Acquisition of S$99-million land parcel part of proposal to turn iconic complex into &lsquo Singapore&rsquo s first hyper-mixed development&rsquo

 

[SINGAPORE] Marina Residential Development, an indirect subsidiary of Singapore Land Group (SingLand), has entered into four sale-and-purchase agreements to buy a 3,992 square metre (sq m) plot in the Marina Square complex for an aggregate consideration of S$99.1 million.

 

The acquisition is part of a drive to rejuvenate the Marina Square complex, SingLand said on Wednesday (Dec 3).

 

In 2023, it had obtained provisional permission from the Urban Redevelopment Authority for the partial redevelopment of Marina Square complex.

 

In the second half of 2025, SingLand submitted a revised proposal to transform the complex into &ldquo Singapore&rsquo s first hyper-mixed development&rdquo . This is referring to its plans to add residential facilities, a mixed-use tower and a public park.

 

The four agreements struck on Wednesday &ndash which mark progress on this proposal &ndash are with Marina Centre Holdings, Hotel Marina City, Aquamarina Hotel and Marina Bay Hotel.

 

The proposed acquisition of 6 Raffles Boulevard is an internal restructuring exercise to consolidate the ownership of the land parcel within the Marina Square complex. The parcel is to be held by Marina Residential Development, a wholly-owned subsidiary of Marina Centre Holdings.

 

Marina Centre Holdings is 77.34 per cent held by SingLand subsidiary Singland Properties, and 22.66 per cent by UOL Group.

 

The land parcel is part of the 92,197.3 sq m Marina Square complex, which comprises Pan Pacific Singapore Parkroyal Collection Marina Bay Mandarin Oriental, Singapore and Marina Square Shopping Mall.  

 

SingLand intends to transform Marina Square complex by adding three buildings. These will comprise a residential tower, a serviced apartment block and a mixed-use tower with hospitality, office and performing arts spaces. 

 

One key enhancement proposed is a 6,500 sq m public park with greenery, playscapes and event spaces. Together with the upcoming NS Square, SingLand said the project will strengthen the area&rsquo s appeal as a mixed-use lifestyle destination. 

 

The proposal is under review by the relevant authorities. SingLand and its team of professional advisers are concurrently working on more detailed plans. 

 

While the timeline for the proposed development has not been determined, SingLand is expected to provide updates on this in the first half of 2026. 

 

Singapore Land Group (SingLand) U06 -0.51%   has announced the sale of a residential development unit to Elaine Low, the wife of SingLand CEO Jonathan Eu.

 

On Dec 1, the company approved the proposed sale by its joint venture company, United Venture Development (Watten), of a unit in its Watten House project for a price of $7.7 million. 

 

No discounts were given for the proposed sale.

 

Low will be making the purchase on behalf of a trust in which her son is a beneficiary.

 

SingLand says its audit and risk committee approved the sale after having reviewed and satisfied itself that the number and the terms of the proposed sale were fair, reasonable and not prejudicial to the interests of the company and its minority shareholders.

 

The company&rsquo s board of directors similarly conducted a review, from which Eu abstained, before granting its approval.

 

Citi Research analyst Brandon Lee has kept his &ldquo buy&rdquo call and target price of $9.08 on UOL Group after Singapore Land Group U06 0.00% , UOL&rsquo s 50.4%-owned subsidiary, announced the partial redevelopment of Marina Square on Sept 18. Lee' s target price is set at a 30% discount to its RNAV of $12.97. 

 

Singapore Land Group says it is working on more details to obtain the necessary approvals from the relevant authorities, but the timeline has not been determined, notes Lee in his Oct 1 report.

 

&ldquo We (and likely investors also given consistent questions regarding this topic) are not surprised by given UOL&rsquo s and SLG&rsquo s proven track record of asset redevelopment in Singapore, like Clifford Centre, Odeon Towers/KH Kea Building and Faber House,&rdquo says Lee in his Oct 1 report.

 

He adds that the timing of the announcement came as a &ldquo pleasant surprise&rdquo given that UOL had previously said that any potential redevelopment would be a &ldquo long-drawn-out process&rdquo .

 

However, the latest announcement seems to be in line with the group&rsquo s recent move to review its portfolio with a view to unlocking value.

 

&ldquo Combined with an increased openness to bring in joint venture (JV) partner(s) to tap on their expertise/network, we believe its discount to revalued net asset value (RNAV) could narrow from here,&rdquo says Lee, adding that the redevelopment could yield a &ldquo decent&rdquo RNAV accretion of 4% to 6%.

 

&ldquo Assuming plot ratio expansion of 25% (from existing 3.4x to 4.3x, in-line with 4.1x - 4.6x of nearby projects &ndash Suntec City, South Beach, Guoco Midtown and Bugis Junction) for Marina Square shopping mall site and three potential mixed-use redevelopment schemes (with mix of office, residential, retail and/or serviced residences components), we estimate [a] gross development value (GDV) of $3.8 billion - $4.3 billion, profit before tax (PBT) margin of 21% - 31% and RNAV accretion of 4% - 6%,&rdquo he adds.

 

&ldquo We believe cost savings can be achieved by bringing in JV partners (like CapitaLand Development for its recent mixed-use site at Tampines Avenue 11) and/or doing without land tenure top-up for the non-residential components,&rdquo he continues.

 

Marina Square is a 99-year leasehold mixed-use development along Raffles Boulevard with 56 years left on the lease. It has a total gross floor area of 3.4 million sq ft comprising the 37-year-old Marina Square shopping mall as well as three upscale hotels &ndash the 790-room Pan Pacific Singapore, the 538-room Parkroyal Collection Marina Bay and the 510-room Mandarin Oriental. All components of the development were first completed between 1986 and 1987.

 

UOL owns a 22.7% stake in Marina Centre Holdings (MCH) while Singapore Land Group owns 77.3% in MCH. MCH, in turn, owns 100% stakes in the mall and Pan Pacific Singapore, as well as a 75% stake in Parkroyal Collection Marina Bay. MCH also owns a 50% stake in Mandarin Oriental. UOL owns the remaining 25% stake in Parkroyal Collection Marina Bay.

 

As such, UOL owns respective effective stakes of 62% in the mall, 62% in Pan Pacific Singapore, 71% in Parkroyal Collection Marina Bay and 31% in Mandarin Oriental.

 

&ldquo UOL and City Developments (CDL) are the most direct proxies to [the] Singapore property sector, in view of their respective 84% and 51% exposure,&rdquo he writes. &ldquo Our target price for CDL is currently pegged at a marginally lower 25% discount to its RNAV (due to relatively higher geographical diversification), similar to where it traded at during the past few global downcycles.&rdquo

 

In addition, Lee expects UOL to benefit from a &ldquo decent&rdquo take-up for two of its residential launches in 2023 as well as expectations of more redevelopments of its aged commercial properties.

 

The key downsides, in his view, are an expansion of cap rates as interest rates rise, a sharp economic slowdown, a fall in tourist arrivals, and a prolonged period of existing cooling measures.

 

As at its last-closed share price of $6.42 on Sept 29, UOL, which is down by 4% year-to-date (ytd), has outperformed Singapore developers, whose shares are down by 16% over the same period.

 

At present, UOL&rsquo s valuations remain cheap as it is trading at a 51% discount to its RNAV and 0.52x P/B, says Lee.

 

The proposed rezoning of Marina Square by Singapore Land Group (SingLand) U06 1.99% and UOL Group U14 -1.65% has come as a &ldquo positive surprise&rdquo , says the team at DBS Group Research.

 

SingLand, a listed subsidiary of UOL, had submitted an application to the Urban Redevelopment Authority (URA) to rezone its Marina Square site.

 

The site, which is currently zoned for hotel use, has been proposed for rezoning to residential use &ldquo with commercial at first storey&rdquo . The application also asked for the gross plot ratio of two plots occupied by the mixed-use development along Raffles Boulevard to be removed.

 

To the team at DBS, SingLand and UOL Group will be &ldquo extracting gold&rdquo from within their portfolio should the redevelopment of their Marina Square site go ahead. The team is expecting to see &ldquo significant upsides&rdquo to the net asset values (NAVs) of both SingLand and UOL Group although the overall costs to redevelopment and hefty land betterment charges (LBC) may be a near-term overhang.

 

&ldquo This application involves intensification of the 99-year leasehold site and if approved, should involve a possible residential tower and a rejuvenation of the ageing mall, which in our view, faces competition from nearby Suntec City and Millenia Walk, which underwent a round of asset repositioning in the past two years,&rdquo the team writes.

 

&ldquo While details are scant for now, key questions arising will be the cost of the overall development which could weigh on returns and potential LBC that could be levied on the entire plot (with gross floor area or GFA [being over] 3 million sq ft) which could be hefty,&rdquo they add. &ldquo That said, the rejuvenation coupled with upside to GFA, capital values [are] an incremental positive for both SingLand and UOL.&rdquo

 

SingLand, which is not rated by DBS, is currently trading at a P/B of 0.4x based on its last-closed share price of $2.01. DBS has rated UOL &ldquo buy&rdquo with a target price of $8.40. At UOL&rsquo s last-closed share price of $6.66 on Sept 15, the stock is trading at a &ldquo steep&rdquo P/B of 0.5x.

 

Singapore Land Group (SingLand) U06 1.99% has submitted an application to the Urban Redevelopment Authority (URA) to rezone its Marina Square site, reported The Straits Times on Sept 18.

 

Marina Square is a mixed-use development that has three hotels, a shopping mall and an office. The development sits on 99-year leasehold land that started from Sept 9, 1980. The site area measures 92,197 sqm with a total gross floor area of 315,046 sqm.

 

The group, along with its parent company, UOL Group U14 -1.65% , has a majority stake after a series of acquisitions made in 2019. Of the three hotels, UOL and SingLand own Parkroyal Collection Marina Bay and Pan Pacific Singapore while SingLand owns a 50% stake in Mandarin Oriental. Mandarin Oriental Hotel Group, under the Jardine Matheson group of companies, owns the remaining 50%.

 

The application, which was seen in a proposed amendment to URA&rsquo s masterplan that was published on Aug 1, involved rezoning a portion of the site from &ldquo hotel&rdquo to &ldquo residential with commercial at first storey&rdquo . The application also stated the removal of the gross plot ratio of two plots occupied by the mixed-use development along Raffles Boulevard. Marina Square is currently zoned for hotel use with a plot ratio of 3.4. The plots may also be used for commercial or residential use as long as they don&rsquo t go over 40% of the total floor area.

 

The proposed rezoning means that SingLand has already received in-principle approval from the authorities to build residential units on its property, says The Straits Times.

 

According to the paper, the proposed rezoning for residential use spans some 3,700 sqm and will include a part of the swimming pool at Parkroyal Collection Marina Bay and a part of the shopping mall.

 

Based on SingLand&rsquo s annual report for the FY2022 ended Dec 31, 2022, the mall has a committed occupancy of 98%.

 

A spokesperson for SingLand said that it would reveal details upon any &ldquo material developments&rdquo .

 

The proposed rezoning of Marina Square by Singapore Land Group (SingLand) U06 1.99% and UOL Group U14 -1.65% has come as a &ldquo positive surprise&rdquo , says the team at DBS Group Research.

 

SingLand, a listed subsidiary of UOL, had submitted an application to the Urban Redevelopment Authority (URA) to rezone its Marina Square site.

 

The site, which is currently zoned for hotel use, has been proposed for rezoning to residential use &ldquo with commercial at first storey&rdquo . The application also asked for the gross plot ratio of two plots occupied by the mixed-use development along Raffles Boulevard to be removed.

 

To the team at DBS, SingLand and UOL Group will be &ldquo extracting gold&rdquo from within their portfolio should the redevelopment of their Marina Square site go ahead. The team is expecting to see &ldquo significant upsides&rdquo to the net asset values (NAVs) of both SingLand and UOL Group although the overall costs to redevelopment and hefty land betterment charges (LBC) may be a near-term overhang.

 

&ldquo This application involves intensification of the 99-year leasehold site and if approved, should involve a possible residential tower and a rejuvenation of the ageing mall, which in our view, faces competition from nearby Suntec City and Millenia Walk, which underwent a round of asset repositioning in the past two years,&rdquo the team writes.

 

&ldquo While details are scant for now, key questions arising will be the cost of the overall development which could weigh on returns and potential LBC that could be levied on the entire plot (with gross floor area or GFA [being over] 3 million sq ft) which could be hefty,&rdquo they add. &ldquo That said, the rejuvenation coupled with upside to GFA, capital values [are] an incremental positive for both SingLand and UOL.&rdquo

 

SingLand, which is not rated by DBS, is currently trading at a P/B of 0.4x based on its last-closed share price of $2.01. DBS has rated UOL &ldquo buy&rdquo with a target price of $8.40. At UOL&rsquo s last-closed share price of $6.66 on Sept 15, the stock is trading at a &ldquo steep&rdquo P/B of 0.5x.

 

SINGAPORE Land Group (SingLand) : U06 +0.86% reported a 60 per cent fall in net profit to S$95.3 million in the six months ended Dec 31, 2022, down from S$239 million in the year-ago period.

 

This was mainly due to a fair-value loss on subsidiaries&rsquo investment properties of S$6.6 million in the second half (H2), compared to a S$101.4 million fair-value gain recorded in H2 FY2021, SingLand said in a regulatory filing on Friday (Feb 24).

 

In a separate filing on the same day, the group also announced that veteran banker Wee Cho Yaw has retired as chairman, and will be replaced in the role by his son, Ee Lim.

 

The younger Wee is chief executive of Haw Par : H02 -0.97%, maker of the Tiger Balm line of products.

 

Earnings per share for H2 2022 &ndash including fair-value losses on investment properties &ndash fell to 6.7 Singapore cents per share, down from 16.7 Singapore cents per share in H2 FY2021.

 

Revenue for the second half of FY2022 rose 26 per cent to S$346.9 million, up from S$275.5 million previously. This was mainly due to revenue from the group&rsquo s hotel operations more than doubling to S$66.5 million, which were boosted by the recovery of Singapore&rsquo s hospitality sector during the second half, SingLand said.

The board has proposed a final dividend of 3.5 Singapore cents per share, unchanged from the previous year.

 

For the full year ended Dec 31, 2022, net profit rose 37 per cent to S$455.1 million, while revenue gained 21 per cent to S$611 million.

 

&ldquo Amidst the challenging business environment, companies remain cautious in their expansion plans, resulting in slowing demand for office space,&rdquo said SingLand.

 

&ldquo The impact has been cushioned by tight office supply over the mid-term coupled with demand from displaced tenants as older office developments undergo refurbishment.&rdquo

 

Singapore Land Group (SingLand) announced profit after tax and minority interests (Patmi) of $331.2 

million for FY2021, up 267%. This includes a fair value gain of $104 million. Excluding the fair value gain, Patmi fell 1% to $192.6 million.

 

In a statement, SingLand says in 2021, the majority of valuation reports obtained from the independent property valuers have continued to highlight the conditions under which the valuations have been conducted, as compared to standard market conditions. In recognition of the potential for market conditions to move rapidly in response to changes in the control or future spread of Covid, the valuers highlighted the importance of the valuation date and continued to recommend for the valuation to be kept under frequent review. The valuers have factored impact of Covid into the valuation of the investment properties, specifically in estimated passing rents, vacancy rates, lease incentives, capitalisation rates, growth rates, discount rates and cash flow projections.

 

FY2021&rsquo s earnings include recognition of profits from development progress for The Tre Ver residential project this year, and a one-off gain of $331.2 million from the disposal of Tianjin Yanyuan.

 

&ldquo The residential market is expected to remain stable in 2022. Sales of new private residential homes will be moderated by fewer units from new launches, as well as the new cooling measures introduced in December 2021. With strong underlying demand from owner occupiers and first time home buyers, we remain cautiously optimistic regarding sales for new private residential homes,&rdquo SingLand says in its results announcement.

 

SingLand&rsquo s net asset value rose 3.5% y-o-y to $5.30 as at Dec 31, 2021

REAL estate developer Singapore Land Group swung back into the black with a net profit of S$92.2 million in the first half of 2021, reversing from a net loss of S$34.3 million in the same period last year.

 

This came despite a 13 per cent drop in revenue from S$335.4 million last year to S$292.3 million, thanks to a fall in residential property sales, hotel operations and technology operations.

 

Revenue from property trading fell 66 per cent to S$12.2 million, as less units from the residential project V on Shenton were sold this year. Revenue from hotel operations dropped 2 per cent to S$15.9 million, which the group said was due to the " continuing impact" of Covid-19 pandemic.

 

Technology operations decreased in revenue by 8 per cent to S$103.8 million, due to backlog in order delivery as a result of global shortage in computer chips.

 

In the six months ended June 30, the group, formerly known as United Industrial Corp, booked a S$2.6 million fair value gain on investment properties (net of non-controlling interests), reversing from a fair value loss of S$117.8 million in the same period last year.

UNITED Industrial Corp (UIC) is seeking approval from its shareholders later this month to change its name to Singapore Land Group.

 

In its circular to shareholders, UIC said that " Singapore Land" has a strong historical brand equity within real estate circles.

 

This proposed name change comes on the heels of a change in leadership at UIC.

 

Lim Hock San retired as chief executive officer (CEO) and president of UIC on Sept 30, 2020 after 28 years in both roles.

 

With Mr Lim' s departure, Jonathan Eu, the chief operating officer (COO), is now responsible for the operations and performance of UIC.

 

Time will tell if he will be made CEO and president of UIC.

 

Mr Eu, who became COO at the start of last year, is already expressing his views on how UIC should position itself.

 

Notably, he was quoted recently by The Business Times saying that UIC needs to refresh its portfolio of " Grade-A location, but Grade-B quality" assets. The group' s key properties include Clifford Centre and SGX Centre in the central business district, as well as The Gateway, Tampines Plaza 1 and 2, and West Mall in the city fringe and suburban areas.

 

The portfolio refresh has actually already begun with the group' s Singapore Land Tower. Green features and a covered walkway to Raffles Place MRT station are part of the upgrade of this 48-storey building, with completion scheduled for end-2023.

 

UIC holds S$6.2 billion worth of investment properties, primarily office buildings. Rejuvenation is urgently needed given the challenges facing the Singapore office market.

 

Since April 5, companies have been allowed to bring up to 75 per cent of their staff back to their offices at any one time, up from 50 per cent.

 

Over the long term, many companies are likely to allow their staff some flexibility to work from home as well as their offices. This could mean less demand for office space in total, and a flight to quality as companies of the future choose the most attractive office digs to pamper and inspire their knowledge workers.

 

Will The Gateway on Beach Road, which was designed by IM Pei and completed in 1990, be eclipsed by the 770,000 square feet of Grade A office space under development at integrated project Guoco Midtown just across the road?

 

Mr Eu is the grandson of legendary banker Wee Cho Yaw, who is currently UIC' s chairman. With his expanded role at UIC, Mr Eu is arguably the most prominent of the 4th generation of the Wee family to emerge in the corporate scene.

 

The challenge he faces at UIC is significant. Rejuvenating a large portfolio of commercial properties even as tenants are experimenting with new business models will not only be tricky but require substantial capital expenditure.

 

In addition, Mr Eu might have to address the issue of UIC' s extremely limited free float.

 

Only 12.6 per cent of UIC' s shares is in public hands, just above the minimum 10 per cent free float required for a group to maintain its listing status.

 

For much of the 2000s, the Wee family was seemingly locked in a tussle for control of UIC with the Gokongwei family from the Philippines.

 

The matter was settled in June 2018, when UOL Group' s stake in UIC crossed the 50 per cent threshold. Wee Cho Yaw' s total shareholding interest in UOL is around 37.4 per cent.

 

Today, UOL owns 50.4 per cent of UIC, while the Gokongwei family' s JG Summit owns 37.1 per cent.

 

Could Mr Eu engineer a deal between UOL and JG Summit to take UIC private?

 

One possibility is for UOL to take over UIC in a deal where UIC shareholders exchange their shares for new shares in UOL.

 

JG Summit would then own a stake in a larger and more liquid Singapore-listed property player.

 

Operationally, having UOL own all of UIC avoids situations where UOL and its subsidiary UIC have to decide who takes part in which project and with what percentage shareholding in cases of joint ventures.

 

The big question is how the exchange ratio would be set. UOL is currently trading at close to 0.7 times its book value, while the less liquid UIC is trading at slightly over 0.5 times book.

 

It is also unclear whether the Wee family would be prepared to see its stake in UOL diluted.

 

Alternatively, as UIC refreshes its assets, it could prepare some of them for injection into a real estate investment trust, which hopefully trades at close to its book value.

 

Shares in UIC are up 19 per cent since the beginning of the year. The Straits Times Index is up 12 per cent. UOL, CapitaLand and City Developments are up 0.5 per cent, 15 per cent and one per cent respectively.

 

As Mr Eu oversees the name change at UIC, many investors will be keen to know what else he plans to change at the group.

THE proposed name change of United Industrial Corp (UIC) to Singapore Land Group is more than a cosmetic change, says chief operating officer (COO) Jonathan Eu. The real estate developer also has plans to rejuvenate and gentrify its aged office portfolio, as well as kick-start its ESG (environmental, social, and governance) roadmap.

 

It would also not rule out setting up capital recycling platforms such as funds or real estate investment trusts for fee income in future.

 

In its circular to shareholders on Thursday, UIC said that " Singapore Land" has a strong historical brand equity within real estate circles, being one of Singapore' s largest commercial landlords. Plus, it is synonymous with premier property developments comprising both office and retail spaces, including the eponymous Singapore Land Tower.

 

Singapore Land was what Singland Properties, the unit holding UIC' s Singapore commercial portfolio, used to be called. UIC began as a detergent and toiletries manufacturer and distributor in the 1960s, but changed its direction when it acquired a majority stake in Singapore Land in 1990. The detergent business was sold in 2004, but its product still goes by the name UIC.

 

Mr Eu, who became COO at the start of the year, said the name change was also partly to build corporate identity among employees who still identified themselves as employees of " Singland" and " UIC" , depending on when they joined.

 

As part of the group-wide refresh, UIC is looking at optimising its portfolio, which includes what he called " Grade-A location, but Grade-B quality" assets including Clifford Centre and SGX Centre in the central business district, as well as city-fringe and suburban assets such as The Gateway, Tampines Plaza 1 and 2, and West Mall. Together with UOL, it also holds stakes in Marina Square and the three hotels Pan Pacific Singapore, Marina Mandarin Singapore, and the Mandarin Oriental Singapore.

 

The portfolio rejuvenation has begun with Singapore Land Tower. In early March, UIC said that it has secured its first green and sustainability-linked loans totalling S$300 million. The S$100 million green loan will go towards a major upgrading of the 48-storey office building, including the introduction of green features as well as a covered walkway to Raffles Place MRT station. Completion is expected by end-2023.

 

UIC is also doing " lighter touch" spruce-ups at SGX Centre and Tampines Plaza 1 and 2. As for Marina Square, Mr Eu noted that its former idea of having " four anchors" at the corners of the mall is dated, conceptualised in the 1980s after the US shopping mall format at the time. The mall has underperformed nearby shopping centres mainly because it lacks a " natural feed" from offices.

 

" The synergy between hotel guests and malls isn' t as strong as between offices and malls. We miss out on a chunk of the lunch crowd because we don' t have offices that sit right above the retail podium," he explained.

 

The group is in the process of assessing its options, which range from supplementing the existing development to a total re-envisioning of the site. But in the past two years, it has tried to draw new crowds by adding family-centric tenants such as play space Kiztopia and Nerf Action Xperience, and enrichment schools like MindChamps. Other ideas that have been thrown up include adding serviced apartments and co-living spaces.

 

Asked about its capital expenditure budget, Mr Eu only said that the group has a healthy balance sheet, with cash and cash equivalents of S$178.6 million as at end-2020.

 

UIC is also on the lookout to acquire commercial plots of land for newbuild projects, and believes that its capabilities in retail, hospitality and office will play well to the emergence of more mixed-use sites. For the next few years, the group' s plan will remain domestically-focused, he added.

 

Investors' main gripe with the stock has been its public float of less than 12 per cent and consequent thin trading liquidity. But this is the result of the holdings of the two major shareholders - chairman Wee Cho Yaw and JG Summit (linked to the Gokongwei family in the Philippines). They hold 50.366 per cent and and 37.045 per cent, respectively.

 

The good news, said Mr Eu, is that both major shareholders have a " very good, professional relationship" , contrasting the longstanding rivalry between the late billionaire John Gokongwei and Mr Wee, which had resulted in a history of neck-and-neck competition by both to boost their stakes in the illiquid stock.

 

The counter may have hit a one-year high of S$2.70 on April 1, but it remains at a 47 per cent discount to its end-2020 book value of S$5.12. An optimistic Mr Eu hopes that by creating value in the portfolio, that discount will " adjust itself" .

 

Meanwhile, the group has also jumped on the ESG bandwagon - not in copycat fashion or even to get " financing discounts" if the group hits its sustainability targets. Mr Eu said he hopes to do it in a way that is meaningful. Over the three years, it also hopes to obtain ESG accreditations such as the Global Real Estate Sustainability Benchmark.