Spearheading

Growth
ANNUAL REPORT 2016
 OUR
VISION
…is to be a leading corporation in our core businesses by providing
products and services of superior values and by sustaining
consistent long-term growth in volume and profitability.

We shall strive to achieve responsible commercial success by

satisfying our customers’ needs, giving superior performance to our
shareholders, providing rewarding careers to our people, cultivating
mutually beneficial relationship with our business associates, caring
for the society and the environment in which we operate and
contributing towards the progress of our nation.

FOR MORE INFO

w w w . i o i p r o p e r t i e s . c o m . m y
 COMMITMENT
as we do what we
say we will do

INTEGRITY LOYALTY
which is essential is crucial because we are one
and cannot be team sharing one vision
compromised

OUR CORE
EXCELLENCE IN
EXECUTION
as our commitments can

VALUES
only be realised through
actions and results

In our pursuit of Vision IOI, we expect our SPEED OR TIMELINESS

people to uphold, at all times, the IOI Core in response is important in
our ever changing business
Values which are expressed as follows: environment

INNOVATIVENESS
to provide us additional
COST EFFICIENCY competitive edge
is crucial as we need to
remain competitive

SPEARHEADING GROWTH
IOI Properties Group Berhad (IOIPG) is spearheading growth in the property sector by
leveraging on its strength, resources and expertise; backed by a reputable track record.

Our extensive business portfolio encompassing property development, property investment

as well as leisure and hospitality has spurred further growth and progress as we continue
to grow in size and stature.

We believe that our three core businesses play important roles in creating a sustainable
business model which in turn delivers valuable returns to our shareholders and effectively
supports sustainable living in the society in which we operate in.

As one of the leading integrated property players in the country with distinctive
residential, commercial and investment properties across Malaysia, Singapore and the
People’s Republic of China, we will continue to uphold our brand promise of providing
reliable and quality lifestyle developments as we drive forward in pursuit of our long-term
growth and aspirations.
CONTENTS
4TH
ANNUAL
GENERAL
MEETING
IOI PROPERTIES GROUP BERHAD
(1035807-A)
Venue : Putrajaya Ballroom I (Level 3),
Putrajaya Marriott Hotel,
IOI Resort City,
62502 Sepang Utara,
Malaysia.
Date : Wednesday, 26 October 2016
Time : 10:00 a.m.

O u r V is ion

O u r C ore Valu es 06
CHAIRM A N’ S
20
M A NA G E M E NT’ S
Fact s at a Glanc e STATE M E NT D IS CU S S IO N A N D
Chairman’s Statement ...........................06 A NA LY S IS
K e y I nd icat or s Five-Year Financial Highlights ................12 Group Financial Review .........................20
Group Financial Position ........................14 Group Business Review
– Property Development ........................24
Group Performance Highlights ..............15
Group Business Review
Segmental Performance .........................16
– Property Investment ...........................32
Group Quarterly Results ........................18
Group Business Review
Financial Calendar .................................19 – Leisure and Hospitality .......................38
42
SUSTAINABILITY AND CORPORATE RESPONSIBILITY FINA NCIA L R E P O R T S
116
Sustainability and Corporate Corporate Calendar ...............................78 Directors’ Report ..................................118
Responsibility .........................................42
Audit and Risk Management Group’s Material Properties .................253
Corporate Responsibility Committee Report .................................84
Notice of Annual General Meeting .....258
– Social Contributions ...........................48
Statement on Corporate Governance ...90
Statement Accompanying
Corporate Information ...........................56
Statement on Risk Management Notice of Annual General Meeting .....263
Board of Directors .................................58 and Internal Control ............................108
Shareholders Information .....................264
Profile of Directors ................................60 Statement of Directors’ Interests .........112

Senior Management Team ....................68 Shareholdings of

Senior Management Team ..................113
Profile of Senior Management ..............69
Other Information ................................114
Regional Presence ..................................76

Location of Operations in Malaysia .......77 P RO XY FO RM

PROFIT BEFORE
TAXATION
TAXATION
NE T A S SE T S
PER SH A RE
2015 – RM1.13 billion
2015 – RM3.56
20

EARNINGS PER SHARE

2015 – 25.83 sen

FACTS AT A GLANCE
DIV IDEND PER
SH A RE

2015 – 6.00 sen

M A RK E T
CA PITA LIS ATION
SH A RE PRICE
at 14 September 2016

30 June 2015 – RM1.85

2015 – RM7.00 billion
 KEY INDICATORS

32
30
28
26
24
22
20
18
16
14
12
10
8
6
4
2
0
-2
-4
-6
-8
-10

06 13 20 27 03 10 17 24 01 07 14 21 28 05 12 19 26 02 09 16 23 30 07 14 2128 04 11 18 26 02 1015 22 29 07 14 21 28 04 11 18 25 03 09 16 23 30 06 13 20 27

JUL 15 AUG 15 SEP 15 OCT 15 NOV 15 DEC 15 JAN 16 FEB 16 MAC 16 APR 16 MAY 16 JUN 16

IOI PROPERTIES GROUP BERHAD FTSE BURSA MALAYSIA KLCI BURSA MALAYSIA PROPERTY
IOI PROPERTIES GROUP BERHAD

CHAIRMAN’S STATEMENT

GROUP PERFORMANCE
D E A R S H A R E H O L D E R S , Despite the challenging economic
environment in FY2016, I am pleased to

On behalf of the Board of Directors report that the Group recorded a strong set
of financial results with our three main
business segments i.e. property development,
and the management, it gives me great property investment and leisure & hospitality
all registering improved results. The Group
pleasure to present to you the recorded revenue of RM3,025 million and
profit before taxation (“PBT”) of RM1,525

Annual Report of IOI Properties Group

million for FY2016, an increase of 59% and
35% respectively from the last financial
year of RM1,906 million and RM1,130
Berhad (“IOIPG”) for the financial year million respectively. The increase in both
revenue and PBT was mainly due to

ended 30 June 2016 (“FY2016”). improved performance from our property

development segment with significant
contributions from the Group’s overseas
projects in Xiamen, People’s Republic of
China (”PRC“) and Singapore, as well as,
our township in Bandar Puteri Bangi,
TA N S R I D ATO ’ L E E S H I N C H E N G Warisan Puteri @ Sepang and new launched
Executive Chairman project, Conezión in IOI Resort City.

06
 ANNUAL REPORT 2016

Revenue from the Group’s operating As at 30 June 2016, the Group’s financial
segments were RM2,614 million from position remained strong with total assets
property development, RM272 million at RM22,810 million, an increase of 24%
As at 30 June 2016,
from property investment, RM132 million from the last financial year of RM18,439 the Group’s financial
from leisure & hospitality and RM7 million
from other operations. In terms of revenue
million, cash in hand at RM2,087 million
and a net gearing of 14%. The Group’s
position remained
contribution from property development, net assets per share is RM3.60 for the strong with total
it is mainly derived from our projects in financial year under review. assets at RM22,810
the Klang Valley of 29% followed by
Johor of 18%, Singapore of 18%, PRC of A more detailed analysis of the Group’s million, an increase
31% and others (Penang and Negeri performance is available under the section of 24% from the
Sembilan) of 4%. “Management’s Discussion and Analysis”
in this Annual Report.
last financial year of
For FY2016, the Group recorded sales of RM18,439 million,
2,368 units against FY2015 sales of 1,750
units. In terms of sales value, the Group
cash in hand at
recorded total sales of RM2,214 million of RM2,087 million and a
which 51% was from developments in net gearing of 14%.
Malaysia with PRC and Singapore
operations contributing the remaining
30% and 19% respectively.

Amigo Clubhouse at 16 Sierra

07
IOI PROPERTIES GROUP BERHAD

CHAIRMAN’S STATEMENT

OPERATING ENVIRONMENT largely from domestic demand which is In Singapore, in view of the continuing
attributable to strong consumption and global economic uncertainty and the current
Generally, global economic growth in the
investment activities. cooling measures being in force particularly
second quarter of 2016 was moderate and
the additional buyer’s stamp duty, sales in
uneven across all economies. The US
Malaysia’s residential property market private residential market continue to be
economy recorded a moderate growth due
continues to remain lackluster with slower challenging. However price affordability and
to a slowdown in investments, despite
growth in volume and value of transactions established locations will be key determinants
increased household consumption and
recorded. Amidst a challenging property for prospective home buyers and this is
exports. The Eurozone experienced a slight
market environment, most developers have evident with the continued sales recorded
moderate growth with continued support
adopted a “push marketing” strategy to by our Trilinq project during the financial
from steady domestic demand and
help boost sales of projects to improve year under review.
accommodative monetary policy.
revenue. For the Group, we have introduced
Meanwhile, economic growth in China
the deferred payment scheme stretched The PRC’s economy grew by 6.7% in the
was sustained largely due to increased
over 18 to 24 months for the downpayment. second quarter of 2016 due to a buoyant
government spending on infrastructure
In addition, Transit Oriented Developments property market and government spending
investments and a recovery in the property
(”TOD”) will continue to be promoted on infrastructure investments. The Group
market. Growth among some of the
along transportation routes in line with the views the PRC as one of the key location
ASEAN economies remained steady spurred
various infrastructure projects such as the that provides vast investment and
by higher infrastructure investments and
upcoming completion of the LRT extension development potential and will continue to
improved consumption.
line, first phase of the Sungai Buloh-Kajang monitor developments in the property
MRT line coming into operations by the sector there.
Despite increasing uncertainties in the
end of 2016 as well as, to capitalize on our
external environment, the Malaysian
existing landbank that are located close to
economy expanded by 4% during the
the proposed Kuala Lumpur-Singapore High
second quarter of 2016, with support
Speed Rail (”HSR“).

IOI Palm City

08
 ANNUAL REPORT 2016

BUSINESS DEVELOPMENTS take-up rate of 100%. Whilst, our Trilinq The opening of the IOI Puchong Jaya LRT
project in Singapore continued to register station located next to IOI Mall in Puchong
Kompleks Kubica Square, situated within
favourable take-up rate, recording sales of has increased accessibility to the mall, and
the commercial hub of Bandar Puteri Bangi
120 units for FY2016. in turn also provides an opportunity for
was launched in September 2015. The
the Group to consider redevelopment
retail lots with a multi-level car park are
Following the acquisition of new opportunities. One option could be to
also within the neighbourhood where
subsidiaries (as detailed under the consider TOD, which would allow the
Tesco Hypermarket was recently opened in
Corporate Developments section), the Group to optimise the mix of retail,
August 2016, which will serve to attract a
Group launched Conezión, the first hospitality, commercial and residential
steady stream of patrons and customers
integrated development in IOI Resort City spaces on its existing landbank to create
due to its strategic location along the
in March 2016. The first phase of the an all seamlessly integrated development
Kuala Lumpur-Seremban Highway and
launch was two residential blocks to provide day to day convenience while at
directly accessible via the Bandar Seri Putra
comprising 663 units with a GDV of the same time providing connectivity via
toll interchange.
approximately RM400  million. the LRT line.

In October 2015, the Group unveiled the

For FY2016, the Group’s investment Over in Singapore, the South Beach, a
first phase of its new township in Warisan
property portfolio increased from 4.6 joint venture development between IOIPG
Puteri @ Sepang with the launch of Evira,
million square feet (”sq ft”) to 5.6 million and City Developments Limited (“CDL”)
a residential development in the 200-acre
sq ft, with the addition of net lettable area continues to progress to become a fully
freehold township. Warisan Puteri @
(“NLA”) from IOI City Towers which integrated mixed used development, with
Sepang is located close to the Kuala
obtained its certificate of completion of the completion of the retail component
Lumpur International Airport ("KLIA") and
compliance in March 2016. The two expected by end 2016. To date, more than
Sepang F1 Circuit with easy accessibility via
31-storey office towers is GBI-certified and 90% of South Beach’s total retail space
major highways and is about 1.5km from
offers the latest trends in sustainability, has been leased. The completion of the
the Express Rail Link Salak Tinggi station,
spaciousness and facilities with a versatile MRT link in July 2016, which provided the
as well as, to the new Xiamen University.
floor layout to accommodate a dynamic vital link to the Esplanade and City Hall
workplace and flexible work patterns. MRT stations, will not only provide
Over at our Bandar Puteri Puchong
convenience to the development but also
township, Le Pavillion Residences featuring
To further enhance the vibrancy of IOI enhance the vibrancy and footfall to the
serviced apartments with retail outlets at
Resort City, the Group’s Le Méridien retail area. In respect of South Beach
the ground level was also launched in
Putrajaya, a 353-room 5-star hotel was Office Tower encompassing over 46,000
October 2015. The development is
officially opened on 18 August 2016 and square metres of Grade A office space, it
strategically located close to the new LRT
is a highly anticipated addition to the continues to be well tenanted with almost
station which came into operations this
Group’s investment properties. Le Méridien full occupancy, securing numerous
year, providing easy access to amenities
Putrajaya is within a 30-minute drive from renowned multinational corporations such
such as schools, financial institutions,
the KLIA, 15 minutes away from Kuala as Sanofi-Aventis, Tableau Asia Pacific,
healthcare and commercial hubs as well as,
Lumpur via the high-speed railway system Rabobank, Facebook and LEGO, to name a
shopping malls.
and is in close proximity to the few. Following the soft launch of The
administration and residential districts of South Beach hotel in September 2015,
The Group achieved commendable take-up
Putrajaya. With its culturally-refined design IOIPG and CDL announced on 29 June
rates for its overseas projects in both Xiamen,
and atmosphere combined with stunning 2016 of its collaboration with Marriott
PRC and Singapore. In November 2015, IOI
views of IOI Resort City, as well as, ample International, Inc to manage the hotel, and
Palm City’s second phase of its upscale lake-
event space, Le Méridien Putrajaya is has since been rebranded as JW Marriott
view high-rise residences was launched to
envisaged to cater to both business and Hotel Singapore South Beach.
overwhelming response from property
leisure clientele.
buyers. To date, the project has registered a

09
IOI PROPERTIES GROUP BERHAD

CHAIRMAN’S STATEMENT

IOIPG through its wholly-owned subsidiary

Le Méridien Putrajaya at IOI Resort City Fortune Growers Sdn Bhd, acquired
fourteen pieces of land located in Daerah
Kuala Langat, Negeri Selangor measuring
approximately 322.78 acres (known as Poh
Ann Estate) for a total cash consideration
of RM140.6 million on 8 August 2016. The
transaction is pending completion in
accordance with the terms of the sale and
purchase agreement, including the final
land areas which will be determined by a
licensed and independent land surveyor.

The Group through its indirect 99.8%

owned subsidiary, IOI (Xiamen) Properties
Co Ltd had on 26 August 2016 successfully
tendered for a 6.20 acre parcel of land in
Xiamen for a tender sum of RMB2.3 billion
(approximately RM1.4 billion). The parcel of
land is intended for mixed development
within the new Xiang’an central business
district in Xiamen which is proposed to be
a new integrated eco-city.

SUSTAINABILITY AND CORPORATE

RESPONSIBILITY
The Group recognises that the pursuit of
property development inevitably impacts
the environment and takes proactive steps
to minimise the potentially harmful effects
of such activities wherever practicable.
IOIPG is committed to developing in a
sustainable way in tandem with
environmental, economic and social
considerations; which enhances value
CORPORATE DEVELOPMENTS creation to our customers.
On 20 October 2015, IOIPG announced completed on 27 January 2016 and
that the Company had on 19 October 2015 accordingly, MDSB and Nusa are now Besides driving sustainable profit growth
entered into conditional share sale and wholly-owned subsidiaries of IOIPG. and returns for the shareholders, the Group
subscription agreements for the acquisition Following the completion of the acquisitions, also undertakes corporate responsibility
of the entire issued and paid-up ordinary the Group’s existing development land bank (“CR”) activities. The Group’s CR efforts
share capital in Mayang Development Sdn within IOI Resort City have been enlarged are focused on sharing our success with,
Bhd (“MDSB”) and Nusa Properties Sdn Bhd to more than 450 acres, thus paving the and giving back to the communities in
(“Nusa”) for a total consideration of RM1.6 way for future development of IOI Resort which we operate in. This is done mainly
billion and subscription of 296,314,000 and City. IOI Resort City is anticipated to through Yayasan Tan Sri Lee Shin Cheng
48,621,000 new redeemable non-cumulative contribute positively to the Group taking (“Yayasan TSLSC”), a charitable foundation
preference shares-class B of RM0.01 each in into consideration the location of the land jointly funded by IOI Properties Group
MDSB and Nusa respectively for a total which is fronting the entrance to Putrajaya Berhad and IOI Corporation Berhad.
consideration of RM0.3 billion. The and next to the South Klang Valley
acquisitions of MDSB and Nusa were expressway.

10
 ANNUAL REPORT 2016

As the Group continues to expand its For our established townships in Bandar ACKNOWLEDGEMENTS
operations, it will strive to further broaden Puchong Jaya and Bandar Puteri Puchong,
On behalf of the Board of Directors, I wish
and deepen its sustainability and CR the commencement of the LRT line, will
to extend my heartfelt appreciation to all
endeavours. enhance the marketability of our existing
our purchasers and business associates for
land banks. The Group is opportune to
your unwavering support to the continued
Key highlights of the Group’s sustainability have four LRT stations within and in the
success of the Group.
measures and CR initiatives are covered in vicinity of these townships. With rapid
the “Sustainability and Corporate urbanisation, properties located in the
In spite of a challenging economic
Responsibility” section. vicinity of LRT lines will be identified as
environment in FY2016, the Group has
excellent investment choices due to ease
continued to record a strong set of
of connectivity and convenience. To meet
financial results and I wish to express my
DIVIDEND this market demand, the Group may
sincere appreciation on behalf of the Board
consider TODs on land banks that are
For FY2016, an interim dividend of 8.0 sen of Directors, to the management and
located in the vicinity of LRT stations.
per ordinary share amounting to a total employees of the Group for their
payout of approximately RM352.9 million dedication, perseverance and contributions.
With the re-alignment of the MRT 2 line
was declared. This represents approximately
from Bandar Malaysia to Putrajaya, a MRT
33% distribution of the Group’s net profit I also wish to welcome Tan Sri Dato’ Sri
station is proposed in our 16 Sierra
attributable to shareholders. Koh Kin Lip (“Tan Sri Dato’ Koh”) to the
township, which will enhance ease of
Board with his appointment as an
connectivity to our existing and future
The dividend declared in FY2016 was an Independent Non-Executive Director on 2
residences. We are also optimistic that the
increase of 33% from the interim dividend January 2016. I am confident that with
connectivity of 16 Sierra township will be
of 6.0 sen per ordinary share declared in Tan Sri Dato’ Koh coming on board, will
further enhanced with the proposed
FY2015. bring an invaluable wealth of experience
connection of the MRT 2 line with the
and advice to the progress of the Group.
proposed HSR at Putrajaya.
PROSPECTS Finally, I would also like to record my
The completion of IOI City Towers and
gratitude for the wisdom and guidance
The overall property market is anticipated the opening of Le Méridien Putrajaya in
offered by my fellow Directors and for the
to remain challenging in the year ahead IOI Resort City will contribute to revenue
continued support of the shareholders of
due to economic uncertainties and growth from our property investment and
the Group.
prevailing consumer sentiment. leisure & hospitality segments. As the
Group’s retail, hospitality and office
As one of the leading property developers, developments are strategically located
well known for successful development of within its matured townships and growth
comprehensive self-contained suburban corridors, this will continue to enable the
townships in Malaysia, the Group will Group to enjoy healthy occupancies and
TAN SRI DATO’ LEE SHIN CHENG
continue to leverage on its strength to launch rental yields.
Executive Chairman
products that will cater to the changing
preferences of purchasers, as well as, focus The Group remains optimistic on the
on strong execution and management of prospects of its property development in
projects and inventory, to continue to deliver the PRC and expects positive contribution
excellent results to our shareholders. from its remaining components in IOI
Palm City (i.e. residential units, commercial
For the Group’s newer townships in Bandar units, boutique offices, hotel and shopping
Puteri Bangi and Warisan Puteri @ Sepang mall), as well as, the new land bank
the recent opening of Tesco Hypermarket located within Xiang’an central business
and new Xiamen University within the district.
respective townships will enhance the range
of township amenities and continue to
draw potential purchasers going forward.

11
IOI PROPERTIES GROUP BERHAD

FIVE-YEAR FINANCIAL HIGHLIGHTS

FINANCIAL YEAR ENDED 30 JUNE (RM'000) 2016 2015 2014 2013* 2012*
(pro forma) (pro forma)

RESULTS
Revenue 3,024,940 1,906,491 1,454,445 1,323,259 1,052,220
Profit before interest and taxation 1,467,621 1,079,635 1,132,898 903,641 710,983
Net interest income/(expense) 57,078 50,691 (12,494) 1,118 44,709
Profit before taxation 1,524,699 1,130,326 1,120,404 904,759 755,692
Taxation (424,440) (229,729) (216,662) (191,156) (144,755)
Profit for the financial year 1,100,259 900,597 903,742 713,603 610,937
Attributable to:
Owners of the parent 1,080,018 890,702 889,918 693,621 599,771
Non-controlling interests 20,241 9,895 13,824 19,982 11,166

ASSETS
Property, plant & equipment 1,122,322 1,120,101 1,047,300 991,431 N/A
Land held for property development 4,591,032 2,894,104 3,011,711 2,282,478 N/A
Investment properties 4,024,219 3,388,152 2,765,489 1,993,810 N/A
Interests in joint ventures 4,820,518 4,155,262 3,855,746 3,575,449 N/A
Other non-current assets 303,640 313,431 243,387 203,496 N/A
Current assets 7,948,610 6,568,448 3,801,442 2,936,568 N/A
Total assets 22,810,341 18,439,498 14,725,075 11,983,232 N/A

EQUITY AND LIABILITIES

Total shareholders‘ equity 15,885,085 13,427,197 11,202,530 10,335,384 N/A
Non-controlling interests 130,754 110,957 98,677 26,855 N/A
Total equity 16,015,839 13,538,154 11,301,207 10,362,239 N/A
Borrowings 4,262,032 2,799,010 2,057,230 502,420 N/A
Other non-current liabilities 916,614 422,438 300,716 246,054 N/A
Other current liabilities 1,615,856 1,679,896 1,065,922 872,519 N/A
Total liabilities 6,794,502 4,901,344 3,423,868 1,620,993 N/A
Total equity and liabilities 22,810,341 18,439,498 14,725,075 11,983,232 N/A

FINANCIAL RATIOS
Basic earnings per share N1 (sen) 26.72 25.83 27.47 21.41 18.52
Diluted earnings per share (sen) 26.72 25.83 27.47 21.41 18.52
Interest cover (times) 9.97 10.12 23.28 21.93 126.24
Dividend per share (sen) 8.00 6.00 8.00 N/A N/A
Dividend payout ratio (%) 32.68 25.37 29.12 N/A N/A
Net assets per share (RM) 3.60 3.56 3.46 3.19 N/A
Gross gearing ratio (%) 26.83 20.85 18.36 4.86 N/A
Net gearing ratio (%) 13.69 6.62 12.85 0.59 N/A
Return on average shareholders‘ equity (%) 7.37 7.23 8.26 6.71 N/A
Return on average capital employed (%) 5.58 6.02 6.07 6.75 N/A

* The Group's financial performance and financial positions are prepared on the assumption that the business combinations had taken place from the
beginning of each financial year. This is to provide a meaningful comparison of the financial performance of the Group.

N1 Basic earnings per share for FY2012, FY2013 and FY2014 were calculated by dividing net profit attributable to owners of the parent by the number
of ordinary shares outstanding at the end of FY2014 i.e. 3,239,014,726 throughout each financial year. This is to provide a meaningful comparison
of the financial performance of the Group.

12
 ANNUAL REPORT 2016

REVENUE PROFIT BEFORE INTEREST AND TAXATION

1,467,621
RM’000 RM’000

3,024,940
3,500,000 1,500,000

1,132,898

1,079,635
3,000,000
1,200,000

903,641
2,500,000 1,906,491

710,983
900,000
1,454,44 5

2,000,000
1,323,259
1,052,220

1,500,000
600,000

1,000,000

300,000
500,000

0 0
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

SHAREHOLDERS’ EQUITY NET ASSETS PER SHARE

RM’000 RM
15,885,085

3.60
20,000,000 4.0

3.56
3.46
13,427,197

3.19

3.5
11,202,530

15,000,000 3.0
10,335,384

2.5

10,000,000 2.0

1.5

5,000,000 1.0

0.5

0 0.0
2013 2014 2015 2016 2013 2014 2015 2016

13
IOI PROPERTIES GROUP BERHAD

GROUP FINANCIAL POSITION

AS AT 30 JUNE 2016
RM’000

7,948,610 1,122,322 916,614 1,615,856

Current assets Property, plant Other Other current
and equipment non-current liabilities
liabilities
4,591,032
4,262,032
Land held
for property Borrowings
development Equity
Assets and
Liabilities
4,024,219
303,640
Investment 15,885,085
Other non- properties
130,754 Total
current assets
shareholders’
Non-controlling
4,820,518 equity
interests
Interests in
joint ventures

AS AT 30 JUNE 2015
RM’000

6,568,448 1,120,101 422,438 1,679,896

Current assets Property, plant Other Other current
and equipment non-current liabilities
liabilities

2,799,010
2,894,104 Borrowings
Land held Equity
for property
313,431 and
Other non-
Assets development
current Liabilities
assets
3,388,152
Investment 13,427,197
4,155,262 properties 110,957 Total
Interests in Non-controlling shareholders’
joint ventures interests equity

14
 ANNUAL REPORT 2016

GROUP PERFORMANCE HIGHLIGHTS

In RM’000 unless otherwise stated 2016 2015 2014 2013* 2012*

(pro forma) (pro forma)

FINANCIAL PERFORMANCE
Revenue 3,024,940 1,906,491 1,454,445 1,323,259 1,052,220

Segment operating profit 1,073,653 689,260 565,487 643,296 517,474

Fair value gain on investment properties 145,405 316,586 305,307 162,573 152,067
Gain on bargain purchase 71,091 – 197,966 8,326 –
Share of results of associates (3,806) 1,716 3,494 6,989 8,228
Shares of results of joint ventures 181,278 72,073 60,644 82,457 33,214

Profit before interest and taxation 1,467,621 1,079,635 1,132,898 903,641 710,983
Net interest income/(expense) 57,078 50,691 (12,494) 1,118 44,709

Profit before taxation 1,524,699 1,130,326 1,120,404 904,759 755,692

Taxation (424,440) (229,729) (216,662) (191,156) (144,755)

Profit for the financial year 1,100,259 900,597 903,742 713,603 610,937

SEGMENT ANALYSIS
Property Development

Sales value 2,214,426 1,778,457 1,966,806 1,703,979 851,007

Sales (unit) 2,368 1,750 2,667 2,485 1,406
Revenue 2,613,666 1,592,174 1,274,255 1,116,490 865,147
Segment operating profit 909,134 575,831 480,271 550,685 450,955

Property Investment

Occupancy rate (%) 77 75 74 74 68

Rental yield (%) 7 6 6 6 6
Revenue 271,872 192,633 104,894 106,421 96,262
Segment operating profit 141,361 97,515 66,575 65,632 64,696

Leisure and Hospitality

Occupancy rate (%) 50-74 49-52 54-56 53-59 52-63

Revenue 131,816 110,778 58,317 87,205 73,292
Segment operating profit/(loss) 18,221 10,143 4,377 16,655 (13,430)

Others

Revenue 7,586 10,906 16,979 13,143 17,519

Segment operating profit 4,937 5,771 14,264 10,324 15,253

* The Group’s financial performance and financial positions are prepared on the assumption that the business combinations had taken place from
the beginning of each financial year. This is to provide a meaningful comparison of the financial performance of the Group.

15
IOI PROPERTIES GROUP BERHAD

SEGMENTAL PERFORMANCE

PROPERTY DEVELOPMENT PROPERTY INVESTMENT

SALES VALUE RM’000 REVENUE RM’000

2,214,426 271,872
SALES UNIT SEGMENT OPERATING PROFIT RM’000

2,368 141,361
REVENUE RM’000
2,613,666
SEGMENT OPERATING PROFIT RM’000

909,134

131,816 7,586
Leisure & Others
Hospitality
271,872
Property
Investment

Revenue 2,613,666
2016 Property
(RM’000) Development

16
 ANNUAL REPORT 2016

LEISURE & HOSPITALITY OTHERS

REVENUE RM’000 REVENUE RM’000

131,816 7,586
SEGMENT OPERATING PROFIT RM’000 SEGMENT OPERATING PROFIT RM’000

18,221 4,937

18,221 4,937
Leisure & Others
Hospitality

141,361
Property
Investment
Segment
Operating 909,134
Profit Property
2016 Development
(RM’000)

17
IOI PROPERTIES GROUP BERHAD

GROUP QUARTERLY RESULTS

In RM'000 unless
otherwise stated 30 Sep 2015 % 31 Dec 2015 % 31 Mar 2016 % 30 Jun 2016 %

Revenue 595,262 19.7 894,408 29.6 643,554 21.2 891,716 29.5

Operating profit 211,912 16.4 319,197 24.7 371,031 28.8 388,009 30.1
Share of results of associates (947) 24.9 (1,161) 30.5 (978) 25.7 (720) 18.9
Share of results of
joint ventures (13,360) (7.4) 99,240 54.7 (14,996) (8.2) 110,394 60.9

Profit before interest

and taxation 197,605 13.5 417,276 28.4 355,057 24.2 497,683 33.9
Interest income 10,652 18.7 17,128 30.0 16,399 28.7 12,899 22.6

Profit before taxation 208,257 13.6 434,404 28.5 371,456 24.4 510,582 33.5
Taxation (89,402) 21.1 (123,636) 29.1 (99,432) 23.4 (111,970) 26.4

Profit for the financial year 118,855 10.8 310,768 28.3 272,024 24.7 398,612 36.2

Attributable to:
Owners of the parent 115,476 10.7 307,165 28.4 267,963 24.8 389,414 36.1
Non-controlling interest 3,379 16.7 3,603 17.8 4,061 20.1 9,198 45.4

118,855 10.8 310,768 28.3 272,024 24.7 398,612 36.2

Earnings per share (sen)

Basic 3.07 8.16 6.35 8.83
Diluted 3.07 8.16 6.35 8.83

SEGMENT REVENUE AND

SEGMENT RESULTS
Segment Revenue
Property development 502,186 19.2 785,460 30.1 541,070 20.7 784,950 30.0
Property investment 60,840 22.4 68,965 25.4 70,402 25.9 71,665 26.3
Leisure and hospitality 30,396 23.0 38,307 29.1 29,643 22.5 33,470 25.4
Others 1,840 24.2 1,676 22.1 2,439 32.2 1,631 21.5

595,262 19.7 894,408 29.6 643,554 21.2 891,716 29.5

Segment Results
Property development 163,171 20.8 83,882 10.7 255,713 32.6 281,928 35.9
Property investment 29,825 4.0 366,891 49.9 113,270 15.4 225,667 30.7
Leisure and hospitality 2,911 (5.0) (34,108) 58.9 (16,031) 27.7 (10,675) 18.4
Others 1,698 32.8 611 11.8 2,105 40.7 763 14.7

197,605 13.5 417,276 28.4 355,057 24.2 497,683 33.9

18
 ANNUAL REPORT 2016

FINANCIAL CALENDAR
Annual General
Meeting

26 October 2016
Payment of Dividend
Payment
Notice of
Annual General
Meeting 21 October
2016

30 September 2016
Book Closure

22 September
Announcement of Results 2016
1st Interim

4th Quarter
Declaration
22 August
2016
22 August
2016

Financial Year End

30 June 2016
3rd Quarter

27 May
2016

2nd Quarter

25 February
2016

1st Quarter

16 November
2015

19
IOI PROPERTIES GROUP BERHAD

MANAGEMENT’S
DISCUSSION AND ANALYSIS
Group Fi n an cia l Re v i e w

Despite the challenging economic

environment, the Group posted a record
high of RM3,024.9 million revenue for the
financial year ended 30 June 2016
(“FY2016”), which was 59% higher than
FY2015. The increase in revenue was
mainly attributable to IOIPG’s property
development segment whereby it registered
an increase of RM1,021.5 million revenue
to RM2,613.7 million, which amounted to
86% of the Group’s total revenue. Property
investment, leisure and hospitality, and
other segments contributed to the
remaining 14%.

The Group’s Profit Before Interest and Tax

(“PBIT”) surged to RM1,467.6 million from
RM1,079.6 million, an increase of 36%
when compared with preceding year. After
excluding the fair value gain from investment
properties of RM145.4 million and the one
off gain of RM71.1 million arising from the
bargain purchase for the acquisition of
subsidiaries (similarly excluding the fair value
gain on investment properties of RM316.6
million in preceding year) and the share of
result of joint ventures and associates, the
PBIT surged to RM1,073.7 million from
RM689.3 million, an increase of 56% when
compared to FY2015.

The increase in PBIT of RM384.4 million

was mainly derived from the property
development segment whereby the Group’s
overseas development projects both in
Xiamen, PRC and Singapore are progressing
well, and together with the enhanced
performance of our development projects in
Klang Valley have contributed significantly
to the increase. The remaining improved
results came from the property investment,
and leisure and hospitality segments with
higher occupancy, higher rental rates and
better control of operating expenses.

Double Volume Ceiling Height at Dumalis, 16 Sierra

20
 ANNUAL REPORT 2016

Lake View at The Terresse 2, Bandar Puteri Bangi

For FY2016, the Group invested a total of The Group’s Interest Cover was 10.0 times

The Group’s Profit RM1,173.1 million, out of which RM740.3

million was for the acquisition of
(FY2015: 10.1 times). The Group actively
manages its debt maturing profile,
Before Interest and subsidiaries, RM242.2 million for overseas operating cash flows and the availability of
investment projects in Singapore, RM103.7 funding to ensure all operating, investing
Tax has surged to million for capital expenditures and and financing needs are met. The Group
RM1,467.6 million from investment property project, and RM86.9 will continue to manage its capital funding
million in common infrastructure for requirement in a proactive manner,
RM1,079.6 million, property development projects. optimise gearing levels to provide value to
an increase of 36% The Group’s Shareholders’ Equity as of
shareholders.

when compared with 30 June 2016 stood at RM15,885.1 million, An interim single tier dividend of 8% or
an increase of RM2,457.9 million or 18% 8.0 sen per ordinary share amounting to a
preceding year. over the preceding year, mainly due to total payout of RM352.9 million was
increase of issuance of ordinary share declared in respect FY2016. It equates to a
The Group generated Operating Cash Flow capital of RM1,347.6 million, foreign dividend payout of 33% out of total
of RM111.1 million for FY2016 against currency gain on translation of foreign earnings attributable to the owners of the
RM334.3 million for the preceding year, operations of RM248.7 million and total parent, with a dividend yield of 3.3%
whereby the decrease was mainly due to earnings of RM1,080.0 million offset by a (based on share price of RM2.44 per share
the increase in development expenditures total dividend payment of RM226.0 million as at dividend declaration date).
in new townships in high growth areas, in the current financial year.
coupled with high cash flows commitment
in the high rise condominium projects that
are nearing completion.

21
Property Development
 IOI City Towers

Inspiring and Influencing Lifestyles

As a Lifestyle Influencer, IOI Properties Group Berhad (“IOIPG”) is focused on creating
exciting lifestyle concepts of the highest standards. IOIPG offers a myriad of lifestyle
experiences for its customers with its exclusive collection of integrated townships comprising
lifestyle developments of residential enclaves, commercial hubs, purpose-built office
buildings, hotels, shopping malls and golf courses.
IOI PROPERTIES GROUP BERHAD

MANAGEMENT’S
DISCUSSION AND ANALYSIS
Group B u si n ess Re v i e w – P rope rt y D e v e lo p m e n t

IOI Properties Group Berhad (IOIPG), in line with its vision to be an industry leader, continues to build
business momentum in creating sustainable communities and thriving commercial hubs that influence lifestyle
and redefine skylines. The Group with its substantial and geographically diverse land bank is on track to create
value in its property development activities, achieving sustainable growth and operational excellence in its
diverse spread of developments along high growth corridors within the Klang Valley such as Bandar Puteri
Puchong, 16 Sierra, IOI Resort City, Bandar Puteri Bangi; and in well-established growth areas of the Northern
and Southern Regions of Malaysia, notably Desaria in Penang and Bandar Putra Kulai in Johor.

With its dynamic business strategies and global business outlook, IOIPG had expanded its business in the
international property scene of Singapore and People’s Republic of China; leveraging on its strength in resilience
and proven track record spanning three decades.

OPERATIONS REVIEW Klang Valley

Property development continues to be the key driver in both During FY2016, IOIPG delivered the final block of Skypod Residences
revenue and segmental operating profit of the Group. The Group in Puchong totalling 366 units of serviced apartments and 82 units
registered 64% growth in revenue to RM2,613.7 million; and of Skypod Square in Bandar Puchong Jaya, and two blocks of
58% growth in segmental operating profit to RM909.1 million for La Thea Residences in 16 Sierra totaling 526 units to its customers.
the financial year ended 30 June 2016.
In Bandar Puteri Puchong, IOIPG launched one tower of its high-
The development projects in Malaysia contributed 51% to the rise mixed development Le Pavillion comprising 322 units of
Group’s revenue; followed by 31% from its overseas development serviced apartments, and 63 units of Le Pavillion Xchange complete
projects in Xiamen, PRC and 18% from its Singapore projects. with unique features which include the Floating Pavillion Function
Hall, Lily Pad Pond, Tree House amongst others. In addition, the
Group has launched 109 units of Dumalis 2, a two-storey landed
residential property at 16 Sierra. The modern, stylish and spacious
Dumalis 2 was well-received by customers seeking a place to call
home in the South of Puchong. 16 Sierra is an award winning
development, with its Sierra 6 winning the “Best Landed
Development category” in the iProperty People’s Choice Awards
2015; and 16 Sierra winning the “Most Family Friendly” award.

In FY2016, 663 units of residential units of the Conezión

development located at IOI Resort City was launched and received
good response from property buyers. The Conezión, a mere 700
metres from IOI City Mall is an integrated mixed development that
offers the ideal live-work-shop experience for those who appreciate
a lifestyle balance of city buzz and nature’s bliss. The Group
welcomes yet another 5-star hotel in IOI Resort City; namely the Le
Méridien Putrajaya Hotel. This new addition is yet another feather
in its cap joining other international class multi-award winning
facilities within IOI Resort City namely the IOI City Mall, Palm
Garden Golf Club and the Putrajaya Marriott Hotel. The Group is
expected to embark on the construction of the 2nd phase of IOI
City Mall by the second quarter of the next financial year which
Hanging Garden at Almyra Residence, Bandar Puteri Bangi sees an additional 1 million square feet of exciting retail offerings
to this resort city.

24
 ANNUAL REPORT 2016

Akira, 3 storey Semi-D at 16 Sierra

In Bandar Puteri Bangi, following the success of its superlink Other Regions
houses (Terresse), serviced apartments (Almyra Residence) and
In Bandar IOI, Bahau, IOIPG delivered the first phase of 88 units
shop offices (Kubica Square), IOIPG unveiled the second phase of
of shop offices to its owners soon after Tesco commenced its
its superlink units, Terresse 2 and its integrated commercial hub,
operation in November 2015. Another 62 units of shop offices,
Enigma Square. Bandar Puteri Bangi, a master-planned township
light industry and residential units comprising semi-detached and
comprising residential and commercial components anchored by its
terraced homes would all be delivered to purchasers before end
three Streets of Dreams namely California Street, Tropical Street
of September 2016. A McDonald’s drive through restaurant is
and Art Street, is poised to become a lifestyle hub with the
expected to be opened in early 2018.
perfect balance of sustainable environmental well-being within an
urban development.
Meanwhile in the northern region, the Group’s Penang development
of Cypress Villa comprising 48 units semi-detached and 3 units
Over at Warisan Puteri @ Sepang, the Group emulated its successful
bungalow is nearing completion, and is expected to hand over
formula of building cohesive townships in high growth areas, with
keys to owners by the first quarter of the financial year 2017.
the launch of its first phase of freehold 2-storey terrace houses
(196 units), Evira. This self-sustainable township with a poetic-
In the southern region, IOIPG has a variety of projects in Kulai
themed street scape has been warmly greeted by those who seek
and Segamat such as Bandar Putra Kulai, Taman Kempas Utama,
lifestyles steeped in the rich heritage of the arts amidst the beauty
Taman Lagenda Putra and Bandar Putra Segamat. The Group has
of nature, and yet be able to enjoy modern living within its
completed and delivered nine (9) phases of landed properties
commercial hub.
totalling 885 units, three (3) phases of factories totalling 81 units
as well as 711 units of serviced apartment, The Platino.
The opening of nearby Xiamen University Malaysia Campus, the
construction of the Elite Interchange coupled with the ERL station
within close proximity have greatly enhanced the connectivity and
accessibility to Warisan Puteri @ Sepang.

25
IOI PROPERTIES GROUP BERHAD

MANAGEMENT’S
DISCUSSION AND ANALYSIS
Group B u si n ess Re v i e w – P rope rt y D e v e lo p m e n t
(Continued)

International

On the international front, the Group has completed its maiden achievement as 100% of units have been sold at the date of this
property development project ie IOI Park Bay and successfully report, generating a total sales value of approximately
delivered 600 units of condominium, 32 units of town villa, 129 RMB1.4  billion. Meanwhile, the third phase of this development
units of SOHO together with 456 car park bays to its owners in which comprises 30 units of condominium were launched in the
December 2015 with a total sales value of RMB1.6 billion. At the last quarter of the current financial year.
date of this report, an insignificant number of car park bays
remained unsold. The Group launched Phase 2 of its mixed In Singapore, sales of The Trilinq comprising 755 units of
development project in IOI Palm City, Jimei, in the current condominium is gaining traction, generating a total sales value of
financial year with additional 259 units. Together with the Phase approximately SGD148 million with 120 units sold for FY2016.
1 launched units of 224, the project recorded a remarkable

As at 30 June 2016, the Group’s ongoing property development projects (excluding investment-based development projects) and the
status of their development are as follows:

Year of Original Remaining Remaining

Development's Development Development Estimated Estimated
Project Commencement Land Size Land Size Gross Value Gross Value
(Acres) (Acres) ’billion ’billion

Ongoing
Bandar Puchong Jaya, Selangor 1990 930 8 RM4.2 RM0.6
IOI Resort City, Putrajaya 1995 & 2016 354 322 RM19.5 RM18.7
Bandar Putra Kulai, Johor 1995 5,680 3,565 RM9.1 RM5.9
Bandar Putra Segamat, Johor 1995 489 53 RM0.9 RM0.3
Bandar Puteri Puchong, Selangor 2000 930 138 RM15.8 RM10.8
Taman Lagenda Putra, Kulai, Johor 2006 225 35 RM0.7 RM0.2
Taman Kempas Utama, Johor Bahru, Johor 2007 294 49 RM3.3 RM1.0
16 Sierra, Puchong South, Selangor 2008 535 198 RM6.8 RM4.5
South Beach, Beach Road, Singapore 2011 9 – SGD1.0 SGD1.0
Desaria, Sungai Ara, Penang 2013 32 15 RM0.5 RM0.3
The Trilinq @ Jalan Lempeng, Singapore 2013 6 – SGD1.0 SGD0.6
IOI Palm City, Xiamen, PRC 2014 21 14 RMB6.7 RMB4.9
Bandar IOI, Bahau, Negeri Sembilan 2014 283 36 RM0.8 RM0.4
Bandar Puteri Bangi, Selangor 2014 345 232 RM3.7 RM2.8
Warisan Puteri @ Sepang 2014 336 136 RM3.9 RM3.7
i-Synergy, Senai, Kulai, Johor 2015 500 500 RM2.0 RM2.0

26
 ANNUAL REPORT 2016

Year of Original Remaining Remaining

Development's Development Development Estimated Estimated
Project Commencement Land Size Land Size Gross Value Gross Value
(Acres) (Acres) ’billion ’billion

Completed
Seascape @ Sentosa Cove, Singapore 2008 4 - SGD0.9 SGD0.6
Cape Royale @ Sentosa Cove, Singapore 2010 5 - SGD1.6 SGD1.6
Cityscape @ Farrer Park, Singapore 2011 2 - SGD0.4 SGD0.05
IOI Park Bay, Xiamen, PRC 2012 8 - RMB1.8 –
The Platino, Johor Bahru, Johor 2012 5 - RM0.5 RM0.2

The table below sets forth key information with respect to the performance of IOIPG’s property development business excluding joint
ventures:

2016 2015 2014 2013* 2012*

Units of property sold 2,368 1,750 2,667 2,485 1,406

Total sales (RM'000) 2,214,426 1,778,457 1,966,806 1,703,979 851,007

Revenue (RM'000) 2,613,666 1,592,174 1,274,255 1,116,490 865,147

Operating profit (RM'000) 909,134 575,831 480,271 550,685 450,955

* The Group’s financial performance and financial positions are prepared on the assumption that the business combinations had taken place from the beginning of each
financial period. This is to provide a meaningful comparison of the financial performance of the Group.

The property sales mix by price range is as follows:

2016 2015

Price Range (RM'000) % (RM'000) %

Below RM250,000 21,631 1 22,175 1

Between RM250,000 and RM500,000 247,913 11 181,500 10

Between RM500,000 and RM750,000 437,530 20 193,051 11

Between RM750,000 and RM1,000,000 141,343 6 301,314 17

Between RM1,000,000 and RM1,500,000 140,941 6 350,562 20

Between RM1,500,000 and RM2,000,000 709,525 32 223,520 13

Above RM2,000,000 515,543 24 506,335 28

TOTAL 2,214,426 100 1,778,457 100

27
IOI PROPERTIES GROUP BERHAD

MANAGEMENT’S
DISCUSSION AND ANALYSIS
Group B u si n ess Re v i e w – P rope rt y D e v e lo p m e n t
(Continued)

OUTLOOK AND PROSPECTS Strategic marketing and advertising through a multitude of

channels will be implemented to target potential customers. Apart
Malaysia
from that, proactive customer engagement on social media will
The property development environment for 2017 is expected to remain as one of the strategies to reach out to our customers,
remain challenging industry-wide. However, demand for properties maintain our competitive edge and to enhance our brand visibility
in strategic growth areas with good accessibility and connectivity is as well as to raise awareness on our brand identity.
expected to remain resilient. The Group will continue to leverage
on its vast and strategic land bank at different geographical The Group is vigilant on the current property market, setting
location to develop properties that meet current market needs. Our strategies and priorities for its development projects. Training and
projects in 16 Sierra, IOI Resort City, Bandar Puteri Bangi and development of staff will continue to be prioritised in order to
Warisan Puteri @ Sepang are well located at growth corridors and remain competitive in the market; and to be prepared to take on
highly accessible by highways and rail infrastructures. The newly- challenges to turn any prevailing market conditions into
completed LRT rail line and its four stations at Bandar Puchong Jaya opportunities for business growth and sustainability.
and Bandar Puteri Puchong have enhanced connectivity for property
owners and contributed to a positive spillover effect on the Singapore
commercial hubs for the townships. The Group has also embarked
With the cooling measure in placed, the property market in
on a few Transit Oriented Development (“TOD”) around the LRT
Singapore continues to be challenging. Property projects in good
stations. TOD, an integrated development within or near vicinity of
location and with connectivity continues to attract buyers’ interest.
rail station is the way forward for sustainable living that can be
seen in major cities of the world.
In the financial year under review, the Group has launched
additional units for sale for The Trilinq @ Jalan Lempeng,
The current young population demographics of Malaysians backed
registering improvements in take up rate as compared with the
by an expanding middle income group, low unemployment rate
previous year. Sales recorded for FY2016 was 120 units worth
and commendable economic growth will continue to ensure
SGD148 million as compared to FY2015 of 62 units worth
demand for properties. IOIPG with its prudent financial
SGD79 million.
management and proven township development track record, will
continue to focus on exceeding its customer expectations and be
PRC
the developer of choice, developing sustainable, quality, affordably-
priced landed and high-rise residences as well as commercial units The property market in the PRC is anticipated to be buoyant with
in our strategic, mature townships that are well-connected and the government’s supportive measures earlier introduced. The same
equipped with amenities such as in Puchong, Puchong South, sentiment is shared with property developers in Xiamen, evident by
Bangi and Sepang. its historically high tender prices recorded for its recent land
tenders.
In the fourth quarter of 2016, the first and second phase of
Terresse double storey link houses along with the first phase of In November 2015, IOI Palm City’s second phase of its upscale
Kubica Square shop offices in Bandar Puteri Bangi will be handed lake-view high-rise residence was launched. The project continues
over to property buyers. The township will further benefit from a to recieve overwhelming response from property purchasers,
more vibrant environment and increased commercial activities with registering a take up rate of 100% up to the date of this report.
the opening of Tesco in the township in August 2016. Meanwhile,
in Puchong, the last remaining block of Le Pavillion is expected to The Group through its indirect 99.8% owned subsidiary, IOI
be launched in FY2017. (Xiamen) Properties Co Ltd had on 26 August 2016 successfully
tendered for a 6.20 acre parcel of land within the new Xiang’an
Currently, in the Southern Region, IOIPG’s property development Central Business District in Xiamen. The land is intended for mixed
activities are taking advantage of its vast land bank that is most development. The Group views the PRC as one of the key
suited for landed properties. The Johor market is expected to location that provide vast investment and development potential
remain resilient despite some challenges arising from the highly and will continue to monitor developments in the property sector
competitive high-rise residential properties. there.

28
 ANNUAL REPORT 2016

South Beach, Singapore

29