Fee Income-related Business Performance Commercial Management Commercial Management is a source of stable, recurring and capital-efficient fee income for CLI, complementing income streams from owned assets. With services largely based in Singapore, China and India, its growth is underpinned by CLI's strong local market knowledge, full-stack capabilities, and an ecosystem of diverse spaces and operational experiences across our markets. FY 2024 Performance Snapshot In FY 2024, Commercial Management FRE grew 17% YoY to S$386 million, contributing to 33% of CLI’s total FRE. FRE from Commercial Management contracts with third parties and CapitaLand Development (CLD) grew 54% YoY, with nine new third party contracts secured in Singapore and China during the year. Commercial Management FRE (S$ million) 386 329 297 306 54% 17% FY 2021 FY 2022 FY 20231 FY 2024 Total Commercial Management FRE (CLD & Third party) Commercial Management FRE 86 56 55 46 Commercial Management FRE Breakdown FY 2024 S$386 million By Markets By Structures 62% 28% 10% Singapore China 78% 22% CLI CLD & Third Party India 1 With effect from June 2023, the staff cost reimbursement from REITs across all asset classes are aligned and presented under revenue. FY 2024 Performance Review 34 CapitaLand Investment Limited Strong Value Proposition Driving Performance Our solid operating track record in key markets and capabilities across various asset classes enable CLI to offer a best-inclass commercial management platform to drive performance. Key Growth Strategies CLI will focus on securing third party Commercial Management contracts and building our track record in asset classes beyond retail and office, such as industrial, logistics and business parks. At the same time, we aim to drive operational excellence in the assets we manage through ongoing asset enhancement initiatives as seen in projects such as IMM Building and CQ @ Clarke Quay in Singapore, and space enhancement initiatives as seen in our collaborations with POP MART, Nestlé, Disney and Pixar, across our retail and workspace properties. Finally, we aim to establish a strategic presence in new markets such as Malaysia. In particular, the Johor-Singapore Special Economic Zone presents opportunities for both greenfield and redevelopment projects, allowing CLI to leverage our strong operational presence in Singapore and Malaysia and unlock value through our Commercial Management capabilities. Stable occupancy across Singapore, India and China NPI grew approximately 5% to 7%YoY for Singapore and India assets in 2024 CapitaStar generated tenant sales of S$1.3 billion in Singapore ( 5% YoY) and RMB7.3 billion in China ( 6% YoY) in 2024 Unmatched scale and experience Value-adding workspace ecosystem Proprietary digital platforms drive engagement Leadership in sustainability and innovation Singapore's largest retail and leading real asset manager with 40 years experience and more than 130 assets managed, as well as 30 years experience in China and India. Future-ready workspaces supporting Hub & Spoke and Core + Flex strategies, enhanced by community activities, lifestyle amenities, and business partnerships. Close to 24 million members under digital platforms CapitaStar and CapitaStar@Work across Singapore, China and India, driving engagement with tenants and customers. 62% of CLI’s global portfolio of assets is green-certified and 30 pilot innovations are underway to testbed technology and solutions for the built environment. The Pixar Puffy Happiness campaign, a collaboration between CapitaLand, Disney and Pixar, engaged shoppers at Funan and other malls in Singapore through activities, displays, pop-up stores, and rewards. Changsha Bixiangchuxiang, a commercial project, is among three Commercial Management contracts secured in Changsha, China in 2024. 35 Annual Report 2024
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