Financial Review GROSS REVENUE In RMB terms, gross revenue in FY 2024 decreased by RMB74.9 million, or 3.9% lower than FY 2023. Despite the stronger retail performance, net property income (NPI) was impacted by the absence of contributions from CapitaMall Shuangjing and CapitaMall Qibao, and lower contributions from the business parks and logistics parks. As a result, NPI for FY 2024 decreased by RMB74.7 million, or 5.8% lower than FY 2023. On a like-for-like basis for CLCT’s nine retail assets1, NPI increased 1.9% year-on-year (YoY) in FY 2024. The three malls2 that underwent asset enhancement initiatives (AEI) in 2023 demonstrated strong performance, achieving a 13.7% YoY growth in NPI and a blended return on investment (ROI) of about 14%, exceeding the cost of funds. The retail portfolio, the largest asset class in CLCT’s portfolio, accounted for 71.5% of the portfolio’s gross revenue as of 31 December 2024. FY 2024 FY 2023 % FY 2024 FY 2023 % Gross Revenue by Propertyi S$’000 S$’000 Change RMB’000 RMB’000 Change Retail CapitaMall Xizhimen 56,162 57,432 (2.2) 302,173 301,127 0.3 Rock Squareii 44,637 44,144 1.1 240,163 231,461 3.8 CapitaMall Wangjing 38,780 40,771 (4.9) 208,653 213,776 (2.4) CapitaMall Grand Canyonii 20,833 17,294 20.5 112,092 90,679 23.6 CapitaMall Xuefu 32,563 33,462 (2.7) 175,200 175,453 (0.1) CapitaMall Xinnan 10,491 13,174 (20.4) 56,446 69,077 (18.3) CapitaMall Nuohemule 17,504 18,436 (5.1) 94,177 96,664 (2.6) CapitaMall Yuhuatingii 16,199 15,687 3.3 87,158 82,250 6.0 CapitaMall Aidemengdun 6,842 7,811 (12.4) 36,815 40,954 (10.1) Total Gross Revenue for Retail excluding CapitaMall Qibao and CapitaMall Shuangjing 244,011 248,211 (1.7)1,312,877 1,301,441 0.9 CapitaMall Qibaoiii – 1,090 – – 5,713 – CapitaMall Shuangjingiv 87 5,525 (98.4) 464 28,968 (98.4) Total Gross Revenue for Retail 244,098 254,826 (4.2) 1,313,341 1,336,122 (1.7) Business Parks Ascendas Xinsu Portfolio 42,671 43,234 (1.3) 229,588 226,690 1.3 Singapore-Hangzhou Science & Technology Park (Phase I) 11,311 12,824 (11.8) 60,859 67,240 (9.5) Singapore-Hangzhou Science & Technology Park (Phase II) 15,392 16,031 (4.0) 82,814 84,055 (1.5) Ascendas Innovation Towers 12,877 15,097 (14.7) 69,284 79,157 (12.5) Ascendas Innovation Hub 6,106 6,592 (7.4) 32,849 34,562 (5.0) Total Gross Revenue for Business Parks 88,357 93,778 (5.8) 475,394 491,704 (3.3) Logistics Parks Shanghai Fengxian Logistics Park 225 4,993 (95.5) 1,212 26,185 (95.4) Chengdu Shuangliu Logistics Park 3,171 3,205 (1.1) 17,057 16,805 1.5 Wuhan Yangluo Logistics Park 3,330 4,270 (22.0) 17,918 22,390 (20.0) Kunshan Bacheng Logistics Park 2,348 3,674 (36.1) 12,638 19,262 (34.4) Total Gross Revenue for Logistics Parks 9,074 16,142 (43.8) 48,825 84,642 (42.3) Total Gross Revenue 341,529 364,746 (6.4)v 1,837,560 1,912,468 (3.9) i Based on 100.0% stake. ii Post-AEI malls. iii CapitaMall Qibao ceased operations in March 2023. iv CapitaMall Shuangjing was classified under held for sale as at 31 December 2023 following the announcement of divestment on 6 December 2023. The divestment was completed on 23 January 2024. v Total gross revenue is lower in SGD terms mainly due to weaker RMB against SGD. 1 Excluding contributions from CapitaMall Qibao and CapitaMall Shuangjing. 2 The post-AEI malls are CapitaMall Yuhuating, Rock Square and CapitaMall Grand Canyon. 22 CapitaLand China Trust
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