APR 08 A Quarterly Publication by City Developments Limited The Legendary St. Regis Opens its Doors in Singapore Record Profit in 2007 It was truly a grand affair. A party of glitz and glamour, at the official opening of the six-star St. Regis Singapore on 20 April 2008. The event was attended by over 700 GLITZ AND GLAMOUR distinguished guests, comprising foreign dignitaries, government leaders, members AT ST. REGIS SINGAPORE of the business and arts community as well as society’s who’s who. “Singapore is excited to be the home of the first St. Regis Hotel in South-East Asia. I commend the owners of the hotel for their vision in bringing this fine name in hospitality to Singapore, a name that has been synonymous with the hospitality industry for over a century.” A red-carpet evening of refinement and grandeur, guests were treated to the renowned and exclusive Krug Mr Mah Bow Tan, champagne, mouth-watering gourmet treats and not Minister for National Development forgetting, world-class entertainment. Bob Valentine and his jazz ensemble breathed exhilaration and exuberance into the majestic ballroom by serenading the “For the past ten years or night away with familiar favourites, while dynamic tap dancers so, no other internationally injected an energetic up-tempo beat to the evening with their branded six-star hotel snazzy footwork. development has been launched in Singapore. Today, I present to you, the latest remarkable property in the St Regis luxury collection... the flagship of the St Regis brand in Southeast Asia!” Guests toured the hotel’s exquisitely-appointed suites and Mr Kwek Leng Beng, mingled freely amongst the impressive world-class artworks Executive Chairman, from Botero, Miro, Chagall, among others. The beautiful works Hong Leong Group of eminent Singaporean artists of the past and present also adorn the walls of this hotel. Officiating the opening ceremony was Mr Mah Bow Tan, Minister for National Development (fourth from left), together with Mr Kwek Leng Beng, Executive Chairman of Hong Leong Group (third from left). A spectacular display of lighting and fanfare swept across the ballroom, officially unveiling the St. Regis Singapore. On stage (from left): Mr Miguel Ko, President of Starwood Asia Pacific, Mr Quek Leng Chye, Managing Director of Even within the dining establishments, there was charming Hong Leong Holdings Limited, Mr Kwek Leng Joo, Managing Director of CDL and representing TID Pte Ltd, which is a strains of classical and jazz music all night long. Delectable joint venture company of Hong Leong Group and Mitsui Fudosan Co. Ltd. is Mr Koichi Omuro, Executive Vice-President. delicacies such as foie gras, cavier, braised abalone and bird’s nest specially prepared from St. Regis’ exceptional signature The St. Regis Singapore is jointly owned by City Developments Limited, Hong Leong Holdings Limited and TID Pte Ltd. restaurants - Les Saveur, Yan Ting and La Brezza. 01 Cover: Presidential Suite-Dining Room Cover image, photos of event launch and hotel: Courtesy of St. Regis Singapore CITY NEWS A WORLD OF ELEGANCE AND REFINEMENT – THE ST. REGIS SINGAPORE POISED GRACIOUSLY AT THE DOORSTEP OF SINGAPORE’S FAMOUS SHOPPING BOULEVARD, A WORLD OF TIMELESS ELEGANCE AND PEERLESS SERVICE EXEMPLIFIES THE LEGENDARY TRADITION OF ST. REGIS HOSPITALITY. The super luxurious Presidential Suite reflects opulence and sophistication. As the first international hotel to open in Singapore in over a decade, St. Regis Singapore looks set to redefine the standards of luxury with its lavish furnishings and its signature bespoke butler service. The hotel’s exquisite interiors is home to one of the largest and finest private art collections in Asia, with over 40 original paintings and sculptures by world-renowned artists such as Fernando Botero, Gu Gan, Chen Wen Hsi and Georgette Chen. This immaculate attention to detail also extends to the 299 exquisitely-decorated guestrooms and suites. Designed to inspire modern opulence, each room features full silk-shaded chandeliers, custom-made furniture and lush fabrics that complement the stunning views of the downtown skyline. Guests can rejuvenate and luxuriate in a wide array of customised spa experiences that are inspired by holistic traditions from the Roman Empire to Chinese dynasties. To complete the indulgent St. Regis experience, an exciting gastronomical affair awaits in the hotel’s fine selection of restaurants. Reflecting a diverse international palette, St. Regis Singapore brings together the best cuisines from the world over, ranging from the French restaurant, Les Saveurs, to the breezy Mediterranean poolside restaurant, La Brezza, to the Cantonese Yan Ting, Decanter and the Tudor-style Astor Bar. In redefining luxury accommodation, St. Regis Singapore certainly impresses with its flair and St. Regis Singapore is home to one of the largest and finest private art collections in Asia. style – a true epitome of a lavish hotel experience. Les Saveurs – A taste of fine French cuisine. 02 03 UNIQUELY CDL CITY NEWS RECORD PROFIT SINCE INCEPTION For the full year ended 31 December 2007, the CDL Group has A REWARDING YEAR achieved sterling results. The CDL group profit for core earnings FOR THE PROPERTY MARKET after tax and minority interest soared to S$725.0 million, a 106.2% increase from 2006 of S$351.7 million without divestment gains and 2007 was a very active and rewarding year for The Quayside Collection, an integrated project comprising commercial space, a 228-unit luxurious residential fair value gains on investment properties. This marks the Group’s the property market and a very successful one for development and a proposed 249-room, five-star waterfront hotel has been designed to be the entertainment and profit at its record high since its inception in 1963. the Group. It sold a total of 1,655 units with sales leisure hub of Sentosa Cove. Like St. Regis, the hotel and residences will be branded. The Group is the only developer to have large mixed-use choice sites that enable it to bring new, branded living concepts to Singapore. value hitting a record S$3.38 billion, about 22% The Group adopts the conservative policy of depreciating its higher than 2006’s sales value of S$2.77 billion. investment properties as allowed under Financial Reporting Standard These included the successful launch of five new (FRS) 40. However, if the Company and its subsidiaries had adopted residential projects, three of which are in the high- PROSPECTS FOR 2008 a revaluation policy as commonly practised by practically all Singapore end segment. Depending on the market conditions, the Group may consider listed developers, its profit after tax and minority interest would have launching the following projects in the coming months – the exclusive, “Given Singapore’s strong surged to S$2.8 billion after taking into account the fair value gains on The office market performed strongly with healthy boutique Shelford Suites, a freehold 77-unit condominium located fundamentals, accompanied with investment properties from 2006 to 2007 (not taking into account net increases in occupancy and rental rates. Capital along Shelford Road, off Dunearn Road; a joint venture mass market book value). value of offices rose by 32.6% in 2007. The Group’s forward looking strategies which have extensive portfolio of office properties continued to property sited along Pasir Ris Drive 1, strategically located minutes enabled Singapore to be a choice city Excluding the one-off gain arising from the divestment of its long enjoy good occupancy of over 95.5%. from the Pasir Ris MRT station; the redevelopment of the former Lock to live, work and play, the Group is leasehold interest in four Singapore hotels to CDL Hospitality Cho apartments at Thomson Road catering to the mid-tier market; and Trusts (CDLHT) in 2006 of S$150.9 million, 2007 total profit before The Group acquired land bank at approximately the much awaited Quayside Collection at Sentosa Cove. confident that Singapore will remain tax increased by S$413.2 million or 76.3% to S$954.6 million as S$1.345 billion (including the Group’s share of joint very attractive to the investment The office sector remains buoyant. With limited office supply coming compared to the corresponding year. venture projects) which will serve as a pipeline community locally and globally, for future development. A major acquisition was on-stream between now till possibly 2011, as one of the biggest All three core segments of the Group – property development, landlords in Singapore, the Group will benefit from the office crunch especially since its restructured the tripartite, joint venture iconic South Beach economy has just started to bear fruit hotel operations and rental properties – have performed well and project awarded to the high-profile international as many of its key tenant leases are up for renewal during this period. contributed significantly to the Group’s stellar results. consortium led by the Group. This highly coveted Given the improving office rental yields, the Group has ample time to for this city. Singapore has created its review its strategy with options to continue retaining its commercial The Board is pleased to propose an additional special ordinary site was won through an intense competitive tender own brand with much equity and is properties at a low cost base, monetise its commercial portfolio and/or dividend of 12.5 cents per share, in addition to the normal ordinary exercise based on design first, and then price. South poised for a new era of growth.” extract maximum value by selling its assets wholesale or individually. dividend of 7.5 cents per share (total 20 cents per share). All such Beach is an equal partnership among the three conglomerates at a tender price of S$1.688 billion. Mr Kwek Leng Beng dividends will be tax exempt (1-tier) dividends.