We are a multi-national developer-owner-operator of real estate products and services across the property value chain.

Our multi-national businesses operate across five asset classes, namely, residential, retail, commercial & business parks, industrial & logistics as well as hospitality. 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 over 70 cities and 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 also the sponsor of two real estate investment trusts ("REITs") and one stapled trust listed on the SGX-ST. Frasers Centrepoint Trust and Frasers Logistics & Commercial Trust are focused on retail, and industrial & commercial properties, respectively. Frasers Hospitality Trust (comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust) is a stapled trust focused on hospitality properties.

In Thailand, Frasers Property (Thailand) Public Company Limited ("FPT") is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT ("FTREIT"), which is focused on industrial & logistics properties in Thailand, and Golden Ventures Leasehold Real Estate Investment Trust ("GVREIT"), which is focused on commercial properties. FPT, FTREIT and GVREIT are listed on the Stock Exchange of 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's revenue for the financial year ended 30 September 2024 (“FY24”) increased 6.8% year-on-year to S$4,214.8 million, while profit before interest, fair value change, tax and exceptional items (“PBIT”) and attributable profit increased by 3.0% and 19.2% year-on-year to S$1,352.2 million and S$206.3 million, respectively.

The Group's FY24 earnings were bolstered by higher contributions from residential projects in China and Australia, despite higher interest expenses. Significant unrealised fair value losses were recorded on certain commercial properties in the UK and Australia. This was partially mitigated by net fair value gains on Singapore properties (largely realised), as well as industrial and logistics properties in Australia and the EU.

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 FY24, maintaining the same level of 4.5 Singapore cents per share paid for FY23.

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For the full year ended 30 September 2024, the Group's net debt to total equity ratio stood at 83.4% (30 September 2023: 75.8%). The higher net debt was driven mainly by capital expenditure and redemption of perpetual securities, partially offset by certain divestments and equity fund raising by the Group's REIT. The net debt to total equity ratio is derived based on consolidated net debt (including 100% of the net debt of consolidated REITs) as the numerator, divided by total equity of the Group (including non-controlling interests (“NCI”), primarily related to consolidated 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 42.1% (30 September 2023: 40.4%).

72.9% of the Group's total debt are on fixed rates, which has helped to mitigate the impact of rapidly rising interest rates over the past two years. However, it will similarly take time for the effects of lower interest rates to flow through when the rate reductions begin. Blended debt funding cost was 3.9% with weighted debt maturity was 2.5 years.

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Increasing development exposure over the medium to long-term
Frasers Property's expertise in property development and placemaking is pivotal to creating value in strategic segments and locations. Leveraging deep market insights, the Group creates spaces that cater to customer requirements. The Group will gradually increase its development exposure in both residential and selected non-residential asset classes to deliver better risk-adjusted returns.

Boosting recurring income and fee income
Recurring income streams are a substantial part of Frasers Property's earnings. As at 30 September 2024, 88% of the Group's property assets comprised recurring income asset classes, contributing 74% of the Group's FY24 PBIT. The Group's development of I&L assets ensures a robust base of high-quality assets in strategic locations. Driven by its focus of sustaining value, the Group aims to enhance the income-generating potential of its recurring income properties over a longer period, thereby supporting the valuation of its investment properties over the long-term.

Consistently unlocking asset value and optimising capital efficiency
Frasers Property unlocks the value from its portfolio by actively recycling capital where it can deliver better risk-adjusted returns. In FY24, the Group undertook asset transactions totalling S$1.8 billion, including the divestment of its stake in NEX, a suburban retail mall in Singapore, to Frasers Centrepoint Trust (“FCT”) and four German industrial and logistics properties to Frasers Logistics & Commercial Trust (“FLCT”). Additionally, the Group and its REITs divested assets to unrelated third parties, including Fraser Residence River Promenade and Capri by Fraser, Changi City.

Capital partnerships remain a key focus for optimising capital and managing risks. Frasers Property entered into several capital partnerships in FY24 and will continue to seek collaboration opportunities, as well as explore redevelopment opportunities within its portfolio to unlock optimal returns.

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While we remain cautious about the macroeconomic environment, we have taken steps to improve our agility and strategic focus to better navigate the challenges ahead. The disciplined unlocking of value to recycle capital will continue to be top of our agenda. This will support our deleveraging initiatives and our plan to increase development exposure for better risk-adjusted returns.

The Group will continue to create value through a measured pace of property development aligned with local market conditions and its well-located pipeline. Sustaining value by continuously driving returns from its investment properties portfolio, and unlocking value will enable the Group to optimise capital efficiency as it progresses on its sustainable value creation path.

Frasers Property remains committed to Environmental, Social, and Governance (“ESG”) aspects through its ESG Goals, aimed at enhancing business resilience against physical and transition climate risks. The efforts across the Group are reflected in the GRESB 2024 assessment, which recognised the sustainability performance of its business units with six global and regional sector leadership positions. This marks the fourth consecutive year that all listed and non-listed business units, including the Group's five REITs, have participated in GRESB for targeted peer benchmarking, which is enabling the Group to continuously learn and improve across geographies and asset classes.

Click here for details on Frasers Property's GRESB 2024 results.