We are a multinational investor-developer-operator of real estate products and services.

Our multinational businesses operate across five asset classes, namely, commercial & business parks, hospitality, industrial & logistics, residential and retail. The Group has businesses in Southeast Asia, Australia, Europe and China, and its well-established hospitality business owns and/or operates serviced apartments and hotels in 20 countries across Asia, Australia, Europe, the Middle East and Africa.

Listed on the Main Board of the Singapore Exchange Securities Trading Limited (”SGX-ST”) and headquartered in Singapore, Frasers Property is the sponsor of two real estate investment trusts (“REITs”) listed on the SGX-ST, Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust, respectively focused on retail, and industrial & commercial properties.

In addition, the Group sponsors two REITs listed on the Stock Exchange of Thailand. Frasers Property (Thailand) Public Company Limited is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT, which is focused on industrial & logistics properties in Thailand, and Golden Ventures Leasehold Real Estate Investment Trust, which is focused on commercial properties in Thailand.

The Company's policy is to recommend dividends of up to 75% of the Company's net profit after tax after considering a number of factors, including the Company's level of cash and reserves, results of operations, business prospects, capital requirements and surplus, general financial condition, contractual restrictions, the absence of any circumstances which might reduce the amount of reserves available to pay dividends and other factors considered to be relevant by the Board, including the expected financial performance of the Company.

Following the amendments to Rule 705(2) of the Listing Manual of the Singapore Exchange Securities Trading Limited which took effect from 7 February 2020, Frasers Property Limited changed to half-yearly reporting with immediate effect as of 13 May 2020.

We remain committed to engaging the investment community through clear, timely, as well as consistent communications, and will provide first and third quarter business updates. We will continue to keep shareholders updated on material developments relating to the Group in compliance with our continuing disclosure obligations.

Online versions of published annual reports can be accessed here.

The mailing of annual reports to shareholders en masse has been discontinued in line with our sustainability strategy, and we hope you will join us in our sustainability efforts and embrace e-communications. Nonetheless, if you would like a hard copy of the annual report, you can request for one via the "Contact us" page or write in to ir@frasersproperty.com.

Information on our retail bonds can be found on the "Retail bonds" page.

At Frasers Property, we focus on creating long-term sustainable value for our stakeholders. In the past decade, we have reshaped our portfolio to create competitive and distinctive business platforms, strengthened by diverse asset classes across geographies.

In today's volatile global economy, characterised by inflationary pressures, higher interest rates, and geopolitical tensions reshaping markets worldwide, it is essential for us to embrace a more agile and forward-thinking strategic approach. The real estate sector is also undergoing a transformative shift, with an increasing emphasis on the built environment's role in societal resilience and a growing demand for sustainable and flexible spaces. Adapting to these evolving conditions and anticipating future trends is critical for maintaining our competitive edge.

As we face macroeconomic uncertainties, the next phase of our journey is on delivering sustainable value creation. At Frasers Property, sustainable value creation is built on three essential pillars - creating value, sustaining value, and unlocking value. Our integrated model as an investor, developer, and operator enables us to tap our capabilities across the real estate value chain, capturing opportunities for value creation and enhancing the resilience of our income streams over time.

Creating and sustaining value in this market environment requires a multifaceted approach. Our development capabilities are integral to our value creation strategy as we use our deep market insights to align both our residential and non-residential offerings with evolving market demands.

While residential development remains a key focus, we adopt a prudent approach, emphasising segments with robust domestic demand and utilising capital-efficient structures. By participating in joint ventures from the tender stage and bringing in capital partners for ongoing projects, we can deploy capital across more projects and manage both risks and the distribution of residential development contributions.

FY24 exemplifies this approach. While residential contributions boosted performance, unrecognised revenue was below our five-year average due to the timing of launches. Despite these fluctuations, our strong business platforms and their established local networks position us well to select and manage projects that deliver attractive returns.

Beyond residential development, we leverage our capabilities in non-residential asset classes with a build-to-core approach, creating value via development uplifts. The Group's development of industrial and logistics (I&L) assets ensures a robust recurring income base of high-quality assets in strategic locations. As at 30 September 2024, 88% of the Group's property assets and 74% of the Group's FY24 PBIT are from recurring income asset classes.

Sustaining value enhances the performance of our existing assets through active asset management and customer-centric property management practices. By continuously reviewing the strategic plan for each asset, we ensure our properties remain relevant and appealing, generating stable income streams and supporting the long-term value of our investment properties.

We will gradually increase the Group's development exposure in both residential and selected non-residential asset classes, exploring opportunities across greenfield sites, redevelopments, and asset repurposing to generate the best risk-adjusted returns. This transition will take time, and our approach will be measured and deliberate.

Real estate investing is inherently capital intensive, and active capital management is crucial for enhancing returns. At Frasers Property, we are committed to recycling capital within our portfolio for reinvestment into opportunities that allow us to enhance the returns and resilience of our portfolio.

In FY24, the Group undertook asset transactions totalling $1.8 billion. This included the divestment of our stake in NEX, a suburban retail mall in Singapore, to FCT and four German I&L properties to FLCT. Our disciplined approach to capital recycling through the Group's REITs consistently unlocks capital while continuing to create value for our broader investor base. In fact, since our listing in FY14, we have recycled approximately $9.0 billion via the Group's REITs. We also divest assets to the market, as seen with Fraser Residence River Promenade and Capri by Fraser, Changi City this year.

Additionally, we focus on holding investment properties and development projects through capital-efficient structures to optimise capital and manage risk. In FY24, we entered into six capital partnerships, bringing our total to 37 investment properties and development projects held under such partnerships by the end of the financial year. We will continue to seek collaboration opportunities to further enhance our capital efficiency.

Recognising the significant embedded value within our balance sheet, we identify assets suitable for redevelopment to enhance value. A recent example is our announcement of the redevelopment of Robertson Walk and Fraser Place Robertson Walk into a residential and lifestyle hub.

Our Purpose - Inspiring experiences, creating places for good. - continues to guide us in advancing our Environmental, Social, and Governance (ESG) goals, with a critical focus on enhancing our business resilience against climate risks. This year, we have made substantial strides, supported by the development of innovative internal tools and frameworks that enable action across the Group. Our decarbonisation tool helps assess our decarbonisation pathways and evaluate its associated cost-benefit. Meanwhile, our Climate Value at Risk platform allows us to factor climate considerations in how we manage our risks and portfolio. We are also developing the Group's Climate and Nature Transition Plan, including an internal Nature Framework for future nature-related disclosures, and formalising a Social Value Strategy to provide a common framework for the Group.

A landmark achievement this year was our partnership with SP Group to install solar panels across seven of our retail and commercial properties in Singapore. This initiative marks the largest single solar panel roll-out for retail malls in Singapore. Our commitment to enhancing property resilience is further validated by our green certifications, and we continue to engage our suppliers through our Responsible Sourcing Policy to drive sustainability across our value chain.

The effectiveness of our ESG initiatives is reflected in our GRESB 2024 assessment results, where we secured six global and regional sector leadership positions. This marks the fourth consecutive year that all listed and non-listed units of Frasers Property, including our five REITs, have participated in GRESB for targeted sector benchmarking.

Our journey towards sustaining value creation is a shared challenge across industries and geographies. We are leveraging our position in the value chain to collaborate with stakeholders, creating shared value for our planet and society while maintaining a focus on financial returns for our shareholders. We believe that this strong commitment to sustainability will ultimately enhance our business resilience. By anchoring to our Purpose and focusing on engaging with and delivering better outcomes for our stakeholders, Frasers Property can deliver long-term value creation and resilience.

We are making steady progress on our journey toward sustainable value creation. Our residential development efforts will proceed at a measured pace, calibrated to local market conditions, while we maintain a robust build-to-core pipeline. By prioritising active asset management and customer-centric approaches, we will drive returns from our investment properties. Unlocking value will remain a key priority as we optimise the Group's capital efficiency, sustain our recurring earnings base, and enhance our risk-adjusted returns.

While we remain cautious about the macroeconomic environment, we have taken steps to enhance our agility and strategic focus to better navigate the challenges ahead. Early in the year, we made organisational changes to better harness our Group scale and synergies, strengthen business resilience, and build further on our geographical and asset class strengths.

While we continue to enhance our operating model, we are also optimising our resourcing and capabilities to drive a high-performing organisation as one enterprise. Our strategic priorities are clear: to drive sustainable value creation, optimise capital efficiency, and enhance our portfolio returns. By staying true to these priorities and continuously adapting to market conditions, we ensure that Frasers Property remains resilient and well-positioned for the future.

Executing this will require the organisational backbone of the right people, processes, systems, and execution discipline. All of these will go a long way in supporting our ability to deliver lasting value to our stakeholders.

Frasers Property recorded 17.8% increase in attributed profit to S$243.1 million for the financial period ended 30 September 2025 (“FY25”), as the Group benefited from net fair value change recorded from build-to-core development completions and divestments, along with reversal of tax provisions. However, profit before interest, fair value change, tax and exceptional items (“PBIT”) declined due to lower residential contributions across most markets, primarily due to timing of project settlements and impairments on certain projects, partly offset by stronger industrial and logistics and retail performance. Excluding the one-off reversal of tax provisions, attributable profit was 50% lower year-on-year, reflecting lower PBIT and higher net interest expense.

Taking into consideration the Group’s financial performance and cash flow requirements, Frasers Property’s Board of Directors has proposed a first and final dividend of 4.5 Singapore cents per share for FY25, maintaining the same level of 4.5 Singapore cents per share paid for FY24.

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For the full year ended 30 September 2025, the Group’s net debt to total equity ratio stood at 89.2% (30 September 2024: 83.4%). The higher net debt was mainly due to funding for the privatisation of Frasers Hospitality Trust, acquisitions by the Group’s consolidated REITs, as well as capital expenditure. The net debt to equity ratio is derived based on consolidated net debt (including 100% of the net debt of consolidated SGX-listed REITs) as the numerator, divided by total equity of the Group (including non-controlling interests (“NCI”), primarily related to consolidated SGX-listed REITs, and perpetual securities) as the denominator. The Group does not use equity attributable to owners of the Company as the denominator as comparing consolidated net debt to equity that excludes NCI is a mismatch in basis and would result in an inaccurate reflection of the Group’s net gearing. Net debt to property assets ratio stood at 43.7% (30 September 2024: 42.1%).

Fixed-rate debt comprised 75.0% of the Group’s total debt, which had an average weighted debt maturity of 2.5 years. Net asset value per share as at 30 September 2025 was lower at $2.37 (30 September 2024: $2.45). The strengthening of the Singapore dollar, particularly against the Australia dollar, resulted in unrealised net foreign currency translation reserve loss.

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Development exposure for better risk-adjusted returns

The Group continues to expand its development exposure across residential and select non-residential asset classes, guided by disciplined capital allocation and market insights. Recent launches in Singapore, such as The Orie and The Robertson Opus, achieved strong take-up. A key element of the Group’s strategy is its deliberate shift towards a partnership model for residential developments, exemplified by collaborations like the joint venture for the Dunearn Road GLS site in Singapore, and its most recent acquisition of a residential site in Jing’an, Shanghai, China. These partnerships enable the Group to combine complementary strengths to build a quality portfolio of residential projects in a capital efficient manner while effectively balancing risk and returns. The Group’s residential development pipeline provided earnings visibility, with unrecognised revenue of S$1.4 billion as at 30 September 2025.

Frasers Property’s build-to-core strategy delivered approximately 691,000 square metres of industrial and logistics projects in FY25, with a further 758,000 square metres under development. Sustained demand from supply chain reconfiguration and e-commerce continues to support attractive returns.

Active asset and portfolio management driving recurring income

Approximately 86% of FY25 PBIT was derived from high-quality, recurring income asset classes. The Group added approximately 1.3 million square metres of quality, income-generating assets across FY24 and FY25, focusing on suburban retail and I&L. Concurrently, the Group's divestment of non-core and fully-optimised assets has enabled the redeployment of resources into higher-returns opportunities.

Active asset management and positive rental reversions have further supported recurring income. The successful privatisation of FHT was a recent milestone. By leveraging Frasers Property’s capabilities in the hospitality business, the Group is well-positioned to apply its deep understanding of the assets to unlock further potential.

Consistently optimising asset value and enhancing capital efficiency

In FY25, the Group continued to actively recycle assets, notably, the divestment of a 50% stake in Northpoint City South Wing to Frasers Centrepoint Trust. Additionally, a capital partner was onboarded for 17 industrial and logistics assets in Australia through two separate transactions in April and October 2025. The Group divested non-core assets, including three hospitality properties and an Australian retail asset in FY25, and Real Utilities – a carbon-neutral energy retailing business in Australia in October 2025. It advanced the redevelopment of existing assets as well, exemplified by the ongoing redevelopment of Robertson Walk in Singapore into The Robertson Opus. In addition, the acquisition of Yishun 10 in Singapore positions the Group to unlock further value from its redevelopment potential, while benefiting from recurring income in the interim. These actions reflect Frasers Property’s commitment to capital efficiency, strategic partnerships, and delivering long-term value for stakeholders.

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Frasers Property continues its journey of sustainable value creation. The Group is reinforcing its core capabilities to drive resilient growth in a rapidly evolving real estate landscape. The Group’s long-term priorities – including portfolio rebalancing and capital efficiency – continue to shape a future-ready business that aims to deliver enduring value for all stakeholders. Recognising the challenges ahead, Frasers Property is taking disciplined steps to strengthen performance and protect value, with a clear focus on delivering near-term outcomes, while staying committed to the Group’s long-term goals.

Frasers Property deepened its integration of ESG considerations. The Group installed over 76 Megawatts of renewable energy across its portfolio in FY2025, advancing toward its 2050 net-zero carbon emissions target. Frasers Property continues to engage its value chain on sustainability, with approximately 78% of suppliers by spend completing ESG training via e-learning programmes and surveys around its responsible sourcing policy.

Click here for Frasers Property Limited ESG Reports and ESG Databook.