Annual Report 2025 127 Investment properties comprise a diverse portfolio of properties that are leased to customers. Most of the leases for multi-tenant buildings contain an initial non-cancellable period ranging from one to three years. Subsequent renewals are negotiated with the respective lessees. Independent valuations for 228 (2024 : 229) investment properties and investment properties under development were undertaken by the following valuers on the dates stated below during the financial year ended 31 December 2025 and 31 December 2024: Valuers 2025 Valuation date 2024 Valuation date CBRE Pte. Ltd. 31 December 2025 31 December 2024 CBRE Inc. 31 December 2025 31 December 2024 Colliers International Property Consultants Limited 31 December 2025 31 December 2024 Cushman and Wakefield VHS Pte. Ltd. 31 December 2025 31 December 2024 Jones Lang LaSalle Property Consultants Pte. Ltd. 31 December 2025 31 December 2024 Jones Lang LaSalle Advisory Services Pty Ltd 31 December 2025 31 December 2024 Cushman & Wakefield Debenham Tie Leung Limited 31 December 2025 – JLL Valuation & Advisory Services, LLC 31 December 2025 – Jones Lang LaSalle IP, Inc. 31 December 2025 – Knight Frank Pte Ltd 31 December 2025 – Savills Valuation And Professional Services (S) Pte Ltd 31 December 2025 – Colliers International Consultancy & Valuation (Singapore) Pte. Ltd. – 31 December 2024 Edmund Tie & Company (SEA) Pte. Ltd. – 31 December 2024 Knight Frank LLP – 31 December 2024 National Property Valuation Advisors, Inc. – 31 December 2024 These firms are independent valuers having appropriate professional qualifications and recent experience in the location and category of the properties being valued. The valuations for these properties were based on the direct comparison method, capitalisation approach, discounted cash flow analysis and/or residual land value method. As at 31 December 2025, the valuations adopted for investment properties and investment properties under development amounted to $18,202.4 million and $416.6 million (2024 : $16,758.4 million and $268.7 million) respectively. (i) The acquisition of 5 Science Park Drive, Singapore was completed on 6 August 2025. (ii) The divestment of 30 Tampines Industrial Avenue 3, Singapore was completed on 16 October 2025. (iii) Formerly known as CGG Veritas Hub. (iv) The divestments of 31 Ubi Road 1, 10 Toh Guan Road, 9 Changi South Street 3 and 19 & 21 Pandan Avenue, Singapore were completed on 17 December 2025. (v) The acquisitions of Tuas Connection, 9 Kallang Sector and 2 Pioneer Sector 1, Singapore were completed on 30 December 2025. (vi) Formerly known as Telepark. (vii) The acquisition of 9 Tai Seng Drive, Singapore was completed on 11 August 2025. (viii) Logis Hub @ Clementi, Singapore was de-commissioned for redevelopment. The property was classified as investment property under development as at 31 December 2025. Investment Properties Portfolio Statement As at 31 December 2025
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