Park Drive was S$907.0 million as at 31 December 2025 and CLAR’s 34% interest amounts to S$308.4 million. A second redevelopment project, 5 Toh Guan Road East, was completed in September 2025 for S$107.4 million. The new, ramp-up logistics facility is approximately 65% leased as at 31 December 2025 and is well-positioned to capture demand from logistics and supply chain players with its modern specifications. The redevelopment enhances CLAR’s income resilience and will contribute to long term returns. The valuation of 5 Toh Guan Road East was S$133.0 million as at 31 December 2025. In FY 2025, four AEIs were completed for a total cost of S$28.6 million at Perimeter One and Perimeter Two in the US, as well as 80 Bendemeer Road and Aperia in Singapore. This is a part of the Manager’s ongoing efforts to elevate assets’ competitiveness amid evolving market conditions, while enhancing tenant experience and optimising returns. Collectively, these four properties recorded a valuation increase of S$36.7 million or 3.8% as at end-December 2025 compared to the previous year. As at end-2025, CLAR has a pipeline of seven ongoing projects comprising three developments, two redevelopments and two AEIs with a total investment of S$730.3 million. These projects, scheduled for completion between 1H 2026 to 2H 2028, are part of CLAR’s multiyear portfolio rejuvenation strategy to enhance the portfolio quality and deepen CLAR's presence in developed markets with healthy fundamentals. Completed Acquisitions in FY 2025 Property Location Purchase Price/Agreed Property Value (S$ million) Valuation as at Acquisition (S$ million) Occupancy as at Acquisition (%) Completion Date DHL Indianapolis Logistics Center Indianapolis, US 150.3 156.82 100 15 Jan 2025 5 Science Park Drive Singapore 245.01 263.53 100 6 Aug 2025 9 Tai Seng Drive Singapore 455.2 465.54 100 11 Aug 2025 2 Pioneer Sector 1 Singapore 192.9 202.05 100 30 Dec 2025 Tuas Connection Singapore 166.9 178.05 100 30 Dec 2025 9 Kallang Sector Singapore 206.0 209.06 100 30 Dec 2025 Total 1,416.3 1,474.8 1 Inclusive of S$30.0 million deferred consideration payable on 13 November 2026. 2 Valuation dated 1 January 2025 was jointly commissioned by the Manager and the Trustee, and was carried out by CBRE Valuation & Advisory Services, using the direct capitalisation and discounted cash flow approaches. 3 Valuations dated 15 May 2025 were commissioned by the Manager and the Trustee and were carried out by Jones Lang LaSalle Property Consultants Pte. Ltd. (“JLL”) and CBRE Pte. Ltd. respectively. Both valuers’ valuations (S$265.0 million and S$262.0 million, respectively) were carried out using the discounted cash flow approach and the income capitalisation method. 4 Valuations dated 15 May 2025 were commissioned by the Manager and the Trustee and were carried out by JLL and Savills Valuation and Professional Services (S) Pte Ltd, respectively. Both valuers’ valuations (S$465.0 million and S$466.0 million, respectively) were carried out using the discounted cash flow approach and the income capitalisation method. 5 Valuations dated 10 July 2025 were commissioned by the Manager and the Trustee and were carried out by Cushman & Wakefield VHS Pte. Ltd. using the discounted cash flow approach and the income capitalisation method. 6 Valuation dated 11 July 2025 was commissioned by the Manager and the Trustee and was carried out by Cushman & Wakefield VHS Pte. Ltd. using the discounted cash flow approach and the income capitalisation method. Annual Report 2025 21
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