Message to Shareholders Mr Miguel Ko Chairman Mr Lee Chee Koon Group Chief Executive Officer Forging Ahead, Shaping The Future Dear Shareholders, For 25 years, CapitaLand Group has been a builder—of properties, investment strategies, and long-term value. Our 2021 restructuring sharpened our focus, making CapitaLand Investment (CLI) a real asset manager. As we mark CapitaLand Group’s 25th anniversary this year, our commitment remains unchanged: delivering sustainable growth and compounding returns for those who place their trust in us. Strengthening Our Foundation, Scaling Our Portfolio In 2024, market conditions remained mixed. Some clouds lifted, particularly as central banks moved toward interest rate cuts. But global growth stayed uneven, and geopolitical uncertainty was a reality we navigated daily. Through it all, our strategy held firm—stick to fundamentals, allocate capital wisely, and position CLI for the long game. Our base remains strong in Singapore, India, and China, with thoughtful expansion into other Asian markets. Singapore continues to be a steady anchor, giving us a vantage point to seize opportunities across Southeast Asia. In India, our ambition is to more than double our Funds Under Management (FUM) by 2028. In China, we are steadily building domestic capital partnerships. Beyond these core markets, we are methodically growing our presence in Australia, Japan, and Korea. Our 4Q 2024 acquisition of Wingate Group Holdings (Wingate) in Australia expanded our FUM in the country by 30%, strengthening our private credit capabilities, and opening doors to new investors. Our strategic investment in SC Capital Partners Group (SCCP)ĵ tripled our exposure in Japan and added access to the country’s REIT market through its Japan Hotel REIT manager. These acquisitions added S$13 billion in FUM, bringing CLI’s total to S$117 billion as at 31 December 2024. In Europe and the USA, we continue to build teams, deepen partnerships, and evaluate strategic acquisitions. As always, we will move decisively but patiently—only when the numbers make sense. Delivering Consistent Financial Performance CLI delivered S$479 million in Profit After Tax and Minority Interests (PATMI) in FY 2024, up 165% from the previous year. Fee income from our four business lines—Listed Funds Management, Private Funds Management, Lodging Management, and Commercial Management—continued to grow. Revenue from the real estate investment business was mainly affected by the absence of income from divested assets as CLI continued its asset-light strategy. We divested S$5.5 billion in assets, more than doubling our 2023 figure. Though asset valuations remain under pressure, the impact has eased from the previous year. Based on S$740 million in Cash PATMI, we propose a core dividend of 12 Singapore cents per share and a special dividend-in-specie of 0.031 CapitaLand Integrated Commercial Trust (CICT) units per share, valued at about 6 Singapore centsĶ. In total, this returns S$904 million to shareholders. On top of this, we executed S$358 million in share buybacks in 2024. Our Board has also proposed raising CLI’s annual dividend payout to at least 50% of Cash PATMI. As always, our guiding principle is simple: we return capital when it makes sense, and we reinvest when we see better opportunities. Transition into a Fee-based Business Taking Shape CLI’s transformation into a fee-based business gained further momentum in 2024. Our four core pillars, Listed Funds Management, Private Funds Management, Lodging Management, and Commercial Management are driving growth. Our Listed Funds Management and Private Funds Management platforms are built around three enduring investment thematics—Demographics, Disruption and Digitalisation. In 2024, we attracted more than S$3.3 billion across both fund management platforms and launched eight new private funds, including two private credit funds, a Japan logistics fund, and a follow-on global lodging fund. We deployed S$4.6 billion across CLI’s listed and private funds, with five of our REITs allocating S$2.5 billion into logistics, industrial, lodging and retail assets—assets that add resilience and long-term income stability. 1 CLI made a strategic investment of a 40% stake in SCCP, which was completed on 7 March 2025. 2 Based on CLI’s issued shares as at 31 December 2024 and CICT’s share price at market close on 26 February 2025 of S$1.98. The actual dividend payment can only be determined on the book closure date. 5 Annual Report 2024
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