Real Estate Investment Business Performance Markets Summary The USA economy remains strong, with easing inflation supporting further rate cuts. Investment is growing in manufacturing and infrastructure, while leasing is cautious in logistics and business parks amid cost-cutting trends. Growth continues in the UK and Eurozone despite inflation and productivity risks. European logistics sees stable leasing but softer rents. UK business parks see positive rental reversions, and data centres remain strong due to colocation market growth. UK & Europe, and the USA Key Growth Priorities • Drive growth in lodging & living, and logistics • Sustain growth momentum through listed funds INR 327.5 billion ©9.0% ©Positive S$ 4.5 billion USA Business Parks & Logistics 89% Europe Business Parks, Logistics & Data Centres 96% ª3% ©Positive Singapore: S$ 38.3^ billion Malaysia: RM 5.4 billion* Malaysia: ©20.6% Singapore: ©4.6% Singapore: ©Positive Malaysia: ©Positive India Business Parks, Logistics & Industrial 89% Malaysia Retail 92% Malaysia Logistics 100% Singapore Retail 99% 98% Singapore Office 92% Singapore Business Parks, Logistics & Industrial S$ 4.8 billion Japan Office 94% Australia Office 92% Korea Logistics 85% Australia Business Parks & Logistics 93% ª6% Australia: ªNegative Japan/ South Korea: ©Positive Australia, Japan and Korea Southeast Asia China UK & Europe, and the USA Retail 95% Business Parks, Logistics & Industrial 79% Office 79% ª2.7% ªNegative RMB 145.4 billion Rental Reversion5 Portfolio Occupancy NPI Change PÄÒÜ Ä·§ÄŁl~·àŀ ^ This figure has been revised from S$28.0 billion as stated in an earlier version. We regret the typographical error and have updated it accordingly. * Queensbay Mall excluded Right-Of-Use from total valuation. FY 2024 Performance Review 38 CapitaLand Investment Limited Key Growth Priorities • Accelerate capital recycling • Expand domestic investor pools by creating diversified RMB-denominated funds • Drive steady growth in third party commercial management Key Growth Priorities • Significantly expand capabilities and offerings across key thematics • Deepen presence in Japan via SCCP • Grow private credit in Australia through Wingate Australia’s economy is set to pick up after a slower 2024. Japan and Korea experienced strong consumption and investment but face fiscal and political risks in 2025. Rate cuts are expected in Korea and Australia while Japan’s outlook is unclear. Demand in Australia's office market is stable post-rightsizing, but logistics remains weak. Japan's office market sees rising rents and lower vacancies, with a positive 2025 outlook. Korea's office market faces political and corporate downsizing risks, while logistics sees supplydriven vacancies. Southeast Asia remains a key investment hub, driven by urbanisation, a growing middle-class, and supply chain shifts amid US-China trade tensions. Visa waivers boost tourism, supporting the lodging and wellness sectors. Majority of Southeast Asia's FUM is attributed to Singapore. In 2024, Singapore’s economy grew by 4.4%6 in 2024, with tourism and MICE activities driving retail growth. Grade A office and industrial assets saw steady demand, while business parks may benefit from the Johor-Singapore Special Economic Zone. China’s GDP grew 5%7 in 2024, supported by stimulus measures, though consumption and investment remain cautious. CLI’s retail assets stayed resilient, while proactive leasing management boosted office, business parks, logistics and industrial occupancy and cash flow visibility. Further government measures are expected to drive domestic consumption, and stabilise property and capital markets. India’s economy remains strong, with 6.6%8 GDP growth forecast for FY 2025 and potential rate cuts. Office demand remains resilient, while industrial and logistics leasing peaked in 2024, driven by e-commerce and the 'China-plus-one' diversification strategy. Data centre demand is projected to exceed 450 MW in 20259. Southeast Asia Australia, Japan and Korea India China Key Growth Priorities • Expand in lodging & living, logistics, self storage, and wellness and healthcare • Selectively grow third party commercial management Key Growth Priorities • Expand footprint in business parks, industrial, lodging, logistics, data centres, renewables and private credit • Scale growth through listed and private fund vehicles 4 Refers to total sum of CLI's owned properties' valuations as at 31 December 2024 and excludes lodging. 5 Calculated generally based on average signing gross rent of new or renewed leases divided by preceding average signing gross rent of current leases for the same property space. 6 Source: Ministry of Trade and Industry Singapore, Press Release, 14 February 2025, MTI Maintains 2025 GDP Growth at “1.0 to 3.0 Per Cent”. 7 Source: National Bureau of Statistics of China, 17 January 2025, Press Release, Economy Witnessed Steady Progress amidst Stability with Major Development Targets Achieved Successfully in 2024. 8 Source: Reserve Bank of India, 6 December 2024, Monetary Policy Statement. 9 Source: Savills India, Data Centre Market Watch, Year-end 2024. 39 Annual Report 2024
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