goals and resonating
with our stakeholders’ expectations
and values. Detailed information is
available on the company’s website
in Frasers Property’s ESG Report.
The recognition that Frasers
Property has received for promoting
sustainable practices across
its value chain is encouraging.
The Board firmly believes that
by prioritising sustainability and
governance, Frasers Property
can create lasting value for our
stakeholders and contribute to a
better future for all.
CULTURE
Our people remain our greatest
asset. We believe diversity is a
key strength that maximises the
inherent value of our business. To
ensure long-term success, we are
committed to fostering a culture that
not only rewards high performance
but also seeks to continually build
on our Purpose and core values.
This year, the Group has intensified
efforts in talent development,
investing in comprehensive training
programmes and strengthening
the Group’s talent management
practices. By nurturing an inclusive
and dynamic workplace, I believe
we empower our employees to
drive innovation and excellence
across the Group.
ACKNOWLEDGEMENTS
Frasers Property would not be
where it is today without the support
of its many stakeholders. To all our
people, I express my deep gratitude
for your hard work, dedication 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.
Together, we will continue to build a
resilient and sustainable future for
Frasers Property.
Finally, I convey my heartfelt
appreciation to all our customers,
business partners, bankers, financial
advisers, vendors, regulators 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
AS WE MOVE FORWARD, I AM CONFIDENT THAT
FRASERS PROPERTY’S REFRESHED LEADERSHIP TEAM
WILL CONTINUE TO LEAD OUR PEOPLE TO INNOVATE
AND IDENTIFY OPPORTUNITIES THAT WILL FORTIFY
OUR STRONG BUSINESS FOUNDATION AND MARKET
STANDING AS ONE ENTERPRISE.
Annual Report 2024
27
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
IN CONVERSATION
WITH THE
GROUP CEO
The theme of this year’s annual
report is sustainable value
creation. What does sustainable
value creation mean to you?
In today’s volatile global economy,
characterised by inflationary pressures,
higher interest rates, and geopolitical
tensions reshaping markets worldwide, it
is essential for us to embrace a more agile
and forward-thinking strategic approach.
The real estate sector is also undergoing
a transformative shift, with an increasing
emphasis on the built environment’s
role in societal resilience and a growing
demand for sustainable and flexible
spaces. Adapting to these evolving
conditions and anticipating future trends
is critical for maintaining our competitive
edge.
Reflecting on the past year, the theme of
this report – sustainable value creation
– guides our commitment to generating
long-term value for our stakeholders.
At Frasers Property, sustainable value
creation is built on three essential pillars
– creating value, sustaining value, and
unlocking value. Our integrated model
as an investor, developer and operator
enables us to tap our capabilities across
the real estate value chain, capturing
opportunies for value creation and
enhancing the resilience of our income
streams over time.
Q
28
Frasers Property Limited
Q
Q
With property cycles getting shorter and global
market forces exerting stronger influence
on the real estate sector, how do you plan to
create and sustain value in Frasers Property’s
real estate portfolio?
Creating and sustaining value in this market environment
requires a multifaceted approach. Our development
capabilities are integral to our value creation strategy
as we use our deep market insights to align both our
residential and non-residential offerings with evolving
market demands.
While residential development remains a key focus, we
adopt a prudent approach, emphasising segments with
robust domestic demand and utilising capital-efficient
structures. By participating in joint ventures from the
tender stage and bringing in capital partners for ongoing
projects, we can deploy capital across more projects
and manage both risks and the distribution of residential
development contributions.
FY24 exemplifies this approach. While residential
contributions boosted performance, unrecognised
revenue was below our five-year average due to the
timing of launches. Despite these fluctuations, our
strong business platforms and their established local
networks position us well to select and manage projects
that deliver attractive returns.
Beyond residential development, we leverage our
capabilities in non-residential asset classes with a
build-to-core approach, creating value via development
uplifts. The Group’s development of industrial and
logistics (I&L) assets ensures a robust recurring income
base of high-quality assets in strategic locations. As at
30 September 2024, 88% of the Group’s property assets
and 74% of the Group’s FY24 PBIT are from recurring
income asset classes.
Sustaining value enhances the performance of our
existing assets through active asset management and
customer-centric property management practices. By
continuously reviewing the strategic plan for each asset,
we ensure our properties remain relevant and appealing,
generating stable income streams and supporting the
long-term value of our investment properties.
We will gradually increase the Group’s development
exposure in both residential and selected
non-residential asset classes, exploring opportunities
across greenfield sites, redevelopments and asset
repurposing to generate the best risk-adjusted returns.
This transition will take time, and our approach will be
measured and deliberate.
How did Frasers Property perform financially
in FY24?
For FY24, Frasers Property Group achieved a 19.2%
increase in attributable profit to $206.3 million
compared to FY23. The Group’s FY24 earnings were
driven by higher contributions from our residential
projects in China and Australia, although partially
offset by higher interest expenses. However, we faced
significant unrealised net fair value losses on certain
commercial properties in the UK and Australia, which
were only partially mitigated by net fair value gains on
properties in Singapore, as well as I&L properties in
Australia and the EU.
Over the past two financial years, the Group recorded
net fair value write-downs of $0.6 billion due to higher
interest rates impacting capitalisation rates and property
valuations. While this was more than offset by the
cumulative net fair value uplifts of $3.4 billion from FY18
to FY22, it underscores the volatility and challenges in
the current market environment.
For the full-year ended 30 September 2024, the Group’s
net debt1 to total equity2 ratio stood at 83.4%
(30 September 2023: 75.8%), while net debt1 to property
assets ratio stood at 42.1% (30 September 2023: 40.4%).
These higher ratios were primarily driven by capital
expenditure and the redemption of perpetual securities,
but were actively managed through divestments and
equity fundraising by the Group’s REITs platform.
72.9% of the Group’s total debt is on fixed rates, which
has helped mitigate the impact of rapidly rising interest
rates over the past two years. However, it will take time
for the effects of lower interest rates to flow through
when the rate reductions begin. The Group’s blended
debt funding cost was 3.9% with a weighted debt
maturity of 2.5 years, compared to 3.5% and 2.6 years in
the previous year, respectively.
1
Includes net debt of consolidated SGX-listed REITs.
2
Includes non-controlling interests (primarily related to consolidated REITs) and perpetual securities.
Annual Report 2024
29
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
IN CONVERSATION WITH THE GROUP CEO
Our financial performance in FY24 reflects our careful
capital allocation and portfolio management amid
significant market challenges. While we have a balanced
and diversified portfolio, prudent financial management
and the investor-developer-operator capabilities,
we remain cautious and focused on navigating the
uncertainties ahead to create sustainable value for our
stakeholders.
How does Frasers Property approach capital
efficiency and value unlocking?
Real estate investing is inherently capital intensive, and
active capital management is crucial for enhancing
returns. At Frasers Property, we are committed to
recycling capital within our portfolio for reinvestment
into opportunities that allow us to enhance the returns
and resilience of our portfolio.
In FY24, the Group undertook asset transactions
totalling $1.8 billion. This included the divestment of our
stake in NEX, a suburban retail mall in Singapore, to FCT
and four German I&L properties to FLCT. Our disciplined
approach to capital recycling through the Group’s REITs
consistently unlocks capital while continuing to create
value for our broader investor base. In fact, since our
listing in FY14, we have recycled approximately
$9.0 billion via the Group’s REITs. We also divest assets
to the market, as seen with Fraser Residence River
Promenade and Capri by Fraser, Changi City this year.
Additionally, we focus on holding investment properties
and development projects through capital-efficient
structures to optimise capital and manage risk. In FY24,
we entered into six capital partnerships, bringing our
total to 37 investment properties and development
projects held under such partnerships by the end of the
financial year. We will continue to seek collaboration
opportunities to further enhance our capital efficiency.
Recognising the significant embedded value within
our balance sheet, we identify assets suitable for
redevelopment to enhance value. A recent example is
our announcement of the redevelopment of Robertson
Walk and Fraser Residence Robertson Quay into a
residential and lifestyle hub.
How is Frasers Property addressing
sustainability and ESG goals?
Our Purpose – Inspiring experiences, creating places
for good. – continues to guide us in advancing our
Environmental, Social, and Governance (ESG) goals,
with a critical focus on enhancing our business
resilience against climate risks. This year, we have made
substantial strides, supported by the development of
innovative internal tools and frameworks that enable
action across the Group. Our decarbonisation tool
helps assess our decarbonisation pathways and
evaluate its associated cost-benefit. Meanwhile, our
Climate Value at Risk platform allows us to factor
climate considerations in how we manage our risks and
portfolio. We are also developing the Group’s Climate
and Nature Transition Plan, including an internal Nature
Framework for future nature-related disclosures,
and formalising a Social Value Strategy to provide a
common framework for the Group.
A landmark achievement this year was our partnership
with SP Group to install solar panels across seven of
our retail and commercial properties in Singapore.
This initiative marks the largest single solar panel
roll-out for retail malls in Singapore. Our commitment
to enhancing property resilience is further validated by
our green certifications, and we continue to engage our
suppliers through our Responsible Sourcing Policy to
drive sustainability across our value chain.
The effectiveness of our ESG initiatives is reflected in
our GRESB 2024 assessment results, where we secured
six global and regional sector leadership positions. This
marks the fourth consecutive year that all listed and
non-listed units of Frasers Property, including our five
REITs, have participated in GRESB for targeted sector
benchmarking.
Our journey towards sustaining value creation is a
shared challenge across industries and geographies.
We are leveraging our position in the value chain to
collaborate with stakeholders, creating shared value
for our planet and society while maintaining a focus on
financial returns for our shareholders. We believe that
this strong commitment to sustainability will ultimately
enhance our business resilience. By anchoring to our
Purpose and focusing on engaging with and delivering
better outcomes for our stakeholders, Frasers Property
can deliver long-term value creation and resilience.
What are Frasers Property’s strategic priorities
and how do you plan to achieve them?
We are making steady progress on our journey toward
sustainable value creation. Our residential development
efforts will proceed at a measured pace, calibrated to
local market conditions, while we maintain a robust
build-to-core pipeline. By prioritising active asset
management and customer-centric approaches,
we will drive returns from our investment properties.
Unlocking value will remain a key priority as we
optimise the Group’s capital efficiency, sustain our
recurring earnings base, and enhance our risk-adjusted
returns.
Q
Q
Q
30
Frasers Property Limited
PROGRESSING ON SUSTAINABLE VALUE CREATION
CREATING VALUE
Measured pace of
residential development
units settled in FY24
unrecognised revenue
~ 3,800 contracts on hand
as at 30 Sep 24
non-residential
development pipeline
GFA1 as at 30 Sep 24
non-residential
land bank
as at 30 Sep 24
renewals and new leases
in FY24
AEI completed
between FY20 to FY24
asset transactions2
from FY20 to FY24
capital released from
partnerships3
from FY20 to FY24
~ 8,300
$1.1 b
~ 1,067,000 sqm
~ 7,741,000 sqm
~ 1,470,000 sqm
~ 503,000 sqm
$4.8 b
$0.9 b
Well-located
build-to-core pipeline
Driving returns from
investment properties
Efficient use of capital
via recycling, sales
and redevelopment
SUSTAINING VALUE
UNLOCKING VALUE
Completed and settled
residential development
Palace of Yunjian,
Shanghai, China, 4Q FY24
First tenant is operational.
Due for full completion
in 2026
The YARDS, New South
Wales, Australia, 2Q FY24
Fifth year in operation;
>97% retail & office
occupancy
Samyan Mitrtown,
Bangkok, 4Q FY24
Divested Frasers Property’s
24.5% stake to FCT
NEX, Singapore,
2Q FY24
1
Comprises I&L, commercial & business parks and retail developments.
2
Includes total value of assets sold to the Group’s REITs and third parties; call-option properties based on date of signed agreement. Excludes
divestment of properties to capital partners.
3
Proportionate value of assets divested to capital partners.
While we remain cautious about the macroeconomic
environment, we have taken steps to enhance our agility
and strategic focus to better navigate the challenges
ahead. Early in the year, we made organisational
changes to better harness our Group scale and
synergies, strengthen business resilience and build
further on our geographical and asset class strengths.
While we continue to enhance our operating model, we
are also optimising our resourcing and capabilities to
drive a high performing organisation as one enterprise.
Our strategic priorities are clear: to drive sustainable
value creation, optimise capital efficiency, and enhance
our portfolio returns. By staying true to these priorities
and continuously adapting to market conditions, we
ensure that Frasers Property remains resilient and
well-positioned for the future. Executing this will require
the organisational backbone of the right people,
process and systems and execution discipline. All of
these will go a long way in supporting our ability to
deliver lasting value to our stakeholders.
Annual Report 2024
31
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
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
and 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 SIAS Investors’ Choice Awards
in the Most Transparent Company
(Real Estate) and at IR Magazine
Awards - Southeast Asia 2024 in the
Best Annual Report (mid to large
cap) and Best ESG Report (mid to
large cap) categories. Our award
wins serve as strong motivation as
we strive towards further excellence
in corporate governance and
investor relations.
PROACTIVE AND REGULAR
ENGAGEMENT
As part of our ongoing regular
updates on our business, we
announce our half-year and full-
year financial performance on
SGXNet along with a press release
and presentation 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 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 met with over 60
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 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 key 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
is 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
SIAS Investors’ Choice Awards 2024, Singapore
32
Frasers Property Limited
BROKERAGES COVERING FRASERS PROPERTY
(As at 30 September 2024)
• CGS International • DBS Bank • JP Morgan
November 2023
14
Full-year FY23 hybrid results briefing
15
Post-results investor meetings held virtually
22
Frasers Day Bangkok
28
Frasers Property Group Dialogue
January 2024
24
Annual General Meeting
FRASERS PROPERTY’S CLOSING PRICE AND TRADING VOLUME IN FY24
FPL SP Equity - Last Price
0.875
High on 12/01/24
0.990
Average
0.827
Low on 31/10/23
0.760
FPL SP Equity - Last Volume
62.7K
High on 18/07/24
2,494.5K
Average
154.2K
Low on 28/03/24
7.5K
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
Apr 24
May 24
Jun 24
Jul 24
Aug 24
Sep 24
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
1.0
0.9
0.8
0.7
February 2024
5
1Q FY24 business updates virtual briefing
May 2024
13
1H FY24 hybrid results briefing
13
Post-results investor meetings held virtually
August 2024
8
9M FY24 business updates briefing
12
Post-business updates investor meetings held virtually
27
Frasers Property Group equity analysts luncheon
FY24 INVESTOR RELATIONS CALENDAR
Annual Report 2024
33
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
TREASURY HIGHLIGHTS
The Group manages its liquidity
prudently to ensure that it will be
able to access adequate financing
and capital at competitive terms.
Our 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 two REITs listed on the
Stock Exchange of Thailand – and
generate recurring cash flows for
the Group.
Our management team 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 2024, our net
debt-to-equity ratio had increased
from 75.8% to 83.4%, mainly due to
redemption of perpetual securities
and capital expenditures, partially
offset by the proceeds from the
divestment of Changi City Point and
Frasers Centrepoint Trust’s private
placement.
SOURCE OF FUNDING
Besides the net cash flows from
our businesses, we rely on the
debt capital markets, equity capital
markets and syndicated and
bilateral banking facilities for our
funding. As at 30 September 2024,
the Group had over $4.0 billion1
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.
The banks are our core business
partners and we 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 FY24, we arranged 20 green or
sustainability-linked loans amounting
to approximately $6.2 billion1.
As at 30 September 2024, the Group
had arranged approximately
$15.1 billion of green or
sustainability-linked loans and
bonds1.
DEBT CAPITAL MARKETS
We have various medium-term note
(MTN) programmes in place to tap
the debt capital market.
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
(EMTN) programme (issued:
$1.3 billion). Frasers Property
AHL has a A$2.0 billion EMTN
programme (issued: $300.0 million).
Our Thailand subsidiaries have
their own debenture programmes.
Frasers Property Holdings (Thailand)
Co. Ltd. has a THB 25.0 billion
debenture programme (issued:
THB 8.2 billion); Frasers Property
(Thailand) Public Company Limited
has a THB 50.0 billion debenture
programme (issued: THB 32.2 billion),
and Golden Land Property
Development Plc has a THB 13.0
billion debenture programme
(issued: THB 1.5 billion).
In FY24, Frasers Property (Thailand)
Public Company Limited tapped
the bond market in Thailand with
the issuance of debentures totalling
THB 8.4 billion with tenors ranging
from two and a half 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: $325.0 million), and Frasers
Hospitality Trust has a $1.0 billion
EMTN (issued: $120.0 million).
Frasers Property Thailand Industrial
Freehold & Leasehold REIT has
a THB 17.0 billion debenture
programme (issued: THB 11.5 billion).
Frasers Property Treasury Pte. Ltd.
and Frasers Logistics & Commercial
Trust also have a $2.0 billion Euro-
Commercial Paper Programme
(issued: Nil) and $1.0 billion Euro-
Commercial Paper Programme
(issued: Nil) respectively, where
notes can be issued with tenors of
not more than 364 days. Issuances
from this programme may be
digitalised in a digital marketplace,
enabling us to diversify our funding
sources and manage our short-term
financing needs.
1
Includes joint ventures’ financing facilities which are not included in the Group’s consolidated financial statements.
34
Frasers Property Limited
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.
INTEREST RATE PROFILE AND
DERIVATIVES
We manage our interest cost by
maintaining a prudent mix of fixed
and floating rate borrowings. On a
portfolio basis, 72.9% 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 2.5 years, and average gross cost
of debt is 3.9% per annum, as at
30 September 2024. The floating
rate loan portfolio provides the
flexibility to repay debts related to
the 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 rate
borrowings.
The total interest rate derivatives and
the mark-to-market values, as at
30 September 2024 are disclosed in
Note 22 of the Financial Statements.
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 2024, this ratio was
83.4%. Net interest expenses for the
financial year amounted to
$524.5 million. The net interest
cover2 ratio was at 2.6 times, as at
30 September 2024.
FOREIGN EXCHANGE RISKS
AND DERIVATIVES
We have exposure to foreign
exchange risks arising from
development and investment
activities. Where cash flow
exposures are certain, it is the
Group’s policy to hedge these risks
as they arise.
We use foreign currency forward
contracts and currency derivatives
(such as cross-currency swaps) to
manage these foreign exchange
risks.
In order to have a natural hedge,
where possible, we fund foreign
currency assets with debt in the
same currency.
We use foreign exchange contracts
and derivatives solely for hedging
actual underlying foreign exchange
requirements in accordance with
guidance set by the Sustainability
and Risk Management Committee
(SRMC) and our Board of Directors
under the Group’s Treasury Policy.
These policies are reviewed
regularly by the SRMC to ensure that
our policies and guidelines are in
line with our foreign exchange risk
management objectives.
The total foreign exchange contracts
and derivatives and the mark-to-
market values, as at 30 September
2024, are disclosed in Note 22 of the
Financial Statements.
FY25
FY26
FY27
FY28
FY29
> FY29
2,411
4,537
3,559
2,950
1,340
3.858
2,498
1,863
3,618
214
208
2,473
Debt Maturity Profile ($’m)
Including REITs / Stapled Trust
Total: $17,289 million
Excluding REITs / Stapled Trust
Total: $12,240 million
Annual Report 2024
35
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
FRASERS PROPERTY LIMITED
2024 SIAS Investors’ Choice Awards:
Most Transparent Company
(Real Estate), Joint Winner
Frasers Property Limited
Financial Times & Statista: 2024
Asia-Pacific Climate Leader
Frasers Property Limited
National Volunteer & Philanthropy
Centre: Champion of Good
Frasers Property Limited
The Straits Times & Statista:
Singapore’s Best Employers 2024
Frasers Property Limited
FRASERS PROPERTY SINGAPORE
Community Chest Heartstrings Walk:
Gold Partner Award
Frasers Property Singapore
GRESB Assessment 2024: 5-Star
Rating, Regional Sector Leader &
Regional Sector Leader (Non-Listed)
in Asia’s Diversified – Office/Retail
Category in Standing Investments
Frasers Property Singapore
National Arts Council Patron of the
Arts Awards 2024: Friend of the Arts
Award
Frasers Property Singapore
PropertyGuru Asia Property Awards
Singapore 2023: Best Mixed Use
Developer
Frasers Property Singapore
PropertyGuru Asia Property Awards
Singapore 2023: Special Recognition
in ESG
Frasers Property Singapore
PropertyGuru Asia Property Awards
Singapore 2023: Special Recognition in
Sustainable Design and Construction
Frasers Property Singapore
PropertyGuru Asia Property Awards
Grand Final 2023: Best Mixed Use
Developer (Asia)
Frasers Property Singapore
Singapore Retailers Association Retail
Awards 2023: Best Retail Customer
Experience Initiative
Frasers Property Singapore
Residential
Building & Construction Authority:
Quality Mark Star
Rivière
Building & Construction Authority:
Design & Engineering Safety Award
2024
Rivière
Council of Tall Buildings and Urban
Habitat Awards 2023: Award of
Excellence
Rivière
EdgeProp Excellence Awards 2023:
Innovation Excellence
Rivière
PropertyGuru Asia Property Awards
Singapore 2023: Best Completed
Private Condo Development
Seaside Residences
PropertyGuru Asia Property Awards
Singapore 2023: Best Condo
Development
Rivière
PropertyGuru Asia Property Awards
Singapore 2023: Best Waterfront
Condo Development
Rivière
PropertyGuru Asia Property Awards
Grand Final 2023: Best Completed
Condo Development (Asia)
Seaside Residences
PropertyGuru Asia Property Awards
Grand Final 2023: Best High Rise
Condo Development (Asia)
Rivière
PropertyGuru Asia Property Awards
Grand Final 2023: Best Waterfront
Condo Development (Asia)
Rivière
URA Architectural Awards 2024: Award
for Conservation
Former 17, 19, & 21 Jiak Kim Street
Warehouses (Presently Jiak Kim House,
5 Jiak Kim Street)
Workplace Safety and Health Council
Awards 2024: Safety and Health Award
Recognition for Projects (SHARP)
Parc Greenwich
Retail and Commercial
Building & Construction Authority:
Green Mark Gold
• 51 Cuppage Road
• Causeway Point
• Northpoint City North Wing and
South Wing
• NEX
• Valley Point
• White Sands
Building & Construction Authority:
Green Mark GoldPlus
• Alexandra Technopark Block A
• Tampines 1
• The Centrepoint
• Waterway Point
Building & Construction Authority:
Green Mark Platinum
• Alexandra Point
• Century Square
• Eastpoint Mall
• Frasers Tower
• Hougang Mall
• Tiong Bahru Plaza and Central Plaza
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
• Eastpoint Mall
• Frasers Tower
• Hougang Mall
• Northpoint City
• Robertson Walk
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza and 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
• Eastpoint Mall
• Frasers Tower
• Hougang Mall
• NEX
• Northpoint City
• Robertson Walk
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza and Central Plaza
• Valley Point
• Waterway Point
• White Sands
AWARDS & ACCOLADES
36
Frasers Property Limited
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
• Eastpoint Mall
• Frasers Property Corporate Services
• Frasers Property Retail Management
• Frasers Tower
• Hougang Mall
• NEX
• Northpoint City
• Robertson Walk
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza and Central Plaza
• Valley Point
• Waterway Point
• White Sands
PUB: Water Efficiency Awards 2024
(Retail Sector)
Northpoint City
RoSPA Health and Safety Awards
2023: Silver
Alexandra Point
Singapore Environment Council Eco
Office: 3-Leaves
Alexandra Technopark
Singapore Environment Council Eco
Office: 4-Leaves
• 51 Cuppage Road
• Frasers Tower
• Valley Point
Singapore Environment Council Eco
Office: Champion
• Causeway Point
• Eastpoint Mall
• Northpoint City
• Waterway Point
Singapore Environment Council Eco
Office: Elite
• Alexandra Point
• Hougang Mall
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza and Central Plaza
• White Sands
Singapore Environment Council:
GreenDNA
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• Frasers Tower
• Valley Point
Singapore Police Force: Outstanding
Community Partnership Award
Causeway Point
WELLTM: Health-Safety Rating
• Alexandra Point
• Alexandra Technopark
• Frasers Tower
WiredScore: Platinum (Office)
• Alexandra Point
• Alexandra Technopark Block A and
Block B
• Frasers Tower
SmartScore: Gold (Office)
Frasers Tower
SmartScore: Platinum (Office)
Alexandra Point
Workplace Safety and Health Council:
bizSAFE Level Star Certification
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• Causeway Point
• Century Square
• Eastpoint Mall
• Frasers Property Retail Management
• Frasers Tower
• Hougang Mall
• NEX
• Northpoint City
• Robertson Walk
• Tampines 1
• The Centrepoint
• Tiong Bahru Plaza and Central Plaza
• Valley Point
• Waterway Point
• White Sands
Workplace Safety and Health Council:
bizSAFE Partner Award
• 51 Cuppage Road
• Alexandra Point
• Alexandra Technopark
• Frasers Tower
• Valley Point
FRASERS PROPERTY AUSTRALIA
White Ribbon: Accredited Workplace
Frasers Property Australia
Workplace Gender Equality Agency:
Employer of Choice for Gender
Equality
Frasers Property Australia
Better Future Australian Design
Awards 2024: Gold (Design –
Corporate)
Frasers Property Australia Corporate
Website
AAA NSW Apartment Awards for
Excellence 2024: Winner (Precinct
Rejuvenation and Civic Contribution)
Ed.Square
AAA NSW Apartment Awards for
Excellence 2024: Winner (Diversity in
Housing Choice)
Ed.Square
The Urban Developer Awards
for Industry Excellence: Winner
(Development of the Year –
New Communities)
Fairwater
UDIA National Awards for Excellence
2024: Winner (Medium Density
Development)
Burwood Brickworks
FRASERS PROPERTY INDUSTRIAL
GRESB Assessment 2024: 4-Star
Rating, Regional Sector Leader &
Regional Sector Leader (Non-Listed)
in Oceania/Industrial in Standing
Investments
Frasers Property Industrial (Australia)
Workplace Gender Equality Agency:
Employer of Choice for Gender
Equality
Frasers Property Industrial (Australia)
Green Building Council of Australia:
5 Star Green Star Design and As-built
v1.3 Rating
• Canvas West Spec 1
• Rubix Connect Spec 3 (Décor and
Freedom Furniture and spec)
BREEAM: In-Use (Very Good)
Certification
• Bielefeld, Fuggerstraße 13
• Moosthenning, Oberes Feld 10-12
(Hall 5 & 6)
BREEAM: In-Use (Good) Certification
• Ebermannsdorf, Jubatus-Allee 3
• Bad Rappenau, Buchäckerring 18
• Bielefeld, Fuggerstraße 15
• Chemnitz, Johann-Esche-Straße 2
• Duisburg, Rheindeichstr 155
• Duisburg, Rheindeichstr 165
• Garching bei München, Dieselstraße 30
• Herbrechtingen, Am Bühlfeld 2-8
• Mainz, Genfer Allee 6
• Moosthenning, Oberes Feld 2-8
(Hall 1-4)
• Ulm, Eiselauer Weg 2
Green Building Council of Australia:
6 Star Green Star Design and As-built
v1.3 Rating
Macquarie Exchange Building 4 / D
Property Council of Australia: Best
Business or Industrial Park
IVE Group at Braeside Industrial Estate,
VIC
Annual Report 2024
37
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
AWARDS & ACCOLADES
FRASERS HOSPITALITY
19th China Hotel Starlight Awards:
Annual Excellent Luxury Serviced
Apartment Operator
Frasers Hospitality
GRESB Assessment 2024: 5-Star
Rating, Regional Sector Leader - Asia/
Hotel in Standing Investments
Frasers Hospitality
SilverDoor APAC Property Partner
Awards: Exemplary Service Award
2024
Frasers Hospitality
TTG Travel Awards: Best Serviced
Residence Operator 2024
Frasers Hospitality
World Travel Awards: 2024 Leading
Serviced Apartment Brand in China,
Germany, Japan, Singapore and
South Korea
Frasers Hospitality
19th China Hotel Starlight Awards:
Annual Outstanding Hotel-Serviced
Apartment
Fraser Suites Dalian, China
19th China Hotel Starlight Awards:
Annual Excellent Hotel-Serviced
Apartment
Modena by Fraser, Nanjing, China
AA: 3 Rosette Accreditation
• Hotel du Vin Exeter, UK
• Hotel du Vin Glasgow, UK
• Hotel du Vin Newcastle, UK
BREEAM: In-Use (Good) Certification
• Capri by Fraser, Berlin, Germany
• Capri by Fraser, Frankfurt, Germany
• Capri by Fraser, Leipzig, Germany
• Fraser Place Canary Wharf, UK
• Fraser Suites Edinburgh, UK
• Fraser Suites Glasgow, UK
• ibis Styles London Gloucester Road,
UK
BREEAM: In-Use (Pass) Certification
• Fraser Suites Hamburg, Germany
• Fraser Suites Kensington, UK
• Fraser Suites Queens Gate, UK
• Park International London, UK
Business Insider: Best Business Hotel
Brand 2024
Malmaison, UK
CASBEE Design Certification
YOTEL Tokyo Ginza, Japan
CASBEE Real Estate Certification
Estem Court Namba VII Beyond
China Green Building Design Label
(Silver)
Modena by Fraser, Shenzhen, China
City of Liverpool Business Awards:
Hotel of the Year 2024
Malmaison Liverpool, UK
City of Manchester Business Awards:
Newcomer of the Year 2024
Malmaison Manchester Deansgate, UK
Foundation for Environmental
Education: Green Key
Fraser Suites Harmonie Paris La
Défense, France
Global Sustainable Tourism Council
Certification
Capri by Fraser, China Square, Singapore
Green Building Council of Australia:
2-Star Green Star Performance v1.2
Rating
Novotel Sydney Darling Square, Australia
Green Building Council of Australia:
1-Star Green Star Performance v1.2
Rating
• Capri by Fraser, Brisbane, Australia
• Fraser Suites Perth, Australia
• Fraser Suites Sydney, Australia
• Novotel Melbourne on Collins,
Australia
Green Tourism UK 2024: Silver
• Fraser Place Canary Wharf, UK
• Fraser Residence Prince of Wales
Terrace, UK
• Fraser Suites Edinburgh, UK
• Fraser Suites Glasgow, UK
• Fraser Suites Kensington, UK
• Fraser Suites Queens Gate, UK
• Park International London, UK
Thailand Green Hotel – Gold
Modena by Fraser, Buriram, Thailand
Thailand Green Hotel – Bronze
Modena by Fraser, Bangkok, Thailand
Tripadvisor: Travellers’ Choice Best of
the Best 2024 (Luxury)
• Fraser Suites Singapore
Tripadvisor: Travellers’ Choice Best of
the Best 2024
• Fraser Place Robertson Walk,
Singapore
• Fraser Residence Nankai, Osaka,
Japan
• Fraser Suites Diplomatic Area, Bahrain
Tripadvisor: Travellers’ Choice 2024
• Capri by Fraser, Barcelona, Spain
• Capri by Fraser, Bukit Bintang,
Malaysia
• Capri by Fraser, Brisbane, Australia
• Capri by Fraser, China Square,
Singapore
• Capri by Fraser, Frankfurt, Germany
• Capri by Fraser, Johor Bahru, Malaysia
• Capri by Fraser, Leipzig, Germany
• Capri by Fraser, Phnom Penh,
Cambodia
• Fraser Place Anthill, Istanbul, Türkiye
• Fraser Place Canary Wharf, UK
• Fraser Place Central, Seoul, South Korea
• Fraser Place Namdaemun, Seoul,
South Korea
• Fraser Place Puteri Harbour, Johor
Bahru, Malaysia
• Fraser Place Setiabudi, Jakarta,
Indonesia
• Fraser Residence Hanoi, Vietnam
• Fraser Suites Edinburgh, UK
• Fraser Suites Glasgow, UK
• Fraser Suites Hamburg, Germany
• Fraser Suites Hanoi, Vietnam
• Fraser Suites Le Claridge Champs
Élysées, France
• Fraser Suites Harmonie, Paris La
Défense, France
• Fraser Suites Muscat, Oman
• Fraser Suites Sukhumvit, Bangkok,
Thailand
• Fraser Suites Sydney, Australia
• Modena by Fraser, Bangkok, Thailand
World Travel Awards: 2024 Bahrain’s
Leading Serviced Apartments
Fraser Suites Diplomatic Area, Bahrain
World Travel Awards: Cambodia’s
Leading Hotel 2024
Capri by Fraser, Phnom Penh, Cambodia
World Travel Awards: China’s Leading
Serviced Apartments 2024
Fraser Suites Guangzhou, China
World Travel Awards: Germany’s
Leading Serviced Apartments 2024
Capri by Fraser, Berlin, Germany
World Travel Awards: Malaysia’s
Leading Hotel Residences 2024
Capri by Fraser, Bukit Bintang, Malaysia
World Travel Awards: Oman’s Leading
Serviced Apartment 2024
Fraser Suites Muscat, Oman
World Travel Awards: Oceania’s
Leading Serviced Apartments 2024
Fraser Suites Sydney, Australia
World Travel Awards: Scotland’s
Leading Serviced Apartment 2024
Fraser Suites Edinburgh, UK
World Travel Awards: Vietnam’s
Leading Serviced Apartments 2024
Fraser Suites Hanoi, Vietnam
38
Frasers Property Limited
FRASERS PROPERTY THAILAND
EUROMONEY Awards: Best Overall
Developer
Frasers Property Thailand
HR Asia 2024: Best Companies to Work
for in Asia - Thailand 2024
Frasers Property Thailand
HR Asia 2024: Diversity, Equity and
Inclusion Awards 2024
Frasers Property Thailand
HR Asia 2024: Sustainable Workplace
Awards 2024
Frasers Property Thailand
HR Asia 2024: Most Caring Company
Awards 2024
Frasers Property Thailand
HR Excellence Awards Thailand 2024;
Excellence in Employee Volunteerism
Frasers Property Thailand
TRIS Rating: ‘A’ credit rating with a
‘Stable’ outlook
Frasers Property Thailand
Residential
Future We Future World: Paint Beger,
Paint The World Green 2024
Frasers Property Home (Thailand)
TOA: Green Mission Award
Frasers Property Home (Thailand)
EGAT: Energy-Efficient Home Awards
• The Grand Chaengwattana -
Muang Thong
• Grandio 2 Vibhavadi-Rangsit
Livinginsider Developer Awards 2024:
Best Functional Home Awards
The Grand Chaengwattana -
Muang Thong
Industrial
EUROMONEY Awards; Best Industrial
and Logistics Developer
Frasers Property Industrial (Thailand)
Asia Responsible Enterprise Awards:
Green Leadership
SPX Express Thailand: Frasers Property
Logistics Park Wangnoi 2
Design for Greater Efficiencies: EDGE
Certification
Laemchabang Industrial Estate
(LCB: B1.9/2)
International Sustainability Standard:
ISO 14001:2015: Environmental
Management System Standard
within the Scope of Common Area
Management
Frasers Property Logistics Park
(Bangna 1)
World Economic Magazine Awards:
Best Industrial Developer Thailand
SPX Express Thailand: Frasers Property
Logistics Park Wangnoi 2
Commercial
The Asia Experience Awards:
Customer Experience of the Year
Frasers Property Commercial (Thailand)
Dot Property Thailand Awards 2024:
Best Urban Lifestyle Development
Bangkok
Silom Edge
Fitwel Certification: Workplace
Multi-Tenant Base Building (1-Star)
Silom Edge
WiredScore Certification: The Gold
Standard
Silom Edge
w3 Awards: Services & Utilities (Silver)
Edge App
FRASERS PROPERTY VIETNAM
Nhip Cau Dau Tu: Best Property
Developer Award
Frasers Property Vietnam
Vietnam Economic Times: Golden
Dragon Awards for TOP 50
Foreign-invested Enterprises in
Vietnam
Frasers Property Vietnam
Industrial
IFC: EDGE Advanced Certification
The Industrial Service Centre at
BDIP Premium Industrial Park
Robb Report Best of the Best Awards:
Sustainable Industrial Project of the
Year
BDIP Premium Industrial Park
US Green Building Council: LEED Gold
Industrial Centre Yen Phong 2C
Phase 1, RBF
US Green Building Council: LEED
Silver
Industrial Centre Yen Phong 2C
Phase 1, RBW
Commercial
Asia Pacific Property Awards: Best
Sustainable Commercial Development
in Vietnam 2024-2025
Worc@Q2
Vietnam Real Estate Online Magazine
and Vietnam Institute of Real Estate
Research: Top 10 Most Potential
Industrial Estate Projects 2024
Industrial Centre Yen Phong 2C
FRASERS PROPERTY UNITED
KINGDOM
Fitwel Special Award: Best in Building
Health
Winnersh Triangle, Frasers Property UK
GRESB Assessment 2024: 5-Star
Rating, Regional Sector Leader (Non-
Listed) in United Kingdom & Northern
Ireland - Diversified Office/Industrial
Category in Standing Investments
Frasers Property UK
Institute of Customer Service:
Service Mark accreditation with
Distinction
Frasers Property UK
Thames Valley Property Awards 2024:
Commercial Landlord of the Year &
Sustainable Development of the Year
Frasers Property UK
Keep Britain Tidy: Green Flag Award
2024
• Chineham Park (South East)
• Farnborough Business Park (South
East)
• Winnersh Triangle (South East)
FRASERS PROPERTY CHINA
BREEAM: Design 4-Star (Excellent)
Certification
• Galaxy Nanmen
BREEAM: Design 5-Star (Outstanding)
Certification
• Upview Hongqiao
China Green Building Label: 1-Star
(Gold)
• Galaxy Nanmen
• Opus One
• Upview Malu
• Upview Hongqiao
• Juyuan Upview
• Xuhang Upland
China Green Building Label: 2-Star
(GoldPlus)
• Club Tree
• Palace of Yunjian
Annual Report 2024
39
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
ENTERPRISE RISK MANAGEMENT
Second Line of Defence
First Line of Defence
Third Line of Defence
Executive 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
Group Sustainability
• Defines sustainability goals and strategies
• Provides support and ensures alignment of
execution of sustainability strategies across the
Group
• Tracks, measures and reports progress towards
sustainability goals
Group Risk Management
• Develops and implements risk management
framework
• Provides support to the Board and senior
management on risk-related matters
Group Internal Audit
• Conducts objective
and independent
assessments on
the adequacy and
effectiveness of
internal controls,
risk management
and governance
practices
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
Sustainability & Risk Committee
• Supports Sustainability & Risk Management Committee and Frasers Property Executive Leadership Team
on the oversight of sustainability and risk management policies, practices and initiatives
• Drives integrated approach towards strategy, sustainability and risk management
• Strengthens governance oversight, drives and institutionalises governance standards and practices
• Promotes cross-sharing of good governance standards and practices across Group
Management and various functions from Frasers Property and business units
Sustainability & Risk Management Committee
• 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
Audit Committee
• Oversees quality
and integrity
of accounting,
auditing, internal
controls, financial
and related risk
management
practices
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
Management
Board
Enterprise Risk Management (ERM) is an essential part of the Group’s business strategy. It provides and supports
risk-based decision making for sustainable enterprise value and business resilience. 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.
As part of our continuous improvement process, we further fine-tuned 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, the risk universe that comprises various applicable risk
factors to our business, the risk appetite and 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
40
Frasers Property Limited
Risk
Identification
• Risk Categories
and Risk Factors
– Macro
Environmental
– Strategic
– Financial
– Operational
• Mapping to ESG
factors
Risk
Assessment
• Risk Heatmap
• Risk Assessment
Parameters
(Impact/
Likelihood)
• Gross/Net Risk
(before and after
mitigation)
• Risk Prioritisation
Risk
Treatment
• Accept
• Avoid
• Reduce
• Transfer
Risk
Monitoring
• Risk Appetite
• Risk Tolerance
• Key Risk
Indicators
Risk
Reporting
• Annual Risk
Review; Mid-term
Risk Review
• Quarterly
reporting on
material risk areas
• Quarterly risk
tolerance
compliance
reporting
RISK MANAGEMENT PROCESS
Our risk management and governance oversight is supported by a clear governance structure that incorporates the
three lines of defence, 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.
During the year, we established a Group management-level Sustainability & Risk Committee (SRC) to support the
Board-level Sustainability & Risk Management Committee in overseeing sustainability and risk management policies,
standards, practices, and initiatives across the Group. The Committee included relevant members from Frasers
Property Executive Leadership Team.
RISK APPETITE
The Board has approved the following risk appetite statements which reflect our risk-reward attitude towards
investing, developing, assets management and capital management to deliver long-term growth and shareholder
value:
•
As a real estate investor, developer and operator, the Group has a risk-return appetite appropriate for our strategic
objective of delivering long-term sustainable profits and value growth to our shareholders. In each of our markets, our
risk appetite will vary over time in accordance with the macro environment.
•
Our investment discipline and focus on asset value creation through a combination of our development, asset
management and operational capabilities, are key to both our strategy and how we manage risks in our mixed portfolio of
property investments and developments to achieve the optimal risk-adjusted returns.
•
We manage our risks through the environmental, social, and corporate governance (ESG) lens. We value our reputation
and trust with our stakeholders and are committed to high standards of ethical conduct, social responsibility and
customer satisfaction in our business and operations. We will comply with applicable laws and regulations in the markets
we have presence or operate in.
Annual Report 2024
41
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
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 the 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 the
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.
To provide assurance to the Board
on the adequacy and effectiveness
of the risk management and
internal control systems to
address financial, operational,
compliance and information
technology risks, which the Group
considers relevant and material
to its operations, a management
assurance process has also been
put in place. The process requires
written certification by business
units and corporate divisions of the
assessment of the risk management
and internal control systems
of their respective areas. For
selected areas of the business and
operations, management has also
put in place control self-assessment
which promotes risk and control
accountability and allows self-
evaluation of 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.
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. Most of
our markets have been experiencing
slower economic and rental growth
due to sticky inflation and high
interest rates. The high interest rates
have also resulted in higher cap
rates for real estate and exerted
downward pressures on property
valuation in some markets, which
in turn have impacted our financial
performance. The silver lining is
that cooling labour markets have
opened the path for some central
banks to commence interest rate
cuts recently. However, the pace
of interest rate cuts remains highly
data dependent as inflation remains
above central banks’ targets in many
markets.
We maintain a diversified portfolio
comprising five asset classes in
commercial & business parks,
hospitality, industrial & logistics,
residential and retail properties
in various countries. The capital
allocation by country and asset
class takes into consideration
the Group’s strategies and risk-
return appetite. We also monitor
the macroeconomic trends and
indicators for the markets we
operate in, manage our financial
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
political instability, sudden or
adverse changes in the regions
and/or countries we operate in.
These include the US elections,
geopolitical tensions between the
US and China, Russia-Ukraine war
and the escalated conflicts in the
Middle East, 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 also
review expert opinions and market
indicators, keep abreast of changes,
as well as step up the crisis-
preparedness of our properties.
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. Given the gestation period for
development projections, market
conditions may also substantially
change during the planning
and development phases of the
development, potentially resulting in
projects not achieving underwritten
target returns.
For its investment properties, the
Group’s portfolio is affected by
macroeconomic and structural
factors that could adversely
affect occupier demand for our
ENTERPRISE RISK MANAGEMENT
42
Frasers Property Limited
assets, potentially leading to
obsolescence. 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. Additionally,
escalating expenses (e.g. operation
and maintenance, utilities and
energy costs) from inflationary
pressures will need to be managed.
The Group has fully-fledged
local development and asset
management teams with strong
asset class expertise in each of
its major markets. These country
and asset class platforms monitor
closely the market and competition
dynamics in their respective markets.
Development and asset management
strategies are reviewed regularly
and 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, combining
top-down research with our country
and asset class platforms’ bottom-up
intelligence. This helps inform the
risk appetite and business strategy
for each platform, as well as optimise
risk-return for the Group’s portfolio.
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 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 the Green Finance
Framework for issuance of green
and sustainable bonds and loans.
Our financial risk management
is discussed in more detail in
Treasury Highlights on pages 34 to
35 and the Notes to the Financial
Statements on pages 168 to 277.
Investment and Divestment Risk
Our investment and divestment
choices are aimed towards
delivering a sustainable and resilient
portfolio. 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 invest
or divest 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 regularly
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 sustainability
considerations, which include but
are not limited to climate risk and
carbon liability, in the evaluation
of new investments to further
strengthen our investment rigour
and portfolio resilience.
Regulatory Risk
The Group is exposed to various
laws and regulations applicable to
the real estate industry. In addition,
our business and operation
are 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 the
latest developments.
Construction and Development
Risk
The Group continues to navigate
a dynamic real estate landscape,
where effective contractor and
supply chain risk management
is critical for managing the risks
associated with construction
and development projects. We
are exposed to construction and
development project risks such
as cost overruns, labour and
material shortages, contractor
default or insolvency, design faults,
construction or material defects
and any unanticipated or unplanned
circumstances, which can adversely
affect project costs, scope and/
or delivery as well as trust and
reputation with stakeholders. With
high global inflation and supply
chain disruption worsened by
geopolitical tension, construction
and development costs have
risen and resulted in pressures on
development margins.
To manage construction and
development risk, 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 monitor the financial strength
Annual Report 2024
43
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
and performance of key contractors
closely and diversify our contractor
base where feasible. We also
actively manage the pricing of our
products and leases to mitigate
margin pressures.
We have also established the
Group Responsible Sourcing Policy,
which sets out expectations of
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 2024,
which is available on the Company’s
corporate website at https://www.
frasersproperty.com/esg-report.
Fraud and Corruption Risk
We do not tolerate fraud, corruption,
or bribery in our business activities.
We have put in place various
policies and guidelines, including
the Code of Business Conduct,
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 and third
parties 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
are available in the Corporate
Governance Report on pages 102
to 145.
Information Technology (IT), Data
Privacy 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 to the systems, applications
and data assets, which can lead to
system non-availability, 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
further heightened with attacks like
ransomware, malware and phishing
attacks and scams.
The Group has established
Group-wide IT policies, standards,
and procedures to govern the
confidentiality, integrity and
availability of business data and
IT systems. Various measures are
implemented, for example, the
engagement of external security
service providers to perform
periodic threat and vulnerability
assessment on critical IT systems,
regular phishing simulation exercise
to heighten user awareness
and mandatory cyber security
e-learning. IT Incident management
procedures and disaster recovery
plans are also tested regularly to
ensure operational readiness and
speedy system recovery.
Given the growing number of data
protection and privacy regulations
in key markets, Group Compliance
has reviewed and updated our
policies to ensure adherence with
these evolving standards. The
Group upholds high standards of
data privacy / protection, and all
employees are required to complete
a mandatory data protection
training. Additionally, awareness
sessions were conducted
throughout the year.
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. Our vigilance
extends to all properties owned
and managed by us, as well as
the sites where construction and
development work is carried
out, ensuring workplace safety
is embedded in our culture and
business practice.
We have implemented safety
management system across our
key operations aligned with ISO
45001 (Occupational Health and
Safety Management Systems) and
in some operations, ISO 14001
(Environmental Management
Systems) too. We actively monitor
the safety and well-being of our
employees and contractors working
at our properties and development
sites and regularly highlight and
address safety and well-being
risks that may arise. This proactive
approach ensures that we maintain
a safe and supportive work
environment.
ENTERPRISE RISK MANAGEMENT
44
Frasers Property Limited
Please refer to the ESG Report
2024, which is available on the
Company’s corporate website at
https://www.frasersproperty.com/
esg-report.
Climate Change and
Sustainability Risk
Climate-related risks are
commanding increasing regulatory
focus, as evidenced by the
requirements for Singapore
Exchange (SGX)-listed companies
to report International Sustainability
Standards Board’s (ISSB)-aligned
climate disclosures starting from
2025. Our assets and operations
face potential exposure to physical
and transition climate risks which
could significantly impact our
business, suppliers, vendors and
customers.
In FY24, to assist us in identifying
ESG-related business exposures,
we developed and deployed
a Climate Value at Risk (CVaR)
platform and decarbonisation
tool. The platform aggregates
asset- and development-level data
and climate risk exposures up to
geographic, portfolio, asset class
and Group levels. It enables us to
understand the potential impacts
of physical and transition climate
risk under future climate scenarios
and incorporate this data into
investment, financial and strategic
planning.
To address sustainability-related
risks, we have in place a Group
ESG Framework comprising 13
focus areas identified as material
to the business. In FY24, a double
materiality assessment was
completed, and the material factors
identified will be incorporated
into a refreshed ESG framework
in FY25. Progress is guided by our
Group ESG goals and supported by
the governance structure detailed
under Governance Structure for
Managing Risks, above. An overview
of our Group ESG Framework and
Goals is available in the 2024 ESG
Highlights on pages 98 to 101.
We prepare annual ESG reports
consistent with regulatory
requirements and with reference
to globally recognised reporting
frameworks such as Global
Reporting Initiative 2021 Universal
Standards, ISSB International
Financial Reporting Standards
(IFRS) S1 and S2 Sustainability
Disclosure Standards, and the
SGX Listing Manual Rules 711A
and 711B and Practice Note 7.6,
including disclosing against the
recommended SGX Core ESG
Metrics where practicable. Our
ESG reports undergo internal and
external assurance annually.
For further details on the above,
please refer to the ESG Report 2024,
which is available on the Company’s
corporate website at https://www.
frasersproperty.com/esg-report.
Business Disruption Risk
The Group’s business operations
may be adversely disrupted
by natural catastrophes like
typhoons, floods and earthquakes,
pandemics, 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 and / or disruption,
to ensure people safety, business
continuity and recovery. To ensure
these plans are operable across
the Group, testing and exercises
continue to be part of the assurance
effort. In addition, we have procured
insurance policies to mitigate our
financial losses in such situations.
Brand and Reputation Risk
Frasers Property’s brand and
reputation are valuable assets that
provide competitive advantages
and build long-term value with
our stakeholders, including
tenants, investors, shareholders
and prospective employees.
The Group recognises that any
risk potentially creating negative
perceptions or damaging its brand
and reputation could negate these
advantages. We define reputational
risk as the risk of failing to meet
stakeholders’ expectations as a
result of any event, behaviour, action
or inaction by Frasers Property, our
employees or those with whom
we are associated, which may
cause negative publicity, adverse
perception and actions against
the Group. This risk can affect
our shareholder value (including
earnings and capital), relationships
with stakeholders, and our ability
to establish new relationships,
businesses or services.
To mitigate these risks, we have
implemented customer-centric
business practices guided by our
Purpose. This includes conducting
regular customer surveys and
training for our frontline employees.
We run a biennial Trust Survey,
involving the majority of our
business units, to track and measure
our trust levels with stakeholders. By
regularly monitoring and managing
risks, impacts, and stakeholders’
sentiments, we can address their
concerns, align our actions with
their expectations, and drive long-
term value creation. This proactive
approach strengthens our resilience,
demonstrating our commitment to
transparency, accountability, and
continuous improvement.
Annual Report 2024
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Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Alexandra Point,
Singapore
SINGAPORE
BUSINESS REVIEW
WE ARE COMMITTED TO BUILDING BUSINESS
RESILIENCE BY UNLOCKING VALUE.
Singapore’s market was resilient,
characterised by its transparency,
stability and defensive qualities,
despite the challenges posed
by higher interest rates and
inflationary pressures. The retail
and office sectors remained
stable, underpinned by healthy
retail leasing demand and limited
office supply. Additionally, our
residential projects recorded
steady sales progress, reflecting the
overall strength and stability of the
Singapore market.
Amid sustained market headwinds,
we focused on unlocking the value
of existing properties, optimising
development exposure, and
strengthening our investment
portfolio.
Food Waste
Valorisation MOU
signing ceremony
at Causeway Point,
Singapore
FINANCIAL PERFORMANCE
For the financial year under
review, Frasers Property Singapore
delivered a revenue of $1.2 billion
and profit before interest, fair value
change, tax and exceptional items
(PBIT) of $501.1 million. These
figures represent 20.0% increase in
revenue and 8.9% decrease in PBIT
compared to the previous financial
year.
The higher revenue was mainly
attributable to contribution from
Parc Greenwich, which obtained
its Temporary Occupation
Permit in May 2024 and higher
contribution from Sky Eden@Bedok,
partially offset by the absence of
contribution from Rivière.
The lower PBIT was mainly due
to the absence of contribution
from Rivière, the divestment of
Changi City Point, the impact of
the asset enhancement initiatives
(AEI) at Tampines 1 and share of
lower fair value gains for retail joint
ventures, partially offset by better
investment properties’ performance,
contribution from Parc Greenwich
and higher contribution from
Sky Eden@Bedok.
GREEN FINANCING
SOLUTIONS
In May 2024, a joint venture entity
under Frasers Property had drawn
a five-year green term loan club
facility totalling $785.0 million.
Proceeds were utilised to refinance
a maturing green term loan facility
for Northpoint City South Wing, a
retail mall located in Yishun.
Annual Report 2024
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Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW – SINGAPORE
1
Excludes Tampines 1 (due to AEI works in FY23 and FY24), NEX and Robertson Walk.
2
Excludes Tampines 1 (due to AEI works in FY23 and FY24) and NEX.
3
The 10 properties are Alexandra Point, Alexandra Technopark, Causeway Point, Century Square, Hougang Mall, NEX, Northpoint City (North Wing),
Tampines 1, Tiong Bahru Plaza and White Sands.
Effective
share
Book
value
Net lettable
area
Occupancy
Properties
(%)
($’m)
(’000 sqm)1
FY24 (%)2
FY23 (%)2
Northpoint City South Wing3
50.0
1,113.0
28.0
99.5
99.5
The Centrepoint
100.0
600.0
33.2
95.1
94.6
Robertson Walk4
51.0
232.6
8.9
79.7
79.8
Malaysia
Setapak Central
100.0
103.45
47.8
98.3
98.3
Total Retail
2,049.0
117.9
1 Net lettable area includes area currently used as Community Sports Facilities Scheme (CSFS) space.
2 Committed occupancy excluding CSFS as at 30 September 2024 and 30 September 2023 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 Figures are on a 100.0% basis; Frasers Property Singapore owns 51.0% of Robertson Walk through Riverside Property Pte Ltd.
5 Based on exchange rate of 1 SGD = 3.201 Malaysian Ringgit.
Retail
RETAIL
During the year, our Singapore retail
portfolio continued to perform well
despite inflationary pressures and
rising operations costs. Positive
rental reversion, a 4.4%1 year-on-
year increase in shopper traffic
and a 1.9%2 rise in tenants’ sales
underpinned our performance, with
committed occupancy at 98.6%.
Operations
Our malls sustained their healthy
leasing momentum, enabling us
to refresh our retail offerings with
new-to-market brands and exclusive
store concepts by popular retail
and food and beverage brands.
Our Frasers Experience (FRx)
loyalty app continues to see growth
and adoption among shoppers.
With over a million members,
FRx plays a significant role in our
tenants’ success, with one in four
transactions driven by the app,
accounting for over $800.0 million in
sales across 8.2 million transactions
in FY24.
We engage our community and
tenants through programmes and
initiatives, driving value creation and
enhancing the retail experience.
By creating inclusive spaces and
experiences for all, we aim to
become an operator of choice,
building brand trust and loyalty.
We tap on our spaces to drive social
impact that aligns with our Purpose,
delivering enriching and memorable
experiences for our customers.
Together with our tenants, partners
and the community, we foster
inclusivity and a sense of belonging
through initiatives like the ‘Paint it
Forward’ art jam series featuring
canvases designed by artists on the
autism spectrum. The event raised
$100,000 for the Community Chest
this year, supporting art programmes
for persons with disabilities.
Progressing in our journey to create
inclusive spaces, we tripled the
number of Inclusion Champions
since the programme’s inception to
31 brands across 104 stores. Tenants
including 4Fingers Singapore,
FairPrice Group and Starbucks
Singapore have set aside their
spaces as dementia go-to points,
with some offering calm shopping
hours. Partnering SG Enable,
Dementia Singapore and St Andrew’s
Autism Centre, we provided over
1,000 training hours to tenants and
staff to better support shoppers
with dementia and those on the
autism spectrum, providing them
with a safe and welcoming shopping
environment in this industry-first
programme.
This year, we embarked on
Singapore’s first-of-its-kind food
waste valorisation programme
across five malls, partnering our
food and beverage tenants to
upcycle food waste into nutrient-rich
substrates. To reduce our carbon
footprint, we also partnered SP
Group in Singapore’s largest single
solarisation roll-out for retail malls.
Close to 4,500 sqm of solar panels
have been installed across six retail
malls and one commercial property,
bringing our total to 14,250 sqm of
solar panels across 10 owned or
managed properties3. These efforts
are aligned with our decarbonisation
journey and the Singapore Green
Plan 2030.
48
Frasers Property Limited
Effective
share
Book
value
Net lettable
area
Occupancy
Properties
(%)
($’m)
(’000 sqm)1
FY24 (%)2
FY23 (%)2
Causeway Point
39.6
1,342.0
39.0
99.8
99.6
Central Plaza (Office Building)
39.6
219.0
15.9
95.0
95.3
Century Square
39.6
563.0
19.6
100.0
99.0
Hougang Mall
39.6
439.0
15.4
99.3
100.0
NEX3
19.8
2,130.0
59.0
100.0
100.0
Northpoint City North Wing4
39.6
822.0
22.3
100.0
99.7
Tampines 1
39.6
808.0
25.8
100.0
72.1
Tiong Bahru Plaza
39.6
660.0
19.9
98.3
99.7
Waterway Point5
19.8
1,320.0
36.3
99.7
100.0
White Sands
39.6
430.0
14.0
99.4
99.5
Total
8,733.0
267.2
1 Net lettable area includes area currently used as Community Sports Facilities Scheme (CSFS) space.
2 Committed occupancy excluding CSFS as at 30 September 2024 and 30 September 2023 respectively.
3 Figures are on a 100.0% basis; Frasers Centrepoint Trust owns 50.0% of NEX through Gold Ridge Pte Ltd.
4 Includes Yishun 10 Retail Podium.
5 Figures are on a 100.0% basis; Frasers Centrepoint Trust owns 50.0% of Waterway Point through Sapphire Star Trust.
Frasers Centrepoint Trust
NEX, Singapore
FRASERS CENTREPOINT
TRUST
In FY24, Frasers Centrepoint Trust
(FCT) delivered gross revenue of
$351.7 million and net property
income of $253.4 million,
representing year-on-year decreases
of 4.9% and 4.6% respectively.
These decreases were mainly due
to the divestment of Changi City
Point, which was divested on
31 October 2023 and AEI works at
Tampines 1, while other properties
recorded improved performance.
The retail portfolio registered a
committed occupancy of 99.7%,
unchanged from the previous year.
The rental portfolio achieved better
average rental reversion of 7.7%4,
compared with 4.7%4 in the previous
financial year. Shopper traffic and
tenants’ sales growth of the retail
portfolio was 4.2%5 and 1.2%5 higher
year-on-year, respectively.
FCT’s financial position as at
30 September 2024 remained
healthy with aggregate leverage
at 38.5%, compared to 39.3% a
year ago. FCT’s adjusted interest
coverage ratio was 3.4 times, while
its proportion of fixed interest rate
borrowings was 71.4% and
all-in average cost of debt for
the financial year was 4.1%.
The aggregate appraised value
of FCT’s retail portfolio remained
relatively stable, with no change in
valuation capitalisation rates used
by independent valuers. Net asset
value per unit, as at 30 September
2024, was $2.29 compared with
$2.32 a year ago.
4
Excludes Tampines 1 due to AEI works in FY23 and FY24. The AEI works were completed in August 2024.
5
Excludes Tampines 1 (due to AEI works in FY23 and FY24) and NEX.
Annual Report 2024
49
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW – SINGAPORE
Meeting room
at Connect@
Alexandra Point,
Singapore
6
Comprises commercial property assets in Singapore in which the Group has an interest, including assets held by FCT and FLCT.
Effective
share
Book
value
Net lettable
area
Occupancy
Properties
(%)
($’m)
(’000 sqm)1
FY24 (%)2
FY23 (%)2
51 Cuppage Road
100.0
426.0
25.3
87.0
90.7
Alexandra Point
100.0
340.7
19.0
87.5
100.0
Frasers Tower3
50.0
2,124.0
63.6
99.0
100.0
Valley Point Office Tower & Shopping Centre
100.0
349.0
21.0
77.3
83.4
Total Commercial
3,239.7
128.9
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 2024 and 30 September 2023
respectively.
3 Figures are on a 100.0% basis; Frasers Property Singapore owns 50.0% of Frasers Tower through Aquamarine Star Trust.
Commercial
COMMERCIAL
We manage six commercial
properties in Singapore valued at
$4.2 billion6 as at 30 September
2024. These include Central Plaza
owned by FCT and Alexandra
Technopark owned by Frasers
Logistics & Commercial Trust.
Singapore’s office market remained
stable in FY24 despite the generally
cautious economic environment
and a concentrated influx of new
supply from project completions
during the year. The resilience of
the office market was underpinned
by healthy workspace demand
and an improving return-to-office
trend. Our portfolio reported
overall positive rental reversion for
lease commitments in FY24 and a
committed occupancy rate of 89.6%
as at 30 September 2024.
Operations
After completion of the AEI in
September 2023, Alexandra Point
was the first occupied building in
Singapore to attain SmartScore
Platinum certification. This,
alongside its WiredScore Platinum
certification, puts Alexandra Point
into an exclusive group of buildings
with double-platinum certifications,
making up only 1% of all buildings
certified globally by WiredScore.
Creating vibrant, connected and
inspiring communities through
active community engagement
and placemaking is also a defining
characteristic for our commercial
portfolio. Events and initiatives
held at our properties included a
wide range of health and wellness
activities, the establishment of new
interest groups for tenants, and
events in support of various social
and environmental causes for our
communities to do good and give
back to society.
50
Frasers Property Limited
Paint It Forward at
The Centrepoint,
Singapore
Frasers Tower Vertical Challenge, Singapore
Notably, our signature Frasers Tower
Vertical Challenge attracted elite
tower running athletes from around
the world. The event raised funds
in support of various community
and social causes, receiving strong
support by partners such as Health
Promotion Board, SG Enable, and
YMCA Singapore, among others.
In recognition of our commitment
to workplace health, safety
and wellness, Alexandra Point,
Alexandra Technopark and Frasers
Tower attained the WELL™ Health-
Safety Rating by the International
WELL Building Institute in May 2024.
Annual Report 2024
51
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW – SINGAPORE
Artist’s impression of Sky Eden@Bedok, Singapore
Project
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
Parc Greenwich
80.0
496
99.6
100
13,260
49.5
5,974
TOP attained on
9 May 2024
Sky Eden@Bedok
100.0
1583
98.73
42.33
22,6343
13.53
9,545
1Q FY26
1 Includes 100.0% of joint ventures.
2 Based on sales and purchase agreements signed and excluded options signed as at 30 September 2024.
3 Excluding the 12 retail units.
Project
Effective
share
(%)
Est. total
no. of
units1
Est. total
saleable area
(’000 sqm)
The Orie2
25.0
777
64.1
1
Includes 100.0% of joint ventures.
2
Lorong 1 Toa Payoh site.
Residential Projects Completed or Under Development
Residential Land Bank
RESIDENTIAL
We continued to expand and
leverage capital partnerships for
efficient growth. In November 2023,
we secured a development site at
Lorong 1 Toa Payoh in a joint venture
with City Developments Limited and
Sekisui House. This was the first
residential site in Toa Payoh under the
Government Land Sales programme
in eight years. We plan to launch
within this coveted enclave, ‘The Orie’,
an iconic residential development
with panoramic views of MacRitchie
Reservoir and the city. Comprising
777 residential units, The Orie will be
launched in the first half of 2025.
As part of our active asset
management strategy to unlock value,
we will be redeveloping Robertson
Walk and Fraser Place Robertson
Walk jointly with Sekisui House into
a new waterfront lifestyle hub with
348 units and 4,293 sqm of retail
space. The redevelopment enables
us to unlock the best returns for a
prime 999-year site in the heart of
Robertson Quay into an iconic
mixed-use development along the
Singapore River.
52
Frasers Property Limited
LOOKING AHEAD
Quality assets remain an attractive investment proposition in Singapore.
Our retail portfolio remains strong with high occupancy levels
underpinned by sustained healthy demand for prime suburban retail
space and higher retail sales. By leveraging the extensive reach of our
retail platform, we are consistently expanding our business partnerships
to achieve greater synergies and impact.
On the commercial front, the Singapore office market is expected
to remain resilient on the back of tight vacancy due to constrained
medium-term new supply. Our portfolio is set to continue delivering
stable performance from our proactive management approach. Through
the introduction of innovative technology, active community engagement
and placemaking, we seek to continuously future-proof our properties
and enhance the workplace experience for tenants and their employees.
We aim to drive higher returns from our investment properties through
our core asset and property management capabilities, and via AEI.
We also remain on the lookout for opportunities to unlock value from
our assets through redevelopment or repositioning on a highest-and-
best-use basis while addressing the evolving demographic needs
in Singapore.
The outlook for Singapore’s residential market is also expected
to remain resilient. Residential prices have held steady, driven by
strong domestic demand from homeowners and investors drawn to
Singapore’s reputation as a safe haven. Despite some caution stemming
from ongoing macro-economic headwinds, projects with attractive
attributes are likely to continue to attract buyers.
We will continue to be disciplined and proactive in creating value
through the development of new residential and mixed-use projects,
prioritising our development exposure to these asset classes with higher
risk-adjusted returns and clear earnings visibility. This will be executed in
a capital efficient manner alongside our capital partners, leveraging our
established 40-year track record in property development in Singapore.
With these strategies in place, our Singapore business is well-positioned
to navigate future challenges and seize opportunities for sustainable
growth in the long term.
Our current projects are fully sold7.
Parc Greenwich, our 496-unit
executive condominium at
Fernvale Lane, received its
temporary occupation permit on
9 May 2024 and has been handed
over to residents. The wellness-
inspired executive condominium
development features thoughtfully
designed amenities that foster a
sense of community.
Sky Eden@Bedok, our 99-year
leasehold mixed-use development
comprising 158 residential units
and 12 ground-floor retail units, is
on track to achieve its temporary
occupation permit by the first
quarter of FY26. Its residential units
have been fully sold8 as at end
November 2024. With a signature
sky garden next to each home
on every level, Sky Eden@Bedok
adopts a science-based nature-
positive approach in its biodiversity
improvement design strategy, with
curated facilities promoting green
living and community bonding.
As part of the Group’s ongoing
active portfolio management, we
divested Fraser Residence River
Promenade, a serviced residence
with three conservation warehouses.
The divestment recycles capital and
enables the Group to unlock value
from its assets and optimise capital
productivity.
7
Residential units as at end November 2024. Including options signed.
8
Including options signed.
Annual Report 2024
53
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
AUSTRALIA
Rhodes Quarter,
New South Wales,
Australia
BUSINESS REVIEW
WE DEMONSTRATED RESILIENCE WITH AN IMPROVED
BUSINESS PERFORMANCE DESPITE CONTINUED
UNCERTAINTY.
ClubQ, The Quarry,
Queensland,
Australia
In FY24, persistent inflationary
pressures kept interest rates high
and impacted our business costs,
property valuations and customers’
confidence in Australia. Housing
affordability remained a major issue,
with the cost of housing increasing
for buyers and renters.
Despite these challenges, our
Australian business recorded
improved operating earnings.
Australian residential sales
were strong, demonstrating the
importance of diversity in product
and price, while our retail portfolio
performed well due to its curated
tenancy mix strategy. In the
commercial sector, weak demand
contributed to widespread asset
valuation revisions that affected all
office owners.
Within this environment, we
accelerated capital recycling for
reinvesting in new opportunities and
deepened our focus on customers
and communities.
FINANCIAL PERFORMANCE
In FY24, Frasers Property Australia
reported revenue of A$828.9 million
($734.1 million) and profit before
interest, fair value change, tax and
exceptional items of A$88.4 million
($78.3 million).
As at 30 September 2024, we had
approximately 14,300 residential
development units in the pipeline
and had secured 1,184 pre-sale
contracts on hand, valued at
A$0.5 billion ($0.4 billion). Our
Australian commercial and retail
development pipeline and
investment property portfolio had
another A$1.9 billion ($1.7 billion)
in assets under management.
Frasers Property’s Australian
platform remains 100.0% financed
through sustainability-linked
corporate facilities, attesting to
the quality of our business and
commitment to sustainability
standards and practices.
Annual Report 2024
55
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
RESIDENTIAL DEVELOPMENTS
Our development business
experienced market conditions that
varied by state in FY24. Sales from
developments in Western Australia
and Queensland were strong, while
conditions were tougher in Victoria.
In New South Wales, our residential
portfolio was more proportionately
weighted to the premium end, which
typically takes longer to transact.
High construction costs continued
to affect the industry, requiring a
new approach of partnering with
builders to navigate challenges
together and deliver the best
outcomes for customers.
Against this backdrop, overall sales
were strong, supported by our
diversified sales platform including
retail marketing, agency partners
and our Care & Rewards loyalty
programme. Approximately 32% of
sales were from repeat and referral
customers in FY24.
BUSINESS REVIEW – AUSTRALIA
Project Highlights
In Brisbane, we marked the first
settlements at The Quarry one
year after launch, as well as the
completion of the residents’ club.
The Quarry is a A$371.7 million
($330.2 million) masterplanned
community in an elevated
hill-side location with a mix of
home and land sites, terrace
homes and shared resort-style
amenities. Overall completion is
expected around 2028.
Also in Queensland, as part of
our strategy to leverage capital
partnerships to sustain growth,
we deepened our partnership with
Mitsui Fudosan Australia in a joint
venture for Brookhaven, developing
530 land lots within a masterplanned
community in Bahrs Scrub, 35 km
south of Brisbane.
In New South Wales, the
A$2.2 billion ($1.9 billion) Midtown
MacPark, an innovative partnership
among Frasers Property Australia,
state and federal governments
and Mission Australia Housing,
welcomed its first residents in March
2024. Midtown MacPark will deliver
approximately 3,300 residential units,
including 950 social and 130 new
affordable homes, with six hectares
of open space, a school, a childcare
centre and a range of amenities.
Our Fairwater community in western
Sydney, formerly a 38-hectare golf
course, reached overall completion
this year. This world-leading
sustainable community, with a 6 Star
Green Star - Communities rating,
is home to over 2,000 residents.
The Waterfront, Shell Cove on the
New South Wales south coast,
recently completed the Nautilus and
Ancora buildings. Settlements have
commenced, with the first residents
moving in at the end of FY24.
The Waterfront, Shell Cove, New South Wales, Australia
56
Frasers Property Limited
Project1
Effective
share
(%)
Total
no. of
units2
% of
units
sold
Average selling
price
($’m)
Est. total
saleable area2
(’000 sqm)
Total
GDV
($’m)
Target
completion
date
Blacktown (Fairwater) - MD, NSW
100.0
802
100.0
0.7
N/A
555.6 Completed
Burwood East (Burwood Brickworks) -
MD/L, VIC
100.0
259
100.0
1.1
N/A
285.9 Completed
East Perth (Queens Riverside,
Lily Retail) - R, WA
100.0
5
80.0
0.5
0.6
2.5 Completed
East Perth (Queens Riverside,
QIII Retail) - R, WA
100.0
7
42.9
0.4
0.9
3.1 Completed
Macquarie Park (Midtown, Mac Apt) -
HD, NSW
50.0
269
97.8
0.8
18.6
203.8 Completed
Macquarie Park (Midtown, Soul Apt) -
HD, NSW
PDA
107
81.5
0.8
7.5
87.8 Completed
Shell Cove (The Waterfront,
Shell Cove, Ancora Apt) - HD, NSW
PDA
64
100.0
1.2
5.9
74.1 Completed
Shell Cove (The Waterfront,
Shell Cove, Nautilus Apt) - HD, NSW
PDA
116
100.0
1.1
10.9
122.6 Completed
Edmondson Park (Ed.Square,
The Arlington Apt) - HD, NSW
100.0
73
98.6
0.6
6.5
42.5
1Q FY25
Edmondson Park (Ed.Square,
The Clifton Apt) - HD, NSW
100.0
45
95.6
0.6
4.1
28.0
1Q FY25
Baldivis (Baldivis Grove) - L, WA
100.0
369
92.1
0.2
N/A
72.7
4Q FY25
Lidcombe (The Gallery) - H/MD, NSW
100.0
110
92.7
0.8
N/A
87.0
4Q FY25
Tarneit (The Grove) - L, VIC
50.0
1,778
81.0
0.3
N/A
574.8
3Q FY26
Baldivis (Baldivis Parks) - L, WA
50.0
984
77.6
0.2
N/A
179.0
4Q FY26
Shell Cove (The Waterfront,
Shell Cove, Vela Apt) - HD, NSW
PDA
57
29.8
2.1
6.3
118.6
4Q FY26
Macquarie Park (Midtown,
Treehouse Apt) - HD, NSW
50.0
162
66.7
1.1
12.0
170.1
1Q FY27
Bahrs Scrub (Brookhaven) - L, QLD
100.0
1,495
96.3
0.3
N/A
398.9
4Q FY27
Wyndham Vale (Mambourin) - L, VIC
100.0
1,368
77.6
0.3
N/A
464.6
4Q FY27
Mandurah (Frasers Landing) - L, WA
100.0
605
75.2
0.2
N/A
103.3
4Q FY28
Keperra (The Quarry) - MD/L, QLD
100.0
432
18.5
0.8
N/A
330.2
4Q FY28
Clyde North (Berwick Waters) - L, VIC
PDA
1,564
69.8
0.4
N/A
619.2
1Q FY29
Shell Cove (The Waterfront,
Shell Cove) - MD/L, NSW
PDA
2,623
95.0
0.5
N/A
1,185.7
4Q FY29
Clyde North (Five Farms) - L, VIC
PDA
1,636
34.2
0.4
N/A
634.2
3Q FY30
Hamilton (Hamilton Reach) -
MD, QLD
100.0
299
10.0
0.9
N/A
265.1
4Q FY30
Yarraville (Bradmill Yarraville) - L, VIC
50.0
672
3.7
1.4
N/A
911.2
4Q FY31
Edmondson Park (Ed.Square) -
MD, NSW
100.0
694
50.0
0.9
N/A
624.1
1Q FY32
North Coogee (Port Coogee) - L, WA
100.0
568
40.1
0.9
N/A
483.6
4Q FY35
Wallan (Wallara Waters) - L, VIC
PDA
1,972
44.1
0.3
N/A
517.1
1Q FY36
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 Includes 100.0% of joint arrangements (joint ventures (JVs) and joint operations (JOs)), and project development agreements (PDAs).
Residential/Mixed-use Projects Completed or Under Development
Annual Report 2024
57
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
In Victoria, we launched our new
A$1.7 billion ($1.5 billion) Bradmill
Yarraville masterplanned community
in our sixth residential joint venture
with Irongate Group nationally.
Over the next eight years, Bradmill
will provide over 1,000 homes,
parks, a shopping centre and other
amenities eight kilometres from
Melbourne CBD. The 26-hectare site
was acquired in October 2021.
We also launched the
A$857.2 million ($761.5 million)
Mambourin Green in FY24,
adjacent to our existing Mambourin
development in west Melbourne.
The new community will feature
approximately 2,000 homes and
22 hectares of open space. Its
amenities will include cycling and
walking paths, a creek-lined corridor
linking to Mambourin, sports
reserves, neighbourhood parks, a
proposed government school and
village centre with a residents’ club,
a community centre, a childcare
centre, cafes and retail spaces.
In Western Australia, our
A$544.3 million ($483.6 million)
Port Coogee development is
nearing completion. We recently
released new land opportunities in
The Peninsula precinct, comprising
harbourfront or ocean-side lots.
BUSINESS REVIEW – AUSTRALIA
Bradmill Yarraville, Victoria, Australia
Project1
Effective
share
(%)
Est. total
no. of
units2
Est. total
saleable area2
(’000 sqm)
Total
GDV
($’m)
New Beith - L, QLD
100.0
2,153
933.5
662.9
Windermere (Mambourin Green) - L, VIC
100.0
1,924
65.2
761.5
Macquarie Park (Midtown) - HD, NSW
PDA
1,647
131.7
2,409.0
Yarraville (Bradmill Yarraville) - HD/R, VIC
50.0
763
170.6
552.5
Brookhaven JV - L, QLD
50.0
530
299.6
175.8
Edmondson Park (Ed.Square) - HD, NSW
100.0
376
44.1
377.9
Cockburn Central (Cockburn Living) - H/MD, WA
100.0
346
34.4
153.7
Shell Cove (The Waterfront, Shell Cove) - HD, NSW
PDA
329
23.1
519.6
Newstead (Chester Street) - HD, QLD
100.0
145
18.6
336.9
Parkville (Parkside Parkville) - HD, VIC
50.0
137
8.3
31.0
Note: 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.
2
Includes 100.0% of joint arrangements (JVs and JOs) and PDAs.
Residential/Mixed-use Land Bank
58
Frasers Property Limited
INVESTMENT PROPERTIES
Difficult conditions continued to
characterise the office market
as asset values remained under
pressure and capitalisation rates
softened. In the retail market, values
were resilient although cost of living
pressures for consumers impacted
tenant sales.
The steady performance of our
retail portfolio in FY24 in Australia
was underpinned by our focus on
neighbourhood and town centre-
style developments, with a curated
mix of non-discretionary retailers
supported by convenience and
essential services, resulting in
minimal portfolio vacancy.
In July 2024, Frasers Property’s
retail portfolio in Australia was
ranked the top performer in
customer satisfaction according
to the 2024 Shopper Sentiment
Report1 by Prescient Research.
Using the Net Promoter Score+
metric that provides deeper
insights into customer feedback,
we achieved the highest result for
any portfolio, more than 30 points
or 15% above the neighbourhood
centre benchmark. Additionally,
for their individual centre typology,
Ed.Square Town Centre and Eastern
Creek Quarter were the country’s
top performing centres based on
Net Promoter Score+.
ECQ Outlet, the third and final
stage of Eastern Creek Quarter,
the award-winning multi-asset
retail destination, commenced
construction in May 2024. The
significant development and
western Sydney’s first large-scale
outlet retail destination will feature
up to 100 brands. The ECQ
precinct is easily accessible to
over 1.4 million2 people.
In Melbourne, construction of
Mambourin Marketplace began
in August 2024, with Coles
supermarket confirmed as the
anchor tenant. Mambourin
Marketplace will feature
approximately 7,200 sqm of retail
space, including a proposed
medical precinct, pharmacy and up
to 25 specialty stores including fresh
food, cafes and restaurants. It is the
first stage of a major Town Centre
retail precinct planned to ultimately
comprise approximately 25,000 sqm
of retail space.
In the pipeline, we have
neighbourhood retail centres
planned for our new communities
in Yarraville in Victoria, and
Brookhaven and New Beith in
Queensland.
Across our Australian commercial
assets, while demand among
large space users was subdued
due to ongoing challenging
market conditions, there was an
improvement in leasing activity in
FY24, particularly in the 1,000-
2,000 sqm space range.
At Rhodes Quarter, our award-
winning suburban office asset, we
secured 5,800 sqm of leasing in
FY24 with new tenants including
Perfection Fresh (1,249 sqm),
InvoCare (2,105 sqm) and Reacon
(629 sqm). Heads of agreement
covering a further 2,000 sqm were
in place, with another 31,000 sqm of
enquiry in the pipeline, as at
30 September 2024.
1
https://www.prescient.properties/wp-content/uploads/2024/05/PrescientRetailSentimentReport.pdf.
2
Source: ABS, .id consulting, Ethos Urban, November 2023.
Artist’s Impression
of ECQ Outlet,
New South Wales,
Australia
Annual Report 2024
59
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
To create deeper connections and
cross-collaboration opportunities
between occupiers and to support
tenant retention at Rhodes Quarter,
we rolled out a new placemaking
strategy and events calendar. Our
investment in fitted suites and a
‘show floor’, combined with existing
convenient transport links and
quality amenities, are attracting
tenants. With these established
points of difference, Rhodes Quarter
is well-positioned.
At Central Place Sydney, we
continued to work with our 50:50
joint-venture partner, Dexus, and
other stakeholders, including the
New South Wales government,
to progress this transformational
development. This A$3.0 billion
($2.7 billion) project received its
development application approval
in October 2022.
BUSINESS REVIEW – AUSTRALIA
Effective
share
Book
value
Net lettable
area
Occupancy
Property
State
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
20 Lee Street, Henry Deane Building, Sydney
NSW
100.0
51.5
9.1
-
-
26-30 Lee Street, Gateway Building, Sydney
NSW
100.0
72.8
12.6
-
-
1A Homebush Bay Drive, Rhodes
NSW
100.0
59.1
14.6
18.5
18.4
1B Homebush Bay Drive, Rhodes
NSW
100.0
64.4
12.4
70.1
60.4
1C Homebush Bay Drive, Rhodes
NSW
100.0
54.9
10.2
95.5
95.5
1D Homebush Bay Drive, Rhodes
NSW
100.0
91.5
17.1
60.7
100.0
1E Homebush Bay Drive, Rhodes
NSW
100.0
10.1
1.3
100.0
100.0
1F Homebush Bay Drive, Rhodes
NSW
100.0
87.5
17.5
80.8
73.4
Total
491.8
94.8
Commercial Properties
Effective
share
Est. total
lettable area
Occupancy
Site
(%)
(’000 sqm)
FY24 (%)
FY23 (%)
Ed.Square (Retail), 52 Soldiers Pde, Edmondson Park, NSW
100.0
25.0
95.3
94.4
Burwood Brickworks (Retail), 78 Middleborough Rd, Burwood East, VIC
100.0
13.3
95.1
93.6
Eastern Creek Quarter (Retail), 159 Rooty Hill Rd, Eastern Creek, NSW
100.0
10.2
99.7
98.5
Eastern Creek Quarter XL (Retail), 2 Goldsbro Glade, Eastern Creek, NSW
100.0
11.3
96.0
100.0
Coorparoo Square (Retail)1, 300 Old Cleveland Rd, Coorparoo, QLD
100.0
6.8
98.2
95.1
Total
66.6
1
Held for sale.
Retail Completed Properties
60
Frasers Property Limited
Artist’s Impression of The Peninsula,
Port Coogee, Western Australia
Rhodes Quarter,
New South Wales,
Australia
LOOKING AHEAD
Sustained population growth and significant housing undersupply are
likely to continue supporting future demand for mixed-use community
development, an area in which Frasers Property Australia, with its
100 years of heritage, has significant strengths and expertise. Governments
are recognising the need for more housing. This means that experienced
developers with the proven capacity to collaborate with multiple
stakeholders and deliver mixed-tenure outcomes, including social and
affordable housing, are essential.
While challenging conditions are expected to continue in the short to
medium term, our Australian business has the platform, capabilities
and experience to navigate these challenges and maintain its long-term
value proposition to customers. In the meantime, we maintain a flexible
approach in adapting our projects in line with evolving conditions and
seek opportunities to optimise capital efficiency, including through capital
partnerships, as appropriate.
We also remain focused on delivering our market-leading ESG platform,
including the social sustainability initiatives that create connections in our
communities. For instance, our partnership with Ending Loneliness Together
continues to inform our community design to address loneliness and
create belonging.
Annual Report 2024
61
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
INDUSTRIAL
The YARDS,
New South Wales,
Australia
BUSINESS REVIEW
DELIVERY ON A SIGNIFICANT DEVELOPMENT PIPELINE
AND STRONG LEASING MOMENTUM ACROSS OUR
MARKETS RESULTED IN A RESILIENT PERFORMANCE.
in core markets with strong rental
growth and serving customers with
a mix of built-to-suit and speculative
facilities. The business remains
committed to achieving leading
sustainability outcomes, including
the installation of 27.9 MW of solar
power across the portfolio, with
more planned capacity to ensure
assets continue to be cost-efficent
and future-proof.
FINANCIAL PERFORMANCE
Frasers Property Industrial achieved
profit before interest, fair value
change, tax and exceptional items of
$409.3 million. As at 30 September
2024, our total industrial and
logistics assets under management
were valued at $12.0 billion, with a
$1.0 billion development pipeline
and a land bank of 2.9 million sqm.
The portfolio consisted of 175
properties, with net lettable area of
4.6 million sqm.
In FY24, the industrial and logistics
sectors in Australia and Europe
enjoyed high occupancy rates, with
market rents continuing to support
asset values as yields softened
throughout the year, more notably
in Australia.
Against this backdrop, our
industrial business reported a solid
performance, underpinned by
shortages of appropriately zoned
land and premium land plots, which
in turn drove strong momentum in
lease renewals and new signings.
We also expanded our industrial
land bank with four strategic
acquisitions in Australia and the
Netherlands.
Our business remained resilient,
with the majority of capital invested
in income-producing assets
supplemented by a significant
development pipeline. We
continued our focus on developing
Canvas West, Victoria,
Australia
Annual Report 2024
63
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW – INDUSTRIAL
AUSTRALIA
Leveraging continued market
demand, we acquired 531,000 sqm
of land in strategic locations,
including 50 hectares in
Melbourne’s southeast, Victoria,
in a 50:50 joint venture.
In FY24, we completed 10 industrial
facilities and one commercial
building, spanning 319,000 sqm
in total. These were a mix of
built-to-suit and speculative
projects, including three facilities in
Canvas West Estate in Melbourne,
Victoria, for Komatsu, Knauf, and
National Tiles, and one facility
at Vantage Yatala, Queensland,
for Primary Connect. We also
completed four new facilities at The
YARDS in Kemps Creek, New South
Wales, which included the first
building delivered for Techtronic
Industries at the estate.
We expanded our industrial portfolio
in Australia to 110 properties
with acquisitions and project
completions during the year. These
brought occupancy to 97.9% with a
weighted average lease expiry of
5.2 years as at 30 September 2024.
The year saw robust leasing activity
and rental growth, with renewals
and new leases totalling 447,200 sqm.
Particularly strong were the leases
secured by long-term repeat
customers, including a sixth
transaction with IVE Group.
Macquarie Exchange,
New South Wales, Australia
The YARDS,
New South Wales, Australia
64
Frasers Property Limited
Industrial & Commercial Properties (Australia)
Effective
share
Book
value
Net lettable
area
Occupancy
Property
State
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
Industrial
227 Walters Road, Arndell Park
NSW
100.0
51.1
17.7
100.0
100.0
15-19 Muir Road, Chullora
NSW
100.0
107.1
22.2
100.0
100.0
21 Muir Road, Chullora
NSW
100.0
64.0
91.7
100.0
100.0
22 Hanson Place, Eastern Creek
NSW
100.0
70.6
26.7
100.0
100.0
2 Wonderland Drive, Eastern Creek
NSW
100.0
72.8
29.0
100.0
100.0
4 Johnston Crescent, Horsley Park
NSW
100.0
64.4
20.7
100.0
100.0
2 Johnston Crescent, Horsley Park
NSW
100.0
50.6
19.0
100.0
100.0
2A Johnston Crescent, Horsley Park
NSW
100.0
47.1
17.5
100.0
100.0
10 Reconciliation Rise, Pemulwuy
NSW
100.0
72.0
25.7
100.0
100.0
4 Burilda Close, Wetherill Park1
NSW
100.0
63.7
18.9
100.0
100.0
6 Burilda Close, Wetherill Park1
NSW
100.0
73.2
26.2
100.0
100.0
1 Giba Drive, Kemps Creek West, NSW2
NSW
49.9
88.7
74.1
100.0
-
10 Buda Way, Kemps Creek West, NSW2
NSW
49.9
61.6
30.7
100.0
-
19 Giba Drive, Kemps Creek West, NSW2
NSW
49.9
29.7
16.9
-
-
2 Buda Way, Kemps Creek West, NSW2
NSW
49.9
34.1
26.7
100.0
-
57-75 Australand Drive, Berrinba
QLD
100.0
36.4
21.2
100.0
100.0
70-88 Australand Drive, Berrinba
QLD
100.0
42.6
21.0
100.0
100.0
171-199 Wayne Goss Drive, Berrinba
QLD
100.0
46.2
22.7
100.0
100.0
1 Arthur Dixon Court, Yatala
QLD
100.0
25.5
13.6
100.0
100.0
20 Arthur Dixon Court, Yatala
QLD
100.0
38.2
23.0
100.0
100.0
24-60 Homestead Drive, Stapylton
QLD
100.0
55.1
26.9
100.0
100.0
2 Fairway Street, Stapylton
QLD
100.0
44.4
25.7
100.0
100.0
29 Fairway Street, Stapylton2
QLD
100.0
65.3
36.6
100.0
-
296 Beatty Road, Archerfield2
QLD
100.0
69.7
31.4
59.0
-
2 & 8 Beyer Road, Braeside
VIC
100.0
47.1
20.0
100.0
100.0
56 Canterbury Road & 1-3 Beyer Road, Braeside
VIC
100.0
59.5
28.4
100.0
100.0
64 West Park Drive, Derrimut
VIC
100.0
36.6
20.3
100.0
100.0
39 Naxos Way, Keysborough
VIC
100.0
44.0
20.5
100.0
100.0
58-76 Naxos Way & 68 Atlantic Drive, Keysborough
VIC
100.0
62.6
28.6
100.0
100.0
17 Andretti Court & 61 Sunline Drive, Truganina
VIC
100.0
62.2
35.8
100.0
100.0
24 Archer Road, Truganina
VIC
100.0
61.3
37.4
100.0
100.0
33 & 15 Archer Road, Truganina
VIC
100.0
55.8
30.2
100.0
100.0
4-12 Doriemus Drive, Truganina
VIC
100.0
45.3
22.8
100.0
100.0
11-27 Doriemus Drive, Truganina
VIC
100.0
50.2
43.2
100.0
100.0
8 Archer Road, Truganina
VIC
100.0
61.3
37.6
100.0
100.0
30 Oldham Road, Epping
VIC
100.0
63.1
37.6
100.0
100.0
25-51 Fox Drive, Dandenong South
VIC
100.0
78.2
35.6
100.0
100.0
2-20 Goodall Close, Dandenong South
VIC
100.0
45.0
23.2
100.0
100.0
48-82 Goodall Close, Dandenong South
VIC
100.0
91.1
41.9
100.0
100.0
17 Droomer Way & 12 Hurst Drive,Tarneit
VIC
100.0
49.3
28.1
100.0
100.0
2-14 Chadderton Boulevard & 20 Oldham Rd, Epping
VIC
100.0
58.6
38.1
100.0
100.0
26-34 Beyer Road, Braeside
VIC
100.0
59.5
31.1
100.0
100.0
25 Oldham Road, Epping2
VIC
100.0
53.3
27.6
100.0
-
15 & 19 Droomer Way & Norah Court, Tarneit2
VIC
100.0
52.4
25.3
100.0
-
12 & 4 Norah Court & Hurst Drive, Tarneit2
VIC
100.0
51.9
27.7
100.0
-
42 Goodall Close, Dandenong South2
VIC
100.0
3.2
2.5
100.0
-
Commercial
Freshwater Place, Public Car Park, Southbank3
VIC
100.0
14.2
11.8
-
-
Total
2,580.0
1,341.3
1
Includes right-of-use assets as at 30 September 2024.
2
New asset.
3
Held for sale.
Annual Report 2024
65
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW – INDUSTRIAL
Development Projects (Australia)
Site
Location
Effective
share
(%)
Est. total
area1
(‘000 sqm)
To go
(%)
Target
completion
date
Developments for internal pipeline
The YARDS, Kemps Creek West, (Prelease22)
NSW
49.9
29.2
1.0
1Q FY25
The YARDS, Kemps Creek West, (Probiotec)
NSW
49.9
36.0
27.0
1Q FY25
The YARDS, Kemps Creek West, (Lot 6 Spec)
NSW
49.9
18.3
75.0
3Q FY25
The YARDS, Kemps Creek West, (Bisley Workwear)
NSW
49.9
15.8
91.0
3Q FY25
10 Homestead Drive, Stapylton (Prelease42)
QLD
100.0
10.5
73.0
2Q FY25
11 Eastridge Street, Stapylton (Prelease2)
QLD
100.0
5.3
91.0
3Q FY25
45 Goodall Close, Dandenong South
(Penguin Random House & Spec)
VIC
100.0
52.6
47.0
1Q FY25
14 Ibis Circuit, Dandenong South (IVE Group)
VIC
100.0
32.7
100.0
4Q FY25
25 Ibis Circuit, Dandenong South (Lot 5 Spec)
VIC
100.0
11.3
100.0
4Q FY25
1 Gross Lettable Area (GLA).
2 Lease has been signed, confidential.
Industrial & Commercial Land Bank (Australia)
Site
Location
Effective
share
(%)
Est. total
saleable
area1
(‘000 sqm)
Industrial
Kemps Creek East
NSW
100.0
578.0
Horsley Park
NSW
100.0
363.8
Stapylton
QLD
100.0
264.2
Cragieburn
VIC
100.0
270.9
Epping
VIC
100.0
224.1
Cobblebank
VIC
100.0
200.6
Kemps Creek West
NSW
49.9
74.3
Dandenong South
VIC
100.0
1.2
Tarneit
VIC
100.0
2.0
Cranbourne West
VIC
50.0
500.0
Commercial
Macquarie Park
NSW
50.0
11.7
Mulgrave
VIC
50.0
32.0
2,522.8
1 Developable land area.
Vantage Yatala, Queensland, Australia
66
Frasers Property Limited
EU
Our European portfolio achieved
strong leasing activity with
222,600 sqm of renewals and new
leases. We made an acquisition in
Lelystad, the Netherlands, growing
our European land bank, and
successfully recycled capital with the
divestment of four logistics properties
in Germany. As at 30 September 2024,
the industrial portfolio in the EU
consisted of 57 properties, with 96.9%
occupancy and a weighted average
lease expiry of 4.8 years.
We marked strong progress on
development sites, including The
Anchor, a five-hectare estate in
Lelystad, the Netherlands. Our flagship
project, The Tube in Düsseldorf,
Germany, advanced on construction
and secured leading pharmaceutical
logistics company Pharmaserv
Logistics as the estate’s first customer.
Other key highlights in Germany
included the launch of FlexCity in
Mülhelm an der Ruhr with plans to
develop 23,000 sqm of new warehouse
facilities on the 195,000 sqm site,
along with strategic planning for the
redevelopment of Günzburg.
Artist’s Impression of The Anchor, Lelystad, the Netherlands
Artist’s Impression of The Tube, Düsseldorf, Germany
Annual Report 2024
67
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW – INDUSTRIAL
Effective
share
Book
value
Net lettable
area
Occupancy
Property
Location
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
Germany
Brentanostraße 7
Alzenau
100.0
12.4
22.0
67.1
67.1
Fuggerstraße 13
Bielefeld
93.1
40.8
23.1
100.0
100.0
Fuggerstraße 15
Bielefeld
93.1
34.6
31.1
100.0
100.0
An der Trift 75
Dreieich
94.0
22.9
19.9
100.0
81.8
Rheindeichstraße 155
Duisburg
94.0
88.0
46.6
100.0
100.0
Rheindeichstraße 165
Duisburg
94.0
55.9
34.2
100.0
100.0
Adolf-Dambach-Straße 5
Gaggenau
100.0
21.3
32.7
98.7
94.3
Moselstraße 70
Hanau
94.0
5.3
5.6
84.1
97.4
Oskar-von-Miller-Straße 2
Kirchheim
94.9
47.9
28.1
100.0
100.0
Industriestraße/Bahnhofstr. 40
Kleinkötz
94.9
38.1
42.0
100.0
100.0
Hutwiesenstraße 13
Magstadt
94.0
11.0
17.1
100.0
100.0
Mellinghofer Straße 55
Mülheim
94.9
80.1
99.2
99.8
83.0
Leverkuser Straße 65
Remscheid
94.9
17.6
29.4
82.3
82.1
Werner-von-Siemens Straße 35
Saarwellingen
94.9
5.9
6.4
100.0
100.0
The Netherlands
Veilingweg 1611
Bemmel
100.0
46.0
33.3
-
-
Hazeldonk 6801
Breda
100.0
18.2
11.6
100.0
100.0
Hazeldonk 6308
Breda
100.0
12.0
8.3
100.0
100.0
Ringweg 19-21
Roermond
100.0
40.9
33.4
100.0
100.0
Total
598.9
524.0
1 New asset.
Industrial Properties (EU)
Development Projects (EU)
Site
Location
Effective
share
(%)
Est. total
area
(‘000 sqm)
To go
(%)
Target
completion
date
Germany
The Tube, Reisholzer Bahnstraße 37 & Henkelstraße 209
Düsseldorf
100.0
77.7
14.0
2Q FY25
The Netherlands
The Anchor, Minervaweg 10
Lelystad
100.0
36.4
30.0
1Q FY25
CityLog Campus Breda, Lageweg 15
Breda
100.0
46.3
100.0
1Q FY26
Land Bank (EU)
Site
Location
Effective
share
(%)
Est. total
saleable area1
(‘000 sqm)
Germany
Max-Planck-Ring 19 & Gottlieb-Daimler-Strasse 4
Landsberg
100.0
50.6
Alois Mengele Str. 1
Günzburg
94.9
106.5
Adolf-Dambach-Straße 52
Gaggenau
100.0
78.8
Mellinghofer Straße 553
Mülheim
94.9
49.1
The Netherlands
KAN Logistics Park, Veilingweg 16
Bemmel
100.0
53.0
1 Developable land area.
2 Operating assets earmarked for future redevelopment.
3 Partial redevelopment of operating asset.
68
Frasers Property Limited
FRASERS LOGISTICS &
COMMERCIAL TRUST
Frasers Logistics & Commercial Trust
(FLCT) reported distribution per unit
of 6.80 Singapore cents in FY24,
down from 7.04 Singapore cents a
year ago. Distributable income was
$255.5 million, down from
$262.3 million in FY23, due mainly
to higher vacancies in Alexandra
Technopark and 357 Collins Street,
as well as higher property operating
expenses.
FLCT’s portfolio of 1121 high-
quality industrial and commercial
properties, valued at approximately
$6.8 billion2 as at 30 September
2024, is competitively positioned
and continues to see healthy
occupancy rates. The overall
portfolio occupancy3 was 94.5%, with
the logistics and industrial portfolio
at 98.8%, and the commercial
portfolio at 87.5%. The weighted
average lease expiry for the entire
portfolio was 4.2 years. Among its
diversified base of high-quality and
well-established tenants, the top 10
tenants accounted for 23.6% of the
portfolio’s gross rental income.
1
Excludes the property under development in EU.
2
Excludes the property under development in EU and right-of-use assets.
3
Based on gross rental income, being the contracted rental income and estimated recoverable outgoings for the month of September 2024.
Excludes straight lining rental adjustments and includes committed leases.
Frasers Park Egelsbach, Hesse, Germany
Schenker Australia, Victoria, Australia
Annual Report 2024
69
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW – INDUSTRIAL
4
As defined in the Code on Collective Investment Schemes. Computed as trailing 12 months EBITDA (excluding effects of any fair value changes
of derivatives and investment properties, and foreign exchange translation), over trailing 12 months borrowing costs. Borrowing costs exclude
interest expense on lease liabilities (effective from 28 December 2021).
5
On a trailing 12 months basis.
Effective
share
Book
value
Lettable
area
Occupancy
Property
State
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
8 Stanton Road, Seven Hills
NSW
22.9
35.2
10.7
100.0
100.0
Lot 1, 2 Burilda Close, Wetherill Park
NSW
22.9
31.2
14.3
100.0
100.0
4-8 Kangaroo Avenue, Eastern Creek
NSW
22.9
123.5
40.6
100.0
100.0
17 Kangaroo Avenue, Eastern Creek
NSW
22.9
59.3
23.1
100.0
100.0
21 Kangaroo Avenue, Eastern Creek
NSW
22.9
128.4
41.4
100.0
100.0
7 Eucalyptus Place, Eastern Creek
NSW
22.9
51.5
16.1
100.0
100.0
6 Reconciliation Rise, Pemulwuy
NSW
22.9
64.3
19.2
100.0
100.0
8-8A Reconciliation Rise, Wetherill Park
NSW
22.9
78.9
22.5
100.0
100.0
3 Burilda Close, Wetherill Park
NSW
22.9
48.4
20.1
100.0
100.0
Lot 104 & 105 Springhill Road, Port Kembla
NSW
22.9
23.0
90.7
100.0
100.0
8 Distribution Place, Seven Hills
NSW
22.9
38.5
12.3
100.0
100.0
10 Stanton Road, Seven Hills
NSW
22.9
21.1
7.1
100.0
100.0
99 Station Road, Seven Hills
NSW
22.9
34.6
10.8
100.0
100.0
1 Burilda Close, Wetherill Park
NSW
22.9
74.2
18.8
100.0
100.0
Frasers Logistics & Commercial Trust – Industrial Properties (Australia)
Central Park, Perth, Western Australia
On the back of healthy leasing demand,
approximately 421,000 sqm, or 15.1%
of the portfolio’s lettable area, was
leased in FY24.
During the year, the Ellesmere Port
development in the UK, and the
façade modernisation for Central Park
in Perth, Australia were completed.
On the acquisition front, a sale and
purchase agreement and a turnkey
design-and-build agreement were
signed for a freehold forward-funding
logistics development at Aviation
Valley business park, next to Maastricht
Airport in the Netherlands. The
€14.5 million ($20.9 million) development
was pre-let for 10 years and purchased
at a 12.7% discount to valuation.
In Germany, FLCT deepened its
presence by acquiring 89.9% interests
in four logistics properties at an
agreed property purchase price of
€129.5 million ($188.9 million). As at
30 September 2024, the aggregate
leverage remained a healthy 33.0%,
with a weighted average debt maturity
of 2.4 years and high interest coverage
ratio of 5.0 times4. With a substantial
73.3% of borrowings at fixed rate, the
cost of borrowings for FY24 was 2.8%5
per annum. FLCT has a BBB+ rating by
Standard & Poor’s.
70
Frasers Property Limited
Frasers Logistics & Commercial Trust – Industrial Properties (Australia) (Cont’d)
Effective
share
Book
value
Lettable
area
Occupancy
Property
State
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
11 Gibbon Road, Winston Hills
NSW
22.9
62.4
16.6
100.0
100.0
2 Hanson Place, Eastern Creek
NSW
22.9
110.2
32.8
100.0
100.0
55-59 Boundary Road, Carole Park
QLD
22.9
20.9
13.3
0
100.0
57-71 Platinum Street, Crestmead
QLD
22.9
42.6
20.5
100.0
100.0
166 Pearson Road, Yatala
QLD
22.9
43.4
23.2
100.0
100.0
51 Stradbroke Street, Heathwood
QLD
22.9
32.0
14.9
100.0
100.0
30 Flint Street, Inala
QLD
22.9
27.5
15.1
100.0
100.0
143 Pearson Road, Yatala
QLD
22.9
53.5
30.6
100.0
100.0
286 Queensport Road, North Murarrie
QLD
22.9
42.4
21.5
100.0
100.0
350 Earnshaw Road, Northgate
QLD
22.9
65.3
30.8
100.0
100.0
103-131 Wayne Goss Drive, Berrinba
QLD
22.9
37.8
19.5
100.0
100.0
99 Shettleston Street, Rocklea
QLD
22.9
22.5
15.2
100.0
100.0
10 Siltstone Place, Berrinba
QLD
22.9
17.2
9.8
100.0
100.0
29-51 Wayne Drive, Berrinba
QLD
22.9
30.8
15.5
100.0
100.0
18-34 Aylesbury Drive, Altona
VIC
22.9
42.9
21.5
42.3
100.0
16-32 South Park Drive, Dandenong South
VIC
22.9
30.3
12.7
100.0
100.0
29 Indian Drive, Keysborough
VIC
22.9
41.5
21.9
100.0
100.0
17 Hudson Court, Keysborough
VIC
22.9
42.5
21.3
100.0
100.0
21-33 South Park Drive, Dandenong South
VIC
22.9
41.8
22.1
100.0
100.0
43 Efficient Drive, Truganina
VIC
22.9
40.9
23.1
100.0
100.0
22-26 Bam Wine Court, Dandenong South
VIC
22.9
31.5
17.6
100.0
100.0
89-103 South Park Drive, Dandenong South
VIC
22.9
18.3
10.4
100.0
100.0
98-126 South Park Drive, Dandenong South
VIC
22.9
50.6
28.1
100.0
100.0
1-13 and 15-27 Sunline Drive, Truganina
VIC
22.9
48.9
26.2
100.0
100.0
468 Boundary Road, Derrimut
VIC
22.9
42.5
24.7
100.0
100.0
2-22 Efficient Drive, Truganina
VIC
22.9
74.6
38.3
100.0
100.0
49-75 Pacific Drive, Keysborough
VIC
22.9
45.3
25.2
100.0
100.0
17 Pacific Drive & 170-172 Atlantic Drive,
Keysborough
VIC
22.9
62.0
30.0
100.0
100.0
78 & 88 Atlantic Drive, Keysborough
VIC
22.9
31.5
13.5
100.0
100.0
150-168 Atlantic Drive, Keysborough
VIC
22.9
51.5
27.3
100.0
100.0
77 Atlantic Drive, Keysborough
VIC
22.9
30.4
15.1
100.0
100.0
111 Indian Drive, Keysborough
VIC
22.9
44.9
21.7
100.0
100.0
1 Doriemus Drive, Truganina
VIC
22.9
112.8
74.5
100.0
100.0
211A Wellington Road, Mulgrave
VIC
22.9
28.3
7.2
100.0
100.0
25-29 Jets Court, Melbourne Airport
VIC
22.9
10.6
15.5
100.0
100.0
17-23 Jets Court, Melbourne Airport
VIC
22.9
6.8
9.9
100.0
100.0
28-32 Sky Road East, Melbourne Airport
VIC
22.9
7.9
12.1
100.0
100.0
38-52 Sky Road East, Melbourne Airport
VIC
22.9
27.5
46.2
100.0
100.0
96-106 Link Road, Melbourne Airport
VIC
22.9
16.0
18.6
100.0
100.0
115-121 South Centre Road, Melbourne Airport
VIC
22.9
3.3
3.1
100.0
100.0
42 Sunline Drive, Truganina
VIC
22.9
25.3
14.6
100.0
100.0
8-28 Hudson Court, Keysborough
VIC
22.9
57.1
25.8
100.0
100.0
1 Magnesium Place, Truganina
VIC
22.9
19.8
9.5
100.0
100.0
11 Magnesium Place, Truganina
VIC
22.9
14.7
7.3
100.0
100.0
17 Magnesium Place, Truganina
VIC
22.9
16.3
8.3
100.0
100.0
75-79 Canterbury Road, Braeside
VIC
22.9
31.4
14.3
100.0
100.0
60 Paltridge Road, Perth Airport
WA
22.9
9.9
20.1
100.0
100.0
Annual Report 2024
71
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW – INDUSTRIAL
Frasers Logistics & Commercial Trust – Industrial Properties (EU and the UK)
Effective
share
Book
value
Lettable
area
Occupancy
Property
Location/City
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
Germany
Elbestraße 1-3
Marl
21.7
22.6
16.8
100.0
100.0
Am Krainhop 10
Isenbüttel
21.7
26.0
15.6
100.0
100.0
Otto-Hahn Straße 10
Vaihingen
21.5
83.6
43.8
100.0
100.0
Eiselauer Weg 2
Ulm
21.7
65.5
24.5
100.0
100.0
Industriepark 309
Gottmadingen
21.7
88.3
55.0
100.0
100.0
Industriepark 1
Mamming
21.7
26.5
14.2
100.0
100.0
Am Exer 9
Leipzig
21.7
23.3
11.5
100.0
100.0
Johann-Esche-Straße 2
Chemnitz
21.7
25.8
17.8
100.0
100.0
Jubatus-Allee 3
Ebermannsdorf
21.7
15.2
9.4
100.0
100.0
Koperstraße 10
Nuremberg
21.5
90.4
44.2
100.0
100.0
Ambros-Nehren-Straße 1
Achern
21.5
24.5
12.3
100.0
100.0
Saalhoffer Straße 211
Rheinberg
21.7
49.9
32.0
100.0
100.0
Gustav-Stresemann-Weg 1
Münster
21.7
21.0
13.0
100.0
100.0
Am Autobahnkreuz 14
Rastede
21.7
27.9
11.5
100.0
100.0
Keffelker Straße 66
Brilon
21.7
17.3
13.4
100.0
100.0
Oberes Feld 2, 4, 6, 8
Moosthenning
21.7
115.8
72.6
100.0
100.0
Murrer Straße 1
Freiberg am Neckar
21.7
49.9
21.1
100.0
100.0
Walter-Gropius-Straße 19
Bergheim
21.5
33.2
19.4
100.0
100.0
Gewerbegebiet Etzin 1
Berlin
21.7
63.5
13.1
100.0
100.0
Hermesstraße 5
Graben, Augsburg
21.7
56.4
11.5
100.0
100.0
Dieselstraße 30
Garching
21.5
50.8
13.0
100.0
100.0
Am Bühlfeld 2-8
Herbrechtingen
21.7
68.5
44.5
100.0
100.0
Im Birkengrund 5-7
Obertshausen
21.5
50.4
23.3
100.0
100.0
An den Dieken 94
Ratingen
21.5
78.4
37.7
100.0
100.0
Bietigheimer Straße 50-52
Tamm
21.5
113.2
38.9
100.0
100.0
Fuggerstraße 17
Bielefeld
21.3
43.4
22.3
100.0
100.0
Genfer Allee 6
Mainz
21.7
75.1
13.1
100.0
100.0
Buchäckerring 18
Bad Rappenau
21.7
60.5
13.1
100.0
100.0
Am Römig 8
Frankenthal
21.5
42.2
20.6
100.0
100.0
Hans-Fleissner-Straße 46-48
Egelsbach
20.6
69.0
29.8
100.0
-
Thomas-Dachser-Straße 3
Überherrn
20.6
28.5
21.8
100.0
-
Billbrookdeich 167-171
Hamburg
20.6
89.4
11.5
100.0
-
Werner-von-Siemens Straße 44
Saarwellingen
20.6
12.6
9.3
100.0
-
The Netherlands
Brede Steeg 1
s-Heerenberg
22.9
109.9
84.8
100.0
100.0
Belle van Zuylenstraat 5
Tilburg
22.9
25.0
18.1
100.0
100.0
Handelsweg 26
Zeewolde
22.9
66.3
51.7
100.0
100.0
Heierhoevenweg 17
Venlo
22.9
45.9
32.6
100.0
100.0
Mandeveld 12
Meppel
22.9
44.1
31.0
100.0
100.0
Innovatielaan 6
De Klomp
22.9
32.3
15.3
100.0
100.0
United Kingdom
Connexion
Birmingham
22.9
64.6
19.5
100.0
100.0
Connexion II
Birmingham
22.9
41.3
11.1
100.0
100.0
Worcester
West Midlands
22.9
36.1
16.7
100.0
100.0
Ellesmere Port1
Cheshire
22.9
116.9
62.0
100.0
-
Total
4,871.22
2,429.1
1 Development completed in FY24.
2 Excludes one property under development in the Netherlands and right-of-use (ROU) assets recognised under SFRS(I) 16 Leases. Including
ROU assets, the book value as at 30 September 2024 is $5,004.4 million.
72
Frasers Property Limited
LOOKING AHEAD
The market remains resilient, driven by sustained e-commerce growth and
demand for supply chain efficiencies, which are keeping vacancy rates
relatively low. With a high-quality land bank and strategic development
pipeline, our industrial business is well-positioned to capitalise on these
market conditions. We will continue to prioritise strategic land bank
acquisitions to lay a solid foundation for future earnings and growth.
We will maintain our customer-centric approach that has positioned
Frasers Property Industrial as the property partner of choice and build on
our strong relationships with repeat customers. Achieving industry-leading
sustainability outcomes remains a key part of our strategy to ensure that our
assets are cost-efficient and future-proof.
Frasers Logistics & Commercial Trust – Commercial Properties
Effective
share
Book
value
Lettable
area
Occupancy
Property
City/State
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
Australia
357 Collins Street
Melbourne, VIC
22.9
169.7
31.8
82.9
83.8
Caroline Chisholm Centre
Canberra, ACT
22.9
210.6
40.2
100.0
100.0
545 Blackburn Road
Melbourne, VIC
22.9
34.6
7.3
100.0
100.0
Central Park1
Perth, WA
11.5
324.5
66.0
94.2
96.1
Singapore
Alexandra Technopark
Singapore
22.9
700.0
95.9
85.9
95.8
United Kingdom
Farnborough Business Park
Farnborough
22.9
232.0
51.2
83.9
77.1
Maxis Business Park
Bracknell
22.9
70.9
17.8
80.4
79.4
Blythe Valley Business Park
Birmingham
22.9
159.7
42.2
81.7
83.0
Total
1,902.0
352.4
1 Book value is based on Frasers Logistics & Commercial Trust’s 50.0% effective interest in the property.
4Ten Epping, Victoria, Australia
Annual Report 2024
73
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW
HOSPITALITY
Fraser Residence Hanoi,
Vietnam
YOTEL Tokyo Ginza, Japan
WE CONTINUE TO DEEPEN OUR PRESENCE IN EXISTING
MARKETS AND MANAGE OUR PORTFOLIO DYNAMICALLY.
FINANCIAL PERFORMANCE
Frasers Hospitality’s operating
performance improved in FY24,
driven by travel demand across
regions. Profit before interest, fair
value change, tax and exceptional
items was $132.6 million in FY24,
an increase of 2.8% from FY23. This
growth underscores our ability to
effectively capture resurgent travel
demand and optimise our portfolio
for sustained performance while
remaining agile to opportunities to
strategically unlock value.
In Singapore, we successfully
divested Capri by Fraser, Changi
City, in September 2024, as part
of our portfolio capital recycling
strategy. The strategic divestment
reflects our proactive approach
to portfolio management and
highlights our commitment to
maintaining a balanced and
diversified portfolio.
The travel and hospitality industry
remained buoyant in FY24, boosted
by robust traveller demand and
enhanced air connectivity. All
regions recorded notable increases
in tourist arrivals with sustained
travel demand and rising global
flight capacity, demonstrating
resilience and sustained recovery
in the face of economic and
geopolitical headwinds.
However, persistent inflation,
high interest rates and volatile
commodity prices, brought about
by geopolitical tensions, continued
to weigh on the sector, translating
into higher costs for the travel
and hospitality industry. Amid
these challenges, we relied on our
extensive network and expertise,
leveraging our globally diversified
portfolio, operational excellence
and long-standing partnerships to
grow our operating footprint.
As at 30 September 2024, our total
assets under management stood at
$3.9 billion, with 5,100 units in the
pipeline, underpinning the strength
and further growth prospects of our
portfolio.
Fraser Suites Dalian, China
Annual Report 2024
75
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
ASIA PACIFIC
In FY24, we expanded and
reinforced our hospitality presence
in the Asia Pacific region, with North
Asia as a key pillar of our asset-light
growth strategy. We opened three
new properties in China, namely
Fraser Place Wujiaochang Shanghai,
Fraser Place Chengdu, and Modena
by Fraser, Nansha Guangzhou,
which further solidified our foothold
in the region.
Our pipeline remains robust with
23 properties across multiple
cities in the Asia Pacific, which are
slated to open in the coming years,
highlighting our commitment to
enhancing our market presence
in the area. A total of nine
management agreements were
signed in FY24, which included
notable developments such as
our inaugural property in Taiwan,
the 211-key Fraser Residence
Taipei, and the 261-key Fraser
Suites Bangkok within the
Group’s landmark One Bangkok
development.
BUSINESS REVIEW – HOSPITALITY
Serviced Residences and Premium Rental Apartment – Properties in Operation – Owned Properties
Effective
share
Total no.
Occupancy
Average daily rate
Book value
Country
Property
(%)
of units
FY24 (%)
FY23 (%)
FY24
FY23
(‘m)
Australia
Fraser Suites Perth
100.0
236
88.5
85.3
A$237.1
A$227.5
A$93.7
Capri by Fraser, Brisbane
100.0
239
76.4
75.5
A$203.8
A$208.2
A$84.4
China
Fraser Suites Dalian
100.0
252
59.9
63.6
RMB 532.4
RMB 482.5
RMB 200.0
Germany
Capri by Fraser, Frankfurt
100.0
153
63.3
59.0
€146.0
€151.6
€32.0
Capri by Fraser, Berlin
100.0
143
71.6
79.5
€144.9
€136.0
€33.9
Fraser Suites Hamburg
100.0
154
60.6
61.3
€211.7
€222.7
€53.4
Indonesia
Fraser Residence
Sudirman, Jakarta
100.0
108
84.9
85.0
US$92.4
US$94.4
US$15.0
Japan
Estem Court Namba VII
Beyond
99.0
124
98.6
98.1
¥2,364.5
¥2,486.5
¥2,700.0
Singapore
Capri by Fraser,
China Square
100.0
304
86.9
86.6
$292.3
$284.2
$313.0
Spain
Capri by Fraser, Barcelona
100.0
97
84.0
84.1
€175.2
€154.6
€25.2
United
Kingdom
Fraser Suites Kensington,
London
100.0
69
67.0
77.4
£296.3
£299.5
£93.0
Total no. of rooms owned
1,879
Modena by Fraser Putuo Shanghai, China
76
Frasers Property Limited
EUROPE, MIDDLE EAST
AND AFRICA
According to UN Tourism1, inbound
arrivals to the Europe, Middle
East and Africa region remain on
track for recovery in 2024, driven
by strong intra-regional travel
and major corporate, leisure and
sporting events despite ongoing
geopolitical tensions within the
region.
In FY24, the operating performance
of the Frasers Hospitality-branded
portfolio maintained growth
momentum, supported by stronger
demand with significant tourism
drivers in the region, partially offset
by the weakening of long-stay and
leisure demand in the UK. Amid the
challenging operating environment,
the portfolio under the Malmaison
and Hotel du Vin brands in the
UK was successful in maintaining
its revenue per available room
performance, with a strong focus
on increasing margins by tightening
control on expenses.
We further expanded our portfolio
in FY24 with the opening of Fraser
Suites Al Liwan Bahrain, our third
serviced residence in the Kingdom
of Bahrain, as well as Malmaison
Manchester Deansgate in the UK.
These developments underscore
our strategic focus on maintaining
and growing our market share
across the region.
Fraser Suites Al Liwan,
Bahrain
Fraser Suites Edinburgh, UK
1
UN Tourism World Tourism Barometer.
Annual Report 2024
77
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW – HOSPITALITY
Managed Properties
Total no. of
Occupancy
Country
Property
units
FY24 (%)
FY23 (%)
Bahrain
Fraser Suites Seef, Bahrain
91
69.5
72.5
Fraser Suites Diplomatic Area, Bahrain
114
61.6
62.7
Fraser Suites Al Liwan, Bahrain
63
48.9
-
Cambodia
Capri by Fraser, Phnom Penh
86
61.1
26.8
China
Modena by Fraser, Putuo Shanghai
414
79.7
79.3
Fraser Suites Guangzhou
332
83.4
76.9
Modena by Fraser, New District Wuxi
120
70.0
67.6
Modena by Fraser, Zhuankou Wuhan
172
44.8
53.4
Fraser Place Binhai Tianjin
224
40.0
51.0
Fraser Residence Tianjin
228
21.4
16.9
Modena by Fraser, Changsha
262
49.1
56.8
Fraser Suites Shenzhen
211
89.4
91.1
Fraser Residence Chengdu
185
87.2
91.6
Modena by Fraser, Nanjing
220
73.5
66.5
Fraser Place Chengdu
238
59.3
-
Fraser Place Wujiaochang Shanghai
210
60.2
-
Modena by Fraser Nansha, Guangzhou
150
27.7
-
Modena by Fraser, Hong Kong
36
97.7
98.9
Hotel Pravo Hong Kong
92
74.1
-
Stanley Oriental Hong Kong
9
55.3
-
France
Fraser Suites Harmonie Paris La Défense
134
69.7
69.1
Fraser Suites Le Claridge Champs-Élysées, Paris
135
69.4
69.9
Germany
Capri by Fraser, Leipzig (Leased)
151
71.2
65.4
Indonesia
Fraser Residence Menteng, Jakarta
128
78.3
70.5
Fraser Place Setiabudi, Jakarta
151
81.3
78.4
Japan
Fraser Residence Nankai Osaka
114
85.0
84.4
Malaysia
Fraser Place Puteri Harbour
297
64.2
53.9
Capri by Fraser, Johor Bahru
316
69.1
67.0
Capri by Fraser, Bukit Bintang
321
79.8
70.6
Nigeria
Fraser Suites Abuja
126
62.6
62.0
Oman
Fraser Suites Muscat
120
82.5
69.3
Qatar
Fraser Suites Doha
226
72.4
62.9
Saudi Arabia
Fraser Suites Riyadh
95
70.1
80.9
Singapore
Fraser Place Robertson Walk, Singapore
164
70.5
79.8
Fraser Residence Orchard, Singapore
115
77.5
85.7
Fraser Residence River Promenade, Singapore
72
59.6
15.4
South Korea
Fraser Place Central, Seoul
271
86.3
86.6
Fraser Place Nandaemum, Seoul
252
82.4
41.5
Switzerland
Fraser Suites Geneva
67
73.1
71.6
Thailand
Fraser Suites Sukhumvit, Bangkok
185
78.2
87.8
Modena by Fraser, Bangkok
239
58.7
59.0
North Park Place, Bangkok
60
77.4
74.4
Modena by Fraser, Buriram
152
41.2
44.5
Turkey
Fraser Place Anthill, Istanbul
116
75.2
74.4
Fraser Place Antasya, Istanbul
80
75.9
83.4
UK
Fraser Residence Prince of Wales Terrace, London (Leased)
19
66.6
76.3
Vietnam
Fraser Suites Hanoi
280
84.7
84.6
Fraser Residence Hanoi
217
59.9
47.5
Total no. of rooms (under management)
8,060
78
Frasers Property Limited
Properties Under Development
Country
Property
Effective
share
(%)
Est. total
no. of
units
Book
value
(’m)
Target
Opening
China
Modena by Fraser, Shenzhen1
50.0
325
RMB 515.0
2025
Japan
YOTEL Tokyo Ginza
100.0
244
¥21,400.0
2025
1
Figures are on a 100.0% basis; Frasers Hospitality owns 50.0% of Modena by Fraser, Shenzhen, China through a joint venture.
Malmaison and Hotel du Vin Group of Hotels
Effective
share
Total no. of
Occupancy
Average daily rate
Book value1
Property
(%)
units
FY24 (%)
FY23 (%)
FY24 (£)
FY23 (£)
(£ ‘m)
United Kingdom
Malmaison Aberdeen
100.0
79
79.2
82.2
113.2
112.6
15.1
Malmaison Belfast
100.0
64
86.3
86.1
141.1
145.1
6.6
Malmaison Birmingham
Master leased
193
77.9
77.6
123.3
124.5
-
Malmaison Dundee
Master leased
91
75.4
77.6
92.5
91.0
-
Malmaison Edinburgh
100.0
100
86.5
85.2
147.0
136.4
13.3
Malmaison Glasgow
100.0
72
83.3
79.2
113.6
112.1
7.8
Malmaison Leeds
100.0
100
70.3
75.0
118.9
116.8
11.6
Malmaison Liverpool
100.0
130
75.5
75.8
111.9
115.1
12.4
Malmaison London
Master leased
97
75.3
77.4
218.5
212.8
-
Malmaison Manchester
Master leased
167
73.6
75.5
115.0
114.8
-
Malmaison Newcastle
Master leased
122
86.0
84.6
116.8
114.5
-
Malmaison Oxford
Master leased
95
78.7
79.5
211.4
214.3
-
Malmaison Reading
100.0
76
74.8
74.8
119.9
119.0
7.4
Malmaison Brighton
Master leased
73
76.6
81.4
137.1
146.8
-
Malmaison Cheltenham
100.0
61
79.2
81.8
135.9
135.2
7.1
Malmaison Edinburgh (City)
Master leased
72
87.4
80.8
193.7
186.3
-
Malmaison York
Master leased
150
88.2
81.4
136.7
138.9
-
Malmaison Manchester Deansgate
Master leased
70
72.0
-
121.7
-
-
Hotel du Vin Birmingham
100.0
66
79.0
78.1
138.7
139.9
8.5
Hotel du Vin Brighton
100.0
49
83.0
82.1
164.2
172.6
9.2
Hotel du Vin Bristol
100.0
40
86.0
82.5
148.8
148.8
5.4
Hotel du Vin Cambridge
100.0
41
80.0
81.7
161.7
166.3
6.8
Hotel du Vin Cheltenham
100.0
49
72.6
73.7
130.4
137.2
3.1
Hotel du Vin Edinburgh
100.0
47
83.4
86.7
236.2
222.1
11.0
Hotel du Vin Glasgow
100.0
49
87.0
86.4
173.9
174.1
10.4
Hotel du Vin Harrogate
100.0
48
79.6
82.1
134.8
137.2
6.7
Hotel du Vin Henley-on-Thames
100.0
43
72.5
76.9
156.7
156.3
3.9
Hotel du Vin Newcastle
100.0
42
85.2
85.0
115.3
117.3
2.9
Hotel du Vin Poole
100.0
38
79.7
70.6
142.9
147.2
4.4
Hotel du Vin St Andrews
100.0
42
81.9
84.3
244.2
223.7
5.8
Hotel du Vin Tunbridge Wells
100.0
34
80.9
82.5
145.4
151.5
5.5
Hotel du Vin Wimbledon
100.0
50
80.5
84.7
197.6
194.6
14.7
Hotel du Vin Winchester
100.0
24
85.3
86.0
177.4
176.6
4.1
Hotel du Vin York
100.0
44
79.0
87.1
132.5
127.6
6.1
Hotel du Vin Avon Gorge Bristol
100.0
78
82.5
81.7
147.2
148.7
17.3
Hotel du Vin Exeter
100.0
60
79.7
83.0
117.2
117.8
3.9
Hotel du Vin Stratford Upon Avon
100.0
46
81.5
86.9
137.0
130.1
6.0
Total no. of rooms (owned and leased)
2,702
1
Excludes right-of-use (ROU) assets recognised under SFRS(I) 16 Leases. Including ROU assets, the book value as at 30 September 2024 is
£414.4 million.
Annual Report 2024
79
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
FRASERS HOSPITALITY TRUST
In FY24, Frasers Hospitality Trust
reported gross revenue of
$132.5 million and net property
income of $92.5 million, representing
year-on-year improvements of 7.6%
and 2.1%, respectively. The improved
financial performance was driven
by growth in the Europe, Malaysia
and Japan markets as well as
maiden contributions from the retail
component of ANA Crowne Plaza
Kobe, Japan.
Income available for distribution for
FY24 declined year-on-year by 7.5%
from $52.3 million to $48.3 million.
This decrease was largely due to
higher interest expenses resulting
from the refinancing of borrowings
in a higher interest rate environment.
Accordingly, the distribution per
stapled security decreased by 7.5%,
from 2.44 cents in FY23 to 2.26
cents in FY24.
As at 30 September 2024, aggregate
leverage remained healthy at 34.9%,
with a weighted average debt
maturity of 2.1 years and an interest
coverage ratio of 3.0 times. The
effective cost of borrowings as at
30 September 2024 was 3.5% per
annum, with a substantial 71.1% of
borrowings on fixed rates.
BUSINESS REVIEW – HOSPITALITY
Fraser Suites Glasgow, UK
Fraser Suites Sydney, Australia
80
Frasers Property Limited
LOOKING AHEAD
International tourist arrivals are expected to stage a full recovery in 20241.
However, economic and geopolitical headwinds in the form of persistent
inflation, high interest rates, volatile oil prices and trade disruptions
may lead to higher transportation and accommodation costs, posing
challenges to sustained recovery and impacting confidence levels.
Frasers Hospitality remains well-positioned to navigate these challenges
with a resilient business model in the extended and long-stay segment.
Our strategies are centred on strengthening our brands to meet
evolving consumer expectations, and streamlining processes to
enhance operational efficiencies. We aim to drive growth by securing
new management agreements and optimise capital efficiency through
strategic capital recycling, while expanding our portfolio of lodging
assets under management. We remain focused on prioritising talent
acquisition and retention, leveraging data analytics and technology
integration, and staying committed to maintaining high operational
standards to consistently deliver exceptional value to our stakeholders.
Properties Held through Frasers Hospitality Trust
Country
Property
Effective
share
(%)
Total no. of
units
Book value1
(‘m)
Singapore
InterContinental Singapore
25.7
406
$515.0
Fraser Suites Singapore
25.7
255
$300.0
Malaysia
The Westin Kuala Lumpur
25.7
443
RM493.0
Japan
ANA Crowne Plaza Kobe
25.7
593
¥21,400.02
Australia
Fraser Suites Sydney
25.7
201
A$143.8
Novotel Sydney Darling Square3
25.7
230
A$118.0
Novotel Melbourne on Collins
25.7
380
A$235.0
United Kingdom
Fraser Suites Glasgow
25.7
98
£8.0
Fraser Suites Edinburgh
25.7
75
£18.8
Fraser Suites Queens Gate, London
25.7
105
£56.8
ibis Styles London Gloucester Road
25.7
84
£20.9
Park International London
25.7
171
£46.7
Fraser Place Canary Wharf, London
25.7
108
£27.0
Germany
Maritim Hotel Dresden
25.7
328
€53.8
Total no. of rooms owned and managed
3,477
1 Book value as reported by Frasers Hospitality Trust and excludes right-of-use assets.
2 Includes Koto no Hako, the retail component of ANA Crowne Plaza Kobe.
3 Excludes right-of-use (ROU) assets recognised under SFRS(I) 16 Leases. Including ROU assets, the book value as at 30 September 2024 is
A$121.5 million.
Fraser Residence Orchard, Singapore
1
UN Tourism World Tourism Barometer.
Annual Report 2024
81
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
THAILAND
AND VIETNAM
BUSINESS REVIEW
Samyan Mitrtown,
Bangkok, Thailand
OUR DIVERSIFIED PORTFOLIO AND STRATEGY
STRENGTHENED OUR RESILIENCE TO TACKLE
MACROECONOMIC CHALLENGES.
Our Thailand business remained
resilient in FY24 despite
macroeconomic challenges from
high interest rates and elevated
household debt. Supported by the
strength of Thailand’s tourism sector
and the advantages brought about
by the broad implementation of the
China Plus One strategy at many
corporations, our industrial and
commercial portfolios maintained
healthy occupancies, generating
steady recurring income.
As at 30 September 2024, we had
75 active residential projects in
addition to five owned and managed
commercial and retail assets with
approximately 247,000 sqm of
net lettable area. Our factories
and warehouses in Thailand and
THAILAND
Indonesia comprised 3.5 million
sqm of net lettable area, while our
hospitality portfolio comprised
about 920 keys of hotel and
serviced apartments.
RESIDENTIAL
In FY24, Frasers Property
Thailand (FPT) recorded revenue
from residential sales of
THB 9,173.6 million ($344.6 million),
with gross profit margin1 of 25.9%.
We maintained our strategic focus
on luxury single-detached houses
to capture demand from the affluent
market segment, which has been
more resilient, and introduced
our first condominium to expand
our customer base. We prioritised
building brand awareness and
consideration with marketing
campaigns and also sought to
improve margins through efficiency
in materials bidding, construction
methods and outsourcing.
We launched six projects this year
due to our prudent and dynamic
response to market conditions.
At the end of FY24, our active
projects amounted to approximately
THB 981 million ($36.9 million) of
unrecognised revenue.
The Grand Pinklao-Wongwaenkanchana, Bangkok, Thailand
1
Profit margin is based on Thai Financial Reporting Standards (TFRS).
Annual Report 2024
83
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW – THAILAND
Residential Projects Completed or Under Development
Project
Effective
share
(%)
Total no.
of units
% of units
sold
Avg.
selling
price
($ psm)
Est.
total
saleable
area
(’000 sqm)
Total
GDV
($’m)
Target
completion
date1
Active project2
Golden Town Sriracha-Assumption
59.4
476
98.7
1,139.7
38.9
44.7
Completed
Golden Town Ramintra-Wongwaen
59.4
478
95.6
1,689.9
36.7
62.6
Completed
Golden Prestige Watcharapol-Sukhaphiban 5
59.4
152
99.3
1,375.5
38.3
52.5
Completed
Golden Neo Korat-Terminal
59.4
491
95.1
1,100.4
46.3
51.8
1Q FY25
Golden Town Charoenmuang-Superhighway
59.4
131
94.7
1,375.5
10.0
13.7
1Q FY25
Grandio Bangkae
59.4
257
96.9
1,768.5
62.3
109.9
1Q FY25
Golden City Chaengwattana-Muang Thong
59.4
167
91.6
2,082.9
14.1
29.6
1Q FY25
Golden Neo Chaengwattana-Muang Thong
59.4
156
92.9
1,925.7
24.3
47.3
1Q FY25
Golden Neo Khonkaen-Bueng Kaennakhon
59.4
261
87.7
1,336.2
22.7
30.3
1Q FY25
Golden Town Sathorn
59.4
392
93.4
2,318.7
29.6
68.5
1Q FY25
Grandio Petchkasem 81
59.4
107
93.5
1,454.1
23.5
34.3
1Q FY25
Grandio Suksawat-Rama 3
59.4
96
95.8
2,397.3
24.3
57.9
1Q FY25
Golden Neo 2 Ramintra-Wongwaen
59.4
167
86.8
1,611.3
25.3
41.1
2Q FY25
Golden Town 4 Ladphrao-Kasetnawamin
59.4
128
62.5
2,082.9
10.7
22.3
3Q FY25
Golden Town Siriraj-Ratchapruek
59.4
254
73.6
2,279.4
20.5
46.9
3Q FY25
Golden Village Chiang Rai-BigC Airport
59.4
99
77.8
1,061.1
17.4
18.5
3Q FY25
Klos Ratchada7
59.4
111
19.7
5,266.2
3.3
16.8
4Q FY25
Golden Town Ayutthaya
59.4
455
84.2
1,296.9
33.5
43.1
4Q FY25
Neo Home Udon-Prachasanti
59.4
147
63.9
1,021.8
25.6
26.0
4Q FY25
The Grand Vibhavadi 60
59.4
31
58.1
4,637.4
7.9
36.6
4Q FY25
Golden Town 2 Srinakarin-Sukhumvit
59.4
491
71.5
1,493.4
36.5
55.3
1Q FY26
Golden Town Ratchapruk-Rama 5
59.4
193
66.8
1,807.8
15.9
28.9
1Q FY26
The Grand Lux Bangna-Suanluang
59.4
61
73.8
2,358.0
32.2
76.4
1Q FY26
Alpina
59.4
131
84.7
1,886.4
87.3
164.9
2Q FY26
Golden Neo 3 Rama 2
59.4
212
70.3
1,257.6
33.0
42.0
2Q FY26
Golden Neo Ngamwongwan-Prachachuen
59.4
91
53.8
1,965.0
14.6
28.4
2Q FY26
Golden Neo Sukhumvit-Lasalle
59.4
154
61.0
2,161.5
25.4
54.8
2Q FY26
Golden Town 3 Rama 2
59.4
424
71.7
1,336.2
30.0
39.6
2Q FY26
Golden Town Tiwanon-Chaengwattana
59.4
361
74.0
1,375.5
26.1
35.9
2Q FY26
Prestige Rama 9-Krungthepkreetha
59.4
114
64.0
2,200.8
23.2
51.3
2Q FY26
Golden Town Ngamwongwan-Khae Rai
59.4
321
72.0
1,847.1
23.9
43.7
3Q FY26
Golden Town Petchkasem 81
59.4
314
65.6
1,729.2
23.3
39.9
3Q FY26
Grandio Sathorn
59.4
176
60.2
2,711.7
44.0
119.0
3Q FY26
Neo Home 2 Korat-Terminal
59.4
244
53.3
1,100.4
40.1
44.4
3Q FY26
Neo Home Rayong
59.4
177
4.5
1,061.1
35.7
37.3
3Q FY26
The Grand Pinklao-Wongwaenkanchana
59.4
39
10.3
2,711.7
24.0
64.6
3Q FY26
Golden Town Rattanathibet-WestGate
59.4
290
65.9
1,572.0
20.9
32.7
4Q FY26
Grandio 2 Vibhavadi-Rangsit
59.4
112
52.7
1,807.8
26.2
47.4
4Q FY26
Grandio Vibhavadi-Rangsit
59.4
237
68.8
1,572.0
68.0
106.6
4Q FY26
Neo Home Bangkae
59.4
40
32.5
2,122.2
7.4
15.8
4Q FY26
Golden Town Petchkasem-Liap Khlong Thawi
Watthana
59.4
312
45.5
1,729.2
22.7
39.0
1Q FY27
Golden Town Phaholyothin-Saphanmai
59.4
495
70.7
1,729.2
36.4
63.0
1Q FY27
The Royal Residence
59.4
31
9.7
4,244.4
30.4
128.8
1Q FY27
Golden Town Vibhavadi-Rangsit
59.4
398
57.0
1,414.8
28.8
40.6
3Q FY27
Grandio Bangna Km.5
59.4
182
41.8
1,768.5
46.3
81.6
3Q FY27
Neo Home Angsila-Sukhumvit
59.4
181
40.3
1,336.2
30.2
40.0
3Q FY27
Golden Town Future-Rangsit
59.4
269
45.0
1,336.2
20.5
27.3
4Q FY27
Golden Town Phaholyothin-Lumlukka
59.4
378
59.8
1,454.1
27.2
39.6
4Q FY27
Grandio Kaset-Nawamin
59.4
117
1.7
2,318.7
33.0
75.9
4Q FY27
84
Frasers Property Limited
Project
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
Active project2
Grandio Ramintra-Wongwaen
59.4
259
53.3
1,611.3
65.2
104.1
1Q FY28
Neo Home Rattanathibet-Ratchapruek
59.4
124
29.0
1,611.3
20.0
32.1
2Q FY28
Golden Neo Chachoengsao-Ban Pho
59.4
409
54.0
1,061.1
36.1
38.7
3Q FY28
Golden Town Chiang Mai-Kad Ruamchok
59.4
398
52.0
1,650.6
28.9
48.2
3Q FY28
Golden Town Kaset-Nawamin
59.4
124
22.6
2,004.3
10.6
21.1
3Q FY28
Prestige Future-Rangsit
59.4
367
36.5
1,296.9
66.6
85.3
3Q FY28
Grandio Chaengwattana-Muang Thong
59.4
140
7.9
2,397.3
39.3
93.7
4Q FY28
Golden Neo Siriraj-Ratchapruek
59.4
187
39.0
2,554.5
35.4
90.0
2Q FY29
Grandio Rattanathibet-Ratchapruek
59.4
146
21.9
1,768.5
38.0
66.5
2Q FY29
The Grand Chaengwattana-Muang Thong
59.4
60
1.7
2,711.7
30.7
83.3
3Q FY29
Golden Town 2 Ramintra-Wongwaen
59.4
289
35.6
1,768.5
20.7
36.4
4Q FY29
Golden Town Chiangrai-BigC Airport
59.4
353
47.0
1,218.3
25.4
31.4
4Q FY29
Alpina Rama 2
59.4
72
9.7
2,397.3
32.4
77.6
1Q FY30
Golden Neo 2 Bangna-Kingkaew
59.4
372
41.7
1,532.7
59.0
90.3
3Q FY30
Golden Town 2 Sathorn
59.4
90
20.0
2,358.0
7.9
18.6
3Q FY30
Prestige Rama 2
59.4
169
15.4
1,296.9
32.7
42.9
3Q FY30
Golden Town Rama 9-Krungthepkreetha
59.4
303
23.4
1,925.7
23.1
44.7
1Q FY31
Golden Town Angsila-Sukhumvit
59.4
492
33.1
1,375.5
37.2
51.2
3Q FY31
Golden Town Bangna Km.5
59.4
470
19.1
1,729.2
35.5
61.6
3Q FY32
Grandio 2 Rama 2
59.4
262
15.3
2,082.9
58.1
119.9
4Q FY33
Golden Neo Suksawat-Rama 3
59.4
292
22.3
1,925.7
32.1
62.0
1Q FY34
Golden Town Suksawat-Rama 3
59.4
433
20.1
1,847.1
32.0
58.7
1Q FY34
GrandioFuture-Rangsit
59.4
258
10.1
1,414.8
67.8
96.6
2Q FY34
Golden Town Rangsit–Klong 3
59.4
495
26.3
1,179.0
35.4
41.6
3Q FY34
Prestige 2 Rama 2
59.4
223
0.4
1,572.0
47.1
74.3
4Q FY42
Golden Town 4 Rama 2
59.4
352
4.8
1,257.6
25.7
32.5
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.
Residential Projects Completed or Under Development (Cont’d)
Site
Effective
share
(%)
Est. total
no. of
units
Est. total
saleable area
(’000 sqm)
Total
GDV
($’m)
Bangna
59.4
1
5.2
1.4
Chiangrai
59.4
371
70.1
27.2
Ladphrao-Kasetnawamin
59.4
89
26.4
54.7
Rangsit 1
59.4
145
31.8
28.5
Rama 2
59.4
844
88.7
132.4
Ramintra
59.4
2
9.2
3.0
Rangsit 2
59.4
347
116.8
54.2
Rattanathibet-Ratchapruek
59.4
392
52.8
82.5
Sathorn
59.4
30
2.6
10.3
Suk Sawat
59.4
1
7.0
2.0
Sukhumvit
59.4
1
8.9
1.5
Residential Land Bank
Annual Report 2024
85
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
INDUSTRIAL
FPT has over 980 strategically
located industrial and logistics
assets. As part of our active capital
management strategy, about
31,000 sqm of quality industrial
assets, valued at approximately
$34.8 million, were recycled to
Frasers Property Thailand Industrial
Freehold & Leasehold REIT in FY24.
Over FY24, we achieved around
382,000 sqm of new leases and
renewals for our assets. We
completed about 69,000 sqm
of built-to-suit warehouses and
factories, with another 143,000 sqm
of new warehouse development
projects on track for completion in
FY25. Despite an increase in supply
in the market, overall portfolio
occupancy grew year-on-year from
86.6% to 87.1%, underpinned by
our industry-leading properties and
services.
BUSINESS REVIEW – THAILAND
Frasers Property Logistic Center
(Bangplee 7), Samut Prakan, Thailand
Frasers Property Logistic Center
(Bangplee 2), Samut Prakan, Thailand
86
Frasers Property Limited
Effective
share
Book
value1
Net lettable
area
Occupancy2
Site Cluster
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
Thailand
Northern Bangkok
59.6
281.4
281.1
92.9
88.0
Central Region
59.6
676.0
444.5
86.3
94.0
Eastern Region
59.6
284.1
284.5
90.7
84.0
Outer Region
59.6
176.2
68.0
77.5
76.0
Indonesia
Karawang
59.6
90.0
128.6
92.6
71.9
Makassar
59.6
7.4
11.4
100.0
100.0
Banjarmasin
59.6
8.1
9.7
100.0
100.0
1 Inclusive of vacant land.
2 Includes occupancies for asset under management.
Industrial & Logistics Completed Properties
Site
Effective
share
(%)
Total
area
(’000 sqm)
Target
completion
date
Bangpakong Logistics Park, Bangna 2, Chachoengsao
30.4
24.9
1Q FY25
Frasers Property Logistics Center (Bangplee 4), Samutprakarn (W6,W7)
59.6
28.7
4Q FY25
Frasers Property Logistics Center, Klongjig, Ayutthaya
59.6
89.2
4Q FY25
Industrial & Logistics Development Projects
Site Cluster
Effective
share
(%)
Total
land area
(‘000 sqm)
Industrial
Northern Bangkok
59.6
77.8
Central Region
59.6
79.6
Eastern Region
59.6
125.7
Outer Region
59.6
720.9
Logistics
Northern Bangkok
59.6
697.2
Central Region
59.6
877.1
Eastern Region
59.6
1,287.8
Outer Region
59.6
717.0
1
Development projects and land bank are subject to planning approvals.
2
Excludes non-core land bank.
Industrial & Logistics Land Bank1,2
Annual Report 2024
87
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
COMMERCIAL
Despite additional office supply
entering the market, our office
and retail spaces maintained
healthy leasing demand due to
their prime locations in the heart
of Bangkok’s CBD, along with
proactive lease renewal and active
asset management strategies
implemented during the year.
We secured over 60,000 sqm of new
leases and renewals, maintaining an
average occupancy of 92.4% as at
30 September 2024. Our portfolio
of five properties included Sathorn
Square and Park Ventures Ecoplex,
held under Golden Ventures
Leasehold REIT (GVREIT), which
both completed asset enhancement
initiatives during the year.
Our hospitality portfolio, comprising
four properties, experienced a
decrease in occupancy from
71.8% to 63.1% in FY24. This
was the result of cessation of
operations at Mayfair Marriott
Executive Apartments, which
will be redeveloped into a luxury
condominium. In the absence of
this, our average occupancy and
revenue per available room would
have improved by approximately
11.2 percentage-points and
9.0%, respectively, driven by the
government’s free visa policy and
the increase in tourist arrivals.
FRASERS PROPERTY
THAILAND INDUSTRIAL
FREEHOLD & LEASEHOLD REIT
Frasers Property Thailand Industrial
Freehold & Leasehold REIT was
established on 12 December 2014
and listed on the Stock Exchange of
Thailand on 9 January 2015.
The REIT’s investment portfolio
comprised 719 units of factories and
warehouses, representing an area
BUSINESS REVIEW – THAILAND
of 2.3 million sqm, located in key
industrial areas such as Ayutthaya,
Pathum Thani, Samut Prakan and
the Eastern Economic Corridor.
As at 30 September 2024, the
portfolio at fair value was
THB 50.6 billion ($2.0 billion).
The portfolio recorded an average
occupancy rate of 85.8%, with a
tenant mix of large multinational
companies from automotive,
logistics, electronics and other
industries.
Effective
share
Book
value
Net lettable
area
Occupancy
Property
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
FYI Center
59.4
216.9
49.6
88.0
91.0
Silom Edge
59.4
113.9
20.2
92.8
88.3
Samyan Mitrtown
29.1
304.5
79.4
97.7
96.2
Commercial & Retail Completed Properties
Sathorn Square, Bangkok, Thailand
88
Frasers Property Limited
GOLDEN VENTURES
LEASEHOLD REIT
GVREIT was established on
22 March 2016 and listed on the
Stock Exchange of Thailand on 4 April
2016. As at 30 September 2024, the
portfolio at fair value was over
THB 10.5 billion ($0.4 billion), and its
average occupancy rate was 90.5%.
The REIT’s investment focus is on
prime quality Grade A office buildings,
such as Park Ventures Ecoplex and
Sathorn Square in Bangkok’s CBD, in
Ploenchit and Sathorn, respectively.
These buildings have received green
and LEED certifications.
MASTER PLAN DEVELOPMENT
One Bangkok, our 1.93 million sqm
fully-integrated development in the
heart of Bangkok, opened in October
2024. Phase one comprised
120,000 sqm of retail space, including
250 dining concepts, a 6,000-person
entertainment arena (One Bangkok
Forum) and two office towers, while its
first hotel, The Ritz-Carlton, Bangkok,
commenced business in December
2024. The development was awarded
Thailand’s first LEED Platinum
certification for Neighbourhood
Development in recognition of its
sustainable and community-focused
features. One Bangkok is also
targeting WELL Building Standard
certification for all office and
residential towers.
One Bangkok’s office component
drew strong demand from
multinational companies seeking
premium Grade-A offices. Despite
a large office supply influx in the
market, we benefitted from a strong
flight-to-quality trend favouring
the development’s prime location,
convenience and amenities.
Its residential component includes
One89 Wireless, One Bangkok’s first
ultra-luxury residences. As at
30 September 2024, One89 Wireless
was approximately 80.0% sold through
private sales and is set for completion
in 2025.
LOOKING AHEAD
Thailand’s economy is predicted to grow by 2.6% in 2024 and 3.0% in
20252 driven by the flourishing tourism sector and expanding private
consumption, especially in the service sector. Exports and manufacturing
are still expected to expand, albeit at a subdued level.
Our residential projects are well-placed to capture the strong demand
for premium single-detached houses in the affluent market segment.
These houses will incorporate sustainable features, such as solar
roofs and electric vehicle chargers, that align with evolving customer
preference. We will also further our brand awareness efforts while
maintaining the strength and resilience of our well-diversified residential
portfolio to withstand economic uncertainties.
Our industrial property business will capitalise on our diverse strategic
locations, service and technology advancements and sustainability
features to maintain our industry leading position. The business
continues to be supported by strong demand resulting from China
Plus One related manufacturing and supply chain network shifts and
the government’s investment promotion policies. In our commercial
business, our properties’ strategic locations, commitment to customer-
centricity and integration of ESG principles continue to serve as key
competitive advantages which help to mitigate the risks associated with
new market supply.
Opening event at One Bangkok, Bangkok, Thailand
2
https://www.bot.or.th/en/thai-economy/economic-outlook.html.
Annual Report 2024
89
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW
WE ACHIEVED SIGNIFICANT MILESTONES IN EXPANDING
OUR INDUSTRIAL PORTFOLIO AND ENHANCING THE
QUALITY OF OUR COMMERCIAL ASSETS.
Over FY24, Vietnam’s economy
demonstrated resilience amid
broader macroeconomic
uncertainty, supported by strong
government spending and
investment, robust domestic
demand and significant foreign
investment inflows. Leveraging
our established track record and
expertise, we strengthened our
market presence and further scaled
our industrial portfolio in northern
Vietnam to generate long-term
portfolio value.
INDUSTRIAL
During the year, we completed
approximately 140,000 sqm of net
lettable area in ready-built facilities,
and rapidly increased occupancy
VIETNAM
of these facilities to 74.4%. This
was a result of high demand from
investors and tenants, driven by
Vietnam’s push to become a global
manufacturing hub amid ongoing
supply chain diversification by
multinational companies. Our
properties adopt the Premium
Estates concept, emphasising
sustainability, quality facilities and
dedicated support to build thriving
tenant communities — features
expected to be in demand by these
multinational companies.
In northern Vietnam, development
is in progress for four projects
spanning 420,000 sqm of gross
floor area in Bac Ninh, Hung Yen
and Quang Ninh provinces. In the
first phase of Industrial Centre Yen
Phong 2C, we completed 35,000 sqm
of ready-built facilities and secured
65.7% occupancy before the facility
was operational.
Construction is also under way
for the second phase of Industrial
Centre Yen Phong 2C, alongside the
first phases of Industrial Centre Yen
Phong Expansion, Industrial Centre
Dong Mai and Industrial Centre
Yen My. When completed, these
premium industrial and logistics
facilities will deliver about
155,000 sqm of gross floor area in
highly accessible locations.
In southern Vietnam, we completed
about 105,000 sqm of ready-built
facilities in the first two phases
at BDIP Premium Industrial Park,
Effective
share
Book
value
Net lettable
area
Occupancy
Properties
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
Binh Duong Province
BDIP Premium Industrial Park (Phase 1 and 2)
59.6
99.9
104.81
77.2
75.8
Bac Ninh Province
Industrial Centre Yen Phong 2C (Phase 1)
51.0
32.5
34.7
65.7
-
1
Inclusive of vacant land with a land area of 103,204 sqm.
Industrial & Logistics Completed Properties
Industrial & Logistics Development Projects
Sites
Effective
share
(%)
Net lettable
area
(‘000 sqm)
Target
Completion
Date
Binh Duong Province
BDIP Premium Industrial Park (Built-to-suit)
59.6
54.2
FY25
BDIP Premium Industrial Park (Remaining phase)
59.6
113.01
FY26-FY27
Bac Ninh Province
Industrial Centre Yen Phong 2C (Phase 2)
51.0
45.1
FY25
Industrial Centre Yen Phong Expansion (Phase 1)
51.0
48.0
FY25
Industrial Centre Yen Phong Expansion (Remaining phases)
51.0
160.91
FY26-FY27
Hung Yen Province
Industrial Centre Yen My (Phase 1)
51.0
36.4
FY25
Industrial Centre Yen My (Remaining phases)
51.0
195.11
FY26-FY27
Quang Ninh Province
Industrial Centre Dong Mai (Phase 1)
51.0
22.1
FY25
1
Land area (‘000 sqm).
90
Frasers Property Limited
LOOKING AHEAD
Vietnam projects economic growth of up to 7.0% in 2025, driven by
growing foreign investment, robust exports and improving domestic
demand as the country establishes itself as an important node in the global
manufacturing and supply chain network. On the back of this significant
growth momentum, we plan to grow our industrial and logistics portfolio
to nearly 800,000 sqm of net lettable area3 in key industrial hubs by 2030.
We plan to leverage our strong market presence and established local
networks to address the continued demand for high-quality and sustainable
industrial facilities.
which achieved 77.2% occupancy.
Its Industrial Service Centre has
set a new standard for sustainable
industrial development by earning
EDGE Advanced certification by the
International Finance Corporation.
We are constructing a new
built-to-suit facility for a
multinational tenant, set to be the
largest automated sorting centre
in southern Vietnam. The facility,
slated for completion in early
FY25, also received the prestigious
Commercial Completed Properties
Effective
share
Book value
Net lettable
area
Occupancy
Property
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
Ho Chi Minh City
Melinh Point
75.0
75.6
17.4
88.9
91.7
Worc@Q2
70.0
17.5
5.0
97.4
83.2
Industrial Centre Yen Phong 2C, Bac Ninh, Vietnam
EDGE preliminary green building
certification during the year.
COMMERCIAL
Melinh Point, our Grade A office
property in District 1 of Ho Chi
Minh City, continues to retain many
blue-chip tenants, securing an
occupancy of 88.9%. Worc@Q2
also retained many of its anchor
international tenants to achieve
97.4% occupancy in FY24.
Sustainability remained a key
focus of our commercial assets.
In addition to achieving green
certifications, we secured green
leases for all new leases and
renewals. We also established
a tenant-focused environment
within our commercial buildings,
fostering a sense of community and
belonging to improve customer
satisfaction.
3 Includes facilities in operation, under development and planned to be developed on current land bank.
Annual Report 2024
91
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Chineham Park,
Basingstoke, UK
OTHERS
BUSINESS REVIEW
WE MAINTAINED OUR FOCUS ON LEASING AND COST
SAVINGS IN A CHALLENGING MARKET.
The UK economy showed signs
of improving amid an overall
challenging environment. With
inflation trending towards target,
the Bank of England expects the
combined effects of its first interest
rate cut in August, together with
lower inflation, to boost growth
in the last quarter of the year. The
property market is at the bottom of
the cycle, with leasing and capital
transactions down, resulting in
subsequent increases in vacancy
rates and falls in capital values
observed in the broader UK market.
Total office investment for the first
three quarters of 2024 was 50.0%
below the five-year average1.
UNITED
KINGDOM
In this environment, we sought to
remain competitive and strategically
enhance value with active asset
management strategies centered
around improved amenities and
placemaking. We capitalised on
divestment opportunities where
available.
FINANCIAL PERFORMANCE
Despite the challenges, our
underlying business fundamentals
remained strong. Frasers Property
UK recorded a loss before interest,
fair value change, tax and
exceptional items of $31.5 million,
due to an impairment of a
commercial property. Excluding the
Lakeshore
Business Park,
London, UK
impairment, we recorded a profit
before interest, fair value change,
tax and exceptional items of
$40.5 million, consistent with the
previous year.
COMMERCIAL
Our UK portfolio comprises seven
business parks – six in England
and one in Scotland – four logistics
assets in prime regional locations,
as well as a central London office
development project, The Rowe.
The logistics assets and three of
the business parks are owned by
Frasers Logistics & Commercial
Trust, where Frasers Property UK
provides management support.
1
https://www.savills.co.uk/research_articles/229130/362783-0.
Annual Report 2024
93
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW – UNITED KINGDOM
Our portfolio has total net lettable
area of 635,446 sqm and is
home to 427 tenants, providing
significant tenant diversity and
portfolio resilience. The amenities
and placemaking initiatives at
our properties support a vibrant
business community and have
attracted new tenants.
As at 30 September 2024, our
business park portfolio recorded
an average occupancy rate of
88.9% and weighted average lease
expiry of 5.7 years. We achieved
strong leasing performance across
our portfolio, with 62.0% more
transactions compared to the
previous financial year. Our efforts
to attract new occupiers and
engage existing tenants yielded
57 new leases totalling 24,017 sqm
and 71 lease renewals for
42,004 sqm completed during
the financial year, reflecting our
success in responding to market
requirements. Lettings included 150
Pinehurst Square, which was leased
to Howden Insurance and Viasat,
taking a combined 1,358 sqm
of space. All 2,709 sqm at 110
Pinehurst Square were fully
leased as at 30 September 2024.
At Winnersh Triangle, 1,925 sqm
was leased to Intuitive Surgical in
Building 710.
We completed 39 development
projects across our business
park portfolio including the
refurbishment of 150 Pinehurst
Square, a 5,174 sqm four-storey
office building at Farnborough
Business Park.
Ellesmere Port, our 61,983 sqm
high-specification logistics
building in Cheshire, was subject to
a pre-let agreement with Peugeot
Motor Company Plc and was built
to a BREEAM Outstanding standard.
Commercial Investment Assets
Commercial Development Projects
Effective
share
Book
value
Lettable
area
Occupancy,
based on NLA
Property
Location
(%)
($’m)
(’000 sqm)
FY24 (%)
FY23 (%)
Chineham Park
Basingstoke
100.0
202.0
57.8
92.6
85.1
Hillington Park
Glasgow
100.0
248.9
188.3
94.2
92.3
Lakeshore Business Park
Bedfont Lakes
100.0
60.2
25.7
100.0
100.0
Winnersh Triangle
Reading
100.0
552.9
128.3
80.2
84.8
1,064.0
400.1
Project
Effective
share
(%)
Est lettable
area
(‘000 sqm)
Land cost
(£ psm)1
Target
completion
date
The Rowe
100.0
15.0
2,185
Completed
1
Land cost psm is based on total gross floor area on the planning approval.
Winnersh Triangle, Reading, UK
94
Frasers Property Limited
LOOKING AHEAD
Our activity in the UK will continue to centre on providing enhanced
amenities, high-quality spaces and placemaking initiatives to address
evolving working trends. We remain committed to fulfilling the clear market
preference for smart workplaces that combine progressive technology
and enhanced sustainability standards imbued with a strong sense of
community. We will also drive progress on our sustainability targets and seek
external accreditations, such as GRESB, Fitwel and BREEAM.
Over the next financial year, we will maintain our focus on 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 sustain value creation.
At Hillington Park, Glasgow,
we transitioned the commercial
estate into a predominantly modern
industrial asset via selective sales
and continued developments,
with over half of the estate now
modern industrial. At 21 Napier
Road, we developed a 2,700 sqm car
showroom and workshop, pre-let
to TrustFord, which was awarded
BREEAM Excellent standard.
RESIDENTIAL
Sales momentum for Riverside
Quarter remained steady, with
12 units settled. This landmark
scheme, overlooking the Thames,
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.
Residential Projects
Project1
Effective
share
(%)
Total. no of
units
% of
units sold
Avg.
selling price
(£ psm)
Est.
total saleable
area
(sqm)2
Land cost
(£ psm)3
Target
completion
date
Nine Riverside Quarter
100.0
172
75.6
7,474
13,550
462
Completed
Seven Riverside Quarter
100.0
87
97.7
7,628
7,950
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.
Farnborough
Business Park,
Farnborough, UK
Annual Report 2024
95
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
BUSINESS REVIEW
DISCIPLINED INVESTMENTS AND PRUDENT CAPITAL
MANAGEMENT HAVE BUILT A SOLID FINANCIAL
FOUNDATION AND DELIVERED STEADY RETURNS.
CHINA
Amid global macroeconomic
headwinds and an uneven recovery
in its economy, China achieved
5.0% GDP growth in the first half of
2024, and continues to tap policy
levers to meet its growth targets. We
maintained a robust performance
by focusing on Tier 1 cities, such
as Shanghai, where the real estate
sector has outperformed relative to
Tier 2 and 3 cities in China.
FINANCIAL PERFORMANCE
In FY24, Frasers Property China
delivered increased revenue of
$150.1 million compared to
$54.9 million a year ago, and
recorded a 346.4% growth in profit
before interest, fair value change,
tax and exceptional items to
$184.8 million, representing a
compounded annual growth rate of
144.6% over the past two years.
The robust performance was
attributable to the sale of villa
units at Suzhou Baitang One, the
divestment of the entire ambient
Plot 1 warehouse at Chengdu
Logistics Hub, as well as the share of
after-tax profits from the settlement
of residential units of four joint-
venture projects in Shanghai.
In total, we completed and
delivered four residential projects
on schedule with steady sales of
launched residential units in FY24.
The sustained sales contributed to
an unrecognised revenue of
$0.5 billion, underpinning our future
earnings visibility with stable returns.
RESIDENTIAL
During the year, we expanded
our residential pipeline with two
new projects, Xuhang Upland and
Juyuan Upview in Shanghai, adding
another 1,611 prime units (effective
interest: 34%) to our portfolio.
Development Projects
Project
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
Baitang One (Phase 3B), Suzhou
100.0
380
380
96.6
40,966
58.0
58.0
2,285
Completed
Chengdu Logistics Hub
(Phase 4), Chengdu
80.0
358
358
98.6
9,249
164.0
164.0
330
Completed
Gemdale Megacity (Phase 3C),
Songjiang, Shanghai – retail5
45.2
71
32
95.8
37,256
8.0
3.6
1,415
Completed
Gemdale Megacity (Phase 4F),
Songjiang, Shanghai – retail5
45.2
3
1
100.0
44,156
0.2
0.1
1,918
Completed
Gemdale Megacity (Phase 4D),
Songjiang, Shanghai – retail5
45.2
11
5
90.9
49,602
1.0
0.5
1,920
Completed
Club Tree, Songjiang, Shanghai6
15.0
1,880
282
99.8
53,750
201.1
30.2
30,875
Completed
Galaxy Nanmen, Jiading,
Shanghai6
12.0
796
96
100.0
45,198
88.2
10.6
21,945
Completed
Palace of Yunjian, Songjiang,
Shanghai6
20.0
838
168
99.8
55,171
91.7
18.3
31,098
Completed
Upview Malu (Phase 1), Jiading,
Shanghai6
12.0
661
79
100.0
48,202
71.0
8.5
24,290
Completed
Upview Hongqiao, Qingpu,
Shanghai6
25.0
886
222
99.8
51,990
83.9
21.0
26,963
1Q FY25
Upview Malu (Phase 2), Jiading,
Shanghai6
12.0
352
42
99.7
48,202
34.0
4.1
24,290
2Q FY25
Xuhang Upland, Jiading,
Shanghai6
34.0
516
175
86.2
36,471
57.1
19.4
19,677
1Q FY26
Juyuan Upview, Jiading,
Shanghai6
34.0
1,095
372
56.2
45,879
116.4
39.6
25,420
1Q FY26
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 Excludes options 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.
96
Frasers Property Limited
We launched nine batches of
residential units for sale across
five projects, selling close to 70%
of the launched residential units
(including options). At Suzhou
Baitang One, we sold 23 of the 32
villa units launched in January 2024,
generating RMB 0.5 billion
($0.1 billion) of revenue at an
average price of RMB 70,038 psm.
Around 92% of residential units at
Xuhang Upland (effective interest:
34%) have been sold, which
generated RMB 1.7 billion
($0.3 billion) of pre-sold revenue.
Sales of residential units at Juyuan
Upview (effective interest: 34%),
the last batch of which was
launched for sale in June 2024,
have been steady with around 60%
of all units sold. Gemdale Megacity’s
long-term lease apartments were
divested in March 2024 for
RMB 86.1 million ($15.8 million).
Construction of our joint-venture
projects progressed on time,
with four completed projects
handed over ahead of schedule.
The remaining four development
projects are on track for delivery in
FY25 and FY26.
COMMERCIAL & INDUSTRIAL
We plan to refurbish Suzhou
Baitang’s 10,486 sqm neighborhood
retail mall, to incorporate green
elements, an upgraded community
library, a community club and
venues for events and activities.
We target to complete the
refurbishment works in FY25.
At Chengdu Logistics Hub, we sold
all 18 ambient warehouses, covering
73,260 sqm of gross floor area.
In addition, we achieved sales of
carpark lots and four Plot 3A retail
units.
Land Bank
Site
Effective
share
(%)
Gross total
no. of
units
Effective total
no. of
units1
Est. gross
total saleable
area
(’000 sqm)
Est. effective
total saleable
area1
('000 sqm)
Land cost2
(RMB psm)
Chengdu Logistics Hub (Phase 2A),
Chengdu
80.0
179
179
81.0
81.0
303
1 Includes subsidiaries at gross (100.0%).
2 Land cost includes land use tax and is calculated based on gross floor area.
Commercial
Effective
share
Book
value
Net lettable
area
Occupancy
Property
(%)
($’m)
(‘000 sqm)
FY24 (%)
FY23 (%)
Funland Retail Mall, Gemdale Megacity, Songjiang,
Shanghai
45.2
47
12.1
88
-
Palace of Yunjian, Shanghai, China
Funland, the retail mall at Gemdale
Megacity in Shanghai, opened on
1 December 2023. We leased out
10,620 sqm of the mall’s 12,063 sqm
lettable area, which translated to an
88.0% occupancy rate.
Our Xuhui Opus One long-term lease
apartments continued to generate a
stable income stream, with positive
rental reversion through the master
lease arrangement.
LOOKING AHEAD
We will harness our key capabilities and pursue strategic partnerships to
steer our business in China while remaining focused on delivering optimal
risk-adjusted returns through the strategic unlocking of value. With an
unrecognised revenue of $0.5 billion, our strong earnings visibility will
underpin our ability to seize market opportunities.
Annual Report 2024
97
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
ESG HIGHLIGHTS
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
(ESG) AT FRASERS PROPERTY
We embed ESG considerations across our value chain
and strive to manage associated long-term risks and
opportunities. This enables us to respond with agility to
evolving market and regulatory developments, uphold
business resilience and create sustainable value for
stakeholders.
Led by our Purpose – Inspiring experiences, creating
places for good. – Frasers Property’s ESG Framework
(page 99) comprises three pillars covering 13 material
topics where we can make the biggest impact.
DOUBLE MATERIALITY ASSESSMENT
Our materiality approach
We undertake periodic materiality assessments to
identify and prioritise ESG issues most material to our
business and stakeholders.
While this year’s ESG Report remains guided by
our FY22 materiality approach as well as our ESG
Framework’s three pillars and 13 focus areas, we
conducted a double materiality assessment in FY24
to review our impact on the economy, people and the
environment and identify associated financial risks and
opportunities.
Braeside Industrial Estate,
Victoria, Australia
The assessment engaged and gained key perspectives
from:
• Over 300 internal stakeholders across the Group,
comprising employees and the leadership team
• More than 100 external stakeholders, including
suppliers, regulators, investors, partners, NGOs
and customers
Integrating climate and nature actions
We recognise that carbon, climate change and nature
are interconnected, and there are opportunities to
deepen synergies and manage trade-offs in these areas.
Our ESG Report 2024 features a new Climate and Nature
section that adopts an integrated approach towards
climate and nature-related disclosures, providing a more
holistic overview of ongoing actions.
Since 2019, we have aligned our annual climate-related
disclosures with the Task Force for Climate-related
Financial Disclosures (TCFD) recommendations. As the
TCFD Framework is now incorporated into International
Sustainability Standards Board’s (ISSB) International
Financial Reporting Standards (IFRS) S1 and S2, we
continue to disclose key progress in ESG Report 2024.
In upcoming years, we will transition to disclosing with
reference to IFRS S1 and S2 Sustainability Disclosure
Standards in alignment with applicable SGX-ST
Listing Rules.
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Frasers Property Limited
GROUP ESG GOALS
ESG FRAMEWORK
ACTING
PROGRESSIVELY
• Risk-based Management
• Responsible Investment
• Resilient Properties
• Innovation
CONSUMING
RESPONSIBLY
• Energy and Carbon
• Water
• Waste
• Materials and Supply Chain
• Biodiversity
FOCUSING ON
PEOPLE
• Diversity, Equity and
Inclusion
• Skills and Leadership
• Health and Well-being
• Community Connectedness
•
Finetuned Group Enterprise
Risk Management
Framework with integrated
approach towards risk
management, sustainability
and strategy
•
20 sustainability financing
transactions raised totalling
~ $6.2 billion1
•
> 54% of owned and
asset-managed properties by
gross floor area are
green-certified or pursuing
green certification2
•
Joint winner of Most
Transparent Company (Real
Estate) at SIAS Investors’
Choice Awards 2024
•
~ 24% decrease in Scopes
1 and 2 location-based
emissions against FY19 base
year3
•
> 46MW of solar capacity
installed portfolio-wide2
•
Engaged 47% suppliers (by
spend) on our Responsible
Sourcing Policy4
•
Conducted initial
Group-wide nature scan
•
Enhanced climate risk analytics
through development of Climate
Value at Risk Platform
•
Developed Climate and Nature
Transition Plan
•
Named Asia-Pacific Climate
Leader by Financial Times
& Statista
•
Over 10,100 employee
volunteer hours and
> $2 million contributed
via ~ 300 community
investment activities
•
Launched ESG
capacity-building
programme for Board and
senior managers
•
39% and 54% females in
senior management and
global workforce respectively2
•
Developed social value
strategy and framework
•
Conferred Champion of Good
by the National Volunteer
& Philanthropy Centre in
Singapore
1
Includes joint ventures’ financing facilities which are not included in the Group’s consolidated financial statements.
2
As at 30 September 2024.
3
Excludes development assets, which comprise a minority of Scope 1 and 2 location-based emissions. These emissions will be included in our
ESG databook.
4
Excludes suppliers to our Singapore corporate offices and Frasers Hospitality.
FY24 HIGHLIGHTS
Achieve net-zero carbon across Scopes 1, 2 and 3
by 2050.
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.
Develop a framework to assess and prioritise
biodiversity risks and opportunities by FY25.
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.
6
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Financial &
Additional Information
GRESB 2024 ASSESSMENT PERFORMANCE
The Group has participated in the GRESB assessment from 2012, with all listed and non-listed
business units participating annually for targeted sector benchmarking since 2021.
GRESB is a globally recognised industry benchmark for real estate and infrastructure investments,
providing ESG data to financial markets. The GRESB assessment provides an overview on best
practices around ESG, supporting value creation through improvements in ESG practices, while
also forming the basis of some of our sustainability-linked loans.
Business Entity
Sector Leaderships
Rating
Frasers Logistics & Commercial Trust
Global Listed Sector Leader
Diversified – Office/Industrial
5-star
Frasers Hospitality
Regional Sector Leader
Asia/Hotel
Frasers Property Singapore
Regional Non-Listed Sector Leader
Asia/Diversified – Office/Retail
Regional Sector Leader
Asia/Diversified – Office/Retail
Frasers Property Industrial (Australia)
Regional Non-Listed Sector Leader
Oceania/Industrial
4-star
Regional Sector Leader
Oceania/Industrial
Fraser Place Wujiaochang,
Shanghai, China
Further details on sector leadership recognition, ratings and scores by business entity can be found within the
ESG Report 2024.
2 0 2 4
Highlights
• Business entities with 5-star ratings5 in the Standing Investments and Development benchmarks: Frasers
Property Singapore, Frasers Property Industrial (Australia), Frasers Property Australia, Frasers Hospitality,
Frasers Property UK, Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust
• Achieved highest number of sector leadership positions since we began participating in GRESB in 2012
5
GRESB 5-star is the highest rating and awarded entities rank amongst the top 20% globally.
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 2024 at
https://www.frasersproperty.com/esg-report
To provide stakeholders with greater transparency and clarity around our ESG disclosures, our ESG Report is
supplemented by the following reporting suite that will be published on our website in 2025:
Key features of this year’s ESG Report
• In accordance with the Global Reporting Initiative (GRI) 2021 Universal Standards and the SGX-ST Listing
Manual Rules 711A and 711B
• Climate and nature section covering our Climate and Nature Transition Plan and disclosures in preparation
for reporting against the ISSB IFRS S2 Sustainability Disclosure Standards
• Externally assured for the fourth consecutive year
LOOKING AHEAD
Efforts are underway to develop coordinated approaches to tackle various aspects of ESG in coming years. These
include the development of our Climate and Nature Transition Plan and formalisation of our Social Value Strategy.
ESG REPORT 2024
This Annual Report provides an overview of ESG performance for the year. Frasers Property’s ESG Report 2024
provides further detail and charts our progress against our focus areas and goals.
ESG Databook:
Centralises data disclosures in a
user-friendly format.
Carbon Data Basis of
Preparation:
Sets out the foundation
of our carbon accounting
methodology, scope and
assumptions made.
Climate and Nature Transition
Plan (CNTP):
New initiative in FY24
Recognising the interplay
between carbon, climate and
nature initiatives, our upcoming
Climate and Nature Transition
Plan guides the Group’s strategy
for managing risks and impacts
in these aspects.
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Financial &
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CORPORATE GOVERNANCE REPORT
OUR GOVERNANCE FRAMEWORK
(as at 30 September 2024)
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
AUDIT COMMITTEE
Chairman: Mr Chin Yoke Choong
4 Independent Directors, 1 Non-Independent Director
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
Key Objectives
• Establishes a formal and transparent process for appointment and
re-appointment of Directors
• Oversees the succession plans for the Directors, Chairman, Group
Chief Executive Officer 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’s 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 Chief Executive
Officer 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 Frasers Property,
taking into account the strategic objectives of Frasers Property
CHAIRMAN
Mr Charoen Sirivadhanabhakdi
Key Objectives
• Leads and ensures effectiveness of the
Board, including effective communication
with shareholders and other stakeholders
BOARD OF FRASERS PROPERTY LIMITED
10 Directors:
• 6 Independent Directors
(including Lead Independent Director)
• 4 Non-Independent Directors
Key Objectives
• Provides oversight of business performance
and affairs of Frasers Property for the long-
term success of Frasers Property
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 (“Frasers Property”, 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”), Frasers Property complies with the
principles of the Code of Corporate Governance 2018 (the “Code”). The practices of the board of directors of Frasers
Property (the “Directors” or the “Board”) and the management of the Group (the “Management”) adhere closely to
the provisions under the Code. To the extent Frasers Property’s practices vary from any provision of the Code, Frasers
Property 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. Frasers Property 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 144 to 145 of this annual report.
FRASERS PROPERTY’S GOVERNANCE PRINCIPLES
1.
Commitment to upholding and maintaining high standards of corporate governance, corporate transparency
and sustainability.
2.
Maintaining a robust and sound governance framework, which is an essential foundation for building,
evolving and innovating a business which is sustainable over the long-term, and is resilient in a dynamic,
fast-changing environment.
3.
Adhering to corporate policies, business practices and systems of risk management and internal controls, which
are designed to ensure that high standards of integrity, accountability and governance are consistently maintained.
4.
Pursuing growth and enhancement of corporate performance and value sustainably, thereby safeguarding the
assets of the Group, in the interests of Frasers Property’s shareholders (the “Shareholders”) and other stakeholders.
The Board works with Management to ensure that these principles underpin its leadership of Frasers Property and
guides Management and employees at all levels.
BOARD MATTERS
The Board
The Board, which comprises directors who are fiduciaries and who act objectively in the best interests of Frasers Property:
(a)
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;
(b)
sets the strategic direction of the Group on various matters, (including value creation, innovation and sustainability),
and works with Management to ensure that necessary resources are in place for the Group to meet its strategic
objectives; and
(c)
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 the Group.
Through the Group’s Enterprise Risk Management framework (“ERM Framework”), the Board establishes and maintains
a sound risk management system to effectively monitor and manage risks, and to achieve an appropriate balance
between risks and returns and in turn company performance. The Board also:
(a)
puts in place policies, structures and mechanisms to ensure compliance with legislative and regulatory requirements;
(b)
constructively challenges Management and reviews its performance, and holds Management accountable for
performance; and
(c)
oversees Management to ensure transparency and accountability to key stakeholder groups.
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CORPORATE GOVERNANCE REPORT
In the financial year ended 30 September 2024 (“FY24”), a majority of the Directors attended the Board Strategy Meeting
held from 7 July 2024 to 10 July 2024 which allowed the Directors to engage in dynamic and in-depth strategic discussion
with Management about the Group’s strategic direction and the business environment across all of its markets. The
outcomes of the discussions were summarised and presented to the Frasers Property Board subsequently.
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 Frasers Property (the “Group Chief
Executive Officer”) are separate persons, each carrying out their respective roles in alignment with the principle of
maintaining 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)
ensuring the Board’s effectiveness by, among other things, promoting and maintaining high standards of corporate
governance and transparency;
(c)
encouraging effective participation by all Directors and facilitating constructive and appropriate relations
among and between them and Management; and
(d)
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 Frasers Property. In addition, the Chairman (supported by Management and the Company
Secretary) ensures the Directors receive accurate, clear, complete and timely information to facilitate effective
contributions and enable informed decisions to be made.
The Group Chief Executive Officer
The Group Chief Executive Officer 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. His
core responsibilities include:
(a)
leading Management, which includes the Chief Executive Officers (the “Chief Executive Officers”) of the
strategic business units (the “SBUs”) and other business units within the Group;
(b)
reviewing and implementing the business direction, business plans and processes and the strategies for the
Group as approved by the Board, and working with the Board to formulate such strategies, plans and processes;
(c)
seeking business opportunities, driving new initiatives and being responsible for the operational performance
of the Group as well as building and maintaining strong relationships with stakeholders of the Group; and
(d)
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 Chief Executive Officer 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 Frasers Property’s active capital management discipline; and
(d)
driving organisational culture and developing Frasers Property’s purpose.
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The division of responsibilities between the Chairman and the Group Chief Executive Officer is set out in writing.
Although the Chairman and the Group Chief Executive Officer are immediate family members, as the Chairman is the
father of the Group Chief Executive Officer1, independence of decision-making by the Board is achieved through:
(a)
Independent Directors making up a majority of the Board, one of whom is appointed as the Lead Independent
Director; and
(b)
ensuring 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 Chief Executive Officer. Senior Management, comprising the Group Chief
Executive Officer, the Group Chief Financial Officer and the Chief Executive Officers 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 Chief Executive Officer on 1 October 2016. Mr Panote
Sirivadhanabhakdi is the son of the Chairman, Mr Charoen Sirivadhanabhakdi. Mr Charoen Sirivadhanabhakdi is a
substantial Shareholder. Mr Panote Sirivadhanabhakdi is also the brother of a Director, Mr Thapana Sirivadhanabhakdi.
Composition of Board and Board Committees
The following table shows the composition of the Board and the various Board Committees:
Board
Executive
Committee(1)
Audit
Committee
Nominating
Committee
Remuneration
Committee
Sustainability
and Risk
Management
Committee
Mr Charoen Sirivadhanabhakdi
Non-Executive and
Non-Independent Chairman
Mr Chin Yoke Choong
Non-Executive and Lead
Independent Director
•
(Chairman)
•
•
(Chairman)
Mr Pramoad Phornprapha
Non-Executive and
Independent Director
•
•
(Chairman)
•
(Chairman)
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
•
Mr Tan Pheng Hock
Non-Executive and
Independent Director
•
Mr Wee Joo Yeow
Non-Executive and
Independent Director
•
•
•
•
•
Dr David Wong See Hong
Non-Executive and
Independent Director
•
•
Mr Thapana Sirivadhanabhakdi
Non-Executive and
Non-Independent Director
•
(Chairman)
•
Mr Panote Sirivadhanabhakdi
Group Chief Executive Officer
Executive and
Non-Independent Director
•
•
Mr Sithichai Chaikriangkrai
Non-Executive and
Non-Independent Director
•
•
•
Note:
(1) Mr Rodney Vaughan Fehring is a co-opted member of the EXCO. He is not a Director. Please refer to the “Board Executive Committee (EXCO)”
section found on page 108 for more details.
1
The chairman of the Board Executive Committee (“EXCO”) is also an immediate family member of the Chairman and the Group Chief Executive
Officer, as the Chairman is also the father of the chairman of the EXCO.
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CORPORATE GOVERNANCE REPORT
2
Such backgrounds and competencies include 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, digital and technology, sustainability, human resource management, and experience in relevant geographies.
Profiles of each of the Directors can be found on pages 15 to 21 of this annual report.
Other than the Group Chief Executive Officer, all of the Directors are non-executive and the Board comprises a
majority of Independent Directors (six out of ten).
No Alternate Directors Appointed During FY24
No alternate Directors were appointed to the Board during FY24. Alternate Directors will only be appointed in
exceptional circumstances.
Annual Review of Structure, Size and Composition of Board and Board Committees
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:
(a)
the structure, size and composition of the Board and Board Committees as at 30 September 2024 were appropriate
for the scope and nature of Frasers Property’s operations (see also the “Board renewal” section on page 123
of this annual report for more elaboration on the ongoing Board renewal exercise); and
(b)
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 competencies2 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, Geographical Background and Experience
and Tenure (as at 30 September 2024)
50 years and below
51 to 60 years | 61 to 70 years
Above 70 years
50%
20%
20%
10%
Age Group
Non-Executive and Independent Directors
Non-Executive and Non-Independent Directors
Executive and Non-Independent Directors
30%
10%
Independence
60%
Male | Female
10%
90%
Gender
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Geographical Background and Experience
0
2
4
6
8
Australia
Japan
Thailand
Singapore
China and Hong Kong
United Kingdom
Vietnam
8
6
5
1
1
1
1
Number of Directors
Tenure
Number of Directors
0
1
2
3
4
6 to 8 years
2 to 4 years
Less than 2 years
More than 8 years
4 to 6 years
4
3
2
1
0
Frasers Property’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 Frasers Property (“AGM”). All Directors
are required to retire from office at least once every three years. All retiring Directors are eligible for re-election. New
Directors appointed by the Board during the year must also retire from office at the next AGM immediately following
their appointment, but will be eligible for re-election at that AGM.
Shareholders may vote on the appointment of Directors who are retiring from office and standing for re-election at
each AGM. Information on the Directors who are seeking re-election at the upcoming AGM can be found in the section
“Additional Information on Directors Seeking Re-Appointment” on pages 345 to 357 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 2024, 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”).
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.
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CORPORATE GOVERNANCE REPORT
Board Executive Committee (EXCO)
Board Executive Committee
Membership(1)
Key Objectives
Mr Thapana Sirivadhanabhakdi, Chairman
Mr Pramoad Phornprapha
Mr Wee Joo Yeow
Mr Panote Sirivadhanabhakdi
Mr Sithichai Chaikriangkrai
Mr Rodney Vaughan Fehring(2)
•
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 2024.
(2)
Mr Rodney Vaughan Fehring is a co-opted member of the EXCO. He is not a Director. Although Provision 2.4 of the Code states that “The Board
and board committees” are to “comprise directors”, Mr Fehring provides the EXCO with the appropriate skills, knowledge and experience even
though he is not a Director, and his appointment is consistent with the principle that the EXCO should have an appropriate level of background in
its composition to enable it to make decisions in the best interests of Frasers Property.
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 Frasers Property 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 Frasers Property requiring Board approval) in accordance
with the limits set under Frasers Property’s framework of delegated authorisations; and
(e)
review both the financial and non-financial performance of Frasers Property and the Group.
Audit Committee (AC)
Audit Committee
Membership(1)
Key Objectives
Mr Chin Yoke Choong, Chairman
Mrs Siripen Sitasuwan
Mr Wee Joo Yeow
Dr David Wong See Hong
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
Note:
(1)
As at 30 September 2024.
As at 30 September 2024, the AC was made up entirely 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. This enables
them to discharge their responsibilities competently.
Under the terms of reference of the AC, a former partner or director of Frasers Property’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
(b)
in any case, 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 Frasers Property’s external auditors, KPMG LLP, within
a period of two years prior to their appointment as members of the AC, and none of the members of the AC hold any
financial interest in KPMG LLP.
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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 Frasers Property’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
Frasers Property and the Group and any announcements relating to Frasers Property’s and the Group’s financial
performance and to review the assurance provided by the Group Chief Executive Officer and the Group Chief
Financial Officer that the financial records have been properly maintained and the financial statements give a
true and fair view of Frasers Property’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 Frasers Property’s and the Group’s internal controls, including
financial, operational, compliance and information technology controls, and risk management systems;
•
Interested Person Transactions: reviewing interested person transactions as may be required under the SGX-ST
Listing Manual and the general mandate for interested person transactions, and to ensure proper disclosure
and reporting to Shareholders;
•
Conflicts of Interests: monitoring and/or reviewing any actual or potential conflicts of interest that may involve
the Directors (as disclosed by them to the Board and in exercising their Directors’ fiduciary duties), controlling
Shareholders and their respective associates;
•
Whistle-blowing: oversight and monitoring of whistle-blowing, including periodic review of the policy which sets
out the procedures for a whistleblower to make a report to Frasers Property on misconduct or wrongdoing relating
to Frasers Property 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 Frasers Property’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 Frasers Property. If so, the AC will:
(a)
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
(b)
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 Frasers Property’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)
in each case without the presence of Management, discuss any concerns which may be difficult to raise in
Management’s presence;
(b)
review the level of cooperation and assistance given by the Management to the external and internal auditors; and
(c)
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.
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The AC may also consult outside counsel, auditors or other advisors as it may deem necessary at Frasers Property’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 FY24, 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;
•
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)
Nominating Committee
Membership(1)
Key Objectives
Mr Pramoad Phornprapha, Chairman
Mr Chin Yoke Choong
Mr Wee Joo Yeow
•
Establishes a formal and transparent process for
appointment and re-appointment of Directors, taking into
account the need for progressive renewal of the Board
•
Oversees the succession plans for the Directors, Chairman,
Group Chief Executive Officer and other Key Management
Personnel, and talent management of the Group
•
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
Note:
(1)
As at 30 September 2024.
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As at 30 September 2024, the NC was made up entirely of Non-Executive Directors, all of whom (including the Chairman)
are Independent Directors.
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 Chief Executive Officer 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 page 116
•
“Board Composition” on pages 106 to 107
•
“Directors’ Independence” on pages 121 to 122
•
“Board Performance Evaluation” on page 124
Remuneration Committee (RC)
Remuneration Committee
Membership(1)
Key Objectives
Mr Chin Yoke Choong, Chairman
Mr Wee Joo Yeow
Mr Thapana Sirivadhanabhakdi
•
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 Chief Executive Officer 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 Frasers
Property, taking into account the strategic objectives of
Frasers Property
Note:
(1)
As at 30 September 2024.
As at 30 September 2024, the RC was made up entirely of Non-Executive Directors, the majority of whom, including
the Chairman, are Independent Directors.
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Under the terms of reference of the RC, the RC shall (i) review and recommend to the Board a framework of remuneration
for the Board and the Group Chief Executive Officer and other Key Management Personnel, and (ii) 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)
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 Chief Executive Officer and other Key Management Personnel, in accordance
with the approved remuneration policies and procedures;
(b)
proposes, for the Board’s approval, criteria to assist in the evaluation of the performance of the Group Chief
Executive Officer and other Key Management Personnel;
(c)
reviews the obligations of the Group arising in the event of the termination of the service contracts of executive
Directors and the Group Chief Executive Officer 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 Frasers Property’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 Frasers Property
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 Frasers Property or from external sources.
Where such advice is obtained from external sources, the RC ensures that existing relationships, if any, between
Frasers Property and its appointed remuneration consultants will not affect the independence and objectivity of
the remuneration consultants. During FY24, Willis Towers Watson Consulting (Singapore) Pte Ltd (“Willis Towers
Watson”) and Mercer (Singapore) Pte Ltd (“Mercer”) were appointed as Frasers Property’s remuneration consultants.
Sustainability and Risk Management Committee (SRMC)
Sustainability and Risk Management Committee
Membership(1)
Key Objectives
Mr Pramoad Phornprapha, Chairman
Mr Tan Pheng Hock
Mr Wee Joo Yeow
Dr David Wong See Hong
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
Note:
(1)
As at 30 September 2024.
As at 30 September 2024, 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) are Independent Directors.
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Sustainability
The SRMC assists the Board to oversee matters in relation to the Group’s sustainability practices and progress. The
SRMC also helps to ensure that Management maintains a sound system of ESG governance and an ESG 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.
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 134 to 135.
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, Frasers Property 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.
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 an investment committee and sustainability and
risk committee (“SRC”) at the Group level, and management committees and finance committees at business unit level.
Such Management Sub-Committees have various responsibilities, including the review and/or approval of the following:
(a)
proposed acquisitions, investments, divestments, construction and development projects, and asset enhancement
initiatives;
(b)
sustainability and risk management policies, practices and initiatives;
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(c)
strategic initiatives and business performance; and
(d)
quality and integrity of financial reporting, internal controls and risk management systems.
Aligned with Frasers Property’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 FY24:
Meeting attendance record for FY24
Board
EXCO
AC
NC
RC
SRMC
Annual
General
Meeting
No. of meetings held in FY24
5
7
5
4
5
4
1
Mr Charoen Sirivadhanabhakdi
5(C)
N.A.
N.A.
N.A.
N.A.
N.A.
1
Mr Chin Yoke Choong
5
N.A.
5(C)
4
5(C)
N.A.
1
Mr Pramoad Phornprapha
5
7
N.A.
4(C)
N.A.
4(C)
1
Mrs Siripen Sitasuwan
5
N.A.
5
N.A.
N.A.
N.A.
1
Mr Tan Pheng Hock
5
N.A.
N.A.
N.A.
N.A.
4
–
Mr Wee Joo Yeow
5
7
5
4
5
4
1
Dr David Wong See Hong
5
N.A.
5
N.A.
N.A.
4
1
Mr Thapana Sirivadhanabhakdi
5
7(C)
N.A.
N.A.
5
N.A.
1
Mr Panote Sirivadhanabhakdi
5
7
N.A.
N.A.
N.A.
4
1
Mr Sithichai Chaikriangkrai
5
7
5
N.A.
N.A.
4
1
Note:
(C)
Denotes Chairman of the Board or Board Committee.
A calendar of activities is scheduled for the Board a year in advance.
Frasers Property’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
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, review and consider the matters being tabled so
that discussions are more meaningful and productive and Directors have the necessary information to make sound,
informed decisions.
Senior members of the Management team and Frasers Property’s business divisions attend Board meetings, and
where necessary, Board Committee meetings, to present to the Directors, provide input and insight into matters being
discussed, 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 Frasers Property’s expense where applicable, to brief the Directors and
provide their expert advice.
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For matters which require the Board’s and/or Board Committees’ decision outside such meetings, Board and/or
Board Committee papers will be circulated through the Company Secretary for the Directors’ consideration with
further discussions taking place between the Directors and Management (if required) before a decision is made.
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 requested by
Directors, site visits and meetings with personnel from the Group’s business divisions are arranged for Directors to
better understand key business operations of each division and to promote active engagement with Management.
Directors are provided with complete, adequate and timely information to enable them to prepare adequately for
Board and Board Committee meetings and make informed decisions.
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 Frasers
Property’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)
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;
(b)
attending all Board and Board Committee meetings and drafting and reviewing the minutes of proceedings;
(c)
administering and executing Board and Board Committee procedures, in compliance with Frasers Property’s
Constitution and applicable law;
(d)
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;
(e)
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 Frasers Property’s primary channel of communication with the SGX-ST.
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Training and Development of Directors
The NC is tasked with:
(a)
ensuring that new Directors understand the Group’s business and are aware of their duties and obligations; and
(b)
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:
(a)
in writing or disseminated by way of presentations and/or handouts; and/or
(b)
by way of briefings held by Frasers Property’s lawyers and auditors.
During FY24, the Directors attended briefings on, among others, (i) updates to the SGX-ST Listing Manual and the Code
conducted by a law firm, (ii) updates on changes in financial reporting standards conducted by Frasers Property’s
auditors, (iii) sustainability and ESG matters, and (iv) industry and market developments.
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)
undergo continual professional development during the term of their appointment, and provided with opportunities
to develop and maintain their skills and knowledge at Frasers Property’s expense; and
(b)
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.
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 Frasers Property.
Orientation / Training for New Directors
A comprehensive orientation programme is 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 acquaint with Management, and fosters
rapport and facilitates communication with Management.
A new Director without prior experience as a director of an issuer listed on the SGX-ST must 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.
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The NC will also take into consideration the following factors:
(a)
for existing Directors (including Directors to be recommended for re-appointment): their competencies,
commitment, contribution and performance (e.g. attendance, preparedness, participation and candour);
(b)
for Directors who hold multiple board representations and other principal commitments: whether they are able
to effectively discharge their duties as Directors of Frasers Property; 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 Frasers Property.
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 Frasers Property. 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, Frasers Property 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.
Annually, the NC reviews the directorships and principal commitments of each Director and a Board evaluation
framework to determine the effectiveness of the Board. These allow the NC to 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 Frasers Property 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 124.
In respect of FY24, the NC is of the view that each Director has been able to effectively discharge his or her duties as
a Director of Frasers Property.
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Board Diversity Policy, Targets, Timelines and Progress
Frasers Property 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 Frasers Property’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)
any brief to external search consultants for potential appointments to the Board will include a requirement to
fulfil one or more Targets; and
(b)
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.
The Board composition reflects Frasers Property’s commitment to Board diversity, especially in terms of gender, skills
and expertise, age and Board independence. Frasers Property’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
Frasers Property aims to improve gender diversity
in the next 3 to 5 years (commencing from the end
of FY2023, ie by 2028) by appointing at least one
additional female director.
Frasers Property believes that achieving an optimum
mix in gender representation on the Board would
provide different approaches and perspectives on
the Board.
In progress – As at 30 September 2024, the Board has
one female director, representing 10% of the Board.
When identifying new director(s) for appointment to
the Board, Frasers Property will strive to ensure that
female candidate(s) are included for consideration by
the NC.
Male | Female
10%
90%
Gender
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Target
Progress and plans towards achieving Target
2.
Skills and Expertise
Frasers Property aims to broaden the 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 areas of (i)
digital and technology, and/or (ii) sustainability, and/or
(iii) relevant geographies being prioritised.
Frasers Property believes that diversity in skillset and
expertise would support the work of the Board and
its committees, help achieve its strategic objectives
and provide effective guidance and oversight of
Management and its operations.
Achieved – As at 30 September 2024, the Directors
as a group possess a variety of qualifications
and competencies, including in identified core
competencies, as set out in the chart below. In
addition, the Board consists of Directors with varied
geographical backgrounds and experience. In particular,
our Directors collectively have backgrounds or
experience in Singapore, Thailand, Vietnam, Australia,
the United Kingdom and China, being the regions of
the Group’s key markets.
When identifying new director(s) for appointment to
the Board, Frasers Property 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.
Skills and Expertise
0
2
4
6
8
10
Number of Directors
Sustainability
Legal / Corporate Governance
Audit / Accounting and Finance
Strategy development
Real estate industry experience /
knowledge
Human resource management
Digital and Technology
Risk management
Investments / Mergers and Acquisitions (including
fund management and/or investment banking)
Business management
10
4
5
7
7
6
1
10
10
10
Geographical Background and Experience
Number of Directors
Australia
Japan
Thailand
Singapore
China and Hong Kong
United Kingdom
Vietnam
8
6
5
1
1
1
1
0
2
4
6
8
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Target
Progress and plans towards achieving Target
3.
Age Diversity
Frasers Property aims to have the Board 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.
Frasers Property believes that age diversity would
introduce fresh perspectives and broaden debates
within the Board, and avoid the risk of groupthink, while
ensuring the Board’s decisions and/or strategies stay
relevant as markets evolve.
Achieved – As at 30 September 2024, the ages of
the Directors fall within four different age groups,
representing diversity in the age ranges of the Directors.
Please refer to the chart below.
50 years and below
51 to 60 years | 61 to 70 years
Above 70 years
50%
20%
20%
10%
Age Group
4.
Board Independence
Frasers Property aims to maintain majority independent
director representation on the Board.
Frasers Property believes that boards with majority
independent directors will facilitate objective and
unbiased decision-making aligned with shareholders’
interests, and independent board members who bring
external expertise help improve Frasers Property’s
performance.
Achieved – As at 30 September 2024, the Board meets
the independence composition requirements.
Non-Executive and Independent Directors
Non-Executive and Non-Independent Directors
Executive and Non-Independent Directors
30%
10%
Independence
60%
Frasers Property’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.
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(a)
Gender Representation – Frasers Property believes that achieving an optimum mix in gender representation
on the Board would provide different approaches and perspectives. The push for greater gender diversity
would also provide Frasers Property with access to a broader talent pool and improve its capacity for strategic
thinking and problem solving;
(b)
Skills and Expertise – Frasers Property believes that diversity in skillset and expertise would support the work
of the Board and Board Committees and the needs of Frasers Property. This benefits Frasers Property 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 Frasers Property’s strategic
objectives;
(c)
Age Diversity – Frasers Property believes that age diversity would introduce fresh perspectives and broaden
debates within the Board, and avoid the risk of groupthink, while ensuring the Board’s decisions and/or
strategies stay relevant as markets evolve; and
(d)
Board Independence – Frasers Property believes that boards with majority independent directors will facilitate
objective and unbiased decision-making aligned with shareholders’ interests, and independent board members
who bring external expertise help improve Frasers Property’s performance.
The current Board composition reflects an appropriate diversity of age, independence, backgrounds and competencies
of the Directors. 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. 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. Furthermore, the Directors’
diversity in experience in different geographical markets has provided Frasers Property 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 2024, the ages of the Board members range
from 46 to 80 years.
Directors’ Independence
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 Frasers Property and its Shareholders. The Independent
Directors meet at least once annually.
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 Frasers Property, 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 FY24 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.
Based on their declarations, none of the six Independent Directors has any relationship with Frasers Property, its
related corporations, the substantial Shareholders or Frasers Property’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
Frasers Property.
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Independence of Dr David Wong See Hong
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 Frasers Property, and the Group has an effective interest in 25.67% of the units in FHT
as at 27 November 2024. 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 Frasers Property, 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 Frasers Property.
Other Independent Directors
Additionally, notwithstanding that certain Independent Directors hold directorships in entities which have provided
services to or received payment from Frasers Property or any of its subsidiaries in FY24 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 Frasers Property
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.
Re-designation of Mr Wee Joo Yeow from Independent Director to Non-Independent Director
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 Frasers Property’s
Annual General Meeting for the financial year ending 30 September 2024, which is to be held on 16 January 2025 (the
“2025 AGM”).
The Board, on the recommendation of the NC, and having considered that Mr Wee Joo Yeow continues to provide
valuable insight and expertise to the Board which supports Frasers Property’s long-term strategy and governance, has
approved the re-designation of Mr Wee Joo Yeow from Non-Executive and Independent Director to Non-Independent
and Non-Executive Director with effect from the conclusion of the 2025 AGM. In view of Mr Wee Joo Yeow’s
qualifications and extensive corporate banking experience, the Board and the NC are of the view that it is in Frasers
Property’s interests for Mr Wee Joo Yeow to continue serving on the Board to provide continuity and insights into the
business, and to allow Frasers Property to tap into his vast knowledge and business acumen.
Following his re-designation, Mr Wee Joo Yeow will retire as a member of the RC but will remain as a member of the
EXCO, a member of the AC, a member of the NC and a member of the SRMC.
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Board renewal
Board renewal is a continuing process where the composition of the Board is continuously reviewed 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. The NC is in the process of sourcing for potential candidates for Board appointments as part of its Board
renewal exercise, in anticipation of the re-designation of Mr Wee Joo Yeow from Non-Executive and Independent
Director to Non-Independent and Non-Executive Director with effect from the conclusion of the 2025 AGM, following
which Independent Directors will no longer form a majority of the Board. Further announcements on updates to
Frasers Property’s plans for Board refreshment and renewal will be made in due course.
Lead Independent Director
Mr Chin Yoke Choong was appointed as the Lead Independent Director of Frasers Property with effect from
25 October 2022.
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)
being available to Shareholders where they have concerns and the normal channels of communication with
the Chairman, the Group Chief Executive Officer and the Group Chief Financial Officer may be inappropriate
or inadequate;
(e)
representing the Independent Directors in responding to Shareholders’ and other stakeholders’ questions that
are directed to the Independent Directors as a group; and
(f)
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 Chief Executive Officer.
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, Frasers Property, 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 property projects of Frasers Property, 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
Chief Executive Officer or any other interested persons (as defined in the SGX-ST Listing Manual) and employees of
the Group. Frasers Property does not have a practice of extending loans to Directors, and as at 30 September 2024,
there were no loans granted by Frasers Property to Directors. If there are such loans, Frasers Property will comply with
its obligations under the Companies Act in relation to loans, quasi-loans, credit transactions and related arrangements
to Directors.
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Board Performance Evaluation
The NC is tasked with making recommendations to the Board on the process and objective performance criteria for
evaluation of the performance of the Board as a whole, the Board Committees and the individual Directors.
The Board, with the recommendation of the NC, has approved the objective performance criteria and implemented a
formal process for assessing 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.
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 Frasers Property, 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 Frasers Property;
(g)
development and succession planning of executives;
(h)
development and training of Directors;
(i)
oversight of risk management and internal controls; and
(j)
the effectiveness of the Board Committees.
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 Frasers Property as a whole. 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). One-to-one interviews are conducted selectively on a rotational basis,
to obtain Directors’ feedback.
The responses to the Questionnaires and interview(s), if any for that particular financial year, will be collated and a report
on the findings and analysis of the results will be submitted to the NC. The report 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.
The outcome of the Board evaluation which was completed in FY24 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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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 Chief Executive Officer 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.
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 well-being framework;
(iii)
leadership development;
(iv)
learning and development; and
(v)
career advancement through vertical, lateral and diagonal moves within the Group.
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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 Frasers Property to stay competitive in its remuneration packages. During FY24, Willis Towers Watson and Mercer
were appointed as Frasers Property’s remuneration consultants for Management’s remuneration. The remuneration
consultants do not have any relationship with Frasers Property or its Directors, the Group Chief Executive Officer 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 Chief Executive Officer and other Key Management Personnel
and other management personnel of Frasers Property. 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 Chief Executive Officer 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
(b)
is tailored to the specific role and circumstances of each Director, the Group Chief Executive Officer 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 Frasers
Property and takes into account the strategic objectives of Frasers Property to ensure that they are:
(a)
appropriate and proportionate to the sustained performance and value creation of Frasers Property; and
(b)
designed to attract, retain and motivate the Group Chief Executive Officer and other Key Management Personnel
to successfully manage Frasers Property 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)
Frasers Property’s 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 Frasers Property’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 Chief Executive Officer
and other Key Management Personnel are reviewed annually by the RC and approved by the Board.
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Variable Component
A significant and appropriate proportion of the Group Chief Executive Officer 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 Chief Executive
Officer 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 Strategy
and Governance, Customer 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 Chief Executive Officer and other Key Management Personnel are determined. The RC
recommends the final short-term incentives that are awarded to the Group Chief Executive Officer and other Key
Management Personnel for the Board’s approval, taking into consideration any other relevant circumstances.
(2)
Long-Term Incentive Plans
The RC administers Frasers Property’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,
Frasers Property seeks to foster greater alignment of interests of the Group Chief Executive Officer 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, Frasers Property 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,
Frasers Property has not granted any awards under RSP and PSP, nor delivered any shares of Frasers Property
(“Shares”) under the RSP and PSP.
Restricted Share Plan and Performance Share Plan
Under the RSP and PSP, Frasers Property 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 Chief Executive Officer, 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.
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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, Frasers Property has granted cash-settled awards under the RCP. The RCP will:
(a)
continue to ensure that participants’ interests are aligned with Shareholders’ interests, whilst improving the
competitiveness of Frasers Property’s compensation packages; and
(b)
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, Frasers Property 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 Chief Executive Officer 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.
Key terms of the RCP are as follows:
(a)
the awards are granted to the Group Chief Executive Officer, other Key Management Personnel and other
senior employees;
(b)
the awards granted are subject to performance conditions based on Frasers Property’s operational performance
over a one-year performance period;
(c)
the pre-set performance conditions are Attributable Profit Before Fair value and Exceptional items (“APBFE”)
and Return on Capital Employed;
(d)
the final number of awards to be released (“RCP Final Awards”) will depend on the achievement of the
prescribed performance conditions; and
(e)
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 Frasers Property’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 Chief Executive Officer and other Key Management Personnel
Frasers Property 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 Frasers Property’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.
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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 Frasers Property, and appropriate
to attract, retain and motivate the Group Chief Executive Officer and other Key Management Personnel to successfully
manage Frasers Property for the long term.
Performance Indicators for the Group Chief Executive Officer and other Key Management Personnel
As set out above, Frasers Property’s variable remuneration comprises short-term and long-term incentives, taking
into account both individual and Frasers Property’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 and Absolute Total
Shareholders’ Return as a multiple of Cost of Equity (in the case of the PSP) align the interests of the Group Chief
Executive Officer and other Key Management Personnel with the long-term growth and performance of Frasers Property.
For FY24, the pre-determined target performance levels under the LTI Plans were partially met.
Currently, there are no claw-back provisions on remuneration for exceptional circumstances of misstatement of
financial results or misconduct. However, the LTI Plans provide the RC with the discretion to forfeit incentive for conduct
detrimental to Frasers Property. Following a review of the terms of the incentive plans, claw-back provisions will be
incorporated into the terms for the award of incentives.
Remuneration Packages of the Group Chief Executive Officer and other Key Management Personnel
The RC reviews and makes recommendations on the specific remuneration packages and service terms for the Group
Chief Executive Officer and other Key Management Personnel for approval by the Board, which is ultimately accountable
for all remuneration decisions relating to the Group Chief Executive Officer and other Key Management Personnel.
Each Director, the Group Chief Executive Officer and each of the other Key Management Personnel is not involved in
deciding his/her own remuneration.
The Group Chief Executive Officer does not receive any Directors’ fee for serving on the Board and Board Committees.
As an associate of a controlling Shareholder, the Group Chief Executive Officer 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 Chief Executive Officer’s remuneration.
The RC aligns the Group Chief Executive Officer’s leadership, through appropriate remuneration and benefit policies,
with Frasers Property’s strategic objectives and key challenges. Performance targets are also set for the Group Chief
Executive Officer 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 Frasers Property
to successfully manage Frasers Property for the long term.
Independent Directors and other Non-Executive Directors do not receive options, share-based incentives or bonuses.
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Frasers Property 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 FY24:
Basic Fee
Attendance Fee
(for physical
attendance in
Singapore or
home country
of Director)
Attendance Fee
(for physical
attendance
outside Singapore
(excluding home
country of Director))
Attendance Fee
(for attendance
via tele / video
conference)
($)
($)
($)
($)
Board
– Chairman
200,000
3,000
4,500 per trip
1,000
– Lead Independent Director
120,000
1,500
4,500 per trip
1,000
– Member
100,000
1,500
4,500 per trip
1,000
Audit Committee and Board Executive Committee
– Chairman
60,000
3,000
4,500 per trip
1,000
– Member
30,000
1,500
4,500 per trip
1,000
Remuneration Committee
– Chairman
50,000
3,000
4,500 per trip
1,000
– Member
25,000
1,500
4,500 per trip
1,000
Nominating Committee and Sustainability and Risk Management Committee
– Chairman
40,000
3,000
4,500 per trip
1,000
– Member
20,000
1,500
4,500 per trip
1,000
Shareholders’ approval was obtained at the AGM held on 24 January 2024 for the payment of Directors’ fees of up to
$2,500,000 for FY24. Shareholders’ approval will be sought at the upcoming AGM to be held on 16 January 2025 for
the proposed payment of Directors’ fees of up to $2,500,000 for the financial year ending 30 September 2025 (“FY25”).
As a show of support for the measures taken by Management to manage costs, the Non-Executive Directors will waive
10% of their basic fees with effect from 1 October 2024. The waiver will be reviewed at the end of FY25.
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Disclosure of Remuneration of Directors, the Group Chief Executive Officer and other Key Management Personnel
Information on the remuneration paid to Directors of Frasers Property in FY24 is set out in the table below:
Total
remuneration
(in the form
of Director’s
fees)
Directors
($)(1)
Directors holding office as at 30 September 2024
Mr Charoen Sirivadhanabhakdi
–(2)
Mr Chin Yoke Choong
299,000
Mr Pramoad Phornprapha
248,500
Mrs Siripen Sitasuwan
142,000
Mr Tan Pheng Hock
133,500
Mr Wee Joo Yeow
274,000
Dr David Wong See Hong
175,500(3)
Mr Thapana Sirivadhanabhakdi
213,500
Mr Panote Sirivadhanabhakdi
–(4)
Mr Sithichai Chaikriangkrai
208,500
Notes:
(1)
100% of the remuneration paid to the Non-Executive Directors is in the form of Directors’ fees, which are payable wholly in cash.
(2) Mr Charoen Sirivadhanabhakdi has waived payment of Directors’ fees for FY24 due to him.
(3) Additionally, Dr David Wong See Hong received an aggregate of $91,000 in directors’ fees from Frasers Hospitality Asset Management Pte. Ltd. and
Frasers Hospitality Trust Management Pte. Ltd for FY24.
(4) Mr Panote Sirivadhanabhakdi, the Group Chief Executive Officer, is not paid Director’s fees.
The remuneration of the Group Chief Executive Officer and other Key Management Personnel of the Group and in
aggregate the total remuneration paid to them for FY24 is set out in the table below:
Salary
inclusive of
employer’s
CPF
Bonus
and other
benefits
inclusive of
employer’s
CPF
Cash-settled
Long Term
Incentive(2)
Total
Mr Panote Sirivadhanabhakdi(1)
$996,000
32%
$1,129,599
36%
$996,000
32%
$3,121,599
100%
Mr Loo Choo Leong
$3,404,001
44%
$2,403,370
31%
$1,912,223
25%
$7,719,594
100%
Mr Anthony Boyd(3)
Mr Cameron Leggatt(3)
Ms Eu Chin Fen
Mr Reinfried Helmut Otter (Reini Otter)
Ms Soon Su Lin
Notes:
(1)
Mr Panote Sirivadhanabhakdi, the Group Chief Executive Officer, is not paid Director’s fees.
(2)
The value of cash-settled long-term incentives is based on the initial awards at target level.
(3)
Mr Anthony Boyd stepped down as Chief Executive Officer of Frasers Property Australia on 1 February 2024 and the remuneration disclosed is
for the period from 1 October 2023 to 31 January 2024. Mr Cameron Leggatt was appointed as the Chief Executive Officer of Frasers Property
Australia on 1 February 2024 and the remuneration disclosed is for the period from 1 February 2024 to 30 September 2024.
*
In FY24, as part of the restructuring of the Group leadership team, there was a review of the list of Key Management Personnel (other than the
Group Chief Executive Officer). The table above reflects the updated list of Key Management Personnel (other than the Group Chief Executive
Officer) identified by the Group.
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Save as disclosed above, for FY24, there were no termination, retirement and post-employment benefits granted to
the Group Chief Executive Officer and the Key Management Personnel named in the table above.
Frasers Property is not disclosing the exact details of the remuneration of each Key Management Personnel (other
than the Group Chief Executive Officer) named in the table above in bands of $250,000, and is instead disclosing the
aggregate remuneration of all such Key Management Personnel (other than the Group Chief Executive Officer) based
on the list of Key Management Personnel as at the end of FY24 for the following reasons:
(a)
given the competitive business environment which Frasers Property operates in, there is significant competition
for talent and Frasers Property had not disclosed the remuneration of each such 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;
(b)
to ensure the continuity of business and operations of Frasers Property, it is important that Frasers Property
continues to retain its team of competent and committed staff;
(c)
it is important for Frasers Property 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 such 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 commercial sensitivities of staff remuneration matters, Frasers Property is of the
view that such disclosure could be prejudicial to the interests of Shareholders and/or other stakeholders.
While Provision 8.1(b) of the Code requires disclosure of the remuneration of each of the top five Key Management
Personnel (who are not the Directors or the Group Chief Executive Officer) in bands no wider than $250,000, the Board
has determined that despite the partial deviation from Provision 8.1 of the Code, there is sufficient transparency on
Frasers Property’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, after taking into account:
(a)
the reasons why such disclosure would be prejudicial to the interests of Shareholders; and
(b)
that Frasers Property has disclosed the remuneration policies, composition of remuneration, appraisal process
and performance metrics which go towards determination of the performance bonus of the Group Chief
Executive Officer and other Key Management Personnel.
As at 30 September 2024, save for the Group Chief Executive Officer, there were no employees within the Group
who is a substantial Shareholder or an immediate family member of a Director, the Group Chief Executive Officer
or substantial Shareholder, and whose remuneration (from Frasers Property and its subsidiaries) exceeds $100,000
during the year. As disclosed above, Mr Panote Sirivadhanabhakdi, the Group Chief Executive Officer is the son of
the Chairman, Mr Charoen Sirivadhanabhakdi. Mr Charoen Sirivadhanabhakdi is 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 Frasers Property’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).
Frasers Property prepares its financial statements in accordance with the Singapore Financial Reporting Standards
(International) prescribed by the Accounting Standards Council.
Frasers Property 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 Group’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, Frasers Property’s website and media and analysts’ briefings.
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In communicating and disseminating its results, Frasers Property 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 Group’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 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 24 January 2024, KPMG LLP was re-appointed by Shareholders as the external auditors of Frasers
Property 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 Frasers Property 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 FY24 are set out in the table below:
Fees Relating to External Auditors for FY24
$ (Million)
For audit and audit-related services*
6.8
For non-audit services
3.0
Total
9.8
*
In addition to the audit fees, there are technology charges from the auditors of $141,000.
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 Frasers Property.
Frasers Property has complied with Rule 712 of the SGX-ST Listing Manual which requires, amongst others, that a
suitable auditing firm should be appointed by Frasers Property to meet its audit obligations. Frasers Property has also
complied with Rule 715 of the SGX-ST Listing Manual which requires that the same auditing firm of Frasers Property
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 FY24, 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 2024.
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Key Audit Matter
Review by the AC
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 2024.
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 2024
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 2024.
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 with a view to safeguarding the interests of Frasers Property and its Shareholders
and Frasers Property’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 Frasers
Property is willing to take in achieving its strategic objectives and value creation. With the assistance of the SRMC,
the Board:
(a)
determines Frasers Property’s risk appetite;
(b)
assesses the Group’s risk profile, material risks, practices and risk control measures;
(c)
provides advice to Management in formulating the risk management framework, policies and guidelines; and
(d)
oversees Management in the implementation of the risk management systems.
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The Board with the assistance of the SRMC and the AC, reviews, at least annually, the adequacy and effectiveness of
Frasers Property’s risk management systems.
The Board has approved the Frasers Property Group 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 analysed comprehensively
so that Management understands the risks and that appropriate mitigation strategies can be undertaken. As part of our
plan to streamline risk governance and oversight at Management level, the SRC, a Management led committee was
established during the financial year to oversee sustainability and risk management policies, standards, practices, and
initiatives across the Group. The SRC reports to the SRMC. An outline of the Group’s ERM Framework is set out on
pages 40 to 45 of this annual report.
Periodic updates are provided to the SRMC on the Group’s risk profile. These updates include identification and
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.
During the financial year, the Board has approved enhancements to the Group’s Risk Appetite Statement, and Risk
Tolerance Statements and Thresholds to provide guidance to Management on key risk parameters. 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,
financial and operational areas, are reviewed and monitored closely by Management, and reported to the SRMC.
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 Frasers Property’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, financial closing checklist and internal control questionnaire for key areas
of the business and operations to self-evaluate the internal controls status. Management has also implemented a
process for completion of an assurance questionnaire which guides the assessment of the adequacy and effectiveness
of internal controls, taking into account the results of the control self-assessment exercise, internal audits and external
audits (where applicable).
Management Assurance
The heads of business units are required to provide written assurances as to the adequacy and effectiveness of their
business units’ system of internal controls and risk management. Assurances are also sought from Frasers Property’s
internal auditors based on their independent assessments.
The Board has received the relevant assurances from:
Financial Records and Financial Statements
(a)
the Group Chief Executive Officer and the Group Chief Financial Officer that as at 30 September 2024, the
financial records of the Group have been properly maintained and the financial statements for FY24 give a true
and fair view of the Group’s operations and finances;
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System of Internal Controls
(b)
the Group Chief Executive Officer and other Key Management Personnel, that the system of internal controls
in place for the Group is adequate and effective as at 30 September 2024 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 Chief Executive Officer and other Key Management Personnel, that the risk management system
in place for the Group is adequate and effective as at 30 September 2024 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 Chief Executive Officer 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 2024 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 Frasers Property, review performed by Management and
the SRMC, and the relevant assurances from the Group Chief Executive Officer 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 2024
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 2024, 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 (“Frasers Property 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 Frasers Property Group IA reports directly to the AC and administratively, to
the Group Chief Financial Officer. The appointment and removal of the Head of Frasers Property Group IA requires
the approval of the AC.
The AC:
(a)
ensures that Frasers Property Group IA complies with the standards set by nationally or internationally recognised
professional bodies. In this regard, in performing internal audit services, Frasers Property Group IA has adopted
and complies with the Global Internal Audit Standards under the International Professional Practices Framework
set by The Institute of Internal Auditors, Inc;
(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 auditors 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 2024:
(i)
Frasers Property Group IA comprised 24 professional staff members;
(ii)
the Head of Frasers Property Group IA and the Singapore-based Frasers Property Group IA staff are
members of The Institute of Internal Auditors, Singapore Chapter;
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(iii)
to ensure that the internal audit activities are effectively performed, Frasers Property Group IA employs
suitably qualified audit professionals with the requisite skills and experience; and
(iv)
Frasers Property Group IA staff members are given relevant training and development opportunities to
update their technical knowledge and auditing skills. This includes attending workshops and seminars
organised by The Institute of Internal Auditors, The Association of Certified Fraud Examiners 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 conducted on the Group’s sustainability reporting process and ESG report.
Frasers Property Group IA operates within the framework of a set of terms of reference as contained in the Internal
Audit Charter approved by the AC. Frasers Property Group IA:
(a)
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;
(b)
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 Frasers Property.
Each quarter, Frasers Property Group IA submits reports to the AC on (a) the status of completion of the audit plan, (b)
audit findings noted from reviews performed, and (c) Management’s action plans to address such findings, including
the status of implementation of the audit recommendations. The AC is satisfied that the internal audit function is
independent and effective and that the Frasers Property Group IA has adequate resources and appropriate standing
within the Group to perform its functions effectively. Quality assurance reviews on Frasers Property 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 Frasers Property Group IA remains an adequate, effective and independent internal audit function.
Interested Person Transactions
Pursuant to Rule 920 of the SGX-ST Listing Manual, Frasers Property 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.
Frasers Property 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 Persons3 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 Group4 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.
3
The Shareholders’ Mandate will apply to the transactions that are carried out with Thai Beverage Public Company Limited, TCC Assets Limited,
Fraser and Neave, Limited, the Directors and their respective associates (the “Mandated Interested Persons”).
4
For the purposes of the Shareholders’ Mandate, an “Entity At Risk” means (i) Frasers Property; (ii) a subsidiary of Frasers Property that is not listed
on the SGX-ST or an approved exchange; or (iii) an associated company of Frasers Property that is not listed on the SGX-ST or an approved
exchange, provided that Frasers Property and its interested person(s), have control over the associated company (collectively, the “EAR Group”).
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In addition, specific review and approval procedures with threshold limits apply to the Mandated Transactions:
(a)
Frasers Property 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)
Frasers Property’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, Frasers Property 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 Frasers Property 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 Frasers Property and its minority Shareholders. In the event that such interested person transactions require:
(a)
the approval of the Board and the AC, relevant information will be submitted to the Board and the AC for review;
and/or
(b)
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 Frasers Property are required
to abstain from any deliberations or decisions in relation to that interested person transaction.
Whistle-Blowing Policy
Frasers Property has in place a whistle-blowing policy (the “Whistle-Blowing Policy”), which provides an independent
feedback channel through which matters of concern about:
(a)
misconduct or wrongdoing relating to Frasers Property and its officers in matters of financial reporting;
(b)
possible improprieties, including suspected fraud and corruption; or
(c)
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 Frasers Property’s website. Any report submitted through
this channel would be received by the Head of Frasers Property Group IA and Frasers Property has designated Group
IA, an independent function, to investigate all whistle-blowing reports made in good faith. Frasers Property 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 Frasers Property against
those who take reprisal actions. Frasers Property will treat all information received confidentially and protect the
identity of all whistle-blowers.
The improprieties, misconduct or wrongdoing that are reportable under the Whistle-Blowing Policy include:
(a)
financial or professional misconduct, including concerns about accounting, internal controls or auditing matters;
(b)
improper conduct, dishonest, fraudulent or unethical behaviour;
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(c)
any criminal or regulatory offence, breach, irregularity or non-compliance with laws, regulations or Frasers
Property’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, Frasers
Property and its reputation.
The Whistle-Blowing Policy, including the procedures for raising concerns, is accessible by all staff on the Frasers
Property Group intranet and is covered in a mandatory e-learning module. 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
Frasers Property 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 Frasers Property. Shareholders are also
given a balanced and understandable assessment of Frasers Property’s performance, position and prospects.
Frasers Property 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
Frasers Property.
Investor Relations
Frasers Property prides itself on its high standards of disclosure and corporate transparency. Frasers Property 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 Frasers Property; 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 Frasers Property,
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 Frasers Property and its Shareholders, as well as with the investment community. Frasers Property 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 Frasers Property with questions and through which Frasers Property may respond to such questions.
Frank and informed dialogue between Frasers Property and Shareholders is a central tenet of good corporate
governance, and encourages more active stewardship. The IR team communicates regularly with Shareholders and the
investment community through timely disclosures of material and other pertinent information via 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, Frasers Property provides, inter alia, a discussion of the significant factors that affected
Frasers Property’s interim performance as well as relevant market trends, including the risks and opportunities that
may have a material impact on Frasers Property’s prospects. Such information provides Shareholders with a better
understanding of Frasers Property’s performance in the context of the current business environment.
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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 Frasers Property’s businesses and performance. Frasers Property
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 33.
The contact details of the IR team for Shareholders, investors and other stakeholders to channel their comments
and queries can be found on Frasers Property’s website, as well as in the IR section on page 32. 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 Frasers Property’s website. Shareholders can access
this annual report (printed copies are available upon request) at https://investor.frasersproperty.com/publications.html.
Conduct of Shareholders’ Meetings
The Board supports and encourages active shareholder participation at AGMs as it believes that Shareholders’ 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 Shareholders’ meetings (including AGMs) of Frasers
Property, where the relevant rules and procedures governing such meetings (for instance, how to vote) are clearly
communicated prior to the start of the meeting.
Frasers Property generally provides Shareholders with longer than the minimum notice period required for Shareholders’
meetings (including AGMs), and tries not to schedule AGMs during peak periods when these might coincide with the
AGMs of other listed companies.
At AGMs, a presentation by Management is made to Shareholders to provide updates on Frasers Property’s performance,
position and prospects. The links to the presentation materials are made available on SGXNet and Frasers Property’s
website for the benefit of Shareholders.
Frasers Property’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 Shareholders’ meetings, Frasers Property sets out separate resolutions on each substantially separate matter unless
the matters are interdependent and linked so as to form one significant proposal. If resolutions are bundled together,
Frasers Property 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, Frasers Property has implemented electronic poll voting at Shareholders’ meetings where
Shareholders are invited to vote on each of the resolutions by poll, using an electronic voting system (instead of voting
by hand). 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 Shareholders’ meetings (including AGMs).
Although Provision 11.4 of the Code provides for a company’s constitution to allow for absentia voting at shareholders’
meetings, Frasers Property’s Constitution currently does not permit Shareholders to vote at Shareholders’ 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, Frasers
Property has decided for the time being, not to implement absentia voting methods such as voting via mail, email
or fax.
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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. Frasers Property’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.
Frasers Property 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 Frasers Property’s website within one month from the date of the
Shareholders’ meetings.
Dividend Policy
Frasers Property’s policy is to recommend dividends of up to 75% of Frasers Property’s net profit after tax after
considering a number of factors, including Frasers Property’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 Frasers Property.
Taking into consideration the Group’s financial performance, and in keeping with the Group’s efforts to maintain financial
flexibility amid macro developments, for FY24, the Board has proposed a first and final dividend of 4.5 Singapore cents
per Share (approximately 81% of APBFE before distribution to perpetual securities holders) to be approved at the
forthcoming 2025 AGM to be held on 16 January 2025.
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 Frasers Property are served. Stakeholders are
parties who may be affected by Frasers Property’s activities in areas including ESG, or whose actions can affect the
ability of Frasers Property to conduct its activities.
Sustainability
Frasers Property 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 ESG Framework – Acting Progressively, Consuming
Responsibly and Focusing on People – underpin 13 material, diverse and interconnected focus areas for Frasers Property.
In order to review and assess the material topics relevant to Frasers Property’s business activities, Frasers Property
from time to time identifies and engages with various stakeholders, including employees, customers, contractors
and suppliers, regulators and investors to gather feedback on the ESG issues most important to them. In FY24, we
conducted a double materiality assessment that considered stakeholder input in surfacing topics most important for
Frasers Property from an impact and financial materiality perspectives. Further details on how we are addressing the
materiality assessment can be found in our ESG Report 2024.
Please refer to the ESG Report 2024 which can be found on Frasers Property’s corporate website at
https://www.frasersproperty.com/who-we-are/sustainability/reports-and-policies, which sets out information on Frasers
Property’s arrangements to identify and engage with its material stakeholder groups and to manage its relationships with
such groups, and Frasers Property’s ESG strategy and key areas of focus in relation to the management of stakeholder
relationships in FY24.
Frasers Property has in place a Group ESG Policy, which outlines the Group’s approach and commitments on ESG
matters. The policy is reviewed every two years or where appropriate. The SRMC has oversight over the Group ESG Policy.
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Responsible Sourcing
Frasers Property 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
Frasers Property’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, Frasers Property has
established the Frasers Property 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 Frasers Property.
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 Frasers Property’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 Frasers Property’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)
includes requirements relating to the keeping of accurate and sufficiently detailed accounting records for
financial transactions, internal financial reporting and financial reporting to stakeholders;
(b)
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;
(c)
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
Frasers Property’s agents, suppliers, business associates and customers.
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Anti-Bribery and Anti-Corruption
Frasers Property has procedures in place to comply with applicable anti-bribery laws and regulations. Under Frasers
Property’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. Frasers Property 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
Frasers Property 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. Frasers Property’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
Frasers Property 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 Frasers Property 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.
Frasers Property has implemented a BCM programme that boosts its resilience and capability building in responding,
managing, and recovering from adverse business disruptions and unforeseen catastrophic events. Management has
developed Crisis Management Plans, Business Continuity Plans and Response Plans to manage disruption that may
negatively impact on the business of Frasers Property. Under the programme, critical business functions, key processes,
resource requirements and business recovery strategies are identified. Specific exercises such as cybersecurity exercise,
IT Disaster Recovery and fire drills are carried out to assess the effectiveness of the plans. Frasers Property’s Crisis
Management Team and staff are trained periodically, and the plans under the BCM programme are updated regularly.
Frasers Property will continue to enhance the BCM programme to ensure business resiliency in the face of a crisis.
The Code of Business Conduct, together with the other policies mentioned above, are accessible to all employees on
the Frasers Property Group intranet.
DEALINGS IN SECURITIES
Frasers Property has established a procedure regarding dealings in the securities of Frasers Property. 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 Chief Executive Officer are also required to
report their dealings in Frasers Property’s securities within two business days.
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CORPORATE GOVERNANCE REPORT
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
Page Reference of
Annual Report
THE BOARD’S CONDUCT OF AFFAIRS
Provision 1.2
Induction, training and development provided to new and existing Directors
116
Provision 1.3
Matters requiring Board approval
113 to 114
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
108 to 113
Provision 1.5
Number of Board and Board Committee meetings held in the financial
year and each individual Directors’ attendance at such meetings
114
BOARD COMPOSITION AND GUIDANCE
Provision 2.4
The Board diversity policy and progress made towards implementation of
the policy, including objectives
118 to 121
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
116 to 117
Provision 4.4
Relationships that Independent Directors have with Frasers Property, 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
121 to 122
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
117
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 Frasers Property or any of its Directors
124
PROCEDURES FOR DEVELOPING REMUNERATION POLICIES
Provision 6.4
Engagement of any remuneration consultants and their independence
126
DISCLOSURE ON REMUNERATION
Provision 8.1
Policy and criteria for setting remuneration, as well as names, amounts
and breakdown of remuneration of:
(a)
each individual Director and the Chief Executive Officer; and
(b)
at least the top five key management personnel (who are not
Directors or the Chief Executive Officer) in bands no wider than
$250,000 and in aggregate the total remuneration paid to these key
management personnel
129 to 132
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Provisions of the Code – Express Disclosure Requirements
Page Reference of
Annual Report
Provision 8.2
Names and remuneration of employees who are substantial shareholders
of Frasers Property, or are immediate family members of a Director, the
Chief Executive Officer or a substantial shareholder of Frasers Property,
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 Chief Executive Officer or substantial shareholder should also be
clearly stated
132
Provision 8.3
All forms of remuneration and other payments and benefits, paid by
Frasers Property and its subsidiaries to Directors and key management
personnel of Frasers Property, and details of employee share schemes
126 to 132
RISK MANAGEMENT AND INTERNAL CONTROLS
Provision 9.2
Board’s assurance from:
(a)
the Chief Executive Officer and the Chief Financial Officer that the
financial records have been properly maintained and the financial
statements give a true and fair view of Frasers Property’s operations
and finances; and
(b)
the Chief Executive Officer and other key management personnel
who are responsible, regarding the adequacy and effectiveness of
Frasers Property’s risk management and internal control systems
135 to 136
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
138 to 139
SHAREHOLDER RIGHTS AND CONDUCT OF GENERAL MEETINGS
Provision 11.3
Directors’ attendance at general meetings of shareholders held during the
financial year
114
Provision 11.6
Frasers Property’s dividend policy
141
ENGAGEMENT WITH SHAREHOLDERS
Provision 12.1
Steps taken by Frasers Property to solicit and understand the views of
shareholders
139 to 141
ENGAGEMENT WITH STAKEHOLDERS
Provision 13.2
Frasers Property’s strategy and key areas of focus in relation to the
management of stakeholder relationships during the reporting period
141 to 143
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FINANCIAL STATEMENTS
147
Directors’ Statement
152
Independent Auditors’ Report
158
Consolidated Profit Statement
159
Consolidated Statement of Comprehensive Income
160
Statements of Financial Position
161
Consolidated Statement of Changes in Equity
163
Statement of Changes in Equity
165
Consolidated Statement of Cash Flows
168
Notes to the Financial Statements
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Frasers Property Limited
DIRECTORS’ STATEMENT
The Directors have pleasure in presenting their statement together with the audited financial statements of Frasers
Property Limited (the “Company”) and its subsidiaries (the “Group”) for the financial year ended 30 September 2024.
1.
OPINION OF THE DIRECTORS
In the opinion of the Directors,
(i)
the consolidated financial statements of the Group set out in pages 158 to 277 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 2024
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
(Chairman)
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
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.
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DIRECTORS’ STATEMENT
4.
DIRECTORS' INTERESTS IN SHARES AND DEBENTURES
(a)
The following Directors who held office at the end of the financial year had, according to the register of Directors’
shareholdings, required to be kept under Section 164 of the Companies Act 1967, an interest in the shares in
or debentures of the Company and its related corporations (other than wholly-owned subsidiaries) as stated
below:
Direct Interest
Deemed Interest (1)
Name of Director
As at
30 September
2024
As at
1 October 2023
or a later date
of appointment
as Director
As at
30 September
2024
As at
1 October 2023
or a later date
of appointment
as Director
Charoen Sirivadhanabhakdi
–
Frasers Property Limited
• Ordinary Shares
–
–
3,411,180,640 (2) 3,411,180,640
–
Fraser and Neave, Limited
• Ordinary Shares
–
–
N.A. (3) 1,270,503,884
–
Fraser & Neave Holdings Bhd
• Ordinary Shares
–
–
N.A. (3)
203,470,910
–
TCC Assets Limited
• Ordinary Shares
25,000
25,000
–
–
Chin Yoke Choong
–
Frasers Property Treasury Pte. Ltd.
• S$280M 4.25% p.a. Notes due
2026 (Series 6)
S$250,000
S$250,000
–
–
• S$500M 4.49% p.a. Green Notes
due 2027
S$250,000
S$250,000
–
–
Thapana Sirivadhanabhakdi
–
Frasers Property Limited
• Ordinary Shares
–
–
70,000,000 (4)
70,000,000
Panote Sirivadhanabhakdi
–
Frasers Property Limited
• Ordinary Shares
–
–
70,000,000 (4)
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 2024, 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 3,411,180,640 shares in the Company
in which TCCA has an interest.
(3)
Following completion of a share swap between TCCA and InterBev Investment Limited, an indirect wholly-owned subsidiary of Thai
Beverage Public Company Limited, on 20 September 2024, Fraser and Neave, Limited (“FNL”) and its subsidiaries, including Fraser & Neave
Holdings Bhd, ceased to be related corporations of the Company, as defined in the Companies Act 1967.
(4)
As at 30 September 2024, TCC Group Investments Limited (“TCCGI”) (which is equally held by the five children of Charoen Sirivadhanabhakdi,
including Thapana Sirivadhanabhakdi 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 all the shares in the Company in which TCCGI has an interest.
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DIRECTORS’ STATEMENT
4.
DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (CONT’D)
(b)
There was no change in any of the abovementioned interests in the Company between the end of the financial
year and 21 October 2024, other than as disclosed in this statement.
(c)
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.
(d)
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.
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.
Annual Report 2024
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ESG
Highlights
Corporate
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Financial &
Additional Information
DIRECTORS’ STATEMENT
5.
SHARE OPTIONS AND SHARE PLANS (CONT’D)
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 2024.
The Remuneration Committee has approved to settle all current RSP and PSP outstanding share awards in cash.
The final and outstanding tranche of RSP and PSP awards are expected to be fully settled by December 2024.
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)
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;
(d)
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;
(e)
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;
(f)
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;
(g)
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;
(h)
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
(i)
reviewed interested person transactions in accordance with the requirements of the Singapore Exchange
Securities Trading Limited’s Listing Manual.
Further details regarding the Audit Committee are disclosed in the Corporate Governance Report.
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.
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Frasers Property Limited
DIRECTORS’ STATEMENT
7.
AUDITORS
The auditors, KPMG LLP, have expressed their willingness to accept re-appointment as auditors.
On behalf of the Board
Chin Yoke Choong
Panote Sirivadhanabhakdi
Director
Director and Group Chief Executive Officer
Singapore
19 November 2024
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Highlights
Corporate
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Financial &
Additional Information
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the accompanying consolidated financial statements of Frasers Property Limited (the “Company”)
and its subsidiaries (collectively the “Group”), which comprise the consolidated statement of financial position of the
Group and statement of financial position of the Company as at 30 September 2024, 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 material accounting policy information, as set out on pages
158 to 277.
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 2024 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 Singapore, Australia, Germany, the Netherlands, the United Kingdom
(“UK”), Thailand and Vietnam. As at 30 September 2024, investment properties represent the largest category of assets
on the consolidated statement of financial position, at $24.1 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.
152
Frasers Property Limited
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
Our response:
We assessed the qualifications and objectivity of the external valuers. We held discussions with the valuers to
understand the valuation methods used and the assumptions applied.
We considered the valuation methodologies used by the valuers and compared these to those applied by other
valuers for similar property types. We assessed 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
against 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 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,
Thailand, the UK, Singapore and China. These properties have a carrying value of $3.3 billion as at 30 September 2024.
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 prices, 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 amount of write-down to net realisable value.
Our findings:
We found the estimates of net realisable values, costs of completion and any consequential write-down to be within
the range of reasonable outcomes.
Annual Report 2024
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Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
Valuation of property, plant and equipment
(Refer to Note 13 to the financial statements)
Risk:
As at 30 September 2024, the Group’s property, plant and equipment, which are mainly composed of hotel properties,
amount to approximately $2.2 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, capitalisation rates and terminal yield rates.
Our response:
We assessed the Group’s process for identifying 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 methodologies used in estimating recoverable amounts to be consistent with market practices, 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 2024 are goodwill and
intangible assets relating to management contracts with an aggregate carrying value of $559 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 and growth rates used in the valuation model against historical data, budgets and our understanding
of business plans for reasonableness. We challenged the appropriateness of the discount rates 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.
154
Frasers Property Limited
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
Our findings:
We found the key inputs and assumptions used in the determination of the recoverable amounts to be supported by
historical operating statistics and market data.
Other information
Management is responsible for the other information contained in the annual report. Other information is defined as
all information in the annual report other than the financial statements and our auditors’ report thereon.
We have obtained the Key Highlights, Corporate Profile, Group Portfolio Approach, Our Businesses, Our Multinational
Presence, Group Structure, Financial Highlights, Board of Directors, Group Management, Corporate Information,
Chairman’s Statement, In Conversation with the Group CEO, Investor Relations, Treasury Highlights, Awards and
Accolades, Enterprise-Wide Risk Management, Business Review, ESG Highlights, Corporate Governance Report,
Particulars of Group Properties, Interested Person Transactions, Use of Proceeds, Additional Information on Directors
Seeking Re-Appointment and FPL Fact Sheet prior to the date of this auditors’ report. Shareholding Statistics (‘the
Report’) is 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 Report, 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.
Annual Report 2024
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Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal controls.
•
Obtain an understanding of internal 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 regulations 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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Frasers Property Limited
INDEPENDENT AUDITORS’ REPORT
Members of the Company
Frasers Property Limited
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In our opinion, the accounting and other records required by the Act to be kept by the Company and by those
subsidiary corporations incorporated in Singapore of which we are the auditors have been properly kept in accordance
with the provisions of the Act.
The engagement partner on the audit resulting in this independent auditors’ report is Leong Kok Keong.
KPMG LLP
Public Accountants and
Chartered Accountants
Singapore
19 November 2024
Annual Report 2024
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ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Group
2024
2023
Note
$'000
$'000
REVENUE
3
4,214,846
3,947,066
Cost of sales
4(a)
(2,721,446)
(2,403,140)
Gross profit
1,493,400
1,543,926
Other income/(losses)
4(b)
19,204
30,212
Administrative expenses
4(c)
(444,866)
(411,841)
TRADING PROFIT
4
1,067,738
1,162,297
Share of results of joint ventures and associates, net of tax
15
284,493
150,919
PROFIT BEFORE INTEREST, FAIR VALUE CHANGE,
TAX AND EXCEPTIONAL ITEMS
1,352,231
1,313,216
Interest income
5
103,317
96,771
Interest expense
6
(627,775)
(525,849)
Net interest expense
(524,458)
(429,078)
PROFIT BEFORE FAIR VALUE CHANGE, TAX
AND EXCEPTIONAL ITEMS
827,773
884,138
Fair value change and gain on disposal of investment properties
7
(198,630)
(446,176)
PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS
629,143
437,962
Exceptional items
8
23,244
(37,211)
PROFIT BEFORE TAX
652,387
400,751
Tax
9
(132,875)
(105,984)
PROFIT FOR THE FINANCIAL YEAR
519,512
294,767
Attributable profit:
Owners of the Company (before distributions to perpetual securities holders)
– Before fair value change and exceptional items
218,156
350,268
– Fair value change
(27,317)
(153,276)
– Exceptional items
15,492
(23,848)
206,331
173,144
Non-controlling interests
313,181
121,623
PROFIT FOR THE FINANCIAL YEAR
519,512
294,767
EARNINGS PER SHARE
10
Basic earnings per share
4.2¢
3.1¢
Diluted earnings per share
4.2¢
3.1¢
The accompanying notes form an integral part of the financial statements.
CONSOLIDATED PROFIT STATEMENT
For the financial year ended 30 September 2024
158
Frasers Property Limited
Group
2024
2023
$'000
$'000
PROFIT FOR THE FINANCIAL YEAR
519,512
294,767
OTHER COMPREHENSIVE INCOME
Items that may be reclassified subsequently to profit statement:
Effective portion of changes in fair value of cash flow hedges
(407,536)
(235,578)
Net change in fair value of cash flow hedges reclassified to profit statement
87,850
87,427
Foreign currency translation
118,329
(364,685)
Share of other comprehensive income of joint ventures and associates
(40,111)
(27,052)
Realisation of foreign currency translation reserve on disposal of associates
15,230
–
(226,238)
(539,888)
Items that will not be reclassified subsequently to profit statement:
Change in fair value of equity investments at fair value through
other comprehensive income
(6,956)
(15,144)
Total other comprehensive income for the financial year, net of tax
(233,194)
(555,032)
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR
286,318
(260,265)
Attributable to:
Owners of the Company (before distributions to perpetual securities holders)
(31,568)
(242,139)
Non-controlling interests
317,886
(18,126)
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL YEAR
286,318
(260,265)
The accompanying notes form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the financial year ended 30 September 2024
Annual Report 2024
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Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Group
Company
2024
2023
2024
2023
Note
$'000
$'000
$'000
$'000
NON-CURRENT ASSETS
Investment properties
12
24,111,245
24,173,571
2,130
2,310
Property, plant and equipment
13
2,151,743
2,104,554
11
14
Investments in:
– Subsidiaries
14
–
–
1,664,526
1,122,559
– Joint ventures
15
3,388,850
2,725,203
60,632
500
– Associates
15
1,270,628
1,142,528
–
–
Other non-current assets
16
97,996
102,392
22,783
26,258
Intangible assets
17
577,532
569,965
–
–
Other receivables
18
619,785
779,537
4,646,352
5,331,374
Deferred tax assets
19
40,905
110,526
–
–
Derivative financial instruments
22
163,279
401,481
129,058
83,276
32,421,963
32,109,757
6,525,492
6,566,291
CURRENT ASSETS
Properties held for sale
20
3,338,653
3,618,108
–
–
Contract assets
21
108,813
213,065
–
–
Other current assets
16
75,820
123,811
–
–
Trade and other receivables
18
851,273
628,330
249,564
303,330
Derivative financial instruments
22
54,362
46,669
–
–
Bank deposits
23
1,289
528
–
–
Cash and cash equivalents
23
2,717,191
2,658,340
12,192
269,433
Assets held for sale
24
67,748
382,747
–
–
7,215,149
7,671,598
261,756
572,763
TOTAL ASSETS
39,637,112
39,781,355
6,787,248
7,139,054
CURRENT LIABILITIES
Trade and other payables
25
2,250,060
2,009,274
218,672
558,543
Contract liabilities
21
6,993
261,020
–
–
Derivative financial instruments
22
9,754
55,190
–
–
Provision for tax
197,371
409,575
4,403
4,068
Lease liabilities
26
34,405
35,344
–
–
Loans and borrowings
27
3,618,157
3,858,372
–
–
Liabilities held for sale
24
–
6,189
–
–
6,116,740
6,634,964
223,075
562,611
NET CURRENT ASSETS
1,098,409
1,036,634
38,681
10,152
NON-CURRENT LIABILITIES
Other payables
25
278,103
458,233
430,010
336,067
Derivative financial instruments
22
234,056
28,890
129,058
83,276
Deferred tax liabilities
19
1,064,667
1,098,552
–
–
Lease liabilities
26
802,798
757,903
–
–
Loans and borrowings
27
13,670,976
12,602,900
–
–
16,050,600
14,946,478
559,068
419,343
NET ASSETS
17,469,772
18,199,913
6,005,105
6,157,100
SHARE CAPITAL AND RESERVES
Share capital
28
2,987,858
2,987,858
2,987,858
2,987,858
Retained earnings
7,366,763
7,392,060
2,819,496
2,966,801
Dividend reserve
29
176,672
176,672
176,672
176,672
Other reserves
29
(896,875)
(661,682)
21,079
25,769
Equity attributable to owners of the Company
9,634,418
9,894,908
6,005,105
6,157,100
Perpetual securities
31
297,978
896,134
–
–
9,932,396
10,791,042
6,005,105
6,157,100
Non-controlling interests
7,537,376
7,408,871
–
–
TOTAL EQUITY
17,469,772
18,199,913
6,005,105
6,157,100
The accompanying notes form an integral part of the financial statements.
STATEMENTS OF FINANCIAL POSITION
As at 30 September 2024
160
Frasers Property Limited
Share
capital
(Note 28)
Retained
earnings
Dividend
reserve
(Note 29)
Other
reserves
(Note 29)
Equity
attributable
to owners of
the Company
Perpetual
securities
(Note 31)
Total
Non-
controlling
interests
Total
equity
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Group
2024
As at 1 October 2023
2,987,858
7,392,060
176,672
(661,682)
9,894,908
896,134
10,791,042
7,408,871
18,199,913
Profit for the financial year
–
206,331
–
–
206,331
–
206,331
313,181
519,512
Other comprehensive income
Effective portion of changes in
fair value of cash flow hedges
–
–
–
(341,502)
(341,502)
–
(341,502)
(66,034)
(407,536)
Net change in fair value of cash flow
hedges reclassified to profit statement
–
–
–
88,196
88,196
–
88,196
(346)
87,850
Foreign currency translation
–
–
–
50,693
50,693
–
50,693
67,636
118,329
Share of other comprehensive income
of joint ventures and associates
–
–
–
(29,378)
(29,378)
–
(29,378)
(10,733)
(40,111)
Realisation of foreign currency translation
reserve on disposal of associates
–
–
–
946
946
–
946
14,284
15,230
Change in fair value of equity
investments at fair value through
other comprehensive income
–
–
–
(6,854)
(6,854)
–
(6,854)
(102)
(6,956)
Other comprehensive income
for the financial year
–
–
–
(237,899)
(237,899)
–
(237,899)
4,705
(233,194)
Total comprehensive income
for the financial year
–
206,331
–
(237,899)
(31,568)
–
(31,568)
317,886
286,318
Contributions by and distributions
to owners
Employee share-based expense
–
–
–
(279)
(279)
–
(279)
–
(279)
Reclassification of share-based
compensation plan from
equity-settled to cash-settled
–
1,356
–
(1,215)
141
–
141
–
141
Dividend paid (Note 32)
–
–
(176,672)
–
(176,672)
–
(176,672)
(377,684)
(554,356)
Dividend proposed (Note 32)
–
(176,672)
176,672
–
–
–
–
–
–
Transfer to other reserves
–
(6,997)
–
6,997
–
–
–
–
–
Total contributions by and
distributions to owners
–
(182,313)
–
5,503
(176,810)
–
(176,810)
(377,684)
(554,494)
Changes in ownership interests
in subsidiaries
Issue of units/shares to
non-controlling interests
–
–
–
–
–
–
–
206,183
206,183
Capital reduction by subsidiaries with
non-controlling interests
–
–
–
–
–
–
–
(71)
(71)
Change in interests in subsidiaries
without change in control
–
(3,006)
–
(2,797)
(5,803)
–
(5,803)
(15,772)
(21,575)
Issuance costs incurred by subsidiaries
–
(1,327)
–
–
(1,327)
–
(1,327)
(2,037)
(3,364)
Total changes in ownership
interests in subsidiaries
–
(4,333)
–
(2,797)
(7,130)
–
(7,130)
188,303
181,173
Total transactions with owners
in their capacity as owners
–
(186,646)
–
2,706
(183,940)
–
(183,940)
(189,381)
(373,321)
Contributions by and distributions
to perpetual securities holders
Redemption of perpetual securities
–
(1,844)
–
–
(1,844)
(598,156)
(600,000)
–
(600,000)
Distributions attributable to perpetual
securities holders
–
(43,138)
–
–
(43,138)
43,138
–
–
–
Distributions paid to perpetual securities
holders
–
–
–
–
–
(43,138)
(43,138)
–
(43,138)
Total contributions by and distributions
to perpetual securities holders
–
(44,982)
–
–
(44,982)
(598,156)
(643,138)
–
(643,138)
As at 30 September 2024
2,987,858
7,366,763
176,672
(896,875)
9,634,418
297,978
9,932,396
7,537,376
17,469,772
The accompanying notes form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the financial year ended 30 September 2024
Annual Report 2024
161
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Share
capital
(Note 28)
Retained
earnings
Dividend
reserve
(Note 29)
Other
reserves
(Note 29)
Equity
attributable to
owners of the
Company
Perpetual
securities
(Note 31)
Total
Non-
controlling
interests
Total
equity
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Group
2023
As at 1 October 2022
2,987,858
7,456,563
117,781
(216,321)
10,345,881
1,244,172
11,590,053
7,788,489
19,378,542
Profit for the financial year
–
173,144
–
–
173,144
–
173,144
121,623
294,767
Other comprehensive income
Effective portion of changes in
fair value of cash flow hedges
–
–
–
(178,733)
(178,733)
–
(178,733)
(56,845)
(235,578)
Net change in fair value of cash flow
hedges reclassified to profit statement
–
–
–
61,358
61,358
–
61,358
26,069
87,427
Foreign currency translation
–
–
–
(262,916)
(262,916)
–
(262,916)
(101,769)
(364,685)
Share of other comprehensive income
of joint ventures and associates
–
–
–
(22,672)
(22,672)
–
(22,672)
(4,380)
(27,052)
Change in fair value of equity
investments at fair value through
other comprehensive income
–
–
–
(12,320)
(12,320)
–
(12,320)
(2,824)
(15,144)
Other comprehensive income
for the financial year
–
–
–
(415,283)
(415,283)
–
(415,283)
(139,749)
(555,032)
Total comprehensive income
for the financial year
–
173,144
–
(415,283)
(242,139)
–
(242,139)
(18,126)
(260,265)
Contributions by and distributions
to owners
Employee share-based expense
–
–
–
168
168
–
168
–
168
Reclassification of share-based
compensation plan from
equity-settled to cash-settled
–
2,916
–
(34,706)
(31,790)
–
(31,790)
–
(31,790)
Dividend paid
–
–
(117,781)
–
(117,781)
–
(117,781)
(393,331)
(511,112)
Dividend proposed (Note 32)
–
(176,672)
176,672
–
–
–
–
–
–
Transfer to other reserves
–
(5,800)
–
5,800
–
–
–
–
–
Total contributions by and
distributions to owners
–
(179,556)
58,891
(28,738)
(149,403)
–
(149,403)
(393,331)
(542,734)
Changes in ownership interests
in subsidiaries
Issue of units/shares to
non-controlling interests
–
–
–
–
–
–
–
27,489
27,489
Capital reduction by a subsidiary with
non-controlling interests
–
–
–
–
–
–
–
(1,508)
(1,508)
Disposal of a subsidiary with
non-controlling interests (Note 40(a))
–
–
–
–
–
–
–
(1,337)
(1,337)
Change in interests in subsidiaries
without change in control
–
(6,178)
–
(1,340)
(7,518)
–
(7,518)
7,195
(323)
Total changes in ownership
interests in subsidiaries
–
(6,178)
–
(1,340)
(7,518)
–
(7,518)
31,839
24,321
Total transactions with owners
in their capacity as owners
–
(185,734)
58,891
(30,078)
(156,921)
–
(156,921)
(361,492)
(518,413)
Contributions by and distributions
to perpetual securities holders
Redemption of perpetual securities
–
(1,962)
–
–
(1,962)
(348,038)
(350,000)
–
(350,000)
Distributions attributable to perpetual
securities holders
–
(49,951)
–
–
(49,951)
49,951
–
–
–
Distributions paid to perpetual securities
holders
–
–
–
–
–
(49,951)
(49,951)
–
(49,951)
Total contributions by and distributions
to perpetual securities holders
–
(51,913)
–
–
(51,913)
(348,038)
(399,951)
–
(399,951)
As at 30 September 2023
2,987,858
7,392,060
176,672
(661,682)
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.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the financial year ended 30 September 2024
162
Frasers Property Limited
Share
capital
(Note 28)
Retained
earnings
Dividend
reserve
(Note 29)
Other
reserves
(Note 29)
Fair value
reserve
Share-based
compensation
reserve
Total
equity
$’000
$’000
$’000
$’000
$’000
$’000
$’000
Company
2024
As at 1 October 2023
2,987,858 2,966,801
176,672
25,769
24,109
1,660 6,157,100
Profit for the financial year
–
28,011
–
–
–
–
28,011
Other comprehensive income
Change in fair value of equity
investments at fair value
through other comprehensive
income
–
–
–
(3,475)
(3,475)
–
(3,475)
Other comprehensive income
for the financial year
–
–
–
(3,475)
(3,475)
–
(3,475)
Total comprehensive income
for the financial year
–
28,011
–
(3,475)
(3,475)
–
24,536
Contributions by and
distributions to owners
Reclassification of share-based
compensation plan from
equity-settled to cash-settled
–
1,356
–
(1,215)
–
(1,215)
141
Dividend paid (Note 32)
–
–
(176,672)
–
–
–
(176,672)
Dividend proposed (Note 32)
–
(176,672)
176,672
–
–
–
–
Total contributions by and
distributions to owners
–
(175,316)
–
(1,215)
–
(1,215)
(176,531)
As at 30 September 2024
2,987,858 2,819,496
176,672
21,079
20,634
445 6,005,105
The accompanying notes form an integral part of the financial statements.
STATEMENT OF CHANGES IN EQUITY
For the financial year ended 30 September 2024
Annual Report 2024
163
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Share
capital
(Note 28)
Retained
earnings
Dividend
reserve
(Note 29)
Other
reserves
(Note 29)
Fair value
reserve
Share-based
compensation
reserve
Total
equity
$’000
$’000
$’000
$’000
$’000
$’000
$’000
Company
2023
As at 1 October 2022
2,987,858 3,120,542
117,781
59,968
23,602
36,366 6,286,149
Profit for the financial year
–
20,015
–
–
–
–
20,015
Other comprehensive income
Change in fair value of equity
investments at fair value
through other comprehensive
income
–
–
–
507
507
–
507
Other comprehensive income
for the financial year
–
–
–
507
507
–
507
Total comprehensive income
for the financial year
–
20,015
–
507
507
–
20,522
Contributions by and
distributions to owners
Reclassification of share-based
compensation plan from
equity-settled to cash-settled
–
2,916
–
(34,706)
–
(34,706)
(31,790)
Dividend paid
–
–
(117,781)
–
–
–
(117,781)
Dividend proposed (Note 32)
–
(176,672)
176,672
–
–
–
–
Total contributions by and
distributions to owners
–
(173,756)
58,891
(34,706)
–
(34,706)
(149,571)
As at 30 September 2023
2,987,858 2,966,801
176,672
25,769
24,109
1,660 6,157,100
The accompanying notes form an integral part of the financial statements.
STATEMENT OF CHANGES IN EQUITY
For the financial year ended 30 September 2024
164
Frasers Property Limited
Group
2024
2023
Note
$'000
$'000
Cash flows from operating activities
Profit for the financial year
519,512
294,767
Adjustments for:
Depreciation of property, plant and equipment and right-of-use assets
13(a)
74,098
74,078
Fair value change and gain on disposal of investment properties
7
198,630
446,176
Share of results of joint ventures and associates, net of tax
15
(284,493)
(150,919)
Amortisation of intangible assets
17
5,521
5,956
Write-off of intangible assets
17
141
257
(Reversal of impairment)/Impairment of property, plant and equipment
13
(33,772)
37,597
Gain on termination of lease and loss/(gain) on disposal of property,
plant and equipment
4(b),8
51
(15,137)
Net allowance for impairment on trade receivables
4(a)
4,119
1,383
Bad debts written off
4(a)
842
249
Write-down/(Reversal of write-down) to net realisable value of properties
held for sale
4(a)
52,342
(93,064)
Employee share-based expense
4(c)
26,632
20,444
Gain on disposal of subsidiaries
(15,963)
(21,660)
Gain on disposal of joint ventures
(6,712)
–
Loss on acquisition of a joint venture
–
5
Loss on disposal of associates
15,816
2,763
Net fair value change on derivative financial instruments
4(b)
97,719
120,226
Net fair value change on debt instrument at fair value through profit or
loss
4(b)
(904)
682
Impairment of investments in associates
8
–
12,251
Interest income
5
(103,317)
(96,771)
Interest expense
6
627,775
525,849
Tax
9
132,875
105,984
Exchange difference
(95,111)
(110,730)
Operating profit before working capital changes
1,215,801
1,160,386
Change in trade and other receivables
(55,940)
(170,807)
Change in contract costs
22,493
1,511
Change in contract assets
104,252
130,961
Change in contract liabilities
(254,027)
105,241
Change in properties held for sale
379,889
282,643
Change in inventory
(372)
(1,071)
Change in trade and other payables
154,651
166,462
Cash generated from operations
1,566,747
1,675,326
Income taxes paid
(322,558)
(119,112)
Net cash generated from operating activities
1,244,189
1,556,214
CONSOLIDATED STATEMENT OF CASH FLOWS
For the financial year ended 30 September 2024
Annual Report 2024
165
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
Group
2024
2023
Cash flows from investing activities
Purchase of/development expenditure on investment properties
(1,004,029)
(893,174)
Purchase of property, plant and equipment
(59,163)
(123,321)
Proceeds from disposal of investment properties
550,692
155,612
Proceeds from disposal of property, plant and equipment
533
126
Investments in/loans to joint ventures and associates
(448,943)
(963,138)
Repayments from loans to joint venture partner, joint ventures and
associates
210,696
–
Dividends from joint ventures and associates
128,382
125,973
Settlement of hedging instruments
(30,125)
6,915
Purchase of financial assets
(20)
(35,798)
Purchase of intangible assets
17
(5,000)
(3,840)
Interest received
103,003
101,332
Acquisition of a subsidiary, net of cash acquired (Note A)
(2,565)
–
Acquisition of non-controlling interests
(21,575)
(323)
Disposal of subsidiaries, net of cash disposed of (Note B)
188,710
160,709
Proceeds from disposal of a joint venture and associates
51,155
–
(Placement)/Uplift of structured deposits
(766)
659
Net cash used in investing activities
(339,015)
(1,468,268)
Cash flows from financing activities
Contributions from non-controlling interests of subsidiaries
without change in control
206,112
25,981
Dividends paid to non-controlling interests
(377,684)
(393,331)
Dividends paid to shareholders
(176,672)
(117,781)
Payment of lease liabilities
27, 34(a)(ii)
(59,689)
(61,666)
Proceeds from bank borrowings, net of costs
27
7,613,246
7,340,688
Repayments of bank borrowings
27
(7,051,121)
(6,274,598)
Proceeds from issue of medium term notes and other bonds, net of costs
27
561,210
400,044
Repayments of medium term notes and other bonds
27
(317,694)
(724,487)
Distributions to perpetual securities holders
(43,138)
(49,951)
Redemption of perpetual securities
(600,000)
(350,000)
Interest paid
27
(598,023)
(483,885)
Issuance costs
(3,364)
–
Net cash used in financing activities
(846,817)
(688,986)
Net change in cash and cash equivalents
58,357
(601,040)
Cash and cash equivalents as at beginning of financial year
2,657,534
3,320,122
Movement of cash and cash equivalents included in assets held for sale
–
759
Effects of exchange rate on opening cash and cash equivalents
540
(62,307)
Cash and cash equivalents as at end of financial year
2,716,431
2,657,534
Cash and cash equivalents as at end of financial year:
Fixed deposits, current
438,837
398,295
Cash and bank balances
2,278,354
2,260,045
23
2,717,191
2,658,340
Bank overdrafts, unsecured
27
(760)
(806)
Cash and cash equivalents as at end of financial year
2,716,431
2,657,534
The accompanying notes form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the financial year ended 30 September 2024
166
Frasers Property Limited
Group
2024
2023
Note
$'000
$'000
Note A: Analysis of acquisition of a subsidiary
Net assets acquired:
Investment properties
3,327
–
Other current assets
4
–
Cash and cash equivalents
4
–
Trade and other payables
(766)
–
Total identifiable net assets at fair value, representing purchase
consideration
2,569
–
Less: Cash and cash equivalents of a subsidiary acquired
(4)
–
Cash outflow on acquisition of a subsidiary, net of cash and cash
equivalents acquired
40(a)
2,565
–
Note B: Analysis of disposal of subsidiaries
Net assets disposed of:
Investment properties
736,200
146,316
Investment in a joint venture
9
–
Property, plant and equipment
34
–
Intangible assets
27
–
Properties held for sale
27,185
59,463
Trade and other receivables
46,185
40,464
Cash and cash equivalents
17,542
759
Trade and other payables
(100,179)
(40,791)
Provision for tax
(3,213)
(1,401)
Loans and borrowings
(117,000)
–
Deferred tax liabilities
–
(3,089)
Total identifiable net assets at fair value
606,790
201,721
Less: Non-controlling interests
–
(1,337)
Less: Equity interests retained as joint ventures
(312,799)
(40,433)
Gain on disposal of subsidiaries
15,963
21,733
Add: Payment received for settlement of intercompany balances
47,122
–
Sales consideration
357,076
181,684
Less: Cash and cash equivalents of subsidiaries disposed of
(17,542)
(759)
Less: Deferred sales consideration to be received
(150,824)
(20,216)
Cash inflow on disposal of subsidiaries, net of cash and cash equivalents
disposed of
40(b)
188,710
160,709
The accompanying notes form an integral part of the financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the financial year ended 30 September 2024
Annual Report 2024
167
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
These notes form an integral part of the financial statements.
The financial statements for the financial year ended 30 September 2024 were authorised for issue in accordance with
a resolution of the Directors on 19 November 2024.
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 MATERIAL 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 2024 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.
168
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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 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.
Annual Report 2024
169
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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, and deferred tax assets
and liabilities are as disclosed in the Group’s balance sheet.
170
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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 which revenue is recognised over time, 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.
Annual Report 2024
171
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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 material 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.
172
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
Annual Report 2024
173
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
174
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
Annual Report 2024
175
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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 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.
176
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
Annual Report 2024
177
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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)
Lease term
Leasehold buildings
Lease term
Buildings
30 to 60 years
Equipment, furniture and fittings
2 to 10 years
Others(1)
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.
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.
178
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
Annual Report 2024
179
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
180
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
Annual Report 2024
181
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
182
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
Annual Report 2024
183
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
184
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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
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.
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.
Annual Report 2024
185
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT’D)
2.13
Financial Instruments (cont’d)
(g)
Impairment of Financial Assets
The Group recognises loss allowances for expected credit losses (“ECL”) on:
–
financial assets measured at amortised cost;
–
contract assets (as defined in SFRS(I) 15); and
–
lease receivables.
Loss allowances of the Group are measured on either of the following bases:
–
12 months ECL: these are ECL that result from default events that are possible within the 12 months
after the reporting date (or for a shorter period if the expected life of the instrument is less than
12 months); or
–
Lifetime ECL: these are ECL that result from all possible default events over the expected life of a
financial instrument or contract asset.
Simplified Approach
The Group 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.
186
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT’D)
2.13
Financial Instruments (cont’d)
(g)
Impairment of Financial Assets (cont’d)
Measurement of ECLs
ECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present
value of all cash shortfalls (i.e. the difference between the cash flows due to entity in accordance with
the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effective
interest rate of the financial asset.
Credit-Impaired Financial Assets
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.
Annual Report 2024
187
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
188
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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’.
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.
Annual Report 2024
189
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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, measured
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.
Current tax assets and liabilities are offset only if certain criteria are met.
190
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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 at the time of the transaction (i) affects neither accounting nor taxable profit
or loss and (ii) does not give rise to equal taxable and deductible temporary differences;
–
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.
Annual Report 2024
191
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
192
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL 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.
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.
Annual Report 2024
193
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT’D)
2.20
Foreign Currencies (cont’d)
(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.
(c)
Equity Plans
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.
194
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
2.
SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONT’D)
2.21
Employee Benefits (cont’d)
(c)
Equity Plans (cont’d)
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.
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.
2.25
Share Capital, Perpetual Securities and Issuance Expenses
Proceeds from issuance of ordinary shares are recognised as share capital in equity and incidental costs
directly attributable to the issuance of such shares are deducted against share capital. Proceeds from issuance
of perpetual securities are recognised in equity and incidental costs directly attributable to the issuance of
perpetual securities are deducted against the proceeds from the issue.
2.26
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 2023 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 new standards,
interpretations and amendments to standards are not expected to have a significant impact on the Group’s
consolidated financial statements and the Company’s statement of financial position.
Annual Report 2024
195
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
3.
REVENUE
Group
2024
2023
$'000
$'000
Revenue from contracts with customers:
– Properties held for sale
1,904,229
1,717,161
– Hotel income
545,115
526,968
– Fee income
111,488
102,350
2,560,832
2,346,479
Rent and related income
1,616,652
1,570,265
Others
37,362
30,322
4,214,846
3,947,066
As at 30 September 2024, the Group has property development revenue expected to be recognised in the
future related to performance obligations that are unsatisfied (or partially satisfied) of $173,750,000 (2023:
$217,642,000) which is expected to be recognised over the next 2 financial years (2023: 3 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.
Financial year ended 30 September 2024
Operating segment
Singapore
Australia
Industrial Hospitality
Thailand &
Vietnam
Others1 Corporate
& others
Eliminations
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Major products
and service lines
Properties held for sale
757,987
615,131
16,313
–
344,641
170,157
–
– 1,904,229
Hotel income
–
–
–
528,955
16,160
–
–
–
545,115
Fee income
24,629
25,849
7,037
24,847
35,613
4,774
45,882
(57,143)
111,488
782,616
640,980
23,350
553,802
396,414
174,931
45,882
(57,143) 2,560,832
Rent and related income
457,643
67,187
620,695
228,266
129,293
123,548
–
(9,980) 1,616,652
Others
4,600
29,727
1,077
275
–
2,699
2,145
(3,161)
37,362
1,244,859
737,894
645,122
782,343
525,707
301,178
48,027
(70,284) 4,214,846
Timing of revenue
recognition
Products transferred
at a point in time
660,894
615,131
10,467
183,040
345,480
170,157
–
– 1,985,169
Products and services
transferred over time
121,722
25,849
12,883
370,762
50,934
4,774
45,882
(57,143)
575,663
782,616
640,980
23,350
553,802
396,414
174,931
45,882
(57,143) 2,560,832
196
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
3.
REVENUE (CONT’D)
Disaggregation of Revenue (cont’d)
Financial year ended 30 September 2023
Operating segment
Singapore
Australia
Industrial Hospitality
Thailand &
Vietnam
Others1 Corporate
& others
Eliminations
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Major products and
service lines
Properties held for sale
541,963
630,125
46,689
–
424,501
73,883
–
– 1,717,161
Hotel income
–
–
–
505,093
21,875
–
–
–
526,968
Fee income
24,874
21,071
6,156
19,807
35,068
4,657
32,277
(41,560)
102,350
566,837
651,196
52,845
524,900
481,444
78,540
32,277
(41,560) 2,346,479
Rent and related income
468,230
70,444
576,045
240,077
118,928
105,617
–
(9,076) 1,570,265
Others
1,503
24,182
3,031
58
–
69
2,925
(1,446)
30,322
1,036,570
745,822
631,921
765,035
600,372
184,226
35,202
(52,082) 3,947,066
Timing of revenue
recognition
Products transferred
at a point in time
–
630,125
25,538
172,159
425,586
73,883
–
– 1,327,291
Products and services
transferred over time
566,837
21,071
27,307
352,741
55,858
4,657
32,277
(41,560) 1,019,188
566,837
651,196
52,845
524,900
481,444
78,540
32,277
(41,560) 2,346,479
(1) Others include revenue contribution from China and the United Kingdom (the “UK”).
4.
TRADING PROFIT
Trading profit includes the following:
Group
2024
2023
Note
$'000
$'000
(a)
Cost of sales include:
Cost of properties held for sale
(1,435,769)
(1,361,742)
(Write-down)/Reversal of write-down to net realisable value
of properties held for sale
20(a)
(52,342)
93,064
Operating costs of investment properties that generated
rental income
(418,970)
(367,439)
Operating costs of hotels
(229,569)
(216,033)
Depreciation of property, plant and equipment and
right-of-use assets
13(a)
(54,798)
(55,872)
Staff costs
(326,403)
(329,746)
Defined contribution plans
(22,482)
(21,088)
Allowance for impairment on trade receivables
18
(8,996)
(5,978)
Reversal of allowance for impairment on trade receivables
18
4,877
4,595
Bad debts written off
(842)
(249)
Annual Report 2024
197
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
4.
TRADING PROFIT (CONT’D)
Group
2024
2023
Note
$'000
$'000
(b)
Other income/(losses) include:
Net fair value change on derivative financial instruments
(97,719)
(120,226)
Net fair value change on debt instrument at fair value
through profit or loss
904
(682)
Foreign exchange gain
90,995
115,615
(Loss)/Gain on disposal of property, plant and equipment
(51)
243
Government grant income
1,058
5,612
Government grant expense
–
(137)
Gain on disposal of subsidiaries
40(b)
16,209
21,403
Others
7,808
8,384
19,204
30,212
(c)
Administrative expenses include:
Depreciation of property, plant and equipment and
right-of-use assets
13(a)
(19,300)
(18,206)
Amortisation of intangible assets
17
(5,521)
(5,956)
Write-off of intangible assets
17
(141)
(257)
Audit fees*:
– Auditors of the Company
(2,054)
(2,248)
– Other auditors – network firms
(4,685)
(4,432)
– Other auditors – non-network firms
(220)
(154)
Non-audit fees paid to auditors:
– Auditors of the Company
(1,420)
(813)
– Other auditors – network firms
(1,609)
(1,357)
– Other auditors – non-network firms
(36)
(14)
Directors of the Company:
– Fee
(901)
(913)
– Remuneration of members of Board Committees
(793)
(806)
Key executive officers:
– Remuneration
(7,839)
(9,017)
– Provident fund contribution
(94)
(104)
– Employee share-based expense
(3,027)
(3,017)
Staff costs
(228,210)
(216,806)
Defined contribution plans
(13,882)
(11,953)
Employee share-based expense
(23,605)
(17,427)
*
In addition to the audit fees, there are technology charges from the auditors of $141,000 (2023: $139,000).
198
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
5.
INTEREST INCOME
Group
2024
2023
$'000
$'000
Interest income:
– Fixed deposits and bank balances
64,591
70,932
– Interest rate swaps
1,208
696
– Finance lease receivables
1,949
2,190
– Joint ventures and joint venture partner
35,569
22,953
103,317
96,771
6.
INTEREST EXPENSE
Group
2024
2023
$'000
$'000
Interest expense:
– Loans and borrowings
(584,279)
(480,941)
– Lease liabilities
(33,567)
(33,563)
– Interest rate swaps
(530)
(1,104)
– An associate
(9,399)
(10,241)
(627,775)
(525,849)
7.
FAIR VALUE CHANGE AND GAIN ON DISPOSAL OF INVESTMENT PROPERTIES
Group
2024
2023
$'000
$'000
Net fair value change on investment properties
(221,321)
(466,847)
Gain on disposal of investment properties
22,691
20,671
(198,630)
(446,176)
8.
EXCEPTIONAL ITEMS
Group
2024
2023
Note
$'000
$'000
Transaction costs (incurred)/reversed on disposal of subsidiaries,
joint ventures and associates
(1,178)
254
Net loss on disposal of subsidiaries, joint ventures, and associates
(9,350)
(2,511)
Reversal of impairment/(Impairment) of property, plant and
equipment
13
33,772
(37,597)
Impairment of investments in associates
–
(12,251)
Gain on termination of lease and gain on disposal of property, plant
and equipment – land and buildings
–
14,894
23,244
(37,211)
Annual Report 2024
199
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
9.
TAX
(a)
Components of Income Tax Expense
The components of income tax expense for the financial years ended 30 September are:
Group
2024
2023
$'000
$'000
Based on profit for the financial year:
– Current tax
(98,114)
(100,381)
– Withholding tax
(22,261)
(16,548)
– Deferred tax
(10,540)
7,820
(130,915)
(109,109)
Overprovision/(Underprovision) in prior financial years:
– Current tax
8,736
10,345
– Deferred tax
(10,696)
(7,220)
(1,960)
3,125
(132,875)
(105,984)
(b)
Tax Recognised in OCI
2024
2023
Before
Tax
Net
Before
Tax
Net
tax
expense
of tax
tax
expense
of tax
$'000
$'000
$'000
$'000
$'000
$'000
Group
Effective portion of changes in fair
value of cash flow hedges
(402,424)
(5,112)
(407,536)
(235,578)
–
(235,578)
Net change in fair value of cash
flow hedges reclassified to
profit statement
87,850
–
87,850
87,427
–
87,427
Foreign currency translation
118,329
–
118,329
(364,685)
–
(364,685)
Share of other comprehensive
income of joint ventures
and associates
(40,111)
–
(40,111)
(27,052)
–
(27,052)
Realisation of reserves on
disposal of associates
15,230
–
15,230
–
–
–
Change in fair value of equity
investments at fair value
through OCI
(6,956)
–
(6,956)
(15,144)
–
(15,144)
(228,082)
(5,112)
(233,194)
(555,032)
–
(555,032)
200
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
9.
TAX (CONT’D)
(c)
Reconciliation between Tax Expense and Accounting Profit
Group
2024
2023
$'000
$'000
Profit before tax
652,387
400,751
Less: Share of results of joint ventures and associates, net of tax
(284,493)
(150,919)
Profit before tax and share of results of joint ventures
and associates, net of tax
367,894
249,832
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:
Group
2024
2023
%
%
Singapore statutory rate
17.0
17.0
Effect of different tax rates of other countries
1.2
(0.2)
Income not subject to tax
(17.3)
(13.3)
Expenses not deductible for tax purposes
12.7
9.3
Losses not allowed to be set off against future taxable profits
1.6
9.2
Utilisation of previously unrecognised tax losses
(1.2)
(3.7)
Underprovision/(Overprovision) in prior financial years
0.6
(2.4)
Tax benefits on current losses not recognised
6.4
4.3
Tax effect of fair value change on investment properties
4.2
17.2
Withholding tax
6.0
6.7
Tax effect of distributions to perpetual securities holders
(2.0)
(3.4)
Land appreciation tax
6.2
0.7
Others
0.7
1.0
Effective tax rate
36.1
42.4
Annual Report 2024
201
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
10.
EARNINGS PER SHARE
Earnings per share ("EPS") is calculated by dividing the Group’s attributable profit (after adjusting for distributions
to perpetual securities holders of $43,138,000 (2023: $49,951,000)) 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:
Group
2024
2023
$'000
$'000
Attributable profit to owners of the Company after adjusting for distributions
to perpetual securities holders:
– before fair value change and exceptional items
175,018
300,317
– after fair value change and exceptional items
163,193
123,193
No. of Shares
2024
2023
'000
'000
Weighted average number of ordinary shares in issue
3,926,042
3,926,042
EPS (cents)
(a) Basic EPS
– before fair value change and exceptional items
4.5
7.7
– after fair value change and exceptional items
4.2
3.1
(b) On a fully diluted basis
– before fair value change and exceptional items
4.5
7.7
– after fair value change and exceptional items
4.2
3.1
The diluted EPS is the same as the basic EPS as there are no dilutive potential ordinary shares in issue.
202
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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)
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,
(b)
Australia, which encompasses the development, ownership, management and operation of residential,
retail and commercial properties held by non-REIT entities in Australia,
(c)
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
(d)
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)
Thailand & Vietnam, which encompasses the development, ownership, management and operation of
industrial, residential, retail, hospitality and commercial properties in Thailand and Vietnam, and
(f)
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 an 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.
Annual Report 2024
203
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
11.
SEGMENT INFORMATION (CONT’D)
Financial year ended 30 September 2024
The following table presents financial information regarding operating segments:
Singapore
Australia
Industrial
Hospitality
Thailand &
Vietnam
Others(2)
Corporate
& others
Eliminations
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Revenue – external
1,230,228
734,113
644,652
781,662
525,700
296,780
1,711
–
4,214,846
Revenue – inter-segment
14,631
3,781
470
681
7
4,398
46,316
(70,284)
–
Trading profit/(loss)
421,323
63,065
371,499
131,875
112,223
52,905
(85,152)
–
1,067,738
Share of results of joint ventures
and associates, net of tax
79,728
15,233
37,838
770
78,997
100,363
(28,436)
–
284,493
Profit/(loss) before interest,
fair value change, tax
and exceptional items
501,051
78,298
409,337
132,645
191,220
153,268
(113,588)
–
1,352,231
Interest income
103,317
Interest expense
(627,775)
Profit before fair value
change, tax and
exceptional items
827,773
Fair value change and
gain on disposal of
investment properties
101,030
(287,127)
35,422
14,496
30,054
(92,325)
(180)
–
(198,630)
Profit before tax and
exceptional items
629,143
Exceptional items
(16,765)
(3,351)
184
36,928
6,495
–
(247)
–
23,244
Profit before tax
652,387
Tax
(132,875)
Profit for the financial year
519,512
Investments in joint ventures
and associates
1,893,249
202,174
374,832
34,495
1,182,023
819,602
153,103
–
4,659,478
Other segment assets
7,752,077
2,821,174
11,579,961
3,890,113
4,372,676
1,552,753
249,495
–
32,218,249
Reportable segment assets
9,645,326
3,023,348
11,954,793
3,924,608
5,554,699
2,372,355
402,598
–
36,877,727
Tax assets
40,905
Bank deposits
1,289
Cash and cash equivalents
2,717,191
Total assets
39,637,112
Reportable segment liabilities
395,101
358,411
451,781
659,567
547,607
899,826
303,876
–
3,616,169
Loans and borrowings
17,289,133
Tax liabilities
1,262,038
Total liabilities
22,167,340
Other segment information
Additions to investment properties
and property, plant and
equipment
65,507
100,811
550,722
140,538
197,613
21,384
15,525
–
1,092,100
Additions to intangible assets
541
–
–
451
617
–
3,391
–
5,000
Depreciation of property,
plant and equipment and
right-of-use assets
(57)
(5,151)
(4,381)
(51,524)
(9,083)
(1,637)
(2,265)
–
(74,098)
Amortisation of intangible assets
(740)
(1,355)
(15)
(433)
(962)
(167)
(1,849)
–
(5,521)
Reversal of write-down/
(Write-down) to net realisable
value of properties held for sale
–
5,315
–
–
(508)
(57,149)
–
–
(52,342)
Attributable profit/(loss) before
fair value change and
exceptional items (1)
139,399
7,759
31,875
(9,648)
14,422
50,217
(15,868)
–
218,156
Fair value change
100,778
(200,989)
79,132
26,402
61,265
(93,725)
(180)
–
(27,317)
Exceptional items
(1,959)
(2,346)
184
16,996
2,864
–
(247)
–
15,492
Attributable profit/(loss) to
owners of the Company
(before distributions to
perpetual securities holders)
238,218
(195,576)
111,191
33,750
78,551
(43,508)
(16,295)
–
206,331
204
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
11.
SEGMENT INFORMATION (CONT’D)
Financial year ended 30 September 2024 (cont’d)
The following table presents financial information regarding geographical segments:
Singapore
Australia
Europe(3)
China
Thailand
Others(4)
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Revenue – external
1,448,164
1,191,119
794,682
160,630
496,753
123,498
4,214,846
PBIT
475,570
323,029
186,082
187,713
161,686
18,151
1,352,231
Investments in joint ventures and
associates
1,923,007
577,006
–
854,097
1,276,248
29,120
4,659,478
Other segment assets
9,782,102
10,241,273
6,950,835
232,679
3,729,284
1,282,076
32,218,249
Reportable segment assets
11,705,109
10,818,279
6,950,835
1,086,776
5,005,532
1,311,196
36,877,727
Tax assets
40,905
Bank deposits
1,289
Cash and cash equivalents
2,717,191
Total assets
39,637,112
Reportable segment liabilities
749,905
684,046
816,360
768,989
446,396
150,473
3,616,169
Loans and borrowings
17,289,133
Tax liabilities
1,262,038
Total liabilities
22,167,340
Other segment information
Additions to investment properties
and property, plant and equipment
84,276
441,532
292,252
152
99,097
174,791
1,092,100
Additions to intangible assets
4,383
–
–
–
617
–
5,000
Depreciation of property,
plant and equipment and
right-of-use assets
(12,006)
(15,693)
(33,457)
(371)
(8,291)
(4,280)
(74,098)
Amortisation of intangible assets
(2,838)
(1,355)
(252)
(102)
(861)
(113)
(5,521)
Reversal of write-down/(Write-down)
to net realisable value of
properties held for sale
–
5,315
(71,955)
14,806
(508)
–
(52,342)
Exceptional items
(17,446)
15,490
479
–
6,495
18,226
23,244
(1)
The attributable profit/(loss) 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 $150,101,000, $184,816,000, $143,324,000,
$819,602,000, $171,053,000 and $766,927,000, 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.
Annual Report 2024
205
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
11.
SEGMENT INFORMATION (CONT’D)
Financial year ended 30 September 2023
The following table presents financial information regarding operating segments:
Singapore
Australia
Industrial
Hospitality
Thailand &
Vietnam
Others(2)
Corporate
& others
Eliminations
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$’000
$'000
Revenue – external
1,025,382
743,144
631,297
764,574
600,372
180,041
2,256
–
3,947,066
Revenue – inter-segment
11,188
2,678
624
461
–
4,185
32,946
(52,082)
–
Trading profit/(loss)
451,582
75,333
382,746
128,766
131,821
57,240
(65,191)
–
1,162,297
Share of results of joint ventures
and associates, net of tax
98,760
189
(30,292)
208
78,718
15,604
(12,268)
–
150,919
Profit/(loss) before interest,
fair value change, tax
and exceptional items
550,342
75,522
352,454
128,974
210,539
72,844
(77,459)
–
1,313,216
Interest income
96,771
Interest expense
(525,849)
Profit before fair value
change, tax and
exceptional items
884,138
Fair value change and
gain on disposal of
investment properties
80,498
16,045
(418,253)
81,245
38,891
(244,692)
90
–
(446,176)
Profit before tax and
exceptional items
437,962
Exceptional items
(3,724)
(73)
330
(675)
(22,062)
336
(11,343)
–
(37,211)
Profit before tax
400,751
Tax
(105,984)
Profit for the financial year
294,767
Investments in joint ventures
and associates
1,621,443
178,566
256,300
26,842
1,044,519
597,615
142,446
–
3,867,731
Other segment assets
8,879,679
2,873,296
10,967,715
4,225,625
3,884,661
2,122,826
190,428
–
33,144,230
Reportable segment assets
10,501,122
3,051,862
11,224,015
4,252,467
4,929,180
2,720,441
332,874
–
37,011,961
Tax assets
110,526
Bank deposits
528
Cash and cash equivalents
2,658,340
Total assets
39,781,355
Reportable segment liabilities
666,880
299,759
417,179
644,721
484,002
861,834
237,668
–
3,612,043
Loans and borrowings
16,461,272
Tax liabilities
1,508,127
Total liabilities
21,581,442
Other segment information
Additions to investment properties
and property, plant and
equipment
64,806
183,189
609,715
83,392
148,604
27,416
47
–
1,117,169
Additions to intangible assets
273
–
–
184
882
9
2,492
–
3,840
Depreciation of property,
plant and equipment and
right-of-use assets
(89)
(4,838)
(3,524)
(51,335)
(10,685)
(1,586)
(2,021)
–
(74,078)
Amortisation of intangible assets
(678)
(1,385)
(15)
(386)
(1,305)
(174)
(2,013)
–
(5,956)
Reversal of write-down to net
realisable value of
properties held for sale
92,000
–
–
–
124
940
–
–
93,064
Attributable profit/(loss) before
fair value change and
exceptional items (1)
187,999
19,064
65,693
(10,535)
35,208
11,467
41,372
–
350,268
Fair value change
100,668
11,231
(152,920)
73,405
58,942
(244,692)
90
–
(153,276)
Exceptional items
(1,389)
(73)
330
(860)
(10,849)
336
(11,343)
–
(23,848)
Attributable profit/(loss) to
owners of the Company
(before distributions to
perpetual securities holders)
287,278
30,222
(86,897)
62,010
83,301
(232,889)
30,119
–
173,144
206
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
11.
SEGMENT INFORMATION (CONT’D)
Financial year ended 30 September 2023 (cont’d)
The following table presents financial information regarding geographical segments:
Singapore
Australia
Europe(3)
China
Thailand
Others(4)
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Revenue – external
1,262,611
1,204,766
730,934
63,963
575,670
109,122
3,947,066
PBIT
536,377
273,775
235,991
41,922
199,098
26,053
1,313,216
Investments in joint ventures
and associates
1,650,716
434,866
–
624,446
1,127,585
30,118
3,867,731
Other segment assets
11,263,556
9,848,471
6,909,544
665,562
3,362,032
1,095,065
33,144,230
Reportable segment assets
12,914,272
10,283,337
6,909,544
1,290,008
4,489,617
1,125,183
37,011,961
Tax assets
110,526
Bank deposits
528
Cash and cash equivalents
2,658,340
Total assets
39,781,355
Reportable segment liabilities
989,810
636,955
719,196
750,594
406,242
109,246
3,612,043
Loans and borrowings
16,461,272
Tax liabilities
1,508,127
Total liabilities
21,581,442
Other segment information
Additions to investment properties
and property, plant and equipment
67,608
603,883
263,625
141
50,827
131,085
1,117,169
Additions to intangible assets
2,949
–
–
9
815
67
3,840
Depreciation of property,
plant and equipment and
right-of-use assets
(11,802)
(13,983)
(33,840)
(371)
(10,104)
(3,978)
(74,078)
Amortisation of intangible assets
(2,897)
(1,385)
(253)
(104)
(1,203)
(114)
(5,956)
Reversal of write-down to net
realisable value of
properties held for sale
92,000
–
–
940
124
–
93,064
Exceptional items
(14,757)
–
(4)
(5)
(22,372)
(73)
(37,211)
(1)
The attributable profit/(loss) 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 $54,870,000, $41,400,000, $36,799,000,
$597,615,000, $591,648,000 and $747,673,000, respectively.
(3)
Europe included the UK and continental Europe.
(4)
Others in geographical segment included Vietnam, Japan, New Zealand, Indonesia, Hong Kong, Philippines and Malaysia.
Annual Report 2024
207
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
12.
INVESTMENT PROPERTIES
Completed
investment
properties
$'000
Investment
properties
under
construction
$'000
Total
investment
properties
$'000
Group
As at 1 October 2022
23,535,908
822,480
24,358,388
Currency re-alignment
(194,625)
(26,586)
(221,211)
Reclassification to assets held for sale
(343,419)
–
(343,419)
Reclassification to property, plant and equipment (Note 13)
(432)
–
(432)
Transfer upon completion
471,111
(471,111)
–
Additions
384,614
598,367
982,981
Disposals
(142,613)
–
(142,613)
Fair value change
(453,824)
(6,299)
(460,123)
As at 30 September 2023 and 1 October 2023
23,256,720
916,851
24,173,571
Currency re-alignment
200,195
(15,658)
184,537
Reclassification to properties held for sale
(35,982)
–
(35,982)
Reclassification to assets held for sale
(67,639)
–
(67,639)
Reclassification to property, plant and equipment (Note 13)
(1,030)
–
(1,030)
Transfer upon completion
486,047
(486,047)
–
Additions
384,852
612,961
997,813
Disposals
(191,035)
–
(191,035)
Fair value change
(307,237)
91,120
(216,117)
Acquisition of a subsidiary (Note 40(a))
–
3,327
3,327
Disposal of subsidiaries (Note 40(b))
(736,200)
–
(736,200)
As at 30 September 2024
22,988,691
1,122,554
24,111,245
Completed
investment
properties
$'000
Company
As at 1 October 2022
2,220
Fair value change
90
As at 30 September 2023 and 1 October 2023
2,310
Fair value change
(180)
As at 30 September 2024
2,130
208
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
12.
INVESTMENT PROPERTIES (CONT’D)
(a)
Completed Investment Properties
Completed investment properties comprise serviced residences, retail, commercial, industrial and
logistics properties that are leased mainly to third parties under operating leases (Note 34). Completed
investment properties are stated at fair value which has been determined based on independent
professional or internal valuations.
Investment properties amounting to approximately $2,724,077,000 (2023: $3,654,702,000) 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
$19,944,000 (2023: $21,595,000) for the financial year.
(b)
Investment Properties under Construction
IPUC are valued annually by valuers by estimating the fair values of the completed investment
properties and then deducting from those amounts the estimated costs to complete the construction
and a reasonable profit margin on construction and development. The estimated costs to complete is
determined based on the construction cost per square metre in the pertinent area.
During the financial year, net interest expense of $20,617,000 (2023: $14,625,000) 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:
Group
2024
2023
$'000
$'000
Less than one year
1,182,755
1,081,333
One year to two years
968,017
904,527
Two years to three years
713,633
647,887
Three years to four years
513,779
468,673
Four years to five years
398,005
364,539
More than five years
1,240,582
1,207,970
5,016,771
4,674,929
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
Group
Company
2024
2023
2024
2023
$'000
$'000
$'000
$'000
Property, plant and equipment owned
1,769,420
1,734,474
11
14
Right-of-use assets classified within
property, plant and equipment
382,323
370,080
–
–
2,151,743
2,104,554
11
14
Annual Report 2024
209
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
13.
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Land and
buildings
Equipment,
furniture and
fittings
Others
Total
$'000
$'000
$'000
$'000
Group
Cost
As at 1 October 2022
2,490,077
270,366
93,329
2,853,772
Currency re-alignment
(193)
1,172
(2,458)
(1,479)
Additions
88,769
34,338
11,081
134,188
Disposals/write-offs
(47,070)
(2,824)
(15,328)
(65,222)
Reclassification from investment properties
(Note 12)
432
–
–
432
Reclassification from properties held for sale
–
714
–
714
As at 30 September 2023 and
1 October 2023
2,532,015
303,766
86,624
2,922,405
Currency re-alignment
52,785
7,390
2,049
62,224
Disposal of a subsidiary (Note 40(b))
–
(112)
–
(112)
Additions
28,989
55,525
6,446
90,960
Disposals/write-offs
–
(12,393)
(5,678)
(18,071)
Reclassification from investment properties
(Note 12)
1,030
–
–
1,030
Reclassification to properties held for sale
(41,750)
–
–
(41,750)
As at 30 September 2024
2,573,069
354,176
89,441
3,016,686
Accumulated depreciation
and accumulated impairment
As at 1 October 2022
510,025
177,717
39,597
727,339
Currency re-alignment
3,906
(232)
(770)
2,904
Depreciation charge
42,955
21,334
9,350
73,639
Impairment loss (Note 8)
37,300
297
–
37,597
Disposals/write-offs
(15,772)
(2,040)
(5,816)
(23,628)
As at 30 September 2023 and
1 October 2023
578,414
197,076
42,361
817,851
Currency re-alignment
14,737
5,612
1,216
21,565
Disposal of a subsidiary (Note 40(b))
–
(78)
–
(78)
Depreciation charge
42,158
21,061
10,451
73,670
Reversal of impairment loss (Note 8)
(33,772)
–
–
(33,772)
Disposals/write-offs
–
(11,382)
(2,911)
(14,293)
As at 30 September 2024
601,537
212,289
51,117
864,943
Net book value
As at 30 September 2024
1,971,532
141,887
38,324
2,151,743
As at 30 September 2023
1,953,601
106,690
44,263
2,104,554
210
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
13.
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Equipment,
furniture and
fittings
$'000
Company
Cost
As at 1 October 2022, 30 September 2023, 1 October 2023 and
30 September 2024
27
Accumulated depreciation
As at 1 October 2022
10
Depreciation charge
3
As at 30 September 2023 and 1 October 2023
13
Depreciation charge
3
As at 30 September 2024
16
Net book value
As at 30 September 2024
11
As at 30 September 2023
14
(a)
The depreciation charge for the financial year is included in the financial statements as follows:
Group
Company
2024
2023
2024
2023
$'000
$'000
$'000
$'000
Depreciation charge on property,
plant and equipment
73,670
73,639
3
3
Depreciation charge on other
right-of-use assets
428
439
–
–
74,098
74,078
3
3
(b)
Included in property, plant and equipment are certain hotel properties of the Group with carrying
amount of $166,650,000 (2023: $140,716,000) which are pledged to certain financial institutions to secure
credit facilities.
(c)
During the financial year ended 30 September 2024, the Group recognises a reversal of impairment
loss of $33,772,000 (2023: impairment loss of $37,300,000) on land and buildings. The impairment
losses reversed were because the fair values of the land and buildings, as appraised by professional
valuers, are higher than their respective carrying amounts. 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. 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, if no impairment loss had
been recognised.
The recoverable amounts of land and buildings are determined based on the higher of value in use and
fair value less costs of disposal. Value in use is determined based on the discounted cash flow method
and fair value less costs of disposal is determined based on independent professional valuations
using the discounted cash flow method and/or capitalisation method. The fair value measurements are
categorised as Level 3 in the fair value hierarchy.
Annual Report 2024
211
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
13.
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
The following table shows the valuation technique as well as the significant unobservable inputs used:
Operating segment
Valuation method
Key unobservable
inputs
Hospitality
Australia
Inter-relationship between key
unobservable inputs and fair
value measurement
Discounted
Discount rate
The estimated fair value varies
cash flow
2024
7.5% to 8.7%
8.3%
inversely against discount
method
2023
8.8%
N/A
rate and terminal yield rate
Terminal yield rate
2024
2.0% to 7.5%
8.0%
2023
2.0%
N/A
Capitalisation
Capitalisation rate
The estimated fair value varies
method
2024
6.8% to 7.3%
N/A
inversely against capitalisation
2023
N/A
N/A
rate
14.
INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES
Company
2024
2023
Note
$'000
$'000
Investments in subsidiaries
Shares, at cost
1,775,526
1,233,559
Less: Allowance for impairment
(111,000)
(111,000)
1,664,526
1,122,559
Balances with subsidiaries
Amounts due from subsidiaries:
– Interest-free
4,747,904
4,441,589
– Interest-bearing
–
1,176,611
4,747,904
5,618,200
Amounts due to subsidiaries:
– Interest-free
(420,218)
(516,427)
– Interest-bearing
(190,433)
–
(610,651)
(516,427)
Net balances with subsidiaries
4,137,253
5,101,773
Amounts due from subsidiaries:
– Current
18
101,552
286,826
– Non-current
18
4,646,352
5,331,374
4,747,904
5,618,200
Amounts due to subsidiaries:
– Current
25
(180,641)
(180,360)
– Non-current
25
(430,010)
(336,067)
(610,651)
(516,427)
Net balances with subsidiaries
4,137,253
5,101,773
212
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
14.
INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES (CONT’D)
Amounts due from subsidiaries are non-trade related, unsecured and repayable in cash.
The Company’s amounts due from subsidiaries are subject to impairment as at the reporting date and the
movements of the allowance account used to record the impairment are as follows:
Individually impaired
2024
2023
$’000
$’000
Amounts due from subsidiaries
5,966,847
5,875,824
Less: Allowance for impairment
(1,218,943)
(257,624)
As at 30 September
4,747,904
5,618,200
As at 1 October
257,624
158,715
Allowance for the financial year
616,345
102,539
Transfer from provision in relation to loan obligations
347,300
–
Reversal of allowance for impairment
(2,326)
(3,630)
As at 30 September
1,218,943
257,624
Amounts due to subsidiaries are non-trade related, interest-free, unsecured and repayable in cash. In respect
of the interest-bearing amounts, interest of 4.25% per annum is charged.
Balances with subsidiaries which are repayable on demand have been classified as current, while balances
with no fixed terms of repayment and not expected to be repaid within the next 12 months have been classified
as non-current. The non-current loans due from subsidiaries form part of the Company’s net investments in
subsidiaries where settlements are neither planned nor likely to occur in the foreseeable future.
Details of significant subsidiaries are included in Note 41.
Interest in Subsidiaries with Material NCI
(a)
Determining whether the Group has control over the REITs it manages requires management judgement.
In exercising its judgement, management considers the proportion of its ownership interest and voting
rights, the REIT managers’ decision-making authority over the REITs as well as the Group’s overall
exposure to variable returns, both from the REIT managers’ remuneration and their interests in the REITs.
The Group assesses that it controls FCT, FLCT and FHT (collectively, the “REITs”), although the Group
owns less than half of the ownership interest and voting power of the REITs. The activities are managed by
the Group’s wholly-owned subsidiaries, namely, Frasers Centrepoint Asset Management Ltd. (“FCAM”),
Frasers Logistics & Commercial Asset Management Ltd. (“FLCAM”) and Frasers Hospitality Asset
Management Pte. Ltd. (“FHAM”), respectively (collectively, the “REIT Managers”). The REIT Managers
have decision-making authority over the REITs, subject to oversight by the trustees of the respective
REITs. The Group’s overall exposure to variable returns, both from the REIT Managers’ remuneration and
the interests in the REITs, is significant and any decisions made by the REIT Managers affect the Group’s
overall exposure.
(b)
The following subsidiaries of the Group have material NCI:
Name of entity
Principal place
of business
Ownership interest
held by NCI
2024
2023
%
%
FCT
Singapore
60.4
58.7
FHT
Singapore
74.3
74.3
FLCT
Singapore
77.1
77.7
Frasers Property (Thailand) Public Company
Limited (“FPT”)
Thailand
40.4
40.4
Annual Report 2024
213
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
14.
INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES (CONT’D)
Interest in Subsidiaries with Material NCI (cont’d)
(i)
FCT
In the financial year ended 30 September 2024, FCT issued new units by way of private placement in
connection with the equity fund raising and the Group received units in FCT in return for management
services provided to FCT. Arising therefrom, the Group’s interest in FCT decreased from 41.3% to 39.6%.
(ii)
FLCT
In the financial year ended 30 September 2024, the Group received units in FLCT in return for management
services provided to FLCT. Arising therefrom, the Group’s interest in FLCT increased from 22.3% to
22.9%.
The following table summarises the financial information of each of the Group’s subsidiaries with material NCI,
based on their respective consolidated financial statements prepared in accordance with SFRS(I), modified
for fair value adjustments on acquisition and differences in the Group’s accounting policies. The information is
before inter-company eliminations with other entities in the Group.
FCT
$'000
FHT
$'000
FLCT
$'000
FPT
$'000
Other
subsidiaries
with
individually
immaterial
NCI
$'000
Total
$'000
2024
Revenue
351,733
132,904
446,673
503,240
Profit for the financial year
197,546
21,743
139,513
101,668
Total comprehensive income
167,919
31,231
124,961
188,504
Attributable to NCI
– Profit for the financial year
119,338
16,162
107,597
41,044
29,040
313,181
– Total comprehensive income
101,441
23,214
96,374
76,100
20,757
317,886
Current assets
35,412
143,944
178,398
1,447,533
Non-current assets
6,339,042
1,762,102
6,958,679
3,203,988
Current liabilities
(428,741)
(301,973)
(663,691)
(698,754)
Non-current liabilities
(1,789,464)
(540,326)
(2,262,056)
(1,763,578)
Net assets
4,156,249
1,063,747
4,211,330
2,189,189
Net assets attributable to NCI
2,502,574
790,683
3,256,082
945,852
42,185
7,537,376
Cash flows from/(used in):
– Operating activities
215,667
76,919
311,372
115,402
– Investing activities
45,193
(39,132)
(263,661)
(29,511)
– Financing activities1
(266,255)
(32,387)
(67,375)
(79,874)
Net increase/(decrease) in cash
and cash equivalents
(5,395)
5,400
(19,664)
6,017
1 Includes dividends paid to NCI
(122,332)
(32,461)
(202,842)
(17,174)
214
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
14.
INVESTMENTS IN AND BALANCES WITH SUBSIDIARIES (CONT’D)
Interest in Subsidiaries with Material NCI (cont’d)
FCT
$'000
FHT
$'000
FLCT
$'000
FPT
$'000
Other
subsidiaries
with
individually
immaterial
NCI
$'000
Total
$'000
2023
Revenue
369,723
122,819
420,615
579,159
Profit/(loss) for the financial year
211,954
36,564
(103,237)
131,826
Total comprehensive income
199,447
19,327
(225,858)
82,595
Attributable to NCI
– Profit/(loss) for the financial year
124,311
27,149
(80,215)
53,219
(2,841)
121,623
– Total comprehensive income
116,976
14,351
(175,492)
33,344
(7,305)
(18,126)
Current assets
407,849
106,073
208,229
1,325,715
Non-current assets
5,963,594
1,750,541
6,729,431
3,013,271
Current liabilities
(504,005)
(180,055)
(604,590)
(706,253)
Non-current liabilities
(1,897,943)
(600,346)
(2,010,829)
(1,573,955)
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
243,130
71,406
302,255
106,356
– Investing activities
(356,931)
9,571
(128,307)
74,102
– Financing activities1
107,842
(113,099)
(243,092)
(180,766)
Net decrease in cash
and cash equivalents
(5,959)
(32,122)
(69,144)
(308)
1 Includes dividends paid to NCI
(122,432)
(31,402)
(211,180)
(24,551)
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES
Group
Company
2024
2023
2024
2023
$'000
$'000
$'000
$'000
Investments in joint ventures
3,388,850
2,725,203
60,632
500
Investments in associates
1,270,628
1,142,528
–
–
4,659,478
3,867,731
60,632
500
Annual Report 2024
215
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
Group
Company
2024
2023
2024
2023
Note
$'000
$'000
$'000
$'000
Balances with joint ventures
Loans to joint ventures:
18
– Non-current
115,251
184,261
–
–
– Current
174,454
–
–
–
Amounts due from joint ventures:
18
– Non-current
–
21
–
–
– Current
171,257
53,426
9
8
Loans from joint ventures:
25
– Non-current
(29,489)
(27,988)
–
–
– Current
(12,500)
(12,500)
–
–
Amounts due to joint ventures:
25
– Non-current
(26,543)
(31,781)
–
–
– Current
(647,863)
(590,690)
(2,850)
–
(255,433)
(425,251)
(2,841)
8
Balances with associates
Loans to associates:
18
– Non-current
282,623
115,514
–
–
– Current
–
14,535
–
–
Amounts due from associates:
18
– Non-current
2,010
2,840
–
–
– Current
13,504
9,372
–
–
Loans from associate:
25
– Non-current
(10,436)
(197,117)
–
–
– Current
(194,524)
–
–
–
Amounts due to associates:
25
– Non-current
(1,148)
(1,148)
–
–
– Current
(7,722)
(2,752)
–
–
84,307
(58,756)
–
–
Excluding loans to joint ventures of $275,787,000 (2023: $172,500,000) which bear interest at 3.0% to 4.5% (2023:
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 $103,287,000 (2023: $172,500,000) which is repayable by 2028 (2023: 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 $268,901,000 (2023: $115,514,000) which bear interest at 4.6% to 5.5% (2023:
3.0% to 5.2%) per annum and the loans from associate which bear interest at 4.8% (2023: 4.8%) per annum,
loans to and from associates are interest-free, unsecured and repayable in cash. Excluding loans to associates
of $265,682,000 (2023: $112,459,000) which are repayable by 2027 (2023: repayable by 2027) and the loans from
associate which are repayable by 2026 (2023: 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 $2,840,000 (2023: $3,633,000) which bears interest at 4.5% (2023:
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 $2,010,000 (2023: $2,840,000) which is repayable
by 2027 (2023: 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.
216
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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:
Individually impaired
2024
2023
$’000
$’000
As at 1 October
2,416
2,291
Currency re-alignment
33
(10)
Allowance for the financial year
165
135
As at 30 September
2,614
2,416
(a)
Incorporation of Joint Ventures
(i)
On 2 November 2023, the Group, through its wholly-owned subsidiary, Suzhou He Mao Yue
Enterprise Management Co., Ltd., completed the subscription for a 34.4% equity interest in the
capital of Taicang Jin Zhen Business Consultancy Co., Ltd. The consideration for the subscription
was RMB 544,000,000 ($101,210,000).
(ii)
On 14 December 2023, the Group, through its wholly-owned subsidiary, Suzhou Sing Fu Le
Enterprise Management Co., Ltd. completed the subscription for a 44.9% equity interest in the
capital of Taicang Xin Zhen Business Consultancy Co., Ltd. The consideration for the subscription
was RMB 204,000,000 ($37,954,000).
(b)
Dilution of Interests in Subsidiaries to Interests in Joint Ventures
(i)
On 18 March 2024, the Group, through its wholly-owned subsidiary, Frasers Property Brookhaven
Shareholder Pty Limited, entered into a share sale agreement with a third party capital partner (the
“Brookhaven JV Investor”) for the sale of 49.9% of the issued shares in a wholly-owned subsidiary,
Frasers Property Brookhaven JV Pty Limited (“Brookhaven JV”), (“Brookhaven JV Shares Sale”)
as disclosed in Note 40(b)(i).
Pursuant to the Brookhaven JV Shares Sale, which was completed on 25 March 2024, the Group
and the Brookhaven JV Investor each holds 50.1% and 49.9%, respectively, of the issued shares
in Brookhaven JV, and with effect from 25 March 2024, Brookhaven JV is equity accounted for as
a joint venture.
(ii)
On 5 July 2024, the Group entered into a sale and purchase agreement with a third party (the
“RPPL Investor”) for the sale of 49.0% of the issued share capital in a wholly-owned subsidiary,
Riverside Property Pte. Ltd. (“RPPL”), (“RPPL Shares Sale”) as disclosed in Note 40(b)(ii).
Pursuant to the RPPL Shares Sale, which was completed on 5 July 2024, the Group and the RPPL
Investor each holds 51.0% and 49.0%, respectively, of the issued share capital in RPPL, and with
effect from 5 July 2024, RPPL is equity accounted for as a joint venture.
Annual Report 2024
217
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(c)
Impairment of Investments in Associates and Joint Ventures
In the previous financial year, the Group, through FCT and a wholly-owned subsidiary, Frasers Property
Ventures I Pte. Ltd., recognised impairment losses of $12,251,000 on investments in associates, Hektar
Real Estate Investment Trust 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.
(d)
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”), Sapphire Star Trust (“SST”) and Gold Ridge Pte. Ltd.
(“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 2024 is $380,792,000 (2023:
$313,279,000).
No disclosure of fair value is made for material joint ventures and other material associates as they are
not quoted on any market.
218
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(d)
Material Joint Ventures and Associates (cont’d)
The following table summarises the financial information of the Group’s material joint ventures based
on their 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.
Immaterial
AST
SST
GRPL
joint
ventures
Total
$'000
$'000
$'000
$'000
$'000
2024
Revenue
75,933
83,443
131,204
Profit after tax
11,549
50,296
92,322
Other comprehensive income
(30,114)
(18,125)
(20,918)
Total comprehensive income
(18,565)
32,171
71,404
Attributable to:
– Investee's shareholders
(18,565)
32,171
71,404
Current assets
25,676
44,524
40,242
Non-current assets
2,124,074
1,330,782
2,135,378
Current liabilities
(23,560)
(31,188)
(30,916)
Non-current liabilities
(1,109,790)
(589,338)
(832,739)
Net assets
1,016,400
754,780
1,311,965
Attributable to:
– Investee's shareholders
1,016,400
754,780
1,311,965
Group's interest in net assets as at
beginning of the financial year
523,334
384,036
661,304
1,156,529
2,725,203
Group's share:
– Profit after tax
5,774
26,894
46,161
130,945
209,774
– Other comprehensive income
(15,057)
(9,063)
(10,459)
(3,095)
(37,674)
Total comprehensive income
(9,283)
17,831
35,702
127,850
172,100
Currency re-alignment
–
–
–
5,047
5,047
Additions
–
41
–
279,676
279,717
Return of capital
–
–
–
(1,328)
(1,328)
Disposal
–
–
–
(3,374)
(3,374)
Disposal of a subsidiary (Note 40(b))
–
–
–
(9)
(9)
Dilution of interests in subsidiaries to
joint ventures (Note 40(b))
–
–
–
312,799
312,799
Dividends received
(5,850)
(24,605)
(32,450)
(35,261)
(98,166)
Deferred gain
–
–
–
(3,139)
(3,139)
Group's interest in net assets as at
end of the financial year
508,201
377,303
664,556
1,838,790
3,388,850
Annual Report 2024
219
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(d)
Material Joint Ventures and Associates (cont’d)
Immaterial
AST
SST
GRPL
joint
ventures
Total
$'000
$'000
$'000
$'000
$'000
2023
Revenue
74,437
80,991
83,818
Profit after tax
17,351
45,452
57,393
Other comprehensive income
3,134
(8,424)
(4,636)
Total comprehensive income
20,485
37,028
52,757
Attributable to:
– Investee's shareholders
20,485
37,028
52,757
Current assets
23,978
43,180
42,634
Non-current assets
2,134,578
1,343,914
2,124,746
Current liabilities
(18,734)
(29,352)
(27,985)
Non-current liabilities
(1,093,156)
(590,106)
(822,148)
Net assets
1,046,666
767,636
1,317,247
Attributable to:
– Investee's shareholders
1,046,666
767,636
1,317,247
Group's interest in net assets as at
beginning of the financial year
524,041
309,435
–
1,001,901
1,835,377
Group's share:
– Profit/(loss) after tax
8,676
26,967
47,107
(25,569)
57,181
– Other comprehensive income
1,567
(4,019)
(2,318)
(5,993)
(10,763)
Total comprehensive income
10,243
22,948
44,789
(31,562)
46,418
Currency re-alignment
–
–
–
(52,774)
(52,774)
Additions
–
73,056
640,865
232,090
946,011
Return of capital
–
–
–
(15,724)
(15,724)
Dilution of interest in a subsidiary to
a joint venture
–
–
–
40,433
40,433
Dividends received
(10,950)
(21,403)
(24,350)
(10,695)
(67,398)
Reclassification to assets held for sale
–
–
–
(117)
(117)
Deferred gain
–
–
–
(7,023)
(7,023)
Group's interest in net assets as at
end of the financial year
523,334
384,036
661,304
1,156,529
2,725,203
220
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(d)
Material Joint Ventures and Associates (cont’d)
The following table summarises the financial information of the Group’s material associates based
on their respective 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
FTREIT
OBH
Group
Immaterial
associates
Total
$'000
$'000
$'000
$'000
$'000
2024
Revenue
22,764
146,834
14,103
Profit after tax
14,845
90,240
227,559
Other comprehensive income
(5,261)
–
–
Total comprehensive income
9,584
90,240
227,559
Attributable to:
– NCI
265
–
(1,256)
– Investee's shareholders
9,319
90,240
228,815
Current assets
521,887
21,543
640,085
Non-current assets
23,128
1,990,527
3,383,514
Current liabilities
(173,750)
(189,057)
(294,862)
Non-current liabilities
–
(414,762) (2,141,165)
Net assets
371,265
1,408,251
1,587,572
Attributable to:
– NCI
14,225
–
21,169
– Investee's shareholders
357,040
1,408,251
1,566,403
Group's interest in net assets as at
beginning of the financial year
164,384
343,749
249,760
384,635
1,142,528
Group's share:
– Profit/(loss) after tax
6,734
23,579
45,351
(945)
74,719
– Other comprehensive income
(2,437)
–
–
–
(2,437)
Total comprehensive income
4,297
23,579
45,351
(945)
72,282
Currency re-alignment
–
19,470
15,481
14,054
49,005
Additions
–
23,141
–
15,810
38,951
Dividends received
–
(24,197)
–
(6,019)
(30,216)
Deferred gain
–
–
–
(1,922)
(1,922)
Group's interest in net assets as at
end of the financial year
168,681
385,742
310,592
405,613
1,270,628
Annual Report 2024
221
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
15.
INVESTMENTS IN AND BALANCES WITH JOINT VENTURES AND ASSOCIATES (CONT’D)
(d)
Material Joint Ventures and Associates (cont’d)
SAI Group
FTREIT
OBH
Group
Immaterial
associates
Total
$'000
$'000
$'000
$'000
$'000
2023
Revenue
18,473
143,711
418
Profit after tax
48,811
110,026
191,711
Other comprehensive income
(30,806)
–
–
Total comprehensive income
18,005
110,026
191,711
Attributable to:
– NCI
672
–
5
– Investee's shareholders
17,333
110,026
191,706
Current assets
126,293
20,656
430,933
Non-current assets
436,606
1,859,275
2,256,383
Current liabilities
(201,218)
(212,332)
(203,148)
Non-current liabilities
–
(408,049) (1,224,196)
Net assets
361,681
1,259,550
1,259,972
Attributable to:
– NCI
13,960
–
11
– Investee's shareholders
347,721
1,259,550
1,259,961
Group's interest in net assets as at
beginning of the financial year
187,580
344,105
103,852
451,250
1,086,787
Group's share:
– Profit after tax
22,135
28,797
37,990
4,816
93,738
– Other comprehensive income
(13,964)
–
–
(2,325)
(16,289)
Total comprehensive income
8,171
28,797
37,990
2,491
77,449
Currency re-alignment
–
(5,623)
(6,700)
(9,204)
(21,527)
Additions
–
–
114,618
3,990
118,608
Disposal
–
–
–
(2,763)
(2,763)
Impairment loss (Note 8)
–
–
–
(12,251)
(12,251)
Dividends received
(31,367)
(23,530)
–
(9,262)
(64,159)
Reclassification to assets held for sale
–
–
–
(39,616)
(39,616)
Group's interest in net assets as at
end of the financial year
164,384
343,749
249,760
384,635
1,142,528
222
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
16.
OTHER NON-CURRENT/CURRENT ASSETS
Group
Company
2024
2023
2024
2023
$'000
$'000
$'000
$'000
Other non-current assets
Equity investments at FVOCI
51,223
58,785
22,783
26,258
Debt instrument at FVTPL
41,043
40,139
–
–
Prepayments
5,730
3,468
–
–
97,996
102,392
22,783
26,258
Other current assets
Prepayments
59,509
85,469
–
–
Inventory
4,890
4,518
–
–
Contract costs
11,421
33,824
–
–
75,820
123,811
–
–
173,816
226,203
22,783
26,258
The debt instrument at FVTPL has a stated interest rates of 3.0% (2023: 2.4% to 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:
Group
2024
2023
$'000
$'000
As at 1 October
6,776
13,777
Additions
19
–
Changes in fair value recognised in OCI
(253)
(7,001)
As at 30 September
6,542
6,776
(b)
Contract Costs
Contract costs relate to commission fees paid to property agents for securing sale contracts for the
Group’s development properties. During the financial year, $10,790,000 (2023: $18,728,000) of commission
fees paid are capitalised as contract costs.
Capitalised commission fees are amortised when the related revenue is recognised. During the financial
year, $33,311,000 (2023: $20,238,000) was amortised. There was no impairment loss in relation to such
costs capitalised.
Annual Report 2024
223
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
17.
INTANGIBLE ASSETS
Goodwill
Management
contracts
Software
and others
Total
$'000
$'000
$'000
$'000
Group
Cost
As at 1 October 2022
505,947
61,132
46,728
613,807
Currency re-alignment
(12,874)
(968)
(1,391)
(15,233)
Additions
–
–
3,840
3,840
Write-offs (Note 4(c))
–
–
(324)
(324)
As at 30 September 2023 and 1 October 2023
493,073
60,164
48,853
602,090
Currency re-alignment
2,832
3,226
2,702
8,760
Additions
–
–
5,000
5,000
Write-offs (Note 4(c))
–
–
(1,151)
(1,151)
Disposal of a subsidiary (Note 40(b))
–
–
(131)
(131)
As at 30 September 2024
495,905
63,390
55,273
614,568
Accumulated amortisation
As at 1 October 2022
–
–
27,132
27,132
Currency re-alignment
–
–
(896)
(896)
Amortisation (Note 4(c))
–
–
5,956
5,956
Write-offs (Note 4(c))
–
–
(67)
(67)
As at 30 September 2023 and 1 October 2023
–
–
32,125
32,125
Currency re-alignment
–
–
504
504
Amortisation (Note 4(c))
–
–
5,521
5,521
Write-offs (Note 4(c))
–
–
(1,010)
(1,010)
Disposal of a subsidiary (Note 40(b))
–
–
(104)
(104)
As at 30 September 2024
–
–
37,036
37,036
Net book value
As at 30 September 2024
495,905
63,390
18,237
577,532
As at 30 September 2023
493,073
60,164
16,728
569,965
(a)
Goodwill
The Group’s goodwill is denominated in the respective functional currencies of the acquired subsidiaries
and is subject to currency fluctuations.
The carrying value is assessed for impairment based on CGUs during the financial year.
2024
2023
$'000
$'000
Carrying value of capitalised goodwill in the following operating
segments:
– Australia
281,086
278,017
– Industrial
214,819
215,056
495,905
493,073
224
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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”).
Subsequently, the commercial and industrial division in FPA was transferred to Frasers Property
Industrial (“FPI”), while the residential division remained with FPA. As a result, a portion of the
goodwill was transferred to FPI. For the purposes of impairment assessment, the remaining
goodwill in FPA is allocated solely to the total assets of the residential division. The impairment
assessment of the goodwill transferred to FPI is separately assessed under Note 17(a)(ii)(c).
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 13.3% (2023: 15.3%)
and the terminal growth rate used beyond the five-year period is 3.0% (2023: 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 2024, the carrying value of goodwill is A$316,396,000 ($281,086,000) (2023:
A$316,396,000 ($278,017,000)).
(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% (2023: 12.0%)
and the forecast growth rate used beyond the 10-year period is 2.0% (2023: 2.0%). Based
on the recoverable amount, no impairment is necessary.
As at 30 September 2024, the carrying value of goodwill is $62,601,000 (2023: $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
7.4% (2023: 7.5%) and the enterprise multiple used to determine the terminal value beyond
the 10-year period is 17.2 (2023: 10.2). Based on the recoverable amount, no impairment
is necessary.
As at 30 September 2024, the carrying value of goodwill is EUR65,978,000 ($94,472,000)
(2023: EUR65,978,000 ($95,339,000)).
Annual Report 2024
225
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
17.
INTANGIBLE ASSETS (CONT’D)
(a)
Goodwill (cont’d)
(ii)
Industrial (cont’d)
(c)
The Group recorded goodwill upon the acquisition of FPA. Subsequently, the commercial
and industrial division in FPA and its associated goodwill was transferred to FPI. For the
purposes of impairment assessment, the goodwill transferred is allocated to the total
assets of the commercial and industrial division.
The recoverable amount of the CGU transferred 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 14.8% (2023: 14.3%) and the terminal growth rate used beyond
the five-year period is 2.0% (2023: 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 2024, the carrying value of goodwill is A$65,000,000 ($57,746,000)
(2023: A$65,000,000 ($57,116,000)).
(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 ($63,390,000) (2023: THB1,613,000,000 ($60,164,000)) are
assessed to have indefinite useful lives and are 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 2.1% (2023: 1.9%).
The pre-tax discount rate applied to the projections is 9.3% (2023: 9.7%). Based on the recoverable
amount, no impairment is necessary.
226
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
18.
TRADE AND OTHER RECEIVABLES
Group
Company
2024
2023
2024
2023
Note
$'000
$'000
$'000
$'000
Other receivables (non-current)
Amounts due from subsidiaries
14
–
–
4,646,352
5,331,374
Amounts due from associate
15
2,010
2,840
–
–
Amounts due from joint ventures
15
–
21
–
–
Amounts due from joint venture partners
–
273,165
–
–
Loans to joint ventures
15
115,251
184,261
–
–
Loans to associates
15
282,623
115,514
–
–
Loan to NCI
49,859
47,489
–
–
Receivables from joint development
agreements
113,559
105,661
–
–
Finance lease receivables
– External parties
12,465
13,550
–
–
– Associates
22,128
22,265
–
–
Tax recoverable
6,508
4,591
–
–
Sundry debtors
15,382
10,180
–
–
619,785
779,537
4,646,352
5,331,374
Trade receivables (current)
Trade receivables
84,608
99,688
–
–
Other receivables (current)
Tax recoverable
54,937
47,147
5,558
2,531
Accrued interest income
10,527
7,065
3
756
Staff loans and advances
561
180
–
–
Other deposits
36,144
12,566
–
–
Finance lease receivables
– External parties
1,420
1,312
–
–
– Associates
1,312
1,842
–
–
Receivables from joint development
agreements
93,238
43,765
–
–
Recoverable development costs
2,688
476
–
–
Amounts due from subsidiaries
14
–
–
101,552
286,826
Amounts due from related companies
1,381
1,197
–
–
Amounts due from associates
15
13,504
9,372
–
–
Amounts due from joint ventures
15
171,257
53,426
9
8
Loan to associate
15
–
14,535
–
–
Loan to joint venture
15
174,454
–
–
–
Loan to joint venture partner
–
187,000
–
–
Loans to NCI
3,200
–
–
–
Sundry debtors
202,042
148,759
142,442
13,209
766,665
528,642
249,564
303,330
Total trade and other receivables
(current)
851,273
628,330
249,564
303,330
Total trade and other receivables
(current and non-current)
1,471,058
1,407,867
4,895,916
5,634,704
Annual Report 2024
227
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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
In the previous financial year, amounts due from joint venture partners were interest-free, had no fixed
terms of repayment and related to certain land tenders in China.
In the previous financial year, the loan to joint venture partner of $187,000,000 was non-trade related,
bore interest at a fixed rate of 8.0% per annum, unsecured and was repayable within the next 12 months.
(c)
Loan to NCI
The non-current loan to NCI is non-trade related, bears interest at a fixed rate of 6.0% (2023: 6.0%)
per annum and is secured. The non-current loan to NCI is not expected to be repaid within the next
12 months.
The current loans to NCI are non-trade related, interest-free, unsecured and repayable on demand.
(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
Individually impaired
2024
2023
2024
2023
$'000
$'000
$'000
$'000
Trade receivables – nominal amounts
100,948
110,143
3,567
4,559
Allowance for impairment
(16,446)
(10,631)
(3,461)
(4,383)
84,502
99,512
106
176
As at 1 October
10,631
10,259
4,383
4,180
Currency re-alignment
(70)
(51)
412
20
Allowance for the financial year
(Note 4(a))
4,963
3,265
4,033
2,713
Reversal of allowance for impairment
(Note 4(a))
(886)
(2,352)
(3,991)
(2,243)
Bad debts written off
(38)
(490)
(1,376)
(287)
Disposal of a subsidiary
1,846
–
–
–
As at 30 September
16,446
10,631
3,461
4,383
228
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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:
Group
Balance sheet
Credited/(charged) to
profit statement
2024
2023
2022
2024
2023
$'000
$'000
$'000
$'000
$'000
Restated*
Restated*
Restated*
Deferred tax assets
Fair value changes
30,772
31,320
31,126
(675)
(219)
Provisions
68,679
131,475
126,472
(64,136)
12,626
Differences in depreciation
72,322
57,461
63,330
3,599
(5,869)
Employee benefits
13,820
14,479
15,580
(728)
(666)
Unabsorbed losses and
capital
allowances
1,168
4,666
5,342
(3,668)
1,673
Others
8,893
7,505
6,390
455
1,225
Gross deferred tax assets
195,654
246,906
248,240
(65,153)
8,770
Deferred tax liabilities
Fair value changes
(808,121)
(854,266)
(946,978)
53,027
64,823
Provisions
(120,676)
(142,955)
(114,890)
25,233
(31,077)
Differences in depreciation
(268,666)
(222,682)
(189,096)
(32,331)
(39,117)
Others
(21,953)
(15,029)
(16,442)
(2,012)
(2,799)
Gross deferred tax liabilities
(1,219,416)
(1,234,932)
(1,267,406)
43,917
(8,170)
*
The comparative information has been re-presented to reflect a separate deferred tax asset in relation to the Group’s lease
liabilities and a deferred tax liability in relation to the Group’s right-of-use assets.
Annual Report 2024
229
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
19.
DEFERRED TAX ASSETS AND LIABILITIES (CONT’D)
(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.
Group
2024
2023
$'000
$'000
Deferred tax assets
40,905
110,526
Deferred tax liabilities
(1,064,667)
(1,098,552)
(1,023,762)
(988,026)
(c)
As at 30 September 2024, certain subsidiaries have unutilised tax losses and capital allowances of
approximately $493,850,000 (2023: $574,414,000) available for set off against future taxable profits for
which no deferred tax benefit is recognised in the balance sheet. The utilisation of tax losses and capital
allowances is subject to the agreement of the respective tax authorities and compliance with certain
provisions of the tax legislations of the respective jurisdictions in which the Group operates. Tax losses
and capital allowances amounting to $193,019,000 (2023: $165,766,000) 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 continues to apply the temporary mandatory exceptions in recognising and disclosing
information about deferred tax assets and liabilities related to Pillar Two income taxes.
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 new legislation will be effective
for certain jurisdictions within the Group for the financial year beginning 1 October 2024.
Based on its preliminary assessment, the Group does not expect material top-up tax in these jurisdictions.
Due to the complex nature of the legislation, the Group will continue to monitor and reassess the impact
of the legislation.
20.
PROPERTIES HELD FOR SALE
Group
2024
2023
$'000
$'000
Development properties held for sale
Properties under development, for which revenue
is to be recognised over time
95,420
135,619
Properties under development, for which revenue
is to be recognised at a point in time
2,415,791
2,539,525
Allowance for foreseeable losses
(80,141)
(84,211)
2,335,650
2,455,314
2,431,070
2,590,933
Completed properties held for sale
Completed units, at cost
1,055,342
1,115,747
Allowance for foreseeable losses
(147,759)
(88,572)
907,583
1,027,175
Total properties held for sale
3,338,653
3,618,108
230
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
20.
PROPERTIES HELD FOR SALE (CONT’D)
(a)
Movements in allowance for foreseeable losses are as follows:
Group
2024
2023
$'000
$'000
Development properties held for sale
As at 1 October
(84,211)
(192,886)
Currency re-alignment
(934)
3,385
Reversal of write-down during the financial year (Note 4(a))
4,039
39,340
Transfer to completed properties held for sale
965
65,950
As at 30 September
(80,141)
(84,211)
Completed properties held for sale
As at 1 October
(88,572)
(78,979)
Currency re-alignment
(1,841)
2,633
(Write-down)/Reversal of write-down during the
financial year (Note 4(a))
(56,381)
53,724
Transfer from development properties held for sale
(965)
(65,950)
As at 30 September
(147,759)
(88,572)
(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 adjusted in
future periods.
(c)
During the financial year, net interest expense of $36,722,000 (2023: $45,102,000) arising from borrowings
obtained specifically for the projects is capitalised as cost of development properties held for sale.
(d)
During the financial year, staff costs of $25,219,000 (2023: $27,490,000) are capitalised as cost of
development properties held for sale.
(e)
Included in development properties held for sale are projects of approximately $53,865,000 (2023:
$568,874,000) which are expected to be completed within the next 12 months.
(f)
Certain subsidiaries have granted fixed and floating charges over their properties held for sale totalling
$542,935,000 (2023: $1,013,747,000) to financial institutions as securities for credit facilities.
Annual Report 2024
231
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
21.
CONTRACT ASSETS/LIABILITIES
Group
2024
2023
$'000
$'000
Contract assets
108,813
213,065
Contract liabilities
6,993
261,020
Significant changes in the contract assets and contract liabilities balances during the financial year are as
follows:
Group
Contract assets
Contract liabilities
2024
2023
2024
2023
$'000
$'000
$'000
$'000
Contract assets reclassified to trade receivables
(269,170)
(644,306)
–
–
Changes in measurement of development progress
164,915
514,072
–
–
Revenue recognised that was included in the
contract liabilities balance as at the beginning
of the financial year
–
–
(257,886)
(2,198)
Increases due to cash received, excluding
amounts recognised as revenue during the
the financial year
–
–
7,010
125,831
22.
DERIVATIVE FINANCIAL INSTRUMENTS
Group
Company
2024
2023
2024
2023
$'000
$'000
$'000
$'000
Assets
Cross currency swaps/cross currency
interest rate swaps
147,637
202,925
97,641
52,403
Interest rate swaps
69,638
244,708
31,417
30,873
Foreign currency forward contracts
366
517
–
–
217,641
448,150
129,058
83,276
Comprise:
– Current
54,362
46,669
–
–
– Non-current
163,279
401,481
129,058
83,276
217,641
448,150
129,058
83,276
Liabilities
Cross currency swaps/cross currency
interest rate swaps
162,799
77,085
97,641
52,403
Interest rate swaps
73,399
6,988
31,417
30,873
Foreign currency forward contracts
7,612
7
–
–
243,810
84,080
129,058
83,276
Comprise:
– Current
9,754
55,190
–
–
– Non-current
234,056
28,890
129,058
83,276
243,810
84,080
129,058
83,276
232
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
22.
DERIVATIVE FINANCIAL INSTRUMENTS (CONT’D)
(a)
Cross Currency Swaps/Cross Currency Interest Rate Swaps
The Group enters into cross currency swaps and cross currency interest rate swaps to hedge its
exposure to interest rate risks associated with movements in interest rates which impact the borrowing
costs of the Group and also to hedge exposure to exchange rate risks on foreign currency borrowings,
cash and cash equivalents and investments.
The Group and the Company have cross currency swap and cross currency interest rate swap
arrangements in place for the following amounts:
Group
Company
2024
2023
2024
2023
$'000
$'000
$'000
$'000
Notional amounts
Within one year
674,183
1,785,159
–
–
Between one to three years
2,015,502
1,285,897
309,576
–
After three years
2,413,962
2,050,031
725,145
914,385
5,103,647
5,121,087
1,034,721
914,385
The Group’s cross currency swaps at net carrying asset value of $70,108,000 (2023: $87,268,000) 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 liability value of
$85,270,000 (2023: net asset of $38,572,000) 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.
(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:
Group
Company
2024
2023
2024
2023
$'000
$'000
$'000
$'000
Notional amounts
Within one year
1,239,550
2,708,983
–
–
Between one to three years
2,591,405
2,028,534
498,452
–
After three years
3,053,418
2,355,714
528,496
611,325
6,884,373
7,093,231
1,026,948
611,325
As at 30 September 2024, the fixed interest rates of the outstanding interest rate swap contracts range
between 0.1% to 5.3% (2023: 0.1% to 5.4%) per annum.
The Group’s interest rate swaps at net carrying liability value of $3,579,000 (2023: net asset of $237,376,000)
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.
Annual Report 2024
233
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
22.
DERIVATIVE FINANCIAL INSTRUMENTS (CONT’D)
(c)
Foreign Currency Forward Contracts
Foreign currency forward contracts are used by the Group to hedge exposure to exchange rate risks on
foreign currency receivables and payables, cash and cash equivalents and borrowings.
The Group has foreign currency forward contract arrangements in place for the following amounts:
Group
2024
2023
$'000
$'000
Notional amounts
Within one year
355,288
121,615
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 2024 and 30 September 2023.
23.
BANK DEPOSITS AND CASH AND CASH EQUIVALENTS
Group
Company
2024
2023
2024
2023
$'000
$'000
$'000
$'000
Bank deposits
Deposits pledged with banks
1,289
528
–
–
Cash and cash equivalents
Fixed deposits
438,837
398,295
–
–
Cash in banks and in hand
2,196,457
2,188,391
12,192
269,433
Cash in banks held under
“Project Account Rules – 1997 Ed”
81,897
71,654
–
–
Total cash and cash equivalents
2,717,191
2,658,340
12,192
269,433
Total bank deposits and cash and
cash equivalents
2,718,480
2,658,868
12,192
269,433
(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 2024, the interest rates of the deposits pledged with banks range from 1.5% to 2.0%
(2023: 1.5% to 2.0%) per annum.
(b)
Cash in banks earns interest at floating rates based on daily bank deposit rates. The tenure of short-term
deposits vary between one day and three months depending on the immediate cash requirements of the
Group, and the deposits earn interest at the respective short-term deposit rates.
(c)
The withdrawals from amounts held under “Project Account Rules – 1997 Ed” are restricted to payments
for development expenditure incurred on properties developed for sale.
234
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
23.
BANK DEPOSITS AND CASH AND CASH EQUIVALENTS (CONT’D)
(d)
For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents comprise the
following as at the reporting date:
Group
2024
2023
Note
$'000
$'000
Fixed deposits and cash in banks and in hand
2,717,191
2,658,340
Bank overdrafts
27
(760)
(806)
Cash and cash equivalents in the
Consolidated Statement of Cash Flows
2,716,431
2,657,534
24.
ASSETS/LIABILITIES HELD FOR SALE
Group
2024
2023
$'000
$'000
Investment properties
67,748
343,014
Investment in a joint venture
–
117
Investments in associates
–
39,616
Assets held for sale
67,748
382,747
Trade and other payables
–
6,189
Liabilities held for sale
–
6,189
Pursuant to the planned divestments, the following assets have been reclassified to assets held for sale as at
30 September 2024:
(a)
On 16 May 2024, Australand C&I Land Holdings Pty Ltd, trustee for Frasers Property C&I Land Holdings
(Tarneit No. 1) Trust, a wholly-owned trust of the Group, entered into a contract of sale with an unrelated
third party for the divestment of a property located at 917 Boundary Road, Tarneit, Victoria, Australia. The
sale is expected to be completed in the quarter ending 31 March 2025.
(b)
In August 2024, independent property agencies were appointed by Frasers Property Retail Holdings Pty
Limited (“FPRHPL”), trustee for FPR (Coorparoo) Trust, a wholly-owned trust of the Group, to conduct
a marketing exercise for the divestment of a property located at 300 Old Cleveland Road, Coorparoo,
Queensland, Australia. On 31 October 2024, FPRHPL entered into a contract of sale with an unrelated
third party for the divestment of the property and the sale is expected to be completed in the quarter
ending 31 December 2024.
(c)
On 6 September 2024, Australand Car Park Pty Ltd, trustee for Australand Car Park Trust, a wholly-owned
trust of the Group, entered into a contract of sale with an unrelated third party for the divestment of a
property located at Freshwater Place, Public Carpark, Southbank, Victoria, Australia. The divestment was
completed on 31 October 2024.
(d)
On 24 September 2024, FPE Investments RE 18 B.V., a subsidiary of the Group, entered into a contract
with an unrelated third party for the divestment of a property located at Werner von Siemens-strasse 35
Saarwellingen, Germany. The divestment was completed on 31 October 2024.
In relation to assets/liabilities held for sale as at 30 September 2023:
(a)
On 23 July 2024, Australand Industrial No. 129 Pty Limited, a subsidiary of the Group, completed its
divestment of a property located at 25-39 Australand Drive, Berrinba, Queensland, Australia.
(b)
On 31 October 2023, FCT, a subsidiary of the Group, completed its divestment of a property, Changi City
Point, Singapore, together with FCT’s investment in a joint venture, Changi City Carpark Operations LLP
(“CCCO LLP”).
Annual Report 2024
235
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
24.
ASSETS/LIABILITIES HELD FOR SALE (CONT’D)
(c)
On 6 December 2023, FCT completed its divestment of an associate, Hektar Real Estate Investment
Trust.
(d)
On 6 December 2023, Frasers Property Retail Asset Management (Malaysia) Pte. Ltd., a subsidiary of the
Group, completed its divestment of an associate, Hektar Asset Management Sdn. Bhd.
25.
TRADE AND OTHER PAYABLES
Group
Company
2024
2023
2024
2023
Note
$'000
$'000
$'000
$'000
Trade payables
434,752
465,069
160
40
Other payables (current)
Accrued operating expenses and
sundry creditors
773,663
670,768
35,014
30,835
Land vendor liabilities
2,519
68,802
–
–
Deferred income
49,646
43,422
–
–
Rental deposits
55,568
65,108
7
8
Deposits
10,671
26,226
–
–
Interest payable
27(e)
56,835
61,180
–
–
Amounts due to subsidiaries
14
–
–
180,641
180,360
Amounts due to related companies
826
1,158
–
–
Amounts due to joint ventures
15
647,863
590,690
2,850
–
Amounts due to associates
15
7,722
2,752
–
–
Loans from joint ventures
15
12,500
12,500
–
–
Loans from associate
15
194,524
–
–
–
Amounts due to NCI
2,971
1,599
–
–
Provision in relation to loan
obligations of subsidiaries
–
–
–
347,300
1,815,308
1,544,205
218,512
558,503
Total trade and other payables
(current)
2,250,060
2,009,274
218,672
558,543
Other payables (non-current)
Sundry creditors
27,291
27,645
–
–
Deferred income
–
168
–
–
Rental deposits
119,136
104,223
–
–
Amounts due to subsidiaries
14
–
–
430,010
336,067
Amounts due to NCI
62,811
67,512
–
–
Amounts due to joint ventures
15
26,543
31,781
–
–
Amounts due to associates
15
1,148
1,148
–
–
Loans from joint ventures
15
29,489
27,988
–
–
Loans from associate
15
10,436
197,117
–
–
Amounts due to related companies
1,249
651
–
–
278,103
458,233
430,010
336,067
Total trade and other payables
(current and non-current)
2,528,163
2,467,507
648,682
894,610
236
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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)
A non-trade and unsecured loan of $24,146,000 (2023: $22,364,000) which bears interest at 6.5%
(2023: 6.5%) per annum and will not be repayable within the next 12 months.
(ii)
Non-trade and unsecured loans of $36,115,000 (2023: $23,404,000) which bear interest at 10.5%
(2023: 10.5%) per annum and are repayable by May 2038.
(iii)
A non-trade and unsecured loan of $2,550,000 (2023: $21,744,000) which bears interest at 4.7%
(2023: 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 2024 and 30 September 2023, land vendor liabilities are unsecured.
26.
LEASE LIABILITIES
Group
2024
2023
Note
$'000
$'000
Repayable within one year
34,405
35,344
Repayable after one year
802,798
757,903
27(e)
837,203
793,247
Included in lease liabilities are balances relating to contracts with associates, joint ventures and related parties
amounting to:
Group
2024
2023
$'000
$'000
Associates
746
–
Joint ventures
6,549
9,661
Related parties
1,936
2,089
9,231
11,750
Annual Report 2024
237
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
27.
LOANS AND BORROWINGS
Weighted average
effective interest rate
Group
2024
2023
2024
2023
%
%
$'000
$'000
Repayable within one year:
Unsecured
Bank loans
4.5
5.0
2,479,258
3,114,812
Medium term notes and other bonds
2.7
2.2
555,443
251,642
Bank overdrafts
–
–
760
806
Secured
Bank loans
4.0
3.7
582,696
463,451
Medium term notes
–
4.9
–
27,661
3,618,157
3,858,372
Repayable after one year:
Unsecured
Bank loans
5.0
5.5
9,823,193
7,833,292
Medium term notes and other bonds
3.6
3.6
3,236,892
3,215,484
Secured
Bank loans
4.0
4.3
581,346
1,554,124
Medium term notes
4.8
–
29,545
–
13,670,976
12,602,900
Total loans and borrowings
17,289,133
16,461,272
(a)
The secured bank loans and medium term notes 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:
Group
2024
2023
$'000
$'000
Between 1 and 2 years
2,410,750
2,823,667
Between 2 and 5 years
11,045,881
9,258,603
After 5 years
214,345
520,630
13,670,976
12,602,900
(c)
As at 30 September 2024, 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)
Medium Term Notes and Other Bonds
The Group’s medium term notes and other bonds are mainly issued by Frasers Property Treasury Pte.
Ltd. (“FP Treasury”), FCT, FLCT, FHT, FPA, FPT, Frasers Property Holdings (Thailand) Co., Ltd and an
indirect subsidiary, TMK Premisia One under their respective issuance programmes. These medium
term notes and other bonds are denominated mainly in Singapore Dollars, Thai Baht, Malaysia Ringgit
and Japanese Yen.
238
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
27.
LOANS AND BORROWINGS (CONT’D)
(e)
Reconciliation of movements of liabilities to cash flows arising from financing activities is as follows:
Loans and
borrowings
Interest
payable
Lease
liabilities
(Note 27)
(Note 25)
(Note 26)
$'000
$'000
$'000
As at 1 October 2023
16,461,272
61,180
793,247
Changes from financing cash flows
Proceeds from bank borrowings, net of costs
7,613,246
–
–
Repayments of bank borrowings
(7,051,121)
–
–
Proceeds from issue of medium term notes
and other bonds, net of costs
561,210
–
–
Repayments of medium term notes and other bonds
(317,694)
–
–
Payment of lease liabilities
–
–
(59,689)
Interest paid
–
(598,023)
–
Total changes from financing cash flows
805,641
(598,023)
(59,689)
New leases
–
–
53,133
Disposal of subsidiaries (Note 40(b))
(117,000)
–
–
Effect of changes in foreign exchange rates
139,266
–
19,170
Interest expense (Note 6)
–
593,678
33,567
Disposals
–
–
(3,194)
Others
(46)
–
969
As at 30 September 2024
17,289,133
56,835
837,203
As at 1 October 2022
15,889,336
53,883
840,659
Changes from financing cash flows
Proceeds from bank borrowings, net of costs
7,340,688
–
–
Repayments of bank borrowings
(6,274,598)
–
–
Proceeds from issue of medium term notes
and other bonds, net of costs
400,044
–
–
Repayments of medium term notes and other bonds
(724,487)
–
–
Payment of lease liabilities
–
–
(61,666)
Interest paid
–
(483,885)
–
Total changes from financing cash flows
741,647
(483,885)
(61,666)
New leases
–
–
29,463
Effect of changes in foreign exchange rates
(169,409)
–
7,989
Interest expense (Note 6)
–
491,182
33,563
Disposals
–
–
(57,628)
Others
(302)
–
867
As at 30 September 2023
16,461,272
61,180
793,247
Annual Report 2024
239
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
28.
SHARE CAPITAL
Group and Company
2024
2023
No. of shares
$'000
No. of shares
$'000
Issued and fully paid
Ordinary shares
As at beginning and end of the
financial year
3,926,041,573
2,987,858
3,926,041,573
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.
DIVIDEND RESERVE AND OTHER RESERVES
Group
Company
2024
2023
2024
2023
$'000
$'000
$'000
$'000
Dividend reserve
176,672
176,672
176,672
176,672
Hedging reserve
15,609
297,379
–
–
Foreign currency translation reserve
(1,010,861)
(1,058,789)
–
–
Share-based compensation reserve
4,730
6,224
445
1,660
Fair value reserve
(4,283)
2,571
20,634
24,109
Other reserves
97,930
90,933
–
–
Other reserves
(896,875)
(661,682)
21,079
25,769
(a)
Dividend Reserve
Dividend reserve relates to the proposed first and final dividend of 4.5 cents (2023: first and final dividend
of 4.5 cents) per share (Note 32).
(b)
Hedging Reserve
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.
(c)
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.
(d)
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).
240
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
29.
DIVIDEND RESERVE AND 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”) and Performance Share Plan (“PSP”)
The RSP and PSP are share-based compensation plans for senior and key personnel which were
approved by shareholders of the Company and have expired on 24 October 2023.
Since 1 October 2022, the Company has not granted awards under the RSP and PSP and has put in place
Restricted Cash Plan (“RCP”), a cash-settled share-based compensation plan as explained in Note 30(b).
To transition to the RCP, the Remuneration Committee approved settling all outstanding share awards
under the RSP and PSP in cash on vesting. The final and outstanding tranche of RSP and PSP awards are
expected to be fully settled by December 2024. Consequently, the RSP and PSP were reclassified from
equity-settled to cash-settled in the previous financial year.
The final number of RSP awards range from 0% to 150% of the initial grant of the RSP awards and will
vest in three tranches at or around the 1st, 2nd and 3rd anniversary of the grant date of the respective
RSP awards.
The final number of PSP awards range from 0% to 200% of the initial grant of the PSP awards and will vest
fully at or around the 3rd anniversary of the grant date of the respective PSP awards.
All final awards will be settled in cash based on the Company’s share price as at the relevant dates.
The fair values of RSP and PSP are measured based on the share price of $0.87 (2023: $0.85) as at the
balance sheet date.
(b)
Restricted Cash Plan Awards
In the previous financial year, the Company transitioned from the RSP and PSP to the RCP.
The RCP is a cash-settled share-based compensation plan for senior and key personnel. The terms of
the RCP are substantially similar to those of the RSP except for the method of settlement.
The final number of RCP awards range from 0% to 150% of the initial grant of the RCP awards and will
vest in three tranches at or around the 1st, 2nd and 3rd anniversary of the grant date of the respective
RCP awards.
All final awards will be settled in cash based on the Company’s share price as at the relevant dates.
The fair value of RCP is measured based on the share price of $0.87 (2023: $0.85) as at the balance
sheet date.
Annual Report 2024
241
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
30.
SHARE-BASED COMPENSATION PLANS (CONT’D)
(b)
Restricted Cash Plan Awards (cont’d)
RSP, PSP and RCP Awards Granted
The FY24 RCP award was granted on 24 November 2023. The details of the awards granted under the
RSP, PSP and RCP in aggregate as at 30 September 2024 are as follows:
RSP awards
Grant date
As at
1 October
2023
Cancelled
Achievement
factor
Vested
As at
30 September
2024
Year 8
23 June 2021
6,878,422
(169,668)
–
(6,708,754)
–
Year 9
23 December 2021
13,057,951
(753,745)
–
(6,382,984)
5,921,222
19,936,373
(923,413)
–
(13,091,738)
5,921,222
As at
1 October
2023
As at
30 September
2024
PSP awards
Grant date
Cancelled
Achievement
factor
Vested
Year 8
23 June 2021
675,000
–
(263,200)
(411,800)
–
Year 9
23 December 2021
583,800
–
–
–
583,800
1,258,800
–
(263,200)
(411,800)
583,800
RCP awards
Grant date
As at
1 October
2023 or grant
date if later
Cancelled
Achievement
factor
Vested
As at
30 September
2024
FY23
25 November 2022
26,385,400
(1,806,978)
(564,400)
(8,373,460)
15,640,562
FY24
24 November 2023
34,471,300
(2,054,083)
–
–
32,417,217
60,856,700
(3,861,061)
(564,400)
(8,373,460)
48,057,779
The details of the awards granted under the RSP, PSP and RCP in aggregate as at 30 September 2023
were as follows:
RSP awards
Grant date
As at
1 October
2022
Cancelled
Achievement
factor
Vested
As at
30 September
2023
Year 6
19 December 2018
1,499,825
–
–
(1,499,825)
–
Year 7
20 December 2019
1,709,084
(4,034)
–
(1,705,050)
–
Year 8
23 June 2021
14,699,267
(542,377)
–
(7,278,468)
6,878,422
Year 9
23 December 2021
21,055,600
(958,139)
(147,000)
(6,892,510)
13,057,951
FPL Share
29 September 2020
138,583
–
–
(138,583)
–
FPL RSP
29 September 2020
31,227
–
–
(31,227)
–
39,133,586
(1,504,550)
(147,000)
(17,545,663)
19,936,373
PSP awards
Grant date
As at
1 October
2022
Cancelled
Achievement
factor
Vested
As at
30 September
2023
Year 7
20 December 2019
476,800
–
(266,900)
(209,900)
–
Year 8
23 June 2021
675,000
–
–
–
675,000
Year 9
23 December 2021
583,800
–
–
–
583,800
1,735,600
–
(266,900)
(209,900)
1,258,800
RCP awards
Grant date
As at
1 October
2022 or grant
date if later
Cancelled
Achievement
factor
Vested
As at
30 September
2023
FY23
25 November 2022
27,839,900
(1,454,500)
–
–
26,385,400
The expense recognised in the Profit Statement for awards granted under the RSP, PSP and RCP for the
financial year ended 30 September 2024 is $23,106,000 (2023: $17,912,000).
242
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
30.
SHARE-BASED COMPENSATION PLANS (CONT’D)
(c)
Restricted Unit Plans (“RUP”) and Restricted Stapled Security Plan (“RSSP”) of Subsidiaries
The RUPs for the Group’s wholly-owned subsidiaries, FCAM and FLCAM, managers of FCT and FLCT,
respectively, and RSSP for the Group’s wholly-owned subsidiary, FHAM, manager of FHT, are unit-based
incentive plans for senior and key personnel of the respective subsidiaries. These RUPs and RSSP were
approved by the respective board of directors of the subsidiaries.
The final number of RUP or RSSP awards range from 0% to 150% of the initial grant of the RUP or RSSP
awards and will vest in three tranches at or around the 1st, 2nd and 3rd anniversary of the grant date of
the respective RUP or RSSP awards.
All final awards will be settled in the respective REIT units (or stapled securities), their cash equivalent
or a combination of both based on the respective REIT unit (or stapled securities) price as at the
relevant dates.
The expense recognised in the Profit Statement for awards granted under the RUPs and RSSP for the
financial year ended 30 September 2024 is $3,526,000 (2023: $2,532,000).
31.
PERPETUAL SECURITIES
The Group’s perpetual securities comprise perpetual securities issued by its subsidiary, FP Treasury (the
“Issuer”). As at 30 September 2024, the Group’s perpetual securities are as follows:
Issue Date
Principal Amount
Issued under FP Treasury's S$5,000,000,000
Multicurrency Debt Issuance Programme:
– 4.38% subordinated perpetual securities
17 January 2018
$300,000,000
On 11 April 2024, FP Treasury redeemed and cancelled the S$600,000,000 4.98% subordinated perpetual
securities, with Issue Dates of 11 April 2019 and 30 July 2019, which was included in the carrying amount as at
30 September 2023.
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 2024, transaction costs of $2,022,000 (2023: $4,920,000) are recognised in equity as
deductions from proceeds.
Annual Report 2024
243
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
32.
DIVIDENDS
Group and Company
2024
2023
$'000
$'000
Dividends on ordinary shares
First and final proposed
4.5 cents (2023: 4.5 cents) per share, tax exempt
176,672
176,672
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.
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.
In accordance with SFRS(I) 1-24 Related Party Disclosures, key management personnel are those persons
having authority and responsibility for planning, directing and controlling the activities of the entity, directly or
indirectly, including any director (whether executive or otherwise) of the entity.
The Group considers the Directors of the Company, and Key Executive Officers comprising the Group CEO,
certain key management officers of the corporate office and CEOs of the strategic business units, to be key
management personnel in the context of 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:
Group
2024
2023
$'000
$'000
Related corporations
Rental and service charge income/lease receipts
10,460
10,174
Rental and service charge expense/lease payments
(851)
(1,343)
Management/service fee income
1,190
997
Purchase of products and obtaining of services
(5,246)
(5,261)
Hotel and other income
562
648
Termination sum paid to a related corporation
(33,282)
–
Joint ventures and associates
Rental and service charge income/lease receipts
12,500
10,784
Rental and service charge expense/lease payments
(2,741)
(2,956)
Management/service fee income
52,946
55,664
Management fee expense
(359)
(330)
Purchase of products and obtaining of services
(2,925)
(2,976)
Dividend income
135,816
139,763
Dividend paid
(7,434)
(8,206)
Proceeds from the sale of properties
32,835
59,792
Interest income
20,498
12,512
Interest expense
(9,399)
(10,241)
Marketing fee income
2,144
1,784
Accounting and secretarial fee income
399
343
Proceeds from sale of investment in a joint venture to an
associate
11,896
–
244
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
34.
LEASES
(a)
Leases as Lessee
The Group leases land and buildings, equipment, offices and motor vehicles.
For leases that are short-term and/or leases of low-value items, the Group has elected not to recognise
right-of-use assets and lease liabilities for these leases.
Information about leases for which the Group is a lessee is presented below.
(i)
Right-of-use Assets
Right-of-use assets that do not meet the definition of investment property are presented as
property, plant and equipment (Note 13) and properties held for sale (Note 20).
Properties
held for sale
Property, plant and equipment
Land
and
buildings
Equipment,
furniture
and fittings
Others
$'000
$'000
$'000
$'000
Group
30 September 2024
Depreciation charge
428
13,665
160
10,227
Additions
–
27,537
–
6,338
Carrying amount as at
30 September 2024
28,309
351,089
894
30,340
30 September 2023
Depreciation charge
439
14,004
166
9,025
Additions
–
–
55
10,807
Carrying amount as at
30 September 2023
28,491
332,502
1,041
36,537
(ii)
Amounts Recognised in the Profit Statement
Group
2024
2023
$'000
$'000
Interest on lease liabilities (Note 6)
33,567
33,563
Expenses relating to short-term leases
2,376
2,257
Expenses relating to leases of low-value assets,
excluding short-term leases
1,332
352
Amounts Recognised in Consolidated Statement of Cash Flows
Group
2024
2023
$'000
$'000
Total cash outflow for leases
59,689
61,666
(iii)
Extension Options
Certain leases contain extension periods for which the related lease payments have not been
included in lease liabilities as the Group is not reasonably certain that the extension options will
be exercised.
Annual Report 2024
245
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
34.
LEASES (CONT’D)
(b)
Leases as Lessor
The Group leases out investment properties consisting of its owned properties as well as leased
properties (Note 12). All leases are classified as operating leases from a lessor perspective with the
exception of some subleases, which the Group has classified as finance 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 $1,949,000
(2023: $2,190,000) (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.
Group
2024
2023
$'000
$'000
Less than one year
4,519
5,137
One year to two years
4,247
4,466
Two years to three years
4,226
4,204
Three years to four years
4,053
4,129
Four years to five years
4,068
3,865
More than five years
30,023
32,407
Total undiscounted lease receivables
51,136
54,208
Unearned finance income
(13,811)
(15,239)
Net investment in the leases (Note 18)
37,325
38,969
(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.
246
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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 2024, 97% (2023: 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 or lifetime expected loss basis. Other than
those balances measured on the lifetime expected loss basis, there is no significant credit risk as these
companies are of good credit standing.
Annual Report 2024
247
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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:
Group
2024
2023
$'000
$'000
Impairment loss on trade receivables arising from
contracts with customers (Note 4(a))
(8,996)
(5,978)
(ii)
Credit Risk by Operating Segments
The Group has a diversified portfolio of businesses. There is no concentration of credit risk with
respect to the trade receivables of the Group as they consist of a large number of customers that
are geographically dispersed. The Group does not have any significant credit risk exposure to a
single customer or group of customers. The Group generally holds collateral in the form of bank
deposits, bank guarantees or mortgages over assets until completion.
The maximum exposure to credit risk for trade receivables as at the reporting date by operating
segments is as follows:
Group
2024
2023
$'000
$'000
Singapore
18,118
17,994
Australia
13,033
20,981
Industrial
8,337
9,290
Hospitality
24,324
29,642
Thailand and Vietnam
10,840
14,448
Others(1)
9,067
5,534
Corporate and Others
889
1,799
84,608
99,688
(1)
Others include exposure of China amounting to $178,000 (2023: $227,000) and the UK amounting to $8,889,000 (2023:
$5,307,000).
248
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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:
Group
1 to 30
31 to 60
61 to 90
More than
days
days
days
90 days
Current
past due
past due
past due
past due
Total
$'000
$'000
$'000
$'000
$'000
$'000
30 September 2024
Expected loss rate
5.5%
10.5%
14.5%
17.6%
64.4%
19.0%
Gross carrying amount
44,463
30,951
3,602
5,773
19,726
104,515
Loss allowance provision
2,429
3,242
524
1,014
12,698
19,907
30 September 2023
Expected loss rate
1.0%
7.0%
25.4%
58.5%
56.9%
13.1%
Gross carrying amount
70,602
19,116
4,244
4,855
15,885
114,702
Loss allowance provision
739
1,329
1,077
2,838
9,031
15,014
(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.
Annual Report 2024
249
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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:
Contractual undiscounted cash flows
Carrying
amount
Total
1 year
or less
1 to
5 years
Over
5 years
$'000
$'000
$'000
$'000
$'000
Group
30 September 2024
Financial liabilities, at
amortised cost
Loans and borrowings
(17,289,133) (19,354,948)
(4,318,116) (14,784,997)
(251,835)
Trade and other payables#
(2,388,668)
(2,450,346)
(2,133,826)
(200,205)
(116,315)
Lease liabilities
(837,203)
(2,181,633)
(58,801)
(209,575)
(1,913,257)
(20,515,004) (23,986,927)
(6,510,743) (15,194,777)
(2,281,407)
Derivative financial assets/
(liabilities), at fair value
Interest rate swaps (net-settled)
(3,761)
(6,243)
32,616
(38,876)
17
Foreign currency forward
contracts (gross-settled)
(7,246)
– outflow
(355,289)
(355,289)
–
–
– inflow
347,880
347,880
–
–
Cross currency swaps/cross
currency interest rate swaps
(gross-settled)
(15,162)
– outflow
(5,392,188)
(667,548)
(4,724,640)
–
– inflow
5,331,241
710,073
4,621,168
–
(26,169)
(74,599)
67,732
(142,348)
17
(20,541,173) (24,061,526)
(6,443,011) (15,337,125)
(2,281,390)
#
Excludes provisions, taxes and deferred income.
250
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
35.
FINANCIAL RISK MANAGEMENT (CONT’D)
(b)
Liquidity Risk (cont’d)
Contractual undiscounted cash flows
Carrying
amount
Total
1 year
or less
1 to
5 years
Over
5 years
$'000
$'000
$'000
$'000
$'000
Group
30 September 2023
Financial liabilities,
at amortised cost
Loans and borrowings
(16,461,272)
(18,571,240)
(4,563,381)
(13,466,475)
(541,384)
Trade and other payables#
(2,367,489)
(2,434,790)
(1,938,302)
(398,757)
(97,731)
Lease liabilities
(793,247)
(2,087,276)
(58,633)
(190,581)
(1,838,062)
(19,622,008)
(23,093,306)
(6,560,316)
(14,055,813)
(2,477,177)
Derivative financial assets/
(liabilities), at fair value
Interest rate swaps
(net-settled)
237,720
251,401
125,681
125,720
–
Foreign currency forward
contracts (gross-settled)
510
– outflow
(122,766)
(122,766)
–
–
– inflow
123,627
123,627
–
–
Cross currency swaps/cross
currency interest rate swaps
(gross-settled)
125,840
– outflow
(4,647,164)
(2,474,555)
(1,899,254)
(273,355)
– inflow
4,736,574
2,479,346
1,952,716
304,512
364,070
341,672
131,333
179,182
31,157
(19,257,938)
(22,751,634)
(6,428,983)
(13,876,631)
(2,446,020)
#
Excluded provisions, taxes and deferred income.
Annual Report 2024
251
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
35.
FINANCIAL RISK MANAGEMENT (CONT’D)
(b)
Liquidity Risk (cont’d)
Contractual undiscounted cash flows
Carrying
amount
Total
1 year
or less
1 to
5 years
Over
5 years
$'000
$'000
$'000
$'000
$'000
Company
30 September 2024
Financial liabilities,
at amortised cost
Trade and other payables#
(38,031)
(38,031)
(38,031)
–
–
Amounts due to subsidiaries
(610,651)
(610,651)
(180,641)
(430,010)
–
(648,682)
(648,682)
(218,672)
(430,010)
–
Derivative financial assets/
(liabilities), at fair value
Cross currency swaps
(gross-settled)
– outflow
–
(2,364,667)
(69,569)
(2,295,098)
–
– inflow
–
2,364,667
69,569
2,295,098
–
–
–
–
–
–
(648,682)
(648,682)
(218,672)
(430,010)
–
#
Exclude provisions.
30 September 2023
Financial liabilities,
at amortised cost
Trade and other payables#
(30,883)
(30,883)
(30,883)
–
–
Amounts due to subsidiaries
(516,427)
(516,427)
(180,360)
(336,067)
–
(547,310)
(547,310)
(211,243)
(336,067)
–
Derivative financial assets/
(liabilities), at fair value
Cross currency swaps
(gross-settled)
– outflow
–
(2,480,466)
(412,379)
(1,490,219)
(577,868)
– inflow
–
2,480,466
412,379
1,490,219
577,868
–
–
–
–
–
(547,310)
(547,310)
(211,243)
(336,067)
–
#
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.
252
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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, and the Group’s last set of
derivatives based on Fallback SOR matured in June 2024.
Non-Derivative Financial Liabilities
In the prior 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.
Annual Report 2024
253
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
35.
FINANCIAL RISK MANAGEMENT (CONT’D)
(c)
Interest Rate Risk (cont’d)
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.
In the prior financial year, the Group has completed the IBOR reform transition with respective
counterparties of the contracts for all derivative instruments and is no longer exposed to any interest
rate risk arising from the IBOR reform.
Hedge Accounting
The Group’s hedged items and hedging instruments as at the reporting date are indexed to Sterling
Overnight Index Average (“SONIA”), SOFR, and SORA.
In the prior financial year, the Group has fully completed the IBOR reform transition for the remaining
IBOR linked instruments. Therefore, there was no longer uncertainty about when and how replacement
may occur with respect to the relevant hedged items and hedging instruments.
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.
Profit before tax
Equity
100 bp
100 bp
100 bp
100 bp
increase
decrease
increase
decrease
$'000
$'000
$'000
$'000
Group
30 September 2024
Variable rate instruments not hedged
(46,867)
46,867
–
–
Interest rate swaps/cross currency
swaps/cross currency interest rate swaps
(1,880)
1,865
207,809
(221,565)
Cash flow sensitivity (net)
(48,747)
48,732
207,809
(221,565)
30 September 2023
Variable rate instruments not hedged
(45,407)
45,407
–
–
Interest rate swaps/cross currency
swaps/cross currency interest rate swaps
420
(450)
131,119
(134,902)
Cash flow sensitivity (net)
(44,987)
44,957
131,119
(134,902)
254
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
35.
FINANCIAL RISK MANAGEMENT (CONT’D)
(d)
Foreign Currency Risk
The Group operates internationally and is exposed to various currency risks, mainly Singapore Dollar,
Australian Dollar, Sterling Pound, US Dollar, the Euro (“EUR”) and Japanese Yen. 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.
Annual Report 2024
255
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
35.
FINANCIAL RISK MANAGEMENT (CONT’D)
(d)
Foreign Currency Risk (cont’d)
The Group’s exposure to foreign currencies as at 30 September 2024 and 30 September 2023, 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
Japanese
Yen
$'000
Group
30 September 2024
Financial assets
Trade and other receivables
459
1
350,882
37,593
52,429
158
Cash and cash equivalents
15,714
7,324
864,630
2,443
2,585
3,326
Financial liabilities
Trade and other payables
(194)
(1,907)
(5,171)
(6,503)
(1,023)
(297)
Loans and borrowings
(613,050)
(539,437) (1,357,620) (1,542,079)
(645,265)
(898,127)
Net statement of financial
position exposure
(597,071)
(534,019)
(147,279) (1,508,546)
(591,274)
(894,940)
Less:
Foreign currency forward
contracts/cross currency
swaps
597,448
419,947
77,346
1,518,467
–
898,127
Borrowings designated for
net investment hedges
–
119,490
92,583
–
594,270
–
Net currency exposure
377
5,418
22,650
9,921
2,996
3,187
30 September 2023
Financial assets
Trade and other receivables
171
1,334
1,194,203
40,059
49,811
126
Cash and cash equivalents
1,400
37,218
3,763
7,728
4,073
97
Financial liabilities
Trade and other payables
(2,782)
(1,628)
(8,011)
(4,012)
(765)
(2)
Loans and borrowings
(571,618) (1,427,356) (1,322,083)
(852,584)
(104,666)
(134,965)
Net statement of financial
position exposure
(572,829) (1,390,432)
(132,128)
(808,809)
(51,547)
(134,744)
Less:
Foreign currency forward
contracts/cross currency
swaps
573,167
1,317,512
2,909
827,832
–
134,477
Borrowings designated for
net investment hedges
–
109,837
134,477
–
55,273
–
Net currency exposure
338
36,917
5,258
19,023
3,726
(267)
256
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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:
Group
2024
2023
$'000
$'000
Notional amounts
Australian Dollar
23,098
10,105
Euro
5,724
14,441
Sterling Pound
15,497
–
44,319
24,546
The Company’s exposure to foreign currencies as at 30 September 2024 and 30 September 2023, after
taking into account foreign currency forward contracts, is as follows:
Australian
Dollar
$'000
Sterling
Pound
$'000
United
States
Dollar
$'000
Japanese
Yen
$'000
Chinese
Yuan
$'000
Company
30 September 2024
Financial assets
Trade and other receivables
380,983
1,243,043
119,150
60,226
82,907
Cash and cash equivalents
93
–
962
–
–
Financial liabilities
Trade and other payables
(1,896)
(190,433)
(191)
(27)
–
Net currency exposure
379,180
1,052,610
119,921
60,199
82,907
30 September 2023
Financial assets
Trade and other receivables
620,208
342
113,937
55,282
84,580
Cash and cash equivalents
17,039
–
130
–
–
Financial liabilities
Trade and other payables
(20)
–
–
–
–
Net currency exposure
637,227
342
114,067
55,282
84,580
Annual Report 2024
257
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
35.
FINANCIAL RISK MANAGEMENT (CONT’D)
(d)
Foreign Currency Risk (cont’d)
Sensitivity Analysis for Foreign Currency Risk
The following table demonstrates the sensitivity analysis of the Group’s exposure to foreign currency risk
on its financial assets and liabilities as at the end of the financial year by a reasonably possible change
in the S$, A$, GBP, US$, EUR, JPY and CNY against the respective functional currencies of the Group
entities, with all other variables held constant:
Group
Company
Profit
before
tax
Equity
Profit
before
tax
Equity
$'000
$'000
$'000
$'000
30 September 2024
S$
– strengthened 1%
4
–
–
–
– weakened 1%
(4)
–
–
–
A$
– strengthened 1%
54
(375)
3,792
–
– weakened 1%
(54)
375
(3,792)
–
GBP
– strengthened 1%
227
(962)
10,526
–
– weakened 1%
(227)
962
(10,526)
–
US$
– strengthened 1%
99
–
1,199
–
– weakened 1%
(99)
–
(1,199)
–
EUR
– strengthened 1%
30
(473)
–
–
– weakened 1%
(30)
473
–
–
JPY
– strengthened 1%
32
–
602
–
– weakened 1%
(32)
–
(602)
–
CNY
– strengthened 1%
–*
–
829
–
– weakened 1%
–*
–
(829)
–
30 September 2023
S$
– strengthened 1%
3
–
–
–
– weakened 1%
(3)
–
–
–
A$
– strengthened 1%
369
(177)
6,372
–
– weakened 1%
(369)
177
(6,372)
–
GBP
– strengthened 1%
53
(922)
3
–
– weakened 1%
(53)
922
(3)
–
US$
– strengthened 1%
190
–
1,141
–
– weakened 1%
(190)
–
(1,141)
–
EUR
– strengthened 1%
37
(445)
–
–
– weakened 1%
(37)
445
–
–
JPY
– strengthened 1%
(3)
–
553
–
– weakened 1%
3
–
(553)
–
CNY
– strengthened 1%
–*
–
846
–
– weakened 1%
–*
–
(846)
–
*
Denotes less than $1,000
258
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
36.
FAIR VALUE MEASUREMENT
(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.
Annual Report 2024
259
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
36.
FAIR VALUE MEASUREMENT (CONT’D)
(b)
Classifications and Fair Values (cont’d)
Carrying amount
Fair value
Derivatives
used for
hedging
FVTPL
FVOCI
Amortised
cost
Total
Level 1
Level 2
Level 3
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Group
30 September 2024
Financial assets measured
at fair value
Equity investments at FVOCI
–
–
51,223
–
51,223
21,898
22,783
6,542
51,223
Debt instrument at FVTPL
–
41,043
–
–
41,043
–
–
41,043
41,043
Derivative financial
instruments:
– Cross currency swaps/cross
currency interest rate swaps
147,637
–
–
–
147,637
–
147,637
–
147,637
– Interest rate swaps
69,638
–
–
–
69,638
–
69,638
–
69,638
– Foreign currency
forward contracts
–
366
–
–
366
–
366
–
366
217,275
41,409
51,223
–
309,907
21,898
240,424
47,585
309,907
Financial assets not
measured at fair value
Trade and other receivables#
–
–
–
1,409,613
1,409,613
Bank deposits and cash and
cash equivalents
–
–
–
2,718,480
2,718,480
–
–
–
4,128,093
4,128,093
Financial liabilities
measured at fair value
Derivative financial instruments:
– Cross currency swaps/cross
currency interest rate swaps
162,799
–
–
–
162,799
–
162,799
–
162,799
– Interest rate swaps
73,217
182
–
–
73,399
–
73,399
–
73,399
– Foreign currency
forward contracts
–
7,612
–
–
7,612
–
7,612
–
7,612
236,016
7,794
–
–
243,810
–
243,810
–
243,810
Financial liabilities not
measured at fair value
Trade and other payables*
–
–
–
2,388,668
2,388,668
Loans and borrowings
(current)
–
–
–
3,618,157
3,618,157
Loans and borrowings
(non-current)
–
–
–
13,670,976 13,670,976
1,912,790 11,783,113
– 13,695,903
–
–
–
19,677,801 19,677,801
1,912,790 11,783,113
– 13,695,903
Non-financial assets
Investment properties
–
–
–
–
–
–
– 24,111,245 24,111,245
#
Exclude tax recoverable
*
Exclude provisions, taxes and deferred income
260
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
36.
FAIR VALUE MEASUREMENT (CONT’D)
(b)
Classifications and Fair Values (cont’d)
Carrying amount
Fair value
Derivatives
used for
hedging
FVTPL
FVOCI
Amortised
cost
Total
Level 1
Level 2
Level 3
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Group
30 September 2023
Financial assets measured
at fair value
Equity investments at FVOCI
–
–
58,785
–
58,785
25,751
26,258
6,776
58,785
Debt instrument at FVTPL
–
40,139
–
–
40,139
–
–
40,139
40,139
Derivative financial instruments:
– Cross currency swaps/cross
currency interest rate swaps
202,925
–
–
–
202,925
–
202,925
–
202,925
– Interest rate swaps
240,949
3,759
–
–
244,708
–
244,708
–
244,708
– Foreign currency
forward contracts
–
517
–
–
517
–
517
–
517
443,874
44,415
58,785
–
547,074
25,751
474,408
46,915
547,074
Financial assets not measured
at fair value
Trade and other receivables#
–
–
–
1,356,129
1,356,129
Bank deposits and cash and
cash equivalents
–
–
–
2,658,868
2,658,868
–
–
–
4,014,997
4,014,997
Financial liabilities
measured at fair value
Derivative financial instruments:
– Cross currency swaps/cross
currency interest rate swaps
77,085
–
–
–
77,085
–
77,085
–
77,085
– Interest rate swaps
3,572
3,416
–
–
6,988
–
6,988
–
6,988
– Foreign currency
forward contracts
–
7
–
–
7
–
7
–
7
80,657
3,423
–
–
84,080
–
84,080
–
84,080
Financial liabilities not
measured at fair value
Trade and other payables*
–
–
–
2,367,489
2,367,489
Loans and borrowings
(current)
–
–
–
3,858,372
3,858,372
Loans and borrowings
(non-current)
–
–
–
12,602,900 12,602,900
1,876,689 10,661,078
– 12,537,767
–
–
–
18,828,761 18,828,761
1,876,689 10,661,078
– 12,537,767
Non-financial assets
Investment properties
–
–
–
–
–
–
– 24,173,571 24,173,571
#
Excluded tax recoverable
*
Excluded provisions, taxes and deferred income
Annual Report 2024
261
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
36.
FAIR VALUE MEASUREMENT (CONT’D)
(b)
Classifications and Fair Values (cont’d)
Carrying amount
Fair value
Derivatives
used for
hedging
FVTPL
FVOCI
Amortised
cost
Total
Level 1
Level 2
Level 3
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Company
30 September 2024
Financial assets measured
at fair value
Equity investments at FVOCI
–
–
22,783
–
22,783
–
22,783
–
22,783
Derivative financial assets:
– Cross currency swaps/cross
currency interest rate swaps
–
97,641
–
–
97,641
–
97,641
–
97,641
– Interest rate swaps
–
31,417
–
–
31,417
–
31,417
–
31,417
–
129,058
22,783
–
151,841
–
151,841
–
151,841
Financial assets not measured
at fair value
Trade and other receivables#
–
–
–
4,890,358
4,890,358
Bank deposits and cash and
cash equivalents
–
–
–
12,192
12,192
–
–
–
4,902,550
4,902,550
Financial liabilities measured
at fair value
Derivative financial liabilities:
– Cross currency swaps/cross
currency interest rate swaps
–
97,641
–
–
97,641
–
97,641
–
97,641
– Interest rate swaps
–
31,417
–
–
31,417
–
31,417
–
31,417
–
129,058
–
–
129,058
–
129,058
–
129,058
Financial liabilities not
measured at fair value
Trade and other payables*
–
–
–
648,682
648,682
Non-financial assets
Investment properties
–
–
–
–
–
–
–
2,130
2,130
#
Exclude tax recoverable
*
Exclude provisions
262
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
36.
FAIR VALUE MEASUREMENT (CONT’D)
(b)
Classifications and Fair Values (cont’d)
Carrying amount
Fair value
Derivatives
used for
hedging
FVTPL
FVOCI
Amortised
cost
Total
Level 1
Level 2
Level 3
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Company
30 September 2023
Financial assets measured
at fair value
Equity investments at FVOCI
–
–
26,258
–
26,258
–
26,258
–
26,258
Derivative financial assets:
– Cross currency swaps/ cross
currency interest rate swaps
–
52,403
–
–
52,403
–
52,403
–
52,403
– Interest rate swaps
–
30,873
–
–
30,873
–
30,873
–
30,873
–
83,276
26,258
–
109,534
–
109,534
–
109,534
Financial assets not measured
at fair value
Trade and other receivables#
–
–
–
5,632,173
5,632,173
Bank deposits and cash and
cash equivalents
–
–
–
269,433
269,433
–
–
–
5,901,606
5,901,606
Financial liabilities measured
at fair value
Derivative financial liabilities:
– Cross currency swaps/cross
currency interest rate swaps
–
52,403
–
–
52,403
–
52,403
–
52,403
– Interest rate swaps
–
30,873
–
–
30,873
–
30,873
–
30,873
–
83,276
–
–
83,276
–
83,276
–
83,276
Financial liabilities not
measured at fair value
Trade and other payables*
–
–
–
547,310
547,310
Non-financial assets
Investment properties
–
–
–
–
–
–
–
2,310
2,310
#
Excluded tax recoverable
*
Excluded provisions
Annual Report 2024
263
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
36.
FAIR VALUE MEASUREMENT (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.
264
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
36.
FAIR VALUE MEASUREMENT (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 DCF
method and capitalisation method 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.
Annual Report 2024
265
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
36.
FAIR VALUE MEASUREMENT (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
Investment Properties
Operating segment
Valuation
methods
Key
unobservable
inputs
Singapore
Australia
Industrial
Hospitality
Thailand &
Vietnam
Others
Inter-relationship
between key
unobservable
inputs and fair value
measurement
Capitalisation
Capitalisation rate
The estimated fair
method
2024
3.4% to 6.5%
4.5% to 8.5%
5.0% to 15.0%
3.4% to 6.3%
6.0% to 9.0%
5.2% to 13.8%
value varies
2023
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%
inversely against
capitalisation
Gross initial yield
rate, gross initial
2024
–
–
3.9% to 13.3%
–
–
–
yield and net
2023
–
–
3.9% to 11.8%
–
–
–
initial yield
Net initial yield
2024
–
–
3.4% to 10.9%
–
–
–
2023
–
–
1.8% to 9.6%
–
–
–
Discounted
Discount rate
The estimated fair
cash flow
2024
6.3% to 7.5%
6.4% to 9.1%
5.0% to 11.0%
3.2% to 14.0%
7.8% to 18.0%
–
value varies
method
2023
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%
–
inversely against
discount rate
Terminal yield rate
and terminal
2024
3.5% to 5.5%
4.8% to 8.8%
4.3% to 15.3%
3.5% to 8.3%
6.5% to 9.8%
–
yield rate
2023
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%
–
Market
Transacted price of comparable properties(1)
The estimated fair
comparison
2024
$23,562 psm to
–
$66 psm to
$15,356 psm to
$6 psm to
–
value varies with
method
$31,883 psm
$654 psm
$38,482 psm
$1,843 psm
different
2023
$21,528 psm to
–
$132 psm to
$21,175 psm to
$6 psm to
–
adjustment
$61,905 psm
$355 psm
$185,572 psm
$1,862 psm
factors used
Residual land
Total gross development value
The estimated fair
value method
2024
–
$230,184,000
$13,992,000 to
–
–
–
value
$1,426,237,000
increases with
2023
$387,330,000
$215,897,000
$120,698,000 to
$580,994,000
–
–
higher gross
$913,927,000
development value
Total estimated construction cost to completion
The estimated fair
2024
–
$88,754,000
$7,264,000 to
–
–
–
value decreases
$1,120,314,000
with higher cost to
2023
$91,989,000
$118,005,000
$13,292,000 to
$137,983,000
–
–
completion
$685,500,000
(1) Adjustments are made for any difference in the location, tenure, size and condition of the specific property.
266
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
36.
FAIR VALUE MEASUREMENT (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)
Description
Fair value
as at
30 September
2024
Valuation
techniques
Key unobservable
inputs
Inter-relationship
between key
unobservable
inputs and fair value
measurement
$'000
Unquoted equity 29,325
– Discounted
– Discount rate:
The estimated fair
investments
at FVOCI
(2023: 33,034) cash flow
method
13.7%
(2023: 14.4%)
value varies inversely
against discount rate
– Terminal yield
and terminal yield rate
rate: 2.5%
(2023: 2.5%)
– Net asset value
of investee,
adjusted for
quoted prices
of investee's
investment
Unquoted debt
41,043
– Discounted
– Discount rate:
The estimated fair
instrument
(2023: 40,139) cash flow
4.8%
value varies inversely
at FVTPL
method
(2023: 5.0%)
against discount rate
Key unobservable inputs:
•
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.
Annual Report 2024
267
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
36.
FAIR VALUE MEASUREMENT (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.
268
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
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 2024 and 30 September 2023.
The Group monitors capital using a gearing ratio, which is net debt divided by total equity, as follows:
Group
2024
2023
$'000
$'000
Bank deposits
1,289
528
Cash and cash equivalents
2,717,191
2,658,340
Loans and borrowings
(17,289,133)
(16,461,272)
Net borrowings
(14,570,653)
(13,802,404)
Total equity
17,469,772
18,199,913
Net borrowings over total equity ratio
0.83
0.76
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
Group
2024
2023
$'000
$'000
Commitments in respect of contracts placed for:
– development expenditure for properties held for sale
477,059
498,358
– capital expenditure for investment properties
303,872
441,106
– share of joint ventures’ capital and development expenditure
237,386
145,067
– equity investments in joint ventures, associates and investee companies
–
29,602
– shareholders' loans committed to associates
133,067
306,987
– others
29,977
61,941
1,181,361
1,483,061
Annual Report 2024
269
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
39.
GUARANTEE CONTRACTS
(a)
As at 30 September 2024, the Company has provided unconditional and irrevocable corporate guarantees
for up to $21,243,546,000 (2023: $20,882,000,000) for loans and borrowings, perpetual securities, bankers’
guarantees and insurance bonds facilities of certain subsidiaries. As at 30 September 2024, the total
amount of utilised borrowing facilities is $9,521,180,000 (2023: $9,397,641,000).
The corporate guarantees include those for various medium term note programmes and the
Euro-Commercial Paper programme with programme limits totalling $12,730,500,000 (2023:
$12,689,900,000). As at 30 September 2024, the total amount issued out of these programmes is
$2,202,260,000 (2023: $2,785,860,000).
(b)
As at 30 September 2024, the Company has provided bankers’ guarantees of $63,910,000 (2023:
$23,324,000) to unrelated parties in respect of performance contracts on behalf of certain subsidiaries
and joint ventures. No liability is expected to arise.
(c)
As at 30 September 2024, 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
$227,097,000 (2023: $222,867,000) granted to subsidiaries and a joint venture.
(d)
A subsidiary of the Group has provided bankers’ guarantees of nil (2023: $42,293,000) to unrelated parties
in respect of performance contracts on behalf of certain fellow subsidiaries. No liability is expected
to arise.
(e)
A subsidiary of the Group has provided bankers’ guarantees of A$93,915,000 ($83,434,000) (2023:
A$139,342,000 ($122,440,000)) to unrelated parties in Australia in respect of performance contracts
and A$48,119,000 ($42,749,000) (2023: A$67,499,000 ($59,311,000)) 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 THB3,467,837,000 ($136,286,000)
(2023: THB3,623,778,000 ($135,167,000)) to unrelated parties in respect of performance contracts. No
liability is expected to arise.
40.
ACQUISITION/DISPOSAL OF SUBSIDIARIES
(a)
Acquisition of a Subsidiary
On 10 October 2023, the Group acquired 100% of the equity interest in Flevum LP B.V. for a consideration
of EUR1,769,000 ($2,569,000). The acquisition was accounted for as an acquisition of a group of assets
and liabilities.
The cash flows and net assets of the subsidiary acquired were as follows:
Fair value
recognised
on
acquisition
$'000
Investment properties
3,327
Other current assets
4
Cash and cash equivalents
4
3,335
Trade and other payables
(766)
Total identifiable net assets at fair value, representing purchase consideration
2,569
Less: Cash and cash equivalents of a subsidiary acquired
(4)
Cash outflow on acquisition, net of cash and cash equivalents acquired
2,565
270
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
40.
ACQUISITION/DISPOSAL OF SUBSIDIARIES (CONT’D)
(b)
Disposal of Subsidiaries
(i)
On 18 March 2024, the Group, through its wholly-owned subsidiary, Frasers Property Brookhaven
Shareholder Pty Limited, entered into a share sale agreement with a third party capital partner (the
“Brookhaven JV Investor”) for the sale of 49.9% of the issued shares in a wholly-owned subsidiary,
Frasers Property Brookhaven JV Pty Limited (“Brookhaven JV”), (“Brookhaven JV Shares Sale”)
for a consideration of A$24,451,000 ($21,653,000).
Pursuant to the Brookhaven JV Shares Sale, which was completed on 25 March 2024, the Group
and the Brookhaven JV Investor each holds 50.1% and 49.9%, respectively, of the issued shares
in Brookhaven JV, and with effect from 25 March 2024, Brookhaven JV is equity accounted for as
a joint venture.
Effects of disposal
The cash flows and net assets disposed were as follows:
Net assets
derecognised
upon
disposal
$'000
Properties held for sale
27,185
Trade and other receivables
43,394
70,579
Trade and other payables
(43,394)
Total identifiable net assets at fair value
27,185
Gain on disposal of a subsidiary (Note 4(b))
16,209
Less: Equity interest retained as a joint venture
(21,741)
Sales consideration
21,653
Less: Deferred sales consideration to be received
(11,070)
Cash inflow on disposal, net of cash and cash equivalents disposed of
10,583
Annual Report 2024
271
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
40.
ACQUISITION/DISPOSAL OF SUBSIDIARIES (CONT’D)
(b)
Disposal of Subsidiaries (cont’d)
(ii)
On 5 July 2024, the Group entered into a sale and purchase agreement with a third party (the
“RPPL Investor”) for the sale of 49.0% of the issued share capital in a wholly-owned subsidiary,
Riverside Property Pte. Ltd. (“RPPL”), (“RPPL Shares Sale”) for a consideration of $279,642,000.
Pursuant to the RPPL Shares Sale, which was completed on 5 July 2024, the Group and the RPPL
Investor each holds 51.0% and 49.0%, respectively, of the issued share capital in RPPL, and with
effect from 5 July 2024, RPPL is equity accounted for as a joint venture.
Effects of disposal
The cash flows and net assets disposed were as follows:
Net assets
derecognised
upon
disposal
$'000
Investment properties
564,400
Property, plant and equipment
34
Intangible assets
27
Trade and other receivables
2,268
Cash and cash equivalents
15,738
582,467
Provision for tax
(2,908)
Trade and other payables
(8,859)
Total identifiable net assets at fair value
570,700
Less: Equity interest retained as a joint venture
(291,058)
Sales consideration
279,642
Less: Cash and cash equivalents of subsidiary disposed
(15,738)
Less: Deferred sales consideration to be received
(139,754)
Cash inflow on disposal, net of cash and cash equivalents disposed of
124,150
272
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
40.
ACQUISITION/DISPOSAL OF SUBSIDIARIES (CONT’D)
(b)
Disposal of Subsidiaries (cont’d)
(iii)
On 3 September 2024, the Group divested 100.0% of the equity interest in Frasers Hospitality
Changi Investments Pte. Ltd. (“FHCI”), a wholly-owned subsidiary of the Company to a third party
for a total consideration of $55,781,000.
FHCI is the sole unitholder of Frasers Hospitality Changi Trust (“FHCT”), which was therefore a
wholly-owned subsidiary of the Group. FHCT holds the leasehold interest in a property, Capri by
Fraser, Changi City, Singapore.
Effects of disposal
The cash flows and net assets disposed were as follows:
Net assets
derecognised
upon
disposal
$'000
Investment properties
171,800
Investment in a joint venture
9
Trade and other receivables
523
Cash and cash equivalents
1,804
174,136
Loans and borrowings
(117,000)
Provision for tax
(305)
Trade and other payables
(47,926)
Total identifiable net assets at fair value
8,905
Loss on disposal of subsidiaries
(246)
Add: Payment received for settlement of intercompany balances
47,122
Consideration received
55,781
Less: Cash and cash equivalents of subsidiaries disposed
(1,804)
Cash inflow on disposal, net of cash and cash equivalents disposed of
53,977
Annual Report 2024
273
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
41.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES
Principal activities
Effective interest
2024
2023
%
%
Subsidiaries of the Company
Country of incorporation and place of business: Singapore
(a)
Frasers Property Treasury Pte. Ltd.
Financial services
100.0
100.0
(a)
FCL (China) Pte. Ltd.
Investment holding
100.0
100.0
(a)
FCL Lodge Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers (Australia) Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers (Thailand) Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers (UK) Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Amethyst Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Hospitality Dalian Holding Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Hospitality Holdings (Europe)
Investment holding
100.0
100.0
Pte. Ltd.
(a)
Frasers Hospitality Holdings Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Hospitality Investments
Investment holding
100.0
100.0
China Square Pte. Ltd.
(a)
Frasers Hospitality Investments
Investment holding
100.0
100.0
Melbourne Pte. Ltd.
(a)
Frasers Hospitality ML Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Land Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Property (Singapore) Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Property Development (China)
Investment holding
100.0
100.0
Pte. Ltd.
(a)
Frasers Property Hospitality Trust Holdings
Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Property Industrial Holdings Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Property Industrial Trust Holdings
Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Property International Pte. Ltd.
Investment holding
100.0
100.0
(a)
Frasers Property Retail Trust Holdings
Pte. Ltd.
Investment holding
100.0
100.0
274
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
41.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES (CONT’D)
Principal activities
Effective interest
2024
2023
%
%
Subsidiaries of the Company (cont’d)
Country of incorporation and place of business: Singapore (cont'd)
(a)
Frasers Hospitality Pte. Ltd.
Investment holding and
100.0
100.0
management services
(a)
River Valley Properties Pte. Ltd.
Investment holding and
100.0
100.0
property development
(a)
Frasers Logistics & Commercial Asset
Management and
100.0
100.0
Management Pte. Ltd.
consultancy services
(a)
Frasers Centrepoint Asset Management Ltd.
Management services
100.0
100.0
(a)
Frasers Hospitality Asset Management
Pte. Ltd.
Management services
100.0
100.0
(a)
Frasers Hospitality International Pte. Ltd.
Management services
100.0
100.0
(a)
Frasers Property Corporate Services Pte. Ltd.
Management services
100.0
100.0
(a)
Frasers Property Management Services
Pte. Ltd.
Management services
100.0
100.0
Subsidiaries of the Group
Country of incorporation and place of business: Singapore
(a)
Frasers Centrepoint Trust
Real estate investment
39.6
41.4
trust
(a)
Frasers Logistics & Commercial Trust
Real estate investment
22.9
22.3
trust
(a)
Frasers Hospitality Trust
Stapled trust
25.7
25.8
Country of incorporation and place of business: Thailand
(a)
Frasers Property (Thailand) Public Company
Limited
Investment holding
59.6
59.6
Associates of the Group
Country of incorporation and place of business: British Virgin Islands
(b)
Supreme Asia Investments Limited
Investment holding
43.3
43.3
Country of incorporation and place of business: China
(c)
Shanghai Zhong Jun Real Estate
Development Co., Ltd.
Property development
45.2
45.2
Annual Report 2024
275
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
41.
SIGNIFICANT SUBSIDIARIES, JOINT ARRANGEMENTS AND ASSOCIATES (CONT’D)
Principal activities
Effective interest
2024
2023
%
%
Associates of the Group (cont’d)
Country of incorporation and place of business: Thailand
(a)
Frasers Property Thailand Industrial Freehold
& Leasehold Real Estate Investment Trust
Real estate investment
trust
16.0
15.9
(a)
Golden Ventures Leasehold Real Estate
Investment Trust
Real estate investment
trust
15.3
14.0
(a)
One Bangkok Co., Ltd.
Property development
19.8
19.8
Joint arrangements of the Group
Country of incorporation and place of business: Singapore
(a)
Aquamarine Star Trust
Investment holding
50.0
50.0
(a)
North Gem Trust
Investment holding
50.0
50.0
(a)
Sapphire Star Trust
Investment holding
19.8
20.7
(a)
Gold Ridge Pte. Ltd.
Investment holding
19.8
35.0
Country of incorporation and place of business: China
(c)
Shanghai Xin Chun Real Estate Development
Co., Ltd.
Property development
15.0
15.0
(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 2023:
–
Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2: Disclosure of Accounting Policies
–
Amendments to SFRS(I) 1-8: Definition of Accounting Estimates
–
Amendments to SFRS(I) 1-12: Deferred Tax related to Assets and Liabilities arising from a Single
Transaction
–
Amendments to SFRS(I) 1-12: International Tax Reform – Pillar Two Model Rules
–
Amendments to SFRS(I) 17: Insurance Contracts, including amendments to Initial Application of SFRS(I)
17 and SFRS(I) 9 – Comparative Information
Other than the below, the Group’s adoption of the new standards does not have a material effect on its
financial statements.
276
Frasers Property Limited
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 30 September 2024
42.
ADOPTION OF NEW STANDARDS (CONT’D)
Deferred tax related to assets and liabilities arising from a single transaction
The Group has adopted Amendments to SFRS(I) 1-12: Deferred Tax related to Assets and Liabilities arising
from a Single Transaction from 1 October 2023. The amendments narrow the scope of the initial recognition
exemption to exclude transactions that give rise to equal and offsetting temporary differences.
For leases, an entity is required to recognise the associated deferred tax assets and liabilities from the beginning
of the earliest comparative period presented, with any cumulative effect recognised as an adjustment to
retained earnings or other components of equity at that date. For all other transactions, an entity applies the
amendments to transactions that occur on or after the beginning of the earliest period presented.
Following the amendments, the Group has recognised a separate deferred tax asset in relation to its lease
liabilities and a deferred tax liability in relation to its right-of-use assets. However, there was no impact on the
statement of financial position because the balances qualify for offset under paragraph 74 of SFRS(I) 1-12.
There was also no impact on the opening retained earnings as at 1 October 2022 as a result of the change. The
key impact for the Group relates to disclosure of the deferred tax assets and liabilities recognised (see Note 19).
Annual Report 2024
277
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Singapore
Alexandra Point
438 Alexandra Road
24-storey office
building
Lettable area 19,014
Freehold
N/A
340,700
51 Cuppage Road
51 Cuppage Road
10-storey commercial
building
Lettable area 25,342
Leasehold
2095
426,000
The Centrepoint
176 Orchard Road
7-storey shopping-cum-
residential complex
with 2 basement floors
Lettable area 33,065
Freehold
and
leasehold
2078
600,000
Valley Point
491/B River Valley
Road
20-storey commercial-
cum-serviced
apartment complex
with 5-storey covered
carpark, 5-storey
podium block and
2-storey retail podium
Lettable area 20,690
Leasehold
2876
349,000
Centrepoint
Apartments
176A Orchard Road
8 apartment units at
The Centrepoint
Lettable area 743
Leasehold
2078
19,430
Capri by Fraser,
China Square
181 South Bridge
Road
304 units of hotel
residences
Gross floor area
15,354
Leasehold
2096
313,000
Malaysia
Setapak Central
No. 67 Jalan Taman
Ibu Kota, Taman
Danau Kota, Setapak,
Kuala Lumpur
3-storey retail podium
Lettable area 47,778
Leasehold
2096
103,405
Australia
Capri by Fraser,
Brisbane
80 Albert Street,
Brisbane,
Queensland
239 units of hotel
residences
Gross floor area
16,970
Freehold
N/A
74,981
Frasers Property
Australia Group's
Completed
Investment Properties
1E Homebush Bay
Drive, Rhodes, New
South Wales
Property comprising
common facilities
including a café,
childcare centre, car
wash, gym, pool and
common parking areas
Lettable area 1,291
Freehold
N/A
10,083
1F Homebush Bay
Drive, Rhodes, New
South Wales
6-level office building
Lettable area 17,459
Freehold
N/A
87,507
20 Lee Street, Henry
Deane Building,
Sydney, New South
Wales
8-level office building
Lettable area 9,112
Leasehold
2100
51,527
26-30 Lee Street,
Gateway Building,
Sydney, New South
Wales
8-level office building
with a terrace area on
level 7
Lettable area 12,601
Leasehold
2101
72,849
278
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Australia (cont’d)
Frasers Property
Australia Group’s
Completed
Investment Properties
(cont’d)
1B Homebush Bay
Drive, Rhodes, New
South Wales
6-level office building
and a café
Lettable area 12,393
Freehold
N/A
64,409
1D Homebush Bay
Drive, Rhodes, New
South Wales
5-level office building
Lettable area 17,136
Freehold
N/A
91,505
1A Homebush Bay
Drive, Rhodes, New
South Wales
7-level office building
Lettable area 14,614
Freehold
N/A
59,079
Frasers Property
Industrial Australia
Group's Completed
Investment Properties
64 West Park Drive,
West Park, Derrimut,
Victoria
Warehouse
Lettable area 20,337
Freehold
N/A
36,647
227 Walters Road,
Arndell Park, New
South Wales
Warehouse and office
Lettable area 17,733
Freehold
N/A
51,083
10 Reconciliation
Rise, Pemulwuy, New
South Wales
Warehouse
Lettable area 25,705
Freehold
N/A
71,960
2 Wonderland Drive,
Eastern Creek, New
South Wales
3-level office and
warehouse
Lettable area 29,047
Freehold
N/A
72,849
4-12 Doriemus Drive,
Truganinga, Victoria
2 warehouses
Lettable area 22,840
Freehold
N/A
45,308
21 Muir Road,
Chullora, New South
Wales
Warehouse
Lettable area 91,690
Freehold
N/A
63,965
4 Burilda Close,
Wetherill Park, New
South Wales
2 warehouses
Lettable area 18,872
Leasehold
2107
63,668
6 Burilda Close,
Wetherill Park, New
South Wales
Warehouse
Lettable area 26,249
Leasehold
2108
73,228
4 Johnston
Crescent, Horsley
Park, New South
Wales
Warehouse
Lettable area 20,734
Freehold
N/A
64,409
22 Hanson Place,
Eastern Creek, New
South Wales
2 warehouses and
office
Lettable area 26,690
Freehold
N/A
70,628
15-19 Muir Road,
Chullora, New South
Wales
Warehouse and office
Lettable area 22,208
Freehold
N/A
107,052
Annual Report 2024
279
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Australia (cont’d)
Frasers Property
Industrial Australia
Group’s Completed
Investment Properties
(cont’d)
56 Canterbury Road
& 1-3 Beyer Road
Braeside, Victoria
3 warehouses
Lettable area 28,416
Freehold
N/A
59,523
11-27 Doriemus
Drive, Truganina,
Victoria
Warehouse
Lettable area 43,214
Freehold
N/A
50,195
8 Archer Road,
Truganina, Victoria
Warehouse
Lettable area 37,610
Freehold
N/A
61,300
24 Archer Road,
Truganina, Victoria
Warehouse
Lettable area 37,353
Freehold
N/A
61,300
33 & 15 Archer Road,
Truganina, Victoria
2 warehouses
Lettable area 30,157
Freehold
N/A
55,792
17 Andretti Court
& 61 Sunline Drive,
Truganina, Victoria
Warehouse
Lettable area 35,770
Freehold
N/A
62,188
2 & 8 Beyer Road,
Braeside, Victoria
Warehouse
Lettable area 20,003
Freehold
N/A
47,085
30 Oldham Road,
Epping, Victoria
Warehouse
Lettable area 37,628
Freehold
N/A
63,076
39 Naxos Way,
Keysborough
2 warehouses
Lettable area 20,472
Freehold
N/A
43,976
58-76 Naxos Way
& 68 Atlantic Drive,
Keysborough,
Victoria
Warehouse
Lettable area 28,605
Freehold
N/A
62,632
171-199 Wayne Goss
Drive, Berrinba,
Queensland
2 warehouses
Lettable area 22,733
Freehold
N/A
46,197
1 Arthur Dixon Court,
Yatala, Queensland
Warehouse
Lettable area
13,643
Freehold
N/A
25,497
70-88 Australand
Drive, Berrinba,
Queensland
Warehouse
Lettable area 20,980
Freehold
N/A
42,643
2 Johnston
Crescent, Horsley
Park, New South
Wales
2 warehouses and
office
Lettable area 19,026
Freehold
N/A
50,639
25-51 Fox Drive,
Dandenong South,
Victoria
2 warehouses
Lettable area 35,643
Freehold
N/A
78,179
280
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Australia (cont’d)
Frasers Property
Industrial Australia
Group’s Completed
Investment Properties
(cont’d)
2A Johnston
Crescent, Horsley
Park, New South
Wales
Warehouse and office
Lettable area 17,548
Freehold
N/A
47,085
26-34 Beyer Road,
Braeside, Victoria
Warehouse and office
Lettable area 31,112
Freehold
N/A
59,523
17 Droomer Way
& 12 Hurst Drive,
Tarneit, Victoria
2 warehouses
Lettable area 28,080
Freehold
N/A
49,306
2-14 Chadderton
Boulevard & 20
Oldham Rd, Epping,
Victoria
3 warehouses
Lettable area 38,144
Freehold
N/A
58,634
2-20 Goodall Close,
Dandenong South,
Victoria
2 warehouses
Lettable area 23,167
Freehold
N/A
45,042
Lot 103, 57-
75 Australand
Drive, Berrinba,
Queensland
Warehouse
Lettable area 21,150
Freehold
N/A
36,424
48-82 Goodall Close,
Dandenong South,
Victoria
3 warehouses
Lettable area 41,879
Freehold
N/A
91,061
20 Arthur Dixon
Court, Yatala,
Queensland
Warehouse
Lettable area 23,000
Freehold
N/A
38,201
2 Fairway Street,
Stapylton,
Queensland
Warehouse
Lettable area 25,706
Freehold
N/A
44,420
24-60 Homestead
Drive, Stapylton,
Queensland
2 warehouses
Lettable area 26,927
Freehold
N/A
55,081
29 Fairway
Street, Stapylton,
Queensland
Warehouse
Lettable area 36,638
Freehold
N/A
65,297
12 & 4 Norah Court &
Hurst Drive, Victoria
2 warehouses
Lettable area 27,691
Freehold
N/A
51,883
25 Oldham Road,
Epping, Victoria
Warehouse
Lettable area 27,628
Freehold
N/A
53,304
15 & 19 Droomer
Way and Norah
Court, Tarneit,
Victoria
2 warehouses
Lettable area 25,337
Freehold
N/A
52,416
Annual Report 2024
281
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Australia (cont’d)
Frasers Property
Industrial Australia
Group’s Completed
Investment Properties
(cont’d)
42 Goodall Close,
Dandenong South,
Victoria
Private carpark
Lettable area 2,508
Freehold
N/A
3,198
296 Beatty Road,
Archerfield,
Queensland
Warehouse
Lettable area 31,363
Freehold
N/A
69,739
Aldington Road, New
South Wales
14 warehouses
Lettable area
578,052
Freehold
N/A
240,312
Horsley Drive,
Horsley Park, New
South Wales
19 warehouses
Lettable area
397,350
Freehold
N/A
151,028
60 Stapylton –
Jacobs Well Road,
Queensland
6 warehouses
Lettable area
264,175
Freehold
N/A
25,764
410 Cooper Street,
Epping, Victoria
5 warehouses
Lettable area
249,704
Freehold
N/A
64,409
917 Boundary Road,
Tarneit, Victoria
Land
Lettable area 10,210
Freehold
N/A
3,098
1-15 Ferris Road,
Cobblebank, Victoria
5 warehouses
Lettable area
162,076
Freehold
N/A
26,923
50-70 Kinloch Court,
Craigieburn, Victoria
3 warehouses
Lettable area
181,447
Freehold
N/A
50,437
635 Hall Road,
Cranbourne West,
Victoria
6 warehouses
Lettable area
356,457
Freehold
N/A
74,202
Europe
Fraser Suites
Kensington, London
75 Stanhope
Gardens London
SW7 5RN, England,
the United Kingdom
69 residential
apartments
Lettable area 6,842
Freehold
N/A
159,848
Capri by Fraser,
Barcelona
Sancho de Avila, 32-
34 Barcelona, Spain
97 serviced apartments
Gross floor area
7,213
Freehold
N/A
36,059
Capri by Fraser,
Frankfurt
42 Europa-allee,
60327, Frankfurt am
Maine, Germany
153 serviced
apartments
Gross floor area
9,597
Freehold
N/A
45,789
Capri by Fraser,
Berlin
Scharrenstraße
22, 10178 Berlin,
Germany
143 serviced
apartments
Gross floor area
8,749
Freehold
N/A
48,508
Flat 3 at Queens Gate
Gardens
39A Queens Gate
Gardens, London
SW7 5RR, England,
the United Kingdom
Apartment unit
Lettable area 74
Freehold
N/A
1,942
282
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Europe (cont’d)
Fraser Suites
Hamburg
Rodingsmarkt 2,
Hamburg, Germany
154 serviced apartment
units
Gross floor area
15,256
Freehold
N/A
76,410
Capri by Fraser,
Leipzig
Bruhl, 76, 78,
Goethestrasse 8,
9, Ritterstrasse 28,
Germany
151 serviced
apartments
Gross floor area
10,628
Leasehold
2040
31,050
Winnersh Triangle
Winnersh Triangle,
Reading, Berkshire,
England, the United
Kingdom
Mixed-use park
comprising
predominantly
office and industrial
accommodation
Lettable area
128,255
Freehold
N/A
552,947
Chineham Park
Basingstoke,
Hampshire, England,
the United Kingdom
Mixed-use park
comprising nine
districts providing
office and industrial
accommodation
Lettable area 57,832
Freehold
N/A
201,976
Hillington Park
Glasgow, Scotland,
the United Kingdom
Mixed-use park
comprising office
and industrial
accommodation
Lettable area
188,301
Freehold
N/A
248,865
Lakeshore Business
Park
9-11 New Square,
Bedfont Lakes,
Feltham, Middlesex,
England, the United
Kingdom
Office park comprising
three buildings
Lettable area 25,664
Freehold
N/A
60,158
Frasers Property
Industrial Europe
Group's Completed
Investment Properties
Mellinghofer Straße
55 (Technopark),
Mülheim an der
Ruhr, Germany
Business park
Lettable area
102,041
Freehold
N/A
80,305
309, Gottmadingen,
Germany
Solar panels
N/M
N/M
N/A
335
Oskar-von-Miller-
Straße 2, Kirchheim,
Germany
Logistics facility
Lettable area 28,125
Freehold
N/A
47,935
Leverkuser Straße
65, Remscheid,
Germany
Logistics facility
Lettable area 29,463
Freehold
N/A
17,600
An der Trift 75,
Dreieich, Germany
Logistics facility
Lettable area 19,937
Freehold
N/A
22,894
Hutwiesenstraße 13,
Magstadt, Germany
Logistics facility
Lettable area 21,499
Freehold
N/A
11,018
Moselstraße 70,
Hanau, Germany
Warehouse facility
Lettable area 5,616
Freehold
N/A
5,294
Rheindeichstraße 155,
Duisburg, Germany
Logistics facility
Lettable area 46,580
Freehold
N/A
88,000
Annual Report 2024
283
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Europe (cont’d)
Frasers Property
Industrial Europe
Group’s Completed
Investment Properties
(cont’d)
Fuggerstraße 13,
Bielefeld, Germany
Logistics facility
Lettable area 23,115
Freehold
N/A
40,782
Fuggerstraße 15,
Bielefeld, Germany
Logistics facility
Lettable area 31,087
Freehold
N/A
34,628
Hazeldonk
6308, Breda, the
Netherlands
Logistics facility
Lettable area 8,303
Freehold
N/A
12,020
Industriestraße/
Bahnhofstr. 40,
Kleinkötz, Germany
Light industrial facility
Lettable area 42,029
Freehold
N/A
38,076
Rheindeichstraße
165, Duisburg,
Germany
Logistics facility
Lettable area 34,189
Freehold
N/A
55,948
Adolf-Dambach-
Straße 5-7,
Gaggenau, Germany
Logistics facility
Lettable area 81,439
Freehold
N/A
21,320
Ringweg 19-21,
Roermond, the
Netherlands
Logistics facility
comprising 2
warehouse units with
office space
Lettable area 33,381
Freehold
N/A
40,852
Hazeldonk
6801, Breda, the
Netherlands
Logistics facility
comprising a
warehouse and office
space
Lettable area 11,550
Freehold
N/A
18,244
Alzenau-
Brentanostraße 7,
Alzenau, Germany
Light industrial facility
Lettable area 21,990
Freehold
N/A
12,449
Veilingweg 16, the
Netherlands
2 warehouse units with
office space
Lettable area 63,385
Freehold
N/A
46,003
Thailand
Amata City Chonburi
Industrial Estate
Sukhumvit Road
(Highway No. 3),
Phan Thong Sub-
District, Phan Thong
District, Chon Buri
Province
9 industrial factories, 1
warehouse and vacant
plots of industrial land
Lettable area 29,805
Land area 63,726
Freehold
N/A
49,522
Laemchabang
Industrial Estate
Sukhumvit Road
(Highway No. 3),
Thung Sukhla Sub-
District, Si Racha
District, Chon Buri
Province
30 industrial factories
Lettable area 77,005
Leasehold
2025,
2027,
2029 and
2048
37,346
284
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Thailand (cont’d)
Hi-Tech Industrial
Estate
Asia Road (Highway
No. 32), Ban Len
and Ban Pho Sub-
Districts, Bang
Pa-in District, Phra
Nakhon Si Ayutthaya
Province
1 industrial factory
and vacant plots of
industrial land
Lettable area 2,750
Land area 98,493
Freehold
N/A
10,458
Amata City Rayong
Industrial Estate
Chachoengsao
– Sattahip Road
(Highway No. 331),
Map Yang Phon Sub-
District, Pluak Daeng
District, Rayong
Province
6 industrial factories
and vacant plots of
industrial land
Lettable area 19,405
Land area 59,367
Freehold
N/A
27,180
Rojana Industrial
Estate (Rayong – Ban
Khai)
Ban Khai – Ban
Bueng Road
(Highway No. 3138),
Nong Bua Sub-
District, Ban Khai
District, Rayong
Province
Vacant plots of
industrial land
Land area 14,752
Freehold
N/A
1,159
Rojana – Ayudhya
Industrial Park Zone
1-3
Rojana – Uthai Road
(Highway No. 3056),
Ban Chang and
Uthai Sub-Districts,
Uthai District, Phra
Nakhon Si Ayutthaya
Province
2 industrial factories, 1
warehouse and vacant
plots of industrial land
Lettable area 38,735
Land area 118,413
Freehold
N/A
46,712
Pinthong Industrial
Estate
Sattahip –
Chachoengsao Road
(Highway No. 331),
Khao Khansong,
Nong Kham and
Bowin Sub-Districts,
Si Racha District,
Chon Buri Province
Vacant plots of
industrial land
Land area 37,249
Freehold
N/A
2,877
Navanakorn Industrial
Promotion Zone
Phahon Yothin Road
(Highway No. 1),
Khlong Nueng Sub-
District, Khlong
Luang District,
Pathum Thani
Province
Vacant plots of
industrial land
Land area 5,744
Freehold
N/A
1,238
Kabinburi Industrial
Zone
Kabin Buri – Nakhon
Ratchasima Road
(Highway No. 304),
Nong Ki Sub-
District, Kabin Buri
District, Prachin Buri
Province
1 industrial factory
and vacant plots of
industrial land
Lettable area 2,800
Land area 221,344
Freehold
N/A
12,737
Annual Report 2024
285
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Thailand (cont’d)
Asia Industrial Estate
Suvarnabhumi
Luang Phaeng
Road, Khlong Suan
Sub-District, Bang
Bo District, Samut
Prakan Province
27 industrial factories
and vacant plots of
industrial land
Lettable area 30,050
Land area 49,440
Freehold
N/A
39,111
Rojana Industrial Park
(Prachinburi)
Chachoengsao – Si
Maha Phot Road
(Highway No. 304),
Hua Wa Sub-District,
Si Maha Phot
District, Prachin Buri
Province
3 industrial factories
and vacant plots of
industrial land
Lettable area 9,200
Land area 504,260
Freehold
N/A
31,817
Frasers Property
Logistics Park
(Bangna)
Bang Na – Bang
Pakong Road
(Highway No. 34),
Bang Samak Sub-
District, Bang
Pakong District,
Cha Choeng Sao
Province
25 warehouses
and vacant plots of
industrial land
Lettable area 58,082
Land area 449,202
Freehold
and
Leasehold
2044
133,668
Frasers Property
Logistics Center
(Laemchabang 1)
Bypass – Laem
Chabang Road
(Motorway No. 7),
Nong Kham Sub-
District, Si Racha
District, Chon Buri
Province
Vacant plots of
industrial land
Land area 36,096
Freehold
N/A
2,004
Frasers Property
Logistics Center
(Wangnoi 1)
Phahon Yothin Road
(Highway No. 1)
around km. station
55+900, Phayom
Sub-District, Wang
Noi District, Phra
Nakhon Si Ayutthaya
Province
2 warehouses
Lettable area 20,100
Freehold
N/A
14,274
Frasers Property
Logistics Park
(Latkrabang)
Chalongkrung Road,
Lam Pla Thio Sub-
District, Lat Krabang
District, Bangkok
Metropolis
Vacant plots of
industrial land
Land area 354,576
Freehold
N/A
27,573
Frasers Property
Logistics Park
(Sriracha)
Chon Buri – Pattaya
Road (Highway No.
7), Bang Phra Sub-
District, Si Racha
District, Chon Buri
Province
Vacant plots of
industrial land
Land area 194,832
Freehold
N/A
14,458
Frasers Property
Logistics Center
(Eastern Seaboard
2A)
Chachoengsao
– Sattahip Road
(Highway No. 331),
Bowin Sub-District,
Si Racha District,
Chon Buri Province
Vacant plots of
industrial land
Land area 3,760
Freehold
N/A
275
286
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Thailand (cont’d)
Frasers Property
Logistics Center
(Eastern Seaboard
2B)
Chachoengsao
– Sattahip Road
(Highway No. 331),
Bowin Sub-District,
Si Racha District,
Chon Buri Province
Vacant plots of
industrial land
Land area 107,504
Freehold
N/A
10,564
Frasers Property
Logistics Center
(Eastern Seaboard
1B)
Pluak Daeng –
Sapansi Road
(Highway No. 3080),
Pluak Daeng Sub-
District, Pluak Daeng
District, Rayong
Province
4 warehouses
Lettable area 11,400
Freehold
N/A
7,054
Frasers Property
Logistics Center
(Wangnoi 2)
Phahon Yothin
Road (Highway
No. 1) around km.
station 57, Phayom
Sub-District, Wang
Noi District, Phra
Nakhon Si Ayutthaya
Province
17 warehouses
and vacant plots of
industrial land
Lettable area
217,767
Land area 500,118
Freehold
N/A
193,293
Frasers Property
Logistics Park
(Laemchabang 2)
Bypass – Laem
Chabang Road
(Motorway No. 7),
Nong Kham Sub-
District, Si Racha
District, Chon Buri
Province
8 warehouses and
vacant plots of
industrial land
Lettable area 20,440
Land area 445,568
Freehold
N/A
40,770
Frasers Property
Logistics Center
(Phan Thong 1)
Thang Rot Fai
Chachoengsao –
Sattahip Road, Phan
Thong Sub-District,
Phan Thong District,
Chon Buri Province
6 warehouses
Lettable area 15,075
Freehold
N/A
12,053
Frasers Property
Logistics Center
(Eastern Seaboard 3)
Chachoengsao
– Sattahip Road
(Highway No. 331),
Khao Khansong
Sub-District, Si
Racha District, Chon
Buri Province
Vacant plots of
industrial land
Land area 246,928
Freehold
N/A
21,230
Frasers Property
Logistics Park
(Bangpakong)
Bang Na – Bang
Pakong Road
(Highway No. 34),
Bang Samak Sub-
District, Bang
Pakong District,
Cha Choeng Sao
Province
Vacant plots of
industrial land
Land area 364,880
Freehold
N/A
30,682
Annual Report 2024
287
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Thailand (cont’d)
Frasers Property
Logistics Park
(Khonkaen)
Mittaphap Road
(Highway No. 2)
within Tha Phra Sub-
District, Mueang
District, Khon Kaen
Province
3 warehouses and
vacant plots of
industrial land
Lettable area 19,292
Land area 277,493
Freehold
N/A
24,103
Frasers Property
Logistics Center
(Phan Thong 2)
Ban Kao – Phan
Thong Road
(Highway No. 3127),
Phan Thong Sub-
District, Phan Thong
District, Chon Buri
Province
Vacant plots of
industrial land
Land area 74,160
Freehold
N/A
10,202
Frasers Property
Logistics Center
(Phan Thong 3)
Ban Kao – Phan
Thong Road
(Highway No. 3127),
Phan Thong Sub-
District, Phan Thong
District, Chon Buri
Province
Vacant plots of
industrial land
Land area 91,632
Freehold
N/A
9,000
Frasers Property
Logistics Center
(Amata City Rayong)
Sattahip –
Chachoengsao Road
(Highway No. 331),
Map Yang Phon Sub-
District, Pluak Daeng
District, Rayong
Province
11 warehouses
Lettable area 33,832
Freehold
N/A
31,346
Frasers Property
Logistics Center
(Surat Thani)
Chaiya – Phunphin
Road (Highway No.
41), Nong Sai Sub-
District, Phunphin
District, Surat Thani
Province
Vacant plots of
industrial land
Land area 110,640
Freehold
N/A
6,795
Frasers Property
Logistics Center
(Bangplee 1)
Bang Na – Bang
Pakong Road
(Highway No. 34) at
around km. station
22, Sisa Chorakhe
Yai Sub-District,
Bang Sao Thong
District, Samut
Prakan Province
Vacant plots of
industrial land
Land area 185,456
Freehold
N/A
53,448
Frasers Property
Logistics Center
(Bangplee 3)
Liap Khlong
Chonlahan Pichit
Road, Bang Pla
Sub-District, Bang
Phli District, Samut
Prakan Province
Vacant plots of
industrial land
Land area 187,312
Freehold
N/A
25,211
288
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Thailand (cont’d)
Frasers Property
Logistics Center
(Bangplee 4)
Liap Khlong Song
Nam Survarnabhumi
Road around km.
station 3+600, Bang
Pla Sub-District,
Bang Phli District,
Samut Prakan
Province
6 warehouses and
vacant plots of
industrial land
Lettable area 78,672
Land area 131,632
Freehold
N/A
89,184
Frasers Property
Logistics Center
(Bangplee 5)
Liap Khlong Song
Nam Survarnabhumi
Road around km.
station 19, Bang Pla
Sub-District, Bang
Phli District, Samut
Prakan Province
4 warehouses
Lettable area 25,255
Freehold
N/A
27,895
Frasers Property
Logistics Center
(Samut Sakhon)
Rama 2 Road or
Thon Buri – Pak Tho
Road (Highway No.
35), Bang Krachao
Sub-District, Mueang
District, Samut
Sakhon Province
2 warehouses and
vacant plots of
industrial land
Lettable area 28,051
Land area 149,984
Freehold
N/A
81,842
Frasers Property
Logistics Center
(Lamphun)
Chiang Mai –
Lamphun Road
(Highway No. 11),
Umong Sub-District,
Mueang District,
Lamphun Province
9 warehouses and
vacant plots of
industrial land
Lettable area 9,011
Land area 79,725
Freehold
N/A
14,918
Frasers Property
Logistics Center
(Rojana Prachinburi)
Chachoengsao –
Kabin Buri Road
(Highway No. 304),
Hua Wa Sub-District,
Si Maha Phot
District, Prachin Buri
Province
Vacant plots of
industrial land
Land area 74,930
Freehold
N/A
4,024
Frasers Property
Logistics Center
(Bangplee 2)
Mueang Mai – Bang
Phli Road (Highway
No. 1006), Bang Sao
Thong Sub-District,
Bang Sao Thong
District, Samut
Prakan Province
4 warehouses and
vacant plots of
industrial land
Lettable area 37,480
Land area 20,981
Leasehold
2039
20,401
Frasers Property
Logistics Center
(Phanat Nikhom)
Chachoengsao
– Sattahip Road
(Highway No. 331),
Nong Prue Sub-
District, Phanat
Nikhom District,
Chon Buri Province
Vacant plots of
industrial land
Land area 261,840
Freehold
N/A
7,074
Annual Report 2024
289
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Thailand (cont’d)
Frasers Property
Logistics Center
(Bangplee 6)
Liap Khlong
Chonlahan Pichit
Road around km.
station 4+700, Bang
Pla Sub-District,
Bang Phli District,
Samut Prakan
Province
2 warehouses and
vacant plots of
industrial land
Lettable 105,050
Land area 137,037
Freehold
N/A
109,364
Frasers Property
Logistics Center
(Bangplee 7)
Bang Pla Sub-
District, Bang Phli
District, Samut
Prakan Province
5 warehouses, 2
amenity units and
vacant plots of
industrial land
Lettable area 70,520
Land area 52,515
Leasehold
2049
52,908
Ramkhamhaeng
Road, Soi
Ramkhamhaeng
28, Hua Mak Sub-
District, Bang Kapi
District, Bangkok
Metropolis
Vacant land
Land area 24,209
Freehold
N/A
46,374
Wang Noi 3
Phahon Yothin Road
(Highway No. 1),
Phayom Sub-District,
Wang Noi District,
Phra Nakhon Si
Aytthaya Province
Vacant land
Land area 249,904
Freehold
N/A
15,406
River II
Pu Chao Saming
Phrai Road, Bang
Hua Suea Sub-
District, Phra Samut
Chedi District, Samut
Prakan Province
10 warehouses
and vacant plots of
industrial land
Lettable area 18,540
Land area 21,498
Freehold
and
leasehold
2048
20,200
FYI Center
Rama IV Road and
Ratchadaphisek
Road (Khlong Toei
intersection), Khlong
Toei Sub-District,
Khlong Toei District,
Bangkok Metropolis
12-storey office
building and three
underground floors
Lettable area 49,562
Leasehold
2077
216,859
Ban Sup Chumphon
– Ban Nong Han
Road, Lat Bua Khao
and Nong Ya Khao
Sub-Districts, Sikhio
District, Nakhon
Ratchasima Province
Vacant land
Land area 1,836,199
Freehold
N/A
12,714
Ao Thalen Beach off
Krabi – Khao Thong
Road (Highway No.
4034), Nong Tale
Sub-District, Mueang
District, Krabi
Province
3 vacant plots of land
Land area 190,080
Freehold
N/A
7,388
290
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Thailand (cont’d)
Bang Bon 4 Road,
Nong Khaem Sub-
District, Nong
Khaem District,
Bangkok Metropolis
Vacant land
Land area 15,824
Freehold
N/A
931
Ratchaphruek Road,
Bang Ramat Sub-
District, Taling Chan
District, Bangkok
Metropolis
Vacant land
Land area 6,900
Freehold
N/A
1,018
Frontage Road to
Kanchanaphisek
Road (Highway No.
9) around km. station
39+900, Bang Chan
Sub-District, Khlong
Sam Wa District,
Bangkok Metropolis
Vacant land
Land area 1,629
Freehold
N/A
912
Silom Edge
Silom Road and
Rama IV Road,
Suriyawong Sub-
District, Bang Rak
District, Bangkok
Metropolis
21-storey office and
retail building with 2
basement levels
Lettable area 20,158
Leasehold
2047
113,939
Vietnam
Melinh Point
2 Ngo Duc Ke Street,
District 1, Ho Chi
Minh City
21-storey retail/office
building with a rooftop
deck and 2 basement
levels
Lettable area 17,414
Leasehold
2045
75,647
Worc@Q2
21 Vo Truong Toan,
Thu Duc City, Ho Chi
Minh City
32-storey office
building with a
basement level
Lettable area 5,004
Leasehold
2067
17,487
Industrial Centre Yen
Phong 2C
Lot CN4-2 in Yen
Phong II-C Industrial
Park, Dong Tien
and Tam Giang
Communes, Yen
Phong District, Bac
Ninh Province
5 industrial factories
and a warehouse
Lettable area 34,653
Leasehold
2068
32,456
BDIP Premium
Industrial Park
Plot TT, Phu Tan
Industrial Binh
Duong Industry –
Urban – Service
Complex, Hoa Phu
Ward, Thu Dau Mot
City, Binh Duong
Province
19 industrial factories
and vacant plots of
industrial land
Lettable area 104,798
Land area 103,204
Leasehold
2056
99,917
Annual Report 2024
291
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
China
Fraser Suites Dalian
No. 30 Gang Long
Road, Zhongshan
District, Dalian
252 serviced apartment
units
Gross floor area
25,759
Leasehold
2048
36,660
Japan
Estem Court Namba
VII Beyond
2-6-4, Shikitsu-
Higashi 2-chome,
Naniwa-ku, Osaka 1
15-storey rental
apartment of 124 units
Gross floor area
3,189
Freehold
N/A
24,057
Indonesia
Fraser Residence
Sudirman, Jakarta
Jalan Setiabudi Raya
No. 9, Setiabudi
District, Sudirman,
Jakarta
30-storey building of
108 serviced apartment
units
Gross floor area
11,285
Freehold
N/A
19,350
SLP Karawang
Suryacipta Industrial
Estate, Jalan Surya
Utama, Village of
Kutamekar, District
of Ciampel, Regency
of Karawang,
Province of West
Java
Warehouse complex
and excess land
Lettable area
128,566
Land area 54,845
Freehold
and
leasehold
2030
89,990
SLP Banjarmasin
Bizpark Commercial
Estate Block C-2,
Jalan Gubernur
Soebardjo, Village
of Kayu Bawang,
District of Gambut,
Regency of Banjar,
Province of South
Kalimantan
Warehouse complex
Lettable area 9,705
Freehold
N/A
7,438
SLP Makassar
Pergudangan 88
Industrial Estate
Block A-C, Jalan IR.
Sutami, Subdistrict
of Pabbentengan,
District of Marusu,
Regency of Maros,
Province of South
Sulawesi
Warehouse complex
Lettable area 11,385
Freehold
N/A
8,145
HELD THROUGH FRASERS CENTREPOINT TRUST
Singapore
Causeway Point
1 Woodlands Square
Shopping mall
comprising 7 storeys
and 3 basement levels
Lettable area 38,998
Leasehold
2094
1,342,000
Northpoint City North
Wing
930 Yishun Avenue 2
Shopping mall
comprising 4 storeys
and 3 basement levels
Lettable area 21,363
Leasehold
2089
788,000
292
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
HELD THROUGH FRASERS CENTREPOINT TRUST (CONT’D)
Singapore (cont’d)
Yishun 10 Retail
Podium
51 Yishun Central 1
10 retail units on the
first storey in a cinema
complex with basement
carpark
Lettable area 961
Leasehold
2089
34,000
Central Plaza
298 Tiong Bahru
Road
Office building
comprising 20 storeys
and 3 basement levels
Lettable area 15,949
Leasehold
2090
219,000
Tiong Bahru Plaza
302 Tiong Bahru
Road
Shopping mall
comprising 4 storeys
and 3 basement levels
Lettable area 19,929
Leasehold
2090
660,000
Century Square
2 Tampines Central 5 Shopping mall
comprising 5 storeys
and 3 basement levels
Lettable area 19,628
Leasehold
2091
563,000
Hougang Mall
90 Hougang Avenue
10
Shopping mall
comprising 5 storeys
and 2 basement levels
Lettable area 15,395
Leasehold
2093
439,000
White Sands
1 Pasir Ris Central
Street 3
Shopping mall
comprising 5 storeys
and 3 basement levels
Lettable area 13,969
Leasehold
2092
430,000
Tampines 1
10 Tampines Central 1 Shopping mall
comprising 5 storeys
and 2 basement levels
Lettable area 25,828
Leasehold
2089
808,000
HELD THROUGH FRASERS HOSPITALITY TRUST
Singapore
Fraser Suites
Singapore(1)
491A River Valley
Road
20-storey building of
255 serviced apartment
units
Gross floor area
27,018
Leasehold
2876
350,000
Australia
Fraser Suites
Sydney(1)
488 Kent Street,
Sydney, New South
Wales
42-storey building of
201 serviced apartment
units and commercial
office spaces
Gross floor area
12,137
Freehold
N/A
147,096
Europe
Fraser Place Canary
Wharf, London(1)
80 Boardwalk Place,
London, England,
the United Kingdom
2 buildings of 108
residential apartments
Gross floor area
5,659
Freehold
N/A
57,408
Fraser Suites
Glasgow(1)
1-19 Albion Street,
Glasgow, Scotland,
the United Kingdom
6-storey building of 98
serviced apartments
Gross floor area
7,386
Freehold
N/A
14,782
Annual Report 2024
293
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
HELD THROUGH FRASERS HOSPITALITY TRUST (CONT’D)
Europe (cont’d)
Fraser Suites
Edinburgh(1)
12-26 St Giles'
Street, Edinburgh,
Scotland, the United
Kingdom
8-storey building of 75
residential apartments
Gross floor area
3,952
Freehold
N/A
35,064
Fraser Suites Queens
Gate, London(1)
39B Queens Gate
Gardens, South
Kensington, London,
England, the United
Kingdom
105 residential
apartments
Gross floor area
6,416
Freehold
N/A
110,863
Maritim Hotel
Dresden
328 hotel rooms
Ostra-Ufer 2, Dresden,
Germany
Gross floor area
25,916
Freehold
N/A
76,982
Japan
ANA Crowne Plaza
Kobe Retail Mall
1-Chome, Kitano-
Cho, Chuo-Ku, Kobe
Retail mall
Lettable area 22,431
Freehold
N/A
32,967
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST
Singapore
Alexandra
Technopark(1)
438A, 438B and
438C Alexandra
Road
A high-specification
business space
development
comprising 3 buildings
of 8, 9 and 3-storeys
with basement carpark
Lettable area 95,868
Freehold
N/A
783,000
Australia
18-34 Aylesbury
Drive, Altona,
Victoria
2 adjoining office and
warehouse facilities
Lettable area 21,493
Freehold
N/A
42,865
49-75 Pacific Drive,
Keysborough,
Victoria
Large industrial
warehouse and 2-level
office building
Lettable area 25,163
Freehold
N/A
45,308
115-121 South
Centre Road,
Melbourne Airport,
Victoria
Industrial facility, a
substantial 2-level
office and a ground
floor café
Lettable area 3,085
Leasehold
2047
5,565
96-106 Link Road,
Melbourne Airport,
Victoria
3-level office attached
to a warehouse
Lettable area 18,599
Leasehold
2047
26,016
17-23 Jets Court,
Melbourne Airport,
Victoria
2 warehouse
and distribution
facilities with office
accommodation
Lettable area 9,869
Leasehold
2047
12,195
294
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
25-29 Jets Court,
Melbourne Airport,
Victoria
2 adjoining warehouse
facilities, each with front
office accommodation
Lettable area 15,544
Leasehold
2047
16,267
28-32 Sky Road East,
Melbourne Airport,
Victoria
Warehouse distribution
facility and a 2-level
office
Lettable area 12,086
Leasehold
2047
12,896
38-52 Sky Road East,
Melbourne Airport,
Victoria
Warehouse and
distribution facility with
a single-level office
Lettable area 46,231
Leasehold
2047
44,338
21-33 South Park
Drive, Dandenong
South, Victoria
Warehouse facility,
2-level office and
showroom
Lettable area 22,106
Freehold
N/A
41,755
22-26 Bam Wine
Court, Dandenong
South, Victoria
Single-level office and
temperature-controlled
warehouse
Lettable area 17,606
Freehold
N/A
31,538
16-32 South Park
Drive, Dandenong
South, Victoria
Storage and distribution
facility, with office area,
canopy, hardstand and
69 parking lots
Lettable area 12,729
Freehold
N/A
30,294
98-126 South Park
Drive, Dandenong
South, Victoria
Industrial office and
warehouse facility
Lettable area 28,062
Freehold
N/A
50,639
77 Atlantic Drive,
Keysborough,
Victoria
Warehouse and
attached 2-storey
office/display centre
Lettable area 15,095
Freehold
N/A
30,383
17 Pacific Drive and
170-172 Atlantic
Drive, Keysborough,
Victoria
2 warehouse and
office facilities under 1
roofline
Lettable area 30,004
Freehold
N/A
61,966
78 & 88 Atlantic
Drive, Keysborough,
Victoria
2 adjoining distribution
facilities with
associated mezzanine
level office areas
Lettable area 13,495
Freehold
N/A
31,538
150-168 Atlantic
Drive, Keysborough,
Victoria
2 adjoining distribution
facilities with
associated mezzanine
level office areas
Lettable area 27,272
Freehold
N/A
51,527
1-13 and 15-27
Sunline Drive,
Truganina, Victoria
2 attached warehouses,
each with internal office
accommodation
Lettable area 26,153
Freehold
N/A
48,862
468 Boundary Road,
Derrimut, Victoria
A distribution facility
and with a single-level
office which is attached
to a large warehouse
Lettable area 24,732
Freehold
N/A
42,421
Annual Report 2024
295
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
42 Sunline Drive,
Truganina, Victoria
1 office and warehouse
Lettable area 14,636
Freehold
N/A
25,319
2-22 Efficient Drive,
Truganina, Victoria
3 office and warehouse
accommodations
Lettable area 38,335
Freehold
N/A
74,626
211A Wellington
Road, Mulgrave,
Victoria
1 office/showroom
development and 330
car parking bays
Lettable area 7,175
Freehold
N/A
28,251
1 Doriemus Drive,
Truganina, Victoria
Office warehouse
Lettable area 74,546
Freehold
N/A
112,827
21 Kangaroo Avenue,
Eastern Creek, New
South Wales
1 office/warehouse
distribution centre
Lettable area 41,401
Freehold
N/A
128,374
17 Kangaroo Avenue,
Eastern Creek, New
South Wales
2 adjoining office and
warehouse
Lettable area 23,112
Freehold
N/A
59,345
7 Eucalyptus Place,
Eastern Creek, New
South Wales
Office/warehouse
facility
Lettable area 16,074
Freehold
N/A
51,527
6 Reconciliation
Rise, Pemulwuy, New
South Wales
A warehouse and office
Lettable area 19,218
Freehold
N/A
64,320
8-8A Reconciliation
Rise, Pemulwuy, New
South Wales
Industrial distribution
facility
Lettable area 22,511
Freehold
N/A
78,890
Lot 104 & 105
Springhill Road, Port
Kembla, New South
Wales
Port related automotive
vehicle storage and
distribution facility
Lettable area 90,661
Leasehold
2049
29,769
8 Distribution Place,
Seven Hills, New
South Wales
2-storey office and
warehouse facility
Lettable area 12,319
Freehold
N/A
38,468
10 Stanton Road,
Seven Hills, New
South Wales
2-level office
accommodation,
undercover parking and
a warehouse
Lettable area 7,065
Freehold
N/A
21,011
99 Station Road,
Seven Hills, New
South Wales
Warehouse and
associated offices
Lettable area 10,772
Freehold
N/A
34,648
11 Gibbon Road,
Winston Hills, New
South Wales
2 adjoining office and
warehouse units
Lettable area 16,648
Freehold
N/A
62,410
296
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
4-8 Kangaroo
Avenue, Eastern
Creek, New South
Wales
2 separate standalone
distribution facilities
Lettable area 40,566
Freehold
N/A
123,488
10 Siltstone
Place, Berrinba,
Queensland
Office/warehouse
distribution centre
Lettable area 9,797
Leasehold
2115
17,235
55-59 Boundary
Road, Carole Park,
Queensland
Warehouse with
ancillary office spaces
Lettable area 13,250
Leasehold
2115
20,877
57-71 Platinum
Street, Crestmead,
Queensland
Warehouse and
manufacturing facility
Lettable area 20,518
Leasehold
2115
42,643
51 Stradbroke
Street, Heathwood,
Queensland
Warehouse and
production facility
with associated office
accommodation
Lettable area 14,916
Leasehold
2115
31,982
30 Flint Street, Inala,
Queensland
Warehouse and office
facility
Lettable area 15,052
Leasehold
2115
27,540
286 Queensport
Road, North
Murarrie,
Queensland
Warehouse and
manufacturing facility,
with a detached 2-level
office building
Lettable area 21,531
Leasehold
2115
42,377
350 Earnshaw
Road, Northgate,
Queensland
2-level office and
warehouse
Lettable area 30,779
Leasehold
2115
65,297
99 Shettleston
Street, Rocklea,
Queensland
Warehouse and
distribution facility with
a single-level office
Lettable area 15,186
Leasehold
2115
22,432
60 Paltridge Road,
Perth Airport,
Western Australia
A complex comprising
an office warehouse
building
Lettable area 20,143
Leasehold
2033
9,906
143 Pearson Road,
Yatala, Queensland
Office and warehouse
facility
Lettable area 30,618
Leasehold
2115
53,482
111 Indian Drive,
Keysborough,
Victoria
Office/warehouse
development
Lettable area 21,660
Freehold
N/A
44,864
1 Burilda Close,
Wetherill Park, New
South Wales
Specialised
temperature-controlled
warehouse and a
2-level office
Lettable area 18,848
Leasehold
2106
97,760
Annual Report 2024
297
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
Lot 1, 2 Burilda
Close, Wetherill Park,
New South Wales
Standalone high-
clearance warehouse,
sub-divided into 2
tenancy areas
Lettable area 14,333
Leasehold
2106
42,398
8 Stanton Road,
Seven Hills, New
South Wales
2-level office and high
clearance warehouse
facility
Lettable area 10,708
Freehold
N/A
35,181
43 Efficient Drive,
Truganina, Victoria
Single-level office
and high-clearance
warehouse facility
Lettable area 23,088
Freehold
N/A
40,866
29 Indian Drive,
Keysborough,
Victoria
Single-level office
and high-clearance
warehouse facility
Lettable area 21,854
Freehold
N/A
41,488
89-103 South Park
Drive, Dandenong
South, Victoria
Single-level office
and high-clearance
warehouse facility
Lettable area 10,425
Freehold
N/A
18,301
166 Pearson Road,
Yatala, Queensland
Single-level office
and high-clearance
warehouse facility
Lettable area 23,218
Freehold
N/A
43,443
17 Hudson Court,
Keysborough,
Victoria
2-level office and high
clearance temperature
controlled warehouse
Lettable area 21,271
Freehold
N/A
42,466
3 Burilda Close,
Wetherill Park, New
South Wales
Modern industrial
office/warehouse
building
Lettable area 20,078
Leasehold
2107
65,872
103-131 Wayne Goss
Drive, Berrinba,
Queensland
Office and warehouse
facility
Lettable area 19,487
Freehold
N/A
37,757
8-28 Hudson Court,
Keysborough,
Victoria
Office and warehouse
facility
Lettable area 25,762
Freehold
N/A
57,080
2 Hanson Place,
Eastern Creek, New
South Wales
Office and warehouse
facility
Lettable area 32,839
Freehold
N/A
110,162
29-51 Wayne Goss
Drive, Berrinba,
Queensland
Office and warehouse
facility
Lettable area 15,456
Freehold
N/A
30,827
75-79 Canterbury
Road, Braeside,
Victoria
Office and warehouse
facility
Lettable area 14,263
Freehold
N/A
31,449
11 Magnesium Place
(Unit 3), Truganina,
Victoria
Office and warehouse
facility
Lettable area 7,314
Freehold
N/A
14,659
298
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Australia (cont’d)
17 Magnesium Place
(Unit 4), Truganina,
Victoria
Office and warehouse
facility
Lettable area 8,286
Freehold
N/A
16,213
1 Magnesium
Place (Unit 1 & 2),
Truganina, Victoria
Office and warehouse
facility
Lettable area 9,489
Freehold
N/A
19,767
545 Blackburn
Road, Mt. Waverley,
Victoria
Office and retail facility
Lettable area 7,311
Freehold
N/A
34,648
Central Park
152-158 St Georges
Terrace, Perth
51-storey office tower
Lettable area 66,046
Freehold
N/A
324,488
Caroline Chisholm
Centre
57 Athllon Drive,
Greenway,
Tuggeranong, Canberra
5-storey office complex
Lettable area 40,244
Leasehold
2101
210,551
357 Collins Street
357 Collins Street,
Melbourne
24-storey office and
retail building with a
basement carpark
Lettable area 31,780
Freehold
N/A
169,684
Europe
Elbestraße 1-3, Marl,
Germany
A logistics facility
Lettable area 16,831
Freehold
N/A
22,608
Am Krainhop 10,
Isenbüttel, Germany
A light industrial facility
Lettable area 15,589
Freehold
N/A
26,042
Otto-Hahn Straße
10, Vaihingen an der
Enz, Germany.
A logistics facility
Lettable area 43,756
Freehold
N/A
83,565
Eiselauer Weg 2,
Ulm, Germany
A logistics facility
Lettable area 24,525
Freehold
N/A
65,535
Industriepark 309,
Gottmadingen,
Germany
A light industrial facility
Lettable area 55,007
Freehold
N/A
88,287
Industriepark 1,
Mamming, Germany
A light industrial facility
Lettable area 14,193
Freehold
N/A
26,472
Am Exer 9, Leipzig,
Germany
A logistics facility
Lettable area 11,537
Freehold
N/A
23,324
Johann-Esche-
Straße 2, Chemnitz,
Germany
A logistics facility
Lettable area 17,795
Freehold
N/A
25,756
Annual Report 2024
299
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Europe (cont’d)
Jubatus-Allee 3,
Ebermannsdorf,
Germany
A light industrial facility
Lettable area 9,389
Freehold
N/A
15,168
Brede Steeg 1,
s-Heerenberg, the
Netherlands
A logistics facility
Lettable area 84,806
Freehold
N/A
109,893
KoperStraße 10,
Nürnberg, Germany
A logistics facility
Lettable area 44,221
Freehold
N/A
119,794
Ambros-Nehren-
Straße 1, Achern,
Germany
A logistics facility
Lettable area 12,304
Freehold
N/A
24,468
Saalhoffer Straße
211, Rheinberg,
Germany
A logistics facility
Lettable area 31,957
Freehold
N/A
49,938
Gustav-Stresemann-
Weg 1, Münster,
Germany
A light industrial facility
Lettable area 12,960
Freehold
N/A
21,034
Keffelker Straße 66,
Brilon, Germany
A light industrial facility
Lettable area 13,352
Freehold
N/A
17,314
Am Autobahnkreuz
14, Rastede,
Germany.
A light industrial facility
Lettable area 11,491
Freehold
N/A
27,903
Belle van
Zuylenstraat 5 en
Marga Klompéweg
7, Tilburg, the
Netherlands
A logistics facility
Lettable area 18,121
Freehold
N/A
24,969
Handelsweg 26,
Zeewolde, the
Netherlands
A logistics facility
Lettable area 51,703
Freehold
N/A
66,251
Heierhoevenweg
17, Venlo, the
Netherlands
A logistics warehouse
with office space
Lettable area 32,642
Freehold
N/A
45,860
Oberes Feld 2, 4,
6, 8 Moosthenning,
Germany
A logistics facility
Lettable area 72,558
Freehold
N/A
115,760
300
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Europe (cont’d)
Murrer Straße 1,
Freiberg am Neckar,
Germany
A logistics facility
Lettable area 21,104
Freehold
N/A
49,938
Mandeveld 12,
Meppel, the
Netherlands
A logistics warehouse
with office space
Lettable area 31,013
Freehold
N/A
44,143
Graben-
Hermessraße 5,
Augsburg, Germany
A cross-dock facility
Lettable area 11,534
Freehold
N/A
56,377
Am Bühlfeld 2-8,
Herbrechtingen,
Baden-Württemberg,
Germany
A logistics facility
Lettable area 44,501
Freehold
N/A
68,540
Ratingen-An den
Dieken 94, Germany
A logistics facility
Lettable area 37,737
Freehold
N/A
78,413
Walter-Gropius-
Straße 19, Bergheim,
Erft, Germany
A logistics facility
Lettable area 19,404
Freehold
N/A
33,197
Obertshausen-Im
Birkengrund 5-7,
Germany.
A logistics facility
Lettable area 23,291
Freehold
N/A
50,368
Tamm-Bietigheimer
Straße 50-52,
Germany.
A logistics facility
Lettable area 38,932
Freehold
N/A
113,184
Garching
Dieselstraße 30,
Germany
A logistics facility
Lettable area 13,014
Freehold
N/A
50,797
Gewerbegebiet Etzin
1, Berlin, Germany
A cross-dock facility
Lettable area 13,142
Freehold
N/A
63,532
Bielefeld, at
FuggerStraße 17,
Germany
A logistics facility
Lettable area 22,336
Freehold
N/A
43,356
Bad Rappenau-
Buchäckerring 18,
Germany
A cross-dock facility
Lettable area 13,125
Freehold
N/A
60,527
Mainz-Genfer Allee
6, Germany
A cross-dock facility
Lettable area 13,148
Freehold
N/A
75,122
Griftweg 5, De
Klomp, Ede, the
Netherlands
A logistics facility
Lettable area 15,263
Freehold
N/A
32,410
Frankenthal, at Am
Römig 8, Germany
A logistics facility
Lettable area 20,579
Freehold
N/A
42,212
Annual Report 2024
301
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED INVESTMENT PROPERTIES (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST (CONT’D)
Europe (cont’d)
Billbrookdeich
167-171, Hamburg,
Germany
A cross dock facility
Lettable area 11,545
Freehold
N/A
89,431
Werner-von-
Siemens Straße
44, Saarwellinggen,
Germany
A logistics facility
Lettable area 9,298
Freehold
N/A
12,592
Hans-Fleißner-Straße
46-48, Egelsbach,
Germany
A logistics facility
Lettable area 29,815
Freehold
N/A
68,969
Thomas-Dascher-
Straße 3, Uberherrn,
Germany
A logistics facility
Lettable area 21,765
Freehold
N/A
28,475
Farnborough
Business Park
Farnborough,
Hampshire, England,
the United Kingdom
A mixed-use park
comprising 14 buildings
Lettable area 51,157
Freehold
N/A
231,952
Maxis Business Park
34 Western Road,
Bracknell, England,
the United Kingdom
Office park comprising
two 5-storey buildings
Lettable area 17,859
Freehold
N/A
70,900
Blythe Valley
Business Park
Blythe Valley
Business Park,
Shirley, Solihull,
Birmingham,
England, the United
Kingdom
A premier office
business park
comprising 16
mixed-use buildings
Lettable area 42,191
Freehold
N/A
159,767
Connexion
Connexion, Blythe
Valley Business
Park, Shirley,
Solihull, Birmingham,
England, the United
Kingdom
An industrial warehouse
facility
Lettable area 19,534
Freehold
N/A
64,713
Connexion II
Connexion II, Blythe
Valley Business
Park, Shirley,
Solihull, Birmingham,
England, the United
Kingdom
An industrial warehouse
facility
Lettable area 11,074
Freehold
N/A
41,165
Worcester
Worcester, West
Midlands, England,
the United Kingdom
An industrial
distribution warehouse
Lettable area 16,734
Freehold
N/A
36,095
Ellesmere
Cheshire, North West
England, England,
the United Kingdom
An industrial warehouse
facility
Lettable area 61,982
Freehold
N/A
116,878
TOTAL COMPLETED INVESTMENT PROPERTIES
22,988,691
302
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
INVESTMENT PROPERTIES UNDER CONSTRUCTION
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Australia
Speedpanel Lot 120
11 Eastridge
Street, Stapylton,
Queensland
Industrial warehouse
Lettable area 5,307
Freehold
N/A
6,002
Wurth Lot 122
10 Homestead
Drive, Stapylton,
Queensland
Industrial warehouse
Lettable area 10,465
Freehold
N/A
12,390
Penguin Random
House & Spec
49 Goodall Close,
Dandenong South,
Victoria
Industrial warehouse
Lettable area 52,585
Freehold
N/A
90,951
IVE Group
14 Ibis Circuit,
Dandenong South,
Victoria
Industrial warehouse
Lettable area 32,702
Freehold
N/A
43,888
Spec 5 Rubix
Connect
25 Ibis Circuit,
Dandenong South,
Victoria
Industrial warehouse
Lettable area 11,345
Freehold
N/A
8,879
Brunswick & Co
210 Brunswick
Street, Fortitude
Valley, Queensland
Development of 366
residential apartment
units with retail space
for rent
Lettable area 19,157
Freehold
N/A
125,398
Europe
Bemmel
Veilingweg 16, the
Netherlands
Development
project comprising 2
warehouse units with
office space
Gross floor area
63,385
Freehold
N/A
10,159
City Log Campus
Lageweg 15,
Teteringen, Breda –
De Posthoren, the
Netherlands
Vacant land for the
development of 2
warehouses with office
space
Land area 98,758
Freehold
N/A
31,337
The Tube
Reisholzer
Bahnstraße 37 and
Henkelstraße 209,
Düsseldorf, Germany
Development project
comprising a logistics
component and a
business park
Lettable area 77,823
Freehold
N/A
209,627
Landsberg
Max-Planck-Ring
19 and Gottlieb-
Daimler-Strasse 4,
Landsberg, Germany
Greenfield development
comprising 3 units in 2
different buildings
Lettable area 27,398
Freehold
N/A
13,365
Lelystad
Minervaweg,
Lelystad, the
Netherlands
Greenfield for the
development of a
logistics facility
Lettable area 36,497
Freehold
N/A
49,080
Günzburg
Alois Mengele Str. 1,
Günzburg, Germany
Light industrial facility
Lettable area 24,283
Freehold
N/A
40,494
Mulheim –
Redevelopment
Mellinghofer Straße
55 (Technopark),
Mülheim an der
Ruhr, Germany
Business park
Lettable area 23,838
Freehold
N/A
15,311
Annual Report 2024
303
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
INVESTMENT PROPERTIES UNDER CONSTRUCTION (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Japan
YOTEL Tokyo Ginza
1-7-7 Shimbashi,
Minato-ku, Tokyo
14-storey hotel with 244
rooms
Lettable area 7,891
Freehold
N/A
190,674
Thailand
Frasers Property
Logistics Center
(Klongjig Ayutthaya)
Klongjig Sub-District,
Udom Sorayuth
Road (Highway
No. 308), Bang-Pa-
In District, Phra
Nakhon Si Ayutthaya
Province
1 warehouse
Lettable area
171,607
Leasehold
2055
49,596
Vietnam
BDIP Premium
Industrial Park
Plot TT, Phu Tan
Industrial Binh
Duong Industry –
Urban – Service
Complex, Hoa Phu
Ward, Thu Dau Mot
City, Binh Duong
Province
2 warehouses under
construction and
vacant plots of
industrial land
Lettable area 54,177
Land area 112,963
Leasehold
2056
54,010
Industrial Centre Yen
Phong 2C
Lot CN4-2 in Yen
Phong II-C Industrial
Park, Dong Tien
and Tam Giang
Communes, Yen
Phong District, Bac
Ninh Province
7 industrial factories
and a warehouse under
construction
Lettable area 45,097
Leasehold
2068
18,029
Industrial Centre Yen
My
Lot CN1 in Yen My
Industrial Park, Tan
Lap and Trung Hoa
Communes, Yen My
District, Hung Yen
Province
9 industrial factories
under construction
and vacant plots of
industrial land
Lettable area 36,360
Land area 195,108
Leasehold
2068
58,213
Industrial Centre
Dong Mai
Lot CN-01 in Dong
Mai Industrial
Park, Dong Mai
Ward, Quang Yen
Town, Quang Ninh
Province
5 industrial factories
under construction
Lettable area 22,140
Leasehold
2058
11,525
Industrial Centre Yen
Phong Expansion
Lot CN1-2, Yen
Phong Expansion
Industrial Park, Yen
Trung and Dung Liet
Communes, Yen
Phong District, Bac
Ninh Province
11 industrial factories
under construction
and vacant plots of
industrial land
Lettable area 48,048
Land area 160,864
Leasehold
2066
61,590
304
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
INVESTMENT PROPERTIES UNDER CONSTRUCTION (CONT’D)
Location
Description and use
Gross floor area /
Lettable area (sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
HELD THROUGH FRASERS LOGISTICS & COMMERCIAL TRUST
Europe
Englandlaan,
Maastricht
Vacant plots of land
at Plots Beek D 2661,
2665, 2668, 2670 and
2671
Lettable area 12,750
Freehold
N/A
22,036
TOTAL INVESTMENT PROPERTIES UNDER CONSTRUCTION
1,122,554
TOTAL PROPERTIES (CLASSIFIED AS INVESTMENT PROPERTIES)
24,111,245
1
Due to consolidation of the REITs, the carrying values of these properties have been adjusted to reflect the Group's freehold interest in the
properties.
PROPERTY, PLANT AND EQUIPMENT
Location
Description and use
Gross floor area
(sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Australia
Fraser Suites Perth
10 Adelaide Terrace,
East Perth, Western
Australia
236 apartments and
suites
18,936
Freehold
N/A
81,005
1C Homebush Bay
Drive, Rhodes
1C Homebush
Bay Drive, Rhodes
Corporate Park,
Rhodes, New South
Wales
5-level office building
10,228
Freehold
N/A
54,924
United Kingdom
Malmaison Belfast
34-38 Victoria Street,
Belfast, BT1 3GH,
Northern Ireland
64 bedroom boutique
hotel, a 60 cover
restaurant, bar, gym and
meeting rooms
3,600
Freehold
N/A
11,337
Malmaison Edinburgh 1 Tower Place,
Edinburgh, EH6 7BZ,
Scotland
100 bedroom boutique
hotel, a 53 cover
restaurant, bar, gym and
meeting rooms
6,340
Freehold
N/A
22,865
Malmaison Glasgow
278 West George
Street, Glasgow, G2
4LL, Scotland
72 bedroom boutique
hotel, a 106 cover
restaurant, 2 bars, gym
and meeting rooms
4,408
Freehold
N/A
13,491
Malmaison Leeds
1 Swinegate, Leeds,
LS1 4AG, England
100 bedroom boutique
hotel, a 96 cover
restaurant, bar and
meeting rooms
7,920
Freehold
N/A
19,914
Malmaison Liverpool
7 William Jessop
Way, Liverpool, L3
1QZ, England
130 bedroom boutique
hotel, a 65 cover
restaurant, private
dining rooms, bar, gym
and meeting rooms
8,250
Leasehold
2146
22,730
Annual Report 2024
305
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Location
Description and use
Gross floor area
(sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
United Kingdom (cont’d)
Malmaison Reading
18-20 Station Road,
Reading, RG1 1JX,
England
76 bedroom boutique
hotel, a 76 cover
restaurant, bar and
meeting rooms
1,804
Freehold
and
leasehold
2894
12,794
Hotel du Vin
Birmingham
Church Street,
Birmingham, B3 2NR,
England
66 bedroom boutique
hotel, a 85 cover
restaurant, bar and
meeting rooms
4,510
Leasehold
2150
14,612
Hotel du Vin Brighton
Ship Street, Brighton,
BN1 1AD, England
49 bedroom boutique
hotel, a 80 cover
restaurant, bar, and
meeting rooms
5,693
Freehold
N/A
15,734
Hotel du Vin Bristol
The Sugar House,
Narrow Lewins
Mead, Bristol, BS1
2NU, England
40 bedroom boutique
hotel, a 80 cover
restaurant, bar and
meeting rooms
3,272
Freehold
N/A
9,298
Hotel du Vin
Cambridge
15-19 Trumpington
Street, Cambridge,
CB2 1QA, England
41 bedroom boutique
hotel, a 82 cover
restaurant, bar and
meeting rooms
4,320
Leasehold
2105
11,729
Hotel du Vin
Cheltenham
Parabola Road,
Cheltenham,
Gloucestershire,
GL50 3AQ, England
49 bedroom boutique
hotel, a 110 cover
restaurant, bar and
meeting rooms
3,625
Freehold
N/A
5,398
Hotel du Vin
Edinburgh
11 Bistro Place,
Edinburgh, EH1 1EZ,
Scotland
47 bedroom boutique
hotel, a 80 cover
restaurant, bar and
meeting rooms
4,126
Freehold
N/A
18,846
Hotel du Vin Glasgow
Devonshire Gardens,
Glasgow, G12 0UX,
Scotland
49 bedroom boutique
hotel, a 80 cover
restaurant, bar, gym and
meeting rooms
5,280
Freehold
N/A
17,889
Hotel du Vin
Harrogate
Prospect Place,
Harrogate, North
Yorkshire, HG1 1LB,
England
48 bedroom boutique
hotel, a 90 cover
restaurant, bar and
meeting rooms
7,552
Freehold
N/A
11,471
Hotel du Vin Henley-
on-Thames
New Street,
Henley-on-Thames,
Oxfordshire, RG9
2BP, England
43 bedroom boutique
hotel, a 80 cover
restaurant, bar and
meeting rooms
5,260
Freehold
N/A
6,690
Hotel du Vin
Newcastle
Allan House, City
Road, Newcastle-
upon-Tyne, NE1 2BE,
England
42 bedroom boutique
hotel, a 84 cover
restaurant, bar and
meeting rooms
3,491
Freehold
N/A
4,955
Hotel du Vin Poole
The Quay, Thames
Street, Poole, BH15
1JN, England
38 bedroom boutique
hotel, a 85 cover
restaurant, bar and
meeting rooms
2,610
Freehold
and
leasehold
2078
7,518
306
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Location
Description and use
Gross floor area
(sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
United Kingdom (cont’d)
Hotel du Vin St
Andrews
40 The Scores, St
Andrews, KY16 9AS,
Scotland
42 bedroom boutique
hotel, a 56 cover
restaurant, bar and
meeting rooms
3,974
Freehold
N/A
9,938
Hotel du Vin
Tunbridge Wells
Crescent Road,
Tunbridge Wells, TN1
2LY, England
34 bedroom boutique
hotel, a 88 cover
restaurant, bar and
meeting rooms
2,916
Freehold
N/A
9,369
Hotel du Vin
Wimbledon
Cannizaro House,
West Side Common,
London, SW19 4 UE,
England
50 bedroom boutique
hotel, a 60 cover
restaurant, bar and
meeting rooms
4,531
Leasehold
2111
25,215
Hotel du Vin
Winchester
14 Southgate
Street, Winchester,
Hampshire, SO23
9EF, England
24 bedroom boutique
hotel, a 60 cover
restaurant, bar and
meeting rooms
2,225
Freehold
N/A
7,037
Hotel du Vin York
89 The Mount, York,
YO24 1AX, England
44 bedroom boutique
hotel, a 70 cover
restaurant, bar and
meeting rooms
4,210
Freehold
N/A
10,535
Hotel du Vin Stratford
upon Avon
Rother Street,
Stratford-upon-Avon,
CV37 6LU, England
46 bedroom boutique
hotel, an 80 cover
restaurant, bar and
meeting rooms
3,236
Leasehold
2166
10,291
Malmaison
Cheltenham
Bayshill Road,
Cheltenham,
Gloucestershire,
GL50 3AS, England
61 bedroom hotel, a 74
cover restaurant, bar
and meeting rooms
3,226
Freehold
N/A
12,206
Hotel du Vin Avon
Gorge Bristol
Sion Hill, Clifton,
Bristol, BS8 4LD,
England
78 bedroom hotel, a 50
cover restaurant, bar
and meeting rooms
5,219
Freehold
N/A
29,818
Hotel du Vin Exeter
Magdalen Street,
Exeter, Devon, EX2
4HY, England
60 bedroom boutique
hotel, an 80 cover
restaurant, bar and
meeting rooms
2,293
Freehold
N/A
6,645
Aberdeen
Development Site
Clarke Building,
Schoolhill,
Aberdeen, AB10
1JQ, Scotland
Unoccupied building to
be redeveloped
9,262
Freehold
N/A
859
Malmaison Oxford
Oxford Castle, 3 New
Road, Oxford, OX1
1AY, England
Boutique hotel
7,095
Leasehold
2040
9,745
Malmaison Aberdeen
49-53 Queens Road,
Aberdeen, AB15 4YP,
Scotland
79 bedroom boutique
hotel, a 100 cover
restaurant, bar and
meeting rooms
3,936
Freehold
N/A
25,040
Annual Report 2024
307
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Location
Description and use
Gross floor area
(sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
United Kingdom (cont’d)
Malmaison
Birmingham
1 Wharfside Street,
Birmingham, B1 1RD,
England
Boutique hotel
15,972
Leasehold
2046
41,357
Malmaison
Manchester
1-3 Piccadilly,
Manchester, M1 3AQ,
England
Boutique hotel
13,695
Leasehold
2046
41,705
Malmaison Newcastle 104 Quayside,
Newcastle, NE1 3DX,
England
Boutique hotel
10,640
Leasehold
2046
30,716
Malmaison London
18-21 Charterhouse
Square, London,
EC1M 6AH, England
Boutique hotel
5,760
Leasehold
2081
50,130
Malmaison Dundee
44 Whitehall
Crescent, Dundee,
DD1 4AY, Scotland
Boutique hotel
4,358
Leasehold
2049
21,655
Malmaison Brighton
The Waterfront,
Brighton Marina,
Brighton, BN2 5WA,
England
Boutique hotel
4,100
Leasehold
2050
15,988
Malmaison Edinburgh
(City)
Buchan House, 22
St Andrew Square,
Edinburgh, EH2 1AY,
Scotland
Boutique hotel
3,306
Leasehold
2054
32,893
Malmaison York
2 Rougier St, York
YO90 1UU, England
Boutique hotel
10,150
Leasehold
2056
67,899
Malmaison
Deansgate
23 Princess St,
Manchester M2 4ER,
United Kingdom
Boutique hotel
3,393
Leasehold
2059
23,696
Thailand
Frasers Property
Logistics Park
(Bangna)
Bang Na – Bang
Pakong Road
(Highway No. 34),
Bang Samak Sub-
District, Bang
Pakong District,
Cha Choeng Sao
Province
Sale office and storage
N/M
Freehold
N/A
1,336
Frasers Property
Logistics Center
(Bangplee 1)
Bang Na – Bang
Pakong Road
(Highway No. 34)
around km. station
22, Sisa Chorakhe
Yai Sub-District,
Bang Sao Thong
District, Samut
Prakan Province
Sale office
N/M
Freehold
N/A
345
308
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Location
Description and use
Gross floor area
(sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Thailand (cont’d)
Frasers Property
Logistics Center
(Eastern Seaboard 3)
Chachoengsao
– Sattahip Road
(Highway No. 331),
Khao Khansong
Sub-District, Si
Racha District, Chon
Buri Province
Sale office
N/M
Freehold
N/A
413
Frasers Property
Logistics Park
(Khonkaen)
Mittaphap Road
(Highway No. 2), Tha
Phra Sub-District,
Mueang District,
Khon Kaen Province
Sale office
N/M
Freehold
N/A
69
Frasers Property
Logistics Park
(Laemchabang 2)
Bypass – Laem
Chabang Road
(Motorway No. 7),
Nong Kham Sub-
District, Si Racha
District, Chon Buri
Province
Sale office
N/M
Freehold
N/A
287
Frasers Property
Logistics Park
(Sriracha)
Chon Buri – Pattaya
Road (Highway No.
7), Bang Phra Sub-
District, Si Racha
District, Chon Buri
Province
Sale office
N/M
Freehold
N/A
299
Frasers Property
Logistics Center
(Wangnoi 1)
Phahon Yothin Road
(Highway No. 1)
around km. station
55+900, Phayom
Sub-District, Wang
Noi District, Phra
Nakhon Si Ayutthaya
Province
Sale office
N/M
Freehold
N/A
312
Frasers Property
Logistics Center
(Eastern Seaboard
2A)
Chachoengsao
– Sattahip Road
(Highway No. 331),
Bowin Sub-District,
Si Racha District,
Chon Buri Province
Sale office
N/M
Freehold
N/A
23
Frasers Property
Logistics Center
(Laemchabang 1)
Bypass – Laem
Chabang Road
(Motorway No. 7),
Nong Kham Sub-
District, Si Racha
District, Chon Buri
Province
Sale office
N/M
Freehold
N/A
7
Frasers Property
Logistics Center
(Lamphun)
Chiang Mai –
Lamphun Road
(Highway No. 11),
Umong Sub-District,
Mueang District,
Lamphun Province
Sale office
N/M
Freehold
N/A
120
Annual Report 2024
309
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Location
Description and use
Gross floor area
(sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Thailand (cont’d)
Modena by Fraser,
Bangkok
Rama IV Road and
Ratchadaphisek
Road (Khlong Toei
intersection), Khlong
Toei Sub-District,
Khlong Toei District,
Bangkok Metropolis
239-room, 14-storey
hotel
12,934
Leasehold
2077
21,558
The Ascott Sathorn,
Bangkok
7 South Sathorn
Road, Yannawa,
Sathon, Bangkok
Metropolis
177-room, 35-storey
contemporary serviced
apartment building
12,888
Freehold
N/A
69,020
Frasers Property
Logistics Park
(Wangnoi 2)
Phahon Yothin Road
(Highway No. 1)
around km. station
57, Phayom Sub-
District, Wangnoi
District, Phra
Nakhon Si Ayutthaya
Province
Custom office
N/M
Freehold
N/A
1,085
Amata City Chonburi
Sukhumvit Road
(Highway No. 3),
Phan Thong Sub-
District, Phan Thong
District, Chon Buri
Province
Sale office
N/M
Freehold
N/A
105
The River II
Pu Chao Saming
Phrai Road, Bang
Hua Suea Sub-
District, Phra Samut
Chedi District, Samut
Prakan Province
Sale office
N/M
Leasehold
2048
169
Indonesia
SLP Karawang
Suryacipta Industrial
Estate, Jalan Surya
Utama, Village of
Kutamekar, District
of Ciampel, Regency
of Karawang,
Province of West
Java
Warehouse building for
maintenance supplies
and storage
N/M
Freehold
N/A
8
Vietnam
BDIP Premium
Industrial Park
Plot TT, Phu Tan
Industrial Binh
Duong Industry –
Urban – Service
Complex, Hoa Phu
Ward, Thu Dau Mot
City, Binh Duong
Province
Industrial service centre N/M
Leasehold
2056
2,831
310
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Location
Description and use
Gross floor area
(sqm)
Tenure
Tenure
Expiry
Book
Value
$'000
Vietnam (cont’d)
Industrial Centre Yen
Phong 2C
Lot CN4-2 in Yen
Phong II-C Industrial
Park, Dong Tien
and Tam Giang
Communes, Yen
Phong District, Bac
Ninh Province
Industrial service centre N/M
Leasehold
2068
707
HELD THROUGH FRASERS HOSPITALITY TRUST
Singapore
InterContinental
Singapore(2)
80 Middle Road
406 hotel rooms
49,968
Leasehold
2089
437,970
Malaysia
The Westin Kuala
Lumpur(2)
199 Jalan Bukit
Bintang, Kuala
Lumpur
443 hotel rooms
79,593
Freehold
N/A
130,800
Japan
ANA Crowne Plaza
Kobe(2)
1-Chome, Kitano-
Cho, Chuo-Ku, Kobe
593 hotel rooms
136,656
Freehold
N/A
102,570
Australia
Novotel Sydney
Darling Square(2)
17 Little Pier Street,
Darling Harbour,
New South Wales
230 hotel rooms
12,128
Leasehold
2098
78,655
Novotel Melbourne
on Collins(2)
270 Collins Street,
Melbourne, Victoria
380 hotel rooms
20,860
Freehold
N/A
194,019
United Kingdom
Park International
London(2)
117-129 Cromwell
Road, South
Kensington, London
171 hotel rooms
6,825
Leasehold
2098
55,080
ibis Styles London
Gloucester Road(2)
108, 110 and 112
Cromwell Road,
London
84 hotel rooms
2,512
Leasehold
2098
27,807
LAND AND BUILDING
1,971,532
OTHERS
180,211
TOTAL PROPERTY, PLANT AND EQUIPMENT
2,151,743
(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.
Annual Report 2024
311
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED PROPERTIES HELD FOR SALE
Location
Description and use
Gross
floor area
(sqm)
Tenure
Tenure
Expiry
Effective
Interest
%
Singapore
Rivière
Lot 1637L Town Subdivision
21, Jiak Kim Street
Development of 455
apartment units, comprising
1 unit to go
46,865
Leasehold
2117
100.0
Parc Greenwich
Lot 05278V Mukim 20,
Fernvale Lane
Development of 496
executive condominium units,
comprising 2 units to go
17,130
Leasehold
2119
80.0
Australia
Queens Riverside
East Perth, Western
Australia
Mixed development of
apartment units and
commercial space,
comprising 5 units to go
41,287
Freehold
N/A
100.0
Burwood Brickworks
Burwood, Victoria
Retail space comprising 1
unit to go
13,334
Freehold
N/A
100.0
Ed.Square
Edmondson Park, New
South Wales
Retail space comprising 2
units to go
25,024
Freehold
N/A
100.0
Eastern Creek
Quarter
Eastern Creek, New South
Wales
Retail space comprising 1
unit to go
10,191
Leasehold
2110
100.0
Eastern Creek
Quarter XL
Eastern Creek, New South
Wales
Retail space comprising 1
unit to go
11,292
Leasehold
2112
100.0
Lumiere
George Street, Bathurst &
Kent Street, Sydney, New
South Wales
Mixed development of 1 retail
podium, residential units,
serviced apartments, retail
units and commercial suites,
comprising 1 unit to go
61,146
Freehold
N/A
100.0
China
Chengdu Logistics
Hub
Wuhou Chengdu, Sichuan,
Chengdu
Phase 1 consists of 1
warehouse unit and 132
carpark lots to go
161,288
Freehold
N/A
80.0
Phase 2 consists of 59
carpark lots to go
60,639
Freehold
N/A
Phase 4 consists of 5 retail
units and 128 carpark lots
to go
163,527
Leasehold
2028
Baitang One
Gongye Yuan District, Nan
Shi Jie Dong, Suzhou
Phase 3B has 13 units to go
57,893
Freehold
N/A
100.0
Phase 3E has 1 retail unit
to go
4,296
Leasehold
2034
Phase 3D has 55 retail units
to go
10,486
Freehold
N/A
United Kingdom
Wandsworth
Riverside Quarter
South bank of River
Thames, London, England
Mixed development of
residential and commercial
units and office and retail
space, comprising 55 units
to go
52,000
Freehold
N/A
100.0
The Rowe (formerly
Central House)
Whitechapel, London,
England
Land with a commercial
development
15,000
Freehold
N/A
100.0
312
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Tenure
Tenure
Expiry
Effective
Interest
%
Thailand
Sky Villa
The Ascott Sathorn
Bangkok, 7 South Sathorn
Road, Yannawa, Sathorn,
Bangkok Metropolis
Residential development
comprising 3 units to go
794
Freehold
N/A
35.6
The Grand – Alpina
Boromarajajonani Road,
Sala Thammasop Sub-
District, Thawi Watthana
District, Bangkok
Metropolis
Residential development
comprising 10 units to go
87,276
Freehold
N/A
59.4
The Grand Rama 2
P.5
Rama 2 Road around km
station 16+400, Phan Tay
Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Vacant land
8,928
Freehold
N/A
59.4
The Grand Lux
Bangna – Suanluang
Parallel road off
Kanchanaphisek Road
(Highway No. 9 – Eastern
Outer Ring Road) within
Dokmai Sub-District,
Prawet District, Bangkok
Metropolis
Residential development
comprising 3 units to go
32,189
Freehold
N/A
59.4
Grandio 2 Rama 2
Rama 2 Road, within Phan
Tay Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development
comprising 7 units to go
58,109
Freehold
N/A
59.4
Grandio Bangkae
Soi Kanchanaphisek 5/1
(Soi Moo Ban Suk San 6),
off Kanchanaphisek Road,
within Lak Song Sub-
District, Bang Khae District,
Bangkok Metropolis
Residential development
comprising 2 units to go
62,345
Freehold
N/A
59.4
Grandio Petchkasem
81
Soi Phet Kasem 81 (Soi
Ma Charoen) off Phet
Kasem Road, within Nong
Khaem Sub-District, Nong
Khaem District, Bangkok
Metropolis
Residential development
comprising 6 units to go
23,491
Freehold
N/A
59.4
Grandio Ramintra –
Wongwaen
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
comprising 9 units to go
65,172
Freehold
N/A
59.4
Annual Report 2024
313
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Tenure
Tenure
Expiry
Effective
Interest
%
Thailand (cont’d)
Grandio Vibhavadi –
Rangsit
Soi Khlong Luang 10,
Phaholyothin Road within
Khlong Nueng Sub-District,
Khlong Luang District,
Pathum Thani Province
Residential development
comprising 6 units to go
67,987
Freehold
N/A
59.4
Grandio Rattanathibet
– Ratchapruek
Bang Kruai – Sai Noi Road
within Bang Rak Phatthana
Sub-District, Bang Bua
Thong District, Nonthaburi
Province
Residential development
comprising 6 units to go
37,983
Freehold
N/A
59.4
Golden Prestige –
Prestige 2 Rama 2
Phan Tay Norasing Sub-
District, Mueang District,
Samut Sakhon Province
Residential development
comprising 3 units to go
47,110
Freehold
N/A
59.4
Golden Village
Chiang Rai – Big C
Airport
Sanam Bin Road, within
Ban Du Sub-District,
Mueang District, Chiang Rai
Province
Residential development
comprising 9 units to go
17,401
Freehold
N/A
59.4
Chiang Rai – Big C
Airport
Sanam Bin Road, within
Ban Du Sub-District,
Mueang District, Chiang Rai
Province
Vacant land
25,460
Freehold
N/A
59.4
Golden Village 2
Chiang Rai – Big C
Airport
Sanam Bin Road, within
Ban Du Sub-District,
Mueang District, Chiang Rai
Province
Vacant land
19,776
Freehold
N/A
59.4
Golden Neo
Ngamwongwan –
Prachachuen
Soi Samakkee 63, within
Bang Talat Sub-District, Pak
Kret District, Nonthaburi
Province
Residential development
comprising 9 units to go
14,571
Freehold
N/A
59.4
Golden Prestige
– Prestige Rama 9 –
Krungthepkreetha
Saphan Sung Sub-District,
Saphan Sung District,
Bangkok Metropolis
Residential development
comprising 3 units to go
23,200
Freehold
N/A
59.4
Golden Neo
Sukhumvit – Lasalle
Samrong Nua Sub-District,
Muang Samut Prakarn
District, Samut Prakan
Province
Residential development
comprising 10 units to go
25,437
Freehold
N/A
59.4
Golden Neo – Neo
Home Bangkae
Soi Kanchanaphisek 5/1
(Soi Moo Ban Suk San 6),
off Kanchanaphisek Road,
within Lak Song Sub-
District, Bang Khae District,
Bangkok Metropolis
Residential development
comprising 7 units to go
7,424
Freehold
N/A
59.4
Golden Neo 2
Bangna – Kingkaew
Kingkaeo Road, within
Racha Thewa Sub-District,
Bang Phli District, Samut
Prakan Province
Residential development
comprising 15 units to go
58,988
Freehold
N/A
59.4
314
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Tenure
Tenure
Expiry
Effective
Interest
%
Thailand (cont’d)
Grandio Bangna Km.5 Buanakarin Road, within
Bang Kaeo Sub-District,
Bang Phli District, Samut
Prakan Province
Residential development
comprising 5 units to go
46,278
Freehold
N/A
59.4
Golden Neo
Chaengwattana –
Muang Thong
Tiwanon Road, within
Ban Mai Sub-District, Pak
Kret District, Nonthaburi
Province
Residential development
comprising 7 units to go
24,341
Freehold
N/A
59.4
Golden Neo Korat –
Terminal
Si Phet Road within Nong
Krathum Muen Wai Sub-
District, Mueang District,
Nakhon Ratchasima
Province
Residential development
comprising 8 units to go
46,312
Freehold
N/A
59.4
Golden Neo Siriraj –
Ratchapruek
Soi Charan Sanitwong
35 (None Access Road)
off Charan Sanitwong
Road within Bang Khun
Si Sub-District, Bangkok
Noi District, Bangkok
Metropolis
Residential development
comprising 13 units to go
35,397
Freehold
N/A
59.4
Golden Neo 3 Rama
2
Phan Tay Norasing –
Jedsadwithi Road off Rama
2 Road, within Phan Tay
Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development
comprising 11 units to go
32,982
Freehold
N/A
59.4
Grandio Sathorn
Private road off
Kanlapapruek Road,
within Bang Wa, Bang
Khun Thian Sub-District,
Phasi Charoen, Chom
Thong District, Bangkok
Metropolis
Residential development
comprising 8 units to go
43,972
Freehold
N/A
59.4
Golden Neo
2 Ramintra –
Wongwaen
Saphan Sung Sub-District,
Saphan Sung District,
Bangkok Metropolis
Residential development
comprising 16 units to go
25,304
Freehold
N/A
59.4
Grandio Suksawat –
Rama 3
Soi Suksawat 30, Bang
Pakok Sub-District, Rat
Burana District, Bangkok
Metropolis
Residential development
comprising 3 units to go
24,312
Freehold
N/A
59.4
Golden Prestige –
Prestige Rama 2
Phan Tay Norasing –
Jedsadwithi Road off Rama
2 Road, within Phan Tay
Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development
comprising 18 units to go
32,677
Freehold
N/A
59.4
Annual Report 2024
315
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Tenure
Tenure
Expiry
Effective
Interest
%
Thailand (cont’d)
Golden Town 2
Sathorn
Private road off
Kanlapapruek Road,
within Bang Wa, Bang
Khun Thian Sub-District,
Phasi Charoen, Chom
Thong District, Bangkok
Metropolis
Residential development
comprising 36 units to go
7,880
Freehold
N/A
59.4
Golden Neo
Khonkaen – Bueng
Kaennakhon
Tambon Mueang Phon,
Amphoe Phon, Khon Kaen
Province
Residential development
comprising 21 units to go
22,661
Freehold
N/A
59.4
Golden Town
4 Ladphrao –
Kasetnawamin
Private road off Soi
Nawamin 42 (Soi Suwan
Prasit) Nawamin Road
within Khlong Kum
Sub-District, Bueng
Kum District, Bangkok
Metropolis
Residential development
comprising 11 units to go
10,662
Freehold
N/A
59.4
Golden City
Chaengwattana –
Muang Thong
Tiwanon Road, within
Ban Mai Sub-District, Pak
Kret District, Nonthaburi
Province
Residential development
comprising 14 units to go
14,121
Freehold
N/A
59.4
Golden Town
Ramintra –
Wongwaen
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
Residential development
comprising 21 units to go
36,694
Freehold
N/A
59.4
Ramintra –
Wongwaen
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
Vacant land
4,965
Freehold
N/A
59.4
Golden Town Bangna
Km.5
Buanakarin Road, within
Bang Kaeo Sub-District,
Bang Phli District, Samut
Prakan Province
Residential development
comprising 9 units to go
35,470
Freehold
N/A
59.4
Golden Town
Phaholyothin –
Saphanmai
Soi Phahon Yothin 54/1
off Phahon Yothin Road
within Sai Mai Sub-District,
Sai Mai District, Bangkok
Metropolis
Residential development
comprising 30 units to go
36,409
Freehold
N/A
59.4
316
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Tenure
Tenure
Expiry
Effective
Interest
%
Thailand (cont’d)
Golden Town
Chiangrai – Big C
Airport
Phahon Yothin Road
within Ban Du Sub-District,
Mueang District, Chiang Rai
Province
Residential development
comprising 12 units to go
25,414
Freehold
N/A
59.4
Golden Town
Petchkasem 81
Soi Phet Kasem 81 (Soi
Ma Charoen) Phet Kasem
Road, within Nong Khang
Phlu Sub-District, Nong
Khaem District, Bangkok
Metropolis
Residential development
comprising 39 units to go
23,293
Freehold
N/A
59.4
Golden Town
2 Ramintra –
Wongwaen
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
comprising 27 units to go
20,695
Freehold
N/A
59.4
Golden Town
Rattanathibet –
Westgate
Chan Thong Iam Road
within Bang Rak Phatthana
Sub-District, Bang Bua
Thong District, Nonthaburi
Province
Residential development
comprising 18 units to go
20,874
Freehold
N/A
59.4
Golden Town 3
Rama 2
Phan Tay Norasing –
Jedsadwithi Road off Rama
2 Road, within Phan Tay
Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development
comprising 28 units to go
29,979
Freehold
N/A
59.4
Golden Town
Charoenmuang –
Superhighway
Soi Bun Raksa off Chiang
Mai – Lampang Road
(Highway No. 11) within
Tha Sala Sub-District,
Mueang District, Chiang
Mai Province
Residential development
comprising 5 units to go
10,002
Freehold
N/A
59.4
Golden Neo – Neo
Home Rattanathibet –
Ratchapruek
Bang Bua Thong District,
Nonthaburi Province
Residential development
comprising 8 units to go
19,973
Freehold
N/A
59.4
Golden Town 2
Chiang Rai – Big C
Airport
Sanam Bin Road, within
Ban Du Sub-District,
Mueang District, Chiang Rai
Province
Vacant land
45,264
Freehold
N/A
59.4
Golden Town
Suksawat – Rama 3
Rat Burana Sub-District,
Rat Burana District,
Bangkok Metropolis
Residential development
comprising 50 units to go
32,048
Freehold
N/A
59.4
Annual Report 2024
317
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Tenure
Tenure
Expiry
Effective
Interest
%
Thailand (cont’d)
Golden Town Sathorn
Kanlapaphruek Road,
within Bang Wa Sub-
District, Phasi Charoen
District, Bangkok
Metropolis
Residential development
comprising 7 units to go
29,605
Freehold
N/A
59.4
Golden Town
Ngamwongwan –
Khae Rai
Soi Tiwanon 45, Tiwanon
Road, within Tha Sai Sub-
District, Mueang District,
Nonthaburi Province
Residential development
comprising 27 units to go
23,854
Freehold
N/A
59.4
Golden Town
Phaholyothin –
Lumlukka
Soi Lam Luk Ka 19, Lam
Luk Ka Road within Khu
Khot Sub-District, Lam Luk
Ka District, Pathum Thani
Province
Residential development
comprising 24 units to go
27,238
Freehold
N/A
59.4
Golden Town Chiang
Mai – Kad Ruamchok
Somphot Chiangmai 700
Pi Road (The Middle Ring
Road) within Fa Ham Sub-
District, Mueang District,
Chiang Mai Province
Residential development
comprising 10 units to go
28,895
Freehold
N/A
59.4
Golden Town
Petchkasem – Liap
Khlong Thawi
Watthana
Lak Song, Bang Khae
Nuea Sub-District, Bang
Khae District, Bangkok
Metropolis
Residential development
comprising 10 units to go
22,656
Freehold
N/A
59.4
Golden Town Rangsit
– Klong 3
Liap Khlong Sam Road,
within Khlong Sam Sub-
District, Khlong Luang
District, Pathum Thani
Province
Residential development
comprising 51 units to go
35,414
Freehold
N/A
59.4
Golden Town
Tiwanon –
Chaengwattana
Liap Khlong Prapa Road
within Ban Mai Sub-District,
Mueang District, Pathum
Thani Province
Residential development
comprising 16 units to go
26,086
Freehold
N/A
59.4
Golden Town 2
Rangsit – Klong 3
Liap Khlong Sam Road,
within Khlong Sam Sub-
District, Khlong Luang
District, Pathum Thani
Province
Vacant land
72,240
Freehold
N/A
59.4
Golden Town Sriracha
– Assumption
Kao Kilo Road, within
Surasak Sub-District,
Sriracha District, Chonburi
Province
Residential development
comprising 6 units to go
38,881
Freehold
N/A
59.4
Golden Town
Ayutthaya
Parallel road off Asia Road
(Highway No. 32) within Ban
Krot Sub-District, Bang Pa-
in District, Phra Nakhon Si
Ayutthaya Province
Residential development
comprising 13 units to go
33,535
Freehold
N/A
59.4
318
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Tenure
Tenure
Expiry
Effective
Interest
%
Thailand (cont’d)
Golden Neo
Chachoengsao – Ban
Pho
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
Residential development
comprising 25 units to go
36,146
Freehold
N/A
59.4
Golden Neo
Suksawat – Rama 3
Soi Suk Sawat 30 Yeak
10 off Suk Sawat Road
within Rat Burana Sub-
District, Rat Burana District,
Bangkok Metropolis
Residential development
comprising 12 units to go
32,140
Freehold
N/A
59.4
The Grand
Chaengwattana –
Muang Thong
Tiwanon Road, within
Ban Mai Sub-District, Pak
Kret District, Nonthaburi
Province
Residential development
comprising 5 units to go
30,712
Freehold
N/A
59.4
Golden Town
Vibhavadi – Rangsit
Khlong Nueng, Klong
Luang District, Pathum
Thani Province
Residential development
comprising 14 units to go
28,820
Freehold
N/A
59.4
Golden Town Rama 9
– Krungthepkreetha
Soi Nakkila Laem Thong 30
Yak 2 within Thap Chang
Sub-District, Saphan
Sung District, Bangkok
Metropolis
Residential development
comprising 15 units to go
23,114
Freehold
N/A
59.4
Golden Town
2 Srinakarin –
Sukhumvit
Bang Mueang Sub-District,
Mueang Samut Prakan
District, Samut Prakan
Province
Residential development
comprising 64 units to go
36,531
Freehold
N/A
59.4
Golden Town
Ratchapruk – Rama 5
Bang Bua Thong District,
Nonthaburi Province
Residential development
comprising 11 units to go
15,906
Freehold
N/A
59.4
Golden Town Angsila
– Sukhumvit
Samet District, Muang
Chonburi District, Chonburi
Province
Residential development
comprising 27 units to go
37,201
Freehold
N/A
59.4
Ngamwongwan –
Prachachuen
Soi Samakkee 63, within
Bang Talat Sub-District, Pak
Kret District, Nonthaburi
Province
Vacant land
17,104
Freehold
N/A
59.4
The Grand – The
Royal Residence
Private road off Soi
Sukhinthawat 27 Kaset
Nawamin Road within
Chorakhe Bua Sub-District,
Lat Phrao District, Bangkok
Metropolis
Residential development
comprising 4 units to go
30,385
Freehold
N/A
59.4
Golden Neo – Neo
Home 2 Korat –
Terminal
Mittraphap Road within
Nai Mueang Sub-District,
Mueang District, Nakhon
Ratchasima Province
Residential development
comprising 8 units to go
40,097
Freehold
N/A
59.4
Annual Report 2024
319
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Tenure
Tenure
Expiry
Effective
Interest
%
Thailand (cont’d)
The Grand Vibhavadi
60
Soi Vibhavadi 60 off
Vibhavadi Road, within
Talat Bang Khen Sub-
District, Don Mueang
District, Bangkok
Metropolis
Residential development
comprising 2 units to go
7,923
Freehold
N/A
59.4
Golden Prestige
– Prestige Future –
Rangsit
Khlong Nueng Sub-District,
Khlong Luang District,
Pathum Thani Province
Residential development
comprising 14 units to go
66,639
Freehold
N/A
59.4
Golden Town Future –
Rangsit
Khlong Nueng Sub-District,
Khlong Luang District,
Pathum Thani Province
Residential development
comprising 10 units to go
20,487
Freehold
N/A
59.4
Grandio 2 Vibhavadi
– Rangsit
Khlong Nueng, Klong
Luang District, Pathum
Thani Province
Residential development
comprising 1 unit to go
26,222
Freehold
N/A
59.4
Golden Town Siriraj –
Ratchapruek
Soi Charan Sanitwong
35 (None Access Road)
off Charan Sanitwong
Road within Bang Khun
Si Sub-District, Bangkok
Noi District, Bangkok
Metropolis
Residential development
comprising 32 units to go
20,468
Freehold
N/A
59.4
Golden Neo – Neo
Home Angsila –
Sukhumvit
Samet District, Muang
Chonburi District, Chonburi
Province
Residential development
comprising 8 units to go
30,246
Freehold
N/A
59.4
Golden Neo – Neo
Home Udon –
Prachasanti
Pracha Santi 16 Road, Mak
Mak Sub-District, Mueang
Udon Thani Province
Residential development
comprising 5 units to go
25,629
Freehold
N/A
59.4
Grandio Kaset –
Nawamin
Khlong Kum District, Bueng
Kum District, Bangkok
Metropolis
Residential development
comprising 2 units to go
33,001
Freehold
N/A
59.4
Grandio Future –
Rangsit
Khlong Nueng Sub-District,
Khlong Luang District,
Pathum Thani Province
Residential development
comprising 7 units to go
67,845
Freehold
N/A
59.4
Golden Prestige
Watcharapol –
Sukhaphiban 5
Public road off Sukhapiban
5 Road, within O Ngoen
Sub-District, Sai Mai
District, Bangkok
Metropolis
Residential development
comprising 1 unit to go
38,333
Freehold
N/A
59.4
Bangna – Kingkaew
King Kaeo Road, within
Racha Thewa Sub-District,
Bang Phli District, Samut
Prakan Province
Vacant land
5,152
Freehold
N/A
59.4
320
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
COMPLETED PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Tenure
Tenure
Expiry
Effective
Interest
%
Thailand (cont’d)
Ramintra –
Wongwaen
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
Vacant land
4,190
Freehold
N/A
59.4
Suksawat – Phuttha
Bucha
Phuttha Bucha 36 Yaek 1,
Phuttha Bucha Road, within
Bang Mot Sub-District,
Thung Khru District,
Bangkok Metropolis
Vacant land
6,962
Freehold
N/A
59.4
Angsila – Sukhumvit
Samet Sub-District, Muang
Chonburi District, Chonburi
Province
Vacant land
8,904
Freehold
N/A
59.4
DEVELOPMENT PROPERTIES HELD FOR SALE
Location
Description and use
Gross
floor area
(sqm)
Estimated Date
of Completion
Effective
Interest
%
Singapore
Sky Eden@Bedok
10530N Mukim 27, 799 New
Upper Changi Road
Redevelopment of a mall
on leasehold land (lease
expires year 2077) into
a 17-storey residential
apartment building and
commercial units
14,587
1st Quarter 2026
100.0
Australia
Frasers Landing
Western Australia
Residential development
comprising 241 land lots
to go
N/A
4th Quarter 2028
100.0
Mambourin Green
Victoria
Residential development
comprising 1,924 land lots
to go
N/A
3rd Quarter 2030
100.0
Botanica
New South Wales
Residential development
comprising 15 medium
density ("MD") housing lots
to go
N/A
4th Quarter 2025
100.0
Midtown
New South Wales
Residential development
comprising 1,161
apartment, MD housing and
retail lots to go
N/A
1st Quarter 2030
Project
Development
Agreement
(“PDA”)
Annual Report 2024
321
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Estimated Date of
Completion
Effective
Interest
%
Australia (cont’d)
Ed.Square
New South Wales
Mixed development
comprising 885 apartment
and MD housing lots to go
N/A
1st Quarter 2032
100.0
Hamilton Reach
Queensland
Residential development
comprising 270 MD housing
lots to go
N/A
4th Quarter 2030
100.0
Brookhaven
Queensland
Residential development
comprising 64 land lots to go
N/A
4th Quarter 2027
100.0
The Quarry
Queensland
Residential development
comprising 402 MD housing,
land and retail lots to go
N/A
4th Quarter 2028
100.0
Newstead
Queensland
Residential development
comprising 145 apartment,
MD housing and retail lots
to go
N/A
4th Quarter 2028
100.0
New Beith
Queensland
Residential development
comprising 2,153 apartment
lots to go
N/A
2nd Quarter 2033
100.0
Mambourin
Victoria
Residential development
comprising 494 land and
retail lots to go
N/A
4th Quarter 2027
100.0
Cockburn
Western Australia
Residential development
comprising 346 apartment
lots to go
N/A
2nd Quarter 2035
100.0
Port Coogee
Western Australia
Residential development
comprising 352 apartment,
land and retail lots to go
N/A
4th Quarter 2035
100.0
Baldivis Grove
Western Australia
Residential development
comprising 81 land lots to go
N/A
4th Quarter 2025
100.0
Shell Cove
New South Wales
Residential development
comprising 577 apartment,
MD housing, land and retail
lots to go
N/A
4th Quarter 2029
PDA
Berwick Waters
Victoria
Residential development
comprising 519 land lots to
go
N/A
1st Quarter 2029
PDA
Wallara Waters
Victoria
Residential development
comprising 1,150 land lots
to go
N/A
1st Quarter 2036
PDA
Five Farms
Victoria
Residential development
comprising 1,173 land lots
to go
N/A
3rd Quarter 2030
PDA
Baldivis Parks
Western Australia
Residential development
comprising 327 land lots to
go
N/A
4th Quarter 2026
50.0
322
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Estimated Date of
Completion
Effective
Interest
%
Australia (cont’d)
Eastern Creek
Quarter Outlet
New South Wales
Retail development
comprising 1 lot to go
N/A
2nd Quarter 2026
100.0
Macquarie Park
1 Giffnock Avenue,
Macquarie Park, New South
Wales
3 commercial land lots to go
11,740
4th Quarter 2029
50.0
Canvas West – S1
& S2
917 Boundary Road,
Tarneit, Victoria
1 land lot to go
2,040
2nd Quarter 2027
100.0
Dandenong South –
Rubix Connect Stage
N4
3 Lord Court, Dandenong
South, Victoria
1 land lot to go
1,220
2nd Quarter 2026
100.0
West Course
1-15 Ferris Road,
Cobblebank, Victoria
1 land lot to go
38,480
2nd Quarter 2026
100.0
Kinloch Court
50-70 Kinloch Court,
Craigieburn, Victoria
28 land lots to go
89,414
3rd Quarter 2026
100.0
Cranbourne West
635 Hall Road, Cranbourne
West, Victoria
44 land lots to go
143,508
3rd Quarter 2026
50.0
China
Chengdu Logistics
Hub
Wuhou Chengdu, Sichuan,
Chengdu
Phase 2A land area of 22,236
sqm
91,719
–
80.0
Thailand
The Grand – Alpina
Boromarajajonani Road,
Sala Thammasop Sub-
District, Thawi Watthana
District, Bangkok
Metropolis
Residential development of
10 units
87,276
2nd Quarter 2026
59.4
Golden Neo – Neo
Home Kanda
Phan Tay Norasing Sub-
District, Mueang District,
Samut Sakhon Province
Residential development of
197 units
34,725
4th Quarter 2029
59.4
The Grand Rama 2
P.8
Rama 2 Road around km
station 16+400, within Phan
Tay Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development of
97 units
6,462
3rd Quarter 2029
59.4
The Grand Rama 2
P.14
Rama 2 Road around km
station 16+400, within Phan
Tay Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development of
159 units
10,366
1st Quarter 2031
59.4
The Grand – Alpina
Rama 2
Phan Tay Norasing Sub-
District, Mueang District,
Samut Sakhon Province
Residential development of
65 units
32,416
1st Quarter 2030
59.4
Annual Report 2024
323
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Estimated Date of
Completion
Effective
Interest
%
Thailand (cont’d)
The Grand Lux
Bangna – Suanluang
Parallel road off
Kanchanaphisek Road
(Highway No. 9 – Eastern
Outer Ring Road) within
Dokmai Sub-District,
Prawet District, Bangkok
Metropolis
Residential development of
13 units
32,189
1st Quarter 2026
59.4
Grandio 2 Rama 2
Rama 2 Road, within Phan
Tay Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development of
215 units
58,109
4th Quarter 2033
59.4
Grandio Bangkae
Soi Kanchanaphisek 5/1
(Soi Moo Ban Suk San 6),
off Kanchanaphisek Road,
within Lak Song Sub-
District, Bang Khae District,
Bangkok Metropolis
Residential development of
6 units
62,345
1st Quarter 2025
59.4
Grandio Petchkasem
81
Soi Phet Kasem 81 (Soi
Ma Charoen) off Phet
Kasem Road, within Nong
Khaem Sub-District, Nong
Khaem District, Bangkok
Metropolis
Residential development of
1 unit
23,491
1st Quarter 2025
59.4
Grandio Ramintra –
Wongwaen
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 of
112 units
65,172
1st Quarter 2028
59.4
Grandio Vibhavadi –
Rangsit
Soi Khlong Luang 10,
Phaholyothin Road within
Khlong Nueng Sub-District,
Khlong Luang District,
Pathum Thani Province
Residential development of
68 units
67,987
4th Quarter 2026
59.4
Grandio Rattanathibet
– Ratchapruek
Bang Kruai – Sai Noi Road
within Bang Rak Phatthana
Sub-District, Bang Bua
Thong District, Nonthaburi
Province
Residential development of
108 units
37,983
2nd Quarter 2029
59.4
Golden Prestige –
Prestige 2 Rama 2
Phan Tay Norasing Sub-
District, Mueang District,
Samut Sakhon Province
Residential development of
219 units
47,110
4th Quarter 2042
59.4
Golden Village
Chiang Rai – Big C
Airport
Sanam Bin Road, within
Ban Du Sub-District,
Mueang District, Chiang Rai
Province
Residential development of
13 units
17,401
3rd Quarter 2025
59.4
324
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Estimated Date of
Completion
Effective
Interest
%
Thailand (cont’d)
Golden Neo
Ngamwongwan –
Prachachuen
Soi Samakkee 63, within
Bang Talat Sub-District, Pak
Kret District, Nonthaburi
Province
Residential development of
33 units
14,571
2nd Quarter 2026
59.4
Golden Prestige
– Prestige Rama 9 –
Krungthepkreetha
Saphan Sung Sub-District,
Saphan Sung District,
Bangkok Metropolis
Residential development of
38 units
23,200
2nd Quarter 2026
59.4
Golden Neo
Sukhumvit – Lasalle
Samrong Nua Sub-District,
Muang Samut Prakarn
District, Samut Prakan
Province
Residential development of
50 units
25,437
2nd Quarter 2026
59.4
Golden Neo – Neo
Home Bangkae
Soi Kanchanaphisek 5/1
(Soi Moo Ban Suk San 6),
off Kanchanaphisek Road,
within Lak Song Sub-
District, Bang Khae District,
Bangkok Metropolis
Residential development of
20 units
7,424
4th Quarter 2026
59.4
Golden Neo 2
Bangna – Kingkaew
Kingkaeo Road, within
Racha Thewa Sub-District,
Bang Phli District, Samut
Prakan Province
Residential development of
202 units
58,988
3rd Quarter 2030
59.4
Grandio Bangna Km.5 Buanakarin Road, within
Bang Kaeo Sub-District,
Bang Phli District, Samut
Prakan Province
Residential development of
101 units
46,278
3rd Quarter 2027
59.4
Golden Neo
Chaengwattana –
Muang Thong
Tiwanon Road, within
Ban Mai Sub-District, Pak
Kret District, Nonthaburi
Province
Residential development of
4 units
24,341
1st Quarter 2025
59.4
Golden Neo
Korat – Terminal
Si Phet Road within Nong
Krathum Muen Wai Sub-
District, Mueang District,
Nakhon Ratchasima
Province
Residential development of
16 units
46,312
1st Quarter 2025
59.4
Golden Neo
Siriraj – Ratchapruek
Soi Charan Sanitwong
35 (None Access Road)
off Charan Sanitwong
Road within Bang Khun
Si Sub-District, Bangkok
Noi District, Bangkok
Metropolis
Residential development of
101 units
35,397
2nd Quarter 2029
59.4
Golden Neo 3
Rama 2
Phan Tay Norasing –
Jedsadwithi Road off Rama
2 Road, within Phan Tay
Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development of
52 units
32,982
2nd Quarter 2026
59.4
Annual Report 2024
325
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Estimated Date of
Completion
Effective
Interest
%
Thailand (cont’d)
Grandio Sathorn
Private road off
Kanlapapruek Road,
within Bang Wa, Bang
Khun Thian Sub-District,
Phasi Charoen, Chom
Thong District, Bangkok
Metropolis
Residential development of
62 units
43,972
3rd Quarter 2026
59.4
Golden Neo
2 Ramintra –
Wongwaen
Saphan Sung Sub-District,
Saphan Sung District,
Bangkok Metropolis
Residential development of
6 units
25,304
2nd Quarter 2025
59.4
Grandio Suksawat –
Rama 3
Soi Suksawat 30, Bang
Pakok Sub-District, Rat
Burana District, Bangkok
Metropolis
Residential development of
1 unit
24,312
1st Quarter 2025
59.4
Golden Prestige –
Prestige Rama 2
Phan Tay Norasing –
Jedsadwithi Road off Rama
2 Road, within Phan Tay
Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development of
125 units
32,677
3rd Quarter 2030
59.4
Grandio Ratchapruk –
Rama 5
Bang Bua Thong District,
Nonthaburi Province
Residential development of
90 units
29,623
2nd Quarter 2028
59.4
Golden Town 2
Sathorn
Private road off
Kanlapapruek Road,
within Bang Wa, Bang
Khun Thian Sub-District,
Phasi Charoen, Chom
Thong District, Bangkok
Metropolis
Residential development of
36 units
7,880
3rd Quarter 2030
59.4
Goldina Sathorn
Private road off
Kanlapapruek Road,
within Bang Wa, Bang
Khun Thian Sub-District,
Phasi Charoen, Chom
Thong District, Bangkok
Metropolis
Residential development of
161 units
16,763
1st Quarter 2030
59.4
Gramour Sathorn
Private road off
Kanlapapruek Road,
within Bang Wa, Bang
Khun Thian Sub-District,
Phasi Charoen, Chom
Thong District, Bangkok
Metropolis
Residential development of
194 units
37,692
1st Quarter 2029
59.4
Golden Neo
Khonkaen – Bueng
Kaennakhon
Tambon Mueang Phon,
Amphoe Phon, Khon Kaen
Province
Residential development of
11 units
22,661
1st Quarter 2025
59.4
326
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Estimated Date of
Completion
Effective
Interest
%
Thailand (cont’d)
Golden Town
4 Ladphrao –
Kasetnawamin
Private road off Soi
Nawamin 42 (Soi Suwan
Prasit) Nawamin Road
within Khlong Kum
Sub-District, Bueng
Kum District, Bangkok
Metropolis
Residential development of
37 units
10,662
3rd Quarter 2025
59.4
The Grand Sathorn
Private road off
Kanlapaphruek Road,
within Bang Wa Sub-
District, Phasi Charoen
District, Bangkok
Metropolis
Residential development of
100 units
29,955
2nd Quarter 2029
59.4
Golden Town Bangna
Km.5
Buanakarin Road, within
Bang Kaeo Sub-District,
Bang Phli District, Samut
Prakan Province
Residential development of
371 units
35,470
3rd Quarter 2032
59.4
Golden Town
Phaholyothin –
Saphanmai
Soi Phahon Yothin 54/1
off Phahon Yothin Road
within Sai Mai Sub-District,
Sai Mai District, Bangkok
Metropolis
Residential development of
115 units
36,409
1st Quarter 2027
59.4
Golden Town
Chiangrai – Big C
Airport
Phahon Yothin Road
within Ban Du Sub-District,
Mueang District, Chiang Rai
Province
Residential development of
175 units
25,414
4th Quarter 2029
59.4
Golden Town
Petchkasem 81
Soi Phet Kasem 81 (Soi
Ma Charoen) Phet Kasem
Road, within Nong Khang
Phlu Sub-District, Nong
Khaem District, Bangkok
Metropolis
Residential development of
69 units
23,293
3rd Quarter 2026
59.4
Golden Town
2 Ramintra –
Wongwaen
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 of
159 units
20,695
4th Quarter 2029
59.4
Golden Town
Rattanathibet –
Westgate
Chan Thong Iam Road
within Bang Rak Phatthana
Sub-District, Bang Bua
Thong District, Nonthaburi
Province
Residential development of
81 units
20,874
4th Quarter 2026
59.4
Annual Report 2024
327
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Estimated Date of
Completion
Effective
Interest
%
Thailand (cont’d)
Golden Town 3
Rama 2
Phan Tay Norasing –
Jedsadwithi Road off Rama
2 Road, within Phan Tay
Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development of
92 units
29,979
2nd Quarter 2026
59.4
Golden Town
Charoenmuang –
Superhighway
Soi Bun Raksa off Chiang
Mai – Lampang Road
(Highway No. 11) within
Tha Sala Sub-District,
Mueang District, Chiang
Mai Province
Residential development of
2 units
10,002
1st Quarter 2025
59.4
Golden Neo – Neo
Home Rattanathibet –
Ratchapruek
Bang Bua Thong District,
Nonthaburi Province
Residential development of
80 units
19,973
2nd Quarter 2028
59.4
Golden Town
Suksawat – Rama 3
Rat Burana Sub-District,
Rat Burana District,
Bangkok Metropolis
Residential development of
296 units
32,048
1st Quarter 2034
59.4
Golden Town Sathorn
Kanlapaphruek Road,
within Bang Wa Sub-
District, Phasi Charoen
District, Bangkok
Metropolis
Residential development of
19 units
29,605
1st Quarter 2025
59.4
Golden Town
Ngamwongwan –
Khae Rai
Soi Tiwanon 45, Tiwanon
Road, within Tha Sai Sub-
District, Mueang District,
Nonthaburi Province
Residential development of
63 units
23,854
3rd Quarter 2026
59.4
Golden Town
Phaholyothin –
Lumlukka
Soi Lam Luk Ka 19, Lam
Luk Ka Road within Khu
Khot Sub-District, Lam Luk
Ka District, Pathum Thani
Province
Residential development of
128 units
27,238
4th Quarter 2027
59.4
Golden Town 4
Rama 2
Phan Tay Norasing –
Jedsadwithi Road off Rama
2 Road, within Phan Tay
Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development of
335 units
25,744
2nd Quarter 2052
59.4
Golden Prestige
– Prestige
Rattanathibet –
Ratchapruek
Bang Bua Thong District,
Nonthaburi Province
Residential development of
392 units
52,790
1st Quarter 2033
59.4
Golden Town Chiang
Mai – Kad Ruamchok
Somphot Chiangmai 700
Pi Road (The Middle Ring
Road) within Fa Ham Sub-
District, Mueang District,
Chiang Mai Province
Residential development of
181 units
28,895
3rd Quarter 2028
59.4
328
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Estimated Date of
Completion
Effective
Interest
%
Thailand (cont’d)
Golden Town
Petchkasem – Liap
Khlong Thawi
Watthana
Lak Song, Bang Khae
Nuea Sub-District, Bang
Khae District, Bangkok
Metropolis
Residential development of
160 units
22,656
1st Quarter 2027
59.4
Golden Town
Rangsit – Klong 3
Liap Khlong Sam Road,
within Khlong Sam Sub-
District, Khlong Luang
District, Pathum Thani
Province
Residential development of
314 units
35,414
3rd Quarter 2034
59.4
Golden Town
Tiwanon –
Chaengwattana
Liap Khlong Prapa Road
within Ban Mai Sub-District,
Mueang District, Pathum
Thani Province
Residential development of
78 units
26,086
2nd Quarter 2026
59.4
Golden Town –
Ayutthaya
Parallel road off Asia Road
(Highway No. 32) within Ban
Krot Sub-District, Bang Pa-
in District, Phra Nakhon Si
Ayutthaya Province
Residential development of
59 units
33,535
4th Quarter 2025
59.4
Golden Neo
Chachoengsao – Ban
Pho
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
Residential development of
163 units
36,146
3rd Quarter 2028
59.4
Golden Neo
Suksawat – Rama 3
Soi Suk Sawat 30 Yeak
10 off Suk Sawat Road
within Rat Burana Sub-
District, Rat Burana District,
Bangkok Metropolis
Residential development of
215 units
32,140
1st Quarter 2034
59.4
Golden Town 5
Rama 2
Phan Tay Norasing –
Jedsadwithi Road off Rama
2 Road, within Phan Tay
Norasing Sub-District,
Mueang District, Samut
Sakhon Province
Residential development of
390 units
28,180
3rd Quarter 2031
59.4
The Grand
Chaengwattana –
Muang Thong
Tiwanon Road, within
Ban Mai Sub-District, Pak
Kret District, Nonthaburi
Province
Residential development of
54 units
30,712
3rd Quarter 2029
59.4
Grandio
Chaengwattana –
Muang Thong
Tiwanon Road, within
Ban Mai Sub-District, Pak
Kret District, Nonthaburi
Province
Residential development of
129 units
39,257
4th Quarter 2028
59.4
Golden Town
Vibhavadi – Rangsit
Khlong Nueng, Klong
Luang District, Pathum
Thani Province
Residential development of
157 units
28,820
3rd Quarter 2027
59.4
Annual Report 2024
329
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Estimated Date of
Completion
Effective
Interest
%
Thailand (cont’d)
Golden Town Rama 9
– Krungthepkreetha
Soi Nakkila Laem Thong 30
Yak 2 within Thap Chang
Sub-District, Saphan
Sung District, Bangkok
Metropolis
Residential development of
217 units
23,114
1st Quarter 2031
59.4
Golden Town
2 Srinakarin –
Sukhumvit
Bang Mueang Sub-District,
Mueang Samut Prakan
District, Samut Prakan
Province
Residential development of
76 units
36,531
1st Quarter 2026
59.4
Golden Town
Ratchapruk – Rama 5
Bang Bua Thong District,
Nonthaburi Province
Residential development of
53 units
15,906
1st Quarter 2026
59.4
Golden Town
Angsila – Sukhumvit
Samet District, Muang
Chonburi District, Chonburi
Province
Residential development of
302 units
37,201
3rd Quarter 2031
59.4
Golden Biz
Future – Rangsit
Khlong Nueng Sub-District,
Klong Luang District,
Pathum Thani Province
Residential development of
96 units
9,162
2nd Quarter 2029
59.4
Golden Condo
Chiangrai
Phahon Yothin Road
within Ban Du Sub-District,
Mueang District, Chiang Rai
Province
Residential development of
369 units
5,040
3rd Quarter 2031
59.4
Sathorn
Kanlapaphruek Road,
within Bang Wa Sub-
District, Phasi Charoen
District, Bangkok
Metropolis
Residential development of
30 units
2,629
1st Quarter 2030
59.4
The Grand – The
Royal Residence
Private road off Soi
Sukhinthawat 27 Kaset
Nawamin Road within
Chorakhe Bua Sub-District,
Lat Phrao District, Bangkok
Metropolis
Residential development of
24 units
30,385
1st Quarter 2027
59.4
Golden Neo – Neo
Home 2 Korat –
Terminal
Mittraphap Road within
Nai Mueang Sub-District,
Mueang District, Nakhon
Ratchasima Province
Residential development of
106 units
40,097
3rd Quarter 2026
59.4
The Grand Vibhavadi
60
Soi Vibhavadi 60 off
Vibhavadi Road, within
Talat Bang Khen Sub-
District, Don Mueang
District, Bangkok
Metropolis
Residential development of
11 units
7,923
4th Quarter 2025
59.4
Golden Prestige
– Prestige Future –
Rangsit
Khlong Nueng Sub-District,
Khlong Luang District,
Pathum Thani Province
Residential development of
219 units
66,639
3rd Quarter 2028
59.4
330
Frasers Property Limited
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Estimated Date of
Completion
Effective
Interest
%
Thailand (cont’d)
Golden Town 2 Future
– Rangsit
Khlong Nueng Sub-District,
Khlong Luang District,
Pathum Thani Province
Residential development of
145 units
31,849
3rd Quarter 2031
59.4
Golden Town 3 Future
– Rangsit
Khlong Nueng Sub-District,
Khlong Luang District,
Pathum Thani Province
Residential development of
249 units
18,260
1st Quarter 2030
59.4
Golden Town
Future – Rangsit
Khlong Nueng Sub-District,
Khlong Luang District,
Pathum Thani Province
Residential development of
138 units
20,487
4th Quarter 2027
59.4
Grandio 2
Vibhavadi – Rangsit
Khlong Nueng, Klong
Luang District, Pathum
Thani Province
Residential development of
52 units
26,222
4th Quarter 2026
59.4
Golden Town
Siriraj – Ratchapruek
Soi Charan Sanitwong
35 (None Access Road)
off Charan Sanitwong
Road within Bang Khun
Si Sub-District, Bangkok
Noi District, Bangkok
Metropolis
Residential development of
35 units
20,468
3rd Quarter 2025
59.4
Golden Neo – Neo
Home Angsila –
Sukhumvit
Samet District, Muang
Chonburi District, Chonburi
Province
Residential development of
100 units
30,246
3rd Quarter 2027
59.4
Golden Neo – Neo
Home Udon –
Prachasanti
Pracha Santi 16 Road, Mak
Mak Sub-District, Mueang
Udon Thani Province
Residential development of
48 units
25,629
4th Quarter 2025
59.4
Grandio Kaset –
Nawamin
Khlong Kum District, Bueng
Kum District, Bangkok
Metropolis
Residential development of
113 units
33,001
4th Quarter 2027
59.4
Golden Town
Kaset – Nawamin
Khlong Kum District, Bueng
Kum District, Bangkok
Metropolis
Residential development of
96 units
10,628
3rd Quarter 2028
59.4
Grandio
Future – Rangsit
Khlong Nueng Sub-District,
Khlong Luang District,
Pathum Thani Province
Residential development of
225 units
67,845
2nd Quarter 2034
59.4
Grandio 2 Ladphrao –
Kasetnawamin
Private road off Soi
Nawamin 42 (Soi Suwan
Prasit) Nawamin Road
within Khlong Kum
Sub-District, Bueng
Kum District, Bangkok
Metropolis
Residential development of
88 units
23,404
2nd Quarter 2031
59.4
Golden Condo – Klos
Ratchada 7
Soi Na Thong 7 within Din
Daeng Sub-District, Din
Daeng District, Bangkok
Metropolis
Residential development of
111 units
3,277
4th Quarter 2025
59.4
Annual Report 2024
331
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
PARTICULARS OF GROUP PROPERTIES
As at 30 September 2024
DEVELOPMENT PROPERTIES HELD FOR SALE (CONT’D)
Location
Description and use
Gross
floor area
(sqm)
Estimated Date of
Completion
Effective
Interest
%
Thailand (cont’d)
Golden Condo – Klos
Ramintra
Khan Na Yao Sub-District,
Khan Na Yao District,
Bangkok Metropolis
Residential development of
130 units
3,751
4th Quarter 2026
59.4
The Grand Pinklao –
Wongwaenkanchana
Bang Waek Road within
Bang Chueak Nang Sub-
District, Phasi Charoen
District, Bangkok
Metropolis
Residential development of
35 units
23,976
3rd Quarter 2026
59.4
Golden Neo – Neo
Home Rayong
Thap Ma Sub-District,
Mueang District, Rayong
Province
Residential development of
169 units
35,675
3rd Quarter 2026
59.4
Golden Prestige –
Prestige Khon Kaen
– Mittraphap Road
Nai Mueang Sub-District,
Mueang District, Khon
Kaen Province
Residential development of
201 units
43,979
3rd Quarter 2028
59.4
Golden Condo –
Mayfair – Langsuan
Soi Langsuan within
Lumpini Sub-District,
Pathumwan District,
Bangkok Metropolis
Residential development of
111 units
13,413
3rd Quarter 2029
59.4
Gramour Sukhumvit –
Bearing Station
Samrong Sub-District, Phra
Pradaeng District, Samut
Prakan Province
Residential development of
114 units
20,712
4th Quarter 2029
59.4
Goldina Sukhumvit –
Bearing Station
Samrong Sub-District, Phra
Pradaeng District, Samut
Prakan Province
Residential development of
207 units
16,737
2nd Quarter 2028
59.4
Golden Neo Neo –
Neo Home 3 Korat –
Terminal
Nong Krathum Sub-
District, Mueang Nakhon
Ratchasima District,
Nakhon Ratchasima
Province
Residential development of
320 units
68,424
3rd Quarter 2030
59.4
332
Frasers Property Limited
INTERESTED PERSON TRANSACTIONS
Particulars of interested person transactions ("IPTs") for the financial year from 1 October 2023 to 30 September 2024
as required under Rule 907 of the SGX Listing Manual are set out below.
Aggregate value of all
IPTs during the financial
Aggregate value of all
year under review
IPTs conducted during
(excluding transactions
the financial year
less than $100,000 and
under review under
transactions conducted
shareholders' mandate
under shareholders'
pursuant to Rule 920
mandate pursuant
(excluding transactions
to Rule 920)
less than $100,000)
Name of interested person
Nature of relationship
S$'000
S$'000
TCC Group of Companies(1)
Associate of the Company's
Controlling Shareholder
–
Purchase of products and
obtaining of services
534
26,961
Frasers Hospitality Trust
Associate of the Company's
Director and Group Chief
Executive Officer
–
Provision of services
–
104
–
Master lease agreement for
certain property and entry
into corporate guarantee
51,325
–
51,859
27,065
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.
Annual Report 2024
333
Annual Report 2024
333
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
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 20241 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
Sky Eden@Bedok
Project/portfolio location
1 Bedok Central, Singapore
Asset class
Mixed-use development
Certification involved
Expected Singapore Building and Construction Authority (“BCA”) Green GoldPLUS
upon Temporary Occupation Permit (TOP) in 4Q 2025
Project/portfolio name
Units held in Frasers Centrepoint Trust through a subsidiary of the Group3
Project/portfolio location
Across Singapore
Asset class
Commercial (Retail)
Certification involved
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 (GM:2021 In Operation)
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 (GM:2021 In Operation)
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 (GM:2021 In
Operation)
Singapore
Commercial (Retail)
White Sands
BCA Green Mark Gold (GM:2021 In Operation)
Singapore
Commercial (Retail)
Hougang Mall
BCA Green Mark Platinum
Singapore
Commercial (Retail)
NEX
BCA Green Mark Gold (GM:2021 In Operation)
1
ESG Report 2024 https://www.frasersproperty.com/esg-report
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.
334
Frasers Property Limited
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 1 August 2024
is as follows:
Amount
$’million
Gross proceeds from the Rights Issue
1,159.8
Use of gross proceeds to fund the acquisition, investment, capital expenditure and development of
industrial and logistics assets
(688.7)
Use of gross proceeds to fund the acquisition of retail asset
(220.1)
Use of gross proceeds to pay transactions costs incurred in connection with the Rights Issue
(1.0)
Use of gross proceeds to reduce and/or repay existing bank loan(s) to facilitate efficient capital
management and cash flow management1
(250.0)
Balance of gross proceeds from the Rights Issue
–
The Company has fully utilised the proceeds from the Rights Issue.
1As set out in the Company’s announcement dated 1 August 2024, the Company has re-allocated the portion
of the proceeds from the Rights Issue that was originally allocated to the establishment of private funds or joint
ventures or similar arrangements to invest in property assets (including commercial and ancillary assets), to reduce
and/or repay existing bank loan(s) so as to facilitate efficient capital management and cash flow management.
Annual Report 2024
335
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
SHAREHOLDING STATISTICS
as at 27 November 2024
SHAREHOLDING STATISTICS
as at 27 November 2024
No. of issued shares
:
3,926,041,573
No. of issued shares (excluding treasury shares)
:
3,926,041,573
Class of shares
:
Ordinary shares
No. / % of treasury shares
:
Nil
No. / % of subsidiary holdings*
:
Nil
Voting rights
:
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
%(1)(2)
No. of Shares
%(1)(2)
1 – 99
112
1.30
3,985
0.00
100 – 1,000
560
6.50
340,336
0.01
1,001 – 10,000
4,750
55.09
25,102,813
0.64
10,001 – 1,000,000
3,169
36.75
175,044,524
4.46
1,000,001 and above
31
0.36
3,725,549,915
94.89
TOTAL
8,622
100.00
3,926,041,573
100.00
TWENTY LARGEST SHAREHOLDERS
(AS SHOWN IN THE REGISTER OF MEMBERS AND DEPOSITORY REGISTER)
No
Name
No. of Shares Held
%(1)(2)
1
DBS NOMINEES PTE LTD
1,603,412,502
40.84
2
UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED
1,519,471,193
38.70
3
RAFFLES NOMINEES (PTE) LIMITED
409,995,455
10.44
4
CITIBANK NOMINEES SINGAPORE PTE LTD
96,068,671
2.45
5
DBS VICKERS SECURITIES (SINGAPORE) PTE LTD
22,566,510
0.57
6
UOB KAY HIAN PTE LTD
11,435,662
0.29
7
WONG GHAN OR WONG SHI HAO
8,745,304
0.22
8
PHILLIP SECURITIES PTE LTD
6,088,835
0.16
9
LIM EE SENG
4,573,329
0.12
10
HSBC (SINGAPORE) NOMINEES PTE LTD
4,479,120
0.11
11
OCBC SECURITIES PRIVATE LTD
3,874,426
0.10
12
HENG SIEW ENG
3,141,000
0.08
13
OCBC NOMINEES SINGAPORE PTE LTD
2,938,749
0.07
14
DB NOMINEES (SINGAPORE) PTE LTD
2,562,400
0.07
15
IFAST FINANCIAL PTE LTD
2,416,373
0.06
16
THE TITULAR ROMAN CATHOLIC ARCHBISHOP OF KUALA LUMPUR
2,013,440
0.05
17
CHOE PENG SUM
1,879,209
0.05
18
CGS INTERNATIONAL SECURITIES SINGAPORE PTE. LTD.
1,817,107
0.05
19
CHOO MEILEEN
1,812,130
0.05
20
CHEE SWEE CHENG & COMPANY LIMITED
1,693,220
0.04
TOTAL
3,710,984,635
94.52
Notes
(1) Percentage is based on 3,926,041,573 shares as at 27 November 2024. There are no treasury shares as at 27 November 2024.
(2) Any discrepancies in aggregated figures are due to rounding.
336
Frasers Property Limited
SHAREHOLDING STATISTICS
as at 27 November 2024
SUBSTANTIAL SHAREHOLDERS
(AS SHOWN IN THE REGISTER OF SUBSTANTIAL SHAREHOLDERS)
Direct Interest
Deemed Interest
No. of Shares
%*
No. of Shares
%*
TCC Assets Limited
3,411,180,640
86.89
–
–
Charoen Sirivadhanabhakdi#
–
–
3,411,180,640
86.89
Estate of the late Khunying Wanna
Sirivadhanabhakdi#
–
–
3,411,180,640
86.89
To the best of the Company’s knowledge and based on records of the Company as at 27 November 2024, 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 27 November 2024. There are no treasury shares as at 27 November 2024.
#
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.
SHAREHOLDING STATISTICS
as at 27 November 2024
Annual Report 2024
337
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the 61st 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 Thursday,
16 January 2025 at 2.00 p.m. for the following purposes:
ROUTINE BUSINESS
(1)
To receive and adopt the Directors’ statement and audited financial statements for the year ended 30 September 2024
and the auditors’ report thereon.
(2)
To approve a final tax-exempt (one-tier) dividend of 4.5 cents per share in respect of the year ended
30 September 2024.
(3)
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 Pramoad Phornprapha, 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 Pramoad Phornprapha, who is considered an independent Director,
will be re-appointed as the Chairman of the Nominating Committee, the Chairman of the Sustainability
and Risk Management Committee and a member of the Board Executive Committee.
(b)
“That Mrs Siripen Sitasuwan, who will retire by rotation pursuant to article 94 of the Constitution of the
Company and who, being eligible, has offered herself for re-election, be and is hereby re-appointed as
a Director of the Company.”
Subject to her re-appointment, Mrs Siripen Sitasuwan, who is considered an independent Director, will
be re-appointed as a member of the Audit Committee.
(c)
“That Mr Thapana 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 Thapana Sirivadhanabhakdi will be re-appointed as the Chairman of
the Board Executive Committee and a member of the Remuneration Committee.
(d)
“That Mr Sithichai Chaikriangkrai, 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 Sithichai Chaikriangkrai will be re-appointed as a member of the Board
Executive Committee, a member of the Audit Committee and a member of the Sustainability and Risk
Management Committee.
(4)
To approve Directors’ fees of up to $2,500,000 payable by the Company for the year ending 30 September 2025
(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.
338
Frasers Property Limited
NOTICE OF ANNUAL GENERAL MEETING
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)
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);
(2)
(subject to such manner of calculation as may be prescribed by the Singapore Exchange Securities Trading
Limited (the “SGX-ST”)) for the purpose of determining the aggregate number of shares that may be issued
under sub-paragraph (1) above, the percentage of issued shares shall be based on the total number of
issued shares (excluding treasury shares and subsidiary holdings) at the time this Resolution is passed, after
adjusting for:
(i)
new shares arising from the conversion or exercise of any convertible securities or share options
or vesting of share awards which were issued and are outstanding or subsisting at the time this
Resolution is passed; and
(ii)
any subsequent bonus issue, consolidation or subdivision of shares,
and, in sub-paragraph (1) above and this sub-paragraph (2), “subsidiary holdings” has the meaning
given to it in the Listing Manual of the SGX-ST;
(3)
in exercising the authority conferred by this Resolution, the Company shall comply with the provisions of
the Listing Manual of the SGX-ST for the time being in force (unless such compliance has been waived
by the SGX-ST) and the Constitution for the time being of the Company; and
(4)
(unless revoked or varied by the Company in general meeting) the authority conferred by this Resolution
shall continue in force until the conclusion of the next Annual General Meeting of the Company or the
date by which the next Annual General Meeting of the Company is required by law to be held, whichever
is the earlier.”
Annual Report 2024
339
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTICE OF ANNUAL GENERAL MEETING
(7)
“That
(a)
approval be and is hereby given, for the purposes of Chapter 9 of the Listing Manual (“Chapter 9”) of
the Singapore Exchange Securities Trading Limited, for the Company, its subsidiaries and associated
companies that are considered to be “entities at risk” under Chapter 9, or any of them, to enter into any
of the transactions falling within the types of Mandated Transactions described in Appendix 1 to the Letter
to Shareholders dated 23 December 2024 (the “Letter”), with any party who is of the class of Mandated
Interested Persons described in Appendix 1 to the Letter, provided that such transactions are made on
normal commercial terms and in accordance with the review procedures for such Mandated Transactions
(the “IPT Mandate”);
(b)
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
(c)
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.”
(8)
“That:
(a)
for the purposes of Sections 76C and 76E of the Companies Act 1967 (the “Companies Act”), the exercise
by the Directors of the Company of all the powers of the Company to purchase or otherwise acquire
issued ordinary shares of the Company (“Shares”) not exceeding in aggregate the Maximum Percentage
(as hereafter defined), at such price or prices as may be determined by the Directors from time to time
up to the Maximum Price (as hereafter defined), whether by way of:
(i)
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
(ii)
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)
the date by which the next Annual General Meeting of the Company is required by law to be held;
and
(iii)
the date on which purchases and acquisitions of Shares pursuant to the Share Purchase Mandate
are carried out to the full extent mandated;
340
Frasers Property Limited
NOTICE OF ANNUAL GENERAL MEETING
(c)
in this Resolution:
“Average Closing Price” means the average of the closing market prices of a Share over the five consecutive
market days on which the Shares are transacted on the SGX-ST or, as the case may be, Other Exchange,
immediately preceding the date of the market purchase by the Company or, as the case may be, the date
of the making of the offer pursuant to the off-market purchase, and deemed to be adjusted, in accordance
with the listing rules of the SGX-ST, for any corporate action that occurs during the relevant five-day period
and the date of the market purchase by the Company or, as the case may be, the date of the making of
the offer pursuant to the off-market purchase;
“date of the making of the offer” means the date on which the Company makes an offer for the purchase
or acquisition of Shares from holders of Shares, stating therein the relevant terms of the equal access
scheme for effecting the off-market purchase;
“Maximum Percentage” means that number of issued Shares representing 2% of the issued Shares as at
the date of the passing of this Resolution (excluding treasury shares and subsidiary holdings (as defined
in the Listing Manual of the SGX-ST)); and
“Maximum Price” in relation to a Share to be purchased or acquired, means the purchase price (excluding
related brokerage, commission, applicable goods and services tax, stamp duties, clearance fees and
other related expenses) which shall not exceed 105% of the Average Closing Price of the Shares; and
(d)
the Directors of the Company and/or any of them be and are hereby authorised to complete and do all
such acts and things (including executing all such documents as may be required) as they and/or he may
consider expedient or necessary or in the interests of the Company to give effect to the transactions
contemplated and/or authorised by this Resolution.”
By Order of the Board
Catherine Yeo
Company Secretary
Singapore, 23 December 2024
Annual Report 2024
341
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTICE OF ANNUAL GENERAL MEETING
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 Thursday, 16 January 2025 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 this Notice, the accompanying Proxy Form and the Request Form will be sent by post to members.
These documents will also be published on the Company’s website at the URL https://www.frasersproperty.com
and the SGX website at the URL https://www.sgx.com/securities/company-announcements.
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.
(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@vistra.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 3 January 2025.
342
Frasers Property Limited
NOTICE OF ANNUAL GENERAL MEETING
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 5.00 p.m. on 3 January 2025.
7.
The Company will address all substantial and relevant questions received from shareholders by the
3 January 2025 deadline by publishing its responses to such questions 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
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 3 January 2025
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.
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 2024 Annual Report and the Letter to Shareholders dated 23 December 2024 (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)
the 2024 Annual Report may be accessed at the URL https://investor.frasersproperty.com/newsroom/
FPL_Annual_Report_2024.pdf; and
(b)
the Letter to Shareholders dated 23 December 2024 may be accessed at the URL
https://investor.frasersproperty.com/newsroom/FPL-Letter-to-Shareholders-2024.pdf.
The above documents may also be accessed at the SGX website at the URL https://www.sgx.com/securities/
company-announcements. Members may request for printed copies of these documents by completing
and submitting the Request Form 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 3 January 2025.
Annual Report 2024
343
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
NOTICE OF ANNUAL GENERAL MEETING
EXPLANATORY NOTES:
(a)
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 2024 Annual Report.
(b)
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 27 November 2024 (the “Latest Practicable Date”), the Company had no treasury shares and
no subsidiary holdings.
(c)
The Ordinary Resolution proposed in item (7) above is to renew the mandate to enable the Company, its subsidiaries
and associated companies that are considered to be “entities at risk” under Chapter 9 of the Listing Manual, or
any of them, to enter into certain interested person transactions with specified classes of interested persons,
as described in Appendix 1 to the Letter to Shareholders dated 23 December 2024 (the “Letter”). Please refer
to the Letter for more details.
(d)
The Ordinary Resolution proposed in item (8) above is to renew the mandate to allow the Company to purchase or
otherwise acquire its issued ordinary shares, on the terms and subject to the conditions set out in the Resolution.
The Company intends to use internal resources or external borrowings or a combination of both to finance the
purchase or acquisition of its ordinary shares. The amount of financing required for the Company to purchase or
acquire its ordinary shares, and the impact on the Company’s financial position cannot be ascertained as at the
date of this Notice as these will depend on the number of ordinary shares purchased or acquired, whether the
purchase or acquisition is made out of capital or profits, the price at which such ordinary shares were purchased
or acquired and whether the ordinary shares purchased or acquired are held in treasury or cancelled.
Purely for illustrative purposes only, the financial effects of an assumed purchase or acquisition of (i) 39,260,415
ordinary shares on the Latest Practicable Date, representing 1% of the issued ordinary shares as at that date, and
(ii) 78,520,831 ordinary shares on the Latest Practicable Date, representing 2% of the issued ordinary shares as
at that date, at the maximum price of $0.97 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 2024
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.
344
Frasers Property Limited
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
The following additional information on Mr Pramoad Phornprapha, Mrs Siripen Sitasuwan, Mr Thapana Sirivadhanabhakdi
and Mr Sithichai Chaikriangkrai, all of whom are seeking re-appointment as Directors at the 61st Annual General
Meeting, is to be read in conjunction with their respective biographies on pages 15 to 21 of the 2024 Annual Report.
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
The Board’s
comments on this
re-appointment
(including rationale,
selection criteria,
and the search and
nomination process)
After reviewing the
recommendation of the
Nominating Committee
and Mr Pramoad
Phornprapha’s
qualifications and
experience (as set
out below and in his
biography on page 17
of this annual report),
the Board has approved
Mr Phornprapha’s
re-election as a Director
of the Board.
The Board is satisfied
that Mr Phornprapha will
continue to contribute
relevant knowledge,
skills and experience
to, and enhance the
diversity of, the Board.
Mr Phornprapha will, upon
re-election, continue to
serve as the Chairman
of the Nominating
Committee, the Chairman
of the Sustainability
and Risk Management
Committee and a
member of the Board
Executive Committee.
After reviewing the
recommendation of the
Nominating Committee
and Mrs Siripen
Sitasuwan’s qualifications
and experience (as set
out below and in her
biography on page 18 of
this annual report), the
Board has approved
Mrs Sitasuwan’s
re-election as a Director
of the Board.
The Board is satisfied
that Mrs Sitasuwan will
continue to contribute
relevant knowledge,
skills and experience
to, and enhance the
diversity of, the Board.
Mrs Sitasuwan will, upon
re-election, continue to
serve as a member of
the Audit Committee.
After reviewing the
recommendation of the
Nominating Committee
and Mr Thapana
Sirivadhanabhakdi’s
qualifications and
experience (as set
out below and in his
biography on page 20
of this annual report),
the Board has approved
Mr Sirivadhanabhakdi’s
re-election as a Director
of the Board.
The Board is satisfied that
Mr Sirivadhanabhakdi will
continue to contribute
relevant knowledge, skills
and experience to, and
enhance the diversity of,
the Board.
Mr Sirivadhanabhakdi
will, upon re-election,
continue to serve as the
Chairman of the Board
Executive Committee
and a member of
the Remuneration
Committee.
After reviewing the
recommendation
of the Nominating
Committee and Mr
Sithichai Chaikriangkrai’s
qualifications and
experience (as set
out below and in his
biography on page 21
of this annual report),
the Board has approved
Mr Chaikriangkrai’s
re-election as a Director
of the Board.
The Board is satisfied
that Mr Chaikriangkrai will
continue to contribute
relevant knowledge, skills
and experience to, and
enhance the diversity of,
the Board.
Mr Chaikriangkrai
will, upon re-election,
continue to serve as a
member of the Audit
Committee, a member
of the Sustainability
and Risk Management
Committee and a
member of the Board
Executive Committee.
Working experience
and occupation(s)
during the past
10 years
–
2002 to present
Managing Director
Wanwarin and
Associate Co., Ltd.
–
2004 to present
Managing Partner
and Director
Claris Co., Ltd.
–
2011 to present
Managing Director
myDNA Co., Ltd.
Nil
Chairman
–
2018 to present
Red Bull Distillery
Group of Companies
–
2020 to present
BeerCo Training
Co., Ltd
–
2021 to present
Bistro Asia Co., Ltd.
–
2021 to present
South East Asia
Logistics Pte. Ltd
–
2022 to present
Beer Thai (1991)
Public Company
Limited
–
2022 to present
VietBev Company
Limited
–
2023 to present
International Beverage
Holdings
(New Zealand) Limited
–
May 2010 to Sep 2016
Director and
Executive Vice
President, Group
Finance
Thai Beverage Public
Company Limited
–
Oct 2016 to Sep 2022
Director and Senior
Executive Vice
President, Group
Chief Financial
Officer
Thai Beverage Public
Company Limited
Annual Report 2024
345
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
–
2023 to present
SpiritsCo Limited
–
2023 to present
The C Canvas Co., Ltd.
–
2024 to present
Foods Group
Company Limited
–
2024 to present
Sustainability Expo
Company Limited
–
2019 to 2020
GMM Channel
Holdings Co., Ltd.
Vice Chairman
–
2023 to present
Univentures Public
Company Limited
(1st Vice Chairman)
–
2017 to present
Amarin Printing and
Publishing Public
Company Limited
(formerly known as
Amarin Printing and
Publishing Public
Company Limited)
–
2015 to present
Sermsuk Public
Company Limited
(3rd Vice Chairman)
–
2013 to present
Times Publishing
Limited
–
2003 to present
International
Beverage Holdings
Limited (1st Vice
Chairman)
–
2008 to 2022
Southeast Insurance
Public Company
Limited
–
2008 to 2022
Southeast Life
Insurance Public
Company Limited
–
2008 to 2022
Southeast Capital
Co., Ltd.
–
2018 to 2022
Beer Thai (1991)
Public Company
Limited
–
2006 to 2020
Oishi Group Public
Company Limited
–
2004 to 2018
Red Bull Distillery
Group of companies
–
Aug 2022 to Jun 2024
Senior Executive
Vice President, Chief
Investment Officer
Thai Beverage Public
Company Limited
–
Oct 2003 to present
Director
Thai Beverage Public
Company Limited
346
Frasers Property Limited
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
Director
–
2023 to present
Cambodia Breweries
Pte. Ltd.
–
2023 to present
ThaiBev HC
Development Co., Ltd.
–
2022 to present
ThaiBev Co., Ltd.
–
2022 to present
Super Food Brands
Company Pte. Ltd.
–
2021 to present
Asia Breweries
Limited
–
2021 to present
Chang Corporation
Co., Ltd.
–
2021 to present
SCG Chemicals
Public Company
Limited (formerly
known as SCG
Chemicals Co., Ltd.)
–
2021 to present
Siam Breweries
Limited
–
2020 to present
Chang Beer
Company Limited
–
2020 to present
Food and Beverage
United Co., Ltd
–
2020 to present
The Siam Cement
Public Company
Limited
–
2019 to present
BeerCo Limited
–
2018 to present
Thai Group Holdings
Public Company
Limited
–
2018 to present
TSpace Digital
Co., Ltd.
-
2016 to present
Pracharath Rak
Samakkee Social
Enterprise (Thailand)
Co., Ltd.
Annual Report 2024
347
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
–
2013 to present
Fraser and Neave,
Limited
–
2012 to present
InterBev Investment
Limited
–
2011 to present
Plantheon Co., Ltd.
–
2011 to present
Sermsuk Public
Company Limited
–
2007 to present
Adelfos Co., Ltd.
–
2007 to present
Univentures Public
Company Limited
–
2004 to present
Beer Thai (1991)
Public Company
Limited
–
2003 to present
Thai Beverage Public
Company Limited
–
Present
TCC Group of
Companies
–
2017 to 2020
GMM Channel
Holding Co., Ltd.
–
2015 to 2020
TCC Holdings (2519)
Co., Ltd.
–
2013 to 2020
Golden Land
Property
Development Public
Company Limited
Shareholding interest
in FPL and its
subsidiaries
Nil
Nil
TCC Group Investments
Limited (“TCCGI”) has
a direct interest in
70,000,000 shares in the
Company (“Shares”).
Mr Thapana
Sirivadhanabhakdi holds
20% of the issued share
capital of TCCGI, and
is therefore deemed
to be interested in the
70,000,000 shares in
which TCCGI has a
direct interest.
Nil
348
Frasers Property Limited
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
Conflict of interest
(including any
competing business)
Nil
Nil
Mr Thapana
Sirivadhanabhakdi is
currently a non-executive
director of Univentures
Public Company Limited,
which is listed on the
Stock Exchange of
Thailand and is involved
in real estate and
property development
in Thailand. In the
event of any possible
conflicts of interest
arising in relation to a
proposed transaction,
Mr Sirivadhanabhakdi
will abstain and/or
recuse himself from any
discussion and decision
in relation to such
transactions.
Nil
Undertaking (in the
format set out in
Appendix 7.7) under
Rule 720(1) has been
submitted to FPL
Yes
Yes
Yes
Yes
Other Principal Commitments (as defined in the Code of Corporate Governance 2018) including Directorships
Present
Directorship(s)
(as at 27 Nov 2024)
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
Listed companies
–
Thanachart Capital
Public Company
Limited
Listed REITS/ Trusts
Nil
Others
Nil
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
(Group CEO)
–
Thai Group Holdings
Public Company
Limited
–
The Siam Cement
Public Company
Limited
–
Univentures Public
Company Limited
(1st Vice Chairman)
Listed REITs/Trusts
Nil
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
Annual Report 2024
349
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
Others
–
Plimboonluck
Co., Ltd.
–
Plim369 Co., Ltd.
–
P Landscape
Co., Ltd.
–
Danpundao Co., Ltd.
–
Pornmit Co., Ltd.
–
Claris Co., Ltd.
–
EcoFuture Co., Ltd.
–
Talaypu Natural
Products Co., Ltd.
(Chairman)
–
Conservatory
Co., Ltd.
–
Claris EA Co., Ltd.
–
Food and Beverage
United Co., Ltd.
(Chairman)
Others
–
Adelfos Co., Ltd.
–
Asia Breweries
Limited
–
BeerCo Limited
–
BeerCo Limited
Training Co., Ltd.
(Chairman)
–
Beer Thai (1991)
Public Company
Limited (Chairman)
–
Bistro Asia Co., Ltd.
(Chairman)
–
Cambodia Breweries
Pte. Ltd.
–
Chang Beer
Company Limited
–
Chang Corporation
Co., Ltd.
–
Food and Beverage
United Co., Ltd
–
Foods Group
Company Limited
(Chairman)
–
InterBev Investment
Limited
–
International
Beverage Holdings
Limited
(President and CEO)
–
International
Beverage Holdings
(New Zealand)
Limited (Chairman)
–
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)
–
SpiritsCo Limited
(Chairman)
Others
–
Asia Breweries
Limited
–
Aurora Bloom Capital
Pte. Ltd.
–
BeerCo Limited
–
Cambodia Breweries
Pte. Ltd.
–
Chang Beer
Company Limited
–
Eastern Seaboard
Industrial Estate
(Rayong) Company
Limited
–
Food and Beverage
Holding Co., Ltd.
–
Honor Harmony
Holding Group
Pte. Ltd.
–
Kasemsubsiri
Co., Ltd.
–
N.C.C. Management
and Development
Co., Ltd.
–
Oishi Group Public
Company Limited
–
Super Food Brands
Company Pte. Ltd.
–
Oishi Holding
Company Limited
–
One Bangkok Co., Ltd.
–
Petform (Thailand)
Co., Ltd.
–
Siam Breweries
Limited
–
Siam Food Products
Public Company
Limited
–
South East Asia
Logistics Pte. Ltd.
–
TCC Assets
(Thailand) Company
Limited
–
TCC X Co., Ltd.
–
T Fertilizer
Corporation Co., Ltd.
–
Thai Beverage Can
Co., Ltd.
–
Thai Breweries
Limited
350
Frasers Property Limited
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
–
Super Food Brands
Company Pte. Ltd.
–
Sustainability Expo
Co., Ltd. (Chairman)
–
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)
Present Principal
Commitments (other
than Directorships)
(as at 27 Nov 2024)
–
Managing Director,
Wanwarin and
Associate Co., Ltd.
–
Managing Partner,
Claris Co., Ltd.
–
Managing Director,
myDNA Co., Ltd.
Nil
–
Group CEO,
Thai Beverage Public
Company Limited
–
4th Vice Chairman
of Executive
Committee,
Thai Beverage Public
Company Limited
Past Directorship(s)
(for the last five
(5) years) (from 27
Nov 2019 to 27 Nov
2024)
–
Thai Summit Harness
Public Company
Limited
–
Sermsuk Public
Company Limited
–
Fraser and Neave,
Limited
–
Thai Solar Energy
Public Company
Limited
–
Beer Thai (1991)
Public Company
Limited
(Vice Chairman)
–
GMM Channel
Holding Co., Ltd.
(Chairman)
–
Golden Land Property
Development Public
Company Limited
–
Oishi Group Public
Company Limited
(Vice Chairman)
–
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.
Nil
Annual Report 2024
351
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
Past Principal
Commitment(s)
(for the last five (5)
years) (from 27 Nov
2019 to 27 Nov 2024)
Nil
Nil
–
Chief Beer Product
Group, Chief Center
of Excellence, and
President and CEO,
Thai Beverage Public
CompanyLimited
–
Senior Executive
Vice President, Chief
Investment Officer
and Group Chief
Financial Officer,
Thai Beverage Public
Company Limited
Information Required
Disclose the following matters concerning an appointment of director, chief executive officer, chief financial officer, chief operating
officer, general manager or other officer of equivalent rank. If the answer to any question is “yes”, full details must be given.
(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?
No
No
No
No
(b) Whether at any
time during the
last 10 years, an
application or a
petition under
any law of any
jurisdiction was
filed against an
entity (not being
a partnership)
of which he was
a director or an
equivalent person
or a key executive,
at the time when
he was a director
or an equivalent
person or a key
executive of that
entity or at any
time within 2 years
from the date he
ceased to be a
director or an
equivalent person
or a key executive
of that entity, for
the winding up
or dissolution
of that entity or,
where that entity
is the trustee of
a business trust,
that business trust,
on the ground of
insolvency?
No
No
No
No
352
Frasers Property Limited
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
(c) Whether there is
any unsatisfied
judgment against
him?
No
No
No
No
(d) Whether he
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?
No
No
No
No
(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?
No
No
No
No
Annual Report 2024
353
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
(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?
No
No
No
No
(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?
No
No
No
No
354
Frasers Property Limited
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
(h) Whether he
has ever been
disqualified
from acting as
a director or
an equivalent
person of any
entity (including
the trustee of a
business trust),
or from taking
part directly or
indirectly in the
management
of any entity or
business trust?
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?
No
No
No
No
(j) Whether he
has ever, to his
knowledge, been
concerned with
the management
or conduct, in
Singapore or
elsewhere, of the
affairs of:
(i) any
corporation
which
has been
investigated
for a breach
of any law
or regulatory
requirement
governing
corporations in
Singapore or
elsewhere; or
No
No
No
No
Annual Report 2024
355
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
(ii) any entity
(not being a
corporation)
which
has been
investigated
for a breach
of any law
or regulatory
requirement
governing
such entities in
Singapore or
elsewhere; or
No
No
No
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
No
No
No
No
(iv) any entity
or business
trust which
has been
investigated
for a breach
of any law
or regulatory
requirement
that relates to
the securities
or futures
industry in
Singapore or
elsewhere,
No
No
No
No
in connection
with any matter
occurring or
arising during that
period when he
was so concerned
with the entity or
business trust?
356
Frasers Property Limited
ADDITIONAL INFORMATION
ON DIRECTORS SEEKING RE-APPOINTMENT
Mr Pramoad
Phornprapha
Non-Executive and
Independent Director
Mrs Siripen Sitasuwan
Non-Executive and
Independent Director
Mr Thapana
Sirivadhanabhakdi
Non-Executive and
Non-Independent
Director
Mr Sithichai
Chaikriangkrai
Non-Executive and
Non-Independent
Director
(k) Whether he has
been the subject
of any current or
past investigation
or disciplinary
proceedings,
or has been
reprimanded
or issued any
warning, by
the Monetary
Authority of
Singapore or any
other regulatory
authority,
exchange,
professional body
or government
agency, whether
in Singapore or
elsewhere?
No
No
No
No
Annual Report 2024
357
Contents
Overview
Organisational
Business
ESG
Highlights
Corporate
Governance
Financial &
Additional Information
This page has been intentionally left blank.
Fold here, do not staple. Glue all sides firmly.
Fold here, do not staple. Glue all sides firmly.
*l/We
(Name)
(*NRIC/Passport/Co Reg Number)
of
(Address)
being a *member/members of Frasers Property Limited (the “Company”), hereby appoint:
Name
Address
NRIC/Passport Number
Proportion of Shareholdings
No. of Shares
%
*and/or
Name
Address
NRIC/Passport Number
Proportion of Shareholdings
No. of Shares
%
or failing *him/them, the Chairman of the Meeting, as *my/our *proxy/proxies to attend, speak and vote for *me/us on *my/
our behalf at the AGM of the Company to be held at 2.00 p.m. on Thursday, 16 January 2025 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
1.
To receive and adopt the Directors’ statement and audited financial statements
for the year ended 30 September 2024 and the auditors’ report thereon.
2.
To approve a final tax-exempt (one-tier) dividend of 4.5 cents per share in respect
of the year ended 30 September 2024.
3.
(a) To re-appoint Director: Mr Pramoad Phornprapha
(b) To re-appoint Director: Mrs Siripen Sitasuwan
(c) To re-appoint Director: Mr Thapana Sirivadhanabhakdi
(d) To re-appoint Director: Mr Sithichai Chaikriangkrai
4.
To approve Directors’ fees of up to $2,500,000 payable by the Company for the
year ending 30 September 2025 (last year: up to $2,500,000).
5.
To re-appoint KPMG LLP as the auditors of the Company and to authorise the
Directors to fix their remuneration.
SPECIAL BUSINESS
6.
To authorise the Directors to issue shares and to make or grant convertible
instruments.
7.
To approve the proposed renewal of the mandate for interested person
transactions.
8.
To approve the proposed renewal of the share purchase mandate.
^
Voting will be conducted by poll. If you wish your proxy/proxies to cast all your votes “For” or “Against” a resolution, please indicate with a tick (√) in
the “For” or “Against” box provided in respect of that resolution. Alternatively, please insert the relevant number of shares “For” or “Against” in the
“For” or “Against” box provided in respect of that resolution. If you wish your proxy/proxies to abstain from voting on a resolution, please indicate
with a tick (√) in the “Abstain” box provided in respect of that resolution. Alternatively, please insert the relevant number of shares in the “Abstain” box
provided in respect of that resolution. In any other case, the proxy/proxies may vote or abstain as the proxy/proxies deems fit on any of the above
resolutions if no voting instruction is specified, and on any other matter arising at the AGM.
Dated
day of
*2024/2025.
*
Delete whichever is inapplicable.
Total Number of Shares
Held (Note 1)
Signature/Common Seal of Member(s)
Email Address of Member(s) (Optional)
IMPORTANT: PLEASE READ NOTES OVERLEAF
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 Thursday, 16 January 2025 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 3 January 2025.
5.
By submitting an instrument appointing a proxy(ies) and/or representative(s), the member accepts and agrees to the personal data privacy terms
set out in the Notice of AGM dated 23 December 2024.
PROXY FORM
ANNUAL GENERAL MEETING
Fold here
Fold here, do not staple. Glue all sides firmly.
Postage will
be paid by
addressee.
For posting in
Singapore only.
NOTES TO PROXY FORM:
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@vistra.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.
Fold here
BUSINESS REPLY SERVICE
PERMIT NO. 09560
THE COMPANY SECRETARY
FRASERS PROPERTY LIMITED
c/o Tricor Barbinder Share Registration Services
(A division of Tricor Singapore Pte. Ltd.)
9 Raffles Place
Republic Plaza, Tower 1, #26-01
Singapore 048619
(095600)
GROUP STRUCTURE AND BUSINESSES
Frasers Property
Singapore
Australia
Industrial
Hospitality
Thailand & Vietnam
Others
Residential
• $0.2 billion
unrecognised
residential revenue5
for one active project
Retail & Commercial
• 12 retail malls with
total AUM3 of
$10.5 billion
• Six office and business
space properties with
total AUM3 of
$4.2 billion
REIT
• 39.6% stake in FCT,
which owns a retail
portfolio of nine
suburban malls in
Singapore
Development
• ~ 14,300 residential
development units in
the pipeline6
• $0.4 billion
unrecognised
residential revenue5
across 24 active
projects
Investment
• 17 commercial and
retail properties with
total AUM3 of
$1.7 billion
• Real Utilities7 has
embedded networks
and ~ 8,500kW of solar
photovoltaic installed
across 19 projects to
date serving ~ 3,100
customers
Development, Asset and
Investment Management
• 175 properties
with total AUM3 of
$12.0 billion across
Australia, Germany,
the Netherlands,
Singapore and the UK
• 2.9 million sqm of
strategic land bank
REIT
• 22.9% stake in FLCT,
which owns 112 quality
logistics & industrial
and commercial assets
strategically located
in major developed
countries
PropCo and OpCo
Businesses
• Owns and/or operates
close to 21,2004
serviced apartments/
hotel rooms across
more than 20
countries with total
AUM3 of $3.9 billion
REIT
• 25.7% stake in FHT,
which owns 14 quality
assets in prime
locations across Asia,
Australia, the EU and
the UK
Thailand
• 59.6% effective
interest in SET-listed
FPT, 26.8% stake in
FTREIT, 25.8% stake
in GVREIT, and 19.8%
effective stake in One
Bangkok
• $3.7 billion warehouse
and factory AUM3, $1.0
billion office and retail
AUM3 and S$0.2 billion
hospitality AUM3
Vietnam
• Office net lettable area
of ~22,500 sqm
• Industrial projects
under development
with estimated total
development value of
~$0.5 billion
China
• Six development
projects
• $0.5 billion
unrecognised
residential revenue5
UK
• Seven business parks
totalling $1.5 billion
AUM3 and net lettable
area of ~ 511,000 sqm
• Commercial property
in Central London with
~ 15,000 sqm of office
space
1
Profit before interest, fair value change, tax and exceptional items.
2
Profit after interest, fair value change, tax and exceptional items attributable to owners of the company
and holders of perpetual securities.
3
Assets under management; Comprises property assets in-market in which the Group has an interest,
including assets held by its REITs, Stapled Trust, joint ventures (JVs) and associates.
4
Including both owned and managed properties; and units pending opening.
5
Including options signed; includes subsidiaries at gross (100%) and JVs, associates, JOs and PDAs at
the Group’s interest.
6
Comprises unsold units and land bank.
7
Real Utilities is a licensed energy business wholly-owned by Frasers Property Australia.
8
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.
9
Including Vietnam, Malaysia, Japan and Indonesia.
Property assets8 breakdown by geographical segment
Property assets8 breakdown by asset class
Residential
$4.0b, 12%
Retail
$7.9b, 23%
Hospitality
$4.0b, 12%
Commercial &
Business parks
$6.4b, 18%
Others9
$1.2b, 3%
Singapore
$11.1b, 32%
Australia
$10.0b, 29%
China
$0.9b, 3%
Thailand
$4.8b, 14%
EU & UK
$6.6b, 19%
As at 30 September 2024
FACTSHEET
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. Listed on the Main Board of the Singapore Exchange Securities
Trading Limited (SGX-ST) and headquartered in Singapore, the Group has total assets under
management (AUM) of approximately $48.9 billion as at 30 September 2024.
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
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 REIT 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 REIT, 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.
$12.4 billion
retail AUM3
$9.9 billion
commercial & business
parks AUM3
$14.9 billion
industrial & logistics
AUM3
5 REITs /
Stapled Trust
FCT, FLCT, FHT, FTREIT,
and GVREIT
$4.7 billion
hospitality AUM3
~ 21,9004 hospitality units
~ 8,300
residential units settled
in FY24
FRASERS PROPERTY AT A GLANCE
Total
property assets
$34.6b
Total
property assets
$34.6b
Industrial & Logistics
$12.3b, 35%
• 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
• $4,214.8 million revenue in FY24
• $1,352.2 million PBIT1 in FY24
• $206.3 million attributable profit2 in FY24
FRASERS PROPERTY PORTFOLIO MANAGEMENT APPROACH
Achieve sustainable growth and deliver long-term shareholder value
10 Comprises I&L, commercial & business parks and retail developments.
11 Includes total value of assets; call-option properties based on date of
signed agreement.
12 Includes divestment of investment properties, assets held for sale and
properties, plant and equipment. Excludes divestment of properties
held for sale and divestment of assets or properties by REITs.
13 Proportionate value of assets divested to capital partners.
14 Consists of China and the UK.
15 Calculated by dividing PBIT over net interest for the year.
16 Based on FPL closing share price of $0.885 on 12 Nov 24.
17 Based on FPL closing share price of $0.765 on 10 Nov 23.
18 Attributable profit before fair value change and exceptional items.
19 Before distributions to perpetual securities holders.
20 Includes net debt of consolidated SGX-listed REITs.
21 Includes non-controlling interests (primarily related to consolidated
REITs) and perpetual securities.
22 Includes debt that is hedged.
FINANCIAL HIGHLIGHTS
Selected Financials ($ million)
FY24
FY23
Revenue
4,214.8
3,947.1
PBIT1
1,352.2
1,313.2
Attributable profit before fair value change
and exceptional items (“APBFE”)
218.2
350.3
Fair value (“FV”) change (net)
(27.3)
(153.3)
Exceptional items (“EI”)
15.4
(23.9)
Attributable profit2
206.3
173.1
PBIT1 by Business Segments ($ million)
FY24
FY23
Singapore
501.1
550.3
Australia
78.3
75.5
Industrial
409.3
352.5
Hospitality
132.6
129.0
Thailand & Vietnam
191.2
210.5
Others14
153.3
72.8
Corporate and others
(113.6)
(77.4)
Total
1,352.2
1,313.2
Dividends
FY24
FY23
First and final dividend (Singapore cents)
4.5
4.5
Dividend yield
5.1%16
5.9%17
Payout ratio (based on Core Earnings18)19
~81%
~51%
Key Ratios
As at 30 Sep 24
As at 30 Sep 23
Net asset value per share
$2.45
$2.52
FY24
FY23
Basic earnings per share (“EPS”)
after FV change and EI
4.2 cents
3.1 cents
Net interest cover15
2.6x
3.1x
Capital Management
As at 30 Sep 24
As at 30 Sep 23
Change
Net debt20 / Total equity21
83.4%
75.8%
▲ 7.6 pp
Net debt20 / Property assets8
42.1%
40.4%
▲ 1.7pp
Fixed rate debt22
72.9%
72.4%
▲ 0.5pp
Average weighted debt maturity
2.5 years
2.6 years
▼ 0.1 years
Average cost of debt on portfolio basis
3.9% p.a.
3.5% p.a.
▲ 0.4% p.a.
NOTE: Unless otherwise stated, all figures in this document are as at Frasers Property’s financial year-end of 30 September 2024.
Recurring income (PBIT) | Fair value change
FCT | FLCT | FTREIT | Capital partnerships | Sales to third parties
Creating value
Sustaining value
Unlocking value
Measured pace of residential development
Well-located build-to-core pipeline
FY20
FY21
FY23
FY24
FY22
FY20
FY21
FY23
FY24
FY22
~ 8,300
units settled in FY24
$1.1 billion
unrecognised revenue as at
30 September 2024
~ 1,067,000 sqm
non-residential development pipeline
GFA10 as at 30 September 2024
~ 7,741,000 sqm
non-residential land bank
as at 30 September 2024
•
Driving returns from investment properties; the Group has recorded
~ 1,470,000 sqm of renewals and new leases in FY24, and completed
AEI totalling ~ 503,000 sqm between FY20 to FY24
•
Stable earnings base from recurring income underpinned by build-
to-core approach and active asset management
•
From FY20 to FY24, the Group has recycled ~ $4.8 billion of assets
via divestment to the Group’s REITs11 and third parties12, as well as
~ $0.9 billion of assets through capital partnerships13
1,175.1
976.5
(198.6)
1,142.1
695.9
(446.2)
1,065.5
1,076.2
1,038.4
944.9
1,983.3
997.5
161.9
1,159.4
Capital recycling initiatives ($ million)
($ million)
1,934
3,010
2,141.7
230
921
11
18
68
97
315
58
30
227
1,392
521
189
290
34
358
152
539
301
124
550
101
CORPORATE INFORMATION
As at 30 September 2024
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
Loo Choo Leong
Group Chief Financial Officer
Anthony Boyd
Group Chief Operating Officer
Zheng Wanshi
Group Chief Strategy &
Sustainability Officer
Vicki Ng
Group Chief People Officer
Soon Su Lin
Chief Executive Officer
Frasers Property Singapore
Cameron Leggatt
Chief Executive Officer
Frasers Property Australia
Reini Otter
Chief Executive Officer
Frasers Property Industrial
Eu Chin Fen
Chief Executive Officer
Frasers Hospitality
Lim Hua Tiong
Chief Executive Officer
Emerging Markets, Asia
One Bangkok Co., Ltd.
Ilaria del Beato
Chief Executive Officer
Frasers Property United Kingdom
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
AUDITORS
KPMG LLP
Partner-in-charge:
Mr Leong Kok Keong
(Engagement Partner since financial year
ended 30 September 2021)
12 Marina View
#15-01 Asia Square Tower 2
Singapore 018961
Tel: (65) 6213 3388
Fax: (65) 6225 0984
PRINCIPAL BANKERS
Australia and New Zealand Banking
Group Limited
Bangkok Bank Public Company Limited
Bank of China Limited
DBS Bank Ltd
Industrial and Commercial Bank of China
Malayan Banking Berhad
Mizuho Bank, Limited
Oversea-Chinese Banking
Corporation Limited
Sumitomo Mitsui Banking Corporation
United Overseas Bank Limited
FRASERS PROPERTY LIMITED
Company Registration Number 196300440G
438 Alexandra Road
#21-00 Alexandra Point
Singapore 119958
Phone: +65 6276 4882
Fax:
+65 6276 6328
frasersproperty.com